Q4 2025 Cooper-Standard Holdings Inc Earnings Call

February 13, 2026

Speaker #1: Good morning , ladies and gentlemen , and welcome to the Cooper Standard . Fourth quarter and full year 2025 earnings conference call During the presentation , all participants will be in listen only mode Following company prepared comments , we will conduct a question and answer session at that time .

Speaker #1: If you have a question , you will need to press star one one on your telephone keypad . To withdraw your question , please press star then two .

Speaker #1: As a reminder , this conference call is being recorded and the webcast will be available for replay later today I would now like to turn the conference call over to Director of Investor Relations

Speaker #2: Thank you , Jenny , and good morning , everyone . We appreciate your continued interest in Cooper Standard and we thank you for taking the time to join our call today .

Roger Hendriksen: Thank you, Jenny, and good morning, everyone. We appreciate your continued interest in Cooper Standard, and we thank you for taking the time to join our call today. The members of our leadership team who will be speaking with you on the call this morning are Jeff Edwards, Chairman and Chief Executive Officer, and Jonathan Banas, Executive Vice President and Chief Financial Officer. Before we begin, I need to remind you that this presentation contains forward-looking statements. While these statements are made based on current factual information and certain assumptions and plans that management currently believes to be reasonable, these statements do involve risks and uncertainties. For more information on forward-looking statements, we ask that you refer to slide 3 of this presentation and the company's statements included in periodic filings with the Securities and Exchange Commission. Presentation also contains non-GAAP financial measures.

Speaker #2: The members of our leadership team , who will be speaking with you on the call this morning , are Geoff Edwards , Chairman and Chief Executive Officer .

Speaker #2: And John Banis , executive vice president and chief Financial officer Before we begin , I need to remind you that this presentation contains forward looking statements .

Speaker #2: While these statements are made based on current factual information and certain assumptions and plans that management currently believes to be reasonable, these statements do involve risks and uncertainties.

Speaker #2: For more information on forward-looking statements, we ask that you refer to slide three of this presentation and the company statements included in periodic filings with the Securities and Exchange Commission. This presentation also contains non-GAAP financial measures.

Speaker #2: Reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures are included in the appendix to the presentation So with all of that out of the way , let me turn it over to Geoff Edwards

Roger Hendriksen: Reconciliations of the non-GAAP financial measures to their most directly comparable GAAP measures are included in the appendix to the presentation. So with all of that out of the way, let me turn it over to Jeff Edwards.

Speaker #3: Thanks , Roger , and good morning , everyone . We certainly appreciate the opportunity to review our fourth quarter and full year 2025 results .

Jeff Edwards: Thanks, Roger, and good morning, everyone. We certainly appreciate the opportunity to review our Q4 and full year 2025 results and provide an update on the outlook for 2026. So let's begin on slide 5, and I'd like to highlight some key data points that are reflective of our continued strong commitment to operational excellence and driving increasing value for our shareholders. In 2025, we continued to deliver world-class results in terms of product quality, program management, and service for our customers. This is reflected by our 99% green product quality scorecards and 98% green program launch scorecards. Even more importantly, we had our best year ever in terms of employee safety.

Speaker #3: And provide an update on the outlook for 2026 . So let's begin on slide five . And I'd like to highlight some key data points that are reflective of our continued strong commitment to operational excellence and driving increasing value for our shareholders .

Speaker #3: In 2025 , we continue to deliver world class results in terms of product quality , program management and service for our customers . This is reflected by our 99% green product quality scorecards and 98% green program launch scorecards .

Speaker #3: Even more importantly , we had our best year ever in terms of employee safety For the full year 2025 , our safety incident rate was just 0.24 per 200,000 hours worked , surpassing our previous best from 2024 .

Jeff Edwards: For the full year 2025, our safety incident rate was just 0.24 per 200,000 hours worked, surpassing our previous best from 2024 and well below the world-class benchmark of 0.47. We're especially proud of our 31 plants that completed the year with a perfect safety record of zero reportable incidents. The dedicated teams in these plants continue to affirm that our long-term goal of zero safety incidents is achievable. And as we usually do, a shout-out to our plant managers here. Well done, and we really appreciate their personal commitment to our total safety culture. And for those of you that don't realize, about 85% of our 21,000 employees report into those plant managers. So, amazing leadership and keep up the great work, guys. Next, some more information regarding ops.

Speaker #3: And well below the world-class benchmark of 0.47. We're especially proud of our 31 plants that completed the year with a perfect safety record of zero reportable incidents. The dedicated teams in these plants continue to affirm that our long-term goal of zero safety incidents is achievable.

Speaker #3: And as we usually do , a shout out to our plant managers here . Well done . And and we really appreciate their personal commitment to our safety culture .

Speaker #3: And for those of you that don't realize , about 85% of our 21,000 employees report into those plant managers . So amazing leadership and keep up the great work , guys Next , some more information regarding ops .

Speaker #3: The combined efficiency improvements in our plants and lean initiatives in our supply chain generated $64 million in cost savings during the year in addition , we realized 18 million in year over year savings primarily related to the salaried reduction action .

Jeff Edwards: The combined efficiency improvements in our plants and lean initiatives in our supply chain generated $64 million in cost savings during the year. In addition, we realized $18 million in year-over-year savings, primarily related to the salaried reduction action we implemented in Q2 2024. As a result of the increases in operating efficiency and cost savings, we achieved a solid 24% improvement in operating income for the year. We're proud of the way our team was able to respond to and overcome the continued inflationary headwinds we experienced throughout the year and the Q4 impact from a customer supply chain disruption that significantly reduced production volumes on one of our top platforms. In addition, we continued to deliver industry-leading, world-class service, and quality products to our customers. They're definitely rewarding us with additional business.

Speaker #3: We implemented in the second quarter of 2024. As a result of the increases in operating efficiency and cost savings, we achieved a solid 24% improvement in operating income for the year.

Speaker #3: We're proud of the way our team was able to respond to and overcome the continued inflationary headwinds we experienced throughout the year. And in the fourth quarter, we faced impact from a customer supply chain disruption that significantly reduced production volumes on one of our top platforms.

Speaker #3: In addition , we continue to deliver industry leading , world class service and quality products to our customers . Their definitely rewarding us with additional business in 2025 .

Jeff Edwards: In 2025, we received a total of $298 million in net new business awards, which we expect will support a solid trajectory of profitable growth in future years. So in summary, by many measures, 2025 was our best operational performance in company history. We were pleased to deliver full-year results above our original operating plan and at the high end of the updated guidance range we gave you at the end of October, despite the significant production disruption experienced by our top customer on our top vehicle program during Q4. We expect to continue to build on the successes of 2025 to drive further margin expansion and increasing value for all of our stakeholders in 2026 and beyond. So let's turn to page six.

Speaker #3: We received a total of $298 million in net new business awards , which we expect will support a solid trajectory of profitable growth in future years So , in summary , by many measures , 2025 was our best operational performance in company history .

Speaker #3: We were pleased to deliver full year our original operating plan, and at the end of the updated guidance range we gave you at the end of October.

Speaker #3: Despite the significant production disruption experienced by top customer on our top vehicle program during the fourth quarter , we expect to continue to build on the successes of 2025 to drive further margin expansion and increasing value for all of our stakeholders in 2026 and beyond .

Speaker #3: So let's turn to page six . None of the achievements I just mentioned would be possible without a world class culture and commitment to doing business the right way .

Jeff Edwards: None of the achievements I just mentioned would be possible without a world-class culture and commitment to doing business the right way. With an uncompromised honesty, transparency, and integrity, we were pleased in 2025 to again receive numerous awards for excellence in product quality and customer service, as well as broad recognition for our continued achievements in culture and sustainability. I couldn't be more proud of our global workforce and their joint commitment to a culture of achievement, excellence, and integrity, and I'd like to thank all of our employees, our board of directors, for their continued hard work, accomplishments, and support in 2025, and for steadily setting the stage for an even more successful 2026. Now let me turn the call over to John to review the details of our fourth quarter and full year financial results.

Speaker #3: With an uncompromised honesty , transparency and integrity . We were pleased in 2025 to again received numerous awards for excellence in product quality and customer service , as well as broad recognition for our continued achievements in culture and sustainability .

Speaker #3: I couldn't be more proud of our global workforce and their joint commitment to a culture of achievement, excellence, and integrity. And I'd like to thank all of our employees and our Board of Directors for their continued hard work, accomplishments, and support in 2025, and for setting the stage for an even more successful 2026.

Speaker #3: Now , let me turn the call over to John to review the details of our fourth quarter and full year financial results Thanks , Jeff , and good morning , everyone .

Jonathan Banas: Thanks, Jeff, and good morning, everyone. In the next few slides, I'll cover the details of our quarterly and full-year financial results, put some context around some of the key items that impacted our earnings, and then provide some color on our cash flow, liquidity, and balance sheet. So let's turn to slide 8. On slide 8, we show a summary of our results for the Q4 and full-year 2025, with comparisons to the prior-year periods. Q4 2025 sales totaled $672 million, an increase of 1.8% versus the Q4 2024. The improvement was despite the negative impact from a customer supply chain disruption that significantly reduced production volumes on one of our top platforms.

Jon Banas: Thanks, Jeff, and good morning, everyone. In the next few slides, I'll cover the details of our quarterly and full-year financial results, put some context around some of the key items that impacted our earnings, and then provide some color on our cash flow, liquidity, and balance sheet. So let's turn to slide 8. On slide 8, we show a summary of our results for the Q4 and full-year 2025, with comparisons to the prior-year periods. Q4 2025 sales totaled $672 million, an increase of 1.8% versus the Q4 2024. The improvement was despite the negative impact from a customer supply chain disruption that significantly reduced production volumes on one of our top platforms.

Speaker #3: In the next few slides , I'll cover the details of our quarterly and full year financial results . Put some context around some of the key items that impacted our earnings , and then provide some color on our cash flow , liquidity , and balance sheet .

Speaker #3: So let's turn to slide eight . On slide eight , we show a summary of our results for the fourth quarter and full year 2025 , with comparisons to the prior year periods Fourth quarter 2025 sales totaled $672 million , an increase of 1.8% versus the fourth quarter of 2020 .

Speaker #3: For the improvement was despite the negative impact from a customer supply chain disruption that significantly reduced production volumes on one of our top platforms .

Speaker #3: The volume and mix , which is net of customer price adjustments and recoveries , was more than offset by favorable foreign exchange , mainly from the euro Adjusted EBITDA for the fourth quarter of 2025 was $34.9 million , or 5.2% of sales This compares to $54.3 million , or 8.2% of sales , in the fourth quarter of 2020 .

Jonathan Banas: The volume and mix, which is net of customer price adjustments and recoveries, was more than offset by favorable foreign exchange, mainly from the euro. Adjusted EBITDA for Q4 2025 was $34.9 million, or 5.2% of sales. This compares to $54.3 million, or 8.2% of sales, in Q4 2024. The decrease was primarily driven by the short-term industry disruptions impacting volume, mix, and efficiencies, as well as inflationary and compensation-related costs year-over-year. On a US GAAP basis, we generated net income of $3.3 million in the fourth quarter. This included a $45 million deferred tax asset valuation allowance release and $11.5 million in restructuring charges.

Jon Banas: The volume and mix, which is net of customer price adjustments and recoveries, was more than offset by favorable foreign exchange, mainly from the euro. Adjusted EBITDA for Q4 2025 was $34.9 million, or 5.2% of sales. This compares to $54.3 million, or 8.2% of sales, in Q4 2024. The decrease was primarily driven by the short-term industry disruptions impacting volume, mix, and efficiencies, as well as inflationary and compensation-related costs year-over-year. On a US GAAP basis, we generated net income of $3.3 million in the fourth quarter. This included a $45 million deferred tax asset valuation allowance release and $11.5 million in restructuring charges.

Speaker #3: For the decrease was primarily driven by the short term industry disruptions impacting volume and mix , and efficiencies , as well as inflationary and compensation related costs .

Speaker #3: Year over year, on a US GAAP basis, we generated net income of $3.3 million in the fourth quarter. This included a $45 million deferred tax asset valuation allowance release, and $11.5 million in restructuring charges.

Speaker #3: Excluding these and other smaller , non-cash items , we recorded an adjusted net loss of $31 million , or $1.73 per diluted share , for the fourth quarter of 2025 , compared to an adjusted net loss of $2.9 million in the fourth quarter of 2020 .

Jonathan Banas: Excluding these and other smaller non-cash items, we recorded an adjusted net loss of $31 million, or $1.73 per diluted share for Q4 2025, compared to an adjusted net loss of $2.9 million in Q4 2024. For the full year of 2025, our sales totaled $2.74 billion, an increase of 0.4% versus 2024. The modest improvement was primarily due to favorable foreign exchange, net customer pricing, and recoveries, which served to offset the lost sales related to customer production disruptions and other unfavorable volume and mix that occurred during the year. Adjusted EBITDA for the full year 2025 came in at $209.7 million, compared to $180.7 million for the full year 2024.

Jon Banas: Excluding these and other smaller non-cash items, we recorded an adjusted net loss of $31 million, or $1.73 per diluted share for Q4 2025, compared to an adjusted net loss of $2.9 million in Q4 2024. For the full year of 2025, our sales totaled $2.74 billion, an increase of 0.4% versus 2024. The modest improvement was primarily due to favorable foreign exchange, net customer pricing, and recoveries, which served to offset the lost sales related to customer production disruptions and other unfavorable volume and mix that occurred during the year. Adjusted EBITDA for the full year 2025 came in at $209.7 million, compared to $180.7 million for the full year 2024.

Speaker #3: For For the full year 2025 , our sales totaled $2.74 billion , an increase of 0.4% versus 2020 . For the modest improvement was primarily due to favorable foreign exchange and net customer pricing and recoveries , which served to offset the lost sales related to customer production disruptions and other favorable unfavorable volume and mix that occurred during the year Adjusted EBITDA for the full year 2025 came in at $209.7 million , compared to $180.7 million for the full year 2020 .

Speaker #3: For this result, for 2025, it was at the high end of our most recent guidance range and in line with the estimates of the analysts who follow us most closely. Improved manufacturing and supply chain efficiencies, especially in the first three quarters of the year.

Jonathan Banas: This result for 2025 was at the high end of our most recent guidance range and in line with the estimates of the analysts who follow us most closely. Improved manufacturing and supply chain efficiencies, especially in the first three quarters of the year, savings from restructuring initiatives, and favorable foreign exchange more than offset the overall impact of weak volume, and unfavorable customer price adjustments. On a US GAAP basis, full year net loss significantly improved to $4.2 million from a net loss of $78.7 million in 2024. After adjusting for special items and the related tax impacts, we incurred an adjusted net loss for the year of $30.9 million, or $1.73 per diluted share.

Jon Banas: This result for 2025 was at the high end of our most recent guidance range and in line with the estimates of the analysts who follow us most closely. Improved manufacturing and supply chain efficiencies, especially in the first three quarters of the year, savings from restructuring initiatives, and favorable foreign exchange more than offset the overall impact of weak volume, and unfavorable customer price adjustments. On a US GAAP basis, full year net loss significantly improved to $4.2 million from a net loss of $78.7 million in 2024. After adjusting for special items and the related tax impacts, we incurred an adjusted net loss for the year of $30.9 million, or $1.73 per diluted share.

Speaker #3: Savings from restructuring initiatives and favorable foreign exchange more than offset the overall impact of weak volume and unfavorable customer price adjustments on a US GAAP basis.

Speaker #3: Full year net loss significantly improved to $4.2 million from a net loss of $78.7 million in 2020 . For after adjusting for special items and the related tax impacts , we incurred an adjusted net loss for the year of $30.9 million , or $1.73 per diluted share This is also a significant improvement when compared to the adjusted net loss of $56.7 million , or $3.23 per diluted share recorded in 2020 .

Jonathan Banas: This is also a significant improvement when compared to the adjusted net loss of $56.7 million, or $3.23 per diluted share, recorded in 2024. From a capital expenditure perspective, we spent $48 million during 2025, or 1.8% of sales, similar to our capital investment level in 2024. We continue to optimize asset utilization throughout the company and focus our spend on customer launch readiness and new business growth. Moving to slide 9. The charts on slide 9 and 10 quantify the significant drivers of the year-over-year changes in our sales and adjusted EBITDA for the fourth quarter and full year, respectively. For sales in the fourth quarter, favorable foreign exchange increased sales by $14 million. This was partially offset by unfavorable volume and mix of $3 million....

Jon Banas: This is also a significant improvement when compared to the adjusted net loss of $56.7 million, or $3.23 per diluted share, recorded in 2024. From a capital expenditure perspective, we spent $48 million during 2025, or 1.8% of sales, similar to our capital investment level in 2024. We continue to optimize asset utilization throughout the company and focus our spend on customer launch readiness and new business growth. Moving to slide 9. The charts on slide 9 and 10 quantify the significant drivers of the year-over-year changes in our sales and adjusted EBITDA for the fourth quarter and full year, respectively. For sales in the fourth quarter, favorable foreign exchange increased sales by $14 million. This was partially offset by unfavorable volume and mix of $3 million....

Speaker #3: For From a capital expenditure perspective , we spent $48 million during 2025 , or 1.8% of sales . Similar to our capital investment level in 2024 .

Speaker #3: We continue to optimize asset utilization throughout the company and focus our spend on customer launch readiness and new business growth . Moving to slide nine .

Speaker #3: The charts on slide nine and ten quantify the significant drivers of the year over year changes in our sales and adjusted EBITDA for the fourth quarter and full year , respectively For sales in the fourth quarter , favorable foreign exchange increased sales by $14 million .

Speaker #3: This was partially offset by unfavorable volume and mix of $3 million . As mentioned , this category includes the impact of customer production disruptions as well as net customer price adjustments and recoveries In terms of adjusted EBITDA volume and mix was a net benefit of $4 million in the quarter .

Jonathan Banas: As mentioned, this category includes the impact of customer production disruptions, as well as net customer price adjustments and recoveries. In terms of Adjusted EBITDA, volume and mix was a net benefit of $4 million in the quarter, as the overall mix of production and net pricing and recoveries in the quarter helped offset the negative impact of customer production disruptions. Manufacturing and purchasing efficiencies drove just $1 million in savings during the quarter, as efficiency was negatively impacted by ramp costs and reduced fixed cost absorption levels caused by those customer production disruptions, as well as higher than expected launch volumes on a couple of new programs. Savings from restructuring initiatives resulted in an additional $1 million of cost improvement, and a slight tailwind on raw materials amounted to $1 million in the period.

Jon Banas: As mentioned, this category includes the impact of customer production disruptions, as well as net customer price adjustments and recoveries. In terms of Adjusted EBITDA, volume and mix was a net benefit of $4 million in the quarter, as the overall mix of production and net pricing and recoveries in the quarter helped offset the negative impact of customer production disruptions. Manufacturing and purchasing efficiencies drove just $1 million in savings during the quarter, as efficiency was negatively impacted by ramp costs and reduced fixed cost absorption levels caused by those customer production disruptions, as well as higher than expected launch volumes on a couple of new programs. Savings from restructuring initiatives resulted in an additional $1 million of cost improvement, and a slight tailwind on raw materials amounted to $1 million in the period.

Speaker #3: As the overall mix of production and net pricing and recoveries in the quarter helped offset the negative impact of customer production disruptions Manufacturing and purchasing efficiencies drove just $1 million in savings during the quarter , as efficiency was negatively impacted by trapped costs and reduced fixed cost absorption levels caused by those customer production disruptions , as well as higher than expected launch volumes on a couple of new programs Savings from restructuring initiatives resulted in an additional $1 million of cost improvement and a slight tailwind on raw materials amounted to $1 million in the period These improvements were more than offset by $6 million of general inflation , such as wage and energy cost increases , while the non-recurrence of some one off items from the prior year and higher incentive compensation expenses year over year combined for the rest of the walk .

Jonathan Banas: These improvements were more than offset by $6 million of general inflation, such as wage and energy cost increases, while the non-recurrence of some one-off positive items from the prior year and higher incentive compensation expenses year over year combined for the rest of the walk. Moving to Slide 10. For the full year, favorable foreign exchange increased sales by $12 million, while unfavorable volume and mix, net of customer price adjustments and recoveries, reduced sales by $2 million. For full-year adjusted EBITDA, $64 million of improved manufacturing and purchasing efficiencies, $18 million of restructuring savings, $10 million of favorable foreign exchange, and $2 million of lower material costs were all positive factors. Offsetting these positive items were $25 million in higher wages and other general inflation, and $17 million in unfavorable volume, mix, and net customer price adjustments.

Jon Banas: These improvements were more than offset by $6 million of general inflation, such as wage and energy cost increases, while the non-recurrence of some one-off positive items from the prior year and higher incentive compensation expenses year over year combined for the rest of the walk. Moving to Slide 10. For the full year, favorable foreign exchange increased sales by $12 million, while unfavorable volume and mix, net of customer price adjustments and recoveries, reduced sales by $2 million. For full-year adjusted EBITDA, $64 million of improved manufacturing and purchasing efficiencies, $18 million of restructuring savings, $10 million of favorable foreign exchange, and $2 million of lower material costs were all positive factors. Offsetting these positive items were $25 million in higher wages and other general inflation, and $17 million in unfavorable volume, mix, and net customer price adjustments.

Speaker #3: Moving to slide ten for the full year , favorable foreign exchange increased sales by $12 million , while unfavorable volume and mix , net of customer price adjustments and recoveries , reduced sales by $2 million .

Speaker #3: For full year adjusted EBITDA , $64 million of improved manufacturing and purchasing efficiencies , $18 million of restructuring savings , $10 million of favorable foreign exchange , and $2 million of lower material costs were all positive factors offsetting these positive items were $25 million in higher wages and other general inflation , and $17 million in unfavorable volume .

Speaker #3: Mix and net customer price adjustments Other includes a minor amount of tariffs yet to be recovered just due to timing , higher incentive compensation year over year , increased sugar and E , primarily due to share price appreciation and a collection of other smaller items Moving to slide 11 and an update on our liquidity and our balance sheet .

Jonathan Banas: Other includes a minor amount of tariffs yet to be recovered just due to timing, higher incentive compensation year-over-year, increased SG&A, primarily due to share price appreciation, and a collection of other smaller items. Moving to Slide 11, and an update on our liquidity and our balance sheet. We were very pleased to end the year with strong free cash flow of $44.6 million in the fourth quarter, and importantly, positive free cash flow for the full year, as we indicated we would, of $16.3 million. Net cash provided by operating activities in the fourth quarter was $56 million, a decrease of $18.5 million compared to the same period last year due to the lower cash earnings in the quarter.

Jon Banas: Other includes a minor amount of tariffs yet to be recovered just due to timing, higher incentive compensation year-over-year, increased SG&A, primarily due to share price appreciation, and a collection of other smaller items. Moving to Slide 11, and an update on our liquidity and our balance sheet. We were very pleased to end the year with strong free cash flow of $44.6 million in the fourth quarter, and importantly, positive free cash flow for the full year, as we indicated we would, of $16.3 million. Net cash provided by operating activities in the fourth quarter was $56 million, a decrease of $18.5 million compared to the same period last year due to the lower cash earnings in the quarter.

Speaker #3: We were very pleased to end the year with strong free cash flow of $44.6 million in the fourth quarter, and, importantly, positive free cash flow for the full year.

Speaker #3: As we indicated, we would have $16.3 million net cash provided by operating activities in the fourth quarter. It was $56 million, a decrease of $18.5 million compared to the same period last year.

Speaker #3: Due to the lower cash earnings in the quarter, capital expenditures were $11.7 million for the quarter. As we continue our intense focus on cash preservation and optimizing asset utilization, we ended the year with total liquidity of over $352 million.

Jonathan Banas: Capital expenditures were $11.7 million for the quarter as we continue our intense focus on cash preservation and optimizing asset utilization. We ended the year with total liquidity of over $352 million. As of 31 December 2025, we had cash on hand of $191.7 million and an additional $160.9 million of availability on our revolving credit facility, which remained undrawn. Based on our current outlook for production volumes and expectations for continued operational and efficiencies and margin expansion, we expect that free cash flow in 2026 will again be positive. We believe our current cash on hand, expected future cash generation, and access to flexible credit facilities will provide ample resources to support our ongoing operations, make required interest payments, and execute planned strategic initiatives.

Jon Banas: Capital expenditures were $11.7 million for the quarter as we continue our intense focus on cash preservation and optimizing asset utilization. We ended the year with total liquidity of over $352 million. As of 31 December 2025, we had cash on hand of $191.7 million and an additional $160.9 million of availability on our revolving credit facility, which remained undrawn. Based on our current outlook for production volumes and expectations for continued operational and efficiencies and margin expansion, we expect that free cash flow in 2026 will again be positive. We believe our current cash on hand, expected future cash generation, and access to flexible credit facilities will provide ample resources to support our ongoing operations, make required interest payments, and execute planned strategic initiatives.

Speaker #3: As of December 31st , 2025 , we had cash on hand of $191.7 million and an additional $160.9 million of availability on a revolving credit facility , which remained undrawn Based on our current outlook for production volumes and expectations for continued operational efficiencies and margin expansion , we expect that free cash flow in 2026 will again be positive .

Speaker #3: We believe our current cash on hand, expected future cash generation, and access to flexible credit facilities will provide ample resources to support our ongoing operations, make required interest payments, and execute planned strategic initiatives. Before we wrap up, I wanted to offer some thoughts on managing our debt maturities and how we are looking at our financing options going forward.

Jonathan Banas: Before we wrap up, I wanted to offer some thoughts on managing our debt maturities and how we are looking at our financing options going forward. We have continued to monitor the debt markets and consult with our advisors in anticipation of a potential refinancing of certain of our outstanding debt. We have made significant progress on evaluating potential paths forward. While the timing for the initiation of any refinancing action will be market dependent, we continue to target a refinancing transaction in the near future. That concludes my prepared comments, so let me hand it back over to Jeff.

Jon Banas: Before we wrap up, I wanted to offer some thoughts on managing our debt maturities and how we are looking at our financing options going forward. We have continued to monitor the debt markets and consult with our advisors in anticipation of a potential refinancing of certain of our outstanding debt. We have made significant progress on evaluating potential paths forward. While the timing for the initiation of any refinancing action will be market dependent, we continue to target a refinancing transaction in the near future. That concludes my prepared comments, so let me hand it back over to Jeff.

Speaker #3: We have continued to monitor the debt markets and consult with our advisors and anticipation of a potential refinancing of certain of our outstanding debt We have made significant progress on evaluating potential paths forward .

Speaker #3: While the timing for the initiation of any refinancing action will be dependent, we continue to target a refinancing transaction in the near future.

Speaker #3: That concludes my prepared comments . So let me hand it back over to Jeff Thanks , John . And to wrap up our discussion this morning , I want to share a few thoughts regarding our outlook for 2026 and why I remain extremely optimistic about our opportunities .

Jeff Edwards: Thanks, John. To wrap up our discussion this morning, I want to share a few thoughts regarding our outlook for 2026 and why I remain extremely optimistic about our opportunities this year and beyond. If we could move to Slide 13. The first reason for optimism is our continued success in executing our strategic plans, and based on the 4 key strategic imperatives you see on this slide. Since we first defined these imperatives a couple of years ago, the alignment and the focus of our teams has enabled us to drive significant improvements in virtually every aspect of our business. And importantly, our operational improvements in our manufacturing facilities, and investments in innovation are translating to improved financial results.

Speaker #3: This year and beyond. If we could move to slide 13, the first reason for optimism is our continued success in executing our strategic plans.

Speaker #3: And based on the four key strategic imperatives you see on this slide , since we first defined these imperatives a couple of years ago , the alignment in the focus of our teams has enabled us to drive significant improvements in virtually every aspect of our business .

Speaker #3: And, importantly, our operational improvements in our manufacturing facilities and investments in innovation are translating to improved financial results. Turning to slide 14.

Jeff Edwards: Turning to Slide 14, the charts on this slide clearly illustrate strong trends in margin expansion and improved cash flow, despite revenue declining due to lower industry production volumes over the past 3 years. As we've significantly reduced our fixed cost and continued to optimize manufacturing and purchasing efficiencies, we believe we can further accelerate margin expansion as our top line begins to grow... and we believe that both of our product segments are well-positioned to grow significantly over the next few years. Turning to Slide 15. The strategy for our Fluid Handling Systems segment looks to unlock the full potential of the organization by expanding geographically in association with key fast-growing customers. Leveraging the growth trends in hybrid vehicles to expand content per vehicle, and launching new innovative products and technologies, including thermal management solutions and our award-winning eCoFlow family of integrated coolant control products.

Jeff Edwards: Turning to slide 14, the charts on this slide clearly illustrate strong trends in margin expansion and improved cash flow, despite revenue declining due to lower industry production volumes over the past 3 years. As we've significantly reduced our fixed cost and continued to optimize manufacturing and purchasing efficiencies, we believe we can further accelerate margin expansion as our top line begins to grow... and we believe that both of our product segments are well-positioned to grow significantly over the next few years. Turning to Slide 15. The strategy for our Fluid Handling Systems segment looks to unlock the full potential of the organization by expanding geographically in association with key fast-growing customers. Leveraging the growth trends in hybrid vehicles to expand content per vehicle, and launching new innovative products and technologies, including thermal management solutions and our award-winning eCoFlow family of integrated coolant control products.

Speaker #3: The charts on this slide clearly illustrate strong trends in margin expansion and improved cash flow, despite revenue declining due to lower industry production volumes over the past three years.

Speaker #3: As we've significantly reduced our fixed costs and continued to optimize manufacturing and purchasing efficiencies, we believe we can further accelerate margin expansion as our top line begins to grow. We believe that both of our product segments are well positioned to grow significantly over the next few years. Turning to slide 15.

Speaker #3: The strategy for our Fluid Handling Systems segment looks to unlock the full potential of the organization by expanding geographically in association with key fast-growing customers, leveraging the growth trends in hybrid vehicles to expand content per vehicle, and launching new, innovative products and technologies, including thermal management solutions.

Speaker #3: And our award winning eco Flow family of integrated Coolit control products Please turn to slide 16 . As the global leader , our ceiling system strategy is focused on sustaining the operational excellence that is reestablished .

Jeff Edwards: Please turn to slide 16. As the global leader, our Sealing System strategy is focused on sustaining the operational excellence that has reestablished the financial strength of the business, and leveraging global expertise in engineering, design, and manufacturing to drive profitable growth in both our existing and new markets. We're using digital tools and world-class engineering capabilities to make the design and validation process for new products faster and more efficient, supporting our customers in developing markets that tend to have a shorter product development cycle. Paying close attention to the voice of the customer, the Sealing team is quickly bringing additional innovative products and technologies to market, that we expect will add value for our customers and enable the company to expand content per vehicle and drive market share gains going forward. Turning to slide 17.

Speaker #3: The financial strength of the business and leveraging global expertise in engineering , design and manufacturing to drive profitable growth in both our existing and new markets We're using digital tools and world class engineering capabilities to make the design and validation process for new products faster and more efficient , supporting our customers in developing markets that tend to have a shorter product development cycle .

Speaker #3: Paying close attention to the voice of the customer, the Ceiling team is quickly bringing additional innovative products and technologies to market that we expect will add value for our customers and enable the company to expand content per vehicle and drive market share gains.

Speaker #3: Going forward Turning to slide 17 for both of our segments , China represents a key part of our profitable growth strategy . And as you know , Chinese OEMs are expanding aggressively into many global markets .

Jeff Edwards: For both of our segments, China represents a key part of our profitable growth strategy. As you know, Chinese OEMs are expanding aggressively into many global markets and are expected to gain significant market share by 2030. As a key part of our strategy, CPS expects to grow and gain share alongside Chinese OEMs, leveraging our world-class technology and service, and the relationships that we've established over 20 years of operating in China, as well as our outstanding locally-led team. Currently, Chinese OEMs represent approximately 36% of our revenue in China, while Western OEMs and their joint venture partners represent approximately 60%. Based on recent new business awards already in hand and developing target business, we expect to grow our business with Chinese OEMs to more than 60% of our revenue by 2030.

Speaker #3: And are expected to gain significant market share by 2030 as a key part of our strategy. CPS expects to grow and gain share alongside Chinese OEMs, leveraging our world-class technology and service and the relationships that we've established over 20 years of operating in China.

Speaker #3: As well as our outstanding locally led team. Currently, Chinese OEMs represent approximately 36% of our revenue in China, while Western OEMs and their joint venture partners represent approximately 60%.

Speaker #3: Based on recent new business awards already in hand and developing target business, we expect to grow our business with Chinese OEMs to more than 60% of our revenue by 2030.

Speaker #3: In addition, given our existing available production capacity, we believe we will be able to scale our business with Chinese OEMs with minimal incremental investment, resulting in very favorable returns on invested capital. In the near term, we expect our total revenue attributable to China will grow at a CAGR north of 15% between 2025 and 2028.

Jeff Edwards: In addition, given our existing available production capacity, we believe we'll be able to scale our business with Chinese OEMs with minimal incremental investment, resulting in very favorable returns on invested capital. In the near term, we expect our total revenue attributable to China will grow at a CAGR north of 15% between 2025 and 2028. Further, we currently expect to triple our total sales to Chinese OEMs globally over the next five years as we support them in their growth within China, as well as their expansion into other key markets around the world. Turning to slide 18. Our positive outlook for sales growth that exceeds the market is supported by continuing new business awards. I mentioned at the beginning of the call. We received nearly $300 million in net new business awards in 2025.

Speaker #3: Further, we currently expect to triple our total sales to Chinese OEMs globally over the next five years as we support them in their growth within China, as well as their expansion into other key markets around the world.

Speaker #3: Turning to slide 18 . Our positive outlook for sales growth that exceeds the market is supported by continuing new business awards . I mentioned at the beginning of the call , we received nearly $300 million in net new business awards in 2025 of the total award 74% of the new awards were related to the value add innovation that we have introduced into the market .

Jeff Edwards: Of the total awards, 74% of the new awards were related to the value-add innovation that we have introduced into the market. Products like FlexiCore and FlushSeal in our Sealing segment, and our portfolio of low permeation tubes and quick connects in the Fluid segment, are delivering value for our customers and driving new business wins. Similarly, 74% of the new awards were related to battery, electric or hybrid vehicle platforms, which is an indication of how closely our product offerings and innovations are strategically aligned with the fastest-growing segments of the market. Finally, consistent with our China strategy we just discussed, 51% of the net new business awards were with Chinese OEMs. We're certainly proud to be the supplier that our customers turn to for quality components, consistency of delivery, and collaboration on critical design and development of new technologies.

Speaker #3: Products like Flex , Core and Flush Seal , and our ceiling segment and our portfolio of low permeation tubes and quick connects in the fluid segment are delivering value for our customers and driving new business wins Similarly , 74% of the new awards were related to battery electric or hybrid vehicle platforms , which is an indication of how closely our product offerings and innovations are strategically aligned with the fastest growing segments of the market Finally , consistent with our China strategy , we just discussed 51% of the net new business awards were with Chinese OEMs .

Speaker #3: We're certainly proud to be the supplier that our customers turn to for quality components, consistency of delivery, and collaboration on critical design and development of new technologies.

Speaker #3: And now we're also the supplier there , continuing to support for their global expansion goals Further , we expect some of our latest innovations , such as our eco flow switch , pump and our integrated coolant flow manifold , which we are currently marketing to our customers in China , will drive even more business wins in 2026 .

Jeff Edwards: And now we're also the supplier they're continuing to support for their global expansion goals. Further, we expect some of our latest innovations, such as our eCoFlow™ Switch Pump and our Integrated Coolant Flow Manifold, which we are currently marketing to our customers in China, will drive even more business wins in 2026. So far, we're off to a strong start of the year with several new awards already in hand, and we expect to keep the momentum going throughout this year. Turning to slide 19. Our world-class service, technology, and innovations continue to allow us to partner with customers on some of their most important high-profile vehicle platforms. On this slide, we show our top 10 platforms for 2026 based on expected revenue. These 10 programs represent approximately 45%.

Speaker #3: So far, we're off to a strong start of the year with several new awards already in hand, and we expect to keep the momentum going throughout this year. Turning to slide 19.

Speaker #3: Our world class service , technology and innovations continuous continue to allow us to partner with customers on some of their most important high profile vehicle platforms On this slide , we show our top ten platforms for 2026 based on expected revenue These ten programs represent approximately 45% of our planned revenue for the year .

Jeff Edwards: of our planned revenue for the year based on current production volume estimates and an expected average content per vehicle of approximately $190. Importantly, 7 of these 10 platforms offer multiple powertrain options, which allows for flexibility and reduces risks related to fluctuations in production volumes, driven by trends in consumer preference or changing regulatory environment. Let's go to slide 20. To conclude this morning, let me provide a little color on the guidance we published in our press release yesterday afternoon, and also provide a few comments on our longer-term financial outlook. Our expectations for 2026 are for increased profitability and for further margin expansion, leveraging an increase in sales of around 3% based on the most recent industry production outlook. We expect continuing launches of new higher-margin business will be a positive driver again during the year.

Speaker #3: Based on current production volume estimates and an expected average content per vehicle of approximately $190. Importantly, seven of these ten platforms offer multiple powertrain options, which allows for flexibility and reduces risks related to fluctuations in production volumes driven by trends in consumer preference or a changing regulatory environment.

Speaker #3: Let's go to slide 20. To conclude this morning, let me provide a little color on the guidance we published in our press release yesterday afternoon.

Speaker #3: And also, provide a few comments on our longer-term financial outlook. Our expectations for 2026 are for increased profitability and for further margin expansion.

Speaker #3: Leveraging an increase in sales of around 3% based on the most recent industry production outlook , we expect continuing launches of new , higher margin business will be a positive driver again during the year .

Speaker #3: We are confident that the combination of increasing operating efficiencies and the ramp up of higher margin business will enable us to hit our near-term strategic target of double digit EBITDA margin for the full year in 2026 , with the first quarter likely to be the weakest in terms of margins and cash flow .

Jeff Edwards: We are confident that the combination of increasing operating efficiencies and the ramp-up of higher-margin business will enable us to hit our near-term strategic target of double-digit EBITDA margin for the full year in 2026, with Q1 likely to be the weakest in terms of margins and cash flow, but building steadily throughout the remaining three quarters of the year. Over the longer term, we continue to believe we're only at the beginning of an exciting period of growth and prosperity for Cooper Standard. The actions we've taken and the successes we've achieved over the past 4 years have clearly made us better and stronger. We believe we're better positioned than ever before to leverage future increases in production volume, although we believe we can continue to expand margins even in a flat or stable production environment.

Speaker #3: But building steadily throughout the remaining three quarters of the year, over the longer term, we continue to believe we're only at the beginning of an exciting period of growth and prosperity for Cooper Standard.

Speaker #3: The actions we've taken and the successes we've achieved over the past four years have clearly made us better and stronger. We believe we're better positioned than ever before to leverage future increases in production volume.

Speaker #3: Although we believe we can continue to expand margins even in a flat or stable production environment , we're also better positioned to expand into high growth markets and partner with new dynamic customers who have aggressive growth plans around the world .

Jeff Edwards: We're also better positioned to expand into high-growth markets and partner with new dynamic customers who have aggressive growth plans around the world, and we're already doing that. We believe the benefits of these new and expanded relationships will become more evident in the coming years as those new programs launch. Based on current estimates for the global production volumes for 2026 to 2028, we believe the implied growth and our expanding margins will enable us to reduce our net leverage ratio to something in the range of 2x or lower over that time frame. Additionally, we believe and are confident that we will triple the return on invested capital of our business by 2028. So you can see why we're excited about the opportunities and outlook in 2026 and for the next several years beyond that.

Speaker #3: And we're already doing that . We believe the benefits of these new and expanded relationships will become more evident in the coming years , as those new programs launch Based on current estimates for the global production volumes for 2026 to 2028 , we believe the implied growth in our expanding margins will enable us to reduce our net leverage ratio to something in the range of two times or lower over that time frame Additionally , we believe and are confident that we will triple the return on invested capital of our business by 2028 .

Speaker #3: So you can see why we're excited about the opportunities and outlook in 2026, and for the next several years beyond that. I want to again thank our employees for their hard work and commitment to helping make Cooper Standard a premier automotive supplier and the first choice of all of our stakeholders.

Jeff Edwards: I want to again thank our employees for their hard work and commitment to helping make Cooper Standard a premier automotive supplier and the first choice of all of our stakeholders. I also want to thank our customers around the world for their continued trust and partnership. This concludes our prepared comments.

Speaker #3: I also want to thank our customers around the world for their continued trust and partnership This concludes our prepared comments

Speaker #2: Kenny , can we open it up for Q&A please

Jonathan Banas: Jenny, can we open it up for Q&A, please?

Roger Hendriksen: Jenny, can we open it up for Q&A, please?

Speaker #1: Yes . Thank you ladies and gentlemen . We will now begin the question and answer session . Did you have a question ? Please press the star followed by the one on your touch tone phone .

Operator: Yes. Thank you, ladies and gentlemen. We will now begin the question-and-answer session. If you have a question, please press the star followed by the one on your touch-tone phone. Should you wish to cancel your request, please press the star followed by the two. If you're using a speakerphone, please lift the handset before pressing any keys. Once again, that is star one should you wish to ask a question. Your first question is from Kirk Ludtke from Imperial Capital. Your line is now open.

Speaker #1: Should you wish to cancel your request , please press the star , followed by the two . If you are using a speaker phone , please lift the handset before pressing any case .

Speaker #1: Once again, that is star one. Should you wish to ask a question, your first question is from Kirk Lucas from Imperial Capital.

Speaker #1: Your line is now open .

Speaker #4: Hello , Jeff . John . Roger . Appreciate the call .

Kirk Ludtke: Hello, Jeff, John, Roger. Appreciate the call.

Speaker #3: Hey .

Speaker #2: Kirk: Hi, Kirk.

Jeff Edwards: Hey, Kirk.

Jonathan Banas: Hi, Kirk.

Jon Banas: Hi, Kirk.

Kirk Ludtke: On slide 20, the guide, the bridge to the $280 million of Adjusted EBITDA, is the lean the big contributor there. Are there any significant initiatives worth mentioning that's included in that $90 million? Or is it, you know, more or less business as usual?

Speaker #4: On slide 20 , the the the guidance , the bridge to the 2280 million of adjusted . Is there a lean ? Is the big is the big contributor there ?

Speaker #4: Are there any significant initiatives Worth mentioning that that's included in that 90 million , or is it , you know , more , more or less business as usual

Speaker #3: More the latter . Kirk , this is John . It's business as usual for the team . You know , they they do this very , very well as Jeff positioned on the beginning of this call as far as continuous improvement , whether it's in the manufacturing side of the business or the purchasing supply chain side .

Jonathan Banas: More the latter, Kirk. This is John. It's business as usual for the team. You know, they do this very, very well as Jeff positioned on the beginning of this call as far as continuous improvement, whether it's in the manufacturing side of the business or the purchasing supply chain side. As you can see from this bridge, they're signed up for considerable commitment again this year. But nothing in and of itself is unusual within that $90 million.

Jon Banas: More the latter, Kirk. This is John. It's business as usual for the team. You know, they do this very, very well as Jeff positioned on the beginning of this call as far as continuous improvement, whether it's in the manufacturing side of the business or the purchasing supply chain side. As you can see from this bridge, they're signed up for considerable commitment again this year. But nothing in and of itself is unusual within that $90 million.

Speaker #3: And as you can see from this bridge , they're signed up for considerable commitment again this year . But nothing in and of itself is unusual within that $90 million .

Speaker #4: Okay . Thank you . And then volume mix and price are the new products . You know , eco flow , etc. . Are they included in that , that 10 million .

Kirk Ludtke: Okay. Thank you. And then volume, mix, and price. Are the new products, you know, eCoFlow, et cetera, are they included in that $10 million?

Speaker #5: That's just Jeff. Yeah. Everything that I talked about on the call today, to that net new business number that we've just booked last year in '25.

Jeff Edwards: This is Jeff, Kirk. Yeah, everything that I talked about on the call today related to that net new business number that we've just booked last year in 2025, and obviously, what we did in 2023 and 2024 that's in launch or already launched. It would be all inclusive. And the follow-up to your comment about the teams and lean, just to give you an idea of our confidence in that $90 million as we head into 2026, we've already identified well above 90% of all of that. And it's the highest number in a decade in terms of already identified and being worked on. So the confidence level of the team executing that is very high.

Speaker #5: And obviously what we did in 23 and 24 , that's that's in in launch or already launched , I would it would be all inclusive .

Speaker #5: And the follow up to your comment about about the teams and lean just to give you an idea of our confidence in that 90 million as we head into 26 , we've already identified well above 90% of all of that , and it's the that's the highest number in in a decade in terms of already identified and being being worked on .

Speaker #5: So the confidence level of the team executing that is is is very high . A lot of work gets done , you know , months in advance each year in that list is is very good and certainly is is being managed on a on a daily basis by the two presidents of those businesses

Jeff Edwards: A lot of work gets done, you know, months in advance each year, and that list is very good and certainly is being managed on a daily basis by the two presidents of those businesses.

Speaker #4: Got it . Thank you It's very helpful . And then and then on the , on the volume mix that that includes the new the new products .

Kirk Ludtke: Got it. Thank you. It's very helpful. And then on the volume mix bar, that includes the new products, it includes the shift to hybrids, all of those, you know, trends you've talked about?

Speaker #4: It includes the shift to hybrids , all of all of those . You know , trends you've talked about .

Speaker #5: It does . And obviously as we put together our three year business plan , as you know , 26 , 27 and 28 , we've just completed it .

Jeff Edwards: It does.

Kirk Ludtke: Okay.

Jeff Edwards: Obviously, as we put together our three-year business plan, as you know, 2026, 2027, and 2028, we've just completed it. So all of the business, the new business, for 2026 is already being produced in our factories. For 2027 and 2028, the book business there exceeds 95% already. So it makes it pretty easy for us to forecast what's coming out and what's going in, and what those margins are. And that really drives the level of clarity, transparency around our three-year plan for our business. So it's clear what we're gonna do in 2026, 2027, and 2028. Of course, the issue that always is is what's the volume and mix gonna be? Otherwise, we're pretty predictable in terms of what we're gonna deliver.

Speaker #5: So all of the business , the new business for 26 is already being being produced in our factories for 27 and 28 . The book business there exceeds 95% already .

Speaker #5: So it makes it pretty easy for us to forecast what's coming out and what's going in, and what those margins are.

Speaker #5: And that really drives the the level of clarity , transparency around our three year plan for our business . So , so it's it's clear what we're going to do in 26 , 27 and 28 .

Speaker #5: Of course , the , the the issue that always is , is what's the volume and mix going to be . Otherwise ? We're pretty predictable in terms of what we're going to deliver .

Speaker #4: Got it . Okay I appreciate it . And then with respect to I know I know you're you're probably limited as to what you can say about this , but with respect to the F series , is that back to normal as far as you're concerned

Kirk Ludtke: Got it. Okay, I appreciate it. And then with respect to... I know, I know you're, you're probably limited as to what you can say about this, but with respect to the F-Series, is that back to normal as far as you're concerned?

Jonathan Banas: Hey, Kirk, it's Jon again. You know, we're reading the kind of the same news you are, and based on the releases, some volumes are coming back online. You're right, we won't get into too much details or speak on behalf of our major customer, but we're seeing production continue to ramp up, and the releases are holding there.

Speaker #3: Hey Kirk , it's John again . You know , we're reading the kind of the same news you are . And based on the releases , some volumes are coming back online .

Jon Banas: Hey, Kirk, it's Jon again. You know, we're reading the kind of the same news you are, and based on the releases, some volumes are coming back online. You're right, we won't get into too much details or speak on behalf of our major customer, but we're seeing production continue to ramp up, and the releases are holding there.

Speaker #3: You're right. We won't get into too much detail or speak on behalf of our major customer, but we're seeing production continue to ramp up and the releases are holding their

Speaker #4: Okay, so that could continue to be a drag in the first part of the year.

Kirk Ludtke: Okay, so that could continue to be a drag in the first part of the year?

Speaker #5: That's just Jeff . Curt , I don't know . That's going to be a drag . I think it's it's moving in the direction that we've predicted .

Jeff Edwards: This is Jeff, Kurt. I don't know that it's gonna be a drag. I think it's moving in the direction that we've predicted, and I think the customer has predicted, so I'll just leave it at that.

Speaker #5: And I think the the customer predicted . So I'll just leave it at that .

Speaker #4: Okay. I appreciate it. Thank you, and good luck.

Kirk Ludtke: Okay, I appreciate it. Thank you, and good luck.

Speaker #5: Okay . Thanks .

Jeff Edwards: Okay. Thanks, Kirk.

Speaker #3: Thanks , Kirk

Jonathan Banas: Thanks, Kurt.

Jon Banas: Thanks, Kirk.

Speaker #1: Thank you. Your next question is from Mike Ward from Citigroup. Your line is open.

Operator: Thank you. Your next question is from Mike Ward, from Citigroup. Your line is now open.

Speaker #6: Thanks very much . Good morning everybody . Jeff . Maybe another way around the F series discussion . What are you seeing with your schedules from the manufacturers ?

Michael Ward: Thanks very much. Good morning, everybody.

Mike Ward: Thanks very much. Good morning, everybody.

Jeff Edwards: Hi, Mike.

Michael Ward: Jeff, maybe another way around the F-Series discussion. What are you seeing with your schedules from the manufacturers? Does that differ from what we're seeing, like with IHS? It sounds like Q1 is part of what you're looking at with, your cadence of earnings is relatively soft production, but I think most manufacturers are talking about acceleration in the second half. Is that what you're seeing, and particularly at some of those key models?

Mike Ward: Jeff, maybe another way around the F-Series discussion. What are you seeing with your schedules from the manufacturers? Does that differ from what we're seeing, like with IHS? It sounds like Q1 is part of what you're looking at with, your cadence of earnings is relatively soft production, but I think most manufacturers are talking about acceleration in the second half. Is that what you're seeing, and particularly at some of those key models?

Speaker #6: Does that differ from what we're seeing, like with IHS? It sounds like the first quarter is part of what you're looking at with your cadence of earnings.

Speaker #6: It's relatively soft production. But I think most manufacturers are talking about acceleration in the second half. And is that what you're seeing, particularly at some of those key models?

Speaker #5: Yeah , I saw the the the transcript , like you did in terms of what the customer was predicting for 26 , in terms of F series production , the 150,000 units over and above 25 , that was just discussed publicly .

Jeff Edwards: Yeah, I saw the transcript like you did, in terms of what the customer was predicting for 2026 in terms of F-Series production, the 150,000 units over and above 2025 that was just discussed publicly. I will tell you that that would represent probably 60,000 units above what we have in our plan, Mike. Now the question becomes when those are gonna be built, produced, you know, there's additional shift that was talked about. There was line speed that was talked about. So, you know, I don't have any insight into that. As our releases get adjusted accordingly, then that'll reflect.

Speaker #5: I will tell you that that would represent probably 60,000 units above what we have in our in our plan . Mike . Now , the question becomes when those are going to be built , produced , you know , there's additional shift that was talked about .

Speaker #5: There was line speed that was talked about . So you know , I don't have any insight into into that as our releases get adjusted accordingly .

Speaker #5: Then then that will reflect . But I can tell you that there's there's potential increase of of 60,000 units . If those 150,000 increase year over year happen , it's not a secret .

Jeff Edwards: But I can tell you that there's a potential increase of 60,000 units if those 150,000 increase year-over-year happen. It's not a secret, our content per vehicle is $450 on those vehicles, so you can do the math.

Speaker #5: Our content per vehicle is $450 on those vehicles, so you can do the math.

Speaker #6: Yeah , it's a big number . It's yeah , I think Ford's in the same boat . You are . I think they're just in all fairness to Ford and to you , I think they manage the situation better than expected in four .

Michael Ward: Yeah, it's a big number. It's, yeah, I think Ford's in the same boat you are. I think they're just... In all fairness to Ford and to you, I think they managed the situation better than expected in Q4. And I think that they're still trying to figure out on the supply side and the cost benefit and everything else. But inventory is in great shape, right? So right now, schedules are sticking from what you've seen. Is that correct?

Mike Ward: Yeah, it's a big number. It's, yeah, I think Ford's in the same boat you are. I think they're just... In all fairness to Ford and to you, I think they managed the situation better than expected in Q4. And I think that they're still trying to figure out on the supply side and the cost benefit and everything else. But inventory is in great shape, right? So right now, schedules are sticking from what you've seen. Is that correct?

Speaker #6: Q and I think that there still trying to figure out on the supply side and the cost benefit and everything else . But inventory is in great shape , right ?

Speaker #6: So right now schedules are sticking from what you've seen . Is that correct ?

Speaker #5: That's what we've seen . Yes , that's what we've seen . We're we're cautiously optimistic about that .

Jeff Edwards: That's what we've seen, yes. That's what we've seen. We're cautiously optimistic. How about that?

Speaker #6: Yeah, yeah. Magna this morning reported that it got a pretty good lump sum of cash for some of the BEV stuff.

Michael Ward: Yeah. Yeah. The Magna this morning reported that it got a pretty good lump sum of cash for some of the BEV stuff. How do you expect to see it? Lump sum, piece price, all of the above? Have you seen any big, you know, cash contribution yet, or lump sum cash inflow yet? Would you expect one in 2026?

Mike Ward: Yeah. Yeah. The Magna this morning reported that it got a pretty good lump sum of cash for some of the BEV stuff. How do you expect to see it? Lump sum, piece price, all of the above? Have you seen any big, you know, cash contribution yet, or lump sum cash inflow yet? Would you expect one in 2026?

Speaker #6: How do you expect to see it . Lump sum piece price . All of the above . Have you seen any big , you know , cash contribution yet or lump sum cash inflow yet or do you expect 1 in 26 .

Speaker #5: Yes and yes . So we we finished some some negotiations in in 25 . And those are behind us . And we've got others that we're expecting to to go in in 26 .

Jeff Edwards: Yes and yes. So we finished some negotiations in 2025. And those are behind us, and we've got others that we're expecting to go through in 2026. And it seems that most are talking lump sums, Mike. That's my-

Speaker #5: And it seems that that's talking lump sums. Mike, that's my

Speaker #6: Interesting .

Michael Ward: Interesting.

Mike Ward: Interesting.

Speaker #5: That's my view as I sit here today. Anyway.

Jeff Edwards: That's my view, as I sit here today anyway. Yeah.

Speaker #6: Yeah that's good news . That's a difference than in the past . John . John , is there any sense of urgency to get the refi done before the end of March when you become current

Michael Ward: That's good news. That's a difference than in the past. John, is there any sense of urgency to get the refi done before the end of March, when you become current?

Mike Ward: That's good news. That's a difference than in the past. John, is there any sense of urgency to get the refi done before the end of March, when you become current?

Speaker #3: Mike , what I've talked about in the past is , you know , we certainly would would prefer to get something done prior to the first lien .

Jonathan Banas: Mike, what I've talked about in the past is, you know, we certainly would prefer to get something done prior to the first lien and third lien notes coming current. You know, those milestones are middle of May and middle of March, respectively. So, you know, you think about it in that kind of time frame. Certainly, we don't wanna have that added pressure of the notes coming current.

Jon Banas: Mike, what I've talked about in the past is, you know, we certainly would prefer to get something done prior to the first lien and third lien notes coming current. You know, those milestones are middle of May and middle of March, respectively. So, you know, you think about it in that kind of time frame. Certainly, we don't wanna have that added pressure of the notes coming current.

Speaker #3: And third lien notes coming current . You know , those those milestones are middle of May and middle of March , respectively . So , you know , you think about it in that kind of time frame .

Speaker #3: Certainly, we don't want to have that added pressure of the notes coming current.

Speaker #6: Well , good luck . It sounds like it's getting tight . So thank you . Thank you very much .

Michael Ward: Well, good luck. It sounds like it's getting tight, so thank you. Thank you very much.

Mike Ward: Well, good luck. It sounds like it's getting tight, so thank you. Thank you very much.

Speaker #3: All right. Thanks, Mike.

Jonathan Banas: All right. Thanks, Mike.

Jon Banas: All right. Thanks, Mike.

Speaker #1: Thank you . Your next question is from Mason Jones from Stiefel . Your line is open .

Operator: Thank you. Your next question is from Nathan Jones, from Stifel. Your line is now open.

Speaker #7: Good morning everyone .

Nathan Jones: Good morning, everyone.

Speaker #3: Good morning Nathan .

Jeff Edwards: Good morning, Nathan.

Speaker #7: I guess I'll start with some questions around the net . New business wins obviously very strong in in 25 . Again on the back of some good net new business wins in 23 and 24 .

Nathan Jones: I guess I'll start with some questions around the net new business wins. Obviously, very strong in 2025 again, on the back of some good net new business wins in 2023 and 2024. Can you talk about kind of what's in the 2026 guide from net new business wins in 2023 and 2024, and how we should think about those layering in over the next few years?

Speaker #7: Can you talk about what's in the '26 guide from net new business wins in '23 and '24, and how we should think about those layering in over the next few years?

Speaker #5: Yeah , Nathan , this is Jeff . So I can tell you that that the 300 million that we booked in 25 , that we just discussed this morning , those those typically take , you know , a couple years , call it between 2 and 3 years on average to to roll into the , to the portfolio , the 400 plus million that we expect to book in in 26 will be similar .

Jeff Edwards: Yeah, Nathan, this is Jeff. So I can tell you that the $300 million that we booked in 2025, that we just discussed this morning, those typically take, you know, a couple of years, call it between 2 and 3 years on average, to roll into the portfolio. The $400+ million that we expect to book in 2026 will be similar. Now, keep in mind that 51% of that net new business was China, and it's a lot faster to the market than is traditionally seen by our other customers. So you know, I would just temper it by saying that. It could be faster. Well, it will be faster related to the China portion than the rest.

Speaker #5: Now, keep in mind that 51% of that net new business was China, and it's a lot faster to the market than is traditionally seen by our other customers.

Speaker #5: So I you know , I would just temper it by by saying that it could be it could be faster . Well , it will be faster related to the the China portion than , than the rest .

Speaker #5: So we're very we're very positive about what's happened in in 23 , 24 and 25 . Obviously the margin expansion , our ability to execute those launches , it's really showing up in our financials .

Jeff Edwards: So, we're very positive about what's happened in 2023, 2024, and 2025. Obviously, the margin expansion, our ability to execute those launches, it's really showing up in our financials, right? I expect, based on all the new business that we just booked in 2025 and our targeted business for 2026, across both fluids and sealing, will continue to drive the type of margin expansion that we've talked about in our longer-term strategy numbers for 2030.

Speaker #5: Right. And I expect, based on all the new business that we just booked in 2025 and our targeted business for 2026 across both Fluids and Sealing, we’ll continue to drive the type of margin expansion that we’ve talked about in our longer-term strategy numbers for 2030.

Speaker #7: I guess given the net new business wins, kind of from '23 and '24, depending on how long they take to start reading through into revenue.

Nathan Jones: I guess, given the net new business wins, kind of from 2023 or and 2024, depending on how long they take to start ramping through into revenue, you know, maybe potential for Ford to catch up some production this year. The revenue guidance looks maybe a little bit lower than we were expecting, and I think some of the other folks that cover you were expecting for 2026. Can you talk about what the, you know, some of the offsets maybe are for that? You should have some tailwinds from FX. Is the bottom end of that range, you know, really a bit conservative? Just any further color you could give us on that.

Speaker #7: You know , maybe potential for Ford to catch up some production this year . The revenue guidance looks maybe a little bit lower than than we were expecting .

Speaker #7: And I think some of the other folks that cover you were expecting for '26. Can you talk about what some of the offsets maybe are for that?

Speaker #7: You should have some tailwinds from FX at the bottom end of that. That range, you know, is really a bit conservative. Just any further color you could give us on that?

Speaker #5: Well , you know , we we stick with the S&P numbers for the for the market . Nathan . So you know , I'll read read you what the slide says .

Jeff Edwards: Well, you know, we, we stick with the S&P numbers for the, for the market, Nathan. So, you know, I'll read, read you what the slide says. North America, we were at 15.3 in 2025. We're going to 15 in 2026. Europe at 17 in 2025, we're going to 16.9 in 2026. China's up thirty-- is down from 33 to 32. South America's up from 3 to 3.2. So, the fact that we're generating the additional revenue year over year that we are, with the down volume that's being predicted by the people that predict, it's, it's actually, a pretty amazing story from a margin expansion, and that's what we tried to, to show you on, on the slides that we walked through today.

Speaker #5: North America . We were at 15.3 and 25 . We're going to 15 . And 26 Europe at 17 and 25 . We're going to 16.9 and 26 .

Speaker #5: China is up 30, is down from 33 to 32. South America is up from 3 to 3.2. So the fact that we're generating the additional revenue year over year that we are, with the down volume that's being predicted by the people that predict it, it's actually a pretty amazing story from a margin expansion.

Speaker #5: And that's what we tried to to show you on , on the slides that we walked through today . And if you look at the , you know , the midpoint , two eight on top line up significantly over what we just finished , 25 on a down market EBITDA from 210 to 280 on a down market .

Jeff Edwards: If you look at the, you know, the midpoint $28 on top line, up significantly over what we just finished, $25, on a down market, EBITDA from $210 to $280, on a down market, sounds pretty good to me. But-

Speaker #5: Sounds pretty good to me , but obviously if we get more volume , if we get more volume , then than what is being predicted by S&P towards the end of last year , then then these numbers are going to be a lot better .

Nathan Jones: Yeah.

Jeff Edwards: Obviously, if we get more volume than what is being predicted by S&P towards the end of last year, then these numbers are gonna be a lot better. So anyway, I guess time will tell.

Speaker #5: So, anyway, I guess time will tell.

Speaker #7: Yeah . The the growth is great . Maybe just the last one on on free cash flow come down a little bit from 23 to 24 and 24 to 25 .

Nathan Jones: Yeah, the EBITDA growth is great. Maybe just a last one on, on free cash flow. It come down a little bit in, you know, from 2023 to 2024 and 2024 to 2025. I know you said you expect it to be positive again in 2026. Any more color you can give us on, on an expectation of around where you expect free cash flow to come in, or what kind of conversion of EBITDA, or, or something like that we should think about as we're thinking about free cash flow? And thanks for taking the questions.

Speaker #7: I know you said you expect it to be positive again in ’26. Any more color you can give us on an expectation of around where you expect free cash flow to come in, or what kind of conversion of EBITDA, or something like that?

Speaker #7: We should think about, as we're thinking about free cash flow. And thanks for taking the questions.

Speaker #3: Yeah , Nathan , thank you . It's John again . We give you a lot of the main components of our free cash flow .

Jonathan Banas: Yeah, Nathan, thank you. It's John again. We give you a lot of the main components of our free cash flow build on the guidance table. So you can see from last year to this year, we're gonna invest more in capital expenditures, certainly. It's about $15 million or so at the midpoint. We do expect cash taxes to go up based on increasing profitability around the world. So that will be a drain on free cash flow as well.

Jon Banas: Yeah, Nathan, thank you. It's John again. We give you a lot of the main components of our free cash flow build on the guidance table. So you can see from last year to this year, we're gonna invest more in capital expenditures, certainly. It's about $15 million or so at the midpoint. We do expect cash taxes to go up based on increasing profitability around the world. So that will be a drain on free cash flow as well.

Speaker #3: Building on the guidance table, you can see that from last year to this year we're going to invest more in capital expenditures.

Speaker #3: Certainly about $15 million or so at the midpoint. We do expect cash taxes to go up based on increasing profitability around the world.

Speaker #3: So that will be a drain on on free cash flow as well . But then with business that that we've just been discussing , there is an element of , of getting ready to , to launch new programs .

Jeff Edwards: ... but then, with the new business that we've just been discussing, there is an element of getting ready to launch new programs. So we see investments in tooling to support net new business wins. With the global perspective on this, some of those get recovered right around the time the tools are approved for production. Others are amortized over the life of the program. So, we're seeing some balance sheet tie up of working capital for some of those amortized programs when you think about tooling. And then, with the typical build in revenue, you do have an increase in working capital as well.

Speaker #3: So we see investments in tooling to support net new business wins with the with the global perspective on this , some of those get recovered right on right around the time the tools are approved for production .

Speaker #3: Others are amortized over the life of the program. So we're seeing some balance sheet tie-up of working capital for some of those amortized programs.

Speaker #3: When you think about tooling and then with with the typical build in revenue , you do have an increase in working capital as well .

Speaker #3: If sales are up 60 to $100 million or so, you'll see more accounts receivable building by the end of the year than you've got today.

Jeff Edwards: If sales are up $60 to 100 million or so, you'll see more accounts receivable building by the end of the year than you've got today. You typically need to have a little bit more inventory throughout the cycle. We do a good job of bringing it down at year-end, but you know, with a higher revenue base, you expect some working capital tie-up overall. So that's why you'll see the year-over-year comp on cash flow being generally what it is on the page.

Speaker #3: You typically need to have a little bit more inventory throughout the cycle . We do a good job of bringing it down at the new year end , but , you know , with with a higher revenue base , you expect some working capital tie up overall .

Speaker #3: So that's why you'll see the year over year comp on cash flow being generally what it is on the page .

Speaker #7: Great. Thanks for taking the questions.

Michael Ward: Great. Thanks for taking the questions.

Mike Ward: Great. Thanks for taking the questions.

Speaker #3: Okay . Thanks , Nathan

Jeff Edwards: Okay. Thanks, Nathan.

Speaker #1: Thank you . Once again , please press star . One should you wish to ask a question and your next question is from Brian Rubio from Baird .

Operator: Thank you. Once again, please press star one, should you wish to ask a question. And your next question is from Brian Rubio from Baird. Your line is now open.

Speaker #1: Your line is open .

Speaker #6: Good morning .

Speaker #8: Gentlemen . Just a couple of cleanup questions . Just Jeff , I want to make sure I heard this right . You said today , 36% of your revenues are from Chinese OEMs .

Brian DiRubbio: Good morning, gentlemen. Just a couple of cleanup questions. Just, Jeff, I wanna make sure I heard this right. You said today, 36% of your revenues are from Chinese OEMs, and you wanna get that to 60% of total revenues in the next 5 years?

Speaker #8: And you want to get that to 60% of total revenues in the next five years

Speaker #5: What we what we were talking about was the shift from Western OEM business to the Chinese OEM business . And and so our our , our focus over the course of the next three years will be to increase the percentage of our Chinese OEM business in China to to that number .

Jeff Edwards: What we were talking about was the shift from Western OEM business to the Chinese OEM business. And so our focus over the course of the next three years will be to increase the percentage of our Chinese OEM business in China to that number. That's what we're talking about.

Speaker #5: That's what you're talking about.

Speaker #8: Okay . So it's not a total revenue number . It's just what you're within , you know , Asia Pacific revenues that's going to move from 36 to about 60 .

Brian DiRubbio: Okay, so it's not a total revenue number, it's just what you're within, you know, Asia Pacific revenues, that's gonna move from $36 to about $60?

Speaker #5: That's correct Brian . Obviously the Western OEMs have all announced significant volume reductions . The Chinese OEMs have announced significant volume increases as that portfolio shifts .

Jeff Edwards: That's correct, Brian. It'd be-

Brian DiRubbio: Okay.

Jeff Edwards: Obviously, the Western OEMs have all announced significant volume reductions. The Chinese OEMs have announced significant volume increases. As that portfolio shifts, that's what we're booking. And so that's why. And I wanted to make sure you understood that 51% of our net new business that we just booked in 2025 was exactly that. So to add to the credibility of that transformation. I mean, back 5 years ago, Brian, I think we had 90% Western OEM business, and 10% Chinese OEM business, and we have transitioned all of that to what I just said.

Speaker #5: That's what we're booking. And so that's why, and I wanted to make sure you understood that 51% of our net new business that we just booked in '25 was exactly that.

Speaker #5: So to to add to the credibility of of that transformation , I mean , back five years ago , Brian , I think we had 90% Western OEM business and 10% Chinese OEM business .

Speaker #5: And we have transitioned all of that to what I just said . So it's really been a tremendous effort by by the teams there to to adjust to the market and to win new business profitably and to get our innovation into that market in a way that's being valued not only for the locally produced vehicles , but also those vehicles that are being exported around the around the world , especially to Europe , has our parts on it .

Jeff Edwards: So it's really been a tremendous effort by the teams there to adjust to the market and to win new business profitably, and to get our innovation into that market in a way that's being valued, not only for the locally produced vehicles, but also those vehicles that are being exported around the world, especially to Europe, has our parts on it. So, we're very excited about that. We still have some open capacity in China that will fill up over the course of the next couple of years.

Speaker #5: So we're very excited about that . We still have some open capacity in China that will fill up over the course of the next couple of years .

Speaker #5: So that's why I also mentioned that the return on invested capital kicker that we get from launching all that new China business with very little investment.

Jeff Edwards: So that's why I also mentioned that the return on invested capital kicker that we get from launching all that new China business with very little investment also is helping to put the numbers in front of you that we have for 2026 through 2030 in other conversations.

Speaker #5: Also, it's helpful to put the numbers in front of you that we have for '26 through '30, in other conversations.

Speaker #8: Got it . So it's I think it's just your total mix between Chinese and us . And again , just trying to get a sense of the mix shift of your business over the last couple of years .

Brian DiRubbio: Got it. So I think it's just your total mix between Chinese OEs and US. And again, just trying to get a sense of the mix shift of your business over the last couple of years, is really just looking at 36% of just that general Asia Pacific bucket is China, and the rest would be Western OEMs. Fair?

Speaker #8: It's really just looking at 36% of just that general Asia PAC bucket is China , and the rest would be Western OEMs . Fair

Speaker #5: Correct .

Jeff Edwards: Correct.

Speaker #8: Okay , great . And just just want to stick on China . Just for one more question , you know , what contract protections do you have with those Chinese customers in terms of your products staying on that platforms for a number of years ?

Brian DiRubbio: Okay, great. And just, just wanna stick on China, just for one more question. You know, what contract protections do you have with those Chinese customers in terms of your products staying on their platforms for a number of years, you know, both either just for production perspective and obviously, what IP protections do you guys have in China?

Speaker #8: You know, both either just for a production perspective, and obviously, what IP protections do you guys have in China?

Speaker #5: Yeah , we've been we've been at this , you know , for a couple decades now . And so I think we have built the type of relationships that that make us believe that that we can make decisions with those particular partners .

Jeff Edwards: Yeah, we've been at this, you know, for a couple decades now, and so I think we have built the type of relationships that make us believe that we can make decisions with those particular partners. And I don't mean, you know, all 130, but the ones that we've chosen to do business with, we trust, and they trust us. We have promised that we would put innovation into the product in China. We've had zero incidents of any issues with intellectual property, and we'll continue to, like everybody, trust that if we find an issue, we'll work it out, but it hasn't been a problem to date.

Speaker #5: And I don't mean , you know , all 130 , but the ones that we've chosen to do business with , we trust and they trust us .

Speaker #5: We have we have promised that we would put innovation into the into the product in China , we have we've had zero incidents of any issues with intellectual property .

Speaker #5: And we'll continue to like everybody , trust that that if we find an work it out . But it hasn't been a problem to date .

Speaker #5: And as I said , I , you know , our product is is really critical to the overall consumer satisfaction level . Brian , I mean , our ceiling business , you know , you drive your car through the car wash , you better not get wet .

Jeff Edwards: As I said, you know, our product is really critical to the overall consumer satisfaction level, Brian. I mean, our sealing business, you know, you drive your car through the car wash, you better not get wet. Our fluid business, you park it in your garage or in your driveway, there better not be a spot underneath there. So it's really a big deal to the Chinese OEMs that level of performance is there day one. They're not willing to take risks as they export and build brand loyalty around the world. They want those products to be world-class quality and of the highest level that we can engineer them. So that's the bond, that's the relationship.

Speaker #5: Our fluid business , you park it in your garage or in your driveway . There better not be a spot underneath there . So it's really a big deal to the Chinese OEMs that that that level of performance is there .

Speaker #5: Day one, they're not willing to take risks as they export and build brand loyalty around the world. They want those products to be world-class quality.

Speaker #5: And of the highest level that we can engineer them . So that's the that's the bond . That's the relationship . That's why our products are working and that's why the relationship has never been stronger and why we're convinced between now and 2030 that we'll continue to grow at a very high rate with with fantastic margins .

Jeff Edwards: That's why, our products are working, and that's why the relationship has never been stronger and why we're convinced between now and 2030, that we'll continue to grow at a very high rate with, with fantastic margins. We've earned that, and, and we're delivering that, and the customers trust us.

Speaker #5: We've earned that, and we're delivering that. And the customers trust us.

Speaker #8: And just final question for me as we think about the guidance for 26 , what of the various variables you can think about raw materials , production schedules , you know , so on and so forth would be sort of have the biggest impact , positive or negative on your guide

Brian DiRubbio: Got it. And just one final question for me, as we think about the guidance for 2026, what of the various variables you can think about, raw materials, production schedules, you know, so on and so forth, would sort of have the biggest impact, positive or negative, on your guide?

Speaker #5: Yeah , I guess this is Jeff . I would tell you that volume and mix always the number one answer to that , to that question .

Jeff Edwards: Yeah, I guess this is Jeff. I would tell you that volume and mix is always the number one answer to that question. We have done a very good job with our contracts and the ability to index, you know, if there are raw material fluctuations. So those days are behind us in terms of having, you know, volatility really associated with raw material fluctuations. So that, for Cooper-Standard, is not such a big deal. I would say this year, like last year, there's still some question around tariffs. That's more for our fluid business than it is for our sealing business, Brian, but that's probably, you know, there on the list as something we'll have to work our way through. Sounds like midyear again, but who really knows?

Speaker #5: We have done a very good job with our contracts and the ability to index. You know, if there are raw material fluctuations.

Speaker #5: So , so those days are behind us in terms of of having , you know , volatility really associated with with raw material fluctuations .

Speaker #5: So that for Cooper , standard is not not such a big deal . I would say this year like last year , there's still some question around tariffs .

Speaker #5: That's more for our fluid business than it is for our sealing business . Brian . But that's probably , you know , they're on the list as something we'll have to work our way through .

Speaker #5: Sounds like mid-year again, but who really knows? That's how I would answer the question.

Jeff Edwards: That's how I'd answer the question.

Speaker #8: Appreciate all the color. Thank you so much.

Brian DiRubbio: Appreciate all the color. Thank you so much.

Speaker #5: Okay

Jeff Edwards: Okay.

Speaker #2: It appears that there are no more.

David Brown: It appears there are no more questions. Yes, it appears that there are no more questions. I would now like to turn the call back over to Roger Hendriksen.

Operator: It appears there are no more questions. Yes, it appears that there are no more questions. I would now like to turn the call back over to Roger Hendriksen.

Speaker #1: Yes, it appears that there are no more questions. I would now like to turn the call back over to Roger Hendriksen.

Speaker #2: Thanks , Jenny , and

Roger Hendriksen: Thanks, Jenny, and thanks to all who participated this morning. We appreciate your time and your continued interest. If there were questions that didn't get asked or you wanted to have some follow-up conversations, please feel free to reach out to me directly, and we'll make sure that that can happen. This concludes our call. Thank you very much.

Speaker #2: thanks to all who participated this morning . We appreciate your time and your continued interest . If there were questions that didn't get asked or you wanted to have some follow up conversations , please feel free to reach out to me directly and we'll make sure that that can happen .

Speaker #2: This concludes our call. Thank you very much. We'll—

David Brown: Thank you, ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect your lines.

Operator: Thank you, ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect your lines.

Q4 2025 Cooper-Standard Holdings Inc Earnings Call

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