Exhibit 99.1

PRESS RELEASE

Fourth Quarter 2024 Highlights

Outlook Highlights

AURORA, Ontario, February 14, 2025 — Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for the fourth quarter and year ended December 31, 2024.

“In 2024, we successfully drove margin expansion and increased cash flow generation through deliberate actions related to operational excellence, restructuring, reduced capital spending, and commercial recoveries. We achieved this despite continued industry headwinds, including lower vehicle volumes in key markets.   As we begin 2025, we remain focused on multiple activities to drive further margin expansion, strong free cash flow generation and increased return on investment.”   - Swamy Kotagiri, Magna’s Chief Executive Officer

All results are reported in millions of U.S. dollars, except per share figures, which are in U.S. dollars.

THREE MONTHS ENDED DECEMBER 31, 2024

We posted sales of $10.6 billion for the fourth quarter of 2024, an increase of 2% over the fourth quarter of 2023, which compares to global light vehicle production that also increased 2%, including 2% and 10% higher production in North America and China, respectively, partially offset by 6% lower production in Europe. The increase in sales was primarily due to:

These factors were partially offset by:

Adjusted EBIT increased to $689 million for the fourth quarter of 2024 compared to $558 million for the fourth quarter of 2023, primarily due to:

These were partially offset by:

During the fourth quarter of 2024 Other Expense, net(2) and Amortization of acquired intangibles totaled $256 million (2023 - $195 million) and on an after-tax basis $279 million (2023 - $112 million), including Adjustments to Deferred Tax Valuation Allowances.

Income from operations before income taxes increased to $381 million for the fourth quarter of 2024 compared to $310 million in the fourth quarter of 2023. Excluding Other expense, net and Amortization of acquired intangibles from both periods, income from operations before income taxes increased $132 million in the fourth quarter of 2024 compared to the fourth quarter of 2023, largely reflecting the increase in Adjusted EBIT.

Net income attributable to Magna International Inc. was $203 million for the fourth quarter of 2024 compared to $271 million in the fourth quarter of 2023. Excluding Other expense, net, after tax, Amortization of acquired intangibles and Adjustments to Deferred Tax Valuation Allowances from both periods, net income attributable to Magna International Inc. increased $99 million in the fourth quarter of 2024 compared to the fourth quarter of 2023.

Diluted earnings per share were $0.71 in the fourth quarter of 2024, compared to $0.94 in the comparable period. Adjusted diluted earnings per share were $1.69, up $0.36 from $1.33 for the fourth quarter of 2023.

In the fourth quarter of 2024, we generated cash from operations before changes in operating assets and liabilities of $896 million and generated $1.01 billion in operating assets and liabilities. Investment activities included $709 million in fixed asset additions and $207 million in investments, other assets and intangible assets.

(2)  Other expense, net is comprised of Fisker Inc. [“Fisker”] related impacts (restructuring and impairment of assembly and production assets, the impairment of Fisker warrants, and the recognition of previously deferred revenue), revaluations of certain public company warrants and equity investments, restructuring activities, asset impairments and a gain on business combination, during the three and twelve months ended December 31, 2023 & 2024. A reconciliation of these Non-GAAP financial measures is included in the back of this press release.

YEAR ENDED DECEMBER 31, 2024

We posted sales of $42.8 billion for the year ended December 31, 2024, compared to $42.8 billion for the year ended December 31, 2023, a period in which global light vehicle production was substantially unchanged. Factors positively impacting sales include:

These factors were substantially offset by:

Adjusted EBIT increased to $2.3 billion for the year ended December 31, 2024 compared to $2.2 billion for year ended December 31, 2023 primarily due to:

These were partially offset by:

During the year ended December 31, 2024, income from operations before income taxes was $1.54 billion, net income attributable to Magna International Inc. was $1.01 billion and diluted earnings per share were $3.52, decreases of $64 million, $204 million, and $0.71, respectively, each compared to the year ended December 31, 2023.

During the year ended December 31, 2024, Adjusted diluted earnings per share decreased 1% to $5.41, compared to the year ended December 31, 2023.

During the year ended December 31, 2024, we generated cash from operations before changes in operating assets and liabilities of $2.95 billion and generated $681 million in operating assets and liabilities. Investment activities included $2.18 billion in fixed asset additions, a $617 million increase in investments, other assets and intangible assets, $86 million for acquisitions and $12 million in public and private equity investments.

RETURN OF CAPITAL TO SHAREHOLDERS AND OTHER MATTERS

We paid dividends of $133 million and $539 million for the three months and year ended December 31, 2024, respectively. In addition, we repurchased 4.6 million shares for $202 million and 4.7 million shares for $207 million, respectively, for the three months and year ended December 31, 2024.

Our Board of Directors declared a fourth quarter dividend of $0.485 per Common Share. This represents a 2% higher dividend, and our 15th consecutive year of fourth quarter dividend increases. The dividend is payable on March 14, 2025 to shareholders of record as of the close of business on February 28, 2025.

Our Board appointed Peter Sklar as an independent director. With nearly four decades of experience as a top-ranked equity research analyst at BMO Capital Markets, Peter brings extensive expertise in the automotive and investment sectors. 

2025 AND 2026 OUTLOOK

We typically provide Outlooks for the current year and two years hence. Recently, a number of industry challenges, including light vehicle production volatility, uncertain electric vehicle take-rates, OEM program recalibration actions, market share shifts and uncertain government policies have made forward-forecasting more difficult. As a result, we are providing a current year Outlook and, since we provided a 2026 Outlook last year, an updated 2026 Outlook.

Our current year Outlook is provided annually, with quarterly updates; our 2026 Outlook is provided below, but will not be updated quarterly. Our outlook does not incorporate any potential impact of the imposition of tariffs or changes in tariff rates, or any material unannounced acquisitions or divestitures.

2025 and 2026 Outlook Assumptions

2025 and 2026 Outlook

Notes:

Our Outlook is intended to provide information about management's current expectations and plans and may not be appropriate for other purposes. Although considered reasonable by Magna as of the date of this document, the 2025 and 2026 Outlook above and the underlying assumptions may prove to be inaccurate. Accordingly, our actual results could differ materially from our expectations as set forth herein. The risks identified in the “Forward-Looking Statements” section below represent the primary factors which we believe could cause actual results to differ materially from our expectations.

KEY DRIVERS OF OUR BUSINESS

Our operating results are primarily dependent on the levels of North American, European, and Chinese car and light truck production by our customers. While we supply systems and components to every major original equipment manufacturer ("OEM"), we do not supply systems and components for every vehicle, nor is the value of our content consistent from one vehicle to the next. As a result, customer and program mix relative to market trends, as well as the value of our content on specific vehicle production programs, are also important drivers of our results.

OEM production volumes are generally aligned with vehicle sales levels and thus affected by changes in such levels. Aside from vehicle sales levels, production volumes are typically impacted by a range of factors, including: labour disruptions; free trade arrangements and tariffs; relative currency values; commodities prices; supply chains and infrastructure; availability and relative cost of skilled labour; regulatory frameworks; and other factors.

Overall vehicle sales levels are significantly affected by changes in consumer confidence levels, which may in turn be impacted by consumer perceptions and general trends related to the job, housing, and stock markets, as well as other macroeconomic and political factors. Other factors which typically impact vehicle sales levels and thus production volumes include: vehicle affordability; interest rates and/or availability of credit; fuel and energy prices; relative currency values; uncertainty as to consumer acceptance of EVs; government subsidies to consumers for the purchase of low- and zero-emission vehicles; and other factors.

Segment Analysis

[All amounts in U.S. dollars and all tabular amounts in millions unless otherwise noted]

Body Exteriors & Structures

Sales for Body Exteriors & Structures decreased 3% or $111 million to $4.07 billion in the fourth quarter of 2024 compared to $4.18 billion in the fourth quarter of 2023. The decrease in sales was primarily due to:

These factors were partially offset by:

Adjusted EBIT increased $91 million to $371 million for the fourth quarter of 2024 compared to $280 million in the fourth quarter of 2023 and Adjusted EBIT as a percentage of sales increased to 9.1% from 6.7%. These increases were primarily due to:

These were partially offset by:

Power & Vision

Sales for Power & Vision were substantially unchanged at $3.79 billion in the fourth quarter of 2024 compared to $3.78 billion in the fourth quarter of 2023. Factors increasing sales include:

These factors were offset by:

Adjusted EBIT increased $4 million to $235 million for the fourth quarter of 2024 compared to $231 million for the fourth quarter of 2023 and Adjusted EBIT as a percentage of sales increased to 6.2% from 6.1%. These increases were primarily due to:

These were partially offset by:

Seating Systems

Sales for Seating Systems increased 6% or $82 million to $1.51 billion in the fourth quarter of 2024 compared to $1.43 billion in the fourth quarter of 2023. The increase in sales was primarily due to:

These factors were partially offset by:

Adjusted EBIT increased $23 million to $67 million for the fourth quarter of 2024 compared to $44 million for the fourth quarter of 2023 and Adjusted EBIT as a percentage of sales increased to 4.4% from 3.1%. These increases were primarily due to:

These were partially offset by:

Complete Vehicles

Sales for Complete Vehicles increased 17% or $201 million to $1.40 billion in the fourth quarter of 2024 compared to $1.20 billion in the fourth quarter of 2023 while assembly volumes decreased 28%. The increase in sales was primarily related to:

These factors were partially offset by:

Adjusted EBIT increased $13 million to $56 million for the fourth quarter of 2024 compared to $43 million for the fourth quarter of 2023 and Adjusted EBIT as a percentage of sales increased to 4.0% from 3.6% primarily due to:

These factors were partially offset by:

Corporate and Other

Adjusted EBIT was a loss of $40 million for the fourth quarters of 2024 and 2023. Adjusted EBIT was favourably impacted by lower incentive compensation partially offset by higher restructuring costs.

MAGNA INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF INCOME

[Unaudited]

[U.S. dollars in millions, except per share figures]

MAGNA INTERNATIONAL INC.

CONSOLIDATED BALANCE SHEETS

[Unaudited]

[U.S. dollars in millions]

MAGNA INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

[Unaudited]

[U.S. dollars in millions]

MAGNA INTERNATIONAL INC.

SUPPLEMENTAL DATA

[Unaudited]

[All amounts in U.S. dollars and all tabular amounts in millions unless otherwise noted]

OTHER EXPENSE, NET

Other expense, net consists of significant items such as: impairment charges; restructuring costs generally related to significant plant closures or consolidations; net losses (gains) on investments; gains or losses on disposal of facilities or businesses; and other items not reflective of ongoing operating profit or loss. For the years ended December 31, 2024 and 2023, Other expense, net consists of:

During 2024, Fisker filed for Chapter 11 bankruptcy protection in the United States and for similar protection in Austria. As a result, during 2024 the Company recorded impairment charges on its Fisker related assets, as well as charges for supplier settlements and restructurings. In the course of such bankruptcy proceedings, during the third quarter of 2024, its manufacturing agreement for the Fisker Ocean SUV was terminated and as a result the Company recognized $196 million of previously deferred revenue related to its Fisker warrants.

Impairment and supplier related settlements

During 2024, the Company recorded a $279 million [$219 million after tax] impairment charge on its Fisker related assets including production receivables, inventory, fixed assets and other capitalized expenditures. Subsequent to the first quarter of 2024, the Company recorded $51 million [$38 million] of charges in connection with impairments and supplier settlements, including $43 million [$32 million after tax] in the fourth quarter of 2024. For 2024, charges related to impairments, purchase obligations and supplier settlements totaled $330 million [$257 million after tax].

MAGNA INTERNATIONAL INC.

SUPPLEMENTAL DATA

[Unaudited]

[All amounts in U.S. dollars and all tabular amounts in millions unless otherwise noted]

The following table summarizes the net asset impairments and supplier settlements for the year ended December 31, 2024, by segment:

Fisker warrants

In 2020, Fisker issued 19.5 million penny warrants to the Company to purchase common stock in connection with our agreements with Fisker for platform sharing, engineering and manufacturing of the Fisker Ocean SUV. These warrants vested during 2021 and 2022 based on specified milestones and were marked to market each quarter.

During the first quarter of 2024, Magna recorded a $33 million [$25 million after tax] impairment charge on these warrants, reducing the value of the warrants to nil. For the three month and twelve month periods ended December 31, 2023, the Company recorded revaluation losses on these warrants of $93 million [$70 million after tax] and $110 million [$83 million after tax], respectively.

Recognition of deferred revenue

When the warrants were issued and the vesting provisions realized, the Company recorded offsetting amounts to deferred revenue within other accrued liabilities and other long-term liabilities and a portion of this deferred revenue was previously recognized in income as performance obligations were satisfied. During the third quarter of 2024, the agreement for manufacturing of the Fisker Ocean SUV was terminated, and the Company recognized the remaining $196 million of deferred revenue into income.

Restructuring

For the three month and twelve month periods ended December 31, 2024, the Company recorded restructuring charges of $9 million [$7 million after tax] and $31 million [$24 million after tax], respectively, in its Complete Vehicles segment in connection with its Fisker related assembly operations.

MAGNA INTERNATIONAL INC.

SUPPLEMENTAL DATA

[Unaudited]

[All amounts in U.S. dollars and all tabular amounts in millions unless otherwise noted]

OTHER EXPENSE, NET (CONTINUED)

The company recorded restructuring charges related to significant plant closures and consolidations primarily in Europe and to a lesser extent in North America.

For the twelve months ended December 31, 2024, the Company recorded impairment charges of $79 million [$79 million after tax] on fixed assets, right of use assets and intangible assets at two European lighting facilities in its Power & Vision segment.

During the second quarter of 2024, the Company acquired a business in the Body Exteriors & Structures segment for $5 million, which resulted in a bargain purchase gain of $9 million [$9 million after tax].

During 2023, the Company incurred $23 million [$22 million after tax] of transaction costs related to the acquisition of the Veoneer Active Safety Business [“Veoneer AS”].

During the third quarter of 2023, the Company completed the sale of all of its investments in Russia resulting in a loss of $16 million [$16 million after tax] including a net cash outflow of $23 million.

MAGNA INTERNATIONAL INC.

SUPPLEMENTAL DATA

[Unaudited]

[All amounts in U.S. dollars and all tabular amounts in millions unless otherwise noted]

CONTINGENCIES

From time to time, the Company may become involved in regulatory proceedings, or become liable for legal, contractual and other claims by various parties, including customers, suppliers, former employees, class action plaintiffs and others. On an ongoing basis, the Company attempts to assess the likelihood of any adverse judgments or outcomes to these proceedings or claims, together with potential ranges of probable costs and losses. A determination of the provision required, if any, for these contingencies is made after analysis of each individual issue. The required provision may change in the future due to new developments in each matter or changes in approach such as a change in settlement strategy in dealing with these matters.

In July 2024, a supplier filed a claim against the Company for alleged damages arising from de-sourcing of its component on one OEM customer’s applications, as well as volume shortfalls on another OEM customer’s applications containing the component. The supplier also filed multiple patent infringement claims related to the de-sourced component. On December 26, 2024, the Company and the supplier agreed to a global settlement of these claims, providing for: 1) the withdrawal of the current court proceedings and claims in exchange for payment by the Company of €50 million in 2024, and €25 million for each of 2025 and 2026; 2) royalty payments by the Company for its current and future use of the supplier’s patents; and 3) other covenants intended to prevent litigation and resolve any future disputes between the parties.

In December 2023, the Company received a notification [the “Notification Letter”] from a customer informing the Company as to the customer’s initial determination that one of the Company’s operating groups bears responsibility for costs totaling $352 million related to two product recalls. The Notification Letter triggered a negotiation period regarding financial allocation of the total costs for the two recalls, which remains ongoing. In the event such negotiations are not concluded successfully, the customer has discretion under its Terms and Conditions to debit Magna up to 50% of the parts and labour costs actually incurred related to the recalls. The Company believes that the product in question met the customer’s specifications, and accordingly, is vigorously contesting the customer’s determination. Magna does not currently anticipate any material liabilities.

SEGMENTED INFORMATION

Magna is a global automotive supplier which has complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, active driver assistance, electronics, mirrors & lighting, mechatronics, and roof systems. Magna also has electronic and software capabilities across many of these areas.

The Company is organized under four operating segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles. These segments have been determined on the basis of technological opportunities, product similarities, market and operating factors, and are also the Company's reportable segments.

The Company's chief operating decision maker is the Chief Executive Officer. The chief operating decision maker uses Adjusted Earnings before Interest and Income Taxes ["Adjusted EBIT"] as the measure of segment profit or loss, since management believes Adjusted EBIT is the most appropriate measure of operational profitability or loss for its reporting segments. The chief operating decision maker uses Adjusted EBIT to assess operating performance, allocate resources, and to help plan the Company's long-term strategic direction and future global growth. Adjusted EBIT is calculated by taking Net income and adding back Amortization of acquired intangible assets, Income taxes, Interest expense, net and Other expense, net.

MAGNA INTERNATIONAL INC.

SUPPLEMENTAL DATA

[Unaudited]

[All amounts in U.S. dollars and all tabular amounts in millions unless otherwise noted]

SEGMENTED INFORMATION (CONTINUED)

The following tables show segment information for the Company's reporting segments: See Non-GAAP Financial Measures section for a reconciliation of Adjusted EBIT to the Company’s consolidated net income.

MAGNA INTERNATIONAL INC.

SUPPLEMENTAL DATA

[Unaudited]

[All amounts in U.S. dollars and all tabular amounts in millions unless otherwise noted]

NON-GAAP FINANCIAL MEASURES

In addition to the financial results reported in accordance with U.S. GAAP, this press release contains references to the Non-GAAP financial measures reconciled below. We believe the Non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company’s financial position and results of operations, and to improve comparability between fiscal periods. In particular, management believes that Adjusted EBIT and Adjusted diluted earnings per share are useful measures in assessing the Company’s financial performance by excluding certain items that are not indicative of the Company's core operating performance. The presentation of Non-GAAP financial measures should not be considered in isolation, or as a substitute for the Company’s related financial results prepared in accordance with U.S. GAAP.

The following table reconciles Net income to Adjusted EBIT:

The following table reconciles Net income attributable to Magna International Inc. to Adjusted diluted earnings per share:

Certain of the forward-looking financial measures above are provided on a Non-GAAP basis. We do not provide a reconciliation of such forward-looking measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP. To do so would be potentially misleading and not practical given the difficulty of projecting items that are not reflective of ongoing operations in any future period. The magnitude of these items, however, may be significant.

This press release, together with our Management’s Discussion and Analysis of Results of Operations and Financial Position and our Interim Financial Statements, are available in the Investor Relations section of our website at www.magna.com/company/investors and filed electronically through the System for Electronic Document Analysis and Retrieval + (SEDAR+) which can be accessed at http://www.sedarplus.ca as well as on the United States Securities and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR), which can be accessed at www.sec.gov.

We will hold a conference call for interested analysts and shareholders to discuss our year ended December 31, 2024 results and 2025 and 2026 Outlook on Friday, February 14, 2024 at 8:00 a.m. ET. The conference call will be chaired by Swamy Kotagiri, Chief Executive Officer. The number to use for this call from North America is 1-800-715-9871. International callers should use 1-646-307-1963. Please call in at least 10 minutes prior to the call start time. We will also webcast the conference call at www.magna.com. The slide presentation accompanying the conference call as well as our financial review summary will be available on our website Friday prior to the call.

TAGS

Quarterly earnings, full year results, outlook, financial results, vehicle production

INVESTOR CONTACT

Louis Tonelli, Vice-President, Investor Relations
louis.tonelli@magna.com │ 905.726.7035

MEDIA CONTACT

Tracy Fuerst, Vice-President, Corporate Communications & PR
tracy.fuerst@magna.com │ 248.761.7004

TELECONFERENCE CONTACT

Nancy Hansford, Executive Assistant, Investor Relations
nancy.hansford@magna.com │ 905.726.7108

ABOUT MAGNA INTERNATIONAL (6)

Magna is more than one of the world’s largest suppliers in the automotive space. We are a mobility technology company built to innovate, with a global, entrepreneurial-minded team of over 170,000(7) employees across 341 manufacturing operations and 106 product development, engineering and sales centres spanning 28 countries. With 65+ years of expertise, our ecosystem of interconnected products combined with our complete vehicle expertise uniquely positions us to advance mobility in an expanded transportation landscape.

For further information about Magna (NYSE:MGA; TSX:MG), please visit www.magna.com or follow us on social.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements"). Any such forward-looking statements are intended to provide information about management's current expectations and plans and may not be appropriate for other purposes. Forward-looking statements may include financial and other projections, as well as statements regarding our future plans, strategic objectives or economic performance, or the assumptions underlying any of the foregoing, and other statements that are not recitations of historical fact. We use words such as "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "assume", "believe", "intend", "plan", "aim", "forecast", "outlook", "project", "potential", "estimate", "target" and similar expressions suggesting future outcomes or events to identify forward-looking statements. The following table identifies the material forward-looking statements contained in this document, together with the material potential risks that we currently believe could cause actual results to differ materially from such forward-looking statements. Readers should also consider all of the risk factors which follow below the table:

Forward-looking statements are based on information currently available to us and are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. While we believe we have a reasonable basis for making any such forward-looking statements, they are not a guarantee of future performance or outcomes. In addition to the factors in the table above, whether actual results and developments conform to our expectations and predictions is subject to a number of risks, assumptions and uncertainties, many of which are beyond our control, and the effects of which can be difficult to predict, including, without limitation:

In evaluating forward-looking statements or forward-looking information, we caution readers not to place undue reliance on any forward-looking statement. Additionally, readers should specifically consider the various factors which could cause actual events or results to differ materially from those indicated by such forward-looking statements, including the risks, assumptions and uncertainties above which are:

Readers should also consider discussion of our risk mitigation activities with respect to certain risk factors, which can also be found in our Annual Information Form. Additional information about Magna, including our Annual Information Form, is available through the System for Electronic Data Analysis and Retrieval + (SEDAR+) at www.sedarplus.ca, as well as on the United States Securities and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR), which can be accessed at www.sec.gov.

Exhibit 99.2

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

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

Prepared in accordance with U.S. GAAP