Exhibit 99.1

PRESS RELEASE

MAGNA ANNOUNCES FIRST QUARTER 2025 RESULTS

AURORA, Ontario, May 2, 2025 — Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for the first quarter ended March 31, 2025.

"Our operating results for the first quarter of 2025 exceeded our expectations, with strong incremental margins on better than anticipated vehicle production and, for the balance of the year, we remain confident in our ability to execute on variables within our control in a complex and uncertain industry environment. We are actively advancing several initiatives including operational excellence, restructuring, commercial recoveries, and reduced capital and engineering spending to mitigate the impact of tariffs.   We remain focused on generating long-term free cash flow to invest for profitable growth and drive compelling capital return to shareholders."   - 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 MARCH 31, 2025

We posted sales of $10.1 billion for the first quarter of 2025, a decrease of 8% from the first quarter of 2024. The lower sales largely reflects a 3% decrease in global light vehicle production, including 8% and 5% lower production in Europe and North America, respectively, partially offset by 2% higher production in China. In addition, sales were negatively impacted by lower complete vehicle assembly volumes, including as a result of the end of production of the Jaguar I-Pace and E-Pace, the end of production of certain programs and the net weakening of foreign currencies against the U.S. dollar. These were partially offset by the launch of new programs.

Adjusted EBIT decreased to $354 million in the first quarter of 2025 compared to $469 million in the first quarter of 2024. This mainly reflects:

These were partially offset by:

During the first quarter of 2025, Other expense, net(2) and Amortization of acquired intangibles totaled $79 million (2023 - $384 million) and on an after-tax basis $73 million (2023 - $302 million).

Income from operations before income taxes increased to $225 million for the first quarter of 2025 compared to $34 million in the first quarter of 2024. Excluding Other expense, net and Amortization of acquired intangibles from both periods, income from operations before income taxes decreased $114 million in the first quarter of 2025 compared to the first quarter of 2024, largely reflecting the decrease in Adjusted EBIT.

Net income attributable to Magna International Inc. was $146 million for the first quarter of 2025 compared to $9 million in the first quarter of 2024. Excluding Other expense, net, after tax and Amortization of acquired intangibles from both periods, net income attributable to Magna International Inc. decreased $92 million in the first quarter of 2025 compared to the first quarter of 2024.

Diluted earnings per share were $0.52 in the first quarter of 2025, compared to $0.03 in the comparable period. Adjusted diluted earnings per share were $0.78, compared to $1.08 for the first quarter of 2024.

In the first quarter of 2025, we generated cash from operations before changes in operating assets and liabilities of $547 million and used $470 million in operating assets and liabilities. Investment activities for the first quarter of 2025 included $268 million in fixed asset additions, $148 million in investments, other assets and intangible assets, $4 million for business combinations and $1 million in private equity investments.

RETURN OF CAPITAL TO SHAREHOLDERS

During the three months ended March 31, 2025, we returned $187 million to shareholders, including $136 million in dividends and $51 million in share repurchases.

Our Board of Directors declared a first quarter dividend of $0.485 per Common Share, payable on May 30, 2025 to shareholders of record as of the close of business on May 16, 2025.

SEGMENT SUMMARY

For further details on our segment results, please see our Management's Discussion and Analysis of Results of Operations and Financial Position and our Interim Financial Statements.

2025 OUTLOOK

We disclose a full-year Outlook annually in February with quarterly updates. The following Outlook is an update to our previous Outlook in February 2025.

Updated 2025 Outlook Assumptions

Light vehicle production assumptions reflect near-term original equipment manufacturer ["OEM"] production release information, including announced production downtime at certain OEM assembly facilities, but do not include the potential impact of tariffs and other trade measures on vehicle costs, vehicle affordability or consumer demand, nor the impact of these on vehicle production.

Updated 2025 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 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 business and operating results are dependent on light vehicle production by our customers in three key regions – North America, Europe, and China. While we supply systems and components to many OEMs globally, 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.

Ordinarily, OEM production volumes are 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: OEM, supplier or sub-supplier disruptions; free trade arrangements and tariffs; relative currency values; commodities prices; supply chains and infrastructure; labour disruptions and the 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 the pace of EV adoption; and other factors.

NON-GAAP FINANCIAL MEASURES RECONCILIATION

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.

Adjusted EBIT

Adjusted EBIT as a percentage of sales ("Adjusted EBIT Margin")

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 on-going 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 first quarter ended March 31, 2025 results on Friday, May 2, 2025 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, 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

OUR BUSINESS(7)

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 approximately 167,000(8) employees across 342 manufacturing operations and 103 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 be also 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

MAGNA INTERNATIONAL INC. 

Management's Discussion and Analysis of Results of Operations and Financial Position

Unless otherwise noted, all amounts in this Management's Discussion and Analysis of Results of Operations and Financial Position ["MD&A"] are in U.S. dollars and all tabular amounts are in millions of U.S. dollars, except per share figures, which are in U.S. dollars. When we use the terms "we", "us", "our" or "Magna", we are referring to Magna International Inc. and its subsidiaries and jointly controlled entities, unless the context otherwise requires.

This MD&A should be read in conjunction with the unaudited interim consolidated financial statements for the three months ended March 31, 2025 included in this Quarterly Report, and the audited consolidated financial statements and MD&A for the year ended December 31, 2024 included in our 2024 Annual Report to Shareholders.

This MD&A may contain statements that are forward looking. Refer to the "Forward-Looking Statements" section in this MD&A for a more detailed discussion of our use of forward-looking statements.

This MD&A has been prepared as at May 1, 2025.

HIGHLIGHTS

Comparing the first quarter of 2025 to the first quarter of 2024:

In addition, in the first quarter of 2025, we:

OVERVIEW

OUR BUSINESS(2)

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 approximately 167,000(3) employees across 342 manufacturing operations and 103 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.

1 Adjusted diluted earnings per share is a Non-GAAP financial measure. Refer to the section "Use of Non-GAAP Measures". 

2 Manufacturing operations, product development, engineering and sales centres include certain operations accounted for under the equity method. 

3 Number of employees includes approximately 155,000 employees at our wholly owned or controlled entities and over 12,000 employees at operations accounted for under the equity method.

INDUSTRY TRENDS & RISKS

Our business and operating results are dependent on light vehicle production by our customers in three key regions – North America, Europe, and China. While we supply systems and components to many original equipment manufacturers ["OEMs"] globally, 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.

Ordinarily, OEM production volumes are 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: OEM, supplier or sub-supplier disruptions; free trade arrangements and tariffs; relative currency values; commodities prices; supply chains and infrastructure; labour disruptions and the 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 the pace of EV adoption; and other factors.

While the foregoing economic, political and other factors are part of the general context in which the global automotive industry operates, there are a number of significant industry trends that are shaping the future of the industry and creating opportunities and risks for automotive suppliers. We continue to implement a business strategy which is rooted in our best assessment as to the rate and direction of change in the automotive industry, including with respect to the imposition of tariffs on vehicles and components or materials incorporated therein and trends related to vehicle electrification and advanced driver assistance systems. Our short and medium-term operational success, as well as our ability to create long-term value through our business strategy, are subject to a number of risks and uncertainties. Significant industry trends, our business strategy and the major risks we face, are discussed in our Annual Information Form ["AIF"] and Annual Report on Form 40-F ["Form 40-F"] in respect of the year ended December 31, 2024. Those industry trends and risk factors remain substantially unchanged in respect of the first quarter ended March 31, 2025, except as follows:

USE OF NON-GAAP FINANCIAL MEASURES

In addition to results presented in accordance with accounting principles generally accepted in the United States of America ["U.S. GAAP"], this report includes the use of Adjusted earnings before interest and taxes ["Adjusted EBIT"], Adjusted EBIT as a percentage of sales, Adjusted diluted earnings per share, and Adjusted Return on Invested Capital [collectively, the "Non-GAAP Measures"]. We believe these Non-GAAP financial measures provide additional information that is useful to investors in understanding our underlying performance and trends through the same financial measures employed by our management. Readers should be aware that Non-GAAP Measures have no standardized meaning under U.S. GAAP and accordingly may not be comparable to the calculation of similar measures by other companies. We believe that Adjusted EBIT, Adjusted EBIT as a percentage of sales, Adjusted diluted earnings per share and Adjusted Return on Invested Capital provide useful information to our investors for measuring our operational performance as they exclude certain items that are not reflective of ongoing operating profit and facilitate a comparison with prior periods. The presentation of any Non-GAAP Measures should not be considered in isolation or as a substitute for our related financial results prepared in accordance with U.S. GAAP. Non-GAAP financial measures are presented together with the most directly comparable U.S. GAAP financial measure, and a reconciliation to the most directly comparable U.S. GAAP financial measure, can be found in the "Non-GAAP Financial Measures Reconciliation" section of this MD&A.

RESULTS OF OPERATIONS

AVERAGE FOREIGN EXCHANGE

The preceding table reflects the average foreign exchange rates between the most common currencies in which we conduct business and our U.S. dollar reporting currency.

The results of operations for which the functional currency is not the U.S. dollar are translated into U.S. dollars using the average exchange rates for the relevant period. Throughout this MD&A, reference is made to the impact of translation of foreign operations on reported U.S. dollar amounts where relevant.

Our results can also be affected by the impact of movements in exchange rates on foreign currency transactions (such as raw material purchases or sales denominated in foreign currencies). However, as a result of hedging programs employed by us, foreign currency transactions in the current period have not been fully impacted by movements in exchange rates. We record foreign currency transactions at the hedged rate where applicable.

Finally, foreign exchange gains and losses on revaluation and/or settlement of monetary items denominated in a currency other than an operation's functional currency impact reported results. These gains and losses are recorded in selling, general and administrative expense.

LIGHT VEHICLE PRODUCTION VOLUMES

Our operating results are mostly dependent on light vehicle production in the regions reflected in the table below:

Light Vehicle Production Volumes (thousands of units)

RESULTS OF OPERATIONS – FOR THE THREE MONTHS ENDED MARCH 31, 2025

SALES

Sales decreased 8% or $901 million to $10.07 billion for the first quarter of 2025 compared to $10.97 billion for the first quarter of 2024 primarily due to:

These factors were partially offset by:

COST OF GOODS SOLD

Cost of goods sold decreased $815 million to $8.83 billion for the first quarter of 2025 compared to $9.64 billion for the first quarter of 2024, primarily due to:

These factors were partially offset by:

DEPRECIATION

Depreciation decreased $8 million to $369 million for the first quarter of 2025 compared to $377 million for the first quarter of 2024 primarily due to the end of production of certain programs and the net weakening of foreign currencies against the U.S. dollar, which decreased depreciation by $8 million. These factors were partially offset by increased capital deployed at new and existing facilities including to support the launch of programs.

AMORTIZATION OF ACQUIRED INTANGIBLE ASSETS

Amortization of acquired intangible assets decreased $2 million to $26 million for the first quarter of 2025 compared to $28 million for the first quarter of 2024 primarily due to the impairment of acquired intangible assets at two European lighting facilities in our Power & Vision segment during the fourth quarter of 2024 and the net weakening of foreign currencies against the U.S. dollar, which decreased amortization of acquired intangible assets by $1 million.

SELLING, GENERAL AND ADMINISTRATIVE ["SG&A"]

SG&A expense increased $23 million to $539 million for the first quarter of 2025 compared to $516 million for the first quarter of 2024, primarily as a result of:

These factors were partially offset by:

INTEREST EXPENSE, NET

During the first quarter of 2025, we recorded net interest expense of $50 million compared to $51 million for the first quarter of 2024. The $1 million decrease is primarily a result of lower interest expense on decreased short-term borrowings at lower interest rates. These factors were partially offset by lower interest income earned on cash and investments due to reduced cash balances and lower interest rates; and higher interest expense on Senior Notes issued during the first and second quarter of 2024 at higher interest rates than the Senior Notes repaid during the second quarter of 2024.

EQUITY INCOME

Equity income decreased $14 million to $20 million for the first quarter of 2025 compared to $34 million for the first quarter of 2024, primarily as a result of:

These factors were partially offset by lower launch costs.

OTHER EXPENSE, NET

In the first quarter of 2025, we recorded restructuring charges of $33 million [$33 million after tax] in our Complete Vehicles segment, and $11 million [$11 million after tax] in our Power & Vision segment.

In the first quarter of 2024, we recorded restructuring charges of $26 million [$20 million after tax] in our Complete Vehicles segment, and $12 million [$12 million after tax] in our Body Exteriors & Structures segment.

During the first quarter of 2024, we recorded impairment charges on our Fisker related net assets, including our Fisker warrants, which were received in connection with the agreements with Fisker for platform sharing, engineering and manufacturing of the Fisker Ocean SUV. We also recorded restructuring charges during the first quarter of 2024 related to our Fisker related assembly operations.

INCOME FROM OPERATIONS BEFORE INCOME TAXES

Income from operations before income taxes was $225 million for the first quarter of 2025 compared to $34 million for the first quarter of 2024. This $191 million increase is a result of the following changes, each as discussed above:

INCOME TAXES

Excluding the tax effect on Other expense, net and Amortization of acquired intangible assets, our effective income tax rate increased to 25.7% for the first quarter of 2025 compared to 21.5% for the first quarter of 2024 primarily due to higher losses not benefited in Europe, unfavourable foreign exchange adjustments recognized for U.S. GAAP purposes, and a change in mix of earnings. These factors were partially offset by higher favourable changes in our reserves for uncertain tax positions.

INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

Income attributable to non-controlling interests was $7 million for the first quarter of 2025 compared to $17 million for the first quarter of 2024. This $10 million decrease was primarily due to lower earnings at our non-wholly owned operations in China.

NET INCOME ATTRIBUTABLE TO MAGNA INTERNATIONAL INC.

Net income attributable to Magna International Inc. was $146 million for the first quarter of 2025 compared to $9 million for the first quarter of 2024. This $137 million increase was as a result of increases in income from operations before income taxes of $191 million and income attributable to non-controlling interests of $10 million, respectively, partially offset by a increase in income taxes of $64 million.

EARNINGS PER SHARE

Diluted earnings per share was $0.52 for the first quarter of 2025 compared to diluted earnings per share of $0.03 for the first quarter of 2024. The $0.49 increase was substantially as a result of higher net income attributable to Magna International Inc., as discussed above, and a decrease in the weighted average number of diluted shares outstanding subsequent to the first quarter of 2024. The decrease in the weighted average number of diluted shares outstanding was primarily due to the purchase and cancellation of Common Shares, during or subsequent to the first quarter of 2024, pursuant to our normal course issuer bids.

Other expense, net, and the Amortization of acquired intangible assets, each after tax, negatively impacted diluted earnings per share by $0.26 in the first quarter of 2025 and $1.05 in the first quarter of 2024, respectively. Adjusted diluted earnings per share, as reconciled in the "Non-GAAP Financial Measures Reconciliation" section, was $0.78 for the first quarter of 2025 compared to $1.08 for the first quarter of 2024, a decrease of $0.30.

NON-GAAP PERFORMANCE MEASURES – FOR THE THREE MONTHS ENDED MARCH 31, 2025

ADJUSTED EBIT AS A PERCENTAGE OF SALES

The table below shows the change in Magna's Sales and Adjusted EBIT by segment and the impact each segment's changes had on Magna's Adjusted EBIT as a percentage of sales for the first quarter of 2025 compared to the first quarter of 2024:

Adjusted EBIT as a percentage of sales decreased to 3.5% for the first quarter of 2025 compared to 4.3% for the first quarter of 2024 primarily due to:

These factors were partially offset by:

ADJUSTED RETURN ON INVESTED CAPITAL

Adjusted Return on Invested Capital decreased to 5.7% for the first quarter of 2025 compared to 7.8% for the first quarter of 2024 as a result of a decrease in Adjusted After-tax operating profits, partially offset by lower Average Invested Capital.

Average Invested Capital decreased $292 million to $18.58 billion for the first quarter of 2025 compared to $18.87 billion for the first quarter of 2024, primarily due to:

These factors were partially offset by average investment in fixed assets in excess of average depreciation expense on fixed assets.

SEGMENT ANALYSIS

We are a global automotive supplier that has complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, active driver assistance, electronics, mechatronics, mirrors, lighting and roof systems.

Our reporting segments are: Body Exteriors & Structures; Power & Vision; Seating Systems; and Complete Vehicles.

BODY EXTERIORS & STRUCTURES

Sales – Body Exteriors & Structures

Sales decreased 10% or $463 million to $3.97 billion for the first quarter of 2025 compared to $4.43 billion for the first quarter of 2024 primarily due to:

These factors were partially offset by:

Adjusted EBIT and Adjusted EBIT as a percentage of sales – Body Exteriors & Structures

Adjusted EBIT decreased $68 million to $230 million for the first quarter of 2025 compared to $298 million for the first quarter of 2024 and Adjusted EBIT as a percentage of sales decreased to 5.8% from 6.7%. These decreases were primarily due to:

These factors were partially offset by:

POWER & VISION

Sales – Power & Vision

Sales decreased 5% or $196 million to $3.65 billion for the first quarter of 2025 compared to $3.84 billion for the first quarter of 2024 primarily due to:

These factors were partially offset by:

Adjusted EBIT and Adjusted EBIT as a percentage of sales – Power & Vision

Adjusted EBIT increased $26 million to $124 million for the first quarter of 2025 compared to $98 million for the first quarter of 2024 and Adjusted EBIT as a percentage of sales increased to 3.4% from 2.6%. These increases were primarily as a result of:

These factors were partially offset by:

SEATING SYSTEMS

Sales – Seating Systems

Sales decreased 10% or $143 million to $1.31 billion for the first quarter of 2025 compared to $1.46 billion for the first quarter of 2024 primarily due to:

These factors were partially offset by:

Adjusted EBIT and Adjusted EBIT as a percentage of sales – Seating Systems

Adjusted EBIT decreased $82 million to a loss of $30 million for the first quarter of 2025 compared to income of $52 million for the first quarter of 2024 and Adjusted EBIT as a percentage of sales decreased to -2.3% from 3.6%. These decreases were primarily due to:

These factors were partially offset by productivity and efficiency improvements.

COMPLETE VEHICLES

(i)    Vehicles produced at our Complete Vehicle operations are included in Europe Light Vehicle Production volumes.

Sales – Complete Vehicles

Sales decreased 8% or $107 million to $1.28 billion for the first quarter of 2025 compared to $1.38 billion for the first quarter of 2024 and assembly volumes decreased 21%. The decrease in sales is primarily a result of lower assembly volumes, including the end of production of the Jaguar I-Pace and Jaguar E-Pace, and a $38 million decrease in reported U.S. dollar sales as a result of the weakening of the euro against the U.S. dollar. These factors were partially offset by the launch of the electric version of the Mercedes-Benz G-Class subsequent to the first quarter of 2024 and commercial items in the first quarters of 2025 and 2024, which had a net favourable impact on a year-over-year basis.

Adjusted EBIT and Adjusted EBIT as a percentage of sales – Complete Vehicles

Adjusted EBIT increased $17 million to $44 million for the first quarter of 2025 compared to $27 million for the first quarter of 2024 and Adjusted EBIT as a percentage of sales increased to 3.4% from 2.0%. These increases were primarily due to:

These factors were partially offset by reduced earnings on lower assembly volumes.

CORPORATE AND OTHER

Adjusted EBIT was a loss of $14 million for the first quarter of 2025 compared to a loss of $6 million for the first quarter of 2024. The $8 million decrease in Adjusted EBIT was primarily the result of:

These factors were partially offset by:

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

OPERATING ACTIVITIES

Cash provided from operating activities

Comparing the first quarter of 2025 to 2024, cash provided from operating activities decreased $184 million primarily as a result of:

These factors were partially offset by:

Changes in operating assets and liabilities

Consistent with the seasonality of our business, we invested in operating assets and liabilities during the first quarter of 2025. During the first quarter of 2025, we used $470 million for operating assets and liabilities primarily as a result of higher operating activity in the month of March 2025 compared to the month of December 2024. Specifically, we used cash for operating assets and liabilities for:

These factors were partially offset by:

INVESTING ACTIVITIES

Cash used for investing activities in the first quarter of 2025 was $185 million lower compared to the first quarter of 2024. The change between the first quarter of 2025 and the first quarter of 2024 was primarily due to a $225 million decrease in cash used for fixed assets, a $26 million decrease in cash used for acquisitions, and a $22 million decrease in cash used for investments in public and private equity investments. These factors were partially offset by lower proceeds from dispositions, primarily related to the sale of an equity-method investment during the first quarter of 2024 and a $23 million increase in cash used for investments, other assets and intangible assets.

FINANCING ACTIVITIES

Short-term borrowings increased $328 million during the first quarter of 2025 primarily due to $250 million and $76 million increases in notes outstanding under the U.S. and euro commercial paper programs, respectively.

During the first quarter of 2025, we repurchased 1.3 million Common Shares under normal course issuer bids for aggregate cash consideration of $51 million.

Cash dividends paid per Common Share were $0.485 for the first quarter of 2025 compared to $0.475 for the first quarter of 2024.

FINANCING RESOURCES

Financial liabilities increased $490 million to $7.56 billion as at March 31, 2025 primarily as a result of an increase in notes outstanding under the U.S. and euro-commercial paper programs.

CASH RESOURCES

In the first quarter of 2025, our cash resources decreased by $0.2 billion to $1.1 billion, primarily as a result of a decrease in cash provided from financing and operating activities, which is partially offset by an increase in cash used for investing activities and cash provided from increase in notes outstanding, as discussed above. In addition to our cash resources at March 31, 2025, we had term and operating lines of credit totaling $4.8 billion, of which $3.6 billion was unused and available.

On March 21, 2025, we amended our $800 million 364-day syndicated revolving credit facility, including to extend the maturity date from June 24, 2025 to June 24, 2026. As of March 31, 2025, we have not borrowed any funds under this credit facility.

On March 21, 2025, we amended our syndicated, unsecured, delayed draw term loan (the "Term Loan") with an additional 3-year tranche of $650 million. The Term Loan is for general corporate purposes. As at March 31, 2025, no amounts have been drawn under the additional 3-year tranche.

On March 21, 2025, we amended our $2.7 billion syndicated revolving credit facility, including to extend the maturity date from June 25, 2029 to June 25, 2030. As of March 31, 2025 we have no amounts outstanding under this credit facility.

MAXIMUM NUMBER OF SHARES ISSUABLE

The following table presents the maximum number of shares that would be outstanding if all of the outstanding options at May 1, 2025 were exercised:

CONTRACTUAL OBLIGATIONS

There have been no material changes with respect to the contractual obligations requiring annual payments during the first quarter of 2024 that are outside the ordinary course of our business. Refer to our MD&A included in our 2024 Annual Report.

NON-GAAP FINANCIAL MEASURES RECONCILIATION

The reconciliation of Non-GAAP financial measures is as follows:

ADJUSTED EBIT

ADJUSTED EBIT AS A PERCENTAGE OF SALES

ADJUSTED DILUTED EARNINGS PER SHARE

ADJUSTED RETURN ON INVESTED CAPITAL

Adjusted Return on Invested Capital is calculated as Adjusted After-tax operating profits divided by Average Invested Capital for the period. Average Invested Capital for the three month period is averaged on a two-fiscal quarter basis.

COMMITMENTS AND CONTINGENCIES

From time to time, we may be contingently liable for litigation, legal and/or regulatory actions and proceedings and other claims. Refer to Note 13, "Contingencies" of our unaudited interim consolidated financial statements for the three months ended March 31, 2025.

For a discussion of risk factors relating to legal and other claims/actions against us, refer to "Item 5. Risk Factors" in our Annual Information Form, filed with the securities commissions in Canada, our Annual Report on Form 40-F, filed with the United States Securities and Exchange Commission, each in respect of the year ended December 31, 2024, and updated in our subsequent quarterly filings.

CONTROLS AND PROCEDURES

There have been no changes in our internal controls over financial reporting that occurred during the three months ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

FORWARD-LOOKING STATEMENTS

Certain statements in this MD&A may 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.

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. 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, 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.

MAGNA INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF INCOME

[Unaudited]

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

See accompanying notes

MAGNA INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

[Unaudited]

[U.S. dollars in millions]

See accompanying notes

MAGNA INTERNATIONAL INC.

CONSOLIDATED BALANCE SHEETS

[Unaudited]

[U.S. dollars in millions]

See accompanying notes

MAGNA INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

[Unaudited]

[U.S. dollars in millions]

See accompanying notes

MAGNA INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

[Unaudited]

[U.S. dollars in millions]