Exhibit 99.1

PRESS RELEASE

AURORA, Ontario, October 31, 2025 — Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for the third quarter ended September 30, 2025.

"Our strong third quarter performance exceeded our expectations and underscores the resilience of our business amid dynamic operating conditions and evolving macroeconomic trends. These results reflect the strength of our global team and the effectiveness of our strategic execution.   Looking ahead, our updated 2025 Outlook reflects continued confidence in our ability to execute and deliver a solid fourth quarter to finish the year. We anticipate robust free cash flow, which will support future growth opportunities and reinforce our disciplined approach to capital allocation – all with a focus on creating long-term value for 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 SEPTEMBER 30, 2025

We posted sales of $10.5 billion for the third quarter of 2025, an increase of 2% from the third quarter of 2024. The higher sales largely reflects:

These factors were partially offset by:

Adjusted EBIT increased to $613 million in the third quarter of 2025 compared to $594 million in the third quarter of 2024. This mainly reflects:

These were partially offset by:

Income from operations before income taxes decreased to $473 million for the third quarter of 2025 compared to $700 million in the third quarter of 2024, which includes Other expense (income), net(2) items and Amortization of acquired intangibles totaling $75 million and ($160) million in the third quarters of 2025 and 2024, respectively. The most significant item in Other expense (income) in either period was the positive impact of recognizing $196 million of Fisker deferred revenue in the third quarter of 2024 as the associated agreements were cancelled. Excluding Other expense (income), net and Amortization of acquired intangibles from both periods, income from operations before income taxes increased $8 million in the third quarter of 2025 compared to the third quarter of 2024, largely reflecting the increase in Adjusted EBIT.

Net income attributable to Magna International Inc. was $305 million for the third quarter of 2025 compared to $484 million in the third quarter of 2024. Excluding Other expense (income), net, after tax and Amortization of acquired intangibles from both periods, net income attributable to Magna International Inc. increased $6 million in the third quarter of 2025 compared to the third quarter of 2024.

Diluted earnings per share were $1.08 in the third quarter of 2025, compared to $1.68 in the comparable period. Adjusted diluted earnings per share were $1.33, compared to $1.28 for the third quarter of 2024, an increase of 4%. The increase in adjusted diluted earnings per share reflects the impacts of higher adjusted EBIT and a lower share count resulting from share repurchases over the past 12 months.

In the third quarter of 2025, we generated cash from operations before changes in operating assets and liabilities of $787 million and $125 million in operating assets and liabilities. Investment activities for the third quarter of 2025 included $267 million in fixed asset additions, a $100 million increase in investments, other assets and intangible assets, and $2 million in private equity investments.

NINE MONTHS ENDED SEPTEMBER 30, 2025

We posted sales of $31.2 billion for the nine months ended September 30, 2025, compared to $32.2 billion for the nine months ended September 30, 2024. The lower sales largely reflects:

These were partially offset by the launch of new programs.

Adjusted EBIT decreased to $1.55 billion for the nine months ended September 30, 2025 compared to $1.64 billion for the nine months ended September 30, 2024 primarily due to:

These were partially offset by continued productivity and efficiency improvements, including the benefit of our operational excellence initiatives and recent restructuring activities.

During the nine months ended September 30, 2025, income from operations before income taxes was $1.19 billion, and net income attributable to Magna International Inc. was $830 million, increases of $33 million and $24 million, respectively, each compared to the nine months ended September 30, 2024.

During the nine months ended September 30, 2025, diluted earnings per share were $2.94, compared to $2.81 in the nine months ended September 30, 2024. Adjusted diluted earnings per share were $3.55, compared to $3.72 for the nine months ended September 30, 2024.

During the nine months ended September 30, 2025, we generated cash from operations before changes in operating assets and liabilities of $2.10 billion and used $480 million in operating assets and liabilities. Investment activities included $781 million in fixed asset additions, a $342 million increase in investments, other assets and intangible assets, and $6 million in public and private equity investments.

RETURN OF CAPITAL TO SHAREHOLDERS

During the three months ended September 30, 2025, we paid $136 million in dividends to shareholders.

Our Board of Directors declared a fourth quarter dividend of $0.485 per Common Share, payable on November 28, 2025 to shareholders of record as of the close of business on November 14, 2025.

OTHER MATTERS

Subject to the approval by the Toronto Stock Exchange, our Board of Directors approved a new Normal Course Issuer Bid ("NCIB") to purchase up to approximately 25.3 million of our Common Shares, representing 10% of our public float of Common Shares. This NCIB is expected to be effective on November 7, 2025 and will terminate no later than November 6, 2026.

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 August 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.

The following table reconciles Net income to Adjusted EBIT:

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 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 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 third quarter ended September 30, 2025 results on Friday, October 31, 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

ABOUT MAGNA

Magna is one of the world’s largest automotive suppliers and a trusted partner to automakers in the industry’s most critical markets—North America, Europe, and China. With a global team and footprint spanning 28 countries, we bring unmatched scale, trusted reliability, and proven execution. Backed by nearly seven decades of experience, we combine deep manufacturing expertise with innovative vehicle systems to deliver performance, safety, and quality.

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.

Third Quarter Report

2025

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 and nine months ended September 30, 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 October 30, 2025.

HIGHLIGHTS

Comparing the third quarters of 2025 and 2024:

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

Subject to the approval by the Toronto Stock Exchange, our Board of Directors approved a new Normal Course Issuer Bid ["NCIB"] to purchase up to 25.3 million of our Common Shares, representing approximately 10% of our public float. This NCIB is expected to be effective on November 7, 2025 and will terminate no later than November 6, 2026.

OVERVIEW

OUR BUSINESS

Magna is one of the world’s largest automotive suppliers and a trusted partner to automakers in the industry’s most critical markets—North America, Europe, and China. With a global team and footprint spanning 28 countries, we bring unmatched scale, trusted reliability, and proven execution. Backed by nearly seven decades of experience, we combine deep manufacturing expertise with innovative vehicle systems to deliver performance, safety, and quality. For further information about Magna (NYSE:MGA; TSX:MG), please visit www.magna.com or follow us on social.

1 Adjusted EBIT, Adjusted EBIT as a percentage of sales, and Adjusted diluted earnings per share are Non-GAAP financial measures. Refer to the section “Use of Non-GAAP Measures”.

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, together with subsequent filings. Those industry trends and risk factors remain substantially unchanged in respect of the third quarter ended September 30, 2025, except as follows:

Other previously identified risks associated with an uncertain trade and tariff environment such as restructuring and impairment risks, have been detailed in our previous filings and remain relevant through the third quarter of 2025.

The initiation of a recall or warranty extension program does not on its own imply or allocate liability among an OEM, Tier 1 supplier, and any sub-suppliers. Liability for defective products is based on a root cause determination, which can be a complex process that takes into account respective OEM and supplier roles and responsibilities for component and system design, engineering, sub-component sourcing, system assembly, as well as integration of the system into the vehicle. At this time, root cause determinations have not been completed for the vehicles covered by Ford’s recalls and warranty extension program.

Even after root causes have been determined, other challenges make it difficult to quantify our potential financial exposure, if any. In the case of the rear-camera recalls and warranty extension program, these challenges include: integration with other vehicle systems and non-camera components; the age of affected vehicles; duration of the original warranty; number of affected vehicles brought to Ford dealers for inspection; and dealer discretion to determine the nature of the remedy to be applied, which may range from software upgrades, inspection of the rear-camera and other components, repairs, or replacement of the rear-camera. 

In the absence of certainty as to the scope of potentially affected vehicles, the root cause(s) of the alleged product failures, and/or the related costs of these service actions, we are unable to estimate our potential exposure, if any, for recall-related costs and the extension of product warranties by Ford to affected vehicle owners. If we are determined to be fully or partially responsible for defective rear-cameras, the related recall and extended warranty costs could have a material adverse effect on our profitability.

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 SEPTEMBER 30, 2025

SALES

Sales increased 2%, or $182 million, to $10.46 billion for the third quarter of 2025 compared to $10.28 billion for the third quarter of 2024 primarily due to:

These factors were partially offset by:

COST OF GOODS SOLD

Cost of goods sold increased $145 million to $8.97 billion for the third quarter of 2025, compared to $8.83 billion for the third quarter of 2024, primarily due to:

These factors were partially offset by:

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

SG&A expense increased $44 million to $531 million for the third quarter of 2025, compared to $487 million for the third quarter of 2024, primarily as a result of:

These factors were partially offset by net transactional foreign exchange gains in the third quarter of 2025 compared to net transactional foreign exchange losses in the third quarter of 2024.

DEPRECIATION

Depreciation increased $5 million to $389 million for the third quarter of 2025, compared to $384 million for the third quarter of 2024, primarily due to increased capital deployed at new and existing facilities, including to support the launch of programs, and the net strengthening of foreign currencies against the U.S. dollar, which increased depreciation by $8 million. These factors were partially offset by the end of production of certain programs.

AMORTIZATION OF ACQUIRED INTANGIBLE ASSETS

Amortization of acquired intangible assets decreased $1 million to $27 million for the third quarter of 2025, compared to $28 million for the third quarter of 2024.

INTEREST EXPENSE, NET

During the third quarter of 2025, we recorded net interest expense of $65 million compared to $54 million for the third quarter of 2024. The $11 million increase is primarily a result of interest incurred on a value added tax (“VAT”) reassessment; and higher net interest expense on Senior Notes issued during the second quarter of 2025, compared to Senior notes repaid during the second and third quarters of 2025. These factors were partially offset by lower interest expense on decreased short term borrowings and term loan balances, each at lower interest rates.

EQUITY INCOME

Equity income increased $31 million to $44 million for the third quarter of 2025, compared to $13 million for the third quarter of 2024, primarily as a result of:

These factors were partially offset by higher restructuring costs at an equity-accounted entity.

OTHER EXPENSE (INCOME), NET

During 2024, Fisker filed for Chapter 11 bankruptcy protection in the United States and for similar protection in Austria. As a result, 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 additional restructuring charges during 2024 related to our Fisker related assembly operations. In the course of such bankruptcy proceedings, we terminated our manufacturing agreement for the Fisker Ocean SUV and recognized the remaining $196 million of deferred revenue into income.

INCOME FROM OPERATIONS BEFORE INCOME TAXES

Income from operations before income taxes was $473 million for the third quarter of 2025, compared to $700 million for the third quarter of 2024. This $227 million decrease is a result of the following changes, each as discussed above:

INCOME TAXES

Excluding the tax effect on Other expense (income), net and Amortization of acquired intangible assets, our effective income tax rate decreased to 26.5% for the third quarter of 2025, compared to 27.2% for the third quarter of 2024, primarily due to the net favourable impact of foreign exchange adjustments recognized for U.S. GAAP purposes on a year-over-year basis. This was partially offset by a change in mix of earnings, increases in our reserves for uncertain tax positions, and a decrease in the benefit of research and development credits.

On July 4, 2025, the US enacted H.R. 1 "A bill to provide for reconciliation pursuant to Title II of H. Con. Res. 14", commonly referred to as the One Big Beautiful Bill Act. The impact on Magna’s consolidated financial statements was not material.

INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

Income attributable to non-controlling interests was $28 million for the third quarter of 2025 compared to $24 million for the third quarter of 2024. The $4 million increase was primarily due to higher income at our non-wholly owned operations in China.

NET INCOME ATTRIBUTABLE TO MAGNA INTERNATIONAL INC.

Net income attributable to Magna International Inc. was $305 million for the third quarter of 2025, compared to $484 million for the third quarter of 2024. This $179 million decrease was as a result of a decrease in income from operations before income taxes of $227 million, an increase in income attributable to non-controlling interests of $4 million, partially offset by a decrease in income taxes of $52 million.

EARNINGS PER SHARE

Diluted earnings per share was $1.08 for the third quarter of 2025, compared to diluted earnings per share of $1.68 for the third quarter of 2024. The $0.60 decrease was substantially as a result of: lower net income attributable to Magna International Inc., as discussed above; partially offset by a decrease in the weighted average number of diluted shares outstanding. The decrease in the weighted average number of diluted shares outstanding was substantially due to the purchase and cancellation of Common Shares, subsequent to the third quarter of 2024, pursuant to our normal course issuer bid.

Other expense (income), net, and Amortization of acquired intangible assets, each after tax, negatively impacted diluted earnings per share by $0.25 in the third quarter of 2025 and positively impacted diluted earnings per share by $0.40 in the third quarter of 2024, respectively. Adjusted diluted earnings per share, as reconciled in the "Non-GAAP Financial Measures Reconciliation" section, was $1.33 for the third quarter of 2025, compared to $1.28 for the third quarter of 2024, an increase of $0.05.

NON-GAAP PERFORMANCE MEASURES – FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025

ADJUSTED EBIT AS A PERCENTAGE OF SALES

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

Adjusted EBIT as a percentage of sales increased to 5.9% for the third quarter of 2025 compared to 5.8% for the third quarter of 2024 primarily due to:

These factors were partially offset by:

ADJUSTED RETURN ON INVESTED CAPITAL

Adjusted Return on Invested Capital increased to 9.2% for the third quarter of 2025, compared to 9.0% for the third quarter of 2024, as a result of an increase in Adjusted After-tax operating profits, partially offset by higher Average Invested Capital.

Average Invested Capital increased $335 million to $19.58 billion for the third quarter of 2025, compared to $19.24 billion for the third quarter of 2024, primarily due to:

These factors were partially offset by:

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. We also have electronic and software capabilities across many of these areas.

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

BODY EXTERIORS & STRUCTURES

Sales – Body Exteriors & Structures

Sales increased 3%, or $109 million, to $4.15 billion for the third quarter of 2025, compared to $4.04 billion for the third 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 increased $32 million to $305 million for the third quarter of 2025, compared to $273 million for the third quarter of 2024, and Adjusted EBIT as a percentage of sales increased to 7.4% from 6.8%. These increases were primarily due to:

These factors were partially offset by:

POWER & VISION

Sales – Power & Vision

Sales increased $17 million to $3.85 billion for the third quarter of 2025, compared to $3.84 billion for the third 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 decreased $43 million to $236 million for the third quarter of 2025, compared to $279 million for the third quarter of 2024, and Adjusted EBIT as a percentage of sales decreased to 6.1% from 7.3%. These decreases were primarily due to:

These factors were partially offset by:

SEATING SYSTEMS

Sales – Seating Systems

Sales increased 10%, or $141 million, to $1.52 billion for the third quarter of 2025, compared to $1.38 billion for the third 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 increased $11 million to $62 million for the third quarter of 2025, compared to $51 million for the third quarter of 2024, and Adjusted EBIT as a percentage of sales increased to 4.1% from 3.7%. These increases were primarily due to:

These factors were partially offset by commercial items in the third quarters of 2025 and 2024, which had a net unfavourable impact on a year-over-year basis, and higher tariff costs.

COMPLETE VEHICLES

Sales – Complete Vehicles

Sales decreased 6%, or $74 million, to $1.09 billion for the third quarter of 2025, compared to $1.16 billion for the third quarter of 2024, and assembly volumes decreased 5%. 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 lower engineering revenue. These factors were partially offset by: the launch of the electric version of the Mercedes-Benz G-Class during fourth quarter of 2024; and a $64 million increase in reported U.S. dollar sales as a result of the strengthening of the euro against the U.S. dollar.

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

Adjusted EBIT increased $2 million to $29 million for the third quarter of 2025, compared to $27 million for the third quarter of 2024, and Adjusted EBIT as a percentage of sales increased to 2.7% from 2.3%. These increases were primarily due to:

These factors were partially offset by:

CORPORATE AND OTHER

Adjusted EBIT was a loss of $19 million for the third quarter of 2025 compared to a loss of $36 million for the third quarter of 2024. The $17 million improvement 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 third quarter of 2025 to 2024, cash provided from operating activities increased by $185 million primarily as a result of:

These factors were partially offset by:

Changes in operating assets and liabilities

During the third quarter of 2025, we generated $125 million for operating assets and liabilities primarily consisting of:

These factors were partially offset by:

INVESTING ACTIVITIES

Cash used for investing activities in the third quarter of 2025 was $133 million lower compared to the third quarter of 2024. The change between the third quarter of 2025, and the third quarter of 2024, was primarily due to: a $209 million decrease in cash used for fixed assets; and a $15 million decrease in cash used for investments, other assets and intangible assets. These factors were partially offset by: the net cash inflow from the disposal of our Body Exteriors & Structures operations in India during the third quarter of 2024 and lower proceeds from dispositions.

FINANCING ACTIVITIES

On September 24, 2025, we repaid $650 million in Senior Notes, which were due in October 2025.

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

During the third quarter of 2025, we acquired the non-controlling 35% interest in a consolidated subsidiary, increasing our interest to 100%. The total purchase price was $134 million, of which $40 million was paid through a dividend distribution during the third quarter of 2025. The remaining $94 million is expected to be paid during the fourth quarter of 2025.

Short-term borrowings increased $88 million during the third quarter of 2025, primarily due to a $139 million increase in notes outstanding under the euro-commercial paper program. This was partially offset by a $51 million decrease in notes outstanding under the U.S. commercial paper program.

FINANCING RESOURCES

Financial liabilities increased $410 million to $7.48 billion as at September 30, 2025, primarily as a result of the issuance of €575 million and $400 million of Senior Notes during the second quarter of 2025; an increase in notes outstanding under the euro commercial paper program; the strengthening of foreign currencies against the U.S. dollar; and renewing existing and entering into new operating lease agreements. These increases were partially offset by the repayments of $300 million and $650 million in Senior Notes during the second and third quarters of 2025, respectively, repayment of $100 million of the 3-year tranche Term Loan during the second quarter of 2025 and a decrease in notes outstanding under the U.S. commercial paper program.

CASH RESOURCES

In the third quarter of 2025, our cash resources decreased by $209 million to $1.3 billion, primarily as a result of cash used for financing and investing activities, partially offset by cash provided from operating activities. In addition to our cash resources at September 30, 2025, we had term and operating lines of credit totaling $4.4 billion, of which $3.5 billion was unused and available.

On July 8, 2025, we amended our syndicated, unsecured, delayed draw term loan (the "Term Loan") to reduce the 3-year tranche amount from $650 million to $350 million and extended the draw expiration date from July 12, 2025 to January 12, 2026. As at September 30, 2025, no amounts had been drawn.

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 October 30, 2025 were exercised:

CONTRACTUAL OBLIGATIONS

There have been no material changes with respect to the contractual obligations requiring annual payments during the third quarter of 2025 that are outside the ordinary course of our business. Refer to our MD&A included in our 2024 Annual Report.

RESULTS OF OPERATIONS – FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

BODY EXTERIORS & STRUCTURES

Sales – Body Exteriors & Structures

Sales decreased 4%, or $566 million, to $12.37 billion for the nine months ended September 30, 2025, compared to $12.93 billion for the nine months ended September 30, 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 $30 million to $882 million for the nine months ended September 30, 2025, compared to $912 million for the nine months ended September 30, 2024, and Adjusted EBIT as a percentage of sales was 7.1% in both periods. Factors decreasing Adjusted EBIT and impacting Adjusted EBIT as a percentage of sales included:

These factors were partially offset by:

POWER & VISION

Sales – Power & Vision

Sales decreased 2%, or $248 million, to $11.36 billion for the nine months ended September 30, 2025, compared to $11.61 billion for the nine months ended September 30, 2024, primarily due to:

These factors were partially offset by:

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

Adjusted EBIT decreased $53 million to $522 million for the nine months ended September 30, 2025, compared to $575 million for the nine months ended September 30, 2024, and Adjusted EBIT as a percentage of sales decreased to 4.6% from 5.0%. These decreases were primarily due to:

These factors were partially offset by:

SEATING SYSTEMS

Sales – Seating Systems

Sales decreased 1%, or $24 million, to $4.27 billion for the nine months ended September 30, 2025, compared to $4.29 billion for the nine months ended September 30, 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 $74 million for the nine months ended September 30, 2025, compared to $156 million for the nine months ended September 30, 2024, and Adjusted EBIT as a percentage of sales decreased to 1.7% from 3.6%. These decreases were primarily due to:

These factors were partially offset by higher equity income, and the benefit of government research and development incentives in the third quarter of 2025.

COMPLETE VEHICLES

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

Sales – Complete Vehicles

Sales decreased 5%, or $197 million, to $3.59 billion for the nine months ended September 30, 2025, compared to $3.78 billion for the nine months ended September 30, 2024, and assembly volumes decreased 14%. 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 lower engineering revenue. These factors were partially offset by: the launch of the electric version of the Mercedes-Benz G-Class during the fourth quarter of 2024; and a $85 million increase in reported U.S. dollar sales as a result of the strengthening of the euro against the U.S. dollar.

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

Adjusted EBIT increased $27 million to $101 million for the nine months ended September 30, 2025, compared to $74 million for the nine months ended September 30, 2024, and Adjusted EBIT as a percentage of sales increased to 2.8% 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 $29 million for the nine months ended September 30, 2025, compared to a loss of $77 million for the nine months ended September 30, 2024. The $48 million improvement was primarily the result of:

These factors were partially offset by

NON-GAAP PERFORMANCE MEASURES - FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

ADJUSTED EBIT AS A PERCENTAGE OF SALES

The table below shows the change in Magna's Sales and Adjusted EBIT by segment, as well as the impact each segment's changes have on Magna's Adjusted EBIT as a percentage of sales, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024:

Adjusted EBIT as a percentage of sales decreased to 5.0% for the nine months ended September 30, 2025, compared to 5.1% for the nine months ended September 30, 2024, primarily due to:

These factors were partially offset by:

ADJUSTED RETURN ON INVESTED CAPITAL

Adjusted Return on Invested Capital decreased to 8.2% for the nine months ended September 30, 2025, compared to 8.7% for the nine months ended September 30, 2024, as a result of a decrease in Adjusted After-tax operating profits and higher Average Invested Capital.

Average Invested Capital increased $22 million to $19.08 billion for the nine months ended September 30, 2025, compared to $19.06 billion for the nine months ended September 30, 2024, primarily due to:

These factors were partially offset by:

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 annualized 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 and for the nine month period is averaged on a four-fiscal quarter basis.