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6-K 1 tm2526125d2_6k.htm FORM 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934

For the month of October 2025

Commission File Number 001-11444

MAGNA INTERNATIONAL INC.

(Exact Name of Registrant as specified in its Charter)

337 Magna Drive, Aurora, Ontario, Canada L4G 7K1

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ¨ Form 40-F x Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SIGNATURES

	MAGNA INTERNATIONAL INC.
	(Registrant)

Date: October 31, 2025

	By:	/s/ “Bassem Shakeel”
		Bassem A. Shakeel,
		Vice-President, Associate General Counsel and Corporate Secretary

EXHIBITS

Exhibit 99.1

Q3 2025 Financial Review

Exhibit 99.2

Q3 2025 Results Webcast Presentation (October 31, 2025)

Exhibit 99.3

Q3 2025 Results Webcast Transcript (October 31, 2025)

EX-99.1 2 tm2526125d2_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

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

Prepared in accordance with U.S. GAAP

		2023															2024															2025
	Note	1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			3rd Q			TOTAL

VEHICLE VOLUME STATISTICS (in millions)
North America			3.883			4.079			3.929			3.720			15.611			3.975			4.090			3.669			3.662			15.396			3.636			3.963			3.875			11.474
Europe			4.640			4.659			3.867			4.447			17.613			4.556			4.450			3.705			4.135			16.846			4.235			4.379			3.847			12.461
China			5.941			6.798			7.576			8.788			29.103			6.390			7.101			7.298			9.745			30.534			7.100			7.800			7.626			22.526
Other			6.927			6.693			6.959			7.114			27.693			6.659			6.643			6.748			7.037			27.087			6.944			6.971			6.820			20.735
Global			21.391			22.229			22.331			24.069			90.020			21.580			22.284			21.420			24.579			89.863			21.915			23.113			22.168			67.196
Magna Steyr vehicle assembly volumes			0.034			0.027			0.023			0.021			0.105			0.022			0.019			0.015			0.016			0.072			0.017			0.016			0.015			0.048

AVERAGE FOREIGN EXCHANGE RATES
1 Canadian dollar equals U.S. dollars			0.740			0.745			0.746			0.735			0.742			0.741			0.731			0.733			0.715			0.730			0.697			0.723			0.726			0.715
1 euro equals U.S. dollars			1.073			1.089			1.088			1.076			1.082			1.085			1.076			1.099			1.066			1.082			1.053			1.134			1.169			1.118
1 Chinese renminbi equals U.S. dollars			0.146			0.143			0.138			0.138			0.141			0.139			0.138			0.140			0.139			0.139			0.138			0.138			0.140			0.139

CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Sales
Body Exteriors & Structures			4,439			4,540			4,354			4,178			17,511			4,429			4,465			4,038			4,067			16,999			3,966			4,253			4,147			12,366
Power & Vision			3,323			3,462			3,745			3,775			14,305			3,842			3,926			3,837			3,786			15,391			3,646			3,857			3,854			11,357
Seating Systems			1,486			1,603			1,529			1,429			6,047			1,455			1,455			1,379			1,511			5,800			1,312			1,433			1,520			4,265
Complete Vehicles			1,626			1,526			1,185			1,201			5,538			1,383			1,242			1,159			1,402			5,186			1,276			1,226			1,085			3,587
Corporate & Other			(201	)		(149	)		(125	)		(129	)		(604	)		(139	)		(130	)		(133	)		(138	)		(540	)		(131	)		(138	)		(144	)		(413	)
			10,673			10,982			10,688			10,454			42,797			10,970			10,958			10,280			10,628			42,836			10,069			10,631			10,462			31,162

Costs and expenses
Cost of goods sold			9,416			9,544			9,264			8,961			37,185			9,642			9,494			8,828			9,073			37,037			8,827			9,127			8,973			26,927
Selling, general and administrative			488			505			491			566			2,050			516			523			487			535			2,061			539			565			531			1,635
Equity income			(33	)		(36	)		(40	)		(3	)		(112	)		(34	)		(9	)		(13	)		(45	)		(101	)		(20	)		(32	)		(44	)		(96	)
Adjusted EBITDA			802			969			973			930			3,674			846			950			978			1,065			3,839			723			971			1,002			2,696
Depreciation			353			353			358			372			1,436			377			373			384			376			1,510			369			388			389			1,146
Adjusted EBIT			449			616			615			558			2,238			469			577			594			689			2,329			354			583			613			1,550
Amortization of acquired intangible assets			12			13			32			31			88			28			28			28			28			112			26			29			27			82
Other expense (income), net	1		142			86			(4	)		164			388			356			68			(188	)		228			464			53			6			48			107
Interest expense, net			20			34			49			53			156			51			54			54			52			211			50			52			65			167
Income from operations before income taxes			275			483			538			310			1,606			34			427			700			381			1,542			225			496			473			1,194
Income tax expense			58			129			121			12			320			8			99			192			147			446			72			102			140			314
Net income			217			354			417			298			1,286			26			328			508			234			1,096			153			394			333			880
Income attributable to non-controlling interests			(8	)		(15	)		(23	)		(27	)		(73	)		(17	)		(15	)		(24	)		(31	)		(87	)		(7	)		(15	)		(28	)		(50	)
Net income attributable to Magna International Inc.			209			339			394			271			1,213			9			313			484			203			1,009			146			379			305			830

Diluted earnings per common share		$	0.73		$	1.18		$	1.37		$	0.94		$	4.23		$	0.03		$	1.09		$	1.68		$	0.71		$	3.52		$	0.52		$	1.35		$	1.08		$	2.94

Weighted average number of Common Shares outstanding during the period (in millions):			286.6			286.3			286.8			286.6			286.6			287.1			287.3			287.3			285.9			286.9			282.0			281.7			281.8			281.9

NON-GAAP MEASURES
Adjusted EBITDA			802			969			973			930			3,674			846			950			978			1,065			3,839			723			971			1,002			2,696
Adjusted EBIT	2		449			616			615			558			2,238			469			577			594			689			2,329			354			583			613			1,550
Adjusted return on invested capital	2		8.7	%		11.0	%		10.3	%		9.6	%		9.9	%		7.8	%		9.4	%		9.0	%		11.8	%		9.5	%		5.7	%		9.6	%		9.2	%		8.2	%
Adjusted net income attributable to Magna International Inc.	2		329			441			419			383			1,572			311			389			369			482			1,551			219			407			375			1,001
Adjusted Diluted earnings per common share	2	$	1.15		$	1.54		$	1.46		$	1.33		$	5.49		$	1.08		$	1.35		$	1.28		$	1.69		$	5.41		$	0.78		$	1.44		$	1.33		$	3.55

PROFITABILITY RATIOS
Selling, general and administrative /Sales			4.6	%		4.6	%		4.6	%		5.4	%		4.8	%		4.7	%		4.8	%		4.7	%		5.0	%		4.8	%		5.4	%		5.3	%		5.1	%		5.2	%
Adjusted EBIT /Sales			4.2	%		5.6	%		5.8	%		5.3	%		5.2	%		4.3	%		5.3	%		5.8	%		6.5	%		5.4	%		3.5	%		5.5	%		5.9	%		5.0	%
Income (loss) from operations before income taxes /Sales			2.6	%		4.4	%		5.0	%		3.0	%		3.8	%		0.3	%		3.9	%		6.8	%		3.6	%		3.6	%		2.2	%		4.7	%		4.5	%		3.8	%
Effective tax rate Reported			21.1	%		26.7	%		22.5	%		3.9	%		19.9	%		23.5	%		23.2	%		27.4	%		38.6	%		28.9	%		32.0	%		20.6	%		29.6	%		26.3	%
Excluding Other expense (income) and amortization, net of taxes and valuation allowance adjustments			21.4	%		21.6	%		21.9	%		18.8	%		21.0	%		21.5	%		22.8	%		27.2	%		19.5	%		22.7	%		25.7	%		20.5	%		26.5	%		24.0	%

Q3 2025 Financial Review of Magna International Inc.

Page 1 of 6

Prepared as at 2025-10-27

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

(United States dollars in millions) (Unaudited)

Prepared in accordance with U.S. GAAP

		2023												2024												2025
		1st Q			2nd Q			3rd Q			4th Q			1st Q			2nd Q			3rd Q			4th Q			1st Q			2nd Q			3rd Q

CONSOLIDATED BALANCE SHEETS

FUNDS EMPLOYED
Current assets:
Accounts receivable			7,959			8,556			8,477			7,881			8,379			8,219			8,377			7,376			8,198			8,258			8,406
Inventories			4,421			4,664			4,751			4,606			4,511			4,466			4,592			4,151			4,184			4,207			4,233
Prepaid expenses and other			367			455			387			352			399			314			303			344			358			333			316
			12,747			13,675			13,615			12,839			13,289			12,999			13,272			11,871			12,740			12,798			12,955
Current liabilities:
Accounts payable			7,731			7,984			7,911			7,842			7,855			7,639			7,608			7,194			7,376			7,127			7,261
Accrued salaries and wages			822			858			900			912			883			862			962			867			893			917			994
Other accrued liabilities			2,526			2,637			2,537			2,626			2,728			2,650			2,642			2,572			2,723			2,845			2,906
Income taxes payable (receivable)			9			(14	)		33			125			132			79			176			192			152			88			109
			11,088			11,465			11,381			11,505			11,598			11,230			11,388			10,825			11,144			10,977			11,270

Working capital			1,659			2,210			2,234			1,334			1,691			1,769			1,884			1,046			1,596			1,821			1,685

Investments			1,390			1,287			1,311			1,273			1,195			1,161			1,165			1,045			1,062			1,129			1,098
Fixed assets, net			8,304			8,646			8,778			9,618			9,545			9,623			9,836			9,584			9,650			9,853			9,707
Goodwill, other assets and intangible assets			3,640			4,733			4,726			4,962			4,646			4,709			4,865			4,532			4,669			4,896			4,876
Operating lease right-of-use assets			1,638			1,667			1,696			1,744			1,733			1,688			1,780			1,941			2,032			2,061			2,024
Funds employed			16,631			18,543			18,745			18,931			18,810			18,950			19,530			18,148			19,009			19,760			19,390
FINANCING
Straight debt:
Cash and cash equivalents			(2,429	)		(1,281	)		(1,022	)		(1,198	)		(1,517	)		(999	)		(1,061	)		(1,247	)		(1,059	)		(1,536	)		(1,327	)
Short-term borrowings			4			150			2			511			838			848			828			271			614			349			433
Long-term debt due within one year			668			1,426			1,398			819			824			65			65			708			1,005			706			33
Long-term debt			4,500			4,159			4,135			4,175			4,549			4,863			4,916			4,134			3,892			4,984			4,967
Current portion of operating lease liabilities			285			303			384			399			306			306			319			293			305			318			323
Operating lease liabilities			1,318			1,345			1,289			1,319			1,407			1,378			1,458			1,662			1,742			1,759			1,722
			4,346			6,102			6,186			6,025			6,407			6,461			6,525			5,821			6,499			6,580			6,151
Long-term employee benefit liabilities			563			579			564			591			584			564			571			533			552			574			573
Other long-term liabilities			451			448			453			475			471			507			339			396			349			267			298
Deferred tax assets, net			(218	)		(242	)		(210	)		(437	)		(576	)		(592	)		(592	)		(542	)		(557	)		(564	)		(567	)
			796			785			807			629			479			479			318			387			344			277			304
Shareholders' equity			11,489			11,656			11,752			12,277			11,924			12,010			12,687			11,940			12,166			12,903			12,935
			16,631			18,543			18,745			18,931			18,810			18,950			19,530			18,148			19,009			19,760			19,390

ASSET UTILIZATION RATIOS
Days in accounts receivable			67.1			70.1			71.4			67.8			68.7			67.5			73.3			62.5			73.3			69.9			72.3
Days in accounts payable			73.9			75.3			76.9			78.8			73.3			72.4			77.6			71.4			75.2			70.3			72.8
Inventory turnover - cost of goods sold			8.5			8.2			7.8			7.8			8.5			8.5			7.7			8.7			8.4			8.7			8.5
Working capital turnover			25.7			19.9			19.1			31.3			25.9			24.8			21.8			40.6			25.2			23.4			24.8
Total asset turnover			2.6			2.4			2.3			2.2			2.3			2.3			2.1			2.3			2.1			2.2			2.2

CAPITAL STRUCTURE
Straight debt			26.1	%		32.9	%		33.0	%		31.8	%		34.1	%		34.1	%		33.4	%		32.1	%		34.2	%		33.3	%		31.7	%
Long-term employee benefit liabilities, other long-term liabilities & deferred tax liabilities, net			4.8	%		4.2	%		4.3	%		3.3	%		2.5	%		2.5	%		1.6	%		2.1	%		1.8	%		1.4	%		1.6	%
Shareholders' equity			69.1	%		62.9	%		62.7	%		64.9	%		63.4	%		63.4	%		65.0	%		65.8	%		64.0	%		65.3	%		66.7	%
			100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

Adjusted Debt to Adjusted EBITDA	2		2.19	x		2.19	x		2.02	x		1.85	x		1.98	x		1.91	x		1.93	x		1.75	x		1.92	x		2.03	x		1.88	x

Debt to total capitalization			37.1	%		38.8	%		38.0	%		37.0	%		39.9	%		38.3	%		37.4	%		37.2	%		38.3	%		38.6	%		36.6	%

Q3 2025 Financial Review of Magna International Inc.

Page 2 of 6

Prepared as at 2025-10-27

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

(United States dollars in millions) (Unaudited)

Prepared in accordance with U.S. GAAP

		2023															2024															2025
	Note	1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			3rd Q			TOTAL

CONSOLIDATED STATEMENTS OF CASH FLOWS
Operating activities
Net income			217			354			417			298			1,286			26			328			508			234			1,096			153			394			333			880
Items not involving current cash flows			351			525			404			362			1,642			565			353			277			662			1,857			394			368			454			1,216
			568			879			821			660			2,928			591			681			785			896			2,953			547			762			787			2,096
Changes in operating assets and liabilities			(341	)		(332	)		(24	)		918			221			(330	)		55			(58	)		1,014			681			(470	)		(135	)		125			(480	)
Cash provided from operating activities			227			547			797			1,578			3,149			261			736			727			1,910			3,634			77			627			912			1,616

Investment activities
Fixed asset additions			(424	)		(502	)		(630	)		(944	)		(2,500	)		(493	)		(500	)		(476	)		(709	)		(2,178	)		(268	)		(246	)		(267	)		(781	)
Increase in investments, other assets and intangible assets			(101	)		(96	)		(176	)		(189	)		(562	)		(125	)		(170	)		(115	)		(207	)		(617	)		(148	)		(94	)		(100	)		(342	)
Net cash (outflow) inflow from disposal of facilities	1(f), 1(g)		(25	)		-			(23	)		-			(48	)		4			-			78			-			82			-			-			-			-
Investment in Public and Private Equity Investments			-			(3	)		(7	)		(1	)		(11	)		(23	)		2			(1	)		10			(12	)		(1	)		(3	)		(2	)		(6	)
Proceeds from disposition			19			44			32			27			122			87			57			38			37			219			26			14			27			67
Business combinations			-			(1,475	)		-			(29	)		(1,504	)		(30	)		(56	)		-			-			(86	)		(4	)		4			(1	)		(1	)
Cash used for investment activities			(531	)		(2,032	)		(804	)		(1,136	)		(4,503	)		(580	)		(667	)		(476	)		(869	)		(2,592	)		(395	)		(325	)		(343	)		(1,063	)

Financing activities
Net issues (repayments) of debt			1,636			544			(135	)		(119	)		1,926			757			(416	)		(47	)		(513	)		(219	)		322			341			(583	)		80
Common Shares issued on exercise of stock options			6			-			8			6			20			30			-			-			-			30			-			-			-			-
Repurchase of Common Shares			(9	)		(2	)		-			(2	)		(13	)		(3	)		(2	)		-			(202	)		(207	)		(51	)		-			-			(51	)
Tax withholdings on vesting of equity awards			(9	)		(1	)		-			(1	)		(11	)		(4	)		(1	)		-			(3	)		(8	)		(4	)		-			-			(4	)
Contributions to subsidiaries by non-controlling interests			-			-			-			11			11			-			-			-			-			-			-			-			-			-
Acquisition of non-controlling interest			-			-			-			-			-			-			-			-			-			-			-			-			(40	)		(40	)
Dividends paid to non-controlling interests			(7	)		(24	)		(18	)		(25	)		(74	)		-			(26	)		(10	)		(10	)		(46	)		-			(25	)		(15	)		(40	)
Dividends paid			(132	)		(129	)		(128	)		(133	)		(522	)		(134	)		(134	)		(138	)		(133	)		(539	)		(136	)		(137	)		(136	)		(409	)
Cash provided from (used for) financing activities			1,485			388			(273	)		(263	)		1,337			646			(579	)		(195	)		(861	)		(989	)		131			179			(774	)		(464	)

Effect of exchange rate changes on cash and cash equivalents			14			(51	)		21			(3	)		(19	)		(8	)		(8	)		6			6			(4	)		(1	)		(4	)		(4	)		(9	)
Net increase (decrease) in cash and cash equivalents, during the period			1,195			(1,148	)		(259	)		176			(36	)		319			(518	)		62			186			49			(188	)		477			(209	)		80

Cash and cash equivalents, beginning of period			1,234			2,429			1,281			1,022			1,234			1,198			1,517			999			1,061			1,198			1,247			1,059			1,536			1,247
Cash and cash equivalents, end of period			2,429			1,281			1,022			1,198			1,198			1,517			999			1,061			1,247			1,247			1,059			1,536			1,327			1,327

Q3 2025 Financial Review of Magna International Inc.

Page 3 of 6

Prepared as at 2025-10-27

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

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

Prepared in accordance with U.S. GAAP

This Analyst should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2024.

Note 1: OTHER EXPENSE (INCOME), NET

Other expense (income), 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 on-going operating profit or loss. Other expense (income), net consists of:

		2023												2024													2025
		1st Q		2nd Q			3rd Q			4th Q		TOTAL		1st Q		2nd Q			3rd Q			4th Q		TOTAL			1st Q		2nd Q			3rd Q		TOTAL
Restructuring activities	[a]		118		(35	)		(1	)		66		148		38		55			-			94		187			44		13			46		103
Investment revaluations, (gains) losses on sales, and impairments	[b]		2		85			(1	)		5		91		2		3			1			3		9			9		(7	)		2		4
Impacts related to Fisker Inc. [“Fisker”]	[c]		22		13			(18	)		93		110		316		19			(189	)		52		198			-		-			-		-
Impairments	[d]		-		-			-			-		-		-		-			-			79		79			-		-			-		-
Gain on business combination	[e]		-		-			-			-		-		-		(9	)		-			-		(9	)		-		-			-		-
Veoneer AS transaction costs	[f]		-		23			-			-		23		-		-			-			-		-			-		-			-		-
Operations in Russia	[g]		-		-			16			-		16		-		-			-			-		-			-		-			-		-
			142		86			(4	)		164		388		356		68			(188	)		228		464			53		6			48		107

[a]

Restructuring activities

	2023												2024										2025
	1st Q		2nd Q			3rd Q			4th Q		TOTAL		1st Q		2nd Q		3rd Q		4th Q		TOTAL		1st Q		2nd Q		3rd Q		TOTAL
Power & Vision		105		(44	)		(1	)		57		117		-		55		-		49		104		11		13		34		58
Complete Vehicles		-		-			-			-		-		26		-		-		29		55		33		-		12		45
Body Exteriors & Structures		13		9			-			9		31		12		-		-		16		28		-		-		-		-
		118		(35	)		(1	)		66		148		38		55		-		94		187		44		13		46		103

Restructuring charges generally related to significant plant closures and consolidations primarily in Europe and to a lesser extent in North America and Asia Pacific. During the third quarter of 2025, the Company’s Power & Vision segment recorded $10 million of equity losses associated with its share of significant rightsizing activities at an equity method investee. During the second quarters of 2025 and 2024, the Company recorded $6 million and $35 million, respectively, of restructuring charges associated with its acquisition of the Veoneer Active Safety Business [“Veoneer AS”]; during the second and third quarters of 2023, the Company’s Power & Vision segment recorded a $10 million and $8 million gain on the sale of a building as a result of restructuring activities, respectively; during the second quarter of 2023, the Company’s Power & Vision segment reversed $39 million of charges due to a change in the restructuring plans related to a plant closure.

[b]

Investment revaluations, (gains) losses on sales, and impairments

	2023											2024												2025
	1st Q		2nd Q		3rd Q			4th Q		TOTAL		1st Q		2nd Q		3rd Q		4th Q			TOTAL			1st Q		2nd Q			3rd Q		TOTAL
Gains and losses related to revaluation and disposition		2		-		(1	)		-		1		2		3		1		(10	)		(4	)		9		(7	)		-		2
Non-cash impairment charges		-		85		-			5		90		-		-		-		13			13			-		-			2		2
		2		85		(1	)		5		91		2		3		1		3			9			9		(7	)		2		4

The Company revalues its public and private equity investments and certain public company warrants every quarter. The gains and losses related to this revaluation, as well as gains and losses on disposition, are primarily recorded in Corporate. The non-cash impairment charges on private equity investments are primarily recorded in Corporate. During the second quarter of 2023, the non-cash impairment included a charge with respect to related long-term receivables within Other Assets. During the fourth quarter of 2023, the non-cash impairment charges were recorded in the Company's Power & Vision segment.

[c]

Impacts related to Fisker Inc. [“Fisker”]

During 2023 and 2024, the Company recorded impairment charges on its Fisker related net assets, including its Fisker warrants, which were received in connection with the agreements with Fisker for platform sharing, engineering and manufacturing of the Fisker Ocean SUV. The Company also recorded additional restructuring charges during the first quarter of 2024 related to its Fisker related assembly operations. In the course of such bankruptcy proceedings, the Company terminated its manufacturing agreement for the Fisker Ocean SUV and recognized the remaining $196 million of deferred revenue into income.

	2023											2024												2025
	1st Q		2nd Q		3rd Q			4th Q		TOTAL		1st Q		2nd Q		3rd Q			4th Q		TOTAL			1st Q		2nd Q		3rd Q		TOTAL
Impairment of Fisker related net assets		-		-		-			-		-		261		19		7			43		330			-		-		-		-
Impairment of Fisker warrants		22		13		(18	)		93		110		33		-		-			-		33			-		-		-		-
Additional restructuring related to Complete Vehicles		-		-		-			-		-		22		-		-			9		31			-		-		-		-
Recognition of related deferred revenue		-		-		-			-		-		-		-		(196	)		-		(196	)		-		-		-		-
		22		13		(18	)		93		110		316		19		(189	)		52		198			-		-		-		-

	[d]	Impairments

		During 2024, the Company recorded an impairment charge of $79 million on fixed assets, right of use assets and intangible assets at two European facilities in its Power & Vision segment.

	[e]	Gain on business combination

		During 2024, the Company acquired a business in the Body Exteriors & Structures segment for $5 million, resulting in a bargain purchase gain of $9 million.

	[f]	Veoneer AS transaction costs

		During 2023, the Company incurred $23 million of transaction costs related to the acquisition of the Veoneer Active Safety Business.

	[g]	Operations in Russia

		As a result of the expected lack of future cashflows and the continuing uncertainties connected with the Russian economy, during 2023, the Company completed the sale of all of its investments in Russia resulting in a final loss of $16 million including a net cash outflow of $23 million.

Note 2:		NON-GAAP MEASURES

		The Company presents Adjusted EBIT (Earnings before interest, taxes, Other expense (income), net and amortization of acquired intangible assets); Adjusted Net Income (Net Income before Other expense (income), net, net of tax excluding significant income tax valuation allowance adjustments, and amortization of acquired intangible assets); Adjusted Diluted Earnings per Share; Adjusted EBIT as a percentage of sales; Adjusted Return on Invested Capital; and Adjusted Debt to Adjusted EBITDA. The Company presents these financial figures because such measures are widely used by analysts and investors in evaluating the operating performance of the Company. However, such measures do not have any standardized meaning under U.S. generally accepted accounting principles and may not be comparable to the calculation of similar measures by other companies.

The following table reconciles Income from operations before income taxes to Adjusted EBIT:

	2023						2024						2025
	1st Q	2nd Q	3rd Q		4th Q	TOTAL	1st Q	2nd Q	3rd Q		4th Q	TOTAL	1st Q	2nd Q	3rd Q	TOTAL
Income from operations before income taxes	275	483	538		310	1,606	34	427	700		381	1,542	225	496	473	1,194
Exclude:
Amortization of acquired intangible assets	12	13	32		31	88	28	28	28		28	112	26	29	27	82
Other expense (income), net	142	86	(4	)	164	388	356	68	(188	)	228	464	53	6	48	107
Interest expense, net	20	34	49		53	156	51	54	54		52	211	50	52	65	167
Adjusted EBIT	449	616	615		558	2,238	469	577	594		689	2,329	354	583	613	1,550

Q3 2025 Financial Review of Magna International Inc.

Page 4 of 6

Prepared as at 2025-10-27

The following table shows the calculation of Adjusted Return on Invested Capital:

	2023										2024										2025
	1st Q		2nd Q		3rd Q		4th Q		FY		1st Q		2nd Q		3rd Q		4th Q		FY		1st Q		2nd Q		3rd Q		TOTAL
Net income	217		354		417		298		1,286		26		328		508		234		1,096		153		394		333		880
Add (deduct):
Interest expense, net	20		34		49		53		156		51		54		54		52		211		50		52		65		167
Amortization of acquired intangible assets	12		13		32		31		88		28		28		28		28		112		26		29		27		82
Other expense (income), net	142		86		(4	)	164		388		356		68		(188	)	228		464		53		6		48		107
Tax effect on Interest expense, net, Amortization of acquired intangible assets and Other expense, net	(38	)	(4	)	(14	)	(46	)	(103	)	(93	)	(32	)	30		(38	)	(133	)	(19	)	(18	)	(22	)	(59	)
Adjustments to Deferred Tax Valuation Allowances	-		-		-		(47	)	(47	)	-		-		-		51		51		-		-		-		-
Adjusted After-tax operating profits	353		483		480		453		1,768		368		446		432		555		1,801		263		463		451		1,177
Total Assets	30,654		31,837		31,675		32,255				32,678		31,986		32,790		31,039				32,074		33,175		32,907
Excluding:
Cash and cash equivalents	(2,429	)	(1,281	)	(1,022	)	(1,198	)			(1,517	)	(999	)	(1,061	)	(1,247	)			(1,059	)	(1,536	)	(1,327	)
Deferred tax assets	(506	)	(535	)	(527	)	(621	)			(753	)	(807	)	(811	)	(819	)			(862	)	(902	)	(920	)
Less Current Liabilities	(12,045	)	(13,358	)	(13,165	)	(13,234	)			(13,566	)	(12,449	)	(12,600	)	(12,097	)			(13,068	)	(12,350	)	(12,059	)
Excluding:
Short-term borrowing	4		150		2		511				838		848		828		271				614		349		433
Long-term debt due within one year	668		1,426		1,398		819				824		65		65		708				1,005		706		33
Current portion of operating lease liabilities	285		303		384		399				306		306		319		293				305		318		323
Invested Capital	16,631		18,542		18,745		18,931				18,810		18,950		19,530		18,148				19,009		19,760		19,390
Adjusted After-tax operating profits	353		483		480		453		1,768		368		446		432		555		1,801		263		463		451		1,177
Average Invested Capital	16,318		17,587		18,644		18,838		17,771		18,871		18,880		19,240		18,839		18,875		18,579		19,385		19,575		19,077
Adjusted Return on Invested Capital	8.7	%	11.0	%	10.3	%	9.6	%	9.9	%	7.8	%	9.4	%	9.0	%	11.8	%	9.5	%	5.7	%	9.6	%	9.2	%	8.2	%

The following table shows the calculation of Adjusted Debt to Adjusted EBITDA:

		2023								2024								2025
		1st Q		2nd Q		3rd Q		4th Q		1st Q		2nd Q		3rd Q		4th Q		1st Q		2nd Q		3rd Q
Debt per balance sheet		6,775		7,383		7,208		7,223		7,924		7,460		7,586		7,068		7,558		8,116		7,478
Long-Term Employee Benefit Liabilities	[i]	148		148		148		125		125		125		125		127		127		127		127
Adjusted Debt	[A]	6,923		7,531		7,356		7,348		8,049		7,585		7,711		7,195		7,685		8,243		7,605

Rolling four quarter Adjusted EBITDA		3,007		3,258		3,449		3,674		3,718		3,699		3,704		3,839		3,716		3,737		3,761
Capitalized operating lease expense	[i]	344		344		344		353		353		353		353		410		410		410		410
Pension adjustment	[i], [ii]	(6	)	(6	)	(6	)	4		4		4		4		(20	)	(20	)	(20	)	(20	)
Interest income	[i]	45		45		45		86		86		86		86		98		98		98		98
Rolling four quarter cash portion of other expense, net		(227	)	(200	)	(198	)	(152	)	(94	)	(161	)	(149	)	(219	)	(203	)	(161	)	(196	)
	[B]	3,163		3,441		3,634		3,965		4,067		3,981		3,998		4,108		4,001		4,064		4,053

Adjusted Debt to Adjusted EBITDA	[A] / [B]	2.19	x	2.19	x	2.02	x	1.85	x	1.98	x	1.91	x	1.93	x	1.75	x	1.92	x	2.03	x	1.88	x

	[i]	The long-term employee benefit liabilities, capitalized operating lease expense, interest income and pension adjustment figures included in the Adjusted EBITDA calculations are based on the annual figures for the years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively.
	[ii]	Pension adjustment calculated as Net Periodic Pension Benefit Cost less Current Service Cost for defined benefit pension plans.

Note 2: NON-GAAP MEASURES (Continued)

The following table reconciles Net income attributable to Magna International Inc. to Adjusted net income attributable to Magna International Inc.:

		2023									2024								2025
		1st Q	2nd Q		3rd Q		4th Q		TOTAL		1st Q	2nd Q		3rd Q		4th Q	TOTAL		1st Q	2nd Q		3rd Q	TOTAL
Net income attributable to Magna International Inc.		209	339		394		271		1,213		9	313		484		203	1,009		146	379		305	830
Exclude:
Amortization of acquired intangible assets		10	11		25		25		71		22	23		22		22	89		21	24		22	67
Restructuring activities		92	(26	)	(2	)	60		124		32	45		-		82	159		44	9		46	99
Investment revaluations, (gains) losses on sales, and impairments		2	85		(1	)	4		90		1	2		3		6	12		8	(5	)	2	5
Impacts related to Fisker Inc. [“Fisker”]		16	10		(13	)	70		83		247	15		(140	)	39	161		-	-		-	-
Impairments		-	-		-		-		-		-	-		-		79	79		-	-		-	-
Gain on business combination		-	-		-		-		-		-	(9	)	-		-	(9	)	-	-		-	-
Veoneer AS transaction costs		-	22		-		-		22		-	-		-		-	-		-	-		-	-
Operations in Russia		-	-		16		-		16		-	-		-		-	-		-	-		-	-
Adjustments to Deferred Tax Valuation Allowance	[iii]	-	-		-		(47	)	(47	)	-	-		-		51	51		-	-		-	-
Adjusted net income attributable to Magna International Inc.		329	441		419		383		1,572		311	389		369		482	1,551		219	407		375	1,001

Q3 2025 Financial Review of Magna International Inc.

Page 5 of 6

Prepared as at 2025-10-27

The following table reconciles diluted earnings per common share to Adjusted diluted earnings per common share:

		2023														2024													2025
		1st Q		2nd Q			3rd Q			4th Q			TOTAL			1st Q		2nd Q			3rd Q			4th Q		TOTAL			1st Q		2nd Q			3rd Q		TOTAL
Diluted earnings per common share		$	0.73	$	1.18		$	1.37		$	0.94		$	4.23		$	0.03	$	1.09		$	1.68		$	0.71	$	3.52		$	0.52		1.35			1.08	$	2.94
Exclude:
Amortization of acquired intangible assets			0.04		0.04			0.09			0.09			0.25			0.08		0.08			0.08			0.08		0.31			0.08		0.08			0.08		0.24
Restructuring activities			0.31		(0.09	)		-			0.20			0.43			0.11		0.15			-			0.29		0.55			0.15		0.03			0.16		0.35
Investment revaluations, (gains) losses on sales, and impairments			0.01		0.30			(0.01	)		0.01			0.31			-		0.01			0.01			0.01		0.04			0.03		(0.02	)		0.01		0.02
Impacts related to Fisker Inc. [“Fisker”]			0.06		0.03			(0.05	)		0.25			0.29			0.86		0.05			(0.49	)		0.14		0.56			-		-			-		-
Impairments			-		-			-			-			-			-		-			-			0.28		0.28			-		-			-		-
Gain on business combination			-		-			-			-			-			-		(0.03	)		-			-		(0.03	)		-		-			-		-
Veoneer AS transaction costs			-		0.08			-			-			0.08			-		-			-			-		-			-		-			-		-
Operations in Russia			-		-			0.06			-			0.06			-		-			-			-		-			-		-			-		-
Adjustments to Deferred Tax Valuation Allowance	[iii]		-		-			-			(0.16	)		(0.16	)		-		-			-			0.18		0.18			-		-			-		-
Adjusted diluted earnings per common share		$	1.15	$	1.54		$	1.46		$	1.33		$	5.49		$	1.08	$	1.35		$	1.28		$	1.69	$	5.41		$	0.78	$	1.44		$	1.33	$	3.55

[iii] Adjustments to Deferred Tax Valuation Allowance

The Company records quarterly adjustments to the valuation allowance against its deferred tax assets and liabilities in continents like North America, Europe, Asia, and South America. The net effect of these adjustments is an increase to income tax expense in the fourth quarter of 2024 and a reduction in the fourth quarter of 2023.

Note 3: SEGMENTED INFORMATION

	2023										2024										2025
	1st Q		2nd Q		3rd Q		4th Q		TOTAL		1st Q		2nd Q		3rd Q		4th Q		TOTAL		1st Q		2nd Q		3rd Q		TOTAL
Body Exteriors & Structures
Sales	4,439		4,540		4,354		4,178		17,511		4,429		4,465		4,038		4,067		16,999		3,966		4,253		4,147		12,366
Adjusted EBIT	272		394		358		280		1,304		298		341		273		371		1,283		230		347		305		882
Adjusted EBIT as a percentage of sales	6.1	%	8.7	%	8.2	%	6.7	%	7.4	%	6.7	%	7.6	%	6.8	%	9.1	%	7.5	%	5.8	%	8.2	%	7.4	%	7.1	%

Power & Vision
Sales	3,323		3,462		3,745		3,775		14,305		3,842		3,926		3,837		3,786		15,391		3,646		3,857		3,854		11,357
Adjusted EBIT	92		124		221		231		668		98		198		279		235		810		124		162		236		522
Adjusted EBIT as a percentage of sales	2.8	%	3.6	%	5.9	%	6.1	%	4.7	%	2.6	%	5.0	%	7.3	%	6.2	%	5.3	%	3.4	%	4.2	%	6.1	%	4.6	%

Seating Systems
Sales	1,486		1,603		1,529		1,429		6,047		1,455		1,455		1,379		1,511		5,800		1,312		1,433		1,520		4,265
Adjusted EBIT	37		67		70		44		218		52		53		51		67		223		(30	)	42		62		74
Adjusted EBIT as a percentage of sales	2.5	%	4.2	%	4.6	%	3.1	%	3.6	%	3.6	%	3.6	%	3.7	%	4.4	%	3.8	%	-2.3	%	2.9	%	4.1	%	1.7	%

Complete Vehicles
Sales	1,626		1,526		1,185		1,201		5,538		1,383		1,242		1,159		1,402		5,186		1,276		1,226		1,085		3,587
Adjusted EBIT	52		34		(5	)	43		124		27		20		27		56		130		44		28		29		101
Adjusted EBIT as a percentage of sales	3.2	%	2.2	%	-0.4	%	3.6	%	2.2	%	2.0	%	1.6	%	2.3	%	4.0	%	2.5	%	3.4	%	2.3	%	2.7	%	2.8	%

Corporate and other
Intercompany eliminations	(201	)	(149	)	(125	)	(129	)	(604	)	(139	)	(130	)	(133	)	(138	)	(540	)	(131	)	(138	)	(144	)	(413	)
Adjusted EBIT	(4	)	(3	)	(29	)	(40	)	(76	)	(6	)	(35	)	(36	)	(40	)	(117	)	(14	)	4		(19	)	(29	)

Total
Sales	10,673		10,982		10,688		10,454		42,797		10,970		10,958		10,280		10,628		42,836		10,069		10,631		10,462		31,162
Adjusted EBIT	449		616		615		558		2,238		469		577		594		689		2,329		354		583		613		1,550
Adjusted EBIT as a percentage of sales	4.2	%	5.6	%	5.8	%	5.3	%	5.2	%	4.3	%	5.3	%	5.8	%	6.5	%	5.4	%	3.5	%	5.5	%	5.9	%	5.0	%

Q3 2025 Financial Review of Magna International Inc.

Page 6 of 6

Prepared as at 2025-10-27

EX-99.2 3 tm2526125d2_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

October 31, 2025 Third Quarter 2025 Results Webcast THIRD QUARTER 2025 RESULTS WEBCAST 1

THIRD QUARTER 2025 RESULTS WEBCAST 2 Vice President, Investor Relations Louis Tonelli THIRD QUARTER 2025 RESULTS WEBCAST 3 Forward - Looking Statements Certain statements in this document 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 : Material Potential Risks Related to Applicable Forward - Looking Statement Material Forward - Looking Statement Light vehicle sales levels, including due to : - A decline in consumer confidence - Economic uncertainty - Elevated interest rates and availability of consumer credit - Deteriorating vehicle affordability Tariffs and/or other actions that erode free trade agreements Production deferrals, cancellations and volume reductions Production and supply disruptions Commodities prices Availability and relative cost of skilled labour Light Vehicle Production Same risks as for Light Vehicle Production above Alignment of our product mix with production demand Customer concentration Uncertain pace of EV adoption . Including North American electric vehicle program deferrals, cancellations and volume reductions and growth with EV - focused OEMs, particularly Chinese OEMs Shifts in market shares among vehicles or vehicle segments Shifts in consumer "take rates" for products we sell Relative currency values Total Sales Segment Sales Same risks as for Total Sales and Segment Sales above Execution of critical program launches Operational underperformance Product warranty/recall risks Production inefficiencies Unmitigated incremental tariff costs Restructuring costs and/or impairment charges, including due to the ‘reshoring’ of production to the U . S .

Inflation Ability to secure planned cost recoveries from our customers and/or otherwise offset higher input costs Price concessions Risks of conducting business with newer EV - focused OEMs Commodity cost volatility Scrap steel price volatility Tax risks Adjusted EBIT Margin Net Income Attributable to Magna Same risks as Adjusted EBIT Margin and Net Income Attributable to Magna Risks related to conducting business through joint ventures Risks of doing business in foreign markets Legal and regulatory proceedings Changes in law Equity Income THIRD QUARTER 2025 RESULTS WEBCAST 4 Forward - Looking Statements (cont.) 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 : IT Security/Cybersecurity Risks IT/cybersecurity breach; product cybersecurity; Acquisition Risks inherent merger and acquisition risks; acquisition integration and synergies; Other Business Risks joint ventures; intellectual property; risks of doing business in foreign markets; relative foreign exchange rates; pension risks; tax risks; returns on capital investments; financial flexibility; credit ratings changes; stock price fluctuation; Legal, Regulatory and Other Risks legal and regulatory proceedings; changes in laws; and environmental compliance. Supply Chain Risks supply base; supplier claims; supply chain disruptions; regional energy supply and pricing; Manufacturing/Operational Risks product launch; operational underperformance; restructuring costs and impairment charges, including those related to the ‘reshoring’ of production to the U.S.; skilled labour attraction/retention; leadership expertise and succession; Pricing Risks quote/pricing assumptions; customer pricing pressure/contractual arrangements; commodity cost volatility; scrap steel/aluminum price volatility; Warranty/Recall Risks repair/replace costs; warranty provisions; product liability; Climate Change Risks transition risks and physical risks; strategic and other risks; Macroeconomic, Geopolitical and Other Risks unpredictable tariff and trade environment; trade disputes and threats to free trade agreements; consumer confidence levels; increasing economic uncertainty; interest rates and availability of consumer credit; geopolitical risks; Risks Related to the Automotive Industry program deferrals, cancellations and volume reductions; economic cyclicality; regional production volume declines; deteriorating vehicle affordability; uncertain pace of EV adoption, including North American electric vehicle program deferrals, cancellations and volume reductions; intense competition; Strategic Risks planning and forecasting challenges; evolution of the vehicle; evolving business risk profile; technology and innovation; investments in mobility and technology companies; Customer - Related Risks customer concentration; market shifts; growth of EV - focused OEMs, particularly Chinese OEMs; risks of conducting business with newer EV - focused OEMs; dependence on outsourcing; customer cooperation and consolidation; consumer take rate shifts; customer purchase orders; potential OEM production - related disruptions; 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 : discussed under the "Industry Trends and Risks" heading of our Management’s Discussion and Analysis ; and set out in our Annual Information Form filed with securities commissions in Canada, our annual report on Form 40 - F with the United States Securities and Exchange commission, and subsequent filings . 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 .

THIRD QUARTER 2025 RESULTS WEBCAST 5 All amounts are in U.S. Dollars Today's discussion excludes the impact of other expense (income), net ("Unusual Items") and amortization of acquired intangible assets. Please refer to the reconciliation of Non - GAAP measures in our press release dated October 31, 2025 for further information. "Organic", in the context of sales movements, means "excluding the impact of foreign exchange, acquisitions and divestitures". Weighted Sales Growth over Market ( GoM ) compares organic sales growth (%) to vehicle production change (%) after applying Magna geographic sales weighting, excluding Complete Vehicles, to regional production. Reminders THIRD QUARTER 2025 RESULTS WEBCAST 6 Chief Executive Officer Swamy Kotagiri

THIRD QUARTER 2025 RESULTS WEBCAST 7 Key Takeaways Strong Q3 financial performance, reflecting continued solid execution • YoY: Sales +2%, Adj. EBIT +3%, Adj. Diluted EPS +4%, FCF +$398 million • Results above our expectations, with strong incremental margins on the higher sales and better cash conversion Increasing Outlook • Sales: Increase largely reflects higher expected light vehicle production in North America • Adj. EBIT Margin: Raising low end of range to 5.4%, reflecting strong contribution on the higher sales • Net Income Attributable to Magna: Increase mainly due to higher expected Adj. EBIT Continued focus on free cash flow generation and capital discipline • Capital spending now expected to be ~$1.5 billion (~3.6% of sales), down from prior outlook • Raised free cash flow outlook by $200 million • Expect leverage ratio to be below 1.7x by end of 2025 Ongoing activities mitigate impact of tariffs • Settled with additional OEMs for recovery of 2025 net tariff exposures • Negotiations ongoing with remaining OEMs; on track to complete substantially all by year end • Outlook continues to assume <10 bps impact to 2025 Adj.

EBIT Margin from tariffs THIRD QUARTER 2025 RESULTS WEBCAST 8 Awarded Business with XPENG • Marks the first Chinese automaker to utilize Magna’s complete vehicle operations to serve European market • Magna to assemble two fully electric vehicle models; serial production SOP Q3 2025 Business Win with second China - based OEM • Program further reinforces Magna’s strong position in complete vehicle manufacturing • Serial production underway on initial program; second program launching in 2026 New Complete Vehicle Assembly Business with China - based OEMs THIRD QUARTER 2025 RESULTS WEBCAST 9 • Hybrid drive with leading China - based OEM • New 800V solution offers consumers efficiency, versatility and comfort • Comprehensive driveline book of business across all powertrain configurations (ICE, mild hybrid, high - voltage hybrid, EV) • Satisfying growing global demand for DMS technology • 2024 Automotive News PACE Award winner • Launching with multiple customers globally, volumes expected to reach several million units annually Continue to Launch New Technologies Dedicated Hybrid Drive Mirror - integrated Driver and Occupant Monitoring System

THIRD QUARTER 2025 RESULTS WEBCAST 10 Updated 2025 Outlook – Key Assumptions October 2025 August 2025 2024 Light Vehicle Production: (millions of units) 15.0 14.7 15.396 • North America 16.6 16.6 16.846 • Europe 31.5 30.8 30.534 • China Foreign Exchange Rates: 0.717 0.715 0.730 • 1 CDN dollar equals USD 1.129 1.127 1.082 • 1 EURO equals USD 0.139 0.138 0.139 • 1 RMB equals USD THIRD QUARTER 2025 RESULTS WEBCAST 11 Updated 2025 Outlook October 2025 August 2025 2024 ($Billions, unless otherwise noted) 41.1 – 42.1 40.4 – 42.0 42.836 Sales 5.4% – 5.6% 5.2% – 5.6% 5.4% Adjusted EBIT Margin % 1 105M – 130M 75M – 105M 101 Equity Income (included in Adj.

EBIT) ~215M ~210M 211 Interest Expense ~24% ~25% 22.7% Income Tax Rate 2 1.45 – 1.55 1.35 – 1.55 1,551 Adjusted Net Income Attributable to Magna 3 ~1.5 1.6 – 1.7 2.178 Capital Spending 1.0 – 1.2 0.8 – 1.0 1.058 Free Cash Flow 4 1 Adjusted EBIT Margin is the ratio of Adjusted EBIT to Sales 2 Income Tax Rate has been calculated using Adjusted EBIT less interest expense, and is based on current tax legislation 3 Adjusted Net Income Attributable to Magna represents Net Income excluding Other expense (income), net 4 Free Cash Flow (FCF) is Cash from Operations plus Proceeds from normal course Dispositions of fixed and other assets minus Fi xed Asset Additions and Increase in Investments, Other assets and Intangibles THIRD QUARTER 2025 RESULTS WEBCAST 12 • Phil Fracassa named CFO in September • Twenty years spent with The Timken Company, where he served as CFO for more than a decade • Extensive automotive and industrial sector experience, and a proven track record of driving profitable growth and shareholder value creation through disciplined capital allocation • Phil succeeds Pat McCann, who stepped down from the CFO role and is serving in an advisory capacity until his retirement in February 2026 New CFO Named Philip Fracassa, EVP & CFO

THIRD QUARTER 2025 RESULTS WEBCAST 13 Executive Vice President & Chief Financial Officer Philip Fracassa THIRD QUARTER 2025 RESULTS WEBCAST 14 Q3 2025 Performance Highlights Consolidated Sales $10.5B Weighted GoM 1 of - 5% ( - 4% excl.

Complete Vehicles) +2% Adjusted Diluted EPS $1.33 +4% Free Cash Flow 2 $572M 1 Weighted Growth over Market (GoM) compares organic sales growth (%) to vehicle production change (%) after applying Magna geo gra phic sales weighting, excluding Complete Vehicles, to regional production 2 Free Cash Flow (FCF) is Cash from Operations plus Proceeds from normal course Dispositions of fixed and other assets minus Fi xed Asset Additions and Increase in Investment in other assets Adjusted EBIT 5.9% +10 bps $613M +3% +$398M THIRD QUARTER 2025 RESULTS WEBCAST 15 Q3 2025 Financial Results Weighted Sales GoM 1 - 5% ( - 4% excl.

Complete Vehicles) Q3 2025 LV Production +3% Global +6% North America +7% Detroit - based +4% Europe +4% China +5% Magna - Weighted 1 Weighted Sales Growth over Market ( GoM ) compares organic sales growth (%) to vehicle production change (%) after applying Magna geographic sales weighting, excludi ng Complete Vehicles, to regional production 2 Includes net commercial adjustments with customers affecting sales, including price concessions Consolidated Sales ($Millions) +2% 10,280 210 110 - 138 10,462 Q3 2024 Foreign Exchange Volumes, Launches & Other Complete Vehicles excl.

FX Q3 2025 2 THIRD QUARTER 2025 RESULTS WEBCAST 16 Q3 2025 Financial Results 0.65% 0.30% 0.00% - 0.50% - 0.35% 5.8% 5.9% Q3 2024 Operational Equity Income Volumes & Other Discrete Items Tariffs Q3 2025 $613 $594 Adjusted EBIT & Margin ($Millions and %) Note: bps changes are approximate 1 Operational • Operational excellence activities driving productivity and efficiency improvements (+) • Higher net input costs, particularly labour ( - ) • Higher new facility costs ( - ) Equity Income • Higher earnings due to higher sales and favourable product mix (+) • Higher net favourable commercial items (+) • Productivity and efficiency improvements (+) • Lower launch costs (+) (all with respect to certain equity - accounted entities) Volumes & Other • Increased earnings on higher sales (+) • Higher net transactional foreign exchange gains (+) • Higher employee profit sharing, stock - based compensation and incentive compensation ( - ) Discrete Items 1 • Lower net favourable commercial items ( - ) Tariffs • Costs incurred, not yet recovered from customers ( - ) 1 Includes items from both Q3 2025 and Q3 2024. Represents the net change year over year.

THIRD QUARTER 2025 RESULTS WEBCAST 17 Q3 2025 Financial Results Change Q3 2025 Q3 2024 ($Millions, unless otherwise noted) 182 10,462 10,280 Sales 19 613 594 Adjusted EBIT (11) 65 54 Interest Expense 8 548 540 Adjusted Pre - Tax Income 2 (145) (147) Adjusted Income Taxes (4) (28) (24) Income Attributable to Non - Controlling Interests 6 375 369 Adjusted Net Income Attributable to Magna (5.5) 281.8 287.3 Diluted Shares Outstanding (millions of shares) 0.05 1.33 1.28 Adjusted Diluted EPS ($) 27.2% 26.5% 5.8% 5.9% THIRD QUARTER 2025 RESULTS WEBCAST 18 Q3 2025 Segment Performance Q3 2024 Q3 2025 Seating Power & Vision Complete Vehicles Body Exteriors & Structures $4,038 $4,147 $0,000 $0,500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $273 $305 6.8% 7.4% 0.0 0.0 0.1 0.1 0.2 $0 $50 $100 $150 $200 $250 $300 $350 $400 Sales +3% EBIT & Margin +12% $1,379 $1,520 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $51 $62 3.7% 4.1% 0.0 0.0 0.1 0.1 0.2 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 Sales +10% EBIT & Margin +22% $3,837 $3,854 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $279 $236 7.3% 6.1% 0.0 0.0 0.1 0.1 0.2 $0 $50 $100 $150 $200 $250 $300 $350 $400 Sales 0% EBIT & Margin - 15% $1,159 $1,085 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $27 $29 2.3% 2.7% 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 $50 Sales - 6% EBIT & Margin +7% +60 bps +40 bps - 120 bps +40 bps $Millions THIRD QUARTER 2025 RESULTS WEBCAST 19 Q3 2025 Cash Flow and Investment Activities Free Cash Flow 1 ($Millions) 174 572 0 100 200 300 400 500 600 700 Q3'24 Q3'25 1 Free Cash Flow (FCF) is Cash from Operations plus Proceeds from normal course Dispositions of fixed and other assets minus Fixed Asset Additions and Increase in Investment in other assets Key Sources (Uses) of Cash (583) (47) Net Repayment of Debt (136) (138) Dividends paid Q3 2025 Q3 2024 ($Millions) 787 785 Cash from Operations Before Changes in Operating Assets & Liabilities 125 (58) Changes in Operating Assets & Liabilities 912 727 Cash from Operations (267) (476) Fixed Asset Additions (100) (115) Increase in Investments, Other Assets and Intangible Assets 27 38 Proceeds from Dispositions (340) (553) Investment Activities 572 174 Free Cash Flow 1

THIRD QUARTER 2025 RESULTS WEBCAST 20 Maintaining Strong Balance Sheet Leverage Ratio (LTM, 30SEP25) ($millions) 7,605 Adjusted Debt 4,053 Adjusted EBITDA 1.88x Adjusted Debt / Adjusted EBITDA Total Liquidity (30SEP25) ($millions) 1,327 Cash 3,417 Available Term & Operating Lines of Credit 4,744 Total Liquidity Investment - grade ratings from Moody's, S&P, DBRS • Strong liquidity position at quarter end; provides financial flexibility • Repaid $650M of near - term maturing Senior Notes in Q3 • Maturities now extended; no Senior Note maturities until 2027 • Board Approved new NCIB, effective until November 2026 Expect Leverage Below 1.7x at Year End THIRD QUARTER 2025 RESULTS WEBCAST 21 In Summary: Magna’s Performance and Outlook Strong Q3 financial performance • Better year over year and ahead of our expectations Increasing Outlook • Higher sales range • Raising low end of Adj.

EBIT margin range • Increasing Adj. net income attributable to Magna Maintain focus on free cash flow generation and capital discipline • Additional capital spending reductions • Raising free cash flow outlook • Expect leverage ratio to be below 1.7x by end of 2025 Ongoing activities mitigate the impact of tariffs • Settled with additional OEMs for recovery of 2025 net tariff exposures • Negotiations ongoing with remaining OEMs; on track to complete substantially all by year end • Outlook continues to assume <10 bps impact to 2025 Adj. EBIT Margin from tariffs • Continue work with customers and suppliers on longer - term mitigation plans THIRD QUARTER 2025 RESULTS WEBCAST 22 Q&A

THIRD QUARTER 2025 RESULTS WEBCAST 23

THIRD QUARTER 2025 RESULTS WEBCAST 24 Appendix THIRD QUARTER 2025 RESULTS WEBCAST 25 Q3 2025 Reconciliation of Reported Results Adjusted (2) (1) Reported Excluding: (1) Other Expense (Income), Net and (2) Amortization of Acquired Intangible Assets $Millions, except for share figures $ 548 $ 27 $ 48 $ 473 Income Before Income Taxes 5.2% 4.5% % of Sales $ 145 $ 5 $ - $ 140 Income Tax Expense 26.5% 29.6% % of Pretax $ (28) $ - $ - $ (28) Income Attributable to Non - Controlling Interests $ 375 $ 22 $ 48 $ 305 Adjusted Net Income Attributable to Magna 1 $ 1.33 $ 0.08 $ 0.17 $ 1.08 Adjusted Diluted Earnings Per Share 1 Adjusted Net Income Attributable to Magna represents Net Income excluding Other expense (income), net and Amortization of Acquired Int ang ible Assets THIRD QUARTER 2025 RESULTS WEBCAST 26 Q3 2024 Reconciliation of Reported Results Adjusted (2) (1) Reported Excluding: (1) Other Expense (Income), Net and (2) Amortization of Acquired Intangible Assets $Millions, except for share figures $ 540 $ 28 $ (188) $ 700 Income Before Income Taxes 5.3% 6.8% % of Sales $ 147 $ 6 $ (51) $ 192 Income Tax Expense 27.2% 27.4% % of Pretax $ (24) $ - $ - $ (24) Income Attributable to Non - Controlling Interests $ 369 $ 22 $ (137) $ 484 Adjusted Net Income Attributable to Magna 1 $ 1.28 $ 0.08 $ (0.48) $ 1.68 Adjusted Diluted Earnings Per Share 1 Adjusted Net Income Attributable to Magna represents Net Income excluding Other expense (income), net and Amortization of Acquired Int ang ible Assets

THIRD QUARTER 2025 RESULTS WEBCAST 27 Q3 2025 vs Q3 2024 Sales Performance vs Market Performance vs Weighted Global Production (Weighted GoM ) Organic 1 Reported (3%) 2% 3% Body Exteriors & Structures (7%) (2%) 0% Power & Vision 4% 9% 10% Seating Systems (17%) (12%) (6%) Complete Vehicles (5%) 0% 2% TOTAL SALES 3% Unweighted Production Growth 5% Weighted Production Growth 2 1 Organic Sales represents sales excluding acquisitions net of divestitures and FX movements 2 Calculated by applying Magna geographic sales weighting, excluding Complete Vehicles, to regional production THIRD QUARTER 2025 RESULTS WEBCAST 28 Q3 2025 vs Q3 2024 Segment Impact on Adjusted EBIT % of Sales Adjusted EBIT as a Percentage of Sales Adjusted EBIT Sales ($Millions) 5.8% $ 594 $ 10,280 3 rd Quarter of 2024 Increase (Decrease) Related to: 0.2% $ 32 $ 109 Body Exteriors & Structures (0.4%) $ (43) $ 17 Power & Vision 0.0% $ 11 $ 141 Seating Systems 0.1% $ 2 $ (74) Complete Vehicles 0.2% $ 17 $ (11) Corporate and Other 5.9% $ 613 $ 10,462 3 rd Quarter of 2025

THIRD QUARTER 2025 RESULTS WEBCAST 29 Q3 2025 vs Q3 2024 Geographic Sales Q3 2024 Q3 2025 Asia Asia Production 3% China Production 4% $1.57B $1.40B $0.00B $0.20B $0.40B $0.60B $0.80B $1.00B $1.20B $1.40B $1.60B $1.80B $2.00B $5.02B $5.30B $0.00B $1.00B $2.00B $3.00B $4.00B $5.00B $6.00B North America Production 6% $3.76B $3.82B $0.00B $0.50B $1.00B $1.50B $2.00B $2.50B $3.00B $3.50B $4.00B $4.50B Europe Production 4% $145M $157M $0M $20M $40M $60M $80M $100M $120M $140M $160M $180M ROW Production 4% South America Production 6% Rest of World THIRD QUARTER 2025 RESULTS WEBCAST 30 2025 Segment Adjusted EBIT Margin 2024 August 2025 Outlook October 2025 Outlook Seating Body Exteriors & Structures Power & Vision Complete Vehicles 7.5% 7.1 - 7.7% 5.3% 5.0 - 5.6% 3.8% 2.4 - 3.0% 2.5% 2.0 - 2.6% 7.4 - 7.7% 2.8 - 3.1% 5.0 - 5.3% 2.8 - 3.1%

THIRD QUARTER 2025 RESULTS WEBCAST 31 Leverage Ratio Q3 2025 ($Millions) $7,478 Debt and Operating Lease Liabilities per Balance Sheet 127 Est. Credit Rating Agency Adjustments $7,605 Adjusted Debt $3,761 LTM EBITDA 292 Est. Credit Rating Agency Adjustments $4,053 Adjusted EBITDA 1.88x Adjusted Debt / Adjusted EBITDA Ratio THIRD QUARTER 2025 RESULTS WEBCAST 32

EX-99.3 4 tm2526125d2_ex99-3.htm EXHIBIT 99.3

Exhibit 99.3

TRANSCRIPT

10 – 31 - 2025

Magna International Inc.

Q3 2025 Results

TOTAL PAGES: 24

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Magna International Inc.

Q3 2025 Results – 31OCT25

DISCLAIMER:

This transcript is derived from a recording of the webcast. While efforts have been made to transcribe accurately, the following transcription may still contain inaccuracies, errors, or omissions. Readers are advised to refer to the webcast itself together with additional information about Magna, including in our Annual Information Form filed with securities commissions in Canada, our annual report on Form 40-F with the United States Securities and Exchange Commission, and subsequent filings, 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.

CORPORATE SPEAKERS:

Louis Tonelli

Magna International, Inc.; Vice President of Investor Relations

Seetarama Kotagiri

Magna International, Inc.; Chief Executive Officer

Philip Fracassa

Magna International, Inc.; Chief Financial Officer

PARTICIPANTS:

Etienne Ricard

BMO Capital Markets; Analyst

Dan Levy

Barclays; Analyst

James Picariello

BNP Paribas; Analyst

Joseph Spak

UBS; Analyst

Gautam Narayan

RBC Capital Markets; Analyst

Emmanuel Rosner

Wolfe Research; Analyst

Colin Langan

Wells Fargo; Analyst

Mark Delaney

Goldman Sachs; Analyst

Jonathan Goldman

Scotiabank; Analyst

Michael Glen

Raymond James; Analyst

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Magna International Inc.

Q3 2025 Results – 31OCT25

PRESENTATION:

Operator^ Good morning, ladies and gentlemen. Thank you for standing by. (Operator Instructions) At this time, I would like to welcome everyone to the Magna International Third Quarter 2025 Results Webcast. (Operator Instructions)

I would now like to turn the call over to Louis Tonelli, Vice President of Investor Relations. Please go ahead.

Louis Tonelli^ Thanks, Operator. Hello, everyone. Welcome to our conference call covering our third quarter 2025 results. Joining me today are Swamy Kotagiri and Phil Fracassa, our CFO. Yesterday our Board of Directors met and approved our financial results for the third quarter of 2025 and our updated Outlook.

We issued a press release this morning outlining our results. You'll find the press release, today's conference call webcast, the slide presentation to go along with the call and our updated quarterly financial review all in the Investor Relations section of our website at magna.com.

Before we get started, just as a reminder, the discussion today may contain forward-looking information or forward-looking statements within the meaning of applicable securities legislation. Such statements involve certain risks, assumptions and uncertainties which may cause the company's actual or future results and performance to be materially different from those expressed or implied in these statements. Please refer to today's press release for a complete description of our safe harbor disclaimer.

Please also refer to the reminder slides included in our presentation that relate to our commentary today.

With that, I'll pass it over to Swamy.

Seetarama Kotagiri^ Thank you, Louis. Good morning, everyone. I appreciate you joining our call today. Let's get started. I'm pleased to share a few key highlights from our strong third quarter. Our financial performance reflects continued solid execution across the business and meaningful progress on our performance improvement initiatives. Quarterly results exceeded expectations and showed year-over-year improvements. Sales grew 2%. Adjusted EBIT increased 3%, Adjusted EBIT margin expanded by 10 basis points despite a 35 basis point headwind from unrecovered tariffs. Adjusted diluted EPS rose 4% and driven by stronger earnings and a lower share count. Free cash flow improved by nearly $400 million.

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Q3 2025 Results – 31OCT25

Looking ahead, we are raising our full year Outlook including higher Sales supported by improved light vehicle production and continued launch execution. An increase in the low end and midpoint of our Adjusted EBIT margin range reflecting strong pull-through on higher Sales and benefits from cost savings initiatives. Higher Adjusted Net Income, primarily driven by increased Adjusted EBIT and a lower effective tax rate.

We remain focused on generating robust free cash flow and maintaining a disciplined approach to capital allocation. You can see this in our reduced capital spending outlook, now approximately $1.5 billion or 3.6% of sales, below our prior range and well below our initial outlook of $1.8 billion. With higher earnings and lower capital spend, we have increased our full year free cash flow outlook by $200 million. This positions us to reduce our leverage ratio to below 1.7 by year-end.

We also continue working with customers to mitigate tariff impacts. During the quarter, we reached agreements with additional OEMs for recovery of 2025 net tariff exposures. Negotiations with remaining customers are ongoing, and we expect to substantially complete this by year-end. Our Outlook assumes less than a 10 basis point impact to 2025 Adjusted EBIT margin from tariffs.

Overall, these results reinforce our confidence in the strategy and our ability to deliver sustainable value for shareholders. I would like to take a moment to highlight some recent business awards and technology program launches. First, we were awarded complete vehicle assembly business with a Chinese-based OEM, XPENG. This is a significant milestone, it marks the first time a Chinese automaker has chosen Magna's complete vehicle operations in Austria to serve the European market.

Serial production began this past quarter on two electric vehicle models for this customer. In addition, we launched production in the third quarter on a vehicle program for a second China-based OEM with another program for that customer scheduled to start next year. These wins reinforce Magna's strong position in vehicle manufacturing and demonstrate the value of our flexible state-of-the-art production process, which enable fast-to-market, high-quality vehicles for the European market.

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As we have for decades, we continue to launch innovative technologies that support our customers. This past quarter, we began launching a dedicated hybrid drive with a leading China-based OEM. Our 800-volt solution delivers a winning combination of efficiency, versatility and comfort for consumers. Our driveline portfolio spans all powertrain configurations from ICE and mild hybrids to high-voltage hybrids and full battery electric vehicles. This success underscores the strength of our building block strategy in powertrain. And in advanced safety, our mirror integrated driver and occupant monitoring system is meeting growing global demand for DMS technologies. As you may recall this product earned a 2024 Automotive News PACE Award for its innovation and safety impact. We are launching this system with multiple customers worldwide and volumes are expected to reach several million units annually.

Next, let me cover our improved Outlook. While the current environment makes forecasting more challenging than usual, we remain focused on what we can control and continue to adapt to evolving conditions. Compared to our previous Outlook, we have increased our North American production forecast to 15 million units, up about 300,000 units. Roughly two-thirds of this increase reflects expected outperformance in the second half with the remainder tied to adjustments to first half estimates.

We are holding Europe production relatively unchanged. For China, we have raised our estimate to 31.5 million units. About half of this increase reflects second half outperformance and the other half relates to adjustments to first half estimates. We have also updated our foreign exchange assumptions to reflect recent rates, now expecting a slightly stronger euro, Canadian dollar and Chinese RMB for 2025 compared to our prior Outlook. We have increased our sales estimate range largely as a result of the expected higher light vehicle production, particularly in North America. We also raised the low end and midpoint of our Adjusted EBIT margin range and now expect margins between 5.4% and 5.6%, reflecting our solid Q3 results supported by continued execution in the fourth quarter.

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Looking sequentially, we expect fourth quarter margins to improve from the third quarter, driven primarily by commercial and net tariff recoveries from customers. And as of today we are on track to achieve those. We updated our interest outlook due to some expense booked in the third quarter related to a discrete prior year tax settlement. We lowered our assumptions for taxes to approximately 24% from 25%, mainly due to better utilization of tax attributes and a favorable change in Equity Income.

Factoring all that in, we increased Adjusted Net Income to a range of $1.45 billion to $1.55 billion, largely reflecting increases in Adjusted EBIT and the lower effective tax rate. We are reducing our capital spending outlook to approximately $1.5 billion, reflecting our continued efforts to optimize investment without compromising growth. As a result of higher earnings and lower capital spending, we have raised our Free Cash Flow range by about $200 million to $1.0 billion to $1.2 billion representing more than 70% of Adjusted Net Income at the midpoint.

To summarize, we remain confident in our fourth quarter Outlook supported by strong year-to-date execution and ongoing operational discipline despite industry challenges. We are on track to deliver the full year Outlook we shared in February - a testament to the resilience of our business and the capability of our global team.

Before I turn the call over, I would like to welcome Phil Fracassa, who joined Magna as our new CFO in September. He brings extensive public company CFO, automotive and industrial sector experience as well as a proven track record of driving profitable growth and shareholder value creation through disciplined capital allocation. Phil succeeds Pat McCann, who stepped down from the CFO role and is serving in an advisory capacity until his retirement in February 2026. I would like to thank Pat for his many contributions to Magna over his distinguished 26-year career.

With that, I'll pass the call over to Phil.

Philip Fracassa^ Thanks, Swamy. And good morning, everyone. I'm pleased to be with you today. Magna is a company that I've admired for a long time - for its history of innovation, unmatched capabilities and deep relationships with customers. In my initial time here, I've seen our guiding principles in action and I'm energized by the ownership mentality that our entire team brings to all that we do. We operate in a sector of the economy where the only constant these days is change, but this creates opportunities and Magna is well positioned to capitalize on them. So I'm excited to partner with Swamy and the team as we work to drive durable shareholder value.

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Now on to our results. As Swamy indicated, we delivered a strong third quarter, up year-over-year and ahead of our expectations, almost across the board. Comparing our third quarter to the same period last year, Consolidated Sales were $10.5 billion, up 2%. This compares to a 3% increase in global light vehicle production. Adjusted EBIT was up 3% to $613 million. Our margin was 5.9%, up 10 basis points from last year, and that's despite the continued headwind from tariffs. Adjusted EPS came in at $1.33, up 4% and free cash flow in the quarter was $572 million, up $398 million from last year and well ahead of our expectations.

Now I'll take you through some of the details. Let's start with Sales. Looking at the market, North American, European and Chinese light vehicle production were all higher in the quarter, and overall global production increased 3% compared to the third quarter of last year. On a sales-weighted basis for Magna, light vehicle production increased an estimated 5%. Our third quarter sales were up 2% from last year.

Excluding currency, organic sales were up modestly, but lagged the market in the quarter as we had expected. The increase in our total Sales largely reflects: the launch of new programs, including VW’s Skoda Elroq, the Ford Expedition, Lincoln Navigator and Cadillac Vistiq; the favorable impact of foreign currency translation; and higher global light vehicle production. These were partially offset by: lower production on certain programs, including end of production on the Chevy Malibu; the expected decline in complete vehicle assembly volumes, including end of production on the Jaguar E and I-PACE in Austria; and normal course customer price concessions.

Moving next to EBIT. Third quarter Adjusted EBIT was $613 million, which was up $19 million or 3% from last year. Adjusted EBIT margin was 5.9%, up 10 basis points. In the quarter, our EBIT margin was impacted positively by: 65 basis points from net operational performance improvements - this reflects strong execution on our operational excellence and other cost savings initiatives, partially offset by higher labor and other input costs as well as new facility costs; and 30 basis points related to higher Equity Income, as several of our equity method JVs including China JVs delivered strong performance in the quarter with higher sales and favorable mix, net favorable commercial items and other productivity and cost improvements. These were partially offset by negative 50 basis points from discrete items. This is comprised mainly of lower net favorable commercial items compared to last year and 35 basis points for tariff costs incurred but not yet recover. This is mainly timing as we continue to pursue recovery from our customers, and we remain on track for tariffs to be only a modest headwind to margins for the full year - less than 10 basis points - as we said before. Note that volume and other items were essentially flat in the quarter as earnings on higher Sales and foreign currency gains were substantially offset by the impact of higher compensation expense.

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Looking below the EBIT line, Interest was $11 million higher than last year, due mainly to some discrete interest expense in the quarter for the settlement of a prior year tax audit. Our third quarter adjusted tax rate was 26.5%, lower than last year, primarily due to the favorable year-over-year impact of currency adjustments recognized for U.S. GAAP. This was partially offset by an unfavorable change in our jurisdictional mix of earnings, increases in our reserves for uncertain tax positions and a slight decrease in tax benefits related to R&D.

Net Income was $375 million - $6 million or about 2% higher than last year, mainly reflecting the higher EBIT, partially offset by the higher Interest Expense. Third quarter Adjusted Earnings Per Share was $1.33, up 4% from last year, reflecting the higher Net Income as well as 2% fewer diluted shares outstanding resulting from share buybacks over the past 12 months.

Let's take a brief look at our segment performance for the quarter, which you can see summarized on this slide. Three of our four operating segments posted increased Sales year-over-year with a notable 10% increase in Seating. The exception was Complete Vehicles, which was down 6% - this was largely expected and reflects the end of production of the Jaguar E and I-PACE at the end of 2024. But as Swamy mentioned earlier, we're excited about our recent new business wins with China-based OEMs, which is a new growth market for our complete vehicle business.

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Three of our four segments also posted improved Adjusted EBIT margin year-over-year with notable margin expansion and strong incremental margins in Body Exteriors and Structures. The exception was Power & Vision, where margins were down on a tough comp last year. In the quarter, P&V was impacted by lower sales on a local currency basis, lower net favorable commercial items and higher tariff costs as P&V has relatively more exposure to tariffs than other Magna segments.

These were partially offset by continued productivity and efficiency improvements, higher Equity Income and lower launch costs. Despite being down year-on-year, P&V margins were slightly ahead of our expectations for the quarter, and we have held the low end of our EBIT margin range and our updated outlook for P&V. Our Power & Vision segment has differentiated technologies and a strong market position, and we're confident in the long-term margin outlook for this segment.

Turning to a review of our cash flow. In the third quarter, we generated $787 million in Cash from Operations, before changes in working capital, along with $125 million from favorable working capital movements. Investment activities in the quarter included $267 million for Fixed Assets and a $100 million increase in Investments, Other Assets and Intangibles.

Overall, we generated free cash flow of $572 million in the third quarter, higher than we were forecasting and $398 million better than the same period a year ago. The increase was driven mainly by lower capital spending and favorable working capital performance, and we continue to return capital to shareholders, paying dividends of $136 million in the quarter.

Our balance sheet and capital structure remained strong with low single A investment-grade ratings from the major credit rating agencies. At the end of September, we had $4.7 billion in total liquidity including $1.3 billion of cash on hand, which provides ongoing financial flexibility. During the quarter, we repaid $650 million of near-term maturing senior notes. Our refinancing is now complete, and we have no senior note maturities until 2027. Currently, our adjusted debt-to-EBITDA ratio is at 1.88x, a little better than we anticipated coming into the quarter. We have been executing well on de-levering throughout 2025. And as Swamy said earlier, we expect to end the year below 1.7x.

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And lastly, subject to the approval by the Toronto Stock Exchange, our Board yesterday approved a new normal course issuer bid, or NCIB, authorizing the company to repurchase up to 10% of our public float or around 25 million shares. We expect the NCIB to be effective in early November and remain in effect for a period of one year. Since the initiation of the NCIB approved last year, Magna has repurchased 5.8 million shares or roughly 2% of shares outstanding. This allowed us to return $253 million in cash to shareholders while still reducing leverage and navigating a challenging environment. Our new NCIB reinforces our commitment to share buybacks as a key component of our disciplined capital allocation strategy as we look ahead to 2026.

So in summary, we delivered strong financial performance in the third quarter, which exceeded our expectations and showed both top and bottom line improvements versus last year despite the unfavorable impact of tariffs and commercial items in the quarter. We're benefiting from operational excellence initiatives across the company, and we expect these efforts to drive further margin upside over time. We've also increased our Outlook to reflect our third quarter performance and expectations for a solid finish to the year.

We're planning for higher Sales, supported by an increased and expected light vehicle production, particularly in North America, and that's net of the expected fourth quarter impact of potential supply chain disruption. We've raised the low end and midpoint of our Adjusted EBIT margin range, and we increased our outlook for Adjusted Net Income, largely due to the higher expected EBIT.

We'll continue to focus on free cash flow generation and capital discipline as evidenced by a further reduction in our capital spending outlook. As a result of this and expected higher earnings, we have raised our 2025 free cash flow outlook by about $200 million. And lastly, we continue to mitigate the impact of tariffs. We settled with additional OEMs in the third quarter and we're on track to complete substantially all remaining customer negotiations by year-end.

Let me close where I started and reiterate how thrilled I am to be part of the talented and dedicated Magna team. This past quarter was a testament to the resilience of our business and the effectiveness of our strategy, and we're excited about the opportunities that lie ahead.

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With that, we'd be happy to take your questions. Operator?

QUESTIONS:

Operator^ (Operator Instructions) Your first question comes from the line of Etienne Ricard of BMO Capital Markets.

Etienne Ricard^ Thank you. And good morning. As we think about 2026, can you remind us what improvements to operating margins we should see from efficiency gains and across which segments do you still have lots of potential to expand margins?

Seetarama Kotagiri^ Good morning, Etienne. I think the best way to look at this is a little bit going back into the previous calls, where we talked about margin improvement from '23-'24 we said we were going to do about 115 basis points, which was done. We talked about an additional 75 basis points split between '25 and '26. I can say the '25 we are well on our way and on track. We have good visibility for the 35-40 basis points going into '26. So if you look at the 5.5% Which is the midpoint of the range we are talking about finishing '25 and at the operational improvements of the 35 to 40 basis points it should give you a good foundation of how we are going into '26.

On top of that, there are some programs which we have talked about, which are coming in like launching now into '26 with new economics, compared to what we had from the inflation-impacted timeframe of '23 to '25. So taking all of that in, if you assume volumes to be flattish going from '25 to '26, we see the margins building on top of the exit of the 5.5% in '25. The second part of the question, I think it's a little bit difficult to talk segment by segment. But I can tell you the operational activities are across the company, and that's what is giving us traction, and we are very optimistic about it.

Etienne Ricard^ Okay. I appreciate the details. I also want to cover the lower pace of capital expenditures. So this is good for free cash flow over the near term, but could you please remind us why this is not expected to materially affect growth prospects in future years?

Seetarama Kotagiri^ So Etienne, I think we have always said our long-term average ratio -- CapEx to Sales ratio is, I would say the low to mid 4s. If you have looked at the CapEx spend in the past years going into '22, '23, '24, we had a higher CapEx spend cycle, and that depends very much on the cycle that the OEMs go through in giving out programs, right? And we went through a big cycle of EV releases at that point in time.

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Now with that investment behind us, we have been constantly talking about looking at different -- as part of our continuous improvement in operational activities, looking at efficiencies, looking at consolidations and closing of facilities, looking at optimizing footprint. All of that has given us the opportunity to optimize. But I can very clearly tell you that the team is very focused on not curtailing CapEx at the expense of growth. We are very much focused on organic growth with right profitability.

Operator^ Your next question comes from the line of Dan Levy of Barclays.

Dan Levy^ First, maybe you could just talk through what you've embedded in your guidance and what you're seeing as it relates to some of these production disruptions out in the market between Ford, Novelis, JLR and Nexperia, just what's the impact to you? And what's embedded in the guidance and how you're planning around those.

Seetarama Kotagiri^ Dan, I think the Novelis and the Nexperia situation are still a little bit fluid, but we have taken into account based on the releases that we have and there is visibility. Obviously there is more color as we have conversations with the customers. We have taken all of that in the Q4. But there is a little bit of indirect impact, right, because this situation is impacting OEMs and other suppliers. So if that has an impact on the overall production, obviously that could have an indirect impact. But we have taken to the best of our knowledge, the information that's been provided already in the Outlook that we have given.

Philip Fracassa^ Yes. Dan, if I could maybe just add, this is Phil. So the 15 million unit assumption that we have in for the full year for North America would reflect our estimate of lost production. So if you compare that number to maybe some of the external forecasts, it is a little bit lower, and that's where we would have embedded our assumption.

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Dan Levy^ Okay. And Nexperia, and I know it's a wide range of potential outcomes, but we are a month in and you do have a large electronics business. What's the -- is there any sort of range of outcomes that you might be gauging within the results?

Seetarama Kotagiri^ Yes. I think it impacts largely the Electronics group, but it's not only for the Electronics group. You can imagine there is associated systems in Powertrain and other parts of Magna. We have a task force activity that's obviously very active in looking at the supply chain analysis. There are no dates. We have identified and released alternative parts, obviously in conversation with the customers. We're tracking the EMS suppliers. Wherever possible, purchase through brokers.

So there's a very constant communication with customers and suppliers. I don't know if we can get into every segment by segment, but I can say we have taken the impact to the extent we have seen, again just not from the outside forecasters, but also program-by-program customer discussions.

Dan Levy^ Okay. Got it. Then maybe as a follow-up, if you could just walk through the large implied step-up into margins in the fourth quarter that are within your guide? I mean pretty much all of the segments have a large step-up in margins. Perhaps you could just talk to the underlying strength in those?

Seetarama Kotagiri^ So a couple of points, Dan. I think as we look through, obviously one is the traction of the operational activities that we've been talking about. The second part is we have mentioned the second half of the year being heavy in tariff and commercial recoveries. Obviously it's heavy ended into the fourth quarter. But we have substantially negotiated with the customers. There is some ongoing discussions, but we feel pretty good with the frameworks that are in place, and we believe the roughly 10 basis points impact due to tariff for the year. I think we feel comfortable at this point in time. I would say those are the key points. If you remember last time we talked about, I don't know 35 basis points of the full year EBIT coming in fourth quarter. That was very relevant, and we are trying to give cadence going from Q3 to Q4. It's been a little bit of a stronger Q3. Now if you look at the math of the midpoint of the Sales and the midpoint of the EBIT. I would still say we are in the low 30s as a percent of EBIT for the full year. So all in all, it's on track and looking good.

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Operator^ Your next question comes from the line of James Picariello of BNP Paribas.

James Picariello^ I wanted to first ask about the latest Ford recalls that happened over the last few months, regarding a rear facing -- the rear-facing camera, which I believe is Magna's. And correct me on the number, but it's well north of 1 million vehicles, I think. I'm just curious what -- how that maybe translates or not to future warranty spend for you guys? Yes. That's my first question.

Seetarama Kotagiri^ We'll disclose the warranty expenses in our quarterly and annual reports, as you know. We are working constructively with our customers to reach a resolution. For the more recent announcement, James, I would say the information is still coming through - need a little bit better understanding of the scope of the issue. As you can imagine, there is complexities in the system with various interfaces. We have to assess the overall. It's a little bit early from that standpoint. And as we gain more information, we will definitely be in a better position to come back and give you more granularity.

James Picariello^ Got it. Understood. Then my follow-up, just can you speak to the new nameplates that are at Magna Steyr and what that could translate to in terms of future volumes, run rate production? Then just latest thoughts on capital allocation with respect to share buybacks?

Seetarama Kotagiri^ Yes, James, again. I think one of the key things is the flexibility that we have in our Magna Steyr facility to be able to do multiple propulsion systems or multiple models to the same line. So I don't think you'll see a significant -- given the capability and the way it is set up and the business model that we have working with the customers there -- we don't expect to see an uptick in capital because of those programs in Steyr.

Now with respect to the programs, as I mentioned in my remarks, XPENG, we are doing SKD of two models. And there is another Chinese OEM we are working with, which is due to launch a third model in there. So all in all, we are excited about that. If you remember, we have capacity of roughly 150,000 units, I would say. But if you look averaged out over years -- long period of time I would say we do well with about 100,000 to 120,000 units. Typically, that's what has been average. So we are continuing to work launching these programs, but there is additional discussions ongoing to further optimize the facility there.

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Philip Fracassa^ Yes. And maybe to the point on share buybacks. So obviously share buybacks remain an essential part of our capital allocation strategy at the company. As you know we've kind of paused this year just given all of the uncertainty that was that's been out there. We've shifted and focused instead on de-levering, and that's gone very well. It's actually trending ahead of schedule. We did announce, as you saw the new NCIB, which would allow the company to purchase up to 10% of our shares over the next 12 months. So I think that the leverage coming down quicker than we anticipated, the strong free cash flow, which we expect to continue, I think sets us up really well to lean into buybacks as we're looking ahead to 2026. I think that will continue to factor in.

Operator^ Your next question comes from the line of Joe Spak of UBS.

Joseph Spak^ Just I was wondering if you could help me a little bit here. Like if I track the impact all year long on tariffs and your comment of less than 10 basis points impact for the year. It seems like you're counting on, I don't know at least $40 million, maybe a little bit more recoveries in the fourth quarter. Is that math right? I know you said that was one of the drivers of the margin inflection in the fourth quarter. I just want to make sure we're properly calibrated there. Then I know you said you're making progress on negotiations, but is there any risk, do you think to receiving them given some of the distractions at the customers?

Seetarama Kotagiri^ I think if you look at the overall in our last calls, we mentioned roughly an annualized impact of about $200 million. But as you know the tariff situation started, Louis, I would say April, March, April timeframe. So you can take the $200 million annualized and get the number for the year. I think in the fourth quarter, there's more than $40 million, I would say. But there is frameworks in place, Joe, which gives me the comfort to say we are working through.

The framework is there discussions have been collaborative, which gives me comfort. Is there a risk? Obviously there could be just as you know in this industry. But looking at the past history, looking at the status of where we are today I feel comfortable. And as we talk about 10 basis points, right, which is roughly in the $30 million range that we believe would be the tariff impact for 2025 that's unrecovered or unmitigated

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Joseph Spak^ That's helpful. Then I know you're going to be pretty limited today in sort of talking about next year. But just again so we think about this now it does seem right, like maybe you have this positive in the fourth quarter, you're fairly neutral for the year. So if we think about maybe for '26 is -- are things -- are recoveries and headwinds sort of better aligned, so the margin variation quarter-to-quarter related to this should be much reduced so we don't have this like big one half-two half inflection like you did in '25. Is that a good baseline to think about for next year, that it's a little bit more balanced.

Seetarama Kotagiri^ I think definitely the focus, Joe. But tariffs was a new thing this year, as you know and we had to come up with the framework. I would say there is good groundwork and framework in place. This being the first year and as we are coming towards the end, that should help going into 2026, if we have to deal with it. I think there is still going to be some amount of cadence topics going from one quarter to the other, just based on continuous improvements, the programs finishing and the new programs coming and so on and so forth. But we are in the process of the business planning now. I think by the time we come to February, we'll get a much better picture to at least give you somewhat of a sense of if there is more lumpiness or is it getting back to normalcy.

Operator^ Your next question comes from the line of Tom Narayan of RBC Capital Markets.

Gautam Narayan^ Best wishes to Pat. My first question is on the Seating margins just guided for Q4. I know a lot of the segments are seeing this, but it's especially magnified in Seating, it seems. I know this segment was -- we had some challenges in the past due to just some program-specific things. Just curious if you could help us understand how much of the sequential improvement is coming from the tariff and commercial recoveries? Then how much is just underlying kind of business improvement? I know you also called out engineering coming down. I'm not sure if that impacts Q4 as well. But just curious on your thoughts on Seating in Q4 and how we should think about that going forward.

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Philip Fracassa^ Yes. Maybe I'll start Tom. So on Seating, obviously a really strong third quarter with revenue up and good margin performance. But to your question, the margin improvement Q3 to Q4, the big contributors would be recoveries for tariffs because Seating does have pretty large tariff exposure. So there are the recoveries we've got to get. But there's also continued operational excellence initiatives there, too. But if we had to point to the primary drivers of the margin because we do expect the implied guidance would say volumes would be down a little bit year-on-year and even down a little bit sequentially. So we've got the volume headwind in there, too, but overcoming it with the recoveries, commercial, tariffs, and also continued focus on operational excellence

Louis Tonelli^ And there's a little bit of engineering that's come down. It should be a bit of a tailwind for us.

Seetarama Kotagiri^ That's for the fourth quarter in general. I think Tom, just maybe stepping back, I want to say Seating is a good business. In our past couple of years, there was pressure on margins due to program-specific issues like end of production of Ford Edge, there was a cancellation of BEV Explorer and Chevy Equinox moved from Ontario. And as you mentioned rightly, I've been talking about a European OEM program in North America which had issues, and that's going to be behind us. The newer version with the right, call it, financial metrics, launches in '26 into '27, and you'll see that additional impact going forward in '27. So I would say structurally, it's a really good business. It's got a strong position in China with China-based OEMs. So all in all, the team has done -- the Seating team has done a great job taking costs out as part of the operational excellence. So I think we'll continue to see the margin improve going forward.

Gautam Narayan^ Great. My follow-up has to do with the Steyr and the Chinese OEM wins. Does this create like a flywheel to sell other Magna products from other segments? Then just curious if there were any kind of frictions from your European OEM customers, legacy ones, given the encroachment of Chinese OEMs into Europe is a very hot topic. I know some of the OEMs there are kind of concerned about it.

Seetarama Kotagiri^ I think Tom, we would like to look at each of the business that needs to stand on itself, right? Obviously if there are opportunities for other parts, other systems of Magna to be there, yes, but we are not going to make one dependent on the other, right? So it's standing on its own merit, that's how we're going to look at it. Obviously there could be opportunities, but we have to look at it. To be honest, no, we have not seen any discussions with other OEMs. This is part of a business for Magna, and we have worked with various OEMs in the past, right, as you know. Then we are following the same business model, same principles. So we have not heard anything. We are very close to the customers as you know.

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Operator^ Your next question comes from the line of Emmanuel Rosner of Wolfe Research.

Emmanuel Rosner^ So I appreciate your early thoughts on some of the operational performance that could continue into 2026. Another angle I was hoping to get an update on is you've in the past pointed to a large amount of new business that would launch and ramp up into 2026, boosting revenue pretty materially and obviously coming with some operating leverage and helping margins further into next year. So can you maybe talk to us about how those launches are progressing, whether the magnitude of the revenue uptick into next year from those is still broadly similar to what you mentioned in the past? And any other consideration on that launches and revenue uptake, please?

Seetarama Kotagiri^ I think for 2025 going into '26, when we talked about launches, we talked about it in the context of new economics, right? The terms of setting labor back -- labor rates and labor discussions -- at the start of production, not when we won the program as an example, and so on. We have specifically always talked about making progress based on returns. If you just look at all of those, that was the step up, I would say or inflection in the profitability going with these new programs. As far as the launches and the cadence goes, looking at our team, they're doing very good. We look at it very periodically, right, at high amount of detail. I can say there is nothing that stands out today. All the launches are moving pretty good.

Louis Tonelli^ Yes. We got to look at what the volumes are going to be on all the programs. It's something we're going to go through as part of our business planning process, what are the revised volume expectations for all the key programs. What does that do to our sales growth, etcetera. So that's still part of our plan process that's coming.

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Seetarama Kotagiri^ Yes. I think we can say we're doing a good job of controlling the controllables in our hand, but the externalities of volumes and so on, we still are going to go through and understand better in the business plan process.

Philip Fracassa^ Yes. So more to come in February on that.

Emmanuel Rosner^ Now looking forward to it, just a quick follow-up on this and then I wanted to ask you also about the fourth quarter drivers. But just a quick follow-up on this top line thing. Are we still talking about launches of decent (inaudible). I understand the volume themselves would fluctuate. But we're not -- are you experiencing cancellations or major pushouts or anything like this?

Seetarama Kotagiri^ I wouldn't say Emmanuel, anything of significance. We already talked in the past about the big EV programs that everybody knows about. Other than that, we haven't seen anything substantial beyond.

Emmanuel Rosner^ Okay. Then I guess my second question was, so when -- you've spoken earlier in the year about this big step-up in margin between the first half and the second half, which you're reiterating today. I mean some of this was commercial recoveries. There were some engineering recoveries. There were some tariff recovery in there. All that stuff seems to be on track. I think there was also a piece of the uptick that was supposed to be tied to warranty costs. Is that still also on track and helping towards the fourth quarter?

Seetarama Kotagiri^ Yes. In terms of looking at my comments from the last time to where we are, you are right, we need to keep our focus on obviously executing operationally. Yes, you mentioned commercial and tariff that is still continuing, as I mentioned in my remarks. Nothing specific about warranty, I think if you're talking about there was one topic on Seating in the first quarter. I would say we are in a good place with respect to that. Nothing -- no surprise there.

Philip Fracassa^ Yes. I mean yes, I would agree. I think when you think of the fourth quarter, you've got -- it's really continued execution on the operational excellence initiatives is in there, the recoveries, commercial tariffs. I would say there's nothing material related to warranty baked into the fourth quarter, if you will. It's really mainly volumes holding up executing well and then continuing to focus on cost controls.

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Seetarama Kotagiri^ And just maybe year-over-year, the warranty in '25 has been higher. So the outlook that we are talking about in performance is despite that increase in warranty.

Operator^ Your next question comes from the line of Colin Langan of Wells Fargo.

Colin Langan^ Early, you mentioned sort of you have the 5.5% base for 2025, you have about 35 to 40 basis points of continued sort of performance help that gets you to like 5.9%. Then I think you mentioned some of the launches are coming in at more profits and maybe you could go a bit higher. I believe the last update, I think from Q4 was 6.5 to 7.2 it seems still like a big jump for you kind of walking. Is that just kind of stale at this point? Or should we still think of that as a relevant target as we think about '26?

Seetarama Kotagiri^ I think let us finish the business plan process. I think as you know one of the big variables is going to be volumes in the market, right? When I talk to you about the 35 to 40 basis points, obviously that's again controlling what we have in our hands in terms of operations and executing. We feel pretty good about that. Some of it will obviously depend on the volumes. Given all the activities that we have done in setting up the right cost structure and we -- it's a journey. We're not stopping there. We'll continue to look at it with the discipline we have had in capital. We see a good path going into '26. And as volumes come, you'll see, obviously the flow through to the bottom line to be much better.

Louis Tonelli^ Yes. To Swamy point, if you look at where we said we thought North American volumes would be in February for '26, it was like 15.4m. Where as it's today it's 14.7m. So maybe by the time we get there, it's higher than that. But I mean that delta has to be is going to have an impact.

Colin Langan^ Got it. Then any update on how the ADAS business is performing? Because if I look at Power & Vision Sales seem actually fairly flat. I thought there was supposed to be some ADAS growth driving there. Is that still up? And if it is, what is offsetting some of that weakness in there?

Seetarama Kotagiri^ As we go through there, that segment has a lot of dynamic factors. As you can imagine, powertrain, EVs and hybrids and ICE mix and program changes. From an ADAS perspective, Colin, I would say there is some, again industry dynamics there: the OEMs are continuing to still evaluate the architecture; some decisions have been pushed out; from a China strategy, in terms of looking at chips and their own perception strategy; and the Western OEMs continue to take a path. So we've been a little bit cautious. I would say the growth that we would have assumed maybe 3 or 4 years ago to what we are looking is a little bit dampened. The only reason is that we want to be cautious how many platforms we want to work, right? We have to be focused on picking a platform so that we can engineer once and deploy multiple times. So there is a little bit of more work to do on the ADAS side, again based on the industry and OEMs and architectures and trends.

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Magna International Inc.

Q3 2025 Results – 31OCT25

Operator^ Your next question comes from the line of Mark Delaney of Goldman Sachs.

Mark Delaney^ I'd like to thank Pat for all his help and wish him the best going forward. And Phil, looking forward to working with you going forward. I have a question on the Complete Vehicles business. And Swamy, you mentioned earlier in the call that 100,000 to 120,000 is a more comfortable level to be operating? I do want to clarify with the award and momentum you've been seeing in that business with some of the Chinese-based OEM programs, do you already have line of sight into volumes, getting the Complete Vehicle business to that kind of level in Austria? Or do you need to win additional business to get there?

And the second part of the question, if you get to those sort of volumes, what should we think about in terms of more normalized EBIT margin within the Complete Vehicle business? Because you think of time in the past, it was kind of 3%, 4% and I'm wondering if it can get back to at least those sort of levels, if not maybe even higher as you ramp some of this new business.

Seetarama Kotagiri^ Mark, I think a couple of points to mention. The 100,000 to 120,000 I mentioned was more a context of what the business has run typically in the past, right? We've been talking over the last 1.5 years where we restructured the team has done a great job restructuring to the current volumes and the current visibility. So even with the lower volumes running there, they've been able to maintain the margin. So that's one thing to note.

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Magna International Inc.

Q3 2025 Results – 31OCT25

The second one, as you know, this business or this segment runs on a different business model. It's a little bit on capacity utilization. So the risk exposure is a little different or lower. When you talk about margins, as you know besides complete vehicle assembly, in that segment, we also have engineering revenue, right? Which has a little bit of ups and downs depending upon the seasonality. So that changes the EBIT percentage, depending on how much of what mix, right?

We feel pretty comfortable that we have the right cost structure or we have optimized. We are not keeping the cost structure hoping new business will come. We continue to look for the right opportunities there and the engineering continues, it's a good strength of ours, and we'll look at it. So I feel to expect somewhere in the mid-2s to 3% range will be normal.

Mark Delaney^ Okay. That's helpful on the margin. I guess just in terms of the volumes, maybe it's not quite at those sorts of volumes as it was historically, but the business has operated to be profitable at lower levels. Is that the right understanding?

Seetarama Kotagiri^ Exactly.

Mark Delaney^ Okay. Then the other point -- the other question I had was also on the complete vehicle business. With some of the AV upfitting work that Magna is doing. I wanted to talk, is that reported within Complete Vehicles or another part of the business? I realize that the volume of AVs are still small, but I imagine that might be an opportunity for system some engineering collaboration and just want to understand how impactful some of the AV announcements where that Magna's doing AV upfitting? Just kind of how big that might be for your business today?

Seetarama Kotagiri^ Yes, Mark, you're right. The operating of the full autonomous vehicles is in this segment. It's an interesting one, but continue to look at it, look at the business model and work with them. We are very -- we are at the table is the best way to put it, and we have an advantage of being at the table. But we're also looking at the value that we can bring and we do, I think from an engineering perspective and the expertise of integrating vehicles. So there is a possible opportunity there, but too early to quantify.

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Magna International Inc.

Q3 2025 Results – 31OCT25

Operator^ The next question comes from the line of Jonathan Goldman of Scotiabank.

Jonathan Goldman^ Maybe we can circle back to 2026, and I respect you're still in the planning stages. But Swamy, you alluded to maybe flat next year in terms of volumes and rather than put a fine point on any number, what's your expectation in terms of production being aligned with sales?

Seetarama Kotagiri^ Good question, Jonathan. I think you're asking me to look at the crystal ball a little bit. I think our assumption has been always to look at bottom-up what we get from our customers, the releases and our own information that's available at Magna and then triangulate with the external forecasters, right. If the tariffs and the price continues the way it is versus being passed on to the consumers. There might be a pressure on the sales side of things, don't know. That is something we have to see. At this point in time and this is just me personally looking at it, and we are looking -- it could be flattish. But like Louis mentioned a few minutes ago, in the next few months, we'll get a little bit more visibility on that.

Louis Tonelli^ And I mean inventory levels in North America in particular, are pretty healthy levels. (inaudible) reason to believe that they're going to bring those numbers -- that they're going to work off inventory whether that’s an issue, whether they decide to build more than they sell that's our -- yes, it's really up to the OEM as we can't like determine.

Jonathan Goldman^ Yes. That's a fair comment. I guess my second question then is on CapEx, thinking about it maybe going forward. I think you've cut CapEx guidance four times in a row, that’s pretty impressive. I think this year, you're going to be at the mid-3s. Should that be the appropriate rate going forward if we're thinking about modeling CapEx in '26 and beyond?

Seetarama Kotagiri^ No, Jonathan. Like I said, I would look at the four to 4.5 or low 4s to mid 4s being the long-term average. That's kind of how we look at business. Like I said, it's important for us, the organic growth, free cash flow as a good balance. Given we had two or three years of high CapEx, we have been super focused on looking at everything -- which programs and how -- there is enough uncertainty in the market, too. So that discipline will stay on. But I think the best way to look at it is over a longer period of time do we average the four to 4.5. But with that said, going into '26, I would look at the low 4s as a good way to start, which doesn't mean we are not going to stop further optimizing it, but I would say that's a good starting point.

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Magna International Inc.

Q3 2025 Results – 31OCT25

Operator^ Your next question comes from the line of Michael Glen of Raymond James.

Michael Glen^ Swamy, can you provide an update in terms of how your customers are viewing the cross-border supply chains in North America right now? Is the approach to auto parts moving to the U.S. to become more U.S.-centric, something you're hearing more about? And how Magna is positioned in the U.S. right now from a capacity perspective?

Seetarama Kotagiri^ Michael, I think the customers are, I would say taking a very calm approach of figuring out, as you know our industry is a long cycle. What we are producing today has been decided three or four years ago. I think the big topic has been how to mitigate what we have in our control, like increasing the USMCA content, looking at the supply base, looking at vertical integration and so on and so forth. That's where the focus is.

I haven't seen any substantive changes that will impact right away. But are they looking at scenarios 2 or 3 years down the road as they contemplate new models and new vehicles? Yes. The good thing is, as Magna, we have a footprint in U.S. and we'll look at how we can optimize working with the customers. So -- but this is a long-term thinking process rather than a reaction to what's happening now and today.

Michael Glen^ Okay. And just a follow-up on that. Are you able to give some thoughts into the pluses and minus to Magna redomiciling to the U.S.

Seetarama Kotagiri^ That's not on the table and we have not considered it. Magna is a Canadian company, has been headquartered there. We are a global company. We have a great footprint and a great employee base. Like I said, our focus is right now on grinding through and being as flexible as possible.

So thanks, everyone, for listening in today. We continue to execute, and we remain focused on the initiatives that are driving value for our customers and shareholders including operational excellence is a big focus, new launches, capital discipline and free cash flow generation. We plan to both get back within our target leverage ratio and are committed to our capital allocation strategy including share buybacks. We remain highly confident in Magna's future. Thank you for listening. And have a great day.

Operator^ Ladies and gentlemen, this concludes today's call. We thank you for participating. You may now disconnect.

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