2019 First Quarter Results Presentation29 May 2019

Disclaimer

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estimates are accurate.

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Participants

Jesús Pascual, Chief Executive Officer

Cristina Blanco, Chief Financial Officer

Carlos Garcia-Mendoza, Capital Markets and IR

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Q1 2019 Operating Highlights

Sales of € 1.3bn, down 1.7% from Q1 2018 and versus –5.3%* industry production growth

Excluding FX impact, sales down 4.2%

EBITDA of € 84.7m up 0.7% from Q1 2018, margin of 6.7%

Under IFRS 16, EBITDA up 18.7% to € 99.9m, margin of 7.9%

Excluding FX impact, EBITDA down 2.3%

EBIT of € 30m, margin of 2.4%

2019 guidance remains unchanged

*Source: LMC Global Light Vehicle Production. Quarter 1, 2019

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Sales Breakdown

China quarterly sales down 27% vs market production down 12%. Effects felt across all Business Units

Doors driving sales growth in US and Central Europe

Overheads impacted in UK by slower sales and in Germany by Daimler-related plant closure and VW production restructuring

Lighting reflects lower sales in France and China

Cockpits reflects slowdown in China and UK

Overall, strong performance in NAFTA helped compensate European

and APAC weakness

FX impact represents c. € 32m of increased sales

*Source: LMC Global Light Vehicle Production. Quarter 1, 2019

501 480

440 462

91 80

259 247

Q1 2018 Q1 2019

Overheads Doors Lighting Cockpits

1,269

EU

Rm

- 4%

-1.7%

+ 5%

- 12%

-5%

679 645

451 495

132 9923 20

Q1 2018 Q1 2019

Europe NAFTA APAC Mercosur Africa

EU

Rm

- 10%

- 5%

- 25%

+ 10%

1,291

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EBITDA Breakdown

3418 24

44

54

61

1718

19

20 23

25

(31) (29) (29)

Q1 2018 IFRS 15 Q1 2019 IFRS 15 Q1 2019 IFRS 16

Overheads Doors Lighting Cockpits Non Industrial

84 85

EU

Rm

Doors benefiting from continued growth in USA and Continental Europe,

despite Spartanburg effects

Overheads principally impacted by Alabama launches and Spartanburg

ramp-ups

Lighting reflects successful project launches in Germany

Cockpits reflects successful German launches and sale of Tianjin

FX impact represents c. € 2.5m of increased EBITDA

6.5%Margin 6.7%

+25%

-7%

+1%

-46%

+5%

+12%

7.9%

100

0

5

10

15

20

25

30

35

Spartanburg Alabama

Sales €m

Q1 2018 Q1 2019

-9

-8

-7

-6

-5

-4

-3

-2

-1

0

Spartanburg Alabama

EBITDA €m

Q1 2018 Q1 2019

Q1 2019 Adjusted EBITDA

Adjustments exclude Spartanburg and Alabama to better reflect Company’s overall underlying performance

Performance in the quarter significantly affected by 2 facilities in the Southern USA

Spartanburg (Overheads and Doors) continues to underperform due to

continued trunk trim difficulties with the ramp up of several BMW SUVs as well as the VW Atlas

Alabama reflects continued trunk trim difficulties with the ramp up of several

Daimler SUV projects

Both facilities are undergoing restructurings and customer price

discussions

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3728

47 58

17 18

2023

-31 -29

Q1 2018 IFRS 15 Q1 2019 IFRS 15

Overheads Doors Lighting Cockpits Non Industrial

90 99

EU

Rm

6.5%Reported Margin

(IFRS 15)6.7%

+25%

-7%

+9%

-23%

+6%

+12%

7.1%Adj. Margin 8.0%

+10m vs reported

+4m vs reported

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Q1 2019 Financial Highlights

Cash available of €218m

Available revolving credit facilities of € 219m

Cash and long term undrawn committed credit lines of € 437m vs short term maturities of € 97m

LTM EBITDA of € 356m and Net Debt to EBITDA of 2.89x

Purchase and cancellation of € 9.6m of 2024 SSNs in April 2019

Shareholders and management purchased an additional € 2.8m of 2024 SSNs

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Balanced, long term capital structure

Gross debt 31 March 2019€1,266m

Net debt 31 March 2019€1,049m

€650m senior secured notes

€411m senior financing

€100m EIB loan

€4m soft loans with cost; €18m soft loans with no cost

€73m other facilities, of which €62m are credit lines

€10m accrued interests

Cash available of €218m

For covenant purposes, Net debt totalled € 1,029 million (excludes soft

loans without financial cost, includes cash using 12 month FX average).

€200m undrawn syndicated revolving credit facility, and €19m undrawn

local credit lines

Covenants

2.89x Net Debt/EBITDA 10.0x EBITDA/Financial expenses

Covenant: under 3.50x Covenant: over 4.00x

€ 356m

March 2019 LTM EBITDA Excluding IFRS 15 & 16

400

250

2019 2020 2021 2022 2023 2024 2025 2026

Term Loan Soft loans EIB Leasings SSN 24 Other loans ST Credit & Interests SSN 26

97

170

227

15

265

24 30

417

Working capital

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Free Cash Flow

72

918 959

749 965

-1.135 -1.242

-1.500

-1.000

-500

0

500

1.000

1.500

2.000

2.500

December 2018 Adj. *** March 2019

+143

+41

-107

+77

WC as % of LTM Sales* 8.4%

EU

Rm

Net working capital increased by €77m in the three monthsended March 31, 2019:

December 2018 adjusted for € 72m of non-recourse factoring of

Accounts Receivable

Tooling working capital increased by € 7m

Operating working capital increased by € 71m, in line with the

seasonality of sales

Commitment to maintaining year-end working capital in line with

historic averages of c. 10% of sales (excluding Tooling sales)

Remaining FCF elements for the quarter ending 31 March 2019:

EBITDA € 85m

Capex € 59m

Cash taxes collections € 25m (as a result of the collection of € 37m

of receivables with Spanish government and €12m of tax payments)

*Note: Average LTM Working Capital excludes Tooling

**Note: Figures do not include Seating Business Unit

*** Adjusted by the €72 m of non-recourse factoring of Accounts Receivables as of 31st December 2018

911 985

883 979

-1186 -1259

-1500

-1000

-500

0

500

1000

1500

2000

2500

December 2017** March 2018 **

Inventories Trade Receivables Factorized Receivables Trade Payables

+96

+75

-73

+97

EU

Rm

Q&A

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