Dana Incorporated targets 10–10.5% margins and $1B in shareholder returns by 2027, but execution risk remains high. DAN's Q3 margins held at 8.5% despite weak volumes; aggressive buybacks support EPS and provide technical price support near $20. Heavy customer concentration (Ford, Stellantis) and cyclical truck demand pose risks to margin targets and financial stability.

Dana Incorporated ( DAN ) Q3 2025 Earnings Call October 29, 2025 9:00 AM EDT Company Participants Craig Barber - Senior Director of Investor Relations & Strategic Planning R. McDonald - CEO, President & Chairman Timothy Kraus - Senior VP & CFO Conference Call Participants Gautam Narayan - RBC Capital Markets, Research Division Emmanuel Rosner - Wolfe Research, LLC Yan Dong - Deutsche Bank AG, Research Division James Picariello - BNP Paribas Exane, Research Division Joseph Spak - UBS Investment Bank, Research Division Ryan Brinkman - JPMorgan Chase & Co, Research Division Colin Langan - Wells Fargo Securities, LLC, Research Division Presentation Operator Good morning, and welcome to Dana Incorporated's Third Quarter 2025 Financial Webcast and Conference Call.

Highlights Sales of $1.9 billion from continuing operations Net income was $13 million from continuing operations, a $34 million increase compared to last year Adjusted EBITDA of $162 million from continuing operations; 8.5 percent margin, an increase of 260 basis points compared to prior year Operating cash flow* was $111 million, a $76 million increase compared to last year Adjusted free cash flow* was $101 million, a $109 million increase compared to the prior year Sale of Off-Highway business remains on-track for closing in late Q4 2025 Repurchased 9.5 million shares in Q3, 24.1 million to date Realized $73 million in cost savings in Q3, $183 million to date; expecting $235 million in 2025 Raised full-year profit guidance due to accelerated cost savings *Cash flow includes cash from both continuing and discontinued operations to align with deal structure MAUMEE, Ohio , Oct. 29, 2025 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) today announced financial results for the third quarter of 2025 reflecting the Off-Highway business as a discontinued operation for all periods. "Our business is performing very well, and we are experiencing minimal impact from market fluctuations and customer production disruptions," said R.