DANA Inc

For the period ended Mar 31, 2025. Filed Apr 30, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed Apr 30, 2025

DAN$23.11+7.5%Stored close · as of Nov 9, 2026

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Contents

Segments

Note18. Segments

We are a global provider of high-technology products to virtually every major vehicle manufacturer in the world. We also serve the stationary industrial market. Our technologies include drive systems (axles, driveshafts, transmissions, and wheel and track drives); motion systems (winches, slew drives, and hub drives); electrodynamic technologies (motors, inverters, software and control systems, battery-management systems, and fuel cell plates); sealing solutions (gaskets, seals, cam covers, and oil pan modules); thermal-management technologies (transmission and engine oil cooling, battery and electronics cooling, charge air cooling, and thermal-acoustical protective shielding); and digital solutions (active and passive system controls and descriptive and predictive analytics). Effective* January 1, 2025,Dana’s chief operating decision maker (CODM) realigned Dana’s operating segments, reflecting Dana’s commitment to streamlining the business, enhancing our go-to market approach, and serving our customers more efficiently. Our former Power Technologies operating segment has been split, integrating the OEM-facing business into our Light Vehicle Systems operating segment and integrating the aftermarket business into our Commercial Vehicle Systems operating segment. In addition, on November 25, 2024,we announced we are exploring the sale of our Off-Highway business. Certain operations that fall outside of the proposed sale perimeter, including certain DanaTM4* joint venture operations, have been integrated into our Commercial Vehicle Systems operating segment. We now serve our global light vehicle, medium/heavy vehicle and off-highway markets through three operating segments – Light Vehicle Systems (Light Vehicle), Commercial Vehicle Systems (Commercial Vehicle) and Off-Highway Drive and Motion Systems (Off-Highway). These operating segments have global responsibility and accountability for business commercial activities and financial performance. Amounts presented for prior periods have been recast to align with Dana’s currentthree operating segments. Dana’s Chairman and Chief Executive Officer is its CODM.

Dana evaluates the performance of its operating segments based on external sales and segment EBITDA. Segment EBITDA is a primary driver of cash flows from operations and a measure of our ability to maintain and continue to invest in our operations and provide shareholder returns. Our segments are charged for corporate and other shared administrative costs. Segment EBITDA* may**not* be comparable to similarly titled measures reported by other companies.

Segment information —

Light · Commercial
Three months ended March 31, 2025	Vehicle	Vehicle	Off-Highway	Corporate	Total
External sales	$1,180	$568	$604		$2,352
Inter-segment sales	42	30	11		83
	1,222	598	615		2,435
Reconciliation of sales
Elimination of inter-segment sales					(83)
Total consolidated sales					$2,352
Less:
Cost of sales	1,114	520	506
Selling, general and administrative expenses	40	35	35
Other segment items (a)	—	1	5
Segment EBITDA	$68	$44	$79		$191
Purchases of property, plant and equipment	$48	$12	$9	$6	$75
Segment net assets (b)	$453	$498	$519	$(87)	$1,383

Light · Commercial
Three months ended March 31, 2024	Vehicle	Vehicle	Off-Highway	Corporate	Total
External sales	$1,324	$653	$758		$2,735
Inter-segment sales	47	31	16		94
	1,371	684	774		2,829
Reconciliation of sales
Elimination of inter-segment sales					(94)
Total consolidated sales					$2,735
Less:
Cost of sales	1,249	617	624
Selling, general and administrative expenses	44	36	39
Other segment items (a)	—	2	4
Segment EBITDA	$78	$33	$115		$226
Purchases of property, plant and equipment	$37	$17	$14	$2	$70
Segment net assets (b)	$542	$496	$475	$(59)	$1,454

(a) Other segment items primarily include foreign exchange gains and losses, government assistance, export incentives and the benefit of utilizing non-refundable tax credits purchased at a discount.

(b) Segment net assets include accounts receivable - trade, inventories and accounts payable.

Reconciliation of segment EBITDA to consolidated net income—

	Three Months Ended
	March 31,
	2025	2024
Segment EBITDA	$191	$226
Corporate expense and other items, net	(3)	(3)
Depreciation	(96)	(101)
Amortization	(5)	(5)
Non-service cost components of pension and OPEB costs	(2)	(4)
Restructuring charges, net	(5)	(5)
Stock compensation expense	(13)	(6)
Strategic transaction expenses	(15)	(2)
Gain (loss) on sale of property, plant and equipment	1	(5)
Supplier capacity charge adjustment	19
Loss on disposal group previously held for sale		(29)
Other items		4
Earnings before interest and income taxes	72	70
Interest income	3	4
Interest expense	39	39
Earnings before income taxes	$36	$35

Reconciliation of segment net assets to consolidated total assets—

	March 31,
	2025	2024
Segment net assets	$1,383	$1,454
Accounts payable	1,659	1,697
Cash and cash equivalents	507	351
Accounts receivable - Other	236	251
Other current assets	246	287
Current assets of disposal group held for sale		62
Goodwill	257	257
Intangibles	148	169
Deferred tax assets	579	507
Other noncurrent assets	137	158
Investment in affiliates	127	123
Operating lease assets	299	315
Property, plant and equipment, net	2,222	2,226
Total assets	$7,800	$7,857

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