Overview Key strengths Key risks Limited exposure to the powertrain transition and improved value-proposition post the integration of Hella, which has leading positions in electronics and lighting solutions. High operating leverage, cyclical auto production, and cost inflation potentially leading to profitability swings. Established market position in its three historical interiors, seating, and clean mobility segments. EBITDA margin slightly below peers? average, in part constrained by elevated research and development (R&D) efforts toward new technologies and products. Sound operating diversity across products, OEMs, car platforms, and end markets, with a growing presence in Asia. High leverage following the Hella acquisition completed in 2022. Clear financial policy commitment to further reduce leverage through asset disposals and dividend reductions. Despite recent improvements, cash
