This report does not constitute a rating action. We expect the negative effect on revenues from weaker global light vehicle production and soft gasoline and diesel demand to be offset by continued productivity gains, supported by a high share of variable costs in the company?s cost structure. This should translate into an EBITDA margin of 17%-18% in 2025 and 2026. As a result, we forecast the S&P Global Ratings-adjusted FOCF to remain solid in 2025 and 2026, at €240 million-€340 million from €323.8 million in 2024, despite expected working capital outflows of up to €50 million. We think that the strong free cash flow generation will allow GMI to accommodate the announced shareholder distributions. We think the company?s strong market
