Commercial Vehicle Group (CVGI) investor relations material

Executive summary

• Q3 2025 revenues were $152.5 million, down 11.2% year-over-year due to softening demand, especially in North America and key end markets.

• Adjusted EBITDA rose 7.0% to $4.6 million, with margin improving to 3.0% from 2.5% year-over-year, driven by operational efficiencies and cost reductions.

• Net loss from continuing operations was $6.8 million, or $(0.20) per diluted share; adjusted net loss was $4.6 million, or $(0.14) per share.

• Year-to-date free cash flow reached $25 million, a $14 million improvement over the prior year, supported by better working capital and lower capex.

• The company completed a strategic reorganization into three segments and reduced headcount by ~7% year-to-date.

Financial highlights

• Q3 2025 gross profit was $16.0 million, down 2.3% year-over-year; adjusted gross profit was $18.4 million, with margin up to 12.1%.

• Adjusted EBITDA was $4.6 million (3.0% margin), up from $4.3 million (2.5% margin) year-over-year.

• Net loss was $6.8 million ($0.20 per share), compared to $0.9 million loss ($0.03 per share) last year.

• Interest expense increased to $4.1 million due to higher rates post-refinancing.

• Total liquidity at quarter-end was $127.8 million, including $31.3 million in cash and $96.5 million in credit facility availability.

Outlook and guidance

• Full-year 2025 net sales guidance lowered to $640–$650 million (from $650–$670 million); adjusted EBITDA guidance reduced to $17–$19 million (from $21–$25 million).

• Free cash flow expected to exceed $30 million in 2025, with proceeds targeted for debt reduction.

• Net leverage expected to decline through 2026, targeting a 2x level.

• North American Class 8 truck production for 2025 forecasted at 239,000 units, down 28% from 2024.

• Construction and Agriculture end markets expected to decline 5–15% in 2025, partially offset by new business in Electrical Systems.