Overview

• U.S. auto technology supplier's Q1 revenue up 5%, slight miss versus analyst expectations

• Adjusted EPS for Q1 rose 24% and beat analyst expectations

• Company repurchased $75 mln in shares during the quarter

Outlook

• Lear maintains 2026 net sales guidance at $23.21 bln to $24.01 bln

• Company expects 2026 core operating earnings of $1.03 bln to $1.2 bln

• Lear assumes 2026 global industry production about 2% lower than 2025 on sales-weighted basis

Result Drivers

• HIGHER PRODUCTION & NEW BUSINESS - Increased production on key Lear platforms and new business wins contributed to revenue and earnings growth

• MARGIN IMPROVEMENT - Margins improved in both Seating and E-Systems segments

• SHARE REPURCHASES & TAX RATE - Adjusted EPS growth reflected higher earnings, share repurchases, and a lower effective tax rate

Company press release: ID:nPn6n0k6Ka

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Sales	Slight Miss*	$5.82 bln	$5.84 bln (10 Analysts)
Q1 Adjusted EPS	Beat	$3.87	$3.52 (11 Analysts)
Q1 EPS		$3.34
Q1 Adjusted Net Income	Beat	$199.5 mln	$181.94 mln (6 Analysts)
Q1 Net Income attributable		$172.3 mln
Q1 Core Operating Earnings		$297 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 11 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the auto, truck & motorcycle parts peer group is "buy"

• Wall Street's median 12-month price target for Lear Corp is $136.00, about 7% above its April 30 closing price of $127.13

• The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 8 three months ago

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