2018 First Quarter Results Presentation29 May 2018

Disclaimer

2

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estimates are accurate.

3

Participants

� Jesús Pascual, Chief Executive Officer

� Cristina Blanco, Chief Financial Officer

� Carlos Garcia-Mendoza, Capital Markets and IR

4

Q1 2018 Operating Highlights

� Sales of EUR 1.3bn, down 3.1% from Q1 2017 and versus -0.7%* industry production growth

� Excluding FX impact, sales up 2.4%

� EBITDA of EUR 84m down 42.3% from Q1 2017, margin of 6.5%

� Excluding FX impact, EBITDA down 38.2%

� EBIT of EUR 38m down 63.7% from Q1 2017, margin of 2.9%

*Source: LMC Global Automotive Production. Quarter 1, 2018

5

Sales Breakdown

� Doors and Lighting driving sales growth

� Headliners impacted by slower sales in US and product launches and plant closure in Central Europe

� Cockpits reflects slowdown in some UK-produced models

� FX impact represents c. € 74m of decreased sales

� Strong performance in APAC helped compensate European weakness

� European sales principally reflect UK sales declines

� NAFTA sales reflect slower US sales due to project completions offset by stronger

Mexico sales

� China quarterly sales up 18% vs market production down 1.7% in Q1 ‘18**

*Q1 2017 data excludes Seating Business Unit

**Source: LMC Global Automotive Production. Quarter 1, 2018

533 501

412 440

82 91

305 259

Q1 2017* Q1 2018

Overheads Doors Lighting Cockpits

1,333 1,291

EU

Rm

- 6%

-3.1%

+ 7%

+11%

-15%

733 679

454451

121132

19 23

Q1 2017* Q1 2018

Europe NAFTA APAC Mercosur Africa

EU

Rm

+20%

-7%

+9%

-1%

6

EBITDA Breakdown

68

34

58

44

19

17

24

20

(23) (31)

Q1 2017* Q1 2018

Overheads Doors Lighting Cockpits Others**

146

84

EU

Rm

� EBITDA impacted by expected higher launch costs, resulting from successful commercial efforts following the Magna Interiors acquisition

� Overheads impacted by facilities in Austria, Hungary and US

� Doors affected by UK sales declines, project launches in Czech Republic and

Shelby start-up costs

� Lighting reflects project launches in Central Europe

� Cockpits reflects Tianjin launch and lower sales in the UK

� Personnel costs and operating expenses increased as a result of new

launches:

� 6 New factories in ‘18 vs. 2 in ‘17

� 68% more projects launched in ‘Q1 18 vs. Q1 ’17

� Underperformance in the USA related to launches in Kentucky and sales declines in Michigan

� FX impact on EBITDA totaled €6 million

10.9%Margin 6.5%

-24%

+35%

-42%

-50%

-9%

*Q 2017 data excludes Seating Business Unit

**Group structure costs not allocated by Business Unit

-16%

Facility Location BusinessUnit

ConstructionStart

ConstructionEnd / SOP

Full YearProduction

Run rate(# of veh/y)

Description of main projects

ALABAMA USA Headliners Q1 2017 Q4 2018 2019 350,000o New construction for overheads

• MB G-Class

BRATISLAVA Slovakia Headliners Q3 2017 Q2 2018 2020 565,000o New construction for overheads

• JLR Discovery, JLR Defender• Audi Q8

CHENGDU PRC Doors Q3 2016 Q4 2017 2018 101,000o New construction for door panels

• Volvo S40/V40

SHELBY USA Doors Q1 2017 Q2 2018 2019 400,000o New construction for door panels and pillars

• Dodge Ram

SPARTANBURG ASSEMBLY

USA Doors Leased Q3 2018 2019 415,000o New construction for pillars and door panels

• BMW X5/X7• Volvo S60

TIANJIN PRC Cockpits Q2 2017 Q1 2018 2019 690,000o New construction for cockpits,door panels, pillars

• MB MFA-2 • VW A SUV, Audi Q3

Gre

en

field

Pro

jects

BAMBERG Germany Lighting n.a. Q3 & Q4 ‘17 2019 116,000o Audi A8o VW Touareg

EBERGASSING Austria Headliners n.a. Q2 & Q3 ’18 2019 265,000o Audi A6/A7, Porsche Cayenneo Audi Q3/Q4

HUNGARY Hungary Headliners n.a. Q4 ‘17-Q4 ‘18 2018/19 445,000o Ford Eco Sport o MB A-Class and B-Class

INTERIORESSALTILLO

Mexico Doors n.a. Q3 ‘18-Q2 ‘19 2019/21 357,000o Mercedes Benz MFA-2 o BMW 3-series

STRAUBING Germany Cockpits n.a. Q4’17-Q1’18 2018/19 180,000o Ford EcoSporto Audi Q8

TURNOVCzech

Rep. Doors n.a. Q2 & Q3 ‘18 2020 210,000 o Audi Q3 and Q6 E

xp

an

sio

nP

roje

cts

Overview of Main Launches

7

Audi Q8 (concept)

Volvo V40

Mercedes G-Class

8

Guidance maintained

� Q1 2018 performance is in line with budget

� Numerous launches are expected to ramp up in H2 2018

� Significant project launches are consolidating Grupo Antolin’s position as supplier of choice for vehicle

interiors

� FY 2018 guidance remains unchanged

� Revenue ≈ € 5.1 bn

� EBITDA margin ≈ 8.75%

� Capex ≈ 7.0% of revenues

� Working Capital stable at c. 10% of sales

� Leverage is expected to remain below 2.0x

at year end

� Dividend ≈ € 30m

146

84

13

14 11

8 6

10

-

20

40

60

80

100

120

140

160

Q1

'17

New

Fa

cto

rie

s

New

Lau

nch

es

US

A

UK

Sale

sD

eclin

es

FX

Oth

ers

*

Q1

'18

EBITDA Developments

*Others includes provisions, consolidation adjustments, operating expenses and other minor launches, among others

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Q1 2018 Financial Highlights

� Cash available of EUR 242m

� Available revolving credit facilities of EUR 239m

� LTM EBITDA of EUR 404m and Net Debt to EBITDA of 2.47x

10

Balanced, long term capital structure

Gross debt 31 March 2018€1,262m

Net debt 31 March 2018€1,020m

� €800m senior secured notes

� €369m senior financing

� €4m soft loans with cost; €20m soft loans with no cost

� €59m other facilities, of which €45m are credit lines

� €10m accrued interests

� Cash available of €242m

� For covenant purposes, Net debt totalled € 998 million (excludes soft

loans without financial cost, includes cash using 12 month FX average).

� €200m undrawn syndicated revolving credit facility, and €39m undrawn

local credit lines

Covenants

2.47x Net Debt/Adjusted EBITDA 9.18x EBITDA/Financial expenses

Covenant: under 3.50x Covenant: over 4.00x

€ 404m

March 2018 LTM EBITDA

2018 2019 2020 2021 2022 2023 2024 2025

Term Loan Soft loans Leasings SSN 22 Other loans ST Credit & Interests SSN 24

77

233

405 402

1

52

89

2

11

Amortization schedule as of 30th April 2018

2018 2019 2020 2021 2022 2023 2024 2025 2026

Term Loan* Soft loans Leasings SSN 22 Other loans ST Credit & Interests SSN 24 SSN 26

6121

537

402

250

23 22

187

1

*Excludes additional € 50 million committed and undrawn funds signed on 17 April 2018

Working capital

12

Free Cash Flow

911 985

883 979

-1.186 -1.259

-1.500

-1.000

-500

0

500

1.000

1.500

2.000

2.500

December 2017 ** March 2018**

+96

+75

-73

+97

WC as % of LTM Sales* 7.7%

EU

Rm

� Net working capital increased by €97m in the three monthsended March 31, 2018:

� Tooling working capital was stable and should represent relevant

cash inflows through 2018. Operating working capital increased by

€ 97m, in line with the seasonality of sales.

� Commitment to maintaining year-end working capital in line with

historic averages of c. 10% of sales.

� Remaining FCF elements for the quarter ending 31 March 2018:

� EBITDA € 84m

� Capex € 54m

� Cash taxes € 8m

*Note: Average LTM Working Capital excludes Tooling

**Note: Figures do not include Seating Business Unit

792 870

946 999

-1190 -1281

-1500

-1000

-500

0

500

1000

1500

2000

2500

December 2016** March 2017 **

Inventories Trade Receivables Trade Payables

+53

+78

-91

+41

EU

Rm

Q&A

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investor.relations@grupoantolin.com

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