Dana (NYSE: DAN) details Dana 2030 strategy with profit and $2B capital return plan
Rhea-AI Filing Summary
Dana Incorporated is using its 2026 Capital Markets Day to outline “Dana 2030,” a long-term growth and margin expansion plan focused on light- and commercial-vehicle powertrain markets. The company reported 2025 sales of $7.5 billion and an adjusted EBITDA margin of 8.1%, reflecting a 310-basis-point improvement and $310 million of cost savings.
Management is targeting 2030 sales of roughly $10 billion, an adjusted EBITDA margin of 14%–15%, and an adjusted free cash flow margin of about 6%, implying sales and adjusted EBITDA CAGRs of 6% and 17%. The plan relies on five pillars: traditional product growth, aftermarket expansion, applied technologies (including EV), manufacturing excellence, and structural cost reduction.
Capital allocation priorities include maintaining a “best-in-sector” balance sheet with net debt below 1x EBITDA and returning approximately $2.0 billion to shareholders through 2030, combining dividends and share repurchases. In 2025, Dana completed the $2.7 billion sale of its Off-Highway business, repurchased about 34 million shares, and returned $704 million to shareholders, and it has authorized further buybacks and a 20% dividend per-share increase for 2026.
Positive
- Dana 2030 targets significant profit uplift, with sales rising from $7.5 billion in 2025 to about $10 billion by 2030 and adjusted EBITDA margins improving from 8.1% toward 14%–15%, supported by defined growth and cost programs.
- Robust shareholder return framework through 2030, including a $2.0 billion capital return authorization, 2025 share repurchases of 34 million shares (about 23% of shares outstanding), and a 20% dividend-per-share increase planned for 2026.
Negative
- None.
Insights
Dana sets ambitious 2030 growth, margin, and capital return targets backed by detailed cost and mix levers.
Dana is reframing its story around “Dana 2030,” aiming to lift sales from $7.5 billion in 2025 to roughly $10 billion by 2030, while expanding adjusted EBITDA margins from 2025’s 8.1% toward 14%–15%. The growth engine blends traditional ICE driveline programs, aftermarket expansion, and targeted EV and applied-technology niches.
The plan leans heavily on identified initiatives: about $175 million in annual EBITDA from manufacturing excellence by 2030 and another $50 million from structural cost reduction, alongside roughly $2.5 billion of organic sales growth. Execution requires automation capex of about $170 million, footprint optimization, and disciplined make‑versus‑buy choices, all while protecting core high-margin platforms.
For shareholders, the company is pairing these operational moves with a sizable capital return framework: a total authorization of about $2.0 billion of dividends and buybacks through 2030, including a share-repurchase target of $650 million in 2025 and roughly $1.35 billion from 2026–2030. If delivered, the combination of mid-single-digit sales CAGR, high-teens adjusted EBITDA CAGR, stronger free cash flow, and a “best-in-sector” net leverage goal below 1x could justify a higher valuation multiple, though outcomes depend on end-market demand, EV adoption paths, and consistent delivery on the more than 500 identified initiatives.
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| Item 7.01 | Regulation FD Disclosure |
As previously announced, Dana Incorporated (“Dana”) is hosting its 2026 Capital Markets Day in New York City on Wednesday, March 25, 2026, beginning at 9:00 a.m. Eastern Time. Dana’s leadership team will outline the strategic priorities and long-term financial targets underpinning Dana 2030, the company’s growth and value-creation strategy.
A live webcast of today’s event is available through www.dana.com/investors, with a replay accessible following the conclusion of the program. A copy of the presentation, which will be discussed during the webcast is attached hereto as Exhibit 99.1.
The information in this report is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits. The following item is furnished with this report.
| Exhibit |
Description | |
| 99.1 | Dana Incorporated Press Release dated March 25, 2026 and Presentation Slides | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL | |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DANA INCORPORATED | ||||||
| Date: March 25, 2026 | By: | /s/ Douglas H. Liedberg | ||||
| Name: | Douglas H. Liedberg | |||||
| Title: | Senior Vice President, Chief Legal and Human Resources Officer and Corporate Secretary | |||||
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Exhibit 99.1
Dana Showcases Long-Term Strategic Priorities and Value-Creation Plan
at 2026 Capital Markets Day
MAUMEE, Ohio, March 25, 2026 — Dana Incorporated (NYSE: DAN) a global leader in the design and manufacture of highly efficient vehicle propulsion solutions, is hosting its 2026 Capital Markets Day today in New York City beginning at 9:00 a.m. Eastern Time, where the company’s leadership team will outline the strategic priorities and long-term financial targets underpinning Dana 2030, the company’s growth and value-creation strategy.
The event will feature presentations from Dana’s senior leaders including:
| • | R. Bruce McDonald, Chairman and Chief Executive Officer |
| • | Byron Foster, Senior Vice President and President of Light Vehicle Systems, incoming Chief Executive Officer |
| • | Brian Pour, Senior Vice President and President of Commercial Vehicle Systems |
| • | Seth Metzger, Senior Vice President and Chief Technology Officer |
| • | Chris Clark, Senior Vice President of Global Operations |
| • | Timothy Kraus, Senior Vice President and Chief Financial Officer |
Showcasing Dana 2030: A Long-Term Plan for Growth and Margin Expansion
At today’s event, executives are outlining Dana 2030, a long-range plan designed to accelerate profitable growth, strengthen the company’s competitive position, and generate sustainable long-term shareholder value. Dana 2030 includes:
| • | Approximately $10 billion in annual sales by 2030, representing a thirty-three percent increase compared to 2026 sales guidance. |
| • | Adjusted EBITDA margins of 14 to 15 percent, reflecting 400 basis points of improvement compared to 2026 guidance driven primarily by higher margin new business, operational efficiency, structural cost actions, and disciplined investments. |
| • | Adjusted free cash flow margin target of approximately 6 percent, a ~200 basis-point improvement compared to 2026 guidance. |
| • | Up to $2 billion in cumulative share repurchases through 2030, building on the $765 million already completed. |
Webcast Details
A live webcast of today’s event is available through Dana.com/investors, with a replay accessible following the conclusion of the program.
For questions please contact: InvestorRelations@dana.com
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Forward-Looking Statements
Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates, and projections about our industry and business, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” and similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties, and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.
Dana’s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss important risk factors that could affect our business, results of operations and financial condition. The forward-looking statements in this news release speak only as of this date. Dana does not undertake any obligation to revise or update publicly any forward-looking statement for any reason.
About Dana Incorporated
Dana Incorporated (NYSE: DAN) is a global leader in the design and manufacture of highly efficient propulsion solutions for the light- and commercial-vehicle markets. Guided by its vision to be the world’s best powertrain company, Dana delivers advanced conventional and clean-energy technologies that help customers improve the performance, efficiency, and durability of their vehicles. The company supplies leading vehicle manufacturers and related aftermarkets with industry-defining drive systems, electrodynamic technologies, and thermal and sealing solutions.
Headquartered in Maumee, Ohio, USA, Dana reported sales of $7.5 billion in 2025. With a history dating to 1904, the company employs 27,000 people in 24 countries across six continents. Learn more at dana.com.
###
Contact: Craig Barber
+1-419-887-5166
craig.barber@dana.com
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March 25, 2026 Capital Markets Day
Certain statements and projections contained in this presentation are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Dana’s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss important risk factors that could affect our business, results of operations and financial condition. The forward-looking statements in this presentation speak only as of this date. Dana does not undertake any obligation to revise or update publicly any forward-looking statement for any reason. Safe Harbor Statement
Capital Markets Day R. Bruce McDonald Chairman and Chief Executive Officer
Executive Team Chris Clark Senior Vice President Global Operations Brian Pour Senior Vice President and President, Commercial Vehicle Systems Byron Foster Senior Vice President and President, Light Vehicle Systems Timothy Kraus Senior Vice President and Chief Financial Officer Andrea Siudara Senior Vice President and Chief Information Officer Doug Liedberg Senior Vice President, Chief Legal and Human Resources Officer, and Corporate Secretary Kevin Williams Senior Vice President and Chief Purchasing Officer Seth Metzger Senior Vice President and Chief Technology Officer R. Bruce McDonald Chairman and Chief Executive Officer
2030 Financial Targets 2030 Financial Targets Aftermarket Growth Manufacturing Excellence Traditional Product Growth Structural Cost Reduction Sales ~$10 billion ~33% Adj. EBITDA Margin 14%-15% ~400 bps Adj. FCF Margin ~6% ~200 bps Share Repurchase Target Through 2030 2025 $650 million 2026-2030 ~$1.35 billion Total ~$2.0 billion Completed Up to$300M in 2026 vs. midpoint of 2026 Guide 20% Dividend Per Share Increase in 2026 See appendix for comments regarding the presentation of non-GAAP measures Applied Technologies Growth vs. midpoint of 2026 Guide vs. midpoint of 2026 Guide
Capital Allocation Maintain a ‘best-in-sector’ balance sheet Net debt: <1x EBITDA Ability to invest in our growth strategies Through business cycles à Expected to yield multiple expansion Committed to substantial capital return to our shareholders Annual per share dividend growth Active share repurchase program à 2026-2030 capital return expected $2B+
Today’s Agenda Capital Markets Day Key Themes Profitable growth story Clear roadmap to 14%-15% adjusted EBITDA margins Strong balance sheet enables focused investment in our business Commitment to substantial capital return to shareholders Dana Overview Byron Foster Growth Traditional Product Byron Foster Aftermarket Brian Pour Applied Technologies Seth Metzger Break Margin Expansion Manufacturing Excellence Chris Clark Structural Cost Reduction and Financial Expectations Timothy Kraus Q&A Closing Remarks
Dana Overview Byron Foster Senior Vice President and President, Light Vehicle Systems
Dana Snapshot 66 major manufacturing facilities 11 technology centers Consolidated sales only. $7.5B 2025 sales 24 countries with Dana presence 5K+ customers in 120 countries ~27K employees
2025 Sales ~$7.5B ~$7.5B ~$7.5B ~$7.5B Consolidated sales only.
Global Customers Common Key Customers Light Vehicle Commercial Vehicle Brilliance Jinbei
New business backlog continues to grow 2026-2028: $750 million new business backlog, 33% increase over prior year; expect $1.15 billion through 2030 2025 EBITDA margin 8.1%, +310 bps Realized $310 million cost savings Tariff recoveries / mitigation Completed $2.7 billion sale of Off-Highway business Repurchased ~34 million shares, or ~23% of shares outstanding $704 million returned to shareholders in 2025 Doubled capital return program to $2 billion through 2030 Total shareholder return of 111% in 2025 Recent Company Highlights Launched ‘Dana 2030’ strategic roadmap for growth and margin expansion over the next five years
Dana’s New Vision, Mission, Values MISSION To be the world’s best powertrain company. We help our customers improve the performance of their vehicles. Safety First Act with Integrity Empower our People Be Accountable Play to Win Drive Innovation Quality Focused VISION VALUES
What is Dana 2030? Dana 2030 Is Our New Strategy We are building on our more than 120-year legacy to shape a strategy that is transformative and impactful for an exciting future Embodies our commitment to our people; long-term, profitable growth; and shareholder value A bottom-up initiative driven by cross-functional teams of employees to craft a strategy to reimagine Dana’s future To execute, requires a renewed focus on operational excellence, innovation, and lean principles
Dana 2030: Five Key Elements Profitable Growth Margin Enhancement Traditional Product Growth Aftermarket Growth Manufacturing Excellence Structural Cost Reduction Applied Technologies Growth
Dana 2030: Five Key Elements Profitable Growth Traditional Product Growth Aftermarket Growth Applied Technologies Growth Three elements focused on profitable growth Traditional Products New program wins Market recovery Aftermarket Leverage strong OE heritage Applied Technologies Expand to new markets with current technologies New EV strategy
Dana 2030: Five Key Elements Profitable Growth Margin Enhancement Aftermarket Growth Manufacturing Excellence Applied Technologies Growth Structural Cost Reduction Traditional Product Growth
Dana 2030: Five Key Elements Margin Enhancement Manufacturing Excellence Structural Cost Reduction Two elements dedicated to margin enhancement Manufacturing Excellence Driving cost savings into operations Automation Manufacturing optimization Structural Cost Reduction Building off our 2025 cost savings plan through optimizing processes and organizational alignment
Dana 2030: Five Key Elements Profitable Growth Margin Enhancement Aftermarket Growth Manufacturing Excellence Applied Technologies Growth Structural Cost Reduction Traditional Product Growth
Structure for Sustainable Success Dana 2030 Project Management Office (PMO) Reports to CEO Identified over 500 initiatives Manages the process of change Steering Committee Provides guidance and ensures adherence to goals Formally approves initiatives Quick wins are funding long-term investments Value Realization Team Steering Committee Executive Leadership Team Project Management Leads Team Members Executive Sponsors Workstream Leads Traditional Product Growth Aftermarket Growth Manufacturing Excellence Structural Cost Reduction Applied Technologies Growth Dana 2030 PMO Structure
Traditional Product Growth Byron Foster Senior Vice President and President, Light Vehicle Systems
Strong momentum with secured new business backlog of $750M! Drive margin expansion opportunities through product-line profitability analysis Protect key programs Next-generation Ford Super Duty secured through 2038 Jeep Wrangler secured through 2029 JLR Range Rover, Range Rover Sport, Defender secured through 2036 Leverage Dana core capabilities and installed ICE capacity Support customer product plans Program extensions New ICE programs Pivot away from high-risk EV investment Grow share where Dana is underrepresented Customers Segments Regions Key Strategies A Renewed Focus on Core On-Highway End Markets
New Business Quoting Activity OEMs are revisiting product plans with more emphasis on traditionally powered vehicles
Driving Margin Expansion Overview Highlights Completed product-line and customer in-depth profitability analysis High complexity in several plants driven by part number and product proliferation Customer and product-line rationalization expected to yield margin expansion Minimum profitability threshold of 10% EBITDA for each product-line Aggressively manage complexity and low-volume customers; pricing to reflect cost to serve Ensure existing EV program commercial agreements are updated to reflect new lower-volume reality Invest in winning programs and platforms where Dana technology is valued Margin Expansion Protect the Base Leverage Installed ICE Capability Grow Share Where Dana is Underrepresented
Sealing Plant Example Margin Expansion Protect the Base Leverage Installed ICE Capability Grow Share Where Dana is Underrepresented Strategy Analysis looks at current OEM sales by product-line Top 150 part numbers are profitable Remaining 515 part numbers are low-volume Slow moving products to be: Serviced via aftermarket Repriced Exited Cumulative EBITDA $M # of Part Numbers Product-Line Profitability Analysis Total Sales: $80M EBITDA: $10M 12.5% Margin Top 150 Parts Sales: $65M EBITDA: $15M 23% Margin Bottom 515 Parts Sales: $15M EBITDA: ($5M) Negative Margin
Next-Generation Super Duty: Secured Through 2038 Expanding our long partnership with Ford on one of its flagship vehicles ~$900M Average Sales Per Year 2029 Start of Dana Production 1998 Current Incumbent Consolidation to single front-axle size resulting in reduced complexity and weight savings Ford production expanded to second plant in Canada Implementation of key strategic footprint initiatives resulting in increased value-add, enabling margin enhancements across the platform Dana Value Proposition Margin Expansion Protect the Base Leverage Installed ICE Capability Grow Share Where Dana is Underrepresented
New Business Award: Isuzu Expanding content with current customers, driven by superior products and services SPL100 Driveshafts 12K Front Steer Axle S140 Rear Drive Axle ~$50M Annual Sales Feb 2027 Start of Dana Production 2018 Current Incumbent Strong quality, delivery, warranty performance Delivered on fast-track request for product samples Innovative technical solutions Continued mitigation of tariff impacts Dana Value Proposition Class 6/7 Truck Margin Expansion Protect the Base Leverage Installed ICE Capability Grow Share Where Dana is Underrepresented $25M Incremental
Dana Traditional Capabilities Are In Demand ~$200M Annual Sales Traditional Products 2027-2030 Start of Dana Production New Programs Strong customer relationships and reputation Utilize existing capacity to minimize capital investment Industry leading technology and capabilities Dana Value Proposition Margin Expansion Protect the Base Leverage Installed ICE Capability Grow Share Where Dana is Underrepresented More traditional vehicle programs are in the pipeline and Dana is positioned to win
New Business Award: Mahindra & Mahindra – Outsourcing ~$50M Incremental Sales per Year Mid 2026 Start of Dana Production India Regional Expansion Mahindra, currently the second largest manufacturer in India, producing over 600K axles in-house Outsourcing due to M&M’s desire for industry leading technology and quality Program Overview Margin Expansion Protect the Base Leverage Installed ICE Capability Grow Share Where Dana is Underrepresented Local India manufacturing capabilities Strong execution reputation Cost competitiveness Ability to execute quickly Dana Value Proposition
North American Class 8 Production Volume North American Class 5-7 and Bus Production Volume Source: ACT Research, S&P, Company Forecasts Market Snapshot 2027 emission regulation clarification and warranty requirement clarification Inventory level normalization Freight spot rates are improving Infrastructure investments driving strong vocational demand Market Snapshot Replacement cycle Driven by consumer spending Government and utilities spending driving demand CAGR CAGR North American Commercial Vehicle Market Margin Expansion Protect the Base Leverage Installed ICE Capability Grow Share Where Dana is Underrepresented
K K CAGR CAGR Dana Outgrowing North American CV Market Margin Expansion Protect the Base Leverage Installed ICE Capability Grow Share Where Dana is Underrepresented N.A. Truck Production Units Dana N.A. CV OEM Sales Source: ACT Research, S&P, Company Forecasts
Market Growth: Commercial Vehicle OEM Fleet and Dealers Margin Expansion Protect the Base Leverage Installed ICE Capability Grow Share Where Dana is Underrepresented Overview Customers must choose driveline suppliers for their fleets Historically, Dana has been OEM-focused, with limited resources at the fleet level compared to key competitors Actions Required Increase sales team size to develop deeper relationships at major fleet and dealer customers to drive Dana preference Dana will gain share by becoming the customer’s “top of mind” first choice How We Win Dana is the OEM brand with exceptional durability and performance Best-in-class total cost of ownership ~$200M Sales Opportunity OEMs 2,000+ Dealers ~2,000 U.S. Fleet Customers (>250 trucks)
Profitably Growing Our Core Business Streamline our product portfolio and drive margin improvement actions Protect our incumbent position on some of the most attractive platforms in the industry Leverage our core capabilities and market-leading technology to capture new programs Grow as the CV market recovers… …and gain CV share through improved fleet and dealer field support
Aftermarket Growth Brian Pour Senior Vice President and President, Commercial Vehicle Systems
Aftermarket Profile By the Numbers ~$850M 2025 Actual Sales ~$320M Commercial-Vehicle Market Applications ~$530M Light-Vehicle Market Applications Key Product-Lines Regions and Market 2025 Dana Aftermarket by Region Total Addressable Market ~$6.6B
OES Distribution Center Dealer Fleet Warehouse Distribution Independent Store Front Service Center Retail Distribution Center Store Front E-Commerce Distribution Center
Dana 2030 Aftermarket Strategy Overview Key Themes Drive $200M in sales growth by 2030 Generate an additional $65M of adjusted EBITDA Demand Planning and Distribution Optimization Sales Enablement and Market Share Growth Pricing, Customer Segmentation, and Loyalty
Parts availability is the top priority for customers Demand Planning and Distribution Optimization Refine demand-planning structure and implement integrated inventory management system Distribution efficiency gains and automation Optimize global distribution footprint and logistics Singapore, Singapore Gravataí, Brazil Crossville, TN Wuxi, China Zaragoza, Spain Toluca, México Győr, Hungary Neu-Ulm, Germany Keysborough, Australia Grand Bourg, Argentina Hosur, India Bucaramanga, Colombia Industry Leading Fill Rate Strategic Inventory Investment Inventory Management System Supply Chain Optimization Distribution Optimization Global Process Standardization and Control Key Themes
Active customer management drives higher satisfaction, increased selling price, and higher volume Pricing, Customer Segmentation, and Loyalty Key Themes Set prices based on the customer’s perceived value Launch incentive and loyalty programs for key customer groups Pricing based on factors other than cost drives increased sales and higher margin Customer-segmentation drives volume purchases Loyalty programs to drive retention and repeat sales Use data-driven approach to manage customers in a tiered structure UPGRADES THAT WON’T LET YOU DOWN.
Global market share expansion, with a renewed presence in the North American aftermarket Sales Enablement and Market Share Growth in Sealing Products Total market size: ~$750M 2030 incremental growth target: ~$45M Trusted OE-brand heritage Proven playbook ready to scale globally Total market size: ~$600M 2030 incremental growth target: ~$90M Leverage OE pedigree and market-leading coverage of domestic, European, and Asian nameplates North America Europe, Middle East, and Africa Increased marketing will support brands across distribution channels Active salesforce targeting key customers and channels Continuing product development Key Themes
Targeted Expansion of Aftermarket Achieve industry-leading fill rates through a critical focus on demand planning and fulfillment, enabled by: Investments in inventory systems Supplier management Distribution center efficiency Drive higher satisfaction, increased selling price, and higher volumes through: Price for perceived value Segment customers into tiers Align service with customer tiers Incentive-based loyalty programs Unlock growth and margin expansion opportunities through: Investing in sales and marketing Enhanced training and sales enablement tools Alignment with customer requirements
Applied Technologies Growth Seth Metzger Senior Vice President and Chief Technology Officer
Applied Technologies Profitable Growth EV growth in current markets – updated strategy Targeting high-value segments Platform approach to reduce cost and complexity Risk sharing with OEMs Leverage current product to expand into new markets Focus on attractive growth markets Strong fit with Dana competencies Balanced between electric and traditional Leverage capabilities to create new products Engineering new products from our core technologies Targeted for new and existing markets 1 2 3
EV Backlog and Market EV New Growth Areas 5-Year Net New EV Sales Backlog: $575M Despite EV slowdown, growth will continue and will be part of our backlog ($ in millions) 2025 Outlook Current Outlook LV Battery Electric Vehicle Adoption Forecast Source: S&P $160 $50 $400 $575 2024 Outlook EV sales backlog of $400M included in total $750M 2028 backlog Europe North America Asia Pacific
>$1,100M Dana EV Profitability EV New Growth Areas EV is profitable and will improve as backlog starts production
EV Growth Segments EV New Growth Areas e-Thermal e-Transmission & Driveline Passenger Car Super Sportscar / Premium Segment Light Commercial Trucks Medium-Heavy Commercial Trucks Buses Total Addressable Market (2030) ~$3.5B ~$0.5B ~$2.5B ~$1.0B Segment Top Customers Products Motor Cooler, Battery Cooling Plates, Power Electronics Cooler Electric Drive Units, Hybrid Dual-Clutch Transmission Generators, Rigid Electric Axles Rigid Electric Axles, Direct Drive Systems e-Transmissions, Direct Drive Systems Source: IHS + Dana Research Strong growth potential from target EV markets; ~$7.5B TAM
Key Opportunities Electric Drive Units and e-Axles Thermal Management Hybrid Transmissions Overview Premium electric vehicles and commercial trucks Sales of $300M currently in chase list Dana Value Proposition Established catalog of products Compact designs tailored for segments High-power density and efficiency Overview Electric passenger cars Sales of $125M currently in chase list Dana Value Proposition Market-leading technology Experts at solving thermal management problems Asset reusability across ICE and EV Overview Hybrid, mid-engine super sports cars Sales of $200M currently in chase list Dana Value Proposition Designed for world’s most advanced 1,000+ horsepower super cars Modular architecture Widely reusable Power flow versatility – ICE, hybrid, and BEV models Small, light package ~$600M EV opportunities currently in chase list EV New Growth Areas
Heavy-Duty Pickup Truck e-Axle EV New Growth Areas Heavy-duty pickup e-Beam preserves our role as a market leader in an electrified market ~$200M Average Sales Per Year 2029 Start of Dana Production REEV New Heavy-Duty EV Pickup Knowledge and proven reliability in pickup segment Rigid e-Beam designed for rugged environments Highly compact and efficient design for range- extended electric vehicle (REEV) applications Dana Value Proposition BREAKING NEWS: NEWLY AWARDED
Applied Technologies: How We Choose Dedicated Growth Teams Actions Filtering Through Established Criteria 300+ Ideas 10-15 themes 5 High-Level Business Case Selected Themes Filter Themes on Fit and Attractiveness Deep-Dive Opportunities and Develop Go-Forward Plan 1 2 EV New Growth Areas Hundreds of ideas evaluated to find the best opportunities for growth
Targeted Growth Themes EV New Growth Areas Five Areas Identified for New Future Growth High-Performance Compute Thermal Management Refrigerant Heat Exchangers Material Handling Powersport / Rec Powertrain Defense Powertrain Total Addressable Market (2030) ~$0.7B ~$1.0B ~$2.0B ~$1.5B ~$1.0B Segment Top Customers Products Cooler Heat Exchanger Motor & Inverter Driveshafts, Axles, Motor & Inverter Driveshafts, Axles, Motor & Inverter Significant growth potential from new adjacent growth segments
Powersports / Recreational Industry Participation Overview Powersports market is evolving with demand for higher horsepower and on-road features, where Dana’s products provide a clear advantage Highlights Market is demanding better products Side-by-sides are driven on-road High-end model competition for horsepower Product reliability challenges Strong fit with Dana Off-road brand heritage Catalog products fit segment needs Superior power density, noise vibration and harshness (NVH), etc. Dual-Clutch Transmission e-Powertrain Driveshafts Axles EV New Growth Areas
Dana Product Differentiation Dana’s Solution Benefits Hypoid Gears Differential Disconnect Spicer U-Joints and Driveshafts Current Industry Products Industrial Style Designs Bevel / Spiral Gears Pinion Disconnect U-Joints and Driveshafts Premiumization trend requires upgrading to automotive-grade drivelines Powersports: How Dana Wins EV New Growth Areas Increased strength Greater reliability Less noise, vibration and harshness of ride Improved OEM warranty profile Product Alignment Example
Defense Industry Participation Overview The defense industry is moving toward the modernization and hybridization of their fleet Highlights Increased spending in NA and EU Strong desire for: Modernization with commercial off-the-shelf parts (COTS) Hybridization to reduce fuel cost Strong fit with Dana Catalog products fit segment needs CTIS system strength in NA EV New Growth Areas Driveshafts Axles Tire Inflation System e-Powertrain / Generators
Production Products Defense Platforms Light Duty Medium Duty Heavy Duty Providing commercial off-the-shelf products to meet defense needs Defense: How Dana Wins Product Alignment Example Representative platforms EV New Growth Areas
$32M Annual Sales Sept 2026 Start of Production Uplift Utilizes commercially available off-the-shelf product that meets military requirements Defense focused support team combined with Dana manufacturing expertise Proven product durability and manufacturing execution Dana Value Proposition Delivering enhanced OE products to meet military requirements GM Defense Infantry Squad Vehicle (ISV) EV New Growth Areas 2019 Current Incumbent
Applying Current Technology for Growth Balanced growth strategy is powertrain agnostic Strong pipeline with traditional and EV products EV growth targeting high-value segments ~$7.5B total addressable market by 2030 (~$1B secured) Pursuing ~$600M in incremental EV growth opportunities New strategy reduces market & investment risk Adjacent segments are new markets for growth Over $6B total addressable market by 2030 Mostly mature, low-risk applications of existing technology Dedicated teams to focus on growth Growth expectation of ~$400M with attractive profit margin
Dana 2030: Five Key Elements Profitable Growth Margin Enhancement Aftermarket Growth Manufacturing Excellence Applied Technologies Growth Traditional Product Growth Structural Cost Reduction
Manufacturing Excellence Chris Clark Senior Vice President Global Operations
More than 300 projects identified Automation Reduce conversion costs Key Strategies Dana 2030: Manufacturing Excellence ~$100M Annual Cost Reduction ~$50M Annual Cost Reduction ~$25M Annual Savings ~$175M Total by 2030 Make vs. Buy Reduce material costs Manufacturing Footprint Reduce fixed and variable costs
Manufacturing Modernization Dana’s automation strategy has historically been shaped by capital expenditure priorities, resulting in less automation than the broader automotive industry We have assessed our facilities and developed “fast payback” automation projects, prioritizing locations in North America and Europe Investment of capex ~$170M to achieve $100M 2030 annual cost reduction Industry 5.0 strategy and AI / Machine Learning will drive efficiency Future opportunities to automate include automated storage and retrieval systems (ASRS) for warehouses, and humanoid robots Automation Make vs. Buy Manufacturing Footprint Optimization Robot Cobot Autonomous Mobile Robot (AMR) Projects Focused in Three Areas: Repetitive Tasks in the manufacturing process Robots and Cobots Material Movement within the facility Autonomous Mobile Robots (AMRs) Safety Improvements within the facility Ergonomics and Injury Avoidance
More than 44,000 lbs. of material manually loaded and unloaded daily Over 1,600 chances per day for pinch / laceration injuries Manual Machine Load and Unload Eliminated risk of material-handling-related injuries 20% increase of machine throughput Automated Machine Load and Unload Machine Loading and Unloading 7-month Investment Payback Period 20% Efficiency Improvement $765K Annual Savings Repetitive Manufacturing Tasks Additional opportunity – automated material delivery and put away Automation Make vs. Buy Manufacturing Footprint Optimization
More than 15,000 parts per day Inconsistent pattern application Manual pattern verification Excess downstream scrap due to application method and additional part handling Manual Pattern Tracing Cobot applies flux control consistently on every part Pattern verification performed with AI vision system 80% reduction in downstream scrap Automated Flux Control Application Flux Control Application $825K Annual Savings Repetitive Manufacturing Tasks Efficiency Improvement 30% 11-month Investment Payback Period Automation Make vs. Buy Manufacturing Footprint Optimization Before: Manual After: Automated
Material Movement Within the Facility Fork Truck vs. Autonomous Mobile Robot (AMR) 40% Cost Reduction On-Time Material Delivery 98% 2.5-Year Automation Make vs. Buy Manufacturing Footprint Optimization Investment Payback Period
Core vs. Non-Core = Make vs. Buy Approach Automation Make vs. Buy Manufacturing Footprint Optimization Key Decision Considerations Is there capacity and capability? How quickly does the product need to be in market? Is it a strategic benefit? Buy: Outsource Non-core or commodity components Lower upfront capital investment Flexible cost structure Access to supplier expertise and scale Make: In-House Core differentiation and IP protection High volume, stable demand Lower unit cost at scale Greater quality and operational control Axles Gearing Driveshafts Motor / Inverters Transmissions Sealing / Thermal What is Core to Dana: Products and processes that contain trade secrets and product IP that drives competitive advantage to differentiate Dana from competitors. Definition of strategic manufacturing process and deep review of main Make vs. Buy decisions Reduction of material / conversion costs through source and manufacturing optimization Ongoing review of what to make and what to outsource: What are the logistics issues? Are there supply chain risks? What is the overall cost?
Make: Expanded North American Casting Capacity ~$20M Annual Savings ~$60M Capital Investment 2 Years To Execute Captive and distressed market for North America mid-size ductile iron castings New U.S. and Mexico tariffs negatively impacting the supply balance Investment to expand current casting facility Project Overview Enhance level of vertical integration, providing competitive advantage Mitigate volatility and improve quality Benefit Automation Make vs. Buy Manufacturing Footprint Optimization Molding Melting Pouring Finishing
Buy: Outsourcing Component Machining ~$4M Annual Savings ~$7M Investment Avoided 1.5 Years To Execute Outsource outdated equipment and non-core process Complexity reduction: 3 production lines to be transferred Project Overview Avoid investment in legacy process Utilizes existing capacity Material savings Benefits Automation Make vs. Buy Manufacturing Footprint Optimization ~470 part numbers ~240 part numbers CNC Machining Turning Milling Broaching
Dana’s Global Manufacturing Footprint Automation Make vs. Buy Manufacturing Footprint Optimization Light Vehicle Commercial Vehicle ~1M Square Feet 7 Manufacturing Facilities ~$25M Annual Savings by 2030 Planned Manufacturing Footprint Optimization 2026 - 2030
More than 300 projects identified Automation and Industry 5.0 strategy are improving operator safety, quality, and delivery through: Machine Learning Robots, cobots, AMR implementation Make vs. buy strategy to optimize cost and create competitive advantage through a disciplined decision framework Make high-value, strategic components that provide competitive differentiation Outsource standardized components, to avoid uncertain demand or high capital investments where volume fluctuates Total-cost approach Footprint optimization Actions will deliver an additional ~$175M in EBITDA by 2030 Manufacturing Excellence Roadmap
Financial Expectations Timothy Kraus Senior Vice President and Chief Financial Officer
Dana 2026 Guidance Snapshot Post Off-Highway sale, new Dana has an attractive financial profile ~$7.5 Billion Sales 10%-11% Adj. EBITDA Margins ~$200 Million Incremental Backlog $800M-900M Aftermarket Sales $250M-$350M Adj. Free Cash Flow ~1.0x Leverage at YE 2026 ~$50 Million Dividends up to $300 Million Share Repurchases $2.00 - $3.00 Diluted Adj. EPS
Dana 2030: Profitable Growth Driving Higher Returns ~$2.5 billion from 2025 Organic Sales Growth ~$890 million from 2025 Increased Adj. EBITDA
Organic Sales Growth of $2.5 Billion 2025 to 2030 Sales Growth Strong profitable growth driven by higher demand, market share gains and new business CAGR Delivering ~$2.5B of organic sales growth by 2030, a ~6% CAGR Well‑secured new business, including ~$1.15B from current and future backlog Commercial-vehicle market improvement and Dana share gains in contributing ~$550M coming off a cycle trough High‑margin categories fuel outsized growth, with Aftermarket and Applied Technologies adding ~$600M, accelerating diversification and supporting margin expansion Aftermarket Applied Technologies $100M Secured Secured High Confidence Traditional Product
Optimization Foundational Current State Optimization Rationalize Back-End Systems Standardize Reporting Streamline Deliverables Data Management Combine Like Processes Shared Service Model Implement Global Applications Organizational Clean-Up Non-Manufacturing Footprint Optimization $50 million in savings in addition to our current $325 million program Structural Cost Reduction: $50 Million Structural Cost Reduction PEOPLE PROCESSES SYSTEMS
Dana 2030 Driving 80% Increase in Profit Increased profit driven by higher-margin new business and cost improvement actions $1,400M - $1,500M CAGR Aftermarket Applied Technologies Manufacturing Excellence Structural Cost Reduction Adjusted EBITDA expected to increase by ~$650M at the midpoint of our guidance range Resulting in 14%-15% margin or a ~400 basis-point increase over 2026 expectations Expected to have a 60-100 basis point improvement per year All elements of Dana 2030 contribute to higher profit 2025 to 2030 Adjusted EBITDA Growth 14%-15% Margin Volume / Mix New Business Market Share Traditional Product
Strong Cash Flow Generation Adjusted Free Cash Flow Higher Adjusted Free Cash Flow Driven by: Improved conversion of higher profit Increased Profit Lower Interest Improved Working Capital Efficiency
Strong Cash Flow Drives Balanced Capital Allocation M&A Activity Historical Capital Allocation (2021-2025) Future Capital Allocation (2026T-2030T) Capital allocation strategy supports organic growth and return of capital $1.9B ~$4B Does not include share repurchases funded by divestiture proceeds in 2025
Capital Expenditures and R&D Investment Pre-Tax Return on Invested Capital Investment Discipline Drives ROIC Investment in organic growth opportunities governed by a focus on strong capital returns ~15% 7.9% of sales 6.7% of sales R&D includes engineering expense
Shareholder Return Capital return authorization of $2 billion Repurchase authorization through 2030 Repurchased 34 million shares in 2025, or 23% of shares outstanding Returned $704 million to shareholders in 2025 $650 million in share repurchases $54 million in dividends Repurchased ~$115 million so far in 2026 Expecting 2026 share repurchases at high end of guidance range Current shares outstanding: ~109 million Increased dividend by 20% Quarterly dividend of $0.12 per share Targeting ~$50 million in annual dividends Confidence in long-term value continuing to drive increased shareholder return
The Five Elements of Dana 2030 Will Drive: See appendix for comments regarding the presentation of non-GAAP measures Above-market growth supported by new business wins Sales : 6% CAGR Adj. EBITDA: 17% CAGR FCF: 11% CAGR Fundamental improvements in operations for top-quartile margins Accelerated free cash flow generation Continued focus on increasing shareholder value 2030 Financial Targets Driving Multiple Expansion Sales ~$10 billion ~33% Adj. EBITDA Margin 14%-15% ~400 bps Adj. FCF Margin ~6% ~200 bps Aftermarket Growth Manufacturing Excellence Traditional Product Growth Structural Cost Reduction Applied Technologies Growth vs. midpoint of 2026 Guide vs. midpoint of 2026 Guide vs. midpoint of 2026 Guide
Q&A
Closing Remarks R. Bruce McDonald Chairman and Chief Executive Officer
Focus on increasing value to shareholders and customers The New Dana Prior Dana Diversified powertrain supplier supporting on-and-off-highway customers Improving business performance driven by cost reduction initiatives Growth focused, but ‘all-in’ on EV Highly leveraged balanced sheet, poor historical FCF generation Capex constrained (except EV) *February 2026 guidance Dana 2030 Focused on light and commercial vehicles Lean cost structure 2026 adjusted EBITDA* margin of ~10.5% Roadmap to 14%-15% Shareholder-value focus Profitable, lower-risk growth “Best-in-sector” balance sheet with strong FCF generation
Sustained, profitable growth and improved earnings Well-positioned in the market for profitable growth Significant margin enhancement roadmap Improving free cash flow generation Increasing earnings per share to ~$8.00 Strong balance sheet Capital allocation priorities: Focused reinvestments in our business Committed to return up to $2 billion by 2030 Growing dividend Why Invest in Dana Now?
Adjusted EBITDA is a non-GAAP financial measure which we have defined as net income (loss) before interest, income taxes, depreciation, amortization, equity grant expense, restructuring expense, non-service cost components of pension and other postretirement benefit costs and other adjustments not related to our core operations (gain/loss on debt extinguishment, pension settlements, divestitures, impairment, etc.). Adjusted EBITDA is a measure of our ability to maintain and continue to invest in our operations and provide shareholder returns. We use adjusted EBITDA in assessing the effectiveness of our business strategies, evaluating and pricing potential acquisitions and as a factor in making incentive compensation decisions. In addition to its use by management, we also believe adjusted EBITDA is a measure widely used by securities analysts, investors and others to evaluate financial performance of our company relative to other Tier 1 automotive suppliers. Adjusted EBITDA should not be considered a substitute for earnings (loss) before income taxes, net income (loss) or other results reported in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Adjusted net income (loss) attributable to the parent company is a non-GAAP financial measure which we have defined as net income (loss) attributable to the parent company, excluding any discrete income tax items, restructuring charges, amortization expense and other adjustments not related to our core operations (as used in adjusted EBITDA), net of any associated income tax effects. This measure is considered useful for purposes of providing investors, analysts and other interested parties with an indicator of ongoing financial performance that provides enhanced comparability to net income (loss) attributable to the parent company reported by other companies. Adjusted net income (loss) attributable to the parent company is neither intended to represent nor be an alternative measure to net income (loss) attributable to the parent company reported in accordance with GAAP. Diluted adjusted EPS is a non-GAAP financial measure which we have defined as adjusted net income (loss) attributable to the parent company divided by adjusted diluted shares. We define adjusted diluted shares as diluted shares as determined in accordance with GAAP based on adjusted net income (loss) attributable to the parent company. This measure is considered useful for purposes of providing investors, analysts and other interested parties with an indicator of ongoing financial performance that provides enhanced comparability to EPS reported by other companies. Diluted adjusted EPS is neither intended to represent nor be an alternative measure to diluted EPS reported in accordance with GAAP Adjusted free cash flow is a non-GAAP financial measure which we have defined as net cash provided by (used in) operating activities less purchases of property, plant and equipment plus proceeds from sale of property, plant and equipment plus cash paid for Off-Highway business divestiture related activities. We believe adjusted free cash flow is useful to investors in evaluating the operational cash flow of the company inclusive of the spending required to maintain the operations. Adjusted free cash flow is not intended to represent nor be an alternative to the measure of net cash provided by (used in) operating activities reported in accordance with GAAP. Adjusted free cash flow may not be comparable to similarly titled measures reported by other companies. The accompanying financial information provides reconciliations of adjusted EBITDA and adjusted free cash flow to the most directly comparable financial measures calculated and presented in accordance with GAAP. We have not provided a reconciliation of our adjusted EBITDA outlook to the most comparable GAAP measures of net income (loss). Providing net income (loss) guidance is potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items that are included in net income (loss), including restructuring actions, asset impairments and certain income tax adjustments. The accompanying reconciliations of these non-GAAP measures with the most comparable GAAP measures for the historical periods presented are indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance. Non-GAAP Financial Information
FAQ
What is Dana (DAN) announcing at its 2026 Capital Markets Day?
Dana is presenting its “Dana 2030” strategy, a long-term plan focused on profitable growth and margin expansion. The company highlights five pillars: traditional product growth, aftermarket expansion, applied technologies, manufacturing excellence, and structural cost reduction, all aimed at improving earnings and free cash flow.
What financial targets has Dana (DAN) set for 2030 under Dana 2030?
Dana is targeting approximately $10 billion in sales by 2030, up from $7.5 billion in 2025. It also aims for a 14%–15% adjusted EBITDA margin and about a 6% adjusted free cash flow margin, implying 6% sales and 17% adjusted EBITDA compound annual growth rates.
How did Dana (DAN) perform in 2025 ahead of the Dana 2030 plan?
In 2025, Dana reported $7.5 billion in sales and an 8.1% adjusted EBITDA margin, a 310-basis-point improvement. The company realized $310 million of cost savings, completed a $2.7 billion sale of its Off-Highway business, and returned $704 million to shareholders through buybacks and dividends.
What capital return plans does Dana (DAN) have through 2030?
Dana plans to return about $2.0 billion to shareholders through 2030 via dividends and share repurchases. The framework includes a $650 million repurchase target for 2025, roughly $1.35 billion from 2026–2030, and a 20% increase in the quarterly dividend per share for 2026.
How will Dana (DAN) improve margins under its Dana 2030 strategy?
Dana expects margin gains from manufacturing excellence projects and structural cost reduction, targeting about $175 million in annual EBITDA from manufacturing initiatives and $50 million from structural savings by 2030. These efforts include automation investment, footprint optimization, and product-line profitability actions.
What role do EV and applied technologies play in Dana’s (DAN) growth outlook?
Applied technologies, including EV products, are a key growth pillar, with an EV net new sales backlog of $575 million over five years. Dana is focusing on high-value EV segments and adjacent markets such as thermal management and powersports, targeting several billion dollars of addressable market by 2030.
Filing Exhibits & Attachments
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