What divestitures and related charges did Magna International (MGA) report in 2026?

Magna is divesting its Lighting and Rooftop Systems businesses. It recorded impairment losses of $485 million in Q1 2026 and $13 million in Q2, plus a $2 million gain on the June 29, 2026 sale of its European lighting business.

Magna International (NYSE: MGA) posts record Q2 EPS and boosts 2026 cash-flow targets

Q: What were Magna International (MGA)'s key financial results for Q2 2026?

Magna reported Q2 2026 sales of about $11.0 billion , adjusted EBIT of $677 million with a 6.2% margin, and adjusted EPS of $1.86 , which was 29% higher year over year and a second-quarter record.

Q: How much free cash flow did Magna International (MGA) generate in Q2 2026?

Magna generated free cash flow of $617 million in Q2 2026. This came from $954 million of operating cash flow, minus capital spending and investment outflows, and was more than double the free cash flow achieved in the prior-year quarter.

Q: What 2026 guidance did Magna International (MGA) raise with this Q2 update?

Magna now targets 2026 adjusted EBIT margin of 6.3%–6.6% , adjusted EPS of $6.70–$7.30 , and free cash flow of $1.75–$1.85 billion . The updated ranges reflect strong first-half performance and expectations for continued margin and cash-flow strength.

Q: How strong is Magna International (MGA)'s balance sheet after Q2 2026?

At June 30, 2026, Magna held about $1.4 billion in cash and had nearly $5 billion in total liquidity. Rating-agency adjusted debt-to-EBITDA was about 1.4x , and S&P affirmed the company’s A- credit rating with a stable outlook.

Q: What strategic wins did Magna International (MGA) highlight in Q2 2026?

Magna highlighted an awarded driver and occupant monitoring system program with a European OEM and a 250kW 800-volt two-speed eDrive program with Chery, reinforcing its positions in interior sensing and electrified powertrain technologies.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

Magna International Inc. reported strong Q2 2026 results with consolidated sales of about $11.0 billion, up 3% year over year and delivering weighted Growth over Market of +3% (+4% excluding Complete Vehicles). Adjusted EBIT rose 16% to $677 million, expanding margin by 70 basis points to 6.2%. Adjusted EPS increased 29% to a Q2 record of $1.86.

Operating cash flow was $954 million and free cash flow $617 million, more than double the prior year. Magna returned $598 million to shareholders in the quarter, including $465 million of share repurchases, and ended June with roughly $1.4 billion in cash and rating-agency leverage of about 1.4x EBITDA. S&P reaffirmed an A- credit rating with stable outlook.

Within Power & Vision, Magna is divesting its global Lighting and Rooftop Systems businesses, recording impairment losses of $485 million in Q1 and $13 million in Q2, partly offset by a $2 million gain on the European lighting sale. The remaining lighting and rooftop divestitures are expected to close in the second half of 2026, subject to customary conditions. The company also recorded a $108 million unrealized gain on its Waymo investment.

For full-year 2026, Magna now targets adjusted EBIT margin of 6.3%–6.6%, adjusted EPS of $6.70–$7.30 and free cash flow of $1.75–$1.85 billion, implying positive growth over market and free cash conversion of about 95% of adjusted net income.

Positive

Adjusted EPS up 29% to $1.86 in Q2 2026, a quarterly record, on $11.0 billion of sales and 70 bps of adjusted EBIT margin expansion to 6.2%.
Free cash flow of $617 million in Q2 2026, more than double the prior year, supported by $954 million of operating cash flow and stronger working-capital performance.
Raised 2026 guidance, targeting adjusted EBIT margin of 6.3%–6.6%, adjusted EPS of $6.70–$7.30 and free cash flow of $1.75–$1.85 billion, reflecting confidence after a strong first half.
Returned $598 million to shareholders in Q2 2026 via dividends and $465 million of share repurchases while maintaining investment-grade leverage of about 1.4x EBITDA and nearly $5 billion in liquidity.

Negative

Recorded impairment losses of $485 million in Q1 2026 and $13 million in Q2 2026 on Lighting and Rooftop Systems businesses classified as held for sale, only partly offset by a $2 million gain on the European lighting sale.

Filing Explained

Existing holders face a planned reduction in share count: 7.4 million shares were repurchased, with just over 9 million authorized before early November.

This Form 6-K furnishes material interim information from Magna International and reports the Q2 2026 results and related corporate actions. The disclosure adds that the European Lighting sale closed on June 29, 2026, while the remaining divestitures are not yet complete.

Magna repurchased $465 million of common shares, representing 7.4 million shares during the quarter, leaving just over 9 million shares under its current buyback authorization. The disclosed plan is to repurchase those remaining shares before the authorization expires in early November.

The filing also reports awards for a driver- and occupant-monitoring program with a European OEM and an 800-volt, two-speed eDrive program with Chery, adding disclosed customer programs without stating a transaction value in the supplied text.

The next resolution points are regulatory approvals and other customary closing conditions for the Rooftop Systems and remaining Lighting transactions, and the early-November expiration of the current buyback authorization.

Key Figures

Q2 2026 Sales: 10,980 million USD Q2 2026 Adjusted EBIT: 677 million USD Q2 2026 Adjusted EPS: 1.86 USD per share +5 more

8 metrics

Q2 2026 Sales 10,980 million USD Consolidated sales for the second quarter of 2026

Q2 2026 Adjusted EBIT 677 million USD Adjusted EBIT in Q2 2026 with a 6.2% margin

Q2 2026 Adjusted EPS 1.86 USD per share Adjusted diluted earnings per share in Q2 2026, up 29% year over year

Q2 2026 Free Cash Flow 617 million USD Free cash flow generated in the second quarter of 2026

Q2 2026 Operating Cash Flow 954 million USD Cash provided from operating activities in Q2 2026

Lighting/Rooftop Impairments 2026 498 million USD Impairment losses of 485 million in Q1 and 13 million in Q2 2026 on held-for-sale businesses

Waymo Investment Gain Q1 2026 108 million USD Unrealized gain from revaluation of a private equity investment in Waymo in Q1 2026

2026 Adjusted EPS Guidance 6.70–7.30 USD per share Full-year 2026 adjusted EPS outlook range

Key Terms

Adjusted EBIT, Free Cash Flow, Growth over Market, Rating Agency Adjusted Debt to Adjusted EBITDA, +1 more

5 terms

Adjusted EBIT financial

"The Company presents Adjusted EBIT (Earnings before interest, taxes, Other expense (income), net and amortization"

Adjusted EBIT is a company’s operating profit before interest and taxes, but cleaned up by removing one-time or unusual items that can obscure ongoing performance. Investors use it like a tidied-up report card — it aims to show the underlying profitability of the business by excluding irregular gains, losses, or costs so comparisons across periods or companies are clearer and more meaningful for valuing operational strength.

Free Cash Flow financial

"Free Cash Flow (FCF) is Cash from Operations plus Proceeds from normal course Dispositions of fixed and other assets"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

Growth over Market financial

"Weighted Sales Growth over Market (GoM) compares Magna organic sales growth (%) to vehicle production change (%)"

Rating Agency Adjusted Debt to Adjusted EBITDA financial

"The following table shows the calculation of Rating Agency Adjusted Debt to Adjusted EBITDA"

held for sale financial

"assets and liabilities of the Lighting and Rooftop Systems businesses met the criteria to be classified as held for sale"

An asset or a group of assets classified as 'held for sale' is one the company intends to sell rather than keep using, and management has committed to that plan with an active effort to find a buyer. Investors care because these items are removed from ongoing operating results and valued differently, offering a clearer view of the business’s continuing performance—think of it like marking a piece of furniture for the garage sale rather than counting it as part of your regular household setup.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/31/2026 - 04:19 PM Accepted by SEC EDGAR 07/31/2026 - 04:18 PM

FAQ

What were Magna International (MGA)'s key financial results for Q2 2026?

Magna reported Q2 2026 sales of about $11.0 billion, adjusted EBIT of $677 million with a 6.2% margin, and adjusted EPS of $1.86, which was 29% higher year over year and a second-quarter record.

How much free cash flow did Magna International (MGA) generate in Q2 2026?

Magna generated free cash flow of $617 million in Q2 2026. This came from $954 million of operating cash flow, minus capital spending and investment outflows, and was more than double the free cash flow achieved in the prior-year quarter.

What 2026 guidance did Magna International (MGA) raise with this Q2 update?

Magna now targets 2026 adjusted EBIT margin of 6.3%–6.6%, adjusted EPS of $6.70–$7.30, and free cash flow of $1.75–$1.85 billion. The updated ranges reflect strong first-half performance and expectations for continued margin and cash-flow strength.

How strong is Magna International (MGA)'s balance sheet after Q2 2026?

At June 30, 2026, Magna held about $1.4 billion in cash and had nearly $5 billion in total liquidity. Rating-agency adjusted debt-to-EBITDA was about 1.4x, and S&P affirmed the company’s A- credit rating with a stable outlook.

What strategic wins did Magna International (MGA) highlight in Q2 2026?

Magna highlighted an awarded driver and occupant monitoring system program with a European OEM and a 250kW 800-volt two-speed eDrive program with Chery, reinforcing its positions in interior sensing and electrified powertrain technologies.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934

For the month of July 2026

Commission File Number 001-11444

MAGNA INTERNATIONAL INC.

(Exact Name of Registrant as specified in its Charter)

337 Magna Drive, Aurora, Ontario, Canada L4G 7K1

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ¨ Form 40-F x

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, thereunto duly authorized.

	MAGNA INTERNATIONAL INC.
	(Registrant)

Date: July 31, 2026

	By:	/s/ “Jason Wolkove”
		Jason Wolkove,
		Vice-President, Mergers & Acquisitions, Capital Markets and Secretary

EXHIBITS

Exhibit 99.1	Q2 2026 Financial Review

Exhibit 99.2	Q2 2026 Results Webcast Presentation (July 31, 2026)

Exhibit 99.3	Q2 2026 Results Webcast Transcript (July 31, 2026)

Exhibit 99.1

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

(United States dollars in millions, except per share figures) (Unaudited)

Prepared in accordance with U.S. GAAP

		2024															2025															2026
	Note	1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			TOTAL
VEHICLE VOLUME STATISTICS (in millions)
North America			3.975			4.101			3.713			3.721			15.510			3.689			3.981			3.933			3.700			15.303			3.643			3.926			7.569
Europe			4.556			4.451			3.705			4.134			16.846			4.233			4.376			3.770			4.391			16.770			4.230			4.330			8.560
China			6.357			7.073			7.272			9.704			30.406			7.059			7.744			8.142			10.094			33.039			6.246			7.476			13.722
Rest of World			6.625			6.606			6.684			6.987			26.882			7.023			6.834			6.822			7.613			28.292			7.011			6.800			13.811
Global			21.513			22.231			21.374			24.526			89.644			22.004			22.935			22.667			25.798			93.404			21.130			22.532			43.662
Magna Steyr vehicle assembly volumes			0.022			0.019			0.015			0.016			0.072			0.017			0.016			0.015			0.023			0.071			0.025			0.029			0.054

AVERAGE FOREIGN EXCHANGE RATES
1 Canadian dollar equals U.S. dollars			0.741			0.731			0.733			0.715			0.730			0.697			0.723			0.726			0.717			0.716			0.730			0.723			0.726
1 euro equals U.S. dollars			1.085			1.076			1.099			1.066			1.082			1.053			1.134			1.169			1.164			1.130			1.171			1.163			1.167
1 Chinese renminbi equals U.S. dollars			0.139			0.138			0.140			0.139			0.139			0.138			0.138			0.140			0.141			0.139			0.144			0.147			0.146

CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Sales
Body Exteriors & Structures			4,429			4,465			4,038			4,067			16,999			3,966			4,253			4,147			4,252			16,618			4,079			4,421			8,500
Power & Vision			3,842			3,926			3,837			3,786			15,391			3,646			3,857			3,854			3,841			15,198			3,881			4,093			7,974
Seating Systems			1,455			1,455			1,379			1,511			5,800			1,312			1,433			1,520			1,633			5,898			1,340			1,448			2,788
Complete Vehicles			1,383			1,242			1,159			1,402			5,186			1,276			1,226			1,085			1,261			4,848			1,224			1,160			2,384
Corporate & Other			(139	)		(130	)		(133	)		(138	)		(540	)		(131	)		(138	)		(144	)		(139	)		(552	)		(143	)		(142	)		(285	)
			10,970			10,958			10,280			10,628			42,836			10,069			10,631			10,462			10,848			42,010			10,381			10,980			21,361

Costs and expenses
Cost of goods sold			9,642			9,494			8,828			9,073			37,037			8,827			9,127			8,973			9,094			36,021			8,958			9,368			18,326
Selling, general and administrative			516			523			487			535			2,061			539			565			531			586			2,221			557			585			1,142
Equity income			(34	)		(9	)		(13	)		(45	)		(101	)		(20	)		(32	)		(44	)		(47	)		(143	)		(95	)		(45	)		(140	)
Adjusted EBITDA			846			950			978			1,065			3,839			723			971			1,002			1,215			3,911			961			1,072			2,033
Depreciation			377			373			384			376			1,510			369			388			389			401			1,547			403			395			798
Adjusted EBIT			469			577			594			689			2,329			354			583			613			814			2,364			558			677			1,235
Amortization of acquired intangible assets			28			28			28			28			112			26			29			27			29			111			19			17			36
Other expense (income), net	1		356			68			(188	)		228			464			53			6			48			629			736			415			24			439
Interest expense, net			51			54			54			52			211			50			52			65			42			209			37			37			74
Income from operations before income taxes			34			427			700			381			1,542			225			496			473			114			1,308			87			599			686
Income tax expense			8			99			192			147			446			72			102			140			111			425			88			120			208
Net (loss) income			26			328			508			234			1,096			153			394			333			3			883			(1	)		479			478
Income attributable to non-controlling interests			(17	)		(15	)		(24	)		(31	)		(87	)		(7	)		(15	)		(28	)		(4	)		(54	)		(11	)		(10	)		(21	)
Net (loss) income attributable to Magna International Inc.			9			313			484			203			1,009			146			379			305			(1	)		829			(12	)		469			457
Diluted (loss) earnings per common share		$	0.03		$	1.09		$	1.68		$	0.71		$	3.52		$	0.52		$	1.35		$	1.08		$	-		$	2.93		$	(0.04	)	$	1.72		$	1.65
Weighted average number of Common Shares outstanding during the period (in millions):			287.1			287.3			287.3			285.9			286.9			282.0			281.7			281.8			281.2			282.5			278.1			273.2			276.3

NON-GAAP MEASURES
Adjusted EBITDA			846			950			978			1,065			3,839			723			971			1,002			1,215			3,911			961			1,072			2,033
Adjusted EBIT	2		469			577			594			689			2,329			354			583			613			814			2,364			558			677			1,235
Adjusted Return on Invested Capital	2		7.8	%		9.4	%		9.0	%		11.8	%		9.5	%		5.7	%		9.6	%		9.2	%		13.9	%		9.7	%		9.4	%		12.5	%		10.9	%
Adjusted net income attributable to Magna International Inc.	2		311			389			369			482			1,551			219			407			375			617			1,618			386			508			894
Adjusted EPS	2	$	1.08		$	1.35		$	1.28		$	1.69		$	5.41		$	0.78		$	1.44		$	1.33		$	2.18		$	5.73		$	1.38		$	1.86		$	3.24
Adjusted weighted average number of Common Shares outstanding during the period (in millions):	2		287.1			287.3			287.3			285.9			286.9			282.0			281.7			281.8			282.7			282.5			279.9			273.2			276.3

PROFITABILITY RATIOS
Selling, general and administrative /Sales			4.7	%		4.8	%		4.7	%		5.0	%		4.8	%		5.4	%		5.3	%		5.1	%		5.4	%		5.3	%		5.4	%		5.3	%		5.3	%
Adjusted EBIT /Sales			4.3	%		5.3	%		5.8	%		6.5	%		5.4	%		3.5	%		5.5	%		5.9	%		7.5	%		5.6	%		5.4	%		6.2	%		5.8	%
Income (loss) from operations before income taxes /Sales			0.3	%		3.9	%		6.8	%		3.6	%		3.6	%		2.2	%		4.7	%		4.5	%		1.1	%		3.1	%		0.8	%		5.5	%		3.2	%
Effective tax rate
Reported			23.5	%		23.2	%		27.4	%		38.6	%		28.9	%		32.0	%		20.6	%		29.6	%		97.4	%		32.5	%		101.1	%		20.0	%		30.3	%
Excluding Other expense (income) and amortization, net of taxes and valuation allowance adjustments			21.5	%		22.8	%		27.2	%		19.5	%		22.7	%		25.7	%		20.5	%		26.5	%		19.6	%		22.4	%		23.8	%		19.1	%		21.2	%

Q2 2026 Financial Review of Magna International Inc.

Page 1 of 7

Prepared as at 7/30/2026

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

(United States dollars in millions) (Unaudited)

Prepared in accordance with U.S. GAAP

		2024												2025												2026
	Note	1st Q			2nd Q			3rd Q			4th Q			1st Q			2nd Q			3rd Q			4th Q			1st Q			2nd Q
CONSOLIDATED BALANCE SHEETS
FUNDS EMPLOYED
Current assets:
Accounts receivable			8,379			8,219			8,377			7,376			8,198			8,258			8,406			7,593			8,215			8,376
Inventories			4,511			4,466			4,592			4,151			4,184			4,207			4,233			4,126			3,964			4,009
Prepaid expenses and other			399			314			303			344			358			333			316			407			405			371
Held for sale assets			-			-			-			-			-			-			-			-			316			252
			13,289			12,999			13,272			11,871			12,740			12,798			12,955			12,126			12,900			13,008
Current liabilities:
Accounts payable			7,855			7,639			7,608			7,194			7,376			7,127			7,261			6,895			7,216			7,262
Accrued salaries and wages			883			862			962			867			893			917			994			888			920			924
Other accrued liabilities			2,728			2,650			2,642			2,572			2,723			2,845			2,906			2,745			2,878			3,038
Income taxes payable (receivable)			132			79			176			192			152			88			109			106			129			121
Held for sale liabilities			-			-			-			-			-			-			-			-			296			195
			11,598			11,230			11,388			10,825			11,144			10,977			11,270			10,634			11,439			11,540

Working capital			1,691			1,769			1,884			1,046			1,596			1,821			1,685			1,492			1,461			1,468

Investments			1,195			1,161			1,165			1,045			1,062			1,129			1,098			1,103			1,289			1,248
Fixed assets, net			9,545			9,623			9,836			9,584			9,650			9,853			9,707			9,507			9,012			8,851
Goodwill, other assets and intangible assets			4,646			4,709			4,865			4,532			4,669			4,896			4,876			4,277			4,108			4,054
Operating lease right-of-use assets			1,733			1,688			1,780			1,941			2,032			2,061			2,024			1,928			1,865			1,805
Funds employed			18,810			18,950			19,530			18,148			19,009			19,760			19,390			18,307			17,735			17,426
FINANCING
Net debt and leases:
Cash and cash equivalents			(1,517	)		(999	)		(1,061	)		(1,247	)		(1,059	)		(1,536	)		(1,327	)		(1,612	)		(1,605	)		(1,430	)
Short-term borrowings			838			848			828			271			614			349			433			-			136			-
Long-term debt due within one year			824			65			65			708			1,005			706			33			27			20			20
Long-term debt			4,549			4,863			4,916			4,134			3,892			4,984			4,967			4,685			4,643			4,608
Current portion of operating lease liabilities			306			306			319			293			305			318			323			328			328			321
Operating lease liabilities			1,407			1,378			1,458			1,662			1,742			1,759			1,722			1,649			1,573			1,520
			6,407			6,461			6,525			5,821			6,499			6,580			6,151			5,077			5,095			5,039
Long-term employee benefit liabilities			584			564			571			533			552			574			573			554			530			519
Other long-term liabilities			471			507			339			396			349			267			298			399			426			385
Deferred tax assets, net			(576	)		(592	)		(592	)		(542	)		(557	)		(564	)		(567	)		(562	)		(588	)		(625	)
			479			479			318			387			344			277			304			391			368			279
Shareholders' equity			11,924			12,010			12,687			11,940			12,166			12,903			12,935			12,839			12,272			12,108
			18,810			18,950			19,530			18,148			19,009			19,760			19,390			18,307			17,735			17,426

ASSET UTILIZATION RATIOS
Days in accounts receivable			68.7			67.5			73.3			62.5			73.3			69.9			72.3			63.0			71.2			68.7
Days in accounts payable			73.3			72.4			77.6			71.4			75.2			70.3			72.8			68.2			72.5			69.8
Inventory turnover - cost of goods sold			8.5			8.5			7.7			8.7			8.4			8.7			8.5			8.8			9.0			9.3
Working capital turnover			25.9			24.8			21.8			40.6			25.2			23.4			24.8			29.1			28.4			29.9
Total asset turnover			2.3			2.3			2.1			2.3			2.1			2.2			2.2			2.4			2.3			2.5

CAPITAL STRUCTURE
Net debt and leases			34.1	%		34.1	%		33.4	%		32.1	%		34.2	%		33.3	%		31.7	%		27.7	%		28.7	%		28.9	%
Long-term employee benefit liabilities, other long-term liabilities & deferred tax liabilities, net			2.5	%		2.5	%		1.6	%		2.1	%		1.8	%		1.4	%		1.6	%		2.1	%		2.1	%		1.6	%
Shareholders' equity			63.4	%		63.4	%		65.0	%		65.8	%		64.0	%		65.3	%		66.7	%		70.1	%		69.2	%		69.5	%
			100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

Adjusted Debt to Adjusted EBITDA	2		1.98	x		1.91	x		1.93	x		1.75	x		1.92	x		2.03	x		1.88	x		1.59	x		1.50	x		1.42	x

Debt to total capitalization			39.9	%		38.3	%		37.4	%		37.2	%		38.3	%		38.6	%		36.6	%		34.3	%		35.3	%		34.8	%

Q2 2026 Financial Review of Magna International Inc.

Page 2 of 7

Prepared as at 7/30/2026

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

(United States dollars in millions) (Unaudited)

Prepared in accordance with U.S. GAAP

		2024															2025															2026
	Note	1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			TOTAL
CONSOLIDATED STATEMENTS OF CASH FLOWS
Operating activities
Net income			26			328			508			234			1,096			153			394			333			3			883			(1	)		479			478
Items not involving current cash flows			565			353			277			662			1,857			394			368			454			1,152			2,368			638			382			1,020
			591			681			785			896			2,953			547			762			787			1,155			3,251			637			861			1,498
Changes in operating assets and liabilities			(330	)		55			(58	)		1,014			681			(470	)		(135	)		125			827			347			40			93			133
Cash provided from operating activities			261			736			727			1,910			3,634			77			627			912			1,982			3,598			677			954			1,631

Investment activities
Fixed asset additions			(493	)		(500	)		(476	)		(709	)		(2,178	)		(268	)		(246	)		(267	)		(532	)		(1,313	)		(219	)		(269	)		(488	)
Increase in investments, other assets and intangible assets			(125	)		(170	)		(115	)		(207	)		(617	)		(148	)		(94	)		(100	)		(157	)		(499	)		(168	)		(77	)		(245	)
Net cash (outflow) inflow from disposal of facilities	1(f), 1(g)		4			-			78			-			82			-			-			-			-			-			-			(31	)		(31	)
Investment in Public and Private Equity Investments			(23	)		2			(1	)		10			(12	)		(1	)		(3	)		(2	)		(2	)		(8	)		(1	)		(4	)		(5	)
Proceeds from disposition			87			57			38			37			219			26			14			27			54			121			82			9			91
Business combinations			(30	)		(56	)		-			-			(86	)		(4	)		4			(1	)		-			(1	)		-			-			-
Cash used for investment activities			(580	)		(667	)		(476	)		(869	)		(2,592	)		(395	)		(325	)		(343	)		(637	)		(1,700	)		(306	)		(372	)		(678	)

Financing activities
Net issues (repayments) of debt			757			(416	)		(47	)		(513	)		(219	)		322			341			(583	)		(747	)		(667	)		135			(141	)		(6	)
Common Shares issued on exercise of stock options			30			-			-			-			30			-			-			-			2			2			86			21			107
Repurchase of Common Shares			(3	)		(2	)		-			(202	)		(207	)		(51	)		-			-			(86	)		(137	)		(440	)		(465	)		(905	)
Tax withholdings on vesting of equity awards			(4	)		(1	)		-			(3	)		(8	)		(4	)		-			-			(1	)		(5	)		(9	)		(3	)		(12	)
Acquisition of non-controlling interest			-			-			-			-			-			-			-			(40	)		(82	)		(122	)		-			-			-
Dividends paid to non-controlling interests			-			(26	)		(10	)		(10	)		(46	)		-			(25	)		(15	)		(19	)		(59	)		-			(32	)		(32	)
Dividends paid			(134	)		(134	)		(138	)		(133	)		(539	)		(136	)		(137	)		(136	)		(135	)		(544	)		(135	)		(133	)		(268	)
Cash provided from (used for) financing activities			646			(579	)		(195	)		(861	)		(989	)		131			179			(774	)		(1,068	)		(1,532	)		(363	)		(753	)		(1,116	)

Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents			(8	)		(8	)		6			6			(4	)		(1	)		(4	)		(4	)		8			(1	)		8			(4	)		4
Net increase (decrease) in cash, cash equivalents and restricted cash equivalents during the period			319			(518	)		62			186			49			(188	)		477			(209	)		285			365			16			(175	)		(159	)

Cash, cash equivalents and restricted cash equivalents, beginning of period	4		1,198			1,517			999			1,061			1,198			1,247			1,059			1,536			1,327			1,247			1,612			1,628			1,612
Cash, cash equivalents and restricted cash equivalents, end of period			1,517			999			1,061			1,247			1,247			1,059			1,536			1,327			1,612			1,612			1,628			1,453			1,453

NON-GAAP MEASURES
Free Cash Flow	2		-270			123			174			1,031			1,058			-313			301			572			1,347			1,907			372			617			989

Q2 2026 Financial Review of Magna International Inc.

Page 3 of 7

Prepared as at 7/30/2026

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

(United States dollars in millions, except per share figures) (Unaudited)

Prepared in accordance with U.S. GAAP

This Analyst should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025.

Note 1:

OTHER EXPENSE (INCOME), NET

Other expense (income), net consists of significant items such as: impairment charges; restructuring costs generally related to significant plant closures or consolidations; net losses (gains) on investments; gains or losses on disposal of facilities or businesses; and other items not reflective of on-going operating profit or loss. Other expense (income), net consists of:

		2024								2025							2026
		1st Q	2nd Q		3rd Q		4th Q	TOTAL		1st Q	2nd Q		3rd Q	4th Q		TOTAL	1st Q		2nd Q		TOTAL
Loss on assets held for sale	[a]	-	-		-		-	-		-	-		-	-		-	485		11		496
Restructuring activities	[b]	38	55		-		94	187		44	13		46	15		118	26		15		41
Impacts related to Fisker Inc. [“Fisker”]	[c]	316	19		(189	)	52	198		-	-		-	-		-	-		(2	)	(2	)
Investment revaluations, (gains) losses on sales, and impairments	[d]	2	3		1		3	9		9	(7	)	2	(1	)	3	(96	)	-		(96	)
Impairments	[e]	-	-		-		79	79		-	-		-	615		615	-		-		-
Gain on business combination	[f]	-	(9	)	-		-	(9	)	-	-		-	-		-	-		-		-
		356	68		(188	)	228	464		53	6		48	629		736	415		24		439

[a]

Loss on assets held for sale

During the first quarter of 2026, the Company entered into definitive agreements to divest its European Lighting and Rooftop Systems businesses, and during the second quarter of 2026 entered into a definitive agreement to divest its Lighting business in North America, South America, and China. These businesses are reported within the Company’s Power & Vision segment.

The Company concluded that the assets and liabilities of the Lighting and Rooftop Systems businesses met the criteria to be classified as held for sale as of March 31, 2026, and recognized an impairment loss of $485 million, and $13 million, during the first and second quarter of 2026, respectively. The sale of the European Lighting business closed on June 29, 2026, resulting in a gain on sale of $2 million. The sale of the Rooftop Systems business, and Lighting business in North America, South America, and China are expected to close during the second half of 2026, subject to customary closing conditions and regulatory approvals.

[b]

Restructuring activities

	2024					2025						2026
	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	4th Q		TOTAL	1st Q	2nd Q	TOTAL
Complete Vehicles	26	-	-	29	55	33	-	12	13		58	21	-	21
Seating Systems	-	-	-	-	-	-	-	-	-		-	-	10	10
Power & Vision	-	55	-	49	104	11	13	34	(7	)	51	5	5	10
Body Exteriors & Structures	12	-	-	16	28	-	-	-	9		9	-	-	-
	38	55	-	94	187	44	13	46	15		118	26	15	41

Restructuring charges generally related to significant plant closures and consolidations primarily in Europe and to a lesser extent in North America and Asia Pacific. During the third quarter of 2025 and the second quarter of 2026, the Company's Power & Vision segment recognized equity losses of $10 million and $3 million, respectively, associated with its share of significant rightsizing activities at an equity method investee. During the second quarters of 2025 and 2024, the Company recorded $6 million and $35 million, respectively, of restructuring charges associated with its acquisition of the Veoneer Active Safety Business [“Veoneer AS”].

[c]

Impacts related to Fisker Inc. [“Fisker”]

During 2023 and 2024, the Company recorded impairment charges on its Fisker related net assets, including its Fisker warrants, which were received in connection with the agreements with Fisker for platform sharing, engineering and manufacturing of the Fisker Ocean SUV. The Company also recorded additional restructuring charges during the first quarter of 2024 related to its Fisker related assembly operations. In the course of such bankruptcy proceedings, the Company terminated its manufacturing agreement for the Fisker Ocean SUV and recognized the remaining $196 million of deferred revenue into income.

	2024							2025					2026
	1st Q	2nd Q	3rd Q		4th Q	TOTAL		1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q		TOTAL
Impairment of Fisker related net assets	261	19	7		43	330		-	-	-	-	-	-	(2	)	(2	)
Impairment of Fisker warrants	33	-	-		-	33		-	-	-	-	-	-	-		-
Additional restructuring related to Complete Vehicles	22	-	-		9	31		-	-	-	-	-	-	-		-
Recognition of related deferred revenue	-	-	(196	)	-	(196	)	-	-	-	-	-	-	-		-
	316	19	(189	)	52	198		-	-	-	-	-	-	(2	)	(2	)

[d]

Investment revaluations, (gains) losses on sales, and impairments

	2024									2025							2026
	1st Q	2nd Q		3rd Q	4th Q		TOTAL			1st Q	2nd Q		3rd Q	4th Q		TOTAL	1st Q		2nd Q	TOTAL
(Gains) and losses related to revaluation and disposition	2		3	1	(10	)		(4	)	9	(7	)	-	(1	)	1	(110	)	-	(110	)
Non-cash impairment charges	-		-	-	13			13		-	-		2	-		2	14		-	14
	2		3	1	3			9		9	(7	)	2	(1	)	3	(96	)	-	(96	)

The Company revalues its public and private equity investments and certain public company warrants every quarter. The gains and losses related to this revaluation, as well as gains and losses on disposition, are primarily recorded in Corporate. The non-cash impairment charges on private equity investments are primarily recorded in Corporate. During the first quarter of 2026, the Company recorded an unrealized gain of $108 million resulting from the revaluation of its existing private equity investment in Waymo LLC ("Waymo") following Waymo's completion of a new financing round.

[e]

Impairments

During 2025, the Company concluded that indicators of impairment were present for finite-lived intangible assets and goodwill in the Electronics reporting unit within the Power & Vision segment and recorded $591 million impairment. During 2025, the Company also recorded an impairment charge of $24 million on fixed assets and other assets at a European facility in its Body Exteriors & Structures segment. During 2024, the Company recorded an impairment charge of $79 million on fixed assets, right of use assets and intangible assets at two European facilities in its Power & Vision segment.

[f]

Gain on business combination

During 2024, the Company acquired a business in the Body Exteriors & Structures segment for $5 million, resulting in a bargain purchase gain of $9 million.

Q2 2026 Financial Review of Magna International Inc.

Page 4 of 7

Prepared as at 7/30/2026

Note 2:

NON-GAAP MEASURES

The Company presents Adjusted EBIT (Earnings before interest, taxes, Other expense (income), net and amortization of acquired intangible assets); Adjusted Net Income (Net Income before Other expense (income), net, net of tax excluding significant income tax valuation allowance adjustments, and amortization of acquired intangible assets); Adjusted Diluted Earnings per Share ("Adjusted EPS"); Adjusted EBIT as a percentage of sales; Free Cash Flow; Adjusted Return on Invested Capital; and Adjusted Debt to Adjusted EBITDA. The Company presents these financial figures because such measures are widely used by analysts and investors in evaluating the operating performance of the Company. However, such measures do not have any standardized meaning under U.S. generally accepted accounting principles and may not be comparable to the calculation of similar measures by other companies.

The following table reconciles Income from operations before income taxes to Adjusted EBIT:

	2024										2025										2026
	1st Q		2nd Q		3rd Q		4th Q		TOTAL		1st Q		2nd Q		3rd Q		4th Q		TOTAL		1st Q		2nd Q		TOTAL
Income from operations before income taxes	34		427		700		381		1,542		225		496		473		114		1,308		87		599		686
Exclude:
Amortization of acquired intangible assets	28		28		28		28		112		26		29		27		29		111		19		17		36
Other expense (income), net	356		68		(188	)	228		464		53		6		48		629		736		415		24		439
Interest expense, net	51		54		54		52		211		50		52		65		42		209		37		37		74
Adjusted EBIT	469		577		594		689		2,329		354		583		613		814		2,364		558		677		1,235

The following table shows the calculation of Adjusted Return on Invested Capital:

	2024										2025										2026
	1st Q		2nd Q		3rd Q		4th Q		FY		1st Q		2nd Q		3rd Q		4th Q		FY		1st Q		2nd Q		TOTAL
Net (loss) income	26		328		508		234		1,096		153		394		333		3		883		(1	)	479		478
Add (deduct):
Interest expense, net	51		54		54		52		211		50		52		65		42		209		37		37		74
Amortization of acquired intangible assets	28		28		28		28		112		26		29		27		29		111		19		17		36
Other expense (income), net	356		68		(188	)	228		464		53		6		48		629		736		415		24		439
Tax effect on Interest expense, net, Amortization of acquired intangible assets and Other expense, net	(93	)	(32	)	30		(38	)	(133	)	(19	)	(18	)	(22	)	(48	)	(107	)	(45	)	(9	)	(54	)
Adjustments to Deferred Tax Valuation Allowances	-		-		-		51		51		-		-		-		-		-		-		-		-
Adjusted After-tax operating profits	368		446		432		555		1,801		263		463		451		655		1,832		425		548		973

Total Assets	32,678		31,986		32,790		31,039				32,074		33,175		32,907		31,417				31,660		31,292
Excluding:
Cash and cash equivalents	(1,517	)	(999	)	(1,061	)	(1,247	)			(1,059	)	(1,536	)	(1,327	)	(1,612	)			(1,605	)	(1,430	)
Deferred tax assets	(753	)	(807	)	(811	)	(819	)			(862	)	(902	)	(920	)	(864	)			(881	)	(896	)
Less Current Liabilities	(13,566	)	(12,449	)	(12,600	)	(12,097	)			(13,068	)	(12,350	)	(12,059	)	(10,989	)			(11,923	)	(11,881	)
Excluding:
Short-term borrowing	838		848		828		271				614		349		433		-				136		-
Long-term debt due within one year	824		65		65		708				1,005		706		33		27				20		20
Current portion of operating lease liabilities	306		306		319		293				305		318		323		328				328		321
Invested Capital	18,810		18,950		19,530		18,148				19,009		19,760		19,390		18,307				17,735		17,426

Adjusted After-tax operating profits	368		446		432		555		1,801		263		463		451		655		1,832		425		548		973
Average Invested Capital	18,871		18,880		19,240		18,839		18,875		18,579		19,385		19,575		18,849		18,923		18,021		17,581		17,823
Adjusted Return on Invested Capital	7.8	%	9.4	%	9.0	%	11.8	%	9.5	%	5.7	%	9.6	%	9.2	%	13.9	%	9.7	%	9.4	%	12.5	%	10.9	%

Q2 2026 Financial Review of Magna International Inc.

Page 5 of 7

Prepared as at 7/30/2026

Note 2:

NON-GAAP MEASURES (Continued)

The following table reconciles Net income attributable to Magna International Inc. to Adjusted net income attributable to Magna International Inc.:

		2024													2025												2026
		1st Q		2nd Q			3rd Q			4th Q		TOTAL			1st Q		2nd Q			3rd Q		4th Q			TOTAL		1st Q			2nd Q			TOTAL
Net (loss) income attributable to Magna International Inc.			9		313			484			203		1,009			146		379			305		(1	)		829		(12	)		469			457
Exclude:
Amortization of acquired intangible assets			22		23			22			22		89			21		24			22		26			93		17			16			33
Loss on assets held for sale			-		-			-			-		-			-		-			-		-			-		452			11			463
Impairments			-		-			-			79		79			-		-			-		578			578		-			-			-
Restructuring activities			32		45			-			82		159			44		9			46		15			114		25			14			39
Investment revaluations, (gains) losses on sales, and impairments			1		2			3			6		12			8		(5	)		2		(1	)		4		(96	)		-			(96	)
Impacts related to Fisker Inc. [“Fisker”]			247		15			(140	)		39		161			-		-			-		-			-		-			(2	)		(2	)
Gain on business combination			-		(9	)		-			-		(9	)		-		-			-		-			-		-			-			-
Adjustments to Deferred Tax Valuation Allowance	[i]		-		-			-			51		51			-		-			-		-			-		-			-			-
																												-						-
Adjusted net income attributable to Magna International Inc.			311		389			369			482		1,551			219		407			375		617			1,618		386			508			894

The following table reconciles diluted (loss) earnings per common share to Adjusted EPS [iv]:

		2024													2025											2026
		1st Q		2nd Q			3rd Q			4th Q		TOTAL			1st Q		2nd Q			3rd Q		4th Q		TOTAL		1st Q			2nd Q			TOTAL
Diluted (loss) earnings per common share		$	0.03	$	1.09		$	1.68		$	0.71	$	3.52		$	0.52	$	1.35		$	1.08	$	-	$	2.93	$	(0.04	)		1.72		$	1.65
Exclude:
Amortization of acquired intangible assets			0.08		0.08			0.08			0.08		0.31			0.08		0.08			0.08		0.09		0.34		0.06			0.06			0.13
Loss on assets held for sale			-		-			-			-		-			-		-			-		-		-		1.61			0.04			1.68
Impairments			-		-			-			0.28		0.28			-		-			-		2.04		2.05		-			-			-
Restructuring activities			0.11		0.15			-			0.29		0.55			0.15		0.03			0.16		0.05		0.40		0.09			0.05			0.14
Investment revaluations, (gains) losses on sales, and impairments			-		0.01			0.01			0.01		0.04			0.03		(0.02	)		0.01		-		0.01		(0.34	)		-			(0.35	)
Impacts related to Fisker Inc. [“Fisker”]			0.86		0.05			(0.49	)		0.14		0.56			-		-			-		-		-		-			(0.01	)		(0.01	)
Gain on business combination			-		(0.03	)		-			-		(0.03	)		-		-			-		-		-		-			-			-
Adjustments to Deferred Tax Valuation Allowance	[i]		-		-			-			0.18		0.18			-		-			-		-		-		-			-			-

Adjusted EPS		$	1.08	$	1.35		$	1.28		$	1.69	$	5.41		$	0.78	$	1.44		$	1.33	$	2.18	$	5.73	$	1.38		$	1.86		$	3.24

[i] Adjustments to Deferred Tax Valuation Allowance

The Company records quarterly adjustments to the valuation allowance against its deferred tax assets and liabilities in continents like North America, Europe, Asia, and South America. The net effect of these adjustments is an increase to income tax expense in the fourth quarter of 2024.

The following table reconciles Diluted weighted average number of Common Shares outstanding to Adjusted Diluted weighted average number of Common Shares outstanding:

		2024										2025										2026
		1st Q		2nd Q		3rd Q		4th Q		TOTAL		1st Q		2nd Q		3rd Q		4th Q		TOTAL		1st Q		2nd Q		TOTAL
Diluted weighted average number of Common Shares outstanding during the period (in millions):			287.1		287.3		287.3		285.9		286.9		282.0		281.7		281.8		281.2		282.5		278.1		273.2		276.3
Adjusted Dilutive impact of stock option and share awards	[ii]		-		-		-		-		-		-		-		-		1.5		-		1.8		-		-
Adjusted Diluted weighted average number of Common Shares outstanding during the period (in millions):			287.1		287.3		287.3		285.9		286.9		282.0		281.7		281.8		282.7		282.5		279.9		273.2		276.3

[ii] For the first quarter of 2026 and fourth quarter of 2025, the Company generated Adjusted Net Income attributable to Magna International Inc. while reporting a net loss attributable to Magna International Inc. As a result, certain stock-based compensation awards have a dilutive effect for adjusted EPS and are included in the adjusted diluted weighted average number of Common Shares.

Q2 2026 Financial Review of Magna International Inc.

Page 6 of 7

Prepared as at 7/30/2026

Note 2: NON-GAAP MEASURES (Continued)

The following table shows the calculation of Rating Agency Adjusted Debt to Adjusted EBITDA:

		2024												2025												2026
		1st Q			2nd Q			3rd Q			4th Q			1st Q			2nd Q			3rd Q			4th Q			1st Q			2nd Q
Debt and leases per balance sheet			7,924			7,460			7,586			7,068			7,558			8,116			7,478			6,689			6,700			6,469
Long-Term Employee Benefit Liabilities	[iii]		125			125			125			127			127			127			127			131			131			131
Adjusted Debt	[A]		8,049			7,585			7,711			7,195			7,685			8,243			7,605			6,820			6,831			6,600

Rolling four quarter Adjusted EBITDA			3,718			3,699			3,704			3,839			3,716			3,737			3,761			3,911			4,149			4,250
Capitalized operating lease expense	[iii]		353			353			353			410			410			410			410			428			428			428
Pension adjustment	[iii], [iv]		4			4			4			(20	)		(20	)		(20	)		(20	)		2			2			2
Interest income	[iii]		86			86			86			98			98			98			98			66			66			66
Rolling four quarter cash portion of other expense, net			(94	)		(161	)		(149	)		(219	)		(203	)		(161	)		(196	)		(106	)		(90	)		(88	)
	[B]		4,067			3,981			3,998			4,108			4,001			4,064			4,053			4,301			4,555			4,658

Adjusted Debt to Adjusted EBITDA	[A] / [B]		1.98	x		1.91	x		1.93	x		1.75	x		1.92	x		2.03	x		1.88	x		1.59	x		1.50	x		1.42	x

	[iii]	The long-term employee benefit liabilities, capitalized operating lease expense, interest income and pension adjustment figures included in the Adjusted EBITDA calculations are based on the annual figures for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively.
	[iv]	Pension adjustment calculated as Net Periodic Pension Benefit Cost less Current Service Cost for defined benefit pension plans.

The following table reconciles cash provided from operating activities to Free Cash Flow:

	2024															2025															2026
	1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			TOTAL
Cash provided from operating activities		261			736			727			1,910			3,634			77			627			912			1,982			3,598			677			954			1,631
Add (deduct):
Fixed asset additions		(493	)		(500	)		(476	)		(709	)		(2,178	)		(268	)		(246	)		(267	)		(532	)		(1,313	)		(219	)		(269	)		(488	)
Increase in investments, other assets and intangible assets		(125	)		(170	)		(115	)		(207	)		(617	)		(148	)		(94	)		(100	)		(157	)		(499	)		(168	)		(77	)		(245	)
Proceeds from disposition		87			57			38			37			219			26			14			27			54			121			82			9			91
Free Cash Flow		(270	)		123			174			1,031			1,058			(313	)		301			572			1,347			1,907			372			617			989

Note 3: SEGMENTED INFORMATION

	2024															2025															2026
	1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			TOTAL
Body Exteriors & Structures
Sales		4,429			4,465			4,038			4,067			16,999			3,966			4,253			4,147			4,252			16,618			4,079			4,421			8,500
Adjusted EBIT		298			341			273			371			1,283			230			347			305			465			1,347			274			360			634
Adjusted EBIT as a percentage of sales		6.7	%		7.6	%		6.8	%		9.1	%		7.5	%		5.8	%		8.2	%		7.4	%		10.9	%		8.1	%		6.7	%		8.1	%		7.5	%

Power & Vision
Sales		3,842			3,926			3,837			3,786			15,391			3,646			3,857			3,854			3,841			15,198			3,881			4,093			7,974
Adjusted EBIT		98			198			279			235			810			124			162			236			166			688			252			245			497
Adjusted EBIT as a percentage of sales		2.6	%		5.0	%		7.3	%		6.2	%		5.3	%		3.4	%		4.2	%		6.1	%		4.3	%		4.5	%		6.5	%		6.0	%		6.2	%

Seating Systems
Sales		1,455			1,455			1,379			1,511			5,800			1,312			1,433			1,520			1,633			5,898			1,340			1,448			2,788
Adjusted EBIT		52			53			51			67			223			(30	)		42			62			136			210			25			51			76
Adjusted EBIT as a percentage of sales		3.6	%		3.6	%		3.7	%		4.4	%		3.8	%		-2.3	%		2.9	%		4.1	%		8.3	%		3.6	%		1.9	%		3.5	%		2.7	%

Complete Vehicles
Sales		1,383			1,242			1,159			1,402			5,186			1,276			1,226			1,085			1,261			4,848			1,224			1,160			2,384
Adjusted EBIT		27			20			27			56			130			44			28			29			50			151			32			37			69
Adjusted EBIT as a percentage of sales		2.0	%		1.6	%		2.3	%		4.0	%		2.5	%		3.4	%		2.3	%		2.7	%		4.0	%		3.1	%		2.6	%		3.2	%		2.9	%

Corporate and other
Intercompany eliminations		(139	)		(130	)		(133	)		(138	)		(540	)		(131	)		(138	)		(144	)		(139	)		(552	)		(143	)		(142	)		(285	)
Adjusted EBIT		(6	)		(35	)		(36	)		(40	)		(117	)		(14	)		4			(19	)		(3	)		(32	)		(25	)		(16	)		(41	)

Total
Sales		10,970			10,958			10,280			10,628			42,836			10,069			10,631			10,462			10,848			42,010			10,381			10,980			21,361
Adjusted EBIT		469			577			594			689			2,329			354			583			613			814			2,364			558			677			1,235
Adjusted EBIT as a percentage of sales		4.3	%		5.3	%		5.8	%		6.5	%		5.4	%		3.5	%		5.5	%		5.9	%		7.5	%		5.6	%		5.4	%		6.2	%		5.8	%

Note 4: CASH, CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS

A reconciliation of Cash and cash equivalents and Restricted cash equivalents (included in prepaid expenses) to Total cash, cash equivalents and restricted cash equivalents is as follows:

	2024								2025								2026
	1st Q		2nd Q		3rd Q		4th Q		1st Q		2nd Q		3rd Q		4th Q		1st Q		2nd Q
Cash and cash equivalents		1,517		999		1,061		1,247		1,059		1,536		1,327		1,612		1,605		1,430
Restricted cash equivalents included in prepaid expenses		-		-		-		-		-		-		-		-		23		23
Total cash, cash equivalents and restricted cash equivalents		1,517		999		1,061		1,247		1,059		1,536		1,327		1,612		1,628		1,453

Q2 2026 Financial Review of Magna International Inc.

Page 7 of 7

Prepared as at 7/30/2026

Exhibit 99.2

July 31, 2026 Q2 2026 Results 1 Q2 2026 Results Webcast 31JUL26

Vice President, Investor Relations Louis Tonelli 2 Q2 2026 Results Webcast 31JUL26

Forward - Looking Statements Certain statements in this press release constitute "forward - looking information" or "forward - looking statements" (collectively, "forward - looking statements"). Any such forward - looking statements are intended to provide information about management's current expectations and plans and may not be appropriate for other purposes. Forward - looking statements may includ e financial and other projections, as well as statements regarding our future plans, strategic objectives or economic performance, or the assumptions underlying any of the foregoing, and other statements that are not recitations of hi sto rical fact. We use words such as "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "assume", "believe", "intend", "plan", "aim", "forecast", "outlook", "project", "potential", "estimate", "target" and similar expressio ns suggesting future outcomes or events to identify forward - looking statements. The following table identifies the material forward - looking statements contained in this document, together with the material potential risks that we currently believe could cau se actual results to differ materially from such forward - looking statements. Readers should also consider all of the risk factors which follow below the table: Material Potential Risks Related to Applicable Forward - Looking Statement Material Forward - Looking Statement Tariffs and/or other actions that erode free trade agreements Production deferrals, cancellations and volume reductions Production and supply disruptions Commodities prices Availability and relative cost of skilled labour Light vehicle sales levels, including due to : - A decline in consumer confidence - Economic uncertainty - Elevated interest rates and availability of consumer credit - Deteriorating vehicle affordability Light Vehicle Production Pace of EV adoption, including North American electric vehicle program deferrals, cancellations and volume reductions Shifts in market shares among OEMs, vehicles and/or vehicle segments Shifts in consumer "take rates" for products we sell Relative currency values Same risks as for Light Vehicle Production above Alignment of our product mix with production demand Supply disruptions, including as a result of semiconductor and memory (DRAM) chip shortages Customer concentration Total Sales Segment Sales Restructuring costs and/or impairment charges Inflation Ability to secure cost recoveries Price concessions Commodity cost volatility Scrap steel price volatility Same risks as for Total Sales and Segment Sales above Execution of critical program launches Operational underperformance Product warranty/recall risks Production inefficiencies Unmitigated incremental tariff costs Adjusted EBIT Margin Adjusted Diluted EPS Free Cash Flow Legal and regulatory proceedings Changes in law Same risks as Adjusted EBIT Margin above Risks related to conducting business through joint ventures Risks of doing business in foreign markets Equity Income Same risks impacting Free Cash Flow above Ability to repurchase shares for cancellation, including due to normal course issuer bid rules, trading blackouts, and other factors Share Repurchases Weighted Average Diluted Shares Outstanding 3 Q2 2026 Results Webcast 31JUL26

Forward - Looking Statements (cont.) 4 Forward - looking statements are based on information currently available to us and are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances . While we believe we have a reasonable basis for making any such forward - looking statements, they are not a guarantee of future performance or outcomes . In addition to the factors in the table above, whether actual results and developments conform to our expectations and predictions is subject to a number of risks, assumptions, and uncertainties, many of which are beyond our control, and the effects of which can be difficult to predict, including, without limitation : M&A Risks inherent merger and acquisition risks; acquisition integration and synergies; Other Business Risks joint ventures; intellectual property; risks of doing business in foreign markets; tax risks; relative foreign exchange rates; returns on capital investments; financial flexibility; credit ratings changes; stock price fluctuation; Legal, Regulatory and Other Risks legal and regulatory proceedings; and changes in laws. Supply Chain Risks supply chain disruptions; regional energy supply and pricing; financial condition of supply base; supplier claims; Manufacturing/Operational Risks product launch; operational underperformance; restructuring costs; impairments; skilled labour attraction/retention; Pricing Risks quote/pricing assumptions; customer pricing pressure/contractual arrangements; commodity price volatility; scrap steel/aluminum price volatility; Warranty/Recall Risks repair/replacement costs; warranty provisions; product liability; IT Security/Cybersecurity Risks IT/cybersecurity breach; product cybersecurity breach; risks related to the use of artificial intelligence; Macroeconomic, Geopolitical and Other Risks geopolitical crises and military conflicts; threats to free trade agreements; international trade disputes; planning and forecasting challenges; interest rates and availability of consumer credit; Risks Related to the Automotive Industry pace of EV adoption; North American EV program deferrals, cancellations and volume reductions; economic cyclicality; regional production volumes; deteriorating vehicle affordability; intense competition; Strategic Risks evolution of the vehicle; evolving business risk profile; technology and innovation; investments in mobility and technology companies; Customer - Related Risks customer concentration; market shifts; evolving OEM competitive landscape; dependence on outsourcing; consumer take rate shifts; nature of customer blanket purchase orders; potential OEM production - related disruptions; In evaluating forward - looking statements or forward - looking information, we caution readers not to place undue reliance on any f orward - looking statement. Additionally, readers should specifically consider the various factors which could cause actual events or results to differ materially from those indicated by such forward - looking statements, including the risks, assu mptions and uncertainties above which are: discussed under the “Industry Trends and Risks” heading of our Management’s Discussion and Analysis; and set out in our Annual Information Form filed with securities commissions in Canada, our annual report on Form 40 - F filed with th e United States Securities and Exchange Commission, and subsequent filings. Readers should also consider discussion of our risk mitigation activities with respect to certain risk factors, which can be als o found in our Annual Information Form. Additional information about Magna, including our Annual Information Form, is available through the System for Electronic Data Analysis and Retrieval + (SEDAR+) at www.sedarplus.ca , as well as on the United States Securities and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval Syst em (EDGAR), which can be accessed at www.sec.gov . Q2 2026 Results Webcast 31JUL26

Today's discussion excludes the impact of other expense (income), net ("Unusual Items") and amortization of acquired intangible assets. Please refer to the reconciliation of Non - GAAP measures in our press release dated July 31, 2026 for further information. "Organic", in the context of sales movements, means "excluding the impact of foreign exchange, acquisitions and divestitures". Weighted Sales Growth over Market (GoM) compares Magna organic sales growth (%) to vehicle production change (%) after applying Magna - specific geographic sales weighting, excluding Complete Vehicles, to regional production. All amounts are in U.S. Dollars Reminders 5 Q2 2026 Results Webcast 31JUL26

Chief Executive Officer Swamy Kotagiri 6 Q2 2026 Results Webcast 31JUL26

Key Takeaways 7 Strong Q2 results, with continued margin expansion driven by disciplined execution 1 • Sales up 3%, weighted Growth over Market of +3% • Adjusted EBIT up 16% , Adjusted EBIT margin expanded 70 bps to 6.2% • Adjusted EPS rose 29% to $1.86, a Q2 record • Continued traction on operational excellence activities across the Company Q2 2026 Results Webcast 31JUL26

Key Takeaways 8 Solid free cash flow reflects improved operating performance 2 • Generated operating cash flow of $954 million and free cash flow of $617 million in Q2 • S&P reaffirmed "A - " credit rating with “ Stable " outlook • Ended Q2 with strong balance sheet, including $1.4 billion in cash • Strong cash generation and investment - grade balance sheet provide financial flexibility Q2 2026 Results Webcast 31JUL26

Key Takeaways 9 Improved Outlook reflects ongoing confidence in margin, EPS and cash flow trajectory 3 • Weighted sales growth over market of +1% at midpoint • Raised FY 2026 Outlook ranges for Adjusted EBIT margin ( 6.3% to 6.6% ), Adjusted EPS ( $6.70 – $7.30) and Free Cash Flow ( $1.75B – $1.85B ) • Reflects strong H1 performance and confidence in ability to execute in H2 • Business pipeline continues to grow – over 90% of 2028 business already booked Q2 2026 Results Webcast 31JUL26

Key Takeaways 10 Executing our proven capital allocation framework 4 • Continue to invest in business to support profitable growth • Returned $598 million in capital to shareholders in Q2, through dividends and share repurchases • ~9 million shares remaining at June 30, 2026 under current buyback authorization (NCIB); Company plans to repurchase remaining shares in 2H • Expect to close remaining Lighting and Rooftop divestitures sooner than previously anticipated Q2 2026 Results Webcast 31JUL26

Awarded Driver and Occupant Monitoring System Program with European OEM 11 • Positions Magna’s DMS/OMS as a foundational, platform - level solution for OEM • Mirror - integrated hardware and software support scalable, software - defined vehicle architectures • Combines behind - the - glass camera architecture with software - enabled functionality • Reinforces Magna’s leadership in driver awareness and interior sensing integration • Expect continued growth as we scale across additional customers Q2 2026 Results Webcast 31JUL26

Awarded 800V eDrive Program with Chery 12 • 250kW 800 - volt 2 - speed eDrive highlights Magna's advanced electrification capabilities • To be produced at Magna's new Wuhu facility, supporting localized execution in China • Momentum continues with dedicated hybrid drive system now in series production with Chery on the Jetour G700 • Further strengthens Magna’s market position in eDrives Q2 2026 Results Webcast 31JUL26

Customer Recognition 13 • Magna Earns Five 2025 General Motors Supplier of the Year Awards • Highlights Magna's depth across vehicle systems spanning five product categories: Frames Transfer Cases Rubber Sealing Exterior Moldings Fascias • More than 40 GM Supplier of the Year awards earned by Magna over the last decade • Reflects long - standing partnership and consistent execution Q2 2026 Results Webcast 31JUL26

14 Active discussions underway with potential to drive high - return incremental opportunities Pursuing Adjacent Market Opportunities x Market Opportunities Several non - automotive industries seeking partners to support their growth x Returns - Based Criteria Opportunities to leverage existing capabilities and capacity; accretive to growth with strong ROIC x Magna’s Right to Win Ability to leverage auto - level reliability and quality standards Q2 2026 Results Webcast 31JUL26

EVP & Chief Financial Officer Phil Fracassa 15 Q2 2026 Results Webcast 31JUL26

16 Q2 2026 Performance Highlights Consolidated Sales $11.0B Weighted GoM 1 of +3% (+4% excl. Complete Vehicles) +3% Adjusted EPS $1.86 +29% Free Cash Flow 2 $617M 1 Weighted Growth over Market (GoM) compares organic sales growth (%) to vehicle production change (%) after applying Magna geo gra phic sales weighting, excluding Complete Vehicles, to regional production 2 Free Cash Flow (FCF) is Cash from Operations plus Proceeds from normal course Dispositions of fixed and other assets minus Fi xed Asset Additions and Increase in Investment in other assets Adjusted EBIT 6.2% +70 bps $677M +16% +$316M Q2 2026 Results Webcast 31JUL26

Q2 2026 Financial Results 17 1 Weighted Sales Growth over Market (GoM) compares Magna organic sales growth (%) to vehicle production change (%) after applying Magna - specific geographic sales weighting, excluding Complete Vehicles, to regional production 2 "Other" i ncludes customer price increases to recover certain higher input costs and tariffs, the net impact of commercial items, and net customer price concessions Q2 2026 LV Production - 1% North America - 1% Europe - 3% China - 2% Global - 1% Magna Weighted Weighted Sales GoM 1 : +3% (+4% excl. Complete Vehicles) Consolidated Sales ($Millions) +3% 10,631 273 172 - 96 10,980 Q2 2025 Volumes, Launches & Other Foreign Exchange Complete Vehicles excl. FX Q2 2026 2 (Organic: +2%) Q2 2026 Results Webcast 31JUL26

• Operational, Volumes & Other (+75bps) Operational excellence initiatives driving productivity and efficiency improvements (+) Benefits of prior restructuring actions (+) Net transactional foreign exchange gains (+) Higher earnings on higher organic sales (+) Unfavourable product mix ( - ) Higher commodity costs ( - ) • Tariffs (+25bps) Lower costs, net of recoveries (+) • Equity Income (+10bps) • Discrete Items 1 ( - 40bps) Net impact of commercial items ( - ) 18 Q2 2026 Financial Results 1 Includes items from both Q2 2026 and Q2 2025. Represents the net change year over year. 0.75% 0.25% 0.10% - 0.40% 5.5% 6.2% Q2 2025 Operational, Volumes & Other Tariffs Equity Income Discrete Items Q2 2026 $677 $583 Adjusted EBIT & Margin ($Millions and %) Note: bps changes are approximate 1 Q2 2026 Results Webcast 31JUL26

19 Q2 2026 Financial Results Change Q2 2026 Q2 2025 ($Millions, except per share data) 349 10,980 10,631 Sales 94 677 583 Adjusted EBIT 15 37 52 Interest Expense 109 640 531 Adjusted Pre - Tax Income (13) (122) (109) Adjusted Income Taxes 5 (10) (15) Income Attributable to Non - Controlling Interests 101 508 407 Adjusted Net Income Attributable to Magna (8.5) 273.2 281.7 Diluted Shares Outstanding (millions of shares) 0.42 1.86 1.44 Adjusted EPS ($) 20.5% 19.1% 5.5% 6.2% Q2 - 26 tax rate of 19.1% was below FY - 26 outlook of ~23% (~9 cents per share favorable impact in the quarter) Q2 2026 Results Webcast 31JUL26

Q2 2026 Segment Performance Q2 2025 Q2 2026 Seating Power & Vision Complete Vehicles Body Exteriors & Structures $4,253 $4,421 $0,000 $0,500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 $347 $360 8.2% 8.1% 0.0 0.1 0.1 0.2 0.2 0.3 0.3 $0 $50 $100 $150 $200 $250 $300 $350 $400 Sales +4% Adj. EBIT +4% $1,433 $1,448 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $42 $51 2.9% 3.5% 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 $0 $10 $20 $30 $40 $50 $60 Sales +1% Adj. EBIT +21% $3,857 $4,093 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 $162 $245 4.2% 6.0% 0.0 0.1 0.1 0.2 0.2 0.3 0.3 $0 $50 $100 $150 $200 $250 $300 $350 $400 Sales +6% Adj. EBIT +51% $1,226 $1,160 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $28 $37 2.3% 3.2% 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 $0 $10 $20 $30 $40 $50 $60 Sales - 5% Adj. EBIT +32% - 10 bps +60 bps +180 bps $Millions 20 +90 bps Q2 2026 Results Webcast 31JUL26

21 Q2 Free Cash Flow Free Cash Flow 1 ($Millions) 301 617 0 100 200 300 400 500 600 700 Q2'25 Q2'26 1 Free Cash Flow (FCF) is Cash from Operations plus Proceeds from normal course Dispositions of fixed and other assets minus Fixed Asset Additions and Increase in Investment in other assets Key Sources (uses) of cash (141) 341 Debt Activity, net (465) - Repurchase of Common Shares (133) (137) Dividends paid Q2 2026 Q2 2025 ($Millions) 861 762 Cash from Operations Before Changes in Operating Assets & Liabilities 93 (135) Changes in Operating Assets & Liabilities 954 627 Cash from Operations (269) (246) Fixed Asset Additions (77) (94) Increase in Investments, Other Assets and Intangible Assets 9 14 Proceeds from Normal Course Dispositions (337) (326) Investment Activities 617 301 Free Cash Flow 1 Q2 2026 Results Webcast 31JUL26

Maintaining Strong Balance Sheet and Financial Flexibility 22 Rating Agency Leverage Ratio (LTM, 30JUN26) ($millions) 6,600 Adjusted Debt 4,656 Adjusted EBITDA 1.42x Rating Agency Leverage Total Liquidity (30JUN26) ($millions) 1,430 Cash and Cash Equivalents 3,500 Available Term & Operating Lines of Credit 4,930 Total Liquidity Long - Standing Investment - Grade Ratings with Moody's, S&P and DBRS • Strong liquidity of $4.9B, including $1.4B cash • Rating agency leverage 1.42x at June 30, 2026, better than expected due to strong Q2 cash flow • S&P affirmed Magna’s "A - " rating and updated outlook to "Stable" • Company well - positioned to continue significant share repurchases in 2026 Q2 2026 Results Webcast 31JUL26

23 Updated 2026 Macro Assumptions July 2026 May 2026 Macro Assumptions: Light Vehicle Production: (millions of units) 15.0 14.9 • North America 16.8 16.6 • Europe 31.2 32.0 • China Foreign Exchange Rates: 0.713 0.730 • 1 CDN dollar equals USD 1.153 1.178 • 1 EURO equals USD 0.146 0.145 • 1 RMB equals USD Q2 2026 Results Webcast 31JUL26

24 Updated 2026 Outlook – Summary July 2026 May 2026 $41.3 – $42.5B $41.5 – $43.1B Sales 6.3% – 6.6% 6.0% – 6.6% Adjusted EBIT Margin % 1 $6.70 – $7.30 $6.25 – $7.25 Adjusted EPS 2 $1.75 – $1.85B $1.6 – $1.8B Free Cash Flow 3 1 Adjusted EBIT Margin is the ratio of Adjusted EBIT to Sales 2 Adjusted EPS represents Net Income excluding Other expense (income), net / Diluted weighted average number of shares outstand in g 3 Free Cash Flow (FCF) is Cash from Operations plus Proceeds from normal course Dispositions of fixed and other assets minus Fi xed Asset Additions and Increase in Investments, Other assets and Intangibles • Sales updated to reflect unfavourable foreign currency translation (driven by stronger USD) and earlier - than - expected completion of announced divestitures versus May outlook • Expect Sales Growth over Market in 0 – 2% range (1 – 3% ex - CV) • Increasing Adj. EBIT margin, Adj. EPS and FCF to reflect strong H1 results and expected continued solid performance through remainder of 2026 • Expect to repurchase remaining 9.1M shares under NCIB before authorization expires in early November Other Key Assumptions : $1.5 – $1.6B $1.5 – $1.6B Capital Spending ( CapEx ) $190 – $210M $160 – $195M Equity Income (incl. in Adj. EBIT margin) ~$160M ~$165M Interest Expense (net) ~23% ~23% Adjusted Income Tax Rate ~270M ~270M Diluted shares outstanding (FY avg.) Q2 2026 Results Webcast 31JUL26

Chief Executive Officer Swamy Kotagiri 25 Q2 2026 Results Webcast 31JUL26

• Achieved weighted sales growth over market • Delivered meaningful Adjusted EBIT Margin expansion • Generated solid free cash flow, reinforcing the quality and sustainability of earnings Strong Q2 2026 with margin expansion and cash generation In Summary 26 Q2 2026 Results Webcast 31JUL26

• Raised 2026 outlook, reflecting confidence in operating performance • Continued focus on margin expansion, EPS growth and strong free cash flow • Executing a disciplined capital allocation strategy, including significant return of capital Positioned for continued margin expansion , EPS growth and shareholder returns In Summary 27 Q2 2026 Results Webcast 31JUL26

Magna Investor Day Wednesday, November 11, 2026 Save The Date New York, NY 28 Q2 2026 Results Webcast 31JUL26

29 Q&A Q2 2026 Results Webcast 31JUL26

30 Q2 2026 Results Appendix Q2 2026 Results Webcast 31JUL26

31 Q2 2026 Reconciliation of Reported Results Adjusted (2) (1) Reported Excluding: (1) Other Expense (Income), Net and (2) Amortization of Acquired Intangible Assets $Millions, except for share figures $ 640 $ 17 $ 24 $ 599 Income Before Income Taxes 5.8% 5.5% % of Sales $ 122 $ 1 $ 1 $ 120 Income Tax Expense 19.1% 20.0% % of Pretax $ (10) $ - $ - $ (10) Income Attributable to Non - Controlling Interests $ 508 $ 16 $ 23 $ 469 Adjusted Net Income Attributable to Magna 1 $ 1.86 $ 0.06 $ 0.08 $ 1.72 Adjusted Diluted Earnings Per Share 1 Adjusted Net Income Attributable to Magna represents Net Income excluding Other expense (income), net and Amortization of Acquired Int ang ible Assets Q2 2026 Results Webcast 31JUL26

32 Q2 2025 Reconciliation of Reported Results Adjusted (2) (1) Reported Excluding: (1) Other Expense (Income), Net and (2) Amortization of Acquired Intangible Assets $Millions, except for share figures $ 531 $ 29 $ 6 $ 496 Income Before Income Taxes 5.0% 4.7% % of Sales $ 109 $ 5 $ 2 $ 102 Income Tax Expense 20.5% 20.6% % of Pretax $ (15) $ - $ - $ (15) Income Attributable to Non - Controlling Interests $ 407 $ 24 $ 4 $ 379 Adjusted Net Income Attributable to Magna 1 $ 1.44 $ 0.08 $ 0.01 $ 1.35 Adjusted Diluted Earnings Per Share 1 Adjusted Net Income Attributable to Magna represents Net Income excluding Other expense (income), net and Amortization of Acquired Int ang ible Assets Q2 2026 Results Webcast 31JUL26

33 Q2 2025 vs Q2 2026 Sales Performance vs Market Performance vs Weighted Global Production (Weighted GoM) Organic 1 Reported 4% 3% 4% Body Exteriors & Structures 5% 4% 6% Power & Vision 1% 0% 1% Seating Systems (7%) (8%) (5%) Complete Vehicles 3% 2% 3% TOTAL SALES (2%) Unweighted Production Growth (1%) Weighted Production Growth 2 1 Organic Sales represents sales excluding acquisitions net of divestitures and FX movements 2 Calculated by applying Magna geographic sales weighting, excluding Complete Vehicles, to regional production Q2 2026 Results Webcast 31JUL26

34 Q2 2025 vs Q2 2026 Segment Impact on Adjusted EBIT % of Sales Adjusted EBIT as a Percentage of Sales Adjusted EBIT Sales ($Millions) 5.5% $ 583 $ 10,631 2 nd Quarter of 2025 Increase (Decrease) Related to: 0.0% $ 13 $ 168 Body Exteriors & Structures 0.7% $ 83 $ 236 Power & Vision 0.1% $ 9 $ 15 Seating Systems 0.1% $ 9 $ (66) Complete Vehicles (0.2%) $ (20) $ (4) Corporate and Other 6.2% $ 677 $ 10,980 2 nd Quarter of 2026 Q2 2026 Results Webcast 31JUL26

35 Q2 2025 vs Q2 2026 Geographic Sales Q2 2025 Q2 2026 China China Production (3%) $1.2B $1.1B $0.00B $0.20B $0.40B $0.60B $0.80B $1.00B $1.20B $1.40B $1.60B $1.80B $2.00B $5.2B $5.4B $0.0B $1.0B $2.0B $3.0B $4.0B $5.0B $6.0B North America Production (1%) $4.2B $4.5B $0.0B $1.0B $2.0B $3.0B $4.0B $5.0B $6.0B Europe Production (1%) $149M $164M $0M $20M $40M $60M $80M $100M $120M $140M $160M $180M Asia Production 1% ROW Production (6%) South America Production 16% Rest of World 1 1 Rest of World represents Asia (excluding China) plus all other regions not included above. Q2 2026 Results Webcast 31JUL26

36 Segment Outlook May 2026 July 2026 8.2 - 8.8% 8.4 - 8.7% Adjusted EBIT Margin % Body Exteriors & Structures May 2026 July 2026 16.6 - 17.2 16.6 - 17.1 Sales ($Billions) May 2026 July 2026 6.0 - 6.6% 6.6 - 6.9% Power & Vision May 2026 July 2026 15.6 - 16.0 15.4 - 15.7 May 2026 July 2026 3.1 - 3.7% 3.2 - 3.5% Seating May 2026 July 2026 5.4 - 5.7 5.4 - 5.6 May 2026 July 2026 2.0 - 2.6% 2.8 - 3.1% Complete Vehicles May 2026 July 2026 4.4 - 4.7 4.3 - 4.5 Q2 2026 Results Webcast 31JUL26

37 Leverage Ratios as of June 30, 2026 Rating Agency Debt/EBITDA 1 Net Debt/ Adj. EBITDA ($Millions) $ - $ (1,430) Cash and Cash Equivalents 4,628 4,628 ST and LT Debt per Balance Sheet 1,972 - Leases and Other Credit Rating Agency Adjustments $ 6,600 $ 3,198 Net Debt / Rating Agency Debt $ 4,250 $ 4,250 LTM Adjusted EBITDA 406 - Credit Rating Agency Adjustments $ 4,656 $ 4,250 Adjusted EBITDA / Rating Agency EBITDA 1.42x 0.75x Leverage at June 30, 2026 1 "Rating Agency" Debt/EBITDA reflects estimated Moody's adjustments and resulting calculation as of June 30, 2026 Q2 2026 Results Webcast 31JUL26

38 Q2 2026 Results Webcast 31JUL26

Exhibit 99.3

MAGNA INTERNATIONAL - SECOND QUARTER 2026 RESULTS WEBCAST – 26JUL31

DISCLAIMER:

This transcript is derived from a recording of the webcast. While efforts have been made to transcribe accurately, the following transcription may still contain inaccuracies, errors, or omissions. Readers are advised to refer to the webcast itself together with additional information about Magna, including in our Annual Information Form filed with securities commissions in Canada, our annual report on Form 40-F with the United States Securities and Exchange Commission, and subsequent filings, available through the System for Electronic Data Analysis and Retrieval+ (SEDAR+) at www.sedarplus.ca, as well as on the United States Securities and Exchange Commission’s Electronic Data Gathering, Analysis, and Retrieval System (EDGAR), which can be accessed at www.sec.gov.

CORPORATE SPEAKERS:

Louis Tonelli

Magna International Inc.; VP of Investor Relations

Seetarama Kotagiri

Magna International Inc.; President & CEO

Philip Fracassa

Magna International Inc.; CFO

PARTICIPANTS:

James Picariello

BNP Paribas; Analyst

Jack Joyce

Bank of America; Analyst

Rajat Gupta

JPMorgan; Analyst

Dan Levy

Barclays Bank; Analyst

Joseph Spak

UBS; Analyst

Ty Collin

CIBC Capital Markets; Analyst

Tom Narayan

RBC Capital Markets; Analyst

Jonathan Goldman

Scotiabank Global Banking and Markets; Analyst

Emmanuel Rosner

Wolfe Research; Analyst

Colin Langan

Wells Fargo Securities; Analyst

Mark Delaney

Goldman Sachs Group, Inc.; Analyst

Michael Glen

Raymond James; Analyst

MAGNA INTERNATIONAL - SECOND QUARTER 2026 RESULTS WEBCAST – 26JUL31

PRESENTATION:

Operator^ Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome you to Magna International Second Quarter 2026 Results Conference Call and Webcast. (Operator Instructions)

I would now like to turn the conference over to Louis Tonelli, Vice President of Investor Relations. You may begin.

Louis Tonelli^ Thanks, operator. Hello, everyone, and welcome to our conference call covering our Q2 2026 results.

Joining me today are Swamy Kotagiri and Phil Fracassa.

Yesterday, our Board of Directors met and approved our financial results for the second quarter of 2026 and our updated outlook. We issued a press release this morning outlining both of these.

You will find today's press release, conference call webcast, the slide presentation to go along with the call and our updated quarterly financial review all in the Investor Relations section of our website at magna.com.

Before we get started, just as a reminder, the discussion today may contain forward-looking information or forward-looking statements within the meaning of applicable securities legislation. Such statements involve certain risks, assumptions and uncertainties, which may cause the company's actual or future results and performance to be materially different from those expressed or implied in these statements.

Please refer to today's press release for a complete description of our safe harbor disclaimer. Please also refer to the reminder slide included in our presentation that relates to our commentary today.

With that, I'll pass it over to Swamy.

Seetarama Kotagiri^ Thank you, Louis. Good morning, everyone, and thank you for joining us today. We appreciate your time and interest, as always. Let's get started.

Overall, I was very pleased with our strong Q2 2026 results with continued margin expansion momentum driven by disciplined execution.

In the quarter, sales increased 3% with weighted organic growth over market of 3%. Adjusted EBIT was up 16%, while adjusted EBIT margin expanded 70 basis points to 6.2%, and adjusted EPS rose 29% to $1.86, a record for the second quarter. These results demonstrate continued traction on our operational excellence activities and ability to deliver improved performance in a dynamic environment.

MAGNA INTERNATIONAL - SECOND QUARTER 2026 RESULTS WEBCAST – 26JUL31

Our strong free cash flow is further evidence of the continued improvement in our operating performance. During the quarter, we generated $954 million in operating cash flow and $617 million in free cash flow.

We were also pleased that S&P recently reaffirmed Magna's A- credit rating and improved outlook to stable. This comes on the heels of a similar action by Moody's earlier this year. And we ended the quarter with a 1.4x rating agency leverage ratio ahead of our expectations and $1.4 billion in cash on hand which further enhances our financial flexibility.

Supported by our strong first half performance, we raised our full year 2026 outlook reflecting confidence in our margin, earnings and cash flow trajectory. For the year, we expected weighted sales growth over market of about 1% at the midpoint. We narrowed and raised our outlook ranges for adjusted EBIT margin, adjusted EPS and free cash flow, again, reflecting our first half momentum and expectations for solid execution over the remainder of the year.

Our business pipeline continues to grow with over 90% of our 2028 business already booked. While macroeconomic and geopolitical conditions remain somewhat uncertain, including recent developments in the Middle East and with respect to trade policy, our outlook reflects our best estimates and confidence in our ability to mitigate headwinds and execute on what is within our control.

We remain steadfast in executing our proven capital allocation framework. We continue to invest in our business to support further profitable organic growth while returning significant capital to shareholders.

During the quarter, we returned $598 million to shareholders, including $465 million through share repurchases. At the end of June, we had about 9 million shares remaining under our NCIB, and we plan to repurchase those shares in the second half.

We also closed on the sale of our European lighting business at the end of June and expect to complete the remaining lighting and rooftop divestitures sooner than originally anticipated.

As a result of our team's strong execution and focus on innovation, we continue to have success winning new business to drive organic growth into the future.

We were recently awarded a driver and occupant monitoring system program with a European OEM positioning Magna's technology as a foundational platform level solution across the customer's vehicle architecture. Our mirror integrated hardware and software support scalable software-defined vehicle architectures and reinforces our leadership in driver awareness and interior sensing integration. We see additional opportunities to expand this technology across other customers and vehicle programs.

MAGNA INTERNATIONAL - SECOND QUARTER 2026 RESULTS WEBCAST – 26JUL31

Our recently awarded 800V two-speed eDrive program with Chery automotive further demonstrates Magna's advanced electrification capabilities. This award builds on our existing momentum with Chery following the launch of our dedicated hybrid drive system, which is now in series production for the Jetour G700. This recent award further strengthens Magna's market position and high voltage drives.

Our commitment to innovation, quality and execution continues to be recognized by our customers. Most recently, Magna earned five General Motors Supplier of the Year awards, spanning five different product categories. These awards bring our total GM Supplier of the Year recognition over the past decade to more than 40, underscoring the strength of our partnership with GM and our consistent ability to deliver for our customers.

Lastly, I want to address the topic that has come up in several recent discussions with investors and analysts, whether Magna is looking at opportunities beyond automotive, including areas such as robotics, automation, data centers and other adjacent markets. We are actively evaluating these opportunities, and we have already some initial project wins where we can leverage Magna's existing capabilities, manufacturing footprint, technical expertise and automotive grade standards for quality and reliability.

The key point is that we are not pursuing diversification for its own sake. Any opportunity must meet clear returns-based criteria fit with our capabilities and give Magna a credible right to win. Where those conditions are met, we believe this adjacent markets can provide attractive opportunities for incremental growth and high return value creation over time.

We will provide more detail on how we are thinking about these opportunities, including the criteria, project awards and potential path forward at our Investor Day in November.

With that, I'll turn the call over to Phil.

Philip Fracassa^ Thanks, Swamy, and good morning, everyone. I'm going to begin on Slide 16 and with a summary of our strong second quarter results.

Sales were $11 billion in the quarter, up about 3% from last year. Adjusted EBIT margin improved 70 basis points to 6.2%. Adjusted earnings were $1.86 per share, up 29% from last year and a second quarter record. And free cash flow was strong at $617 million, more than double last year's level. Each of these metrics came in ahead of our expectations.

Now I'll take you through some of the details. Let's start with sales on Slide 17.

As I mentioned, second quarter sales were up about 3% overall compared to last year. Excluding foreign currency translation, sales were up about 2% organically. By comparison, global light vehicle production declined 2% in the quarter. On a Magna weighted basis, we estimate light vehicle production was down about 1%. This translates to a 3% growth over market for Magna consolidated and 4% growth over market, excluding Complete Vehicles.

MAGNA INTERNATIONAL - SECOND QUARTER 2026 RESULTS WEBCAST – 26JUL31

Looking at the sales walk, volumes, launches and other added $273 million to the top line, or about 2%. The increase was driven by new program launches, including the Jeep Cherokee Recon, Zeekr 9X and RAM 1500 as well as net favorable sales mix. This was partially offset by the end of production of certain programs, including the Ford Escape, lower light vehicle production and normal course customer price concessions.

Sales in Complete Vehicles declined $96 million organically despite higher unit volumes. The higher unit volumes were driven mainly by new assembly programs in Graz, including with XPeng and GAC where sales are recognized on a value-added basis.

Volumes of other customers where sales are generally recognized on a full cost basis, declined year-over-year in aggregate. This resulted in net lower assembly sales dollars. Engineering revenue was also lower, in line with our expectations.

And lastly, foreign currency translation was positive $172 million, driven by a net weaker U.S. dollar compared to last year.

Now let's move to EBIT on Slide 18.

Second quarter adjusted EBIT was $677 million, an increase of $94 million or 16% from last year. Adjusted EBIT margin was 6.2%, up 70 basis points.

Looking at the margin pluses and minuses. The largest benefit came from operational performance, volume and other, about 75 basis points. This reflects continued momentum from operational excellence and other cost reduction initiatives. We also benefited from prior restructuring actions, favorable net foreign exchange transaction gains and incremental margin on the higher organic sales. These positives more than offset unfavorable mix and higher commodity costs, among other items.

Lower net tariff costs year-over-year added around 25 basis points in the quarter as costs were slightly lower and we're getting recoveries quicker than we did last year. While the tariff situation continues to evolve, we currently expect that our net tariff headwind for full year 2026 will be similar to 2025.

Higher equity income year-over-year contributed around 10 basis points to margin in the quarter. This mainly reflects productivity and efficiency improvements as well as some favorable commercial items at our unconsolidated JVs.

And finally, discrete items reduced margins by about 40 basis points. This was driven mainly by the net unfavorable impact of commercial items year-over-year in the consolidated business.

Looking below the EBIT line on Slide 19. Interest expense was $15 million lower than last year due mainly to lower debt levels and our strong first half free cash flow which resulted in reduced seasonal short-term borrowings.

MAGNA INTERNATIONAL - SECOND QUARTER 2026 RESULTS WEBCAST – 26JUL31

Our second quarter adjusted tax rate was 19.1%, an improvement of 140 basis points versus last year and better than our expectations. For the full year, however, we continue to expect an adjusted tax rate of 23%, which implies that our second half rate will be north of 23% for modeling purposes.

And second quarter adjusted EPS was $1.86, up 29% from last year, reflecting higher net income as well as a 3% lower share count from our share repurchases over the past 12 months.

Now let's take a brief look at our business segment performance, which is summarized on Slide 20.

Three of our four segments posted higher sales year-over-year and growth above market, with a notable 6% year-over-year increase in Power & Vision. In Complete Vehicles, sales declined 5% as expected despite higher unit volumes as net lower sales on full cost programs and lower engineering revenue were only partially offset by favorable foreign currency translation and the benefit of increased value-added sales at higher margins from new programs with Chinese OEMs in Graz.

Turning to EBIT, Power & Vision, Seating and Complete Vehicles, all posted notable year-over-year improvements in adjusted EBIT dollars and margins, reflecting strong operational execution. Body Exteriors & Structures margin at 8.1% was ahead of our expectations but down 10 basis points from last year on slightly unfavorable mix.

Now let's look at cash flow on Slide 21.

In the second quarter, we generated $954 million in cash from operations, an increase of $327 million from last year, driven by higher earnings and strong working capital performance. Investment activities in the quarter included $269 million in CapEx, representing 2.4% of sales and $77 million for investments, other assets and intangibles, offset partially by proceeds from normal course asset disposals.

Netting everything out, we generated free cash flow of $617 million in the quarter, which was above our expectations and more than double last year's level. We continue to return cash to shareholders in the second quarter with $133 million in dividends, along with $465 million in share buybacks. We repurchased 7.4 million shares during the quarter under our NCIB authorization which left us with just over 9 million shares remaining at quarter end. We are planning to repurchase the remaining shares before the NCIB expires in early November.

Turning to Slide 22.

Our balance sheet and capital structure remain strong. At the end of June, we had close to $5 billion in total liquidity, including $1.4 billion cash on hand.

MAGNA INTERNATIONAL - SECOND QUARTER 2026 RESULTS WEBCAST – 26JUL31

Our rating agency debt-to-EBITDA leverage ratio was 1.4x on June 30. This puts Magna in a great position to continue our share repurchases in 2026 and beyond.

And we were pleased that S&P recently affirmed Magna's A- investment-grade credit rating with stable outlook. This follows Moody's affirmation of our A3 rating with stable outlook earlier this year.

Together, these actions underscore the strength of our balance sheet and resilience of our business.

Next, let me cover the macro assumptions underpinning our current outlook on Slide 23.

Compared to our May outlook, we've increased our estimates for North America and Europe production by 100,000 and 200,000 units, respectively, while we reduced our China production estimate by 800,000 units.

We also updated our foreign currency assumptions to reflect recent exchange rates. Our current full year outlook reflects a weaker euro and Canadian dollar, along with a slightly stronger Chinese yuan which translates to a net stronger U.S. dollar compared to our May outlook.

Also on the macro front, we continue to monitor the ongoing conflict in the Middle East. As always, we will manage input costs and other volatility through mitigation actions and commercial recoveries. Our outlook reflects our current visibility and best estimates for the balance of the year, including modest incremental cost headwinds across several key commodities and inputs.

Moving to Slide 24. We've revised our full year sales outlook essentially to reflect our updated foreign currency assumptions for a net stronger U.S. dollar as well as our expectation that the lighting and rooftop divestitures will close sooner than previously anticipated.

More importantly, we continue to expect positive growth over market for 2026 in the range of 1% to 3%, excluding Complete Vehicles. We are narrowing up and raising our prior outlook ranges for adjusted EBIT margin, adjusted EPS and free cash flow. This reflects our strong first half results and confidence in our ability to deliver solid execution in the second half.

We expect strong margin expansion in 2026 and have narrowed up our outlook for adjusted EBIT margin of between 6.3% and 6.6%, up 15 basis points at the midpoint from our previous outlook and an increase of 85 basis points versus last year.

We have also narrowed and raised our outlook for adjusted EPS to between $6.70 and $7.30 per share. At the midpoint, this represents a $0.25 improvement versus our prior outlook and an increase of 22% versus last year.

MAGNA INTERNATIONAL - SECOND QUARTER 2026 RESULTS WEBCAST – 26JUL31

And finally, we've increased our free cash flow outlook to $1.8 billion at the midpoint, up $100 million from our May outlook. This represents free cash conversion of around 95% of adjusted net income.

With respect to other key assumptions, we now expect higher equity income and slightly lower interest expense as compared to our prior outlook, all our assumptions for capital spending, the tax rate and diluted shares remain unchanged.

Finally, I'd like to give you some color on how we see the third and fourth quarters shaping up to assist you in modeling in the second half.

The midpoint of our full year EPS outlook implies second half adjusted EPS of $3.76. We expect roughly a 40-60 split of second half EPS between the third and the fourth quarters as the fourth quarter will benefit from higher sales and margins compared to the third. But we do expect both quarters to post higher margins year-over-year.

That's it for the financial review. Now I'll turn it back to Swamy to wrap things up. Swamy?

Seetarama Kotagiri^ Thank you, Phil. Before we take your questions, let me recap a couple of key points.

We had a strong second quarter of 2026 with weighted sales growth over market, adjusted EBIT margin expansion and solid cash flow generation. We are positioned for continued margin expansion, EPS growth and shareholder returns, supported by 2026 outlook that we raised from May, reflecting our confidence in our operating performance. We are executing a disciplined capital allocation strategy, including significant return of capital. Most importantly, we remain highly confident in Magna's future.

We hope to see many of you in November at our investor event in New York City, where we will go into detail on our strategy, key initiatives and long-term financial outlook.

Thanks for your attention. Now operator, let's open it up for questions.

QUESTION & ANSWER:

Operator^ (Operator Instructions) And your first question comes from James Picariello with BNP Paribas.

James Picariello^ Congrats on a great quarter. Can you speak to what drove the quarter's onetime -- to what extent was there a pull forward in your recoveries? The tariff recovery, how are you thinking about your tariff recoveries in the back half? And then the other -- the discrete items that's called out in the bridge?

Seetarama Kotagiri^ I would say there was -- this was not really a volume-led quarter. Predominantly, the driver of the performance in this quarter is the operational side, which has been really strong and consistent according to our execution agenda. And that's what gave us the conviction to go raise the full year outlook. So that's one point.

MAGNA INTERNATIONAL - SECOND QUARTER 2026 RESULTS WEBCAST – 26JUL31

As we look at the tariffs and the commercial recoveries, Phil can add a little bit, but I think net-net, compared to the last year, this was actually negative. And those are the key things.

And as we sit here this year, I think we are further along than last year in getting recoveries. So that helped us derisk the second half of the year.

So those are the real key drivers for the performance. I don't think there is any onetime performance other than the tax issue that, Phil, you can elaborate a bit.

Philip Fracassa^ Sure. Yes. No, sure, James. Great questions.

So yes, on tariffs, if you remember, last year, we ended with a net margin headwind of under 10 basis points. And we're thinking it will be similar this year, but the timing is going to be a little different because the recoveries are coming a bit quicker. So we did have favorability on the margin in Q2 from tariffs. But again, because we had no recoveries last year, we have recoveries this year.

For the full year, though, we're expecting a relatively neutral impact on the margin. Maybe we'll do a little better than that. I mean who knows.

On commercial items, Swamy is exactly right. They were net unfavorable in the quarter. So if anything, commercial was a headwind in the quarter, yet we still posted to 70 basis points year-over-year margin improvement. So it was really operational excellence, as Swamy mentioned.

And then we did -- I do want to point out on the tax line, we did have a $0.09 benefit in the quarter compared to the 23% guide. That will reverse in the second half because we haven't changed the full year guide, so $0.09 of the performance in the quarter would have been taxed. But beyond that, underlying, it was very structural in nature.

James Picariello^ Got it. Very helpful. And my follow-on is specific to the Power & Vision segment, some really nice core growth inflection, which you guys have been promising in the guide. It's shown clearly in the second quarter. Can you speak to what's driving that? Are there a few key programs that are launching very nicely, regionally wise?

And then also within that segment, the divestiture -- what are you assuming for the divestiture now for the second half? And how does that compare to your prior guidance?

Seetarama Kotagiri^ Maybe at a high level, James, right? As you've seen in Power & Vision, we delivered about 5% weighted growth over market and margins about 6%. The core performance really benefited from the strong incremental margins on higher sales, and the flow through is really the account of the operational excellence initiatives that we've been talking about. And it was helped by higher equity income and lower net tariffs as Phil talked about a little bit.

MAGNA INTERNATIONAL - SECOND QUARTER 2026 RESULTS WEBCAST – 26JUL31

But overall, it still had some mix and commercial items and commodity costs. And despite that, the P&V segment continued to perform, not only that, I see the same dynamics for the full year and expect a good continued trajectory in this segment.

Philip Fracassa^ Yes. And on the divestitures, James, so we did -- we are closing on those sooner than we anticipated. And that would be another $50 million of sales that kind of is coming out because of the sooner-than-expected closing. So about just over $400 million of revenue coming out of P&V in the second half year-over-year because of the divestitures.

Last -- in May, we were talking more about kind of $350 million. So it's about $50 million higher than we previously thought.

Louis Tonelli^ Yes. And on the launches, there's a whole bunch, obviously, in [those] programs. German-based OEMs that are launched and that are helping us, some business with Subaru, some Chinese OEM launches that are contributing on the launch side.

Operator^ Your next question comes from the line of Alex Perry with Bank of America.

Jack Joyce^ This is Jack Joyce on for Alex. Can you maybe talk us through a little bit on the regional outlook? It looks like you've raised production assumptions for North America and Europe. But China came down a bit. Maybe talk to us through how you're thinking about the different regions.

And as a follow-up, looking into 2027, industry forecasts currently implies limited global production growth. Based on your backlog and launch cadence, what's Magna's portfolio imply for growth over market next year?

Philip Fracassa^ Well, a little bit too early to talk about next year, Jack. We definitely appreciate the question.

I mean -- but for the full year, we are expecting solid growth over market for the full year, as we talked about before. Global light vehicle production will be down for the full year even with the revised estimates that we put in there.

On a Magna-weighted basis for the full year, we think global light vehicle production will be down about 2%, about 3% in total. And yet for the full year, our sales, as you'll see, is roughly flat, down just slightly. If you take out the FX impact, which is positive for the full year, it's going to be negative in the second half, but positive for the full year.

Take out the divestiture, we were down about less than 1% organic. So growth over market, that's our 0% to 2% positive growth over market for the full year. If you exclude Complete Vehicles, it will be kind of in that 1% to 3% positive growth over market. And then we did a little bit better than that in the first half, so it will be a little bit less than that in the second half, but it will be positive in both first half and second half.

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And then regionally, you're right, we did take our estimates up for North America and Europe which, as you know, we're well exposed in those two regions. We took China down 800,000, a little bit difficult. China were a little bit smaller, so mix really matters in China.

But overall, we rolled in the production estimates and very comfortable with the second half sales guide and the projection for growth over market for both the second half and the full year.

Louis Tonelli^ And I'd point out that some of the volume change in our outlook is behind us. In other words, we experienced some of that. Some of the up in North America and Europe we experienced in Q2 and some of the down in China was also in Q2.

Operator^ Your next question comes from the line of Rajat Gupta with JPMorgan.

Rajat Gupta^ Just wanted to follow up on the third quarter, fourth quarter seasonality split. It does seem like a little more steeper seasonal step down in 3Q and obviously, you have more steeper fourth quarter pickup. Could you elaborate on what's driving that? Is it just recovery timing? Or any specific launch cadence that we should keep in mind because it would imply a pretty material like step-up in the fourth quarter margin. So I just want to clarify that, and I have a quick follow-up.

Philip Fracassa^ Yes, sure. Sure, Rajat. Thanks for the question.

So you're right. I mean we are expecting lower revenue in the third quarter. And as we think about third and fourth quarter cadence, we do expect a little bit more coming out in the third quarter, and that's going to be driven mainly by obviously, foreign currency is a little bit negative in there. The divestitures are in there as well, although that would impact probably the fourth quarter even a little bit more than the third.

But overall, we think the third quarter, the guidance would imply -- if you think about it, like organically, for the second half, the guidance at the midpoint would imply we're down kind of about 1% or so, a little bit over 1% organic. Think about most of that in the third quarter, driven by model changeovers, normal seasonality, launch cadence, end of production and the like. We've got some programs kind of coming out, Ford Escape, Toyota Supra, BMW Z4 and then kind of more flattish organic in the fourth quarter, a little bit of a step-up from the third to the fourth, but then overall netting to positive growth over market for the second half.

Seetarama Kotagiri^ And I think, Phil, it might be worth mentioning that the slope of the curve is actually flatter this year compared to the last year when we looked at the back half versus the first half of the year.

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Philip Fracassa^ Yes, good point. So when you think about margin -- margins and earnings, a lot of the recovery similar to last year. While we're doing -- I think we're doing a better job getting recoveries earlier.

For example, tariffs, it would be normal for us to have a little bit more skewed to the fourth quarter which would kind of explain a little bit of that EPS split as well as the margins.

But as we said in our scripts, we do expect margins to be up year-over-year in both the third and the fourth quarters. And frankly, the year-over-year improvement will be -- should be pretty similar across both those periods.

Rajat Gupta^ Understood. That's helpful. And just a question on like just the latest situation around memory and DRAM. I mean, how do you feel about your position in terms of locking in supply, obviously, the second half but more for '27? Just curious how the discussions are going on pricing, recoveries, et cetera.

Seetarama Kotagiri^ Thanks, Rajat. We are monitoring the DRAM, obviously. I think the group that is really impacted for us is electronics. We have been in discussions with the customers as well as the suppliers, and we have had no issues with disruption. It's something that we are monitoring very closely.

In this contract, we worked, again, as I said, with OEM and suppliers, and we feel our first choice of -- first priority is to mitigate any disruption, and we feel pretty good about that. And if there is -- we see a little modest unrecovered cost headwind in the second half, but we've included that in our expectations or in the outlook. It's a continuing playbook that we have to go through, but nothing as we see today that's going to be disruptive.

Operator^ Your next question comes from the line of Dan Levy with Barclays.

Dan Levy^ I wanted to go to the sort of first half to second half margin bridge because when we look at especially Power & Vision and BES, there's a significant margin step-up even though revenue is declining and we know that revenue is going to be declining on some of the key programs you have, GM trucks, et cetera. So maybe you can just talk through that first half to second half step up in margin?

And then maybe just a short point on tariff if you could just say -- you mentioned tariffs are neutral or slight negative, what the assumption is within tariffs on IEEPA refunds?

Philip Fracassa^ Sure, Dan. So let's start -- we'll start first with the first half to second half.

So it really boils down to some of the similar things we saw in the first half itself. So when I look first half to second half, operational excellence initiatives continuing to accelerate is probably the biggest driver, first half to second half, that will certainly apply in both BES and P&V.

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As we said, recoveries first half to second half are going to be more second half weighted. That's certain element as well as we work to secure those in the second half before the end of the year.

P&V does get -- does have a little bit more tariff recovery with customers, a little bit of that back half weighted as well. And that's more than offsetting first half to second half in P&V, we had a big equity income item in the first quarter. So that would be kind of a positive in the bridge, if you will.

But overall, it's really been driven by the -- I'm sorry, be a negative in the bridge on the equity income as with inflation, but the positives of operational excellence in recoveries and really good pull-through and good mix performance more than outweighing the negatives.

And then on the IEEPAs, if you looked at last year, and into this year, while the IEEPAs were still in place, we probably paid just over $100 million in IEEPA tariffs. We've gotten about half of that back with most of those refunds coming in the second quarter. But as we get the refunds back, we're accruing pass backs to our customers and would expect customers to get 80% to 90% of that since they funded most of that in -- as we paid it. So it's a pretty small impact to the company overall.

And then the comment on tariffs. So we said tariffs would overall be neutral from '25 to '26, neutral in dollars, roughly neutral on margins, probably -- and maybe do a little bit better than that. So if anything, tariffs may be a slight positive, but would not expect it to be a negative year-over-year.

Dan Levy^ Great. As a follow-up, Swamy, I appreciated the commentary earlier that you're looking at some other end markets outside of automotive. I think one of the things that we've seen with Magna in the past is because you're such a large company and you have such a dominant share across so many different products, what then happens is it can be hard to move the needle on a $40 billion plus revenue base.

So given non-auto right now is nothing for you or I assume very small, is there any confidence that these efforts can add up to sort of a material growth benefit? Or is it just that because you're still so large, this will still be smaller on the margin from a growth perspective?

Seetarama Kotagiri^ Dan, great question. First point, I think we have some proof points in terms of capabilities that can translate beyond traditional Light Vehicles. We have had examples of that in Steyr’s long-running non-civil G-Wagon production as an example. Steyr engineering does work on aerospace-related work. Cosma has done work for [body-in]-white products for heavy truck. And this has all been related to overall capability in terms of integration, in terms of some of these main core processes that live in Magna.

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So all in all, I think we are going to be very selective. We are looking only at areas that we have a clear right to win. And that might include recreational vehicles, other industrial applications and it would help our growth without distracting from the core business.

The other point that we are very clear about is looking at the returns criteria and also looking at not having to have any big distraction or a significant incremental investment. So that's kind of like the backdrop.

We have been awarded some projects already. Like you said, we want to come on the Investor Day to be able to talk through what's the road map, what is the size. But I believe done well, these adjacent markets can add incremental growth, and modest diversification without changing Magna's identity or operating model.

So I think it's going to be meaningful. And now we'll have to decide what material means but let's talk about it in November.

Operator^ Your next question comes from the line of Joe Spak with UBS.

Joseph Spak^ Phil, maybe just a clarification point on some of your last comments. So it sounds like you got $50 million in IEEPA recoveries. Was that included or separate from that 25 basis point benefit in the quarter? And then are you really able to, I guess, realize this because it also sounded like you're going to still have to sort of pass it on to your customers. So maybe you could just sort of clarify some of your comments there.

Philip Fracassa^ Yes, sure, Joe. Sorry. Yes, absolutely. So yes, we had a 25 basis point benefit from tariffs in the quarter. So as you said, call it, $25-ish million. That would be included in there.

But as I said, as we recover the $50-ish million, we're accruing a give back to the customer of an amount, call it, 80% to 90%, whatever they funded up the tariffs ultimately, last year into the beginning of this year. So there'd be a slight benefit in that number. The bulk of that would be -- that would be a piece, I would say, a small piece.

Another piece would be we're getting recovery sooner than we did last year. So last year, we had costs with virtually no recoveries in Q2. This year, we have costs with some recoveries because we're inking deals more real time this year than we did last year. And then a little benefit from the IEEPA that we're able to keep because it was tariff that customers didn't ultimately fund.

And if you look in the first half, we had about -- I think it was a 15 basis point headwind in Q1 related to tariffs, 25 basis point tailwind in Q2. So first half, we're about 10 basis points tailwind. And as we said, move into the rest back half of the year, it'll probably flip a little negative on us because we had more recoveries last year that we got in the first half this year.

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And then net-net, on the margin, as I said, neutral for the full year -- relatively neutral or potentially maybe a little bit better than that.

Joseph Spak^ Got it. Okay. Maybe just to some -- also quick clarification housekeeping on the outlook. The lighting sale, it sounds like it's closing a little bit earlier. So was there a change in your like -- I know you already sort of took it out last quarter, but was there any sort of change in what you're assuming in your guidance of the revenue line item, at least for it coming out a little bit earlier?

And then also, if you could just -- and then also if you could just sort of -- the free cash flow guidance was raised, but if you could just remind us like how much of this year's free cash flow is really related to like either the EV recoveries or some of the IEEPA cash that you're receiving?

Philip Fracassa^ Yes, sure. Sorry, I was focused on -- yes, I was focused on your second one, my apologies.

So on lighting, it will be just over $400 million. So when you look at the midpoint of the sales guide, we took it down about $400 million, I think, Louis, so that $400 million was really all -- virtually all FX and then about $50 million related to increased lost sales because of the divestitures closing earlier than we thought. We closed Europe lighting in the second quarter at the very end of the second quarter, and we are seeing the rest of the pieces closing a little bit earlier than we anticipated.

So about another $50 million for that, the rest call it FX with very little change organically, if you will.

And then moving to the free cash flow. Again, really strong performance. We took the full year guide at the midpoint up around $100 million, reflecting both the increase in underlying earnings EPS, if you will, as well as better working capital performance that we saw in Q2 that we think we'll be able to sustain for the full year. CapEx relatively unchanged.

But within that number, you'll remember in the first quarter, we had a big recovery we talked about on -- balance sheet recovery on the order of around $475 million. That's in there. We do -- we are expecting some additional recoveries in the second half of the year, but don't expect them to be anywhere near that number. So a little bit more in the second half, but not anywhere close to that number.

And then on the IEEPA, as I said, we do expect to get all the IEEPA back. We're working on it as we speak, timing TBD but do expect to get it back. But in the end, as I said, most of that gets passed back. So at the end of the day, it would be kind of in the round.

Operator^ Your next question comes from the line of Ty Collin with CIBC.

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Ty Collin^ So I mean, clearly, some of your larger European customers are still struggling with competition from Chinese OEMs, both in China and in Europe. I appreciate that Magna has a pretty broad reach in terms of the customers that you serve. But have those shifting market share dynamics negative for Magna? Or is it kind of neutral based on your relationships with the Chinese automakers?

Seetarama Kotagiri^ Yes. I think -- if you look at China, we have talked about it. We -- over the last 10, 15 years, we have moved from a predominantly supporting Western OEMs in China to a mix where our revenue today in China is about 65% with the Chinese OEMs. So as the D3, G3 kind of lose market share in China, it will have an impact on our sales in China for now.

But the important thing is to see that we have been diversifying and adding business. A proof point is one of the things we talked about in our prepared statements of the Chery win as an example.

So in the short term, it's something that could have an impact, but as we continue to increase our presence with the Chinese OEMs in China will be part of the ecosystem.

Ty Collin^ Okay. Great. And then Swamy, I'm curious to get your thoughts on the proposed 50% U.S. content rule that was put forward somewhat recently as part of USMCA negotiations. Is that something that you expect to ultimately materialize in one form or another? And how would you think about the impact of that sort of rule to your business and the overall industry?

Seetarama Kotagiri^ I think, Ty, I usually refrain from making comments on trade policies and national policies. But we are keeping a close watch. Obviously, as you can imagine, it will have an impact on the automotive industry as a whole.

What it really means is we have to be agile and adaptable. We have a footprint in all three areas here. And we've been able to walk through the tariff discussions over the last 1.5 years.

So all I can say is that any change is going to have an impact, but we'll have to follow the strategy of the OEMs based on their footprint and their programs, and that's what we are focusing on.

Operator^ Your next question comes from the line of Tom Narayan with RBC.

Tom Narayan^ The first one I have is on the slide on the 2028 backlog with over 90% already book. Just curious if you could comment at all on maybe what the margin profile of this looks like? And also what the Chinese OEM exposure is there? And then a follow-up.

Seetarama Kotagiri^ So, Tom, obviously, we won't talk about the margin profiles by customer or into the future. We'll have to come back and hopefully give you a little bit more color on the long-term profile of Magna as we come to the Investor Day, and we are going through the business plan process and in normal course, we talk about 2027.

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The point of the 90% being booked is to show that we continue to grow our business despite all the discussions on recoveries and tariffs and so on. And its normal cadence two years out, that's what we see. That gives us a little bit of certainty in planning, and that is what we intended to convey.

Philip Fracassa^ Yes. Maybe if I could add, Tom, and not on '28 as much, but maybe on '27 because we've talked about this before with some of the new contracts we're getting and new programs we're getting with our customers. We have talked about improved economics helping as we continue to price for current economics and setting, for example, labor rates that start of production as an example.

We see some benefit in '26, and then we do have some new programs coming in, in 2027, one that's going to help the Seating business up quite a bit. It's a German OEM program in North America as well as new programs with one of the Detroit Three. We do expect better economics on those programs.

So that will be a '26, '27. And then as Swamy said, we'll get into '28 at a later point in time.

Seetarama Kotagiri^ Yes. I think maybe one comment, Tom, at a very general level. What we are all really excited about is the traction on various initiatives in the company. We call it operational excellence, whether material flow optimization or advanced technologies or digital standard work, and we're going to give some color when we come to the Investor Day.

We have been talking about this 35 to 40 basis points margin expansion. As we finished this year, we would add about 200 basis points from '23 to '26 and I would like to say we are still, I believe, in the early innings. And we're going to scale what we are doing here and as this proliferates. That is what is exciting going into '27, '28 and even into '29 plus.

Tom Narayan^ Okay. Got it. The follow-up point I have is on Chinese OEMs into Europe. I had the pleasure of seeing your hinge making in China earlier this year. And I guess just I underestimated how much infrastructure is involved that goes into what you guys do. I think there were like 100 parts to a hinge, for example.

Is the argument that the Chinese OEMs producing in Europe would have to build all of this infrastructure either on their own or Chinese suppliers build capacity very expensively in Europe from scratch. And is that the argument that you guys have for continuing to use your guys' content in Europe?

And are there certain segments of your segments that maybe are more protected from either the Chinese OEM in-sourcing or certain suppliers moving to Europe than others? Or do you feel they're all kind of equally protected?

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Seetarama Kotagiri^ Thank you, Tom. I think there's nothing like visiting our plant, and I understand you've been at our Kunshan plant looking at our latches. It gives the magnitude of the complexity. So thank you for explaining that.

The key as we even worked in China, we have been very deliberate, as you said, about the type of the product, we need to have a platform strategy, so where we can deploy at a scale on various programs once we develop something. And the technology and the manufacturing DNA and the integration expertise is kind of like the moat once we have that in place.

That is the general strategy that we have followed. If you go to our structural business side of things, similar large castings, large stampings and complex assembly structures with various joining technologies, that is kind of the moat there.

Our seating folks have developed some really interesting technology in terms of even structures beyond some of the other interesting stuff we intend to show that helps automation from a product side. We'll talk about that in our November time frame. So this is how we are able to supply in China for China, and we are learning through that process.

And obviously, now to your question, as you know, we are working with the Chinese OEMs in our Steyr for complete vehicle assembly. And as that continues through localization, we have similar capabilities in Europe, obviously, because we produce in Europe for any OEMs that are manufacturing in Europe. So that will be the next step.

Our hope is to help through the homologation process with our full vehicle expertise and obviously, the supply of the components and systems similar to what you saw in China.

Philip Fracassa^ Yes. And maybe the other point would be really speed. I think Magna having capabilities everywhere in the world really gives us the ability to meet the speed demands of our customers as they move around the world, and that's another advantage we have.

Seetarama Kotagiri^ And the existing footprint and capabilities there should mutually help for the returns and [profitability].

Tom Narayan^ Got it. Understood. Looking forward to the Investor Day.

Operator^ Your next question comes from the line of Jonathan Goldman with Scotiabank.

Jonathan Goldman^ Maybe, Phil, just a couple to start off on the margins. Is it possible to tease out the basis point impact of operational excellence and the higher commodity costs in the quarter?

Philip Fracassa^ Sure. I would say if you look at the 75 basis points in the margin bridge, a majority, I would say, a good -- close to majority that would have been operational excellence and the rest would have been pull through on the sales, et cetera.

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And I would say inflation in second quarter would have been -- on commodities was relatively modest. I mean we didn't -- we probably anticipated a little more than we saw but we did see -- because of the lags involved, we did see a little bit more in the second half, which we've rolled into the guide to make sure we were covered for the rest of the year. So we feel like we've got good coverage, if you will, based on our visibility as we see it today.

But operational excellence is -- I would say a majority of that 75 basis points, right in line with Swamy's comments around 35 to 40 bps of improvement, it would have been right along those lines in the quarter.

Jonathan Goldman^ Okay. And then I guess, same exercise though for the full year guide. You raised the margin guidance by 20 bps at the midpoint. Could you bucket how much of that incremental upside is from operational excellence recoveries or lower commodity inflation? Anything else there?

Philip Fracassa^ Yes. I mean, obviously, a lot of -- a lot of puts and takes. As we said, we adjusted the top line mainly for FX and divestitures. So not much bottom line impact there on the margin, if you will, maybe a little bit of a benefit from the divestitures, call it, maybe 10 bps but most of that was already in the guide.

But in terms of guide to guide, it would have been operational excellence, getting better. We layered in a little bit more for inflation. Those would have been the primary puts and takes.

I don't know, Louis, if there's anything else you'd call out?

Louis Tonelli^ No. [I think that’s it].

Philip Fracassa^ Those would be the primary puts and takes.

Jonathan Goldman^ Okay. Great. And then maybe, Swamy, I guess, one for you. Could you talk a bit more about the award that you recently won with Chery? Maybe the broader implications of how this win positions you in China going forward beyond just a independent program win?

Seetarama Kotagiri^ Yes. I think the key -- we had a word already with them in terms of a powertrain product. And this is a the next win. Broadly, I think this speaks to the platform technology that we've been talking about, Jonathan. If you look at the building blocks that we have talked in the past, the speed at which we could have a strategic conversation with the customer and bring it to production is the example. And we have taken some of these things and are now starting to gain traction in other parts of the world from a hybrid product perspective.

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So there's learning in terms of the speed, there's learning in terms of our executing to what we've been talking about is taking building blocks in a platform and being able to deploy in different regions with different customers. So that's kind of like the broad message here.

Operator^ Your next question comes from the line of Emmanuel Rosner with Wolfe Research.

Emmanuel Rosner^ Maybe just one question. So you raised this -- the free cash flow outlook to a pretty strong number for this year. I know it's a bit early to sort of like look forward.

But during the quarter, Phil, I think you expressed some confidence that even though this year's free cash flow includes pretty major sort of like OEM recoveries that are more like onetime in nature. The overall ballpark of free cash flow is still something that’s sustainable in the future.

So first, is that sort of like the right understanding and thinking? And if so, what are sort of like some of the puts and takes, which would sort of like enable free cash flow to stay at these levels even without like $0.5 billion plus of recovery?

Philip Fracassa^ Yes. No, thanks for the question, Emmanuel.

So no, you're right. I mean, the current midpoint this year of $1.8 billion does include some recoveries, but strong underlying free cash flow performance. And as we look ahead, we do expect to convert a similar amount of earnings to free cash flow. And it really does boil down to, obviously, generating the earnings growth, managing working capital very well, a lot of initiatives across the company.

You see we talk a lot about operational excellence, hitting the bottom line and it does. But a lot of the initiatives are really designed around improving working capital performance, inventory turns and the like. And then managing CapEx within that historical range of 4% -- low 4s and we feel the combination of all the above should generate strong free cash flow into the future. And again, that will enable things like investment in the business as well as significant capital return.

When you think about this year, $120 billion of free cash flow, we raised the dividend and then we're going to buy back the full NCIB, which would be north of $1.5 billion, plus or minus, yet still bring leverage down and yet still have the ability to continue to invest in the business.

So I think it's a good story. It was a good story last year. It's a good story this year. And I think it will continue to be a good story moving forward.

Operator^ Your next question comes from the line of Colin Langan with Wolfe Research -- I'm sorry, Wells Fargo.

Colin Langan^ Just broadly, last couple of years, we've had quite a big jump in margins first half to second half. Is that largely just because of the large amount of inflation? Or is this going to be the new cadence going forward? I mean how should we think about this on a go-forward basis? Is this kind of just the new norm? Or does it actually start to sort of be a little bit more stable in the forward years?

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Seetarama Kotagiri^ So Colin, I think what Phil explained last year, we were going through the development of the framework for tariff recoveries and there were significant recoveries that were EV-related. So we did talk about the second half being more indexed than the first half.

When we came at the beginning of the year, we talked of a similar cadence. But as we went through the year, since we had the frameworks in place, the tariff recoveries and some of the EV-based commercial recoveries got pulled forward, right? So the cadence of first half to second half, the second half being heavy in recoveries and all that stuff continues, but the slope has softened this year.

But I think going forward, who knows how this whole conversation goes. But the cadence of first half to second half, I think, will continue. But let us work through and we'll give you some color when we come back next year again, right, at the beginning.

Philip Fracassa^ Absolutely. No, I think it's a great question.

So we did think coming into the year, we thought we'd be even more back half weighted. So to Swamy's point, we were able to accelerate some stuff into the second quarter.

So I mean, obviously, we hope for a day where it's a little more even. But when -- as you pointed out, with inflation and tariffs and commercial, et cetera, any time you've got a lot of commercial items and recoveries, it's going to be a little more back half weighted. But it is softening or it is moderating, which was nice to see.

Colin Langan^ Got it. And just secondly, the guide has at the midpoint, about 85 basis points of margin expansion. I think you called out it was roughly $50 million-ish maybe in JV income that's more recovery driven. How should we think about anything else in that increase that might not be repeatable next year?

I know in the past, you've talked about recoveries being sort of neutral year-over-year, but recoveries have been high for the last few years. Is recovery a drag into next year as well? Or how should we be thinking about that?

Philip Fracassa^ Yes. I don't know that I would necessarily call it a huge drag into next year. No, I think -- but you're right, we did have a recovery at one of our JVs in the first quarter. But for the full year across all of Magna, we do see recoveries as being relatively neutral year-over-year. So not a big driver in the margin expansion for the full year, if you will.

And then looking forward, recoveries they bounce around and they can -- they're probably higher in the last couple of years, maybe will moderate a bit. But with the operational excellence momentum and the other things we're working on, we don't really see a margin drag, if you will, head into next year.

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Louis Tonelli^ Yes. The only point I’d make, we do see recoveries in equity income this year because of the win in the second -- in the first quarter -- sorry, third quarter of this year. So that was a positive. But if you look at the consolidated business, relatively neutral especially here.

Seetarama Kotagiri^ Yes. And I think the key point that you mentioned before, Phil, as we continue the initiatives that we've been talking about and the new programs coming on with new economic terms, right, all of these things should continue to help the momentum that we are talking about.

Louis Tonelli^ Yes. Absolutely.

Operator^ Your next question comes from the line of Mark Delaney with Goldman Sachs.

Mark Delaney^ First one was on revenue and recognizing that the change to the full year guide was driven by FX and the timing of divestitures. But I'm hoping to better understand the 1H to 2H trajectory in terms of growth over market. And the first half, a good start. I think you said 3 points of growth over market in both 1Q and 2Q. I think the full year growth over market is 0% to 2%. So that would imply slow growth over market in 2H. So just trying to understand the mechanics of what's happening with the growth over market in 2H?

Philip Fracassa^ Great question. So I think you've got the numbers directionally right. So it is higher in the first half than the second half, but positive in both periods.

What we are seeing in the second half, we do have a few significant programs in the second half that are going to drive lower volumes year-over-year for Magna, which is sort of muting that growth over market, if you will, but will contribute solidly in '27 in terms of, we think volumes and economics as well includes the full-size trucks at one of our big customers in North America as well as a new program with a German OEM in North America as well.

We also have some end of life or end of production that's hitting when you think about the Toyota Supra and the Ford Escape and then lower production at some of other key customers.

But basically, all sort of discrete things, if you will, that's sort of muting our growth over market in the second half. Still positive, still positive for the year, but I think sets us up well for growth over market to reaccelerate in '27.

Louis Tonelli^ And just to clarify, you'll see it on our what we call financial review or the analyst report, the quarterly report that's on our website that there's always some restatements of volumes. So if you look back at the growth over market that we had in the first quarter, there would be some changes there.

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So I'd say on a year-to-date basis, I think you were pointing to about 3%, it's more like about 1.5% to 2% kind of year-to-date. So we still see a bit of a dip down, but not from, let's say, 3%.

Mark Delaney^ Very helpful clarification. And the other was on the nonautomotive opportunities and recognizing you guys will give a fuller update at -- an outlook at the Investor Day in November. So looking forward to that, and I appreciate some of the comments you shared on a preliminary basis so far.

Just one question for today, maybe, Swamy, I think you said you've won some business already there. So just with what's already been won. I don't know if you can give a little bit more detail on sort of the degree of bookings you've already achieved.

Seetarama Kotagiri^ Good morning, Mark. I would rather not talk about little programs at a time or programs piecemeal at a time, we just want to walk you through the entire strategy. And as I said, material or not could be decided, but they are meaningful wins, and we want to talk about the strategy rather than just talk about single programs.

Mark Delaney^ Okay. Understood. Look forward to hearing more about that at the Investor Day in November.

Operator^ Your next question comes from the line of Michael Glen with Raymond James.

Michael Glen^ Just on capacity utilization in North America and the U.S., are you able to give some indication where your capacity utilization is right now and where you might have some excess capacity?

Seetarama Kotagiri^ Yes, good morning, Michael. I think we usually manage that very closely. There's going to be some ups and downs. And in the past, I've talked about managing or flexing through capacity by in-sourcing some of the things that we have -- we would have put out.

So I don't think we'll be having capacity built and wait in the long term. As the programs get delayed or canceled, obviously, there will be some capacity at some point in time. So we'd rather look at it from a long-term perspective to manage how that works.

So I don't think there will be excess capacity sitting there. But to the extent that we have good visibility, we look at it from a restructuring perspective on the long term. And you've heard me talk about 40-plus plants either restructure, closed, resized, whatever you want to say, those activities continue, that's how we optimize capacity overall.

Michael Glen^ Okay. And just one on working capital. The seasonal cadence this year it's quite a bit different than other years. Are you still expecting -- typically, you would get a kind of this big Q4 inflow on working capital. Is that something we should expect to see this year? Or is the cadence different?

MAGNA INTERNATIONAL - SECOND QUARTER 2026 RESULTS WEBCAST – 26JUL31

Philip Fracassa^ Well, certainly, with the recovery we had in the first quarter was kind of skewed it a bit with the normal seasonality. And then obviously, we had really good performance in the second quarter, again, on working capital.

So it is more first half weighted this year than you normally expect to see. But if you take the full year guide less the year-to-date, what we're going to generate in the second half, it will be more fourth quarter weighted than third. Just as things slow down in December, you tend to release some working capital at the end of the year. So it would be more fourth quarter weighted than third, but you're right.

The first half performance at Magna this year was quite good, aided by the recovery in Q1, but really driven mainly by just strong balance sheet working capital performance.

Operator^ And that concludes our question-and-answer session. I will now turn the conference back over to Swamy for closing comments.

Louis Tonelli^ It's Louis here, actually. Thanks, everyone, for listening in today. If you have any follow-up questions, please don't hesitate to reach out to me.

Thanks for your interest in Magna and have a great day.

Operator^ Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

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Magna International (NYSE: MGA) posts record Q2 EPS and boosts 2026 cash-flow targets

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