Ford Motor : Q1 2024 Fixed Income Presentation

Q1 2024 Fixed Income Presentation

April 25, 2024

2025 Ford

Explorer

Further Information

FORD FIXED INCOME INVESTOR RELATIONS:

Jessica Vila-Goulding

[e-mail]

Christopher Conti [e-mail]

INFORMATION ON FORD:

www.shareholder.ford.com

• 10-KAnnual Reports
• 10-QQuarterly Reports
• 8-KCurrent Reports

INFORMATION ON FORD MOTOR CREDIT COMPANY:

https://www.ford.com/finance/investor-center/

• 10-KAnnual Reports
• 10-QQuarterly Reports
• 8-KCurrent Reports

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Safe Harbor Statement And Disclosures

Forward-Looking Statements

This presentation includes forward-looking statements. Forward- looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated. For a discussion of these risks, uncertainties, and other factors, please see the "Cautionary Note on Forward-Looking Statements" in this presentation and "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, as updated by subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

GAAP & Non-GAAP Financial Measures

This presentation includes financial measures calculated in accordance with Generally Accepted Accounting Principles ("GAAP") and non-GAAP financial measures. The non-GAAP financial measures are intended to be considered supplemental information to their comparable GAAP financial measures. The non-GAAP financial measures are reconciled to the most comparable GAAP financial measures in the Appendix to this presentation.

Additional Information

Calculated results may not sum due to rounding. N/M denotes "Not Meaningful." All variances are year-over-year unless otherwise noted. Visit ford.com for vehicle information.

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Corporate

2024 Ford F-150 Raptor R

Ford+ Investment Thesis

Disruptive technology allows us to leverage foundational strengths to build new capabilities enriching customer experiences and deepening loyalty

Customer experience

FOUNDATIONAL	ENHANCED	EXPANDED TAM
STRENGTHS	CAPABILITIES	& VALUE CREATION
+ Leading iconic	+ Integrated hardware
nameplates	and software	+ Ford Blue
+ Leading commercial	+ + Connectivity	= + Ford Model e
vehicle portfolio
+ Data analytics	+ Ford Pro
+ Industrial prowess
Drives strong margins	Enables deep	Unlocks new growth
and cash flow	customer insight	opportunities

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Q1 2024 Highlights

Growth

• "Freedom of choice" global product portfolio drove $43B of revenue - ICE, Hybrids and EVs
• Global hybrid sales up 36%, led by Escape, Maverick, F-150
• America's best-selling truck and van, F-Series and Transit
• #1 U.S. class 1-7 truck / van share
• #1 commercial brand in Europe

Profitability

• Strong start to 2024 - Total Company adj. EBIT of $2.8B
• Ford Pro EBIT up 2X with margin of 16.7%
• Total Company operations outside North America profitable

Free Cash Flow & Liquidity

• Raised full-year adj. FCF guidance to $6.5B to $7.5B
• Announced Q2 regular dividend of $0.15 per share
• Targeting a consistent return of 40% - 50% of adj. FCF to shareholders
• Strong balance sheet $25B in cash and ~$43B in liquidity

Software & Physical Services

Product News

• Paid software subscriptions ~700K, up 47% - growth across all 3 customer segments
  • Gross margins >50%
• Last 12 months, ~13% of Ford Pro's EBIT
• Delivered >1M remote experiences in Q1; 4.5M by year end

• Launched all-newF-150, Ranger, Kuga
• Ford Blue launching more all-new updates in 2024: Puma, Explorer, Aviator, etc.
• Iconic Ford Mustang celebrated its 60th anniversary
• Ford Pro ramping all-new 1T Transit production in Europe, including Hybrid and EV

Note: All comparisons are YoY unless noted otherwise

A Higher Growth, Higher Margin, More Capital Efficient, More Resilient Business Model

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Q1 Financial Results

Revenue

Adj. EBIT

Adj. EBIT Margin

Adj. FCF

Adj. EPS

$42.8B $2.8B 6.5% $(0.5)B $0.49

▲ 3%

q 18%

q 1.7pts

q $1.2B

q $0.14

Ford Blue	Ford Model e	Ford Pro
EBIT	EBIT Margin	EBIT	EBIT Margin	EBIT	EBIT Margin
$0.9B	4.2%	$(1.3)B	N/M	$3.0B	16.7%

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Financials

Ford Transit Custom Trail Edition

Q1 Cash Flow, Cash Balance & Liquidity ($B)

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Adjusted

Free Cash Flow

Ford Credit
Distributions
incl. Above	$-	$-	$-	$-	$-

Cash Balance

Liquidity

Cash Net of Debt	$9.0	$10.3	$9.3	$8.9	$4.9

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Q1 2024 Results ($B)

driven by automotive EBIT

	Ford Blue	Ford Model e			Ford	Corporate	Company	Interest	Special	Taxes /	Net
	Ford Pro	Ford Next	Strong cash	Income /
			Credit	Other	Adj. EBIT	On Debt	Items	Noncontrolling
					and liquidity	(Loss)
										Interests
B / (W)	$(1.7)	$(0.6)	$1.6	$0.0	$0.0	$-	$(0.6)	$0.0	$0.0	$0.1	$(0.4)
Q1 2023
									available to invest in growth

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