Gestamp Automoción S A : Q1 2023 Interim Results

Management Discussion and Analysis of the Financial Condition and Results of Operations for the three months period ended March 31st, 2023

Gestamp Automoción, S.A.

May 9th, 2023

Q1 2023 Management Report

Index

1. LEGAL NOTICE IN RELATION TO THE PRESENTATION OF FINANCIAL AND OTHER

INFORMATION	3
1.1.	Financial information and operational data	3
1.2.	Industry data	3
1.3.	Forward looking statements and other qualifications	4
2.	BUSINESS PERFORMANCE UPDATE	5
3.	FINANCIAL PERFORMANCE FOR THE PERIOD	7
3.1.	Revenues	7
3.2.	Operating expenses	7
3.3.	EBITDA	8
3.4.	Operating result	8
3.5.	Financial result	8
3.6.	Exchange differences	8
3.7.	Income tax expense	8
3.8.	Result attributable to non-controlling interests	8
4.	FINANCIAL INFORMATION BY GEOGRAPHIC SEGMENT	9
4.1.	Revenues & EBITDA	9
5.	INFORMATION ON CASH FLOW STATEMENT	11
5.1.	Cash flow from operating activities	13
5.2.	Working capital	13
5.3.	Cash flow used in investing activities	13
5.4.	Cash flow from financing activities	13
6.	INVESTMENTS IN FIXED ASSETS	14
7.	INFORMATION ON CONSOLIDATED BALANCE SHEET	15
7.1. Liquidity	16
8.	OTHER RELEVANT FINANCIAL DATA	17

2

Q1 2023 Management Report

1. LEGAL NOTICE IN RELATION TO THE PRESENTATION OF FINANCIAL AND OTHER INFORMATION

1.1. Financial information and operational data

Unless otherwise indicated, all financial information in this report has been prepared in accordance with IFRS applicable at the relevant date and is presented in Euros. IFRS differs in certain significant respects from generally accepted accounting principles in the US.

In this sense, certain information presented in this report has not been prepared in accordance with IFRS or any other accounting standards and also contains alternative performance measures ("APM") as defined in the Guidelines on Alternative Performance Measures published by the European Securities and Markets Authority (ESMA) on October 5, 20151. As used in this report, this information includes "EBITDA", which represents operating profit before amortization, impairment and depreciation. This report also contains other measures such as: cash, cash equivalent and current financial assets, total financial debt and net financial debt, growth at constant exchange rates, and capex split by categories. We present these non- IFRS measures because we believe those indicators and similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity.

In particular, we believe that EBITDA is meaningful for investors because it provides an analysis of our operating results, profitability and ability to service debt and because EBITDA is used by our chief operating decision makers to track our business evolution, establish operational and strategic targets and make important business decisions. To facilitate the analysis of our operations, this indicator excludes amortization, impairment and depreciation expenses from operating profit in order to eliminate the impact of general long-term capital investment. Although we are presenting this measure to enhance the understanding of our historical operating performance, EBITDA should not be considered an alternative to operating profit as an indicator of our operating performance, or an alternative to cash flows from operating activities as a measure of our liquidity. Growth at constant exchange rates is a numerical translation of our figures from local currencies to euros, and not a description of the situation if the currencies had not moved, as this could have had some other implications on the economy and our business situation and contracts. Capex split in categories is a management judgement, and should not be considered as a substitute for additions of tangible and intangible assets, nor depreciation and amortization. The presentation of these measures is not intended to and does not comply with the reporting requirements of the SEC; compliance with its requirements would require us to make changes to the presentation of this information.

Rounding adjustments have been made in calculating some of the financial information included in this report. Figures shown as totals in some tables and elsewhere may not be exact arithmetic aggregations of the figures that precede them.

1 In this regard, a breakdown of the explanations, definitions and reconciliations of the APMs used in this report can be found, as applicable, in Note 4.6. of the Notes to the Consolidated Financial Statements of the Gestamp Group as of December 31, 2022, in the relevant results presentation and also in this report, all of them available both on Gestamp's corporate website (https://gestamp.com/Investors-Shareholders/Economic-Financial-information) and on the website of the National Securities Market Commission (Comisión Nacional del Mercado de Valores) (www.cnmv.es).

3

Q1 2023 Management Report

1.2. Industry data

In this report, we may rely on and refer to information regarding our business and the market in which we operate and compete in. We have obtained this information from various third party sources, including providers of industry data, discussions with our customers and our own internal estimates. We cannot assure that any of this information is accurate or correctly reflects our position in the industry, and none of our internal surveys or information has been verified by any independent sources. We do not make any representation or warranty as to the accuracy or completeness of any such information set forth in this report.

1.3. Forward looking statements and other qualifications

The following discussion and analysis is based on and should be read in conjunction with our historical financials included elsewhere in this quarterly report. Certain capitalized terms used herein have the meaning set out in the offering memorandum for our senior secured notes due 2026.

The discussion includes forward looking statements, which, although based on assumptions that we consider reasonable, are subject to risks and uncertainties, which could cause actual events or conditions to differ materially from those implied herein. Please be cautioned not to place undue reliance on these forward looking statements. These forward statements are made as of the date of this report and are not intended to give any assurance as to future results.

4

Q1 2023 Management Report

2. BUSINESS PERFORMANCE UPDATE

The International Monetary Fund (IMF World Economic Outlook as of April 2023) slightly revised downwards its global GDP growth forecasts a +2.8% year-on-year(YoY) growth for 2023 (-0.1percentage points lower than the January 2023 WEO projections at +2.9% YoY). The outlook for global economy remains weak due to the still tight monetary policies from central banks to tackle inflation, a potential contagion effect of the financial sector stress we have seen at the beginning of the year and the effects of the war in Ukraine. As for 2024, the IMF now expects global GDP to grow by +3.0% YoY, vs. a +3.1% YoY expected in the January forecast.

Within the auto sector, IHS forecasts production volumes for the year to grow by +3.8% YoY (IHS geographies as of April 2023) to 85.5 million vehicles, which is +0.5% above the 85.1 million vehicles for 2023 that were estimated in February. The slight increase in projections for the full year confirmed that light vehicle production continue its recovery trend in 2023, with demand supported by low inventory levels and pent-up demand, and despite risks still lying on semiconductors, the uncertainty in China due to the COVID-19 recovery and the overall macro situation.

During the first quarter of 2023 the auto sector has performed positively with an increase in production volumes in Gestamp's footprint of +6.5% YoY (according to IHS as of April 2023). During the period, all regions in which Gestamp is present experienced a rise in volumes. Western Europe has seen the strongest volumes' growth (+27.9% YoY), followed by Mercosur (+14.2% YoY), NAFTA (+9.3% YoY) and Eastern Europe (+5.3% YoY). In the case of Asia, volumes have been broadly flat at +0.9% YoY.

In this context, Gestamp has reached a +39.4% YoY revenues growth in the first quarter of 2023 to €3,144 million, which includes the €163 million contribution from Gescrap, our most recent acquisition. Organic revenues growth (excluding Gescrap) has been 32.1%, which implies an outperformance to the market on a constant currency basis by 27.5 percentage points (in Gestamp's footprint - IHS data as of April 2023). Revenues include the impact from the raw materials pass through during this period, with no EBITDA impact. Excluding the impact from raw materials price increases on our revenues we have outperformed the market by 22.7 percentage points, while on a weighted basis, the outperformance stood at 13.6 percentage points for the period.

With regards to profitability, EBITDA in absolute terms increased by 32.7% YoY in the first quarter of 2023, reaching €336.5 million. In terms of EBITDA margin, Gestamp has achieved a 12.0% (excluding the impact of raw materials at top line), which is below our target for the full year due to: i) the typical business seasonality, ii) the ramp-up phase of the strategic projects we announced last year in July, and iii) the ongoing discussions with our clients regarding high inflationary pressures. Nevertheless, this is in line with our expectations for the year and Gestamp remains committed to reach its 12.5%-13.0% EBITDA margin target for the full year.

Looking at the short term and considering current market volume expectations, Gestamp continues working towards achieving the financial targets set for 2023, based on: i) double- digit YoY revenue growth, which entails a high-single digit outperformance to market and a 4- 5% of additional growth from consolidating Gescrap; ii) EBITDA on absolute terms to grow by double-digit compared to 2022, with an EBITDA margin excluding raw materials of 12.5% to 13.0%; iii) capex standing at around 7.5% of revenues, and iv) Free Cash Flow generation above €200 million in the year.

5