Lear : Q4 2021 Lear Corp Earnings Conference Call Presentation

Fourth Quarter and Full Year 2021 Financial Results

February 8, 2022

Ray Scott, President and CEO	Making every drive better™
Jason Cardew, Senior Vice President and CFO

1

Safe Harbor Statement

Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated financial results and liquidity. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. The Company also may provide forward-looking statements in oral statements or other written materials released to the public. All statements contained or incorporated in this presentation or in any other public statements that address operating performance, events or developments that the Company expects or anticipates may occur in the future are forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, its Quarterly Report on Form 10-Q for the quarter ended April 3, 2021, and its other Securities and Exchange Commission filings. Future operating results will be based on various factors, including the impact of the ongoing COVID-19 pandemic on the Company's business and the global economy, supply chain disruptions, actual industry production volumes, commodity prices, the impact of strategic transactions and restructuring actions and the Company's success in implementing its operating strategy.

Information in this presentation relies on assumptions in the Company's sales backlog. The Company's sales backlog reflects anticipated net sales from formally awarded new programs less lost and discontinued programs. The Company enters into contracts with its customers to provide production parts generally at the beginning of a vehicle's life cycle. Typically, these contracts do not provide for a specified quantity of production, and many of these contracts may be terminated by the Company's customers at any time. Therefore, these contracts do not represent firm orders. Further, the calculation of the sales backlog does not reflect customer price reductions on existing or newly awarded programs. The sales backlog may be impacted by various assumptions embedded in the calculation, including vehicle production levels on new programs, foreign exchange rates and the timing of major program launches.

The forward-looking statements in this presentation are made as of the date hereof, and the Company does not assume any obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date hereof.

Non-GAAP Financial Information

This presentation also contains non-GAAP financial information. For additional information regarding the Company's use of non-GAAP financial information, as well as reconciliations of non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States ("GAAP"), please see slides titled "Non-GAAP Financial Information" at the end of this presentation.

Lear Proprietary: The information contained herein is the property of Lear Corporation.	2

Agenda

BUSINESS UPDATE

Ray Scott, President and CEO

FINANCIAL REVIEW

Jason Cardew, Senior Vice President and CFO

CONCLUDING REMARKS

Ray Scott, President and CEO

Lear Proprietary: The information contained herein is the property of Lear Corporation.	3

Business Update

Ray Scott, President and CEO

Financial Overview

Full Year 2021

$19.3B	$826M
SALES	CORE OPERATING
	EARNINGS
UP 13% YOY	UP 35% YOY

$7.94	4.3%
ADJUSTED EARNINGS	ADJUSTED OPERATING
PER SHARE	MARGIN

UP 49% YOY

UP 70 BPS YOY

Lear Proprietary: The information contained herein is the property of Lear Corporation.

Please see appendix for discussion of non-GAAP financial measures, as well as reconciliations of non-GAAP financial measures	5
to the most directly comparable financial measures calculated and presented in accordance with GAAP.