MAHLE Metal Leve S A : Dados Econômico-Financeiros

(A free translation of the original in Portuguese)

MAHLE Metal Leve S.A.

Quarterly information (ITR)

on March 31, 2023

Mogi Guaçu, São Paulo, May 10, 2023 - MAHLE Metal Leve S.A. (B3: LEVE3), a Brazilian leading manufacturer of components for the internal combustion engine as well as filtration systems, today announced financial results for the first quarter of 2023. Unless otherwise stated, the financial and operating information contained herein is presented on a consolidated basis and in Brazilian real (BRL) and was prepared in accordance with the Brazilian Corporation Law.

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First Quarter 2023

Financial Results Video

Conference Call

Date: May 11, 2023

Time

12 noon - Brasilia 3:00 p.m. - London 11:00 a.m. - New York

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MAHLE Investor Relations website: https://ri.mahle.com.br

FINANCIAL HIGHLIGHTS

Net Sales Revenue: Net sales were R$ 1,022.2 million in Q1 2023, an increase of 14.9% compared to Q1 2022.

Company's performance by market:	Q1 2023 x Q1 2022
Original Equipment - Domestic market	↑ 9.2%
Original Equipment - Export market	↑ 12.1%
Aftermarket - Domestic market	↑ 34.3%
Aftermarket - Export market	↓ 20.7%
Total change in revenue:	↑ 14.9%

Further details on changes in revenue are presented in items 4.1, 4.2and 4.3of this release.

MAHLE Investor Day 2023 and APIMEC Meeting: On April 3, 2023, MAHLE hosted its fully in-personInvestor Day in the city of São Paulo. It was an opportunity for senior management to present the Company's fundamentals to shareholders, investors and financial analysts. Refer to item 5.1of this release for more information.

Key performance indicators

	(in BRL million, except %)		Q1 2023		Q4 2022		Q1 2022		(a/b)		(a/c)
		(a)		(b)		(c)
	Net sales		1,022.2		1,115.8		890.0		-8.4%		14.9%
	EBITDA		260.1		171.7		178.5		51.5%		45.7%
	Adjusted EBITDA¹		260.1		202.0		178.5		28.8%		45.7%
	EBITDA margin		25.4%		15.4%		20.1%		10.0 p.p.		5.3 p.p.
	Adjusted EBITDA margin¹		25.4%		18.1%		20.1%		7.3 p.p.		5.3 p.p.
	Net profit		186.0		123.1		123.0		51.1%		51.2%
	Adjusted net profit¹		186.0		142.9		123.0		30.2%		51.2%
	Net margin	18.2%	11.0%	13.8%		7.1 p.p.		4.4 p.p.

• Click herefor more information about adjustments - Fourth Quarter and Full Year 2022 Management Report.
  MAHLE Metal Leve S.A. | First Quarter 2023 Results Release

CONTENTS
1.	Management Commentary	3
2.	About MAHLE Metal Leve	3
3.	Development of the Automotive Industry	4
	3.1	Development of the Brazilian and Argentine markets	4	Pagana | 2
	3.2	Vehicle production in the major export markets	4
4.	Company's Financial and Economic Performance	5
	4.1		Net sales by market	5
	4.2		Original equipment sales	5
	4.3		Aftermarket sales	6
	4.4		Consolidated export by geographical market	6
	4.5		Net sales by segment and by product	7
	4.6		Gross margin	7
	4.7		Selling, general and administrative expenses	8
	4.8		Research and development expenses	8
	4.9		Other operating income and expenses	8
	4.10	Operating result measured by EBITDA	9
	4.11	Finance income and costs	9
	4.12	Income tax and social contribution	10
	4.13	Net profit	10
	4.14	Capital expenditures	10
	4.15	Net assets and liabilities position	11
	4.16	Distribution of dividends and interest on capital to shareholders	11
5.	Investor Relations and Capital Market	12
	5.1 MAHLE Investor Day 2023 & APIMEC Meeting	12
	5.2. Stock performance and free float	13
	5.3. Shareholder structure	13
6.	Independent Auditors	13
7.	Executive Board's Declaration	14
8.	Acknowledgements	14

MAHLE Metal Leve S.A. | First Quarter 2023 Results Release

1.Management Commentary

The Company strives to constantly strike a balance between the Original Equipment and Aftermarket business segments in both domestic and export markets to offset fluctuations across the segments and stabilize its profit margins over time.

The Company delivered net revenue growth of 14.9% in Q1 2023 compared to Q1 2022, driven by an increase in sales in

the Aftermarket business segment (+21.5%), in the domestic OE market (+9.2%), and in the export OE market (+12.1%). Pagana | 3 The chart below shows the Company's revenue by business segment in Q1 2023 and Q1 2022:

export OE	domestic	export OE	domestic
	OE		OE
31.0%		31.8%
	28.4%		29.8%
1Q23	1Q22
Aftermarket	Aftermarket
40.6%		38.4%

In Q1 2023, EBITDA margin was 25.4% (R$ 260.1 million), while in Q1 2022 EBITDA margin was 20.1% (R$ 178.5 million). See item 4.10of this release for more information about changes in EBITDA.

From a technology perspective, we continue to assume a leading role in the ongoing development of the sustainable combustion engine. We believe that employing biofuels, synthetic fuels and green hydrogen presents an even greater opportunity to cut carbon emissions. We are primarily concentrating on exploiting further emission savings potential with technologies designed to increase energy efficiency.

Successful decarbonization is a key strategic goal at MAHLE. We are working flat out on promising technologies for the low-emission mobility of tomorrow with a focus on a variety of engine platforms of the future. Only if the state and society allow all technologies for sustainable transport will the transport transition succeed for the climate, the economy and society.

MAHLE is committed to its responsibility towards the environment and takes the expectations of its stakeholders seriously. We have therefore integrated global environmental issues into our business strategy. At MAHLE, we believe that there is not only one technology pathway to zero-emission transport. The future developments will vary depending on the energy matrix of each region of the world and should consider environmental, social and economic issues in a balanced way. For example, our region has a privileged position to address its environmental challenges with biofuels (ethanol, biodiesel, biomethane), which can make an immediate contribution to the decarbonization of road transport.

Our business model, technological pioneering and good governance provide crucial support in today's turbulent environment. We have adapted products for the internal combustion engine that can run on biofuels and we are also developing engine components for the use of hydrogen as a fuel. We see potential for the expansion of our product portfolio and segments, and we will take advantage of market opportunities for launching new products, suitably aligned with our competencies.

2.About MAHLE Metal Leve

MAHLE Metal Leve is a Brazilian manufacturer of components for the internal combustion engine and filter systems for the automotive industry. We manufacture state-of-the art products and are continuously investing in research and development of new products and new production processes.

MAHLE Metal Leve has been operating in Brazil since the 1950's and has a large portfolio of products and integrated solutions, as well as customized applications and components developed in close cooperation with key customers. In the original equipment market, MAHLE customers are vehicle manufacturers. Our Aftermarket business unit supplies trade, workshop and engine repair partners.

MAHLE Metal Leve S.A. | First Quarter 2023 Results Release

We have five production sites: four are located in Brazil, being two in the city of Mogi Guaçu, State of São Paulo, one in the city of São Bernardo do Campo, State of São Paulo, and one in the city of Itajubá, State of Minas Gerais, and the fifth one is located in the city of Rafaela, Argentina. We have two distribution centers: one in the city of Limeira, State of São Paulo, and one in Buenos Aires, Argentina. We have a research and development center in the city of Jundiaí, State of São Paulo, which we believe is one of the largest and most well-equipped tech centers in Latin America for the development of components and integrated solutions for the internal combustion engine. This structure enable us to create value and move with agility to offer our customers customized solutions as well as innovative technologies, products and processes.

As part of the globally active MAHLE Group, we are able to continuously exchange knowledge within the Group, both

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provide and have access to cutting-edge technologies, and develop customized product solutions in close cooperation with our customers, which is a key driver of the high customer loyalty we enjoy today.

3.Development of the Automotive Industry

3.1 Development of the Brazilian and Argentine markets

3.2 Vehicle production in the major export markets

	Vehicle production in the leading export markets (thousands)			Jan-Mar 2023			Jan-Mar 2022			A/B
			(A)			(B)
	Production of light commercial vehicles	3,791		3,550		6.8%
	Production of medium-sized and heavy-duty commercial vehicles	150		134		11.9%
	North America	3,943		3,686		7.0%
	Production of light commercial vehicles	4,358		3,914		11.3%
	Production of medium-sized and heavy-duty commercial vehicles	147		145		1.4%
	Europe	4,505		4,059		11.0%
	Total vehicle production			8,449			7,745			9.1%
	Source: IHS

MAHLE Metal Leve S.A. | First Quarter 2023 Results Release