Open the filing on EDGARCooper Standard Reports Strong Fourth Quarter Cash Flow Despite Industry Disruption;
Continued Margin Expansion and Positive Cash Flow Highlight Full Year 2025 Results
NORTHVILLE, Mich., February 12, 2026 -- Cooper-Standard Holdings Inc. (NYSE: CPS) today reported results for the fourth quarter and full year 2025.
Fourth Quarter 2025 Summary
- Sales totaled $672.4 million, an increase of 1.8% vs. the fourth quarter of 2024
- Operating income totaled $0.6 million, a decrease of $31.1 million vs. the fourth quarter of 2024
- Net income of $3.3 million, or $0.18 per diluted share, reflected a decrease of $36.9 million vs. the fourth quarter of 2024
- Adjusted EBITDA totaled $34.9 million, or 5.2% of sales
- Net cash provided by operating activities of $56.2 million and free cash flow of $44.6 million
Full Year 2025 Summary
- Sales totaled $2.74 billion, an increase of 0.4% vs. 2024
- Operating income totaled $86.6 million, an increase of 24.0% vs. 2024
- Net loss of $4.2 million, or $(0.23) per diluted share, reflected an improvement of $74.6 million vs. 2024
- Adjusted EBITDA of $209.7 million, or 7.6% of sales, increased by $29.0 million vs. 2024
- Net cash provided by operating activities of $64.4 million and free cash flow of $16.3 million
“Our team's strong operating performance continues to drive margin expansion and improved cash flow as planned,” said Jeffrey Edwards, chairman and CEO, Cooper Standard. “Our full year 2025 results exceeded our original plans and expectations for both adjusted EBITDA and cash flow despite significant production declines on a key customer program that negatively impacted the fourth quarter. More importantly, we anticipate further improvements in 2026 with our adjusted EBITDA margin expected to reach or exceed 10 percent of sales for the full year as we continue to deliver value for our customers, launch new programs and optimize our costs.”
Consolidated Results
| Quarter Ended December 31, | Year Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| (Unaudited) | (Unaudited) | (Unaudited) | |
|---|
| (dollar amounts in millions except per share amounts) |
|---|
| Sales | $672.4 | | $660.8 | | $2,740.9 | | $2,730.9 | |
| Net income (loss) | $3.3 | | $40.2 | | $(4.2) | | $(78.7) | |
| Adjusted net loss | $(31.0) | | $(2.9) | | $(30.9) | | $(56.7) | |
| Net income (loss) per diluted share | $0.18 | | $2.24 | | $(0.23) | | $(4.48) | |
| Adjusted net loss per diluted share | $(1.73) | | $(0.16) | | $(1.73) | | $(3.23) | |
| Adjusted EBITDA | $34.9 | | $54.3 | | $209.7 | | $180.7 | |
| Net cash provided by operating activities | $56.2 | | $74.7 | | $64.4 | | $76.4 | |
| Free cash flow | $44.6 | | $63.2 | | $16.3 | | $25.9 | |
The year-over-year increase in fourth quarter sales was primarily attributable to favorable foreign exchange, partially offset by unfavorable volume and mix.
The year-over-year change in fourth quarter net income was primarily due to a year-end true-up of compensation related accruals, higher restructuring expense, manufacturing inefficiencies stemming from a customer supply chain and production disruption, and higher wages and general inflation. These negative factors were partially offset by purchasing lean initiatives and favorable volume and mix.
The year-over-year change in fourth quarter adjusted EBITDA was primarily due to a year-end true-up of compensation related accruals, manufacturing inefficiencies stemming from a customer supply chain and production disruption, and higher wages and general inflation. These negative factors were partially offset by purchasing lean initiatives and favorable volume and mix.
For the full year 2025, the increase in sales was primarily due to favorable foreign exchange, partially offset by unfavorable volume and mix, and price adjustments. The year-over-year improvement in full year net loss was primarily driven by savings generated from lean manufacturing and purchasing initiatives, restructuring savings, the non-recurrence of pension settlement expense, and favorable foreign exchange. These positive factors were partially offset by higher wages and general inflation, unfavorable volume and mix, including price adjustments, and higher selling, administration and engineering (SGA&E) expense. The year-over-year improvement in full year adjusted EBITDA was primarily driven by savings generated from lean manufacturing and purchasing initiatives, restructuring savings, and favorable foreign exchange. These positive factors were partially offset by higher wages and general inflation, unfavorable volume and mix, including price adjustments, and higher SGA&E expense.
Cash Flow and Liquidity
Cash provided by operating activities in the fourth quarter of 2025 was $56.2 million. Free cash flow (defined as net cash provided by operating activities minus capital expenditures) in the fourth quarter of 2025 was $44.6 million, a decrease of $18.7 million compared to the fourth quarter of 2024. The change was primarily driven by lower cash earnings in the period.
For the full year 2025, cash provided by operating activities was $64.4 million and free cash flow was $16.3 million. This compared to cash provided by operating activities of $76.4 million and free cash flow of $25.9 million in 2024.
As of December 31, 2025, Cooper Standard had cash and cash equivalents totaling $191.7 million. Total liquidity, including availability on the Company's undrawn revolving credit facility, was $352.6 million at year end. Based on current expectations for light vehicle production and customer demand for our products, the Company believes it has sufficient financial resources to support ongoing operations, execute planned strategic initiatives and service cash interest requirements on our debt for the foreseeable future. These financial resources include current cash on hand, continuing access to flexible credit facilities, and expected future positive cash generation.
Adjusted net income (loss), adjusted EBITDA, adjusted net income (loss) per diluted share and free cash flow are non-GAAP measures. Reconciliations to the most directly comparable financial measures, calculated and presented in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), are provided in the attached supplemental schedules.
Automotive New Business Awards
The Company continues to leverage its world-class engineering and manufacturing capabilities, its innovation technologies, and its reputation for quality and service to win new business awards with its customers and capitalize on positive trends associated with electric and hybrid vehicles. For the full year 2025, the Company received total net new business awards representing $297.9 million in incremental anticipated future annualized sales including $69.5 million of new awards received in the fourth quarter. For the year, 74 percent of the total net new business awards were related to battery electric and full-hybrid vehicle programs and 51 percent of the total net new business awards were with Chinese OEM customers.
Segment Results of Operations
Sales
| Three Months Ended December 31, | Variance Due To: |
|---|
| 2025 | 2024 | Change | Volume / Mix* | Foreign Exchange |
|---|
| (dollar amounts in thousands) |
|---|
| Sales to external customers | | | | | |
| Sealing Systems | $357,831 | | $350,444 | | $7,387 | $(4,524) | $11,911 |
| Fluid Handling Systems | 297,116 | | 294,841 | | 2,275 | (734) | 3,009 |
Net of customer price adjustments, including recoveries.
Adjusted EBITDA
| Three Months Ended December 31, | Variance Due To: |
|---|
| 2025 | 2024 | Change | Volume/ Mix* | Foreign Exchange | Cost (Increases)/ Decreases** |
|---|
| (dollar amounts in thousands) |
|---|
| Segment adjusted EBITDA | | | | | | |
| Sealing Systems | $32,098 | | $40,214 | | $(8,116) | $2,565 | $1,538 | $(12,219) |
| Fluid Handling Systems | 15,077 | | 27,333 | | (12,256) | 1,696 | 634 | (14,586) |
Net of customer price adjustments, including recoveries.
Net of savings from restructuring initiatives.
Outlook
The Company believes it is well positioned to continue driving sustainable value through profitable growth and margin enhancement. While supply chain disruptions, changing trade and tariff policies, and affordability concerns have impacted production volumes in recent periods, the Company believes that the underlying demand for new light vehicle production in its key operating regions remains resilient, supported by the age of the existing fleet, increasing population, increasing numbers of newly licensed drivers, and declining vehicle inventories. The Company remains confident that the continuing successful execution of its plans and strategies, including expanding relationships with new customers and the continued launch of new, innovative programs with enhanced contribution margins, will drive increasing profit margins and returns on invested capital over time.
Following strong actual results in 2025, and considering recent industry forecasts for global light vehicle production, the Company expects to deliver further profitable growth and margin enhancement in 2026. Reflecting this expectation, the Company is issuing initial guidance for 2026 as follows:
| 2025 Actual Results | Initial 2026 Guidance |
|---|
| Sales | $2.74 billion | $2.7 - $2.9 billion |
| Adjusted EBITDA | $209.7 million | $260 - $300 million |
| Capital Expenditures | $48.2 million | $55 - $65 million |
| Cash Restructuring | $26.4 million | $25 - $30 million |
| Net Cash Interest | $109.6 million | $105 - $115 million |
| Net Cash Taxes | $9.0 million | $30 - $35 million |
| Key Light Vehicle Productions Assumptions (Units) | | |
| North America | 15.3 million | 15.0 million |
| Europe | 17.0 million | 16.9 million |
| Greater China | 33.1 million | 32.7 million |
| South America | 3.0 million | 3.2 million |
Guidance is representative of management's estimates and expectations as of the date it is published. Current guidance as presented in this press release considers January 2026 S&P Global (IHS Markit) production forecasts for relevant light vehicle platforms and models, customers' planned production schedules and other internal assumptions.
Adjusted EBITDA is a non-GAAP financial measure. The Company has not provided a reconciliation of projected adjusted EBITDA to projected net income (loss) because full-year net income (loss) will include special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end. Due to this uncertainty, the Company cannot reconcile projected adjusted EBITDA to U.S. GAAP net income (loss) without unreasonable effort.
Conference Call Details
Cooper Standard management will host a conference call and webcast on February 13, 2026 at 9 a.m. ET to discuss its fourth quarter and full year 2025 results, provide a general business update and respond to investor questions. Investors and other interested parties may listen to the call by accessing the online, real-time webcast at https://ir.cooperstandard.com/events.
To participate by phone, callers in the United States and Canada can dial toll-free at 800-836-8184 (international callers dial 646-357-8785) and ask to be connected to the Cooper Standard conference call. Representatives of the investment community will have the opportunity to ask questions during Q&A. Participants should dial-in at least five minutes prior to the start of the call.
A replay of the webcast will be available on the investors' portion of the Cooper Standard website (https://ir.cooperstandard.com) shortly after the live event.
About Cooper Standard
Cooper Standard, headquartered in Northville, Mich., with locations in 20 countries, is a leading global supplier of sealing and fluid handling systems and components. Utilizing our materials science and manufacturing expertise, we create innovative and sustainable engineered solutions for diverse transportation and industrial markets. Cooper Standard's approximately 22,000 team members (including contingent workers) are at the heart of our success, continuously improving our business and surrounding communities. Learn more at www.cooperstandard.com or follow us on LinkedIn, X, Facebook, Instagram or YouTube.
Forward Looking Statements
Forward-looking statements notice
This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. Our use of words “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “believe,” “outlook,” “guidance,” “forecast,” or future or conditional verbs, such as “will,” “should,” “could,” “would,” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, we cannot assure you that these expectations, beliefs and projections will be achieved. Forward-looking statements are not guarantees of future performance and are subject to significant risks and uncertainties that may cause actual results or achievements to be materially different from the future results or achievements expressed or implied by the forward-looking statements. Among other items, such factors may include: volatility or decline of the Company’s stock price, or absence of stock price appreciation; impacts and disruptions related to the wars in Ukraine and the Middle East; the effects of the current U.S. government shutdown and its impact on our customers; our ability to achieve commercial recoveries and to offset the adverse impact of higher commodity and other costs through pricing and other negotiations with our customers; work stoppages or other labor disruptions with our employees or our customers’ employees; prolonged or material contractions in automotive sales and production volumes; our inability to realize sales represented by awarded business; escalating pricing pressures; loss of large customers or significant platforms; our ability to successfully compete in the automotive parts industry; availability and increasing volatility in costs of manufactured components and raw materials; disruptions in our supply base or our customers’ supply base; competitive threats and commercial risks associated with our diversification strategy; possible variability of our working capital requirements; risks associated with our international operations, including changes in laws, regulations, and policies governing the terms of foreign trade such as increased trade restrictions and tariffs; foreign currency exchange rate fluctuations; our ability to control the operations of our joint ventures for our sole benefit; our substantial amount of indebtedness and rates of interest; our ability to obtain adequate financing sources in the future; operating and financial restrictions imposed on us under our debt instruments; the underfunding of our pension plans; significant changes in discount rates and the actual return on pension assets; effectiveness of continuous improvement programs and other cost savings plans; significant costs related to manufacturing facility closings or consolidation; our ability to execute new program launches; our ability to meet customers’ needs for new and improved products; the possibility that our acquisitions and divestitures may not be successful; product liability, warranty and recall claims brought against us; laws and regulations, including environmental, health and safety laws and regulations; legal and regulatory proceedings, claims or investigations against us; the potential impact of any future public health events on our financial condition and results of operations; the ability of our intellectual property to withstand legal challenges; cyber-attacks, data privacy concerns, other disruptions in, or the inability to implement upgrades to, our information technology systems; the possible volatility of our annual effective tax rate; the possibility of a failure to maintain effective controls and procedures; the possibility of future impairment charges to our goodwill and long-lived assets; our ability to identify, attract, develop and retain a skilled, engaged and diverse workforce; our ability to procure insurance at reasonable rates; and our dependence on our subsidiaries for cash to satisfy our obligations; and other risks and uncertainties, including those detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.
You should not place undue reliance on these forward-looking statements. Our forward-looking statements speak only as of the date of this press release and we undertake no obligation to publicly update or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except where we are expressly required to do so by law.
This press release also contains estimates and other information that is based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information.
Financial statements and related notes follow:
| Quarter Ended December 31, | Year Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| (Unaudited) | (Unaudited) | (Unaudited) | |
|---|
| COOPER-STANDARD HOLDINGS INC. |
| CONSOLIDATED STATEMENTS OF OPERATIONS |
| (Dollar amounts in thousands except share and per share amounts) |
| Sales | $672,371 | | $660,753 | | $2,740,915 | | $2,730,893 | |
| Cost of products sold | 602,217 | | 578,733 | | 2,413,391 | | 2,427,978 | |
| Gross profit | 70,154 | | 82,020 | | 327,524 | | 302,915 | |
| Selling, administration & engineering expenses | 56,569 | | 50,081 | | 214,366 | | 207,553 | |
| Gain on sale of businesses, net | (98) | | (1,971) | | (98) | | (1,971) | |
| Gain on sale of buildings and land, net | - | | (3,317) | | - | | (3,317) | |
| Amortization of intangibles | 1,236 | | 1,618 | | 6,304 | | 6,512 | |
| Restructuring charges | 11,483 | | 3,171 | | 19,981 | | 23,601 | |
| Impairment charges | 369 | | 713 | | 369 | | 713 | |
| Operating income | 595 | | 31,725 | | 86,602 | | 69,824 | |
| Interest expense, net of interest income | (28,731) | | (28,598) | | (114,676) | | (115,639) | |
| Equity in earnings of affiliates | 886 | | 1,998 | | 5,620 | | 6,828 | |
| Pension settlement and curtailment (charges) credit | (134) | | 18 | | (134) | | (44,553) | |
| Other expense, net | (3,291) | | (3,309) | | (931) | | (17,938) | |
| (Loss) income before income taxes | (30,675) | | 1,834 | | (23,519) | | (101,478) | |
| Income tax benefit | (33,853) | | (38,420) | | (19,205) | | (23,348) | |
| Net income (loss) | 3,178 | | 40,254 | | (4,314) | | (78,130) | |
| Net loss (income) attributable to noncontrolling interests | 150 | | (40) | | 149 | | (616) | |
| Net income (loss) attributable to Cooper-Standard Holdings Inc. | $3,328 | | $40,214 | | $(4,165) | | $(78,746) | |
| Weighted average shares outstanding: | | | | |
| Basic | 17,926,252 | | 17,616,787 | | 17,862,433 | | 17,564,012 | |
| Diluted | 18,735,303 | | 17,992,409 | | 17,862,433 | | 17,564,012 | |
| Net income (loss) per share: | | | | |
| Basic | $0.19 | | $2.28 | | $(0.23) | | $(4.48) | |
| Diluted | $0.18 | | $2.24 | | $(0.23) | | $(4.48) | |
| December 31, |
|---|
| 2025 | 2024 |
|---|
| (Unaudited) | |
|---|
| COOPER-STANDARD HOLDINGS INC. |
| CONSOLIDATED BALANCE SHEETS |
| (Dollar amounts in thousands except share amounts) |
| Assets | | |
| Current assets: | | |
| Cash and cash equivalents | $191,699 | | $170,035 | |
| Accounts receivable, net | 334,267 | | 310,738 | |
| Tooling receivable, net | 72,316 | | 69,204 | |
| Inventories | 154,189 | | 142,401 | |
| Prepaid expenses | 23,940 | | 25,833 | |
| Income tax receivable and refundable credits | 11,499 | | 11,576 | |
| Value added tax receivable | 47,329 | | 45,120 | |
| Other current assets | 45,861 | | 30,349 | |
| Total current assets | 881,100 | | 805,256 | |
| Property, plant and equipment, net | 523,508 | | 539,201 | |
| Operating lease right-of-use assets, net | 83,474 | | 87,292 | |
| Goodwill | 140,696 | | 140,443 | |
| Intangible assets, net | 28,978 | | 33,805 | |
| Deferred tax assets | 103,112 | | 63,240 | |
| Other assets | 72,306 | | 63,828 | |
| Total assets | $1,833,174 | | $1,733,065 | |
| Liabilities and Equity | | |
| Current liabilities: | | |
| Debt payable within one year | $86,121 | | $42,428 | |
| Accounts payable | 337,319 | | 295,178 | |
| Payroll liabilities | 122,395 | | 103,701 | |
| Accrued liabilities | 114,150 | | 116,617 | |
| Current operating lease liabilities | 18,412 | | 18,859 | |
| Total current liabilities | 678,397 | | 576,783 | |
| Long-term debt | 1,018,483 | | 1,057,839 | |
| Pension benefits | 91,336 | | 89,253 | |
| Postretirement benefits other than pensions | 26,461 | | 26,336 | |
| Long-term operating lease liabilities | 69,806 | | 71,907 | |
| Deferred tax liabilities | 3,475 | | 3,801 | |
| Other liabilities | 36,793 | | 40,516 | |
| Total liabilities | 1,924,751 | | 1,866,435 | |
| Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding | - | | - | |
| Equity: | | |
| Common stock, $0.001 par value, 190,000,000 shares authorized; 19,702,818 shares issued and 17,637,009 outstanding as of December 31, 2025, and 19,392,340 shares issued and 17,326,531 outstanding as of December 31, 2024 | 17 | | 17 | |
| Additional paid-in capital | 524,312 | | 518,208 | |
| Retained deficit | (474,727) | | (470,562) | |
| Accumulated other comprehensive loss | (133,090) | | (173,432) | |
| Total Cooper-Standard Holdings Inc. equity | (83,488) | | (125,769) | |
| Noncontrolling interests | (8,089) | | (7,601) | |
| Total equity | (91,577) | | (133,370) | |
| Total liabilities and equity | $1,833,174 | | $1,733,065 | |
| Year Ended December 31, |
|---|
| 2025 | 2024 | 2023 |
|---|
| (Unaudited) | | |
|---|
| COOPER-STANDARD HOLDINGS INC. |
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (Dollar amounts in thousands) |
| Operating activities: | | | |
| Net loss | $(4,314) | | $(78,130) | | $(203,316) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | | | |
| Depreciation | 91,671 | | 97,053 | | 103,127 | |
| Amortization of intangibles | 6,304 | | 6,512 | | 6,804 | |
| Gain on sale of businesses, net | (98) | | (1,971) | | (586) | |
| Gain on sale of buildings and land, net | - | | (3,317) | | - | |
| Impairment charges | 369 | | 713 | | 4,768 | |
| Pension settlement and curtailment charges | 134 | | 44,553 | | 16,035 | |
| Share-based compensation expense | 15,248 | | 9,161 | | 7,718 | |
| Equity in earnings of affiliates, net of dividends related to earnings | (746) | | (3,246) | | (982) | |
| Loss on refinancing and extinguishment of debt | - | | - | | 81,885 | |
| Payment-in-kind interest | - | | 12,367 | | 58,808 | |
| Deferred income taxes | (35,120) | | (45,466) | | (5,813) | |
| Other | 5,027 | | 5,291 | | 4,838 | |
| Changes in operating assets and liabilities: | | | |
| Accounts and tooling receivable | (12,180) | | 67,761 | | (12,333) | |
| Inventories | (4,362) | | (3,125) | | 6,412 | |
| Prepaid expenses | 2,813 | | 1,119 | | 2,924 | |
| Income tax receivable and refundable credits | 622 | | (836) | | 2,603 | |
| Accounts payable | 21,616 | | (18,440) | | 6,743 | |
| Payroll and accrued liabilities | 1,266 | | (19,968) | | 16,924 | |
| Other | (23,808) | | 6,338 | | 20,718 | |
| Net cash provided by operating activities | 64,442 | | 76,369 | | 117,277 | |
| Investing activities: | | | |
| Capital expenditures | (48,192) | | (50,498) | | (80,743) | |
| Proceeds from sale of businesses, net of cash divested | 2,558 | | 763 | | 15,351 | |
| Proceeds from sale of fixed assets | - | | 4,328 | | - | |
| Other | - | | 287 | | 424 | |
| Net cash used in investing activities | (45,634) | | (45,120) | | (64,968) | |
| Financing activities: | | | |
| Proceeds from issuance of long-term debt, net of debt issuance costs | - | | - | | 924,299 | |
| Repayment and refinancing of long-term debt | - | | - | | (927,046) | |
| Principal payments on long-term debt | (2,262) | | (2,464) | | (2,127) | |
| Increase (decrease) in short-term debt, net | 22 | | (7,288) | | (1,234) | |
| Debt issuance costs and other fees | - | | (1,936) | | (74,376) | |
| Taxes withheld and paid on employees' share-based payment awards | (1,728) | | (612) | | (214) | |
| Contribution from noncontrolling interests and other | - | | 38 | | (439) | |
| Proceeds from other financing activities | - | | 2,617 | | - | |
| Net cash used in financing activities | (3,968) | | (9,645) | | (81,137) | |
| Effects of exchange rate changes on cash, cash equivalents and restricted cash | 6,345 | | (5,968) | | (918) | |
| Changes in cash, cash equivalents and restricted cash | 21,185 | | 15,636 | | (29,746) | |
| Cash, cash equivalents and restricted cash at beginning of period | 178,697 | | 163,061 | | 192,807 | |
| Cash, cash equivalents and restricted cash at end of period | $199,882 | | $178,697 | | $163,061 | |
| Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets: | |
| Cash and cash equivalents | $191,699 | | $170,035 | | $154,801 | |
| Restricted cash included in other current assets | 6,581 | | 7,590 | | 7,244 | |
| Restricted cash included in other assets | 1,602 | | 1,072 | | 1,016 | |
| Total cash, cash equivalents and restricted cash | $199,882 | | $178,697 | | $163,061 | |
| Supplemental disclosure: | | | |
| Cash paid for interest | $113,869 | | $101,514 | | $78,699 | |
| Cash paid for income taxes, net of refunds | 9,047 | | 19,085 | | 10,301 | |
Non-GAAP Financial Measures
EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted earnings (loss) per share and free cash flow are measures not recognized under U.S. GAAP and which exclude certain non-cash and special items that may obscure trends and operating performance not indicative of the Company’s core financial activities. Net new business is a measure not recognized under U.S. GAAP which is a representation of potential incremental future revenue but which may not fully reflect all external impacts to future revenue. Management considers EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted earnings (loss) per share, free cash flow and net new business to be key indicators of the Company’s operating performance and believes that these and similar measures are widely used by investors, securities analysts and other interested parties in evaluating the Company’s performance. In addition, similar measures are utilized in the calculation of the financial covenants and ratios contained in the Company’s financing arrangements and management uses these measures for developing internal budgets and forecasting purposes. EBITDA is defined as net income (loss) adjusted to reflect income tax expense (benefit), interest expense net of interest income, depreciation and amortization, and adjusted EBITDA is defined as EBITDA further adjusted to reflect certain items that management does not consider to be reflective of the Company’s core operating performance. Adjusted net income (loss) is defined as net income (loss) adjusted to reflect certain items that management does not consider to be reflective of the Company’s core operating performance. Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of sales. Adjusted basic and diluted earnings (loss) per share is defined as adjusted net income (loss) divided by the weighted average number of basic and diluted shares, respectively, outstanding during the period. Free cash flow is defined as net cash provided by operating activities minus capital expenditures and is useful to both management and investors in evaluating the Company’s ability to service and repay its debt. Net new business reflects anticipated sales from formally awarded programs, less lost business, discontinued programs and replacement programs and is based on S&P Global (IHS Markit) forecast production volumes. The calculation of “net new business” does not reflect customer price reductions on existing programs and may be impacted by various assumptions embedded in the respective calculation, including actual vehicle production levels on new programs, foreign exchange rates and the timing of major program launches.
When analyzing the Company’s operating performance, investors should use EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted earnings (loss) per share, free cash flow and net new business as supplements to, and not as alternatives for, net income (loss), operating income, or any other performance measure derived in accordance with U.S. GAAP, and not as an alternative to cash flow from operating activities as a measure of the Company’s liquidity. EBITDA, adjusted EBITDA, adjusted net income (loss), adjusted earnings (loss) per share, free cash flow and net new business have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of the Company’s results of operations as reported under U.S. GAAP. Other companies may report EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted earnings (loss) per share, free cash flow and net new business differently and therefore the Company’s results may not be comparable to other similarly titled measures of other companies. In addition, in evaluating adjusted EBITDA and adjusted net income (loss), it should be noted that in the future the Company may incur expenses similar to or in excess of the adjustments in the below presentation. This presentation of adjusted EBITDA and adjusted net income (loss) should not be construed as an inference that the Company’s future results will be unaffected by special items. Reconciliations of EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss) and free cash flow follow.
Reconciliation of Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA
(Dollar amounts in thousands)
The following table provides a reconciliation of EBITDA and adjusted EBITDA from net income (loss) (unaudited):
| Quarter Ended December 31, | Year Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| Net income (loss) attributable to Cooper-Standard Holdings Inc. | | $3,328 | | $40,214 | | $(4,165) | | $(78,746) |
| Income tax benefit | | (33,853) | | (38,420) | | (19,205) | | (23,348) |
| Interest expense, net of interest income | | 28,731 | | 28,598 | | 114,676 | | 115,639 |
| Depreciation and amortization | | 24,743 | | 25,313 | | 97,975 | | 103,565 |
| EBITDA | | $22,949 | | $55,705 | | $189,281 | | $117,110 |
| Restructuring charges | | 11,483 | | 3,171 | | 19,981 | | 23,601 |
| Impairment charges | | 369 | | 713 | | 369 | | 713 |
| Gain on sale of businesses, net | | - | | (1,971) | | (98) | | (1,971) |
| Gain on sale of buildings and land, net | | - | | (3,317) | | - | | (3,317) |
| Pension settlement and curtailment charges (credit) | | 134 | | (18) | | 134 | | 44,553 |
| Adjusted EBITDA | | $34,935 | | $54,283 | | $209,667 | | $180,689 |
| Sales | | $672,371 | | $660,753 | | $2,740,915 | | $2,730,893 |
| Net income (loss) margin | 0.5% | | 6.1% | | (0.2)% | | (2.9)% | |
| Adjusted EBITDA margin | 5.2% | | 8.2% | | 7.6% | | 6.6% | |
Non-cash impairment charges in 2025 and 2024 related to idle assets in certain locations in Asia Pacific.
Gain on sale of businesses related to divestiture in 2024. Gain recognized in 2025 related to final purchase price adjustments associated with the divestiture in 2024.
Gain on sale of building and land related to a Canadian facility.
Non-cash net pension settlement and curtailment charges (credit) and administrative fees incurred related to certain of our U.S. and non-U.S. pension plans.
Adjusted Net Loss and Adjusted Net Loss Per Share
(Dollar amounts in thousands except share and per share amounts)
The following table provides a reconciliation of net income (loss) to adjusted net loss and the respective net income (loss) per share amounts (unaudited):
| Quarter Ended December 31, | Year Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| Net income (loss) attributable to Cooper-Standard Holdings Inc. | $3,328 | | $40,214 | | $(4,165) | | $(78,746) | |
| Restructuring charges | 11,483 | | 3,171 | | 19,981 | | 23,601 | |
| Impairment charges | 369 | | 713 | | 369 | | 713 | |
| Gain on sale of businesses, net | - | | (1,971) | | (98) | | (1,971) | |
| Gain on sale of buildings and land, net | - | | (3,317) | | - | | (3,317) | |
| Pension settlement and curtailment charges (credit) | 134 | | (18) | | 134 | | 44,553 | |
| Deferred tax valuation allowance reversal | (45,435) | | (41,507) | | (45,435) | | (41,507) | |
| Tax impact of adjusting items | (846) | | (137) | | (1,659) | | (69) | |
| Adjusted net loss | $(30,967) | | $(2,852) | | $(30,873) | | $(56,743) | |
| Weighted average shares outstanding: | | | | |
| Basic | 17,926,252 | | 17,616,787 | | 17,862,433 | | 17,564,012 | |
| Diluted | 18,735,303 | | 17,992,409 | | 17,862,433 | | 17,564,012 | |
| Net income (loss) per share: | | | | |
| Basic | $0.19 | | $2.28 | | $(0.23) | | $(4.48) | |
| Diluted | $0.18 | | $2.24 | | $(0.23) | | $(4.48) | |
| Adjusted net loss per share: | | | | |
| Basic | $(1.73) | | $(0.16) | | $(1.73) | | $(3.23) | |
| Diluted | $(1.73) | | $(0.16) | | $(1.73) | | $(3.23) | |
Non-cash impairment charges in 2025 and 2024 related to idle assets in certain locations in Asia Pacific.
Gain on sale of businesses related to divestiture in 2024. Gain recognized in 2025 related to final purchase price adjustments associated with the divestiture in 2024.
Gain on sale of building and land related to a Canadian facility.
Non-cash net pension settlement and curtailment charges (credit) and administrative fees incurred related to certain of our U.S. and non-U.S. pension plans.
The deferred tax valuation allowance reversal in 2025 related to net deferred tax assets in France, Spain, and Korea. The deferred tax valuation allowance reversal in 2024 related to net deferred tax assets in Brazil, Poland, and China.
Represents the elimination of the income tax impact of the above adjustments by calculating the income tax impact of these adjusting items using the appropriate tax rate for the jurisdiction where the charges were incurred and other discrete tax expense.
Free Cash Flow
(Dollar amounts in thousands)
The following table defines free cash flow (unaudited):
| Quarter Ended December 31, | Year Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| Net cash provided by operating activities | $56,245 | | $74,722 | | $64,442 | | $76,369 | |
| Capital expenditures | (11,686) | | (11,484) | | (48,192) | | (50,498) | |
| Free cash flow | $44,559 | | $63,238 | | $16,250 | | $25,871 | |
Contacts
for Analysts: Roger Hendriksen · Cooper Standard · (248) 596-6465 · roger.hendriksen@cooperstandard.com
for Media: Chris Andrews · Cooper Standard · (248) 596-6217 · candrews@cooperstandard.com