#1AAM November 2023 Investor Presentation BRINGING THE FUTURE FASTER#2Forward-Looking Statements BRINGING THE FUTURE AM FASTER In this presentation, we make statements concerning our expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. Such statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and relate to trends and events that may affect our future financial position and operating results. The terms such as “will,” “may,” “could,” “would,” “plan,” “believe,” “expect,” "anticipate," "intend," "project," "target," and similar words or expressions, as well as statements in future tense, are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include factors detailed in the reports we file with the SEC, including those described under "Risk Factors" in our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date of this communication. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. It should also be noted that this information contains certain financial measures, including Adjusted EBITDA, Adjusted Earnings per Share, Adjusted Free Cash Flow, Net Leverage Ratio and Liquidity that are not required by, or presented in accordance with, accounting principles generally accepted in the United States, or GAAP. These measures are presented here to provide additional useful measurements to review our operations, provide transparency to investors and enable period-to-period comparability of financial performance. A description of non-GAAP financial measures that we use to evaluate our operations and financial performance, and reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, can be found in the appendix under "Reconciliation of Non-GAAP Measures." 2#3AAM Overview BRINGING THE FUTURE (AAM FASTER#4AAM - Quick Facts BRINGING THE FUTURE AAM FASTER Global-leader in design, engineering and manufacturing of automotive propulsion systems and technologies to support electric, hybrid and ICE vehicles 個 $5.8B 2022 Revenue ‍ ~19,000 Employees 18 Countries Over 80 Locations 14 Global Engineering and Tech Centers DRIVELINE One of the leaders in hybrid and electric driveline solutions A Global Leader in Full-size Pickup Truck and SUV Driveline Systems AWD Systems for Crossover Vehicles Damped Gears, Viscous Dampers and Rubber Isolation Pulleys Pioneer of Disconnecting AWD Systems METAL FORMING Strong position in electrified propulsion components Leading automotive forger in the world A Global Leader in Forged Gears & Shafts CVT Pulleys Powdered Metal Connecting Rods Aluminum Valve Bodies Machined Helical Gears Differential Assemblies 4#53Q 2023 AAM Financial Highlights BRINGING THE FUTURE AM FASTER $1.55B Quarterly Sales $157M Third Quarter Adjusted EBITDA AAM Delivered Solid Adjusted Free Cash Flow * For definitions of Adjusted EBITDA and Adjusted Free Cash Flow and non-GAAP reconciliations, please see the attached appendix. $136M Adjusted Free Cash Flow 5#6Performance Overview (as of November 3, 2023) 3Q Year To Date Issues • Customer Production Volatility UAW Work Stoppage Economic Recoveries Status Update • Situation is improving from prior years. • Managing costs as disruptions occur. • Monitor the situation and restart of operations. BRINGING THE FUTURE AAM FASTER Quarter Status 1-3Q23 4Q23 1Q24 2Q24 Operational Challenges ➤ Labor Availability ➤ Output (scrap) Capacity Utilization ➤ Supply Chain . Continue discussions with OEMs to offset inflation costs. Turnaround actively led by COO / President. Dispatched additional operating teams to plants and suppliers. Labor availability challenges (including impact to maintenance) being addressed through active recruiting, necessary changes to compensation, and increased automation where feasible. Enhanced process improvements. Focus on improved plant loading. 10 6#7Business Update Mahindra JETOUR Skywell 开沃汽车 ELECTRIC Van Skywell Auto awarded AAM to supply 2-in-1 e-Beam axles for a future van program starting in late 2024. Rise. Drive Your Future ELECTRIC Truck AAM to supply e-Beam axles for a future 2.5T light electric truck program launching in 2025. JETOUR (Chery) AAM to provide power transfer units (PTU) and rear drive modules (RDM) for multiple AWD SUV programs beginning in 2024. BRINGING THE FUTURE AM FASTER ELE FAW GROUP FAW Plug-In Hybrid AAM to supply independent front axles for multiple plug-in hybrid vehicle models beginning in 2025. 7#82023 Financial Outlook (as of November 3, 2023) • • . Full Year Sales Adjusted EBITDA Adjusted Free Cash Flow 2023 Financial Targets $6.0 to $6.1 billion $660 to $685 million $200 to $215 million BRINGING THE FUTURE AAM FASTER These targets are based on AAM's production estimates of key programs that we support and the current. operating environment. Adjusted Free Cash Flow target assumes capital spending in the range of 3.0% -3.5% of sales. These targets assume production begins to resume during the first week of November from the UAW work stoppage and an estimated work stoppage impact of $70 - $100 million in sales and $25 - $40 million in adjusted EBITDA. AAM expects restructuring and acquisition-related cash payments to be between $20 and $30 million. Note: For definitions of Adjusted EBITDA and Adjusted Free Cash Flow and Non-GAAP reconciliations, please see the attached appendix 8#9Debt Maturity Profile Senior Debt Maturities As of 9/30/2023 (in $ millions) $925M Undrawn Revolver $600 $500 $635 $403 $400 $180 2023 2024 2025 2026 2027 2028 2029 16.25% Notes Term Loan A 6.50% Notes Term Loan B Weighted Average Maturity of Senior debt 5.0% Notes 6.875% Notes 4.8 Years BRINGING THE FUTURE MFASTER AAM has a healthy debt maturity profile with minimal long-term maturities until 2026. 9#102022 Sustainability Report Report Highlights • • New sustainability report was published in April 2023 AAM BRINGING THE FUTURE FASTER. • • Achieved an A- on the CDP Climate Change survey Achieved Silver Status on the EcoVadis Sustainability Assessment Achieved SBTI validation of GHG Emissions goals Named one of America's Best Large Employers by Forbes • Improved on all Safety Performance metrics . Completed a sustainability materiality assessment • Launched 17 major global product programs • Hired our first Executive of Diversity, Equity and Inclusion ENVIRONMENTAL SOCIAL BRINGING THE FUTURE AAM FASTER POWERING A SUSTAINABLE FUTURE 2022 SUSTAINABILITY REPORT PRODUCT SUPPLY CHAIN GOVERNANCE 10#11Electrification Product Technology BRINGING THE FUTURE (AAM FASTER#12Scalable & Modular Platform BRINGING THE FUTURE AAM FASTER AAM's Next Generation Scalable & Modular Electric Drive Units support numerous vehicle applications while optimizing capital and development costs Wheel End Single Motor Dual Motor Light Duty Beam Heavy Duty Beam Modular Motor Construction Various EDU Architectures Multiple Gear Ratios Optional Torque Vectoring & Disconnect New Segment Opportunities Scalable Power Levels AAM Traditional Segments P4 4WD ARCHITECTURE P4 AWD ARCHITECTURE Denotes AAM EDU application. P4 FWD ARCHITECTURE P4 SPLIT AXLE HYBRID ARCHITECTURE P4 AWD MPV ARCHITECTURE P4 WHEEL END ARCHITECTURE P3 HYBRID ARCHITECTURE P4 RWD ARCHITECTURE P4 4WD HD ARCHITECTURE 12#13Beam Axle vs. E-Beam Axle ICE Beam Axle Similarities ICE vs. EV Component design and vehicle systems integration • NVH excellence Tubes, structural members and suspension interface • Differential assembly Axle shafts AAM BRINGING THE FUTURE FASTER E-Beam Axle Significant CPV Potential 73747573 Power comes from internal combustion engine through the driveshaft • Wheel hubs and brakes Hypoid gears (ICE) replaced with helical gears (EV) eDU (motor, inverter, gearbox) is integrated into the beam axle; electric power comes from battery Additional content includes park lock, software and controls, and multi-speed gearboxes with shift systems Competitive Advantage and Deep Understanding in Beam Axles Well Position AAM for the e-Beam Segment Note: Graphics are for illustrative purposes only. Not drawn to scale. 13#14Growth and Significant CPV Opportunity in EV Outsourced Support E-Beam Axles and E-Drives BRINGING THE FUTURE AM FASTER In-House Support Components CAT AAM CPV: Up to $2,500+ AAM CPV: Up to $500 AAM is Positioned to Support All OEM Sourcing Strategies 14#15AAM Key Electrification Awards & Technology Electric Beam Axles Stellantis Electric Vehicle Program • Front and Rear e-Beam Axles • 3-in-1 configuration Latter Part of the Decade Launch • BRINGING THE FUTURE AM FASTER 3-in-1 Electric Drive Units (Platform) AAM Next Generation 3-in-1 eDrive P4 Platform Wheel End Electric Drive Units 4x 100kW Units per Vehicle Compact Offset Gearbox Design • Integrated SiC MOSFET Inverter Automotive News PACE pilot 2022 INNOVATION TO WATCH Mid-decade Launch Jupiter Electric Mobility • 2-in-1 configuration Pinnacle Mobility EKA • 3-in-1 configuration Skywell Electric Van . 2-in-1 configuration Mahindra 2.5T Truck • Offset bolt-on design Note: depicted e-Beam axles are for illustrative purposes only 2-in-1 Electric Drive Units AMG High-Performance Luxury (Europe) • P3 Hybrid Electric Drive Unit 160kW Peak Power • 2-speed Concentric Gearbox Design . Integrated TracRiteⓇ eLSD Mid- Decade Launch AAM / Inovance 3-in-1 eDrive (China) • P4 Platform Electric Drive Units Scalable Power Levels (100-145kW) 2024 Launch . Offset Gearbox Design • Optional Park Lock 2025 Launch Electric Drive Components Electric Drive Unit Differentials • Multiple Chinese BEV Car & SUV Awards • . Multiple NA and Europe Light Vehicle Awards North American BEV Semi-Truck Application Multiple Programs Awarded & Launched Multiple Programs PAC Automotive News PACE AWARD 2022 WINNER Launched Planetary Geartrain Supply Volvo Cars with electric drive gears Awarded 20+ Different Electrification Vehicle Programs Awarded and Launched 15#162030 Electrification Market Share Goal BRINGING THE FUTURE AM FASTER Heritage of quality, technology leadership and operational excellence. Broad geographical footprint supports market share growth in Asia and Europe while maintaining strong NA position. Target >10% Share Of Our Estimated Addressable Market By 2030 Combined with a strong foundational ICE business, AAM revenues have opportunity to grow through 2030 Similar outsourcing dynamics between our legacy and electrification business. Legacy market share > 10%. Robust innovative product platform serving multiple vehicle segments. Broad portfolio in electric drives (including e-beam axles) and components allow for full participation in OEM sourcing strategies. Higher outsourcing probability and share opportunity for e-beam axles. 16#17AAM Long-Term Value Creation Diversification • BRINGING THE FUTURE AM FASTER Balanced mix of customers and geography. Expand our product portfolio, driving opportunities with new OEMs and regions. Agnostic to propulsion market changes. . Grow above market by leveraging scale and technology. Пll Sales • Financials • Electrification will further drive expansion into new segments. Protect and extend the core business. Offer a compelling value proposition to customers. Leverage AAM's Operating Systems to drive top tier EBITDA margin and cash flow generation. Enhance balance sheet strength. . Leader in electric propulsion technology. +11 Long-Term Focus . Increase size and scale through organic and inorganic growth. Effective deployment of capital. 17#18Supplemental Data BRINGING THE FUTURE (AAM FASTER#19Reconciliation of Non-GAAP Measures BRINGING THE FUTURE AM FASTER In addition to the results reported in accordance with accounting principles generally accepted in the United States of America (GAAP) included within this presentation, we have provided certain information, which includes non-GAAP financial measures. Such information is reconciled to its closest GAAP measure in accordance with Securities and Exchange Commission rules and is included in the following slides. Certain of the forward-looking financial measures included in this earnings release are provided on a non-GAAP basis. A reconciliation of non-GAAP forward-looking financial measures to the most directly comparable forward-looking financial measures calculated and presented in accordance with GAAP has been provided. The amounts in these reconciliations are based on our current estimates and actual results may differ materially from these forward-looking estimates for many reasons, including potential event driven transactional and other non-core operating items and their related effects in any future period, the magnitude of which may be significant. 19#20Supplemental Data EBITDA and Adjusted EBITDA Reconciliation ($ in millions) Three Months Ended BRINGING THE FUTURE AM FASTER Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net income (loss) Interest expense Income tax expense (benefit) $ (17.4) $ 26.5 $ (14.5) $ 50.4 50.8 44.8 151.5 132.2 (2.0) (5.7) 3.3 (2.1) Depreciation and amortization 120.4 124.8 365.8 367.1 EBITDA 151.8 190.4 506.1 547.6 Restructuring and acquisition-related costs 3.5 7.9 16.2 26.4 Debt refinancing and redemption costs 0.3 0.2 0.3 6.0 Unrealized loss on equity securities Non-recurring items: 1.2 2.3 1.2 24.0 Malvern fire insurance recoveries, net (1.0) (6.4) Acquisition-related fair value inventory adjustment 5.0 Gain on bargain purchase of business (1.4) (13.0) Adjusted EBITDA Sales as a % of net sales $ 156.8 $ 198.4 $ 523.8 $ 589.6 1,551.9 1,535.2 10.1% 12.9% 4,616.5 11.3% 4,409.7 13.4% *Please refer to definition of Non-GAAP measures. 20 20#21Supplemental Data EBITDA and Adjusted EBITDA for the Trailing Twelve Months Ended September 30, 2023 ($ in millions) Net income (loss) Interest expense Income tax expense (benefit) Depreciation and amortization EBITDA Restructuring and acquisition-related costs Debt refinancing and redemption costs Unrealized loss (gain) on equity securities Non-recurring items: Malvern fire insurance recoveries, net Gain on bargain purchase of business Adjusted EBITDA Sales as a % of net sales *Please refer to definition of Non-GAAP measures. BRINGING THE FUTURE AM FASTER Quarter Ended December 31, March 31, June 30, 2022 2023 2023 September 30, 2023 Trailing Twelve Months Ended September 30, 2023 $ 13.9 $ (5.1) $ 8.0 $ (17.4) (0.6) 42.3 50.5 50.2 50.8 193.8 4.1 5.3 (2.0) 7.4 125.0 124.9 120.5 120.4 490.8 185.3 170.3 184.0 151.8 691.4 3.8 4.8 7.9 3.5 20.0 0.4 0.3 0.7 1.5 0.3 (0.3) 1.2 2.7 (32.7) (32.7) (0.6) (0.6) $ 157.7 $ 175.4 $ 191.6 $ 156.8 $ 681.5 1,392.7 1,493.9 1,570.7 1,551.9 6,009.2 11.3% 11.7% 12.2% 10.1% 11.3% 21#22Supplemental Data Adjusted Earnings (Loss) Per Share Reconciliation Three Months Ended BRINGING THE FUTURE AAM FASTER Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Diluted earnings (loss) per share $ (0.15) $ 0.22 $ (0.12) $ 0.42 Restructuring and acquisition-related costs 0.04 0.07 0.14 0.22 Debt refinancing and redemption costs 0.05 Unrealized loss on equity securities 0.01 0.02 0.01 0.20 Non-recurring items: Malvern fire insurance recoveries, net Acquisition-related fair value inventory adjustment Gain on bargain purchase of business Tax effect of adjustments Adjusted earnings (loss) per share (0.01) (0.05) 0.04 (0.01) (0.11) (0.01) (0.02) (0.03) (0.10) $ (0.11) $ 0.27 $ $ 0.67 *Please refer to definition of Non-GAAP measures. 22 22#23Supplemental Data Free Cash Flow and Adjusted Free Cash Flow Reconciliation ($ in millions) BRINGING THE FUTURE AAM FASTER Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net cash provided by operating activities $ 178.3 $ 85.2 $ 343.2 $ 300.4 Capital expenditures net of proceeds from the sale of property, plant and equipment (47.5) (46.6) (137.8) (113.6) Free cash flow 130.8 38.6 205.4 186.8 Cash payments for restructuring and acquisition-related costs Cash payments (insurance proceeds) related to Malvern fire, net Adjusted free cash flow 5.0 4.7 16.1 21.2 2.5 (7.0) 6.0 $ 135.8 $ 45.8 $ 214.5 $ 214.0 *Please refer to definition of Non-GAAP measures. 23#24Supplemental Data Net Debt and Net Leverage Ratio ($ in millions) September 30, 2023 Current portion of long term debt $ 24.5 Long-term debt, net 2,833.9 Total debt, net 2,858.4 Less: Cash and cash equivalents 615.6 Net debt at end of period 2,242.8 Adjusted LTM EBITDA $ 681.5 Net Leverage Ratio 3.3x BRINGING THE FUTURE AAM FASTER 24#25Supplemental Data Segment Financial Information ($ in millions) Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 BRINGING THE FUTURE AAM FASTER Segment Sales Driveline Metal Forming $ 1,061.2 $ 1,043.2 $ 3,161.5 $ 3,113.3 624.8 634.1 1,878.1 1,716.9 Total Sales 1,686.0 1,677.3 5,039.6 4,830.2 Intersegment Sales (134.1) (142.1) (423.1) (420.5) Net External Sales $ 1,551.9 $ 1,535.2 $ 4,616.5 $ 4,409.7 Segment Adjusted EBITDA Driveline $ 137.3 $ 137.0 $ Metal Forming 19.5 61.4 403.5 $ 120.3 392.2 197.4 Total Segment Adjusted EBITDA $ 156.8 $ 198.4 $ 523.8 $ 589.6 *Please refer to definition of Non-GAAP measures. 25 25#26Supplemental Data Net loss Interest expense Income tax expense Depreciation and amortization Full year 2023 targeted EBITDA Restructuring and acquisition-related costs Full year 2023 targeted Adjusted EBITDA BRINGING THE FUTURE AM FASTER Adjusted EBITDA Adjusted Free Cash Flow Low End High End Low End High End (in millions) (in millions) (65) $ (45) Net cash provided by operating activities $ 380 395 200 200 Capital expenditures net of proceeds from the sale of property, (200) (200) 15 20 plant and equipment 490 490 Full year 2023 targeted Free Cash Flow 180 195 640 665 Cash payments for restructuring and acquisition-related costs 25 25 20 20 Other (5) (5) $ 660 $ 685 Full year 2023 targeted Adjusted Free Cash Flow $ 200 $ 215 26#27Definition of Non-GAAP Measures BRINGING THE FUTURE AM FASTER EBITDA and Adjusted EBITDA We define EBITDA to be earnings before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, loss on sale of a business, pension settlements, unrealized gains or losses on equity securities and non-recurring items. We believe that EBITDA and Adjusted EBITDA are meaningful measures of performance as they are commonly utilized by management and investors to analyze operating performance and entity valuation. Our management, the investment community and the banking institutions routinely use EBITDA and Adjusted EBITDA, together with other measures, to measure our operating performance relative to other Tier 1 automotive suppliers. We also use Segment Adjusted EBITDA as the measure of earnings to assess the performance of each segment and determine the resources to be allocated to the segments. EBITDA and Adjusted EBITDA are also key metrics used in our calculation of incentive compensation. EBITDA and Adjusted EBITDA should not be construed as income from operations, net income or cash flow from operating activities as determined under GAAP. Other companies may calculate EBITDA and Adjusted EBITDA differently. Adjusted Earnings (Loss) Per Share We define Adjusted earnings (loss) per share to be diluted earnings (loss) per share excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, loss on sale of a business, pension settlements, unrealized gains or losses on equity securities and non-recurring items, including the tax effect thereon. We believe Adjusted earnings (loss) per share is a meaningful measure as it is commonly utilized by management and investors in assessing ongoing financial performance that provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of core operating performance and which may obscure underlying business results and trends. Other companies may calculate Adjusted earnings (loss) per share differently. Free Cash Flow and Adjusted Free Cash Flow We define free cash flow to be net cash provided by operating activities less capital expenditures net of proceeds from the sale of property, plant and equipment. Adjusted free cash flow is defined as free cash flow excluding the impact of cash payments for restructuring and acquisition-related costs and cash payments related to the Malvern fire, including payments for capital expenditures, net of recoveries. We believe free cash flow and Adjusted free cash flow are meaningful measures as they are commonly utilized by management and investors to assess our ability to generate cash flow from business operations to repay debt and return capital to our stockholders. Free cash flow and Adjusted free cash flow are also key metrics used in our calculation of incentive compensation. Other companies may calculate free cash flow and Adjusted free cash flow differently. Net Debt and Net Leverage Ratio We define net debt to be total debt, net less cash and cash equivalents. We define Net Leverage Ratio to be net debt divided by the trailing 12 months of Adjusted EBITDA. We believe that Net Leverage Ratio is a meaningful measure of financial condition as it is commonly used by management, investors and creditors to assess capital structure risk. Other companies may calculate Net Leverage Ratio differently. Liquidity We define Liquidity as cash on hand plus amounts available on our revolving credit facility and foreign credit facilities. US SAAR We define US SAAR as the seasonally adjusted annual rate of light vehicle sales in the United States. 27#28AAM R www.aam.com in i✪O