#1Ford N Ford Delivering Ford Q3 2023 Earnings NASZ MOL U M Ford New 2024 Ford F-150 Available Spring 2024#2Contents Delivering Ford+ Page 4 - 5 Q3 & YTD Results Page 6-9 Ford Blue Page 10 Ford Model e Page 11 Ford Pro Page 12-13 Integrated Services Page 14 Financials Page 16 - 24 2023 Guidance Page 26 - 27 Appendix Page 29 - 41 FORD Ford New 2024 Ford F-150 Raptor Available Spring 2024 2#3Safe Harbor Statement And Disclosures Forward-Looking Statements This presentation includes forward-looking statements. Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated. For a discussion of these risks, uncertainties, and other factors, please see the "Cautionary Note on Forward-Looking Statements" in this presentation and "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, as updated by subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. GAAP & Non-GAAP Financial Measures This presentation includes financial measures calculated in accordance with Generally Accepted Accounting Principles ("GAAP") and non-GAAP financial measures. The non-GAAP financial measures are intended to be considered supplemental information to their comparable GAAP financial measures. The non-GAAP financial measures are reconciled to the most comparable GAAP financial measures in the Appendix to this presentation. Additional Information Calculated results may not sum due to rounding. All variances are year-over-year unless otherwise noted. Visit ford.com for vehicle information. Ford 3#4Ford+ Investment Thesis Disruptive technology allows us to leverage foundational strengths to build new capabilities enriching customer experiences and deepening loyalty Customer experience FOUNDATIONAL STRENGTHS Leading iconic nameplates Leading commercial vehicle portfolio Industrial prowess Drives strong margins and cash flow + ENHANCED CAPABILITIES Integrated hardware and software and services Connectivity Data analytics Enables deep customer insight = EXPANDED TAM & VALUE CREATION + Ford Blue + Ford Model e + Ford Pro Unlocks new growth opportunities Ford 4#5Ford Ford Blue Ford+ Business Model Is Designed To Deliver Focused Innovation, Profit & Growth Ford Model e Ford Ford Pro EMULY JELE CER PRO Pa Ford 5#6ME Revenue $43.8B ▲ 11% Adj. EBIT $2.2B ▲ 22% Q3 Financial Results Adj. EBIT Margin 5.0% ▲ 0.4pts Adj. FCF $1.2B ▼ $2.4B Adj. EPS $0.39 ▲ $0.09 Ford Mustang Dark Horse Track Attack Program Starting January 2024#7Ford Blue Q3 EBIT $1.7B Q3 EBIT Margin 6.7% 856-751 BUNING Ford Model e Q3 EBIT $(1.3)B Q3 EBIT Margin (75.6)% Ford Pro Q3 EBIT $1.7B Q3 EBIT Margin 12.0% Ford 7#8Revenue $130.2B ▲ 14% Year-To-Date Financial Results Adj. EBIT Margin 7.2% ▲ 0.3pts Adj. EBIT $9.4B ▲ 19% SUPER DUTY Ford 500 Adj. FCF $4.8B ▼ $1.8B SPORT Adj. EPS $1.73 ▲ $0.36 Ford New 2024 Ford Super Duty 8#9Ford Blue YTD EBIT $6.6B YTD EBIT Margin 8.8% Ford Model e YTD EBIT $(3.1)B YTD EBIT Margin (72.8)% Ford Pro YTD EBIT $5.4B YTD EBIT Margin 12.7% Ford 9#10Ford Blue *********T $1.7B Q3 EBIT Year-over-year growth in EBIT, EBIT margin and revenue 2023 F-150 Hybrid Maverick and F-150: America's best-selling hybrid trucks Fresh product lineup drives strong order bank and pricing power; new F-150 coming in 2024 Unveiled all-new 2025 Mustang GTD, a street-legal supercar designed to take on the best European sports cars Ford 2023 Maverick Hybrid PRESTA 2025 Mustang GTD 10#11Ford Model e LIGHTNING $(1.3)B Q3 EBIT Appropriately balancing the pace of EV investment with the pace of customer demand Higher-growth start-up in investment mode Scaling production, diversifying battery chemistries, focused on improving the overall customer experience (total cost of ownership, charging, vehicle purchase and post-sale service, etc.) Gen-2 cost optimization leveraging scaling, vertical integration and batteries Committed to building a profitable and enduring EV business O masssg 2023 Ford Mustang Mach-E Ford Niche new offerings like the F-150 Lightning Platinum Black and Flash editions, and the Mustang Mach-E Rally 11#12Ford Pro EN Buty Sands U G akt a fech My Dashboard: Ray Chees www to wat * YTD as of August 2023 Other C a Sur Service Cast Fot Te Cout wh $1.7B Q3 EBIT + $1.3B YOY All-new Transit Custom (Europe) 16% revenue growth, strong EBIT improvement as the Super Duty and Transit franchises continue to strengthen EBIT margin of 12.0% Launched all-new Transit Custom #1 U.S. class 1-7 truck / van share; 40.2% share* 476K Paid software subscriptions, up nearly 50% YoY Ford SVX 101 2023 Ford Ranger (Europe) 12#13We Put The Pro In Productivity Software Services Providing businesses with data, insights, and vehicle access and control functionality so that they can drive better efficiency in their fleet operations Electrification E-Transit continues to lead the two-tonne electric van segment in Europe. It is also a hit with U.S. small business owners as it was America's best-selling electric van during Q3 with sales up 90% year over year 347014 XXXX FORD MOBILE SERVICE Ford Beechmont-Ford, Inc. www.beechmontford.com 513.752.7474 Ford Physical Service Expanding our support network to offer consistently fast and reliable data-driven services. The mobile service van fleet and mobile repair order business continue to grow at a rapid pace, up 35% and 53% since Q2, respectively 13#14Integrated Services - Revolutionizing The Customer Experience Ford Ford Stolen Vehicle Services Fully integrated theft prevention and recovery system with features like inclination alert, inconsistent location alert and 2-factor authentication for a factory reset BlueCruise Recently launched v1.3 which keeps customers in hands-free mode 5x longer than v1.0 Pro Telematics With Dashcam Uses machine vision and in- vehicle intelligence to detect in- cab and on-road events, simplify fleet operations and encourage safer driving Ford 14#15Financials FORD T3 NG MUSTA FORD T FORD ENORM MUSTANG MUSTANG FORD Vehicles shown (L to R): 2024 Mustang EcoBoost, 2024 Mustang GT, 2024 Mustang Dark Horse, 2025 Mustang GTD, 2024 Mustang GT3, 2024 Mustang GT4, 2024 Mustang Dark Horse R#16Q3 Cash Flow, Cash Balance & Liquidity ($B) Adjusted Free Cash Flow Ford Credit Distributions incl. Above Cash Balance - - Liquidity Cash Net of Debt Q2 2022 $3.6 $0.6 $45.1 $28.7 $9.4 Q3 2022 $3.6 $0.5 $49.2 $32.0 $11.8 Q4 2022 $2.4 FA $- $48.0 $32.3 $12.3 Q1 2023 $0.7 $- $46.2 $28.7 $9.0 Q2 2023 $2.9 $- $47.3 $29.8 $10.3 Q3 2023 $1.2 $- $50.6 $29.1 $9.3 Ford 16#17Q3 2023 Results ($B) $1.7 $(1.3) Ford Blue Ford Model e $1.7 Ford Pro B/(W) $0.3 $(0.7) $1.3 Q3 2022 $(0.0) Ford Next $0.2 $0.4 Ford Credit $(0.2) $(0.2) Corporate Other $(0.4) $2.2 Company Adj. EBIT $0.4 $(0.3) $(0.5) Interest On Debt Special Items $(0.0) $2.1 $(0.2) $1.2 Taxes / Net Non-Controlling Income / Interests (Loss) $(0.5) $2.0 Ford 17#18Q3 2023 Adjusted EBIT ($B) Q3 2022 YOY Change: Volume / Mix Net Pricing Cost Exchange Other Ford Blue Q3 2023 $ Total Change $ $ 1.5 0.0 0.4 (0.3) (0.1) 0.3 0.3 1.7 Ford Ford Model e Pro GA CA (0.6) $ (0.0) (0.2) (0.5) (0.0) 0.0 (0.7) $ (1.3) $ 0.4 (0.4) 1.9 (0.3) 0.0 (0.0) 1.3 1.7 Ford Next $ (0.2) $ $ 0.1 I 0.1 0.2 (0.0) Ford Credit A GA SA Corporate Other 0.6 $ I SA 0.4 $ 0.2 $ I I (0.5) Total Company (0.2) 0.1 (0.2) $ (0.4) $ (0.2) SA 1.8 (0.4) 2.1 (1.5) (0.2) 0.3 0.4 2.2 Warranty $(1.2) Material / Freight (0.6) Pension / OPEB (0.5) (0.3) 1.1 Structural Ford Commodities 18#19Ford Blue Iconic gas and hybrid passion products like F-150, Bronco and Mustang + Continued strength in product portfolio drove higher revenue + Lower volume with sunset of Fiesta and EcoSport + EBIT improvement dampened by higher warranty cost + Profitable in all regions Wholesale Units (000) 670 1 Q2 '22 Memo: JV Wholesales* 111 EBIT ($B) $2.5 741 Q2 '22 Q3 '22 134 760 Q4 '22 114 706 720 Q1 '23 97 $2.6 Q2 '23 Q3 '23 107 $2.3 $1.5 $1.5 bill 736 124 $1.7 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 * Includes Ford and Lincoln brand and Jiangling Motors Corporation (JMC) brand vehicles produced and sold in China by our unconsolidated affiliates Revenue ($B) $23.8 $23.8 Q2 '22 Q3 '22 EBIT Margin (%) 10.5% $26.3 $25.1 $25.0 $25.6 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q4 '22 10.4% تتاتا Q2 '23 Q1 '23 Q3 '23 Q2 '23 Q3 '23 Ford 19#20Ford Model e Designing and scaling breakthrough, connected EVs, and all of Ford's electric architecture and embedded software + Volume up 44%, driven by increased production capacity of Mustang Mach-E + Industry-wide EV price compression continues + Disciplined capital investments; focused on balancing growth and profitability + Engineering amazing and cost- effective Gen-2 products Wholesale Units EBIT ($B) ($0.5) 24 I Q2 '22 Q3 '22 Q4 '22 25 Q2 '22 (000) 30 Q3 '22 ($0.6) ($0.6) 12 Q1 '23 ($0.7) Q4 '22 Q1 '23 34 Q2 '23 Q3 '23 | ($1.1) 36 Q2 '23 ($1.3) Q3 '23 Revenue ($B) $1.3 $1.4 Q2 '22 Q3 '22 EBIT Margin (%) Q2 '22 $1.6 (38.6) % (43.7) % (40.4)% Q3 '22 Q4 '22 Q4 '22 $0.7 Q1 '23 (102.1)% Q1 '23 $1.8 Q2 '23 (58.9)% Q2 '23 $1.8 Q3 '¹23 T (75.6)% Ford Q3 '23 20#21Ford Pro Integrated vehicle hardware, software, service, charging and financing solutions that increase commercial customer productivity + Revenue up 16%, 12% EBIT margin + Volume impacted by new product launch changeover and supply constraints + Super Duty continues to drive higher net pricing + Customer demand for key products outstripped supply Wholesale Units (000) 338 Q2 22 Memo: JV Wholesales* 17 EV Wholesales 7 EBIT ($B) 321 $0.9 18 6 Q3 '22 Q4 '22 Q1 '23 358 $0.4 Q2 22 Q3 22 29 11 337 $1.5 22 8 ل 365 $1.4 Q2 23 24 12 تات... $2.4 314 Q3 '23 24 9 * Includes Ford brand vehicles produced and sold by our unconsolidated affiliate Ford Otosan in Türkiye $1.7 Q4 '22 Q1 '23 Q2 23 Q3 '23 Revenue ($) $12.7 Q2 22 Q3 '22 $12.0 EBIT Margin (%) 6.9% Q2 22 3.4% Q3 '22 $13.9 Q4 '22 $13.2 Q1 '23 10.4% 10.3% $15.6 Q2 23 15.3% Q4 '22 Q1 '23 Q2 '23 $13.8 Q3 '23 12.0% Q3 '23 Ford 21#22Ford Credit A strategic asset and competitive advantage + EBT down, in line with expectations, reflecting lower lease residual performance, the non-recurrence of derivative market valuation gains, lower financing margin and higher credit losses + Lower financing margin due to higher borrowing costs + Credit losses remain below historical average, but normalizing + Auction values remain strong, but expect industry decline as supply of new vehicles improves Auction Values* (Per Unit) $32,515 $32,010 11 $25,330 EBT ($B) $30,150 * U.S. 36-month off-lease auction values at Q3 2023 mix $1.1 $1.1 11 Q3 '20 Q3 '21 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 $0.6 $31,150 $0.2 $32,250 $0.3 $30,250 $0.4 $0.4 Q3 '20 Q3 '21 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 U.S. Retail Loss-to-Receivables ("LTR") Ratio (%) 0.30% 0.00% $0.6 Q3 EBT YOY ($B) 10.18% $0.1 Q3 '22 Vol. / Mix 0.25% Q3 '20 Q3 '21 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 $(0.1) 0.35% $(0.0) 0.21% $(0.1) $(0.1) 2017-2019: 0.56% 0.38% $0.4 Ford Fin Credit Lease Other Q3 '23 Margin Loss Residual 22#23Cash Flow And Balance Sheet ($B) Company Adj. EBIT excl. Ford Credit Capital spending Depreciation and tooling amortization Net Spending Receivables Inventory Trade payables Changes in Working Capital Ford Credit distributions Interest on debt and cash taxes All Other and timing differences (a) Company Adjusted FCF Restructuring Changes in debt Funded pension contributions Shareholder distributions All Other (b) Change in Cash $ a. LA $ Third Quarter 2022 1.2 (1.6) 1.3 (0.3) (0.1) (1.7) 3.9 2.2 0.5 (0.3) 0.3 3.6 (0.2) 1.0 $ A SA (0.1) (0.6) (0.3) 3.3 $ 2023 1.8 (2.2) 1.3 (0.9) (0.6) (0.8) 0.2 (1.1) (0.4) 1.8 1.2 (0.3) 0.0 (0.2) (0.6) (0.9) (0.8) SA A LA A A $ Year-To-Date 2022 5.4 (4.5) 3.9 (0.6) (0.6) (4.1) 5.9 1.1 $ (0.5) (1.4) (9.3) (4.5) $ $ $ GAGA 2.1 (1.2) (0.2) 6.6 (0.0) $ 0.1 $ GALA $ 2023 Includes differences between accrual-based EBIT and associated cash flows (e.g., pension and OPEB income or expense; compensation payments; marketing incentive and warranty payments to dealers) b. Includes a $0.6B gain and $7.3B loss on our Rivian investment in the third quarter and first nine months of 2022, respectively 8.3 (5.9) 3.9 (2.0) (0.8) (4.2) 1.9 (3.1) (1.7) 3.3 4.8 (0.4) (0.2) (0.4) (4.4) (2.6) (3.2) Company Cash Balance Liquidity Debt Cash Net of Debt Pension Funded Status Funded Plans Unfunded Plans Total Global Pension Total Funded Status OPEB 2022 Dec 31 $ $ $ Balance Sheet SA 32.3 48.0 (19.9) 12.3 4.1 (4.3) (0.2) (4.5) 2023 Sep 30 $ $ $ $ Ford 29.1 50.6 (19.8) 9.3 3.9 (4.1) (0.2) (4.4) 23#24Special Items ($B) Restructuring (by Geography) China Europe Ford Credit - Brazil Other (a) Subtotal Restructuring Pension and OPEB Gain/ (Loss) Pension and OPEB remeasurement Pension settlements and curtailments Subtotal Pension and OPEB Gain/ (Loss) Other Items Gain / (loss) on Rivian investment AV strategy including Argo Impairment Transit Connect customs matter Russia suspension of operations / asset write-off Patent matters related to prior calendar years Other (including gains / (losses) on investments) Subtotal Other Items a. Total EBIT Special Items LA GA $ $ 2022 Third Quarter (0.0) (0.0) (0.4) (0.4) (0.0) (0.0) 0.6 (2.7) 0.0 (0.1) (2.2) (2.6) $ $ 2023 Includes restructuring charges of $0.2B in both the third quarter and the first nine months of 2022 related to North America, and $0.2B in the third quarter and $0.3B in the first nine months of 2022 related to India (0.1) (0.0) 0.0 (0.1) (0.2) (0.1) (0.2) (0.1) (0.0) (0.1) (0.5) $ $ GA Year-To-Date 2022 (0.0) (0.1) (0.2) (0.5) (0.7) (0.0) (0.0) (7.3) (2.7) (0.1) (0.1) (0.1) (10.4) (11.1) $ 2023 (0.9) (0.5) (0.1) (1.5) (0.4) (0.2) (0.6) (0.0) (0.4) 0.0 (0.2) (0.6) (2.6) Ford 24#25CY 2023 Guidance Fore Ford New 2024 Ford F-150 Tremor Available Spring 2024 25#26CY 2023 Guidance Based on $9.4B of adjusted EBIT we earned through Q3 and strong demand for our products, we were poised to deliver our prior guidance Although a tentative agreement has been reached with the UAW, the strike has created uncertainty in our FY results. Given its impact and the fact that the agreement is subject to ratification, we are withdrawing our FY 2023 guidance Total Company Adj. EBIT Total Company Adj. FCF Capital Spending Ford Blue EBIT Model e EBIT Ford Pro EBIT Ford Credit EBT 2022 Actuals $10.4B $9.1B $6.5B $6.8B $(2.1)B $3.2B $2.7B Ford 26#27Cautionary Note On Forward-Looking Statements Statements included or incorporated by reference herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation: . Ford and Ford Credit's financial condition and results of operations have been and may continue to be adversely affected by public health issues, including epidemics or pandemics such as COVID-19; Ford is highly dependent on its suppliers to deliver components in accordance with Ford's production schedule and specifications, and a shortage of or inability to acquire key components, such as semiconductors, or raw materials, such as lithium, cobalt, nickel, graphite, and manganese, can disrupt Ford's production of vehicles; • To facilitate access to the raw materials necessary for the production of electric vehicles, Ford has entered into, and expects to continue to enter into, multi-year commitments to raw material suppliers that subject Ford to risks associated with lower future demand for such materials as well as costs that fluctuate and are difficult to accurately forecast; Ford's long-term competitiveness depends on the successful execution of Ford+; Ford's vehicles could be affected by defects that result in delays in new model launches, recall campaigns, or increased warranty costs; Ford may not realize the anticipated benefits of existing or pending strategic alliances, joint ventures, acquisitions, divestitures, restructurings, or new business strategies; Operational systems, security systems, vehicles, and services could be affected by cyber incidents, ransomware attacks, and other disruptions and impact Ford and Ford Credit as well as their suppliers and dealers; Ford's production, as well as Ford's suppliers' production, and/or the ability to deliver products to consumers could be disrupted by labor issues, natural or man-made disasters, adverse effects of climate change, financial distress, production difficulties, capacity limitations, or other factors; Ford's ability to maintain a competitive cost structure could be affected by labor or other constraints; . ● ● ● ● ● Ford's ability to attract and retain talented, diverse, and highly skilled employees is critical to its success and competitiveness; • Ford's new and existing products and digital, software, and physical services are subject to market acceptance and face significant competition from existing and new entrants in the automotive and digital and software services industries and its reputation may be harmed if it is unable to achieve the initiatives it has announced; • Ford's results are dependent on sales of larger, more profitable vehicles, particularly in the United States; • With a global footprint, Ford's results could be adversely affected by economic or geopolitical developments, including protectionist trade policies such as tariffs, Industry sales volume can be volatile and could decline if there is a financial crisis, recession, or significant geopolitical event; Ford may face increased price competition or a reduction in demand for its products resulting from industry excess capacity, currency fluctuations, competitive actions, or other factors; ● ● ● . ● ● . . . other events; Ford Inflationary pressure and fluctuations in commodity and energy prices, foreign currency exchange rates, interest rates, and market value of Ford or Ford Credit's investments, including marketable securities, can have a significant effect on results; Ford and Ford Credit's access to debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts could be affected by credit rating downgrades, market volatility, market disruption, regulatory requirements, or other factors; The impact of government incentives on Ford's business could be significant, and Ford's receipt of government incentives could be subject to reduction, termination, or clawback; Ford Credit could experience higher-than-expected credit losses, lower-than-anticipated residual values, or higher-than-expected return volumes for leased vehicles; Economic and demographic experience for pension and OPEB plans (e.g., discount rates or investment returns) could be worse than Ford has assumed; Pension and other postretirement liabilities could adversely affect Ford's liquidity and financial condition; • Ford and Ford Credit could experience unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, services, perceived environmental impacts, or otherwise; • Ford may need to substantially modify its product plans and facilities to comply with safety, emissions, fuel economy, autonomous driving technology, environmental, and other regulations; • Ford and Ford Credit could be affected by the continued development of more stringent privacy, data use, and data protection laws and regulations as well as consumers' heightened expectations to safeguard their personal information; and • Ford Credit could be subject to new or increased credit regulations, consumer protection regulations, or other regulations. We cannot be certain that any expectation, forecast, or assumption made in preparing forward-looking statements will prove accurate, or that any projection will be realized. It is to be expected that there may be differences between projected and actual results. Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events, or otherwise. For additional discussion, see "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, as updated by subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 27#28Appendix O Ford OUNDE New 2024 Ford Super Duty Tremor 28#29Key Metrics Ford Blue Ford Model e Ford Pro Ford Next Ford Credit* Corporate Other Total Company (Adjusted) Ford Blue Ford Model e Ford Pro Total Company (Adjusted) Ford Credit EBT Q2 2022 $ 2.5 (0.5) 0.9 (0.2) 0.9 0.1 $ 3.7 Q2 2022 10.5 % (38.6) 6.9 9.3 % Q3 2022 $ $ 1.5 (0.6) 0.4 (0.2) 0.6 0.2 1.8 Q3 2022 6.2 % (43.7) 3.4 4.6 % EBIT ($B) Q4 2022 Q1 2023 $ 1.5 (0.6) 1.5 (0.2) 0.2 0.2 (0.0) 0.3 (0.1) $ 2.6 $ 3.4 $ 2.6 (0.7) 1.4 EBIT Margin (%) Q4 2022 Q1 2023 5.9 % 10.4 % (102.1) 10.3 (40.4) 10.4 5.8 % 8.1 % Q2 2023 $ 2.3 (1.1) 2.4 (0.0) 0.4 (0.2) $ 3.8 Q2 2023 9.2 % (58.9) 15.3 8.4 % Q3 2023 $ 1.7 (1.3) 1.7 (0.0) 0.4 (0.2) $ 2.2 Q3 2023 6.7 (75.6) 12.0 % 5.0 % Memo: EV Wholesales Q2 2022 $ 23.8 1.3 12.7 0.0 2.3 0.0 $40.2 Q2 2022 670 24 338 1,032 31 Q3 2022 $ 23.8 1.4 12.0 0.0 2.2 0.0 $39.4 Q3 2022 741 25 321 1,086 32 Revenue ($B) Q4 2022 $26.3 1.6 13.9 Q1 2023 (0.0) 0.0 2.3 2.4 0.0 0.0 $44.0 $41.5 760 30 358 1,147 $ 25.1 0.7 13.2 43 Wholesale Units (000) Q4 2022 Q1 2023 Q2 2023 706 12 337 1,056 Q2 2023 21 $ 25.0 1.8 15.6 0.0 2.5 0.0 $ 45.0 720 34 365 1,119 47 Q3 2023 $25.6 1.8 13.8 0.0 2.6 0.0 $43.8 Ford Q3 2023 736 36 314 1,086 48 29#30Key Metrics Ford Blue Ford Model e Ford Pro Ford Next Ford Credit* Corporate Other Total Company (Adjusted) Ford Blue Ford Model e Ford Pro Total Company (Adjusted) * Ford Credit EBT Q3 2022 Q3 2023 2022 YTD 2023 YTD 5.3 $ 6.6 $ 1.4 (0.7) (1.5) (3.1) 1.3 1.8 5.4 DEDI 0.2 (0.7) (0.1) (0.2) 2.5 1.1 (0.4) 0.5 (0.5) $ 7.9 $ 9.4 $ 1.5 (0.6) $ 1.5 $ 1.7 $ 0.3 0.4 (0.2) 0.6 0.2 6.2 % (1.3) (43.7) 3.4 1.7 4.6 % (0.0) 0.4 Q3 2022 Q3 2023 (0.2) $ 1.8 $ 2.2 $ 0.4 EBIT ($B) 6.7 % 2023 B/ (W) 2022 (75.6) 12.0 5.0 % EBIT Margin (%) 2023 B/ (W) 2022 0.6 ppts (31.9) 8.6 0.4 ppts 2022 YTD 7.7 % (40.7) 5.1 6.9 % 2023 YTD 2023 B/ (W) 2022 8.8 % (72.8) 12.7 7.2 % (1.6) 3.6 0.6 (1.4) (1.1) 2023 B/ (W) 2022 1.0 ppts (32.1) 7.6 0.3 ppts Q3 2022 Memo: EV Wholesales $23.8 $25.6 1.8 13.8 0.0 2.6 0.0 $39.4 $43.8 1.4 12.0 0.0 2.2 0.0 Q3 2022 741 25 321 1,086 Q3 2023 32 Q3 2023 736 36 314 1,086 48 Revenue ($B) 2023 B/ (W) 2022 $ 1.8 0.4 1.9 (0.0) 0.4 (0.0) $ 4.4 (5) Wholesale Units (000) 2023 B/ (W) 2022 11 (6) (0) 2022 YTD 16 $68.5 3.7 35.0 0.1 6.7 0.0 $ 114.1 2022 YTD 2,074 67 943 3,084 85 2023 YTD $ 75.7 4.3 42.7 0.0 7.5 0.0 $130.2 2023 YTD 2,162 82 1,016 3,261 116 2023 B/ (W) 2022 $ $ 7.2 0.6 7.6 (0.1) 0.8 (0.0) 16.2 2023 B/ (W) 2022 88 16 73 177 Ford 31 30#31Q3 Results ($M) Ford Blue Ford Model e Ford Pro Ford Next Ford Credit Corporate Other Adjusted EBIT Interest on Debt Special Items (excl. tax) Taxes Less: Non-Controlling Interests Net Income / (Loss) Attributable to Ford Company Adjusted Free Cash Flow ($B) Revenue ($B) Company Adjusted EBIT Margin (%) Net Income / (Loss) Margin (%) Adjusted ROIC (Trailing Four Quarters) (%) Adjusted EPS EPS (GAAP) $ SA 2022 1,466 (612) 402 (244) 599 192 1,803 (321) (2,607) 195 (103) (827) 3.6 39.4 Third Quarter 4.6 % (2.1) 10.7 0.30 (0.21) $ 2023 1,718 (1,329) 1,654 (17) 358 (186) 2,198 (324) (487) (214) (26) 1,199 1.2 43.8 5.0 % 2.7 15.1 0.39 0.30 $ $ SA SA 2023 B/ (W) 2022 252 (717) 1,252 227 (241) (378) 395 (3) 2,120 (409) 77 2,026 (2.4) 4.4 0.4 ppts 4.8 4.4 0.09 0.51 FA 2022 5,298 (1,502) 1,772 (707) 2,466 524 7,851 (941) (11,092) 771 (141) (3,270) 6.6 114.1 6.9 % (2.9) 1.37 (0.81) Year-To-Date $ $ $ 2023 6,649 (3,131) 5,411 (87) 1,051 (530) 9,363 (936) (2,593) (982) (21) 4,873 4.8 130.2 7.2 % 3.7 1.73 1.21 GA LA 2023 B/(W) 2022 1,351 (1,629) 3,639 620 (1,415) (1,054) 1,512 5 8,499 (1,753) 120 8,143 (1.8) 16.2 0.3 ppts 6.6 0.36 2.02 Ford 31#32Year-To-Date 2023 Adjusted EBIT ($B) Year-To-Date 2022 $ YOY Change: Volume / Mix Net Pricing Cost Ford Blue Exchange Other Total Change $ Year-To-Date 2023 $ Ford Ford Model e Pro 5.3 $ (1.5) 2.5 $ 0.7 (1.3) (0.6) 0.1 1.4 6.6 $ (0.0) (0.4) (1.3) 0.0 0.1 (1.6) $ (3.1) $ $ $ $ 1.8 0.3 5.3 (1.6) (0.1) (0.2) 3.6 5.4 Ford Next SA SA GA $ (0.7) $ 2.5 I 0.2 Ford Credit 1 I I I Corporate Total Other 0.4 (1.4) 0.6 $ (1.4) $ (0.1) $ 1.1 $ 0.5 $ I I (1.5) I 0.4 (1.1) Company (0.5) $ $ $ 7.9 2.8 5.6 (5.4) (0.7) (0.7) 1.5 9.4 Material / Freight $(2.3) Warranty (1.7) Pension / OPEB (1.4) (1.3) 1.3 Structural Ford Commodities 32#33Quarterly Results ($M) Ford Blue Ford Model e Ford Pro Ford Next Ford Credit Corporate Other Adjusted EBIT Interest on Debt Special Items (excl. tax) Taxes Less: Non-Controlling Interests Net Income / (Loss) Attributable to Ford Company Adjusted Free Cash Flow ($B) Revenue ($B) Company Adjusted EBIT Margin (%) Net Income / (Loss) Margin (%) Adjusted ROIC (Trailing Four Quarters) (%) Adjusted EPS EPS (GAAP) $ $ $ Q1 1,328 (380) 491 (242) 928 201 2,326 (308) (5,866) 729 (3,110) (0.6) 34.5 6.7 % (9.0) 7.8 0.38 (0.78) $ $ $ Q2 (221) 939 131 2,504 $ 1,466 (510) (612) 879 402 3,722 (312) (2,619) (153) (29) 667 3.6 40.2 9.3 % 1.7 11.6 2022 0.68 0.16 Q3 (244) 599 192 1,803 (321) (2,607) 195 (103) $ (827) 3.6 39.4 4.6 % (2.1) 10.7 0.30 (0.21) $ $ $ Q4 1,549 (631) 1,450 (219) 191 224 2,564 (318) (1,080) 93 (30) 1,289 2.4 44.0 5.8 % 2.9 11.2 0.51 0.32 Full Year 6,847 (2,133) 3,222 (926) 2,657 748 10,415 (1,259) (12,172) 864 (171) $ (1,981) 9.1 158.1 6.6 % (1.3) 11.2 1.88 (0.49) $ $ $ Q1 2,623 (722) 1,366 (44) 303 (147) 3,379 (308) (912) (496) (94) 1,757 0.7 41.5 8.1 % 4.2 13.5 0.63 0.44 $ $ 2023 Q2 2,308 (1,080) 2,391 (26) 390 (197) 3,786 (304) (1,194) (272) 99 1,917 2.9 45.0 8.4 % 4.3 14.2 0.72 0.47 Q3 1,718 (1,329) 1,654 (17) 358 (186) 2,198 (324) (487) (214) (26) 1,199 1.2 43.8 Ford 5.0 % 2.7 15.1 0.39 0.30 33#34Net Income / (Loss) Reconciliation To Adjusted EBIT ($M) Net income / (loss) attributable to Ford (GAAP) Income / (loss) attributable to non-controlling interests Net income / (loss) Less: (Provision for) / Benefit from income taxes Income / (loss) before income taxes Less: Special items pre-tax Income / (loss) before special items pre-tax Less: Interest on debt Adjusted EBIT (Non-GAAP) Memo: Revenue ($B) Net income / (loss) margin (GAAP) (%) Adjusted EBIT margin (Non-GAAP) (%) $ GA Third Quarter 2022 (827) $ (103) (930) 195 (1,125) (2,607) 1,482 (321) 1,803 39.4 (2.1) % 4.6 % $ $ 2023 $ 1,199 (26) 1,173 (214) 1,387 $ 1,874 (324) (487) 2,198 43.8 2.7 % 5.0 % $ $ (3,270) (141) $ $ $ Year-To-Date $ 2022 (3,411) 771 (4,182) (11,092) 7,851 114.1 6,910 $ (941) (2.9) % $ 6.9 % $ $ $ $ 2023 4,873 (21) 4,852 (982) 5,834 (2,593) 8,427 (936) 9,363 130.2 3.7 % 7.2 % $ $ Memo: FY 2022 $ (2,152) 864 $ (1,981) (171) (3,016) (12,172) 9,156 (1,259) 10,415 158.1 (1.3) % 6.6 % Ford 34#35Net Cash Provided By / (Used In) Operating Activities Reconciliation To Company Adj. FCF ($M) Net cash provided by / (used in) operating activities (GAAP) Less: Items Not Included in Company Adjusted Free Cash Flows Ford Credit operating cash flows Funded pension contributions Add: Restructuring (including separations)* Ford Credit tax payments / (refunds) under tax sharing agreement Other, net Items Included in Company Adjusted Free Cash Flows Company excluding Ford Credit capital spending Ford Credit distributions Settlement of derivatives Company adjusted free cash flow (Non-GAAP) Restructuring excludes cash flows reported in investing activities Q1 $ (1,084) (419) (174) (176) (20) (1,349) 1,000 64 $ (580) 2022 Q2 $ 2,947 (1,340) (154) (137) 20 (1,503) 600 (36) $ 3,619 Q3 $ 3,812 (439) (130) (179) 22 (150) (1,613) 500 26 $ 3,601 Q4 Q1 $ 1,178 $ 2,800 (3,218) (109) (343) 125 92 (2,046) (144) $ 2,441 $ 626 (125) (81) (5) (140) (1,760) (72) 693 2023 Q2 Q3 $5,035 $ 4,591 581 (109) (118) (73) 92 1,800 $ 2,919 (190) (297) (1,927) (2,191) (151) (13) $ 1,225 Year-To-Date 2022 $ 5,675 (2,198) (458) (492) 22 (150) (4,465) 2,100 54 $6,640 Ford 2023 $ 12,426 3,007 (424) (496) (364) (5,878) 7 $ 4,837 35#36Earnings / (Loss) Per Share Reconciliation To Adjusted Earnings / (Loss) Per Share Diluted After-Tax Results ($M) Diluted after-tax results (GAAP) Less: Impact of pre-tax and tax special items (a) Adjusted net income - diluted (Non-GAAP) Basic and Diluted Shares (M) Basic shares (average shares outstanding) Net dilutive options, unvested restricted stock units, unvested restricted stock shares, and convertible debt Diluted shares Earnings (Loss) per share - diluted (GAAP) (b) Less: Net impact of adjustments Adjusted earnings per share - diluted (Non-GAAP) a. b. SA $ $ $ 2022 Third Quarter (827) (2,063) 1,236 4,021 38 4,059 (0.21) (0.51) 0.30 For 2023, includes adjustment for noncontrolling interest In the third quarter and first nine months of 2022, there were 38 million and 42 million shares, respectively, excluded from the calculation of diluted earnings / (loss) per share, due to their anti-dilutive effect $ $ $ 2023 1,199 (376) 1,575 4,004 46 4,050 0.30 (0.09) 0.39 2022 $ GA $ Year-To-Date (3,270) (8,819) 5,549 4,017 42 4,059 (0.81) (2.18) 1.37 2023 GA 4,873 (2,098) 6,971 3,999 41 4,040 Ford 1.21 (0.52) 1.73 36#37Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate Pre-Tax Results ($M) Income / (loss) before income taxes (GAAP) Less: Impact of special items Adjusted earnings before taxes (Non-GAAP) Tax Rate (%) Effective tax rate (GAAP) Adjusted effective tax rate (Non-GAAP) $ Taxes ($M) (Provision for) / benefit from income taxes (GAAP) Less: Impact of special items* Adjusted (provision for) / benefit from income taxes (Non-GAAP) $ * 2022 reflects the tax consequences of unrealized losses on marketable securities and favorable changes in our valuation allowances $ Q3 1,387 (487) 1,874 2023 15.4 % 16.1 % Year-To-Date $ $ (214) $ 87 (301) $ 5,834 (2,593) 8,427 (1,390) Memo: Full Year 2022 16.8 % 16.5 % $ (3,016) (12,172) 9,156 (982) $ 408 $ $ 864 2,573 (1,709) 28.6% 18.7 % Ford 37#38Adjusted ROIC ($B) Adjusted Net Operating Profit/ (Loss) After Cash Tax Net income / (loss) attributable to Ford Add: Non-controlling interest Less: Income tax Add: Cash tax Less: Interest on debt Less: Total pension / OPEB income / (cost) Add: Pension / OPEB service costs Net operating profit / (loss) after cash tax Less: Special items (excl. pension / OPEB) pre-tax Adj. net operating profit / (loss) after cash tax Invested Capital Equity Debt (excl. Ford Credit) Net pension and OPEB liability Invested capital (end of period) Average invested capital ROIC (a) Adjusted ROIC (Non-GAAP) (b) Four Quarters Ending Q3 2022 $ b. $ $ $ $ $ a. Calculated as the sum of net operating profit / (loss) after cash tax from the last four quarters, divided by the average invested capital over the last four quarters Calculated as the sum of adjusted net operating profit / (loss) after cash tax from the last four quarters, divided by the average invested capital over the last four quarters 9.0 0.1 1.8 (0.6) (1.4) 4.3 (1.0) 2.7 (4.9) 7.6 42.1 20.3 4.6 66.9 71.0 3.8 % 10.7 % $ $ $ $ LA GA $ $ Four Quarters Ending Q3 2023 6.2 (0.3) (0.9) (1.1) (1.3) (1.2) (0.7) 7.5 (2.7) 10.2 44.3 19.8 4.6 68.6 67.5 11.1 % 15.1 % Ford 38#39Non-GAAP Financial Measures That Supplement GAAP Measures We use both GAAP and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. The non-GAAP measures listed below are intended to be considered by users as supplemental information to their equivalent GAAP measures, to aid investors in better understanding our financial results. We believe that these non-GAAP measures provide useful perspective on underlying operating results and trends, and a means to compare our period-over-period results. These non-GAAP measures should not be considered as substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP measures may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted. ● ● Company Adjusted EBIT (Most Comparable GAAP Measure: Net income / (Loss) attributable to Ford) - Earnings Before Interest and Taxes (EBIT) excludes interest on debt (excl. Ford Credit Debt), taxes and pre-tax special items. This non-GAAP measure is useful to management and investors because it focuses on underlying operating results and trends, and improves comparability of our period-over-period results. Our management ordinarily excludes special items from its review of the results of the operating segments for purposes of measuring segment profitability and allocating resources. Pre-tax special items consist of (i) pension and OPEB remeasurement gains and losses, (ii) gains and losses on investments in equity securities, (iii) significant personnel expenses, supplier- and dealer-related costs, and facility-related charges stemming from our efforts to match production capacity and cost structure to market demand and changing model mix, and (iv) other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities. When we provide guidance for adjusted EBIT, we do not provide guidance on a net income basis because the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty, including gains and losses on pension and OPEB remeasurements and on investments in equity securities. Company Adjusted EBIT Margin (Most Comparable GAAP Measure: Company Net Income / (Loss) Margin) - Company Adjusted EBIT Margin is Company Adjusted EBIT divided by Company revenue. This non-GAAP measure is useful to management and investors because it allows users to evaluate our operating results aligned with industry reporting. Adjusted Earnings / (Loss) Per Share (Most Comparable GAAP Measure: Earnings / (Loss) Per Share) - Measure of Company's diluted net earnings / (loss) per share adjusted for impact of pre-tax special items (described above), tax special items and restructuring impacts in noncontrolling interests. The measure provides investors with useful information to evaluate performance of our business excluding items not indicative of earnings from ongoing operating activities. When we provide guidance for adjusted earnings / (loss) per share, we do not provide guidance on an earnings / (loss) per share basis because the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, including pension and OPEB remeasurement gains and losses. Adjusted Effective Tax Rate (Most Comparable GAAP Measure: Effective Tax Rate) - Measure of Company's tax rate excluding pre-tax special items (described above) and tax special items. The measure provides an ongoing effective rate which investors find useful for historical comparisons and for forecasting. When we provide guidance for adjusted effective tax rate, we do not provide guidance on an effective tax rate basis because the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, including pension and OPEB remeasurement gains and losses. Ford 39#40Non-GAAP Financial Measures That Supplement GAAP Measures Company Adjusted Free Cash Flow (FCF) (Most Comparable GAAP Measure: Net Cash Provided By / (Used In) Operating Activities) - Measure of Company's operating cash flow excluding Ford Credit's operating cash flows. The measure contains elements management considers operating activities, including Company excluding Ford Credit capital spending, Ford Credit distributions to its parent, and settlement of derivatives. The measure excludes cash outflows for funded pension contributions, restructuring actions, and other items that are considered operating cash flows under GAAP. This measure is useful to management and investors because it is consistent with management's assessment of the Company's operating cash flow performance. When we provide guidance for Company Adjusted FCF, we do not provide guidance for net cash provided by / (used in) operating activities because the GAAP measure will include items that are difficult to quantify or predict with reasonable certainty, including cash flows related to the Company's exposures to foreign currency exchange rates and certain commodity prices (separate from any related hedges), Ford Credit's operating cash flows, and cash flows related to special items, including separation payments, each of which individually or in the aggregate could have a significant impact to our net cash provided by / (used in) our operating activities. Adjusted ROIC - Calculated as the sum of adjusted net operating profit / (loss) after-cash tax from the last four quarters, divided by the average invested capital over the last four quarters. This calculation provides management and investors with useful information to evaluate the Company's after-cash tax operating return on its invested capital for the period presented. Adjusted net operating profit / (loss) after-cash tax measures operating results less special items, interest on debt (excl. Ford Credit Debt), and certain pension / OPEB costs. Average invested capital is the sum of average balance sheet equity, debt (excl. Ford Credit Debt), and net pension / OPEB liability. Ford 40#41Definitions And Calculations Wholesale Units and Revenue Wholesale unit volumes include all Ford and Lincoln badged units (whether produced by Ford or by an unconsolidated affiliate) that are sold to dealerships or others, units manufactured by Ford that are sold to other manufacturers, units distributed by Ford for other manufacturers, and local brand units produced by our China joint venture, Jiangling Motors Corporation, Ltd. ("JMC"), that are sold to dealerships or others. Vehicles sold to daily rental car companies that are subject to a guaranteed repurchase option (i.e., rental repurchase), as well as other sales of finished vehicles for which the recognition of revenue is deferred (e.g., consignments), also are included in wholesale unit volumes. Revenue from certain vehicles in wholesale unit volumes (specifically, Ford badged vehicles produced and distributed by our unconsolidated affiliates, as well as JMC brand vehicles) are not included in our revenue. Excludes transactions between Ford Blue, Ford Model e and Ford Pro segments Industry Volume and Market Share Industry volume and market share are based, in part, on estimated vehicle registrations; includes medium and heavy-duty trucks ● SAAR SAAR means seasonally adjusted annual rate Company Cash ● Market Factors Volume and Mix - primarily measures EBIT variance from changes in wholesale unit volumes (at prior-year average contribution margin per unit) driven by changes in industry volume, market share, and dealer stocks, as well as the EBIT variance resulting from changes in product mix, including mix among vehicle lines and mix of trim levels and options within a vehicle line Company cash includes cash, cash equivalents, marketable securities and restricted cash (including cash held for sale); excludes Ford Credit's cash, cash equivalents, marketable securities and restricted cash ● Net Pricing - primarily measures EBIT variance driven by changes in wholesale unit prices to dealers and marketing incentive programs such as rebate programs, low-rate financing offers, special lease offers and stock adjustments on dealer inventory Market Factors exclude the impact of unconsolidated affiliate wholesale units Earnings Before Taxes (EBT) Reflects Income before income taxes ● Ford 41#42Ford F-150 Ford Delivering Ford Q3 2023 Earnings MOKS Ford