#1mache RALLE TTIPAL mach E RALLY Ford Delivering Ford Q2 2023 Earnings All-New Ford Mustang Mach-E Rally Available To Order Fall 2023#2Contents Delivering Ford+ Page 4 - 5 Q2 Results Page 6 Year-To-Date Results Page 7 Ford Blue Page 8-9 Ford Model e Page 10-11 Ford Pro Page 12-13 Financials Page 15-23 2023 Guidance Page 25 - 26 Appendix Page 28 - 41 RAPTOR KAPTER RANGER e Ford All-New Ranger Raptor Available For Order Now 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 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 FALE PRO of Ford 5#6$45.0B ▲ 12% Ford Blue Revenue Ford Model e Ford Pro EBIT $2.3B Adj. EBIT $3.8B ▲ 2% EBIT $2.4B EBIT Margin 9.2% EBIT EBIT Margin $(1.1) B (58.9)% EBIT Margin 15.3% Q2 Financial Results Adj. EBIT Margin 8.4% ▼ 0.8pts www.m Adj. FCF $2.9B ▼ $0.7B Adj. EPS $0.72 ▲ 6% Ford 2023 Lincoln Corsair 6#7$86.4B ▲ 16% Ford Blue Revenue Ford Model e Ford Pro EBIT $4.9B Adj. EBIT $7.2B ▲ 18% EBIT $3.8B EBIT Margin 9.8% EBIT EBIT Margin $(1.8)B (70.9)% EBIT Margin 13.0% Year-To-Date Financial Results Adj. EBIT Margin 8.3% ▲ 0.2pts FORD YES Adj. FCF $3.6B ▲$0.6B (05/ 0 Adj. EPS $1.34 ▲ 26% Ford 2023 Ford Bronco#8Ford Blue $2.3B Q2 EBIT America's #1 Selling Truck Manufacturer Improved supply chain drove a 7% increase in wholesales EBIT margin of 9.2% Strong product portfolio continues to drive customer demand and pricing power All F-Series Built In America By UAW Members TE 2024 Ford Mustang GT Begin shipping 7th generation Mustang in Q3 Unveiled the all-new 2024 Ranger Raptor for the U.S. market LIVE MUSIC 2024 Lincoln Nautilus WW 24 2024 Ford Maverick Ford 8#9Ford BlueCruise LOW PAKEN Since Launch Customers Have Driven 1.4M* 100M HOURS MILES HANDS-FREE Up 44% since end of Q1 2023 BlueCruise Install Base (000) 250 200 150 100 50 Q4 2020 Q2 Q4 2021 Q2 Q4 Q2 2021 2022 2022 2023 225,000 BlueCruise Equipped Vehicles BlueCruise Development Accelerating Rapidly — - — V1.0 top-rated ADAS in January 2023* V1.2 added with Lane Changes Assist and longer hands-free engagements 1st hands-free, highway- driving ADAS in Europe V1.3 launched in July with 5x longer engagements vs. 1.0 and will roll out to 2021-2023 MY Mustang Mach-Es via OTA Consumer Reports, January 25, 2023 Ford 9#10Ford Model e LIGHTNING Ford $(1.1) B Q2 EBIT Startup EV business with high growth Making disciplined investments in future-gen vehicles, award-winning ADAS and other technologies Opened Ford Cologne Electrification Center, Ford's first carbon neutral assembly plant 600K EV production run-rate expected in 2024 Scaling production and attracting new customers to Ford and to full-size pickups Unveiled a rally-inspired Mustang Mach-E, available for order, in the U.S., in fall 2023 BlueOval City, Tennessee PUNGUN Macht Ford Mustang Mach-E Rally Batteries LFP now offered in Mustang Mach-E and coming to F-150 Lightning in 2024; Ford will be the first OEM with an LFP plant in North America 10#11Building A Modern Customer Experience With Our Dealers Starting in January 2024, Model e customers will have a new retail experience with online and in-store shopping, non-negotiated pricing, and remote vehicle delivery The BlueOval Charge Network is the single largest integrated fast-charge network across the U.S. and Canada, growing to 25,000 chargers next year Specially trained EV staff are ready to support new early majority customers who want to see and experience the product in person Ford 11#12Ford Pro EN Buty Sands U G akt a fech My Dashboard: Ray Chees www to wat Other C a Sur Service Cast Fot Te Cout wh $2.4B Q2 EBIT + $1.5B YOY Strength supported by 8% increase in wholesales and Super Duty pricing power EBIT margin of 15.3% 74% growth in EV wholesales led by E-Transit ## U.S. Class 1-7 truck / van market share #1 #1 CV brand in Europe 451K Paid software subscriptions at the end of Q2, up 15% from Q1 Kentucky Truck Plant celebrates the launch of the 2023 Ford Super Duty UNGA Ford 12#13We Put The Pro In Productivity O Software Subscriptions Demand for software solutions including telematics, fleet management and charging solutions continues to accelerate 4) Electrification Our electric truck and van are already the best-selling vehicles in their categories in the U.S. and Europe since launch Mobile (Sard Service PRO Physical Service Expanding our support network to offer fast, reliable, data-driven service. Dedicated mobile service fleet more than doubled from the prior year Ford 13#14Financials TOURNEO VMT 110 Ford All-New All-Electric E-Tourneo Courier Available Late 2024 14#15Q2 Cash Flow, Cash Balance & Liquidity ($B) Adjusted Free Cash Flow Ford Credit Distributions incl. Above Cash Balance - - Liquidity Cash Net of Debt Q1 2022 ($0.6) $1.0 $44.6 $28.8 $8.7 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 $- $48.0 $32.3 $12.3 Q1 2023 $0.7 $- $46.2 $28.7 $9.0 Q2 2023 $2.9 $- $47.3 $29.8 $10.3 Ford 15#16Q2 2023 Results ($B) $2.3 $(1.1) Ford Blue Ford Model e B/(W) Q2 2022 $(0.2) $(0.2) $(0.6) $2.4 Ford Pro $1.5 $(0.0) Ford Next $0.2 $0.4 Ford Credit $(0.5) $(0.2) Corporate Other $(0.3) $3.8 Company Adj. EBIT $0.1 $(0.3) Interest On Debt $ 0.0 $(1.2) Special Items $1.4 $(0.4) $1.9 Taxes / Net Non-Controlling Income / Interests (Loss) $(0.2) $1.3 Ford 16#17Q2 2023 Adjusted EBIT ($B) Q2 2022 YOY Change: Volume / Mix Net Pricing Cost Exchange Other Ford Blue Q2 2023 SA SA Total Change $ 2.5 0.3 0.1 0.0 (0.4) (0.3) (0.2) 2.3 Ford Model e SA SA $ (0.5) Ford Pro (1.1) $ 0.1 (0.2) (0.5) 0.0 0.0 (0.6) $ $ $ 0.9 0.1 1.9 (0.3) (0.1) (0.2) 1.5 2.4 Ford Next SA SA A $ (0.2) $ 0.1 (0.0) 0.1 0.2 Ford Credit (0.0) SA 0.9 I Corporate Other 0.4 $ (0.5) (0.5) $ SA 0.1 I (0.5) (0.0) 0.2 (0.3) Total Company $ $ $ (0.2) $ GA 3.7 0.4 1.9 (1.1) (0.4) (0.7) 0.1 3.8 Material / Freight $(0.7) Pension / OPEB (0.5) (0.3) (0.1) 0.5 Warranty Structural Ford Commodities 17#18Ford Blue Iconic gas and hybrid passion products like F-150, Bronco and Mustang + Volume up 7% with broad based regional growth + Solid EBIT performance supported by pricing was largely offset by non-recurrence of insurance settlement + Profitable in all regions + Continued strength in product portfolio as new models hit the market globally Wholesale Units (000) Memo: JV Wholesales* 128 $23.8 $23.8 663 670 $20.8 ¯ ¯¯¯¯ Q1 '22 EBIT (SB) $1.3 Q1 '22 111 $2.5 741 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '22 134 760 114 Q3 '22 706 $1.5 $1.5 97 $2.6 720 Q2 '23 107 $2.3 Revenue ($B) Q4 '22 Q1 '23 Q2 '23 * Includes Ford and Lincoln brand and Jiangling Motors Corporation (JMC) brand vehicles produced and sold in China by our unconsolidated affiliates Q1 '22 البات النسان Q2 '22 EBIT Margin (%) Q1 '22 10.5% Q3 '22 Q2 '22 $26.3 $25.1 $25.0 Q3 '22 Q4 '22 Q1 '23 Q2 '23 10.4% Q4 '22 Q1 '23 9.2% Q2 '23 Ford 18#19Ford Model e Designing and scaling breakthrough, connected EVs, and all of Ford's electric architecture and embedded software + Volume up 44% YoY and more than 2X sequentially driven by higher production capacity of both Mustang Mach-E and F-150 Lightning + Industry-wide pricing pressure and investments in capacity and new products adversely impacted profitability + Continue to be disciplined with capital investments and a focus of balancing growth and profitability Wholesale Units 18 24 EBIT ($B) (000) ($0.4) ($0.5) 25 Q1 '22 Q2 '22 Q3 '22 Q4 '22 30 ($0.6) ($0.6) 12 Q1 '23 ($0.7) Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 34 Q2 '23 ($1.1) Q2 '23 Revenue ($B) $1.0 $1.3 Q1 '22 Q2 '22 EBIT Margin (%) $1.4 Q1 '22 Q2 '22 Q3 '22 $1.6 (39.1) % (38.6)% (43.7)% (40.4)% Q3 '22 Q4 '22 Q4 '22 $0.7 Q1 '23 (102.1)% Q1 '23 $1.8 Q2 '23 | (58.9)% Q2 '23 Ford 19#20Ford Pro Integrated vehicle hardware, software, service, charging and financing solutions that increase commercial customer productivity + Strong quarter with volume up 8% and EBIT margin of 15.3% + Volume supported by Transit and launch of new Super Duty with strong net pricing + Cost impacted by higher warranty and material for new products Wholesale Units (000) 285 Q1 '22 Memo: JV Wholesales* 13 EV Wholesales 2 EBIT ($B) $0.5 338 Q2 '22 17 7 $0.9 321 Q3 '22 18 6 $0.4 358 Q4 '22 29 11 337 Q1 '23 22 8 $1.5 $1.4 365 Q2 '23 * Includes Ford brand vehicles produced and sold by our unconsolidated affiliate Ford Otosan in Türkiye 24 12 $2.4 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Revenue ($B) $10.3 $12.7 Q1 '22 Q2 '22 EBIT Margin (%) 4.8% 6.9% Q1 '22 Q2 '22 $12.0 Q3 '22 3.4% $13.9 Q4 '22 $13.2 Q3 '22 Q4 '22 10.4% 10.3% Q1 '23 Q2 '23 $15.6 Q1 '23 15.3% Q2 '23 Ford 20#21Ford Credit A strategic asset and competitive advantage + EBT down $0.5B, in line with expectations, driven by lower financing margin, credit losses and lease residuals + Lower financing margin due to higher borrowing costs + Credit losses remain below historical average but are normalizing + Auction values remain strong, but expect industry decline as supply of new vehicles improves Auction Values* (Per Unit) * $34,620 $32,905 $31,675 alm $23,685 Q2 '20 Q2 '21 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 U.S. 36-month off-lease auction values at Q2 2023 mix EBT ($B) $1.6 $0.5 $30,000 Q2 '20 Q2 '21 $30,950 $0.9 ili.... $0.6 $0.2 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 $31,830 $0.3 $0.4 U.S. Retail Loss-to-Receivables ("LTR") Ratio (%) 0.35% 11 (0.07)% Q2 '20 Q2 '21 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 0.15% Q2 EBT YOY ($B) $0.9 $0.0 0.05% Q2 '22 Vol. / Mix $(0.2) 0.18% $(0.1) 0.25% $(0.1) $(0.2) 2017-2019: 0.56% 0.21% $0.4 Ford Fin Credit Lease Other Q2 '23 Margin Loss Residual 21#22Cash Flow And Balance Sheet ($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) a. b. Change in Cash GA GA GA LA GA $ $ $ Second Quarter 2022 2023 2.8 (1.5) 1.3 (0.2) (0.6) 0.3 0.4 0.1 0.6 (0.6) 0.9 3.6 0.3 (0.6) (0.2) (0.4) $ A LA LA GA $ $ $ $ (2.8) (0.0) $ 3.4 (1.9) 1.3 (0.6) (0.6) (1.4) 1.4 (0.7) (0.7) 1.6 2.9 (0.1) (0.0) (0.1) (0.6) (0.9) 1.1 $ $ 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) Includes a $2.4B loss and $7.9B loss on our Rivian investment in the second quarter and first half of 2022, respectively First Half 2022 4.2 (2.9) 2.6 (0.2) (0.6) (2.5) 2.0 (1.1) 1.6 (0.9) (0.5) 3.0 0.2 (0.8) (0.3) (0.8) (9.0) (7.8) 6 6 A $ 2023 6.5 (3.7) 2.6 (1.1) (0.2) (3.4) 1.7 (1.9) (1.3) 1.4 3.6 (0.1) (0.2) (0.2) (3.8) (1.7) (2.4) Company Excl. Ford Credit 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 $ 32.3 48.0 (19.9) 12.3 4.1 (4.3) (0.2) (4.5) 2023 Jun 30 $ FA 29.8 47.3 (19.6) 10.3 4.0 (4.2) (0.2) (4.4) Ford 22#23Special Items ($B) Restructuring (by Geography) Europe China Ford Credit - Brazil Other 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 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 Total EBIT Special Items $ $ $ Second Quarter 2022 (0.0) (0.0) (0.0) (0.1) (0.1) (0.0) (0.0) (2.4) 0.0 0.0 (0.0) (2.5) (2.6) $ $ $ SA GA 2023 (0.1) (0.4) (0.2) (0.7) (0.0) (0.3) $ 0.0 (0.1) (0.4) (1.2) $ (0.1) (0.1) (0.1) $ $ GA GA 2022 First Half (0.0) (0.0) (0.2) (0.1) (0.3) (0.0) (0.0) (7.9) (0.1) (0.1) (8.1) (8.5) $ $ $ $ 2023 (0.4) (0.8) (0.1) (1.3) (0.2) (0.1) (0.3) (0.0) (0.3) 0.0 (0.2) (0.5) (2.1) Ford 23#249860 Pog PARTITO WL Ford CY 2023 Guidance 24#25CY 2023 Guidance Headwinds & Tailwinds Global economic uncertainty and inflationary pressure - - — Higher industrywide customer incentives and continued EV pricing pressure Increased warranty costs Lower past service pension income and exchange UAW contract + Improved supply chain and higher industry volumes + All-new Super Duty + Lower commodity costs Total Company Adj. EBIT Total Company Adj. FCF Capital Spending Ford Blue EBIT Model e EBIT Ford Pro EBIT Ford Credit EBT 2023 Outlook $11B to $12B $6.5B to $7B $8B to $9B -$8B -$(4.5)B -$8B -$1.3B 2022 Actuals $10.4B $9.1B $6.5B $6.8B $(2.1)B $3.2B $2.7B Ford 25#26Cautionary 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. 26#27Hool KIND Appendix Ford 27#28Key Metrics Ford Blue Ford Model e Ford Pro Total Company (Adjusted) Q1 2022 Ford Blue Ford Model e Ford Pro Ford Next Ford Credit* Corporate Other Total Company (Adjusted) $ * Ford Credit EBT $ 1.3 (0.4) 0.5 (0.2) 0.9 0.2 2.3 Q1 2022 (39.1) 4.8 Q2 2022 6.7 % $2.5 (0.5) 0.9 (0.2) 0.9 0.1 $ 3.7 6.4 % 10.5 % (38.6) 6.9 Q2 2022 9.3 % EBIT ($B) Q3 2022 $ 1.5 (0.6) 0.4 (0.2) 0.6 0.2 $ 1.8 6.2 % (43.7) 3.4 Q4 2022 4.6 % $ 1.5 (0.6) 1.5 EBIT Margin (%) Q3 2022 Q4 2022 $ (0.2) 0.2 0.2 2.6 5.9 % (40.4) 10.4 5.8 % Q1 2023 $ 2.6 (0.7) 1.4 (0.0) 0.3 (0.1) $ 3.4 Q1 2023 10.4 % (102.1) 10.3 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 % Memo: EV Wholesales Q1 2022 $20.8 1.0 10.3 0.1 2.3 0.0 $34.5 Q1 2022 663 18 285 966 22 Q2 2022 $23.8 1.3 12.7 0.0 2.3 0.0 $40.2 Q2 2022 670 24 338 1,032 31 Revenue ($B) Q3 2022 $23.8 1.4 12.0 0.0 2.2 0.0 $ 39.4 741 25 321 1,086 Q4 2022 32 $26.3 1.6 13.9 (0.0) 2.3 0.0 $44.0 Wholesale Units (000) Q3 2022 Q4 2022 Q1 2023 760 30 358 1,147 Q1 2023 43 $ 25.1 0.7 13.2 0.0 2.4 0.0 $ 41.5 706 12 337 1,056 21 Q2 2023 $25.0 1.8 15.6 0.0 2.5 0.0 $ 45.0 Q2 2023 720 34 365 1,119 47 Ford 28#29Key Metrics Ford Blue Ford Model e Ford Pro Total Company (Adjusted) Q2 2022 Ford Blue Ford Model e Ford Pro Ford Next Ford Credit* Corporate Other Total Company (Adjusted) $ * Ford Credit EBT $ 2.5 (0.5) 0.9 (0.2) 0.9 0.1 3.7 Q2 2022 10.5 % (38.6) 6.9 9.3 % 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 % EBIT ($B) 2023 B/ (W) 2022 $ (0.2) (0.6) 1.5 0.2 (0.5) (0.3) $ 0.1 2023 B/ (W) 2022 1H 2022 EBIT Margin (%) (1.3) ppts (20.3) 8.4 (0.8) ppts 3.8 (0.9) 1.4 (0.5) 1.9 0.3 $ 6.0 1H 2022 8.6 % (38.8) 5.9 8.1 % 1H 2023 $ $ 4.9 (1.8) 3.8 (0.1) 0.7 (0.3) 7.2 1H 2023 9.8 % (70.9) 13.0 8.3 % 2023 B/ (W) 2022 $ 1.1 (0.9) 2.4 $ 0.4 (1.2) (0.7) 1.1 2023 B/ (W) 2022 1.2 ppts (32.1) 7.1 0.2 ppts 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 Q2 2023 $ 25.0 1.8 15.6 0.0 2.5 0.0 $ 45.0 Q2 2023 720 34 365 1,119 47 Revenue ($B) 2023 B/ (W) 2022 $ 1.2 0.5 2.8 (0.0) 0.3 (0.0) 4.8 49 10 27 87 1H 2022 Wholesale Units (000) 2023 B/ (W) 2022 16 44.6 2.3 23.1 0.1 4.5 0.0 $ 74.7 1H 2022 1,333 42 623 1,998 53 1H 2023 $ 50.1 2.5 28.8 0.0 4.9 0.0 $ 86.4 1H 2023 1,426 47 702 2,174 68 Ford 2023 B/ (W) 2022 $ 5.5 0.2 5.8 (0.1) 0.4 (0.0) $11.8 2023 B/ (W) 2022 92 5 80 177 16 29#30Q2 Results ($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 Second Quarter 2,504 (510) 879 (221) 939 131 3,722 (312) (2,619) (153) (29) 667 3.6 40.2 9.3 % 1.7 11.6 0.68 0.16 $ $ 2023 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 $ $ $ $ $ 2023 B/(W) 2022 (196) (570) 1,512 195 (549) (328) 64 8 1,425 (119) 128 1,250 (0.7) 4.8 (0.8) ppts 2.6 2.7 0.04 0.31 $ $ $ $ $ 2022 3,832 (890) 1,370 (463) 1,867 332 6,048 (620) (8,485) 576 (38) (2,443) 3.0 74.7 8.1 % (3.3) 1.06 (0.61) First Half GA 2023 4,931 (1,802) 3,757 (70) 693 (344) 7,165 (612) (2,106) (768) 5 3,674 3.6 86.4 8.3 % 4.3 1.34 0.91 $ $ 2023 B/(W) 2022 1,099 (912) 2,387 393 (1,174) (676) 1,117 8 6,379 (1,344) 43 6,117 0.6 11.8 Ford 0.2 ppts 7.6 0.28 1.52 30#31First Half 2023 Adjusted EBIT ($B) First Half 2022 YOY Change: Volume / Mix Net Pricing Cost Exchange Other Ford Blue Total Change $ First Half 2023 3.8 2.5 0.2 (1.0) (0.5) (0.1) 1.1 4.9 Ford Ford Model e Pro $ SA SA SA (0.9) $ $ 0.0 (0.2) (0.9) 0.1 0.1 (0.9) $ (1.8) $ 1.4 0.6 3.4 (1.3) (0.1) (0.2) 2.4 3.8 Ford Next $ (0.5) $ SA $ SA 0.2 (0.0) 0.2 0.4 Ford Credit (0.1) 1.9 I (1.2) $ (1.2) 0.7 Corporate Total Other $ A SA Company 0.3 $ I GA (1.0) 0.0 0.3 (0.7) $ (0.3) $ 6.0 3.1 3.5 (4.0) (0.6) (0.9) 1.1 7.2 Ford Material / Freight $(1.7) Structural (1.0) Pension / OPEB (1.0) Warranty (0.5) Commodities 0.2 31#32Quarterly Results ($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 $ $ $ Q1 1,328 (380) 491 (242) 928 201 2,326 (308) (5,866) 729 (9) (3,110) (0.6) 34.5 6.7 % (9.0) 7.8 0.38 (0.78) SA $ Q2 2,504 (510) 879 (221) 939 131 3,722 (312) (2,619) (153) (29) 667 3.6 40.2 9.3 % 1.7 11.6 0.68 0.16 $ SA 2022 Q3 1,466 (612) 402 (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) $ LA 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 $ $ GA 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 2023 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 $ $ Q2 2,308 (1,080) 2,391 (26) 390 (197) 3,786 (304) (1,194) (272) 99 1,917 2.9 45.0 Ford 8.4 % 4.3 14.2 0.72 0.47 32#33Net 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) (%) $ $ $ $ Second Quarter 2022 667 (29) 638 (153) 791 (2,619) 3,410 (312) 3,722 1.7 % $ 9.3 % $ 40.2 $ $ 2023 1,917 99 2,016 (272) 2,288 (1,194) 3,482 (304) 3,786 45.0 4.3 % 8.4 % $ $ 2022 $ First Half (2,443) (38) $ (3,057) (8,485) (2,481) 576 5,428 (620) 6,048 (3.3) % $ 8.1 % $ 74.7 $ $ 2023 3,674 5 3,679 (768) 4,447 (2,106) 6,553 (612) 7,165 86.4 4.3 % 8.3 % $ $ $ (2,152) 864 $ Memo: FY 2022 $ (1,981) (171) (3,016) (12,172) 9,156 (1,259) 10,415 158.1 (1.3) % 6.6 % Ford 33#34Net 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) Q2 $ 2,947 2022 (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 $ 1,178 (3,218) (109) (343) 125 92 (2,046) (144) $ 2,441 2023 Q1 $ 2,800 626 (125) (81) (5) (140) (1,760) (72) $ 693 Q2 $ 5,035 $ 1,863 581 (109) (118) (73) (1,927) 92 $ 2,919 First Half 2022 (1,759) (328) (313) (2,852) 1,600 28 $ 3,039 2023 $7,835 1,207 Ford (234) (199) (5) (213) (3,687) 20 $ 3,612 34#35Earnings / (Loss) Per Share Reconciliation To Adjusted Earnings / (Loss) Per Share a. b. 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) $ Second Quarter 2022 667 (2,082) 2,749 4,021 31 4,052 0.16 (0.52) 0.68 $ $ $ 2023 1,917 (1,012) 2,929 4,003 38 4,041 0.47 (0.25) 0.72 For 2023, includes adjustment for noncontrolling interest For the First Half 2022, there were 43M shares excluded from the calculation of diluted earnings / (loss) per share, due to their anti-dilutive effect $ $ GA 2022 First Half (2,443) (6,756) 4,313 4,014 43 4,057 (0.61) (1.67) 1.06 $ $ $ GA $ 2023 3,674 (1,722) 5,396 3,996 39 4,035 Ford 0.91 (0.43) 1.34 35#36Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate Pre-Tax Results ($M) Income / (Loss) before income taxes (GAAP) Less: Impact of special items Adjusted earnings before taxes (Non-GAAP) Taxes ($M) (Provision for) / Benefit from income taxes (GAAP) Less: Impact of special items* Adjusted (provision for) / benefit from income taxes (Non-GAAP) Tax Rate (%) Effective tax rate (GAAP) Adjusted effective tax rate (Non-GAAP) $ $ A $ Q2 2023 2,288 (1,194) 3,482 (272) 177 (449) 11.9 % 12.9 % First Half 2023 $ $ $ $ (768) 321 (1,089) Memo: Full Year 2022 4,447 (2,106) 6,553 $ 17.3 % 16.6 % $ $ $ (3,016) (12,172) 9,156 864 2,573 (1,709) 28.6% 18.7 % Ford 2022 reflects the tax consequences of unrealized losses on marketable securities and fourth quarter favorable changes in our valuation allowances 36#37Adjusted 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) $ $ $ A $ $ Four Quarters Ending Q2 2022 11.7 0.0 1.6 (0.7) (1.5) 4.5 (1.0) 5.4 (3.0) 8.3 44.2 19.4 5.2 68.8 72.0 7.4 % 11.6 % $ $ $ $ $ $ Four Quarters Ending Q2 2023 4.1 (0.2) (0.5) (1.0) (1.3) (0.6) (0.7) 4.5 (5.1) 9.6 43.6 19.6 4.6 67.8 67.6 6.7 % 14.2 % a. b. Ford 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 37#38Non-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 38#39Non-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 39#40Definitions 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 40#41Tach Boo JANV FUN-HAN Ford Ford 86 Delivering Ford+ Capital Markets Day 2023