#1PHINIA PHINIA INVESTOR DAY June 6th, 2023#22 PHINIA AGENDA Introductions Overview of PHINIA Products & Technology Aftermarket Financials Q&A Mike Heifler Brady Ericson Todd Anderson Neil Fryer Chris Gropp#33 Today's Presenters OVERVIEW OF PHINIA PRODUCTS & TECHNOLOGY AFTERMARKET FINANCIALS Brady D. Ericson Chief Executive Officer Todd Anderson Chief Technology Officer Neil Fryer Vice President and General Manager, Aftermarket Chris Gropp Chief Financial Officer PHINIA#4Forward-Looking Statements This presentation may contain forward-looking statements that are based on management's current outlook, expectations, estimates and projections. Words such as "anticipates," "believes," "continues,” “could,” “"designed,” “effect,” “estimates," "evaluates," "expects," "forecasts," "goal," "guidance," "initiative,” “intends,” “may,” “outlook,” “plans,” “potential,” “predicts," “project,” “pursue," "seek," "should," "target," "when," "will," "would,” and variations of such words and similar expressions (including amounts labeled with an “E,” which indicates the amount is estimated) are intended to identify such forward-looking statements. Further, all statements, other than statements of historical fact, contained in this presentation that we expect or anticipate will or may occur in the future regarding our financial position, business strategy and measures to implement that strategy, including changes to operations, competitive strengths, goals, expansion and growth of our business and operations, plans, references to future success and other such matters, are forward-looking statements. Accounting estimates, such as those described under the heading "Critical Accounting Policies and Estimates" in "Management's Discussion and Analysis of Financial Condition and Results of Operations-Critical Accounting Policies and Estimates" in the Preliminary Information Statement ("Information Statement") filed as Exhibit 99.1 to our Registration Statement on Form 10, are inherently forward-looking. All forward-looking statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments as well as other factors we believe are appropriate in the circumstances. Forward-looking statements are not guarantees of performance and our actual results may differ materially from those expressed, projected or implied in or by the forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Forward-looking statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed, projected or implied in or by the forward-looking statements. These risks and uncertainties, among others, include the ability of PHINIA to succeed as a standalone publicly traded company, which is a smaller company relative to BorgWarner; the possibility that the Spin-Off will not be completed within the anticipated time period or at all; the possibility that the Spin-Off will not achieve its intended benefits; the possibility of disruption, including changes to existing business relationships, disputes, litigation, or unanticipated costs in connection with the Spin-Off; the uncertainty regarding the expected financial performance of PHINIA following completion of the transaction; the impacts of any information and consultation processes with works councils and other employee representatives in connection with the Spin-Off; supply disruptions impacting us or our customers, such as the current shortage of semiconductor chips that has impacted OEM customers and their suppliers, including us; commodities availability and pricing; competitive challenges from existing and new competitors including OEM customers; the challenges associated with rapidly-changing technologies, and our ability to innovate in response; uncertainties regarding the extent and duration of impacts of matters associated with COVID-19, including additional production disruptions; the ability to identify targets and consummate acquisitions on acceptable terms; the failure to promptly and effectively integrate acquired businesses; the potential for unknown or inestimable liabilities relating to acquired businesses; our dependence on commercial vehicle, industrial application and light vehicle production, which are highly cyclical and subject to disruptions; our reliance on major OEM customers; fluctuations in interest rates and foreign currency exchange rates; our dependence on information systems; the uncertainty of the global economic environment; the outcome of existing or any future legal proceedings, including litigation with respect to various claims, or governmental investigations, including related litigation; future changes in laws and regulations, including, by way of example, taxes and tariffs, in the countries in which we operate; impacts from any potential future acquisition or disposition transactions; and the other risks noted under "Risk Factors" in the Information Statement. We do not undertake any obligation to update or announce publicly any updates to or revisions to any of the forward-looking statements in this presentation to reflect any change in our expectations or any change in events, conditions, circumstances, or assumptions underlying the statements The statements in this presentation relating to our plans, the spin-off, our long-term forecasts for us and our industry and other potential results from the plans and the spin-off, generally represent only our goals, aims, expectations and objectives regarding our plans, the spin-off, such forecasts and potential results from the plans and the spin-off. While many statements use language that might imply a level of certainty about the likelihood that we will attain these goals, aims, expectations and objectives, it is possible that we will not attain them in the timeframe noted or at all. By their nature, the risk and uncertainty associated with these goals, aims, expectations and objectives are greater than that associated with near-term guidance, and should not be construed as guidance. Therefore, investors should construe these statements only as goals, aims, expectations and objectives rather than promises of future performance or absolute statements. PHINIA#5Empty#66 PHINIA OVERVIEW OF PHINIA Brady Ericson Chief Executive Officer#77 Empowering the Transition to Carbon Neutrality Market-leading systems and components that drive efficiency today, while powering towards a carbon-free tomorrow Product Leadership $ $ 17 Stable Growth Strategy Financially Disciplined Total Shareholder Returns PHINIA#88 Our Values Define Our Business → Product Leadership - Innovation that brings value to our customers → Humility - Seeking out diverse perspectives and working collaboratively * Inclusivity - Recognizing our differences make us stronger; we are bold and intentional → Net-Zero - Committed to energy efficiency, waste reduction and beneficial reuse • Integrity - Taking responsibility for our decisions and doing what is right → Accountability - Taking ownership of our actions and for driving results Our values support our commitment to innovation and quality as a trusted partner, powering our customers' transition to a cleaner, brighter tomorrow PHINIA#99 PHINIA's Diverse Markets and Customer Base... Diverse, Resilient End Markets Exposure - Majority CV & OES / IAM* Embedded Relationship with Global OEMs Globally Diverse Footprint (2) (2) PACCAR HYUNDAI VOLVO TRUCKS 20% APAC CATERPILLAR LV OE VOLKSWAGEN 41% Americas 24% CV & Other OE 44% 32% OES / IAM 56% CV & OES / IAM DAIMLER TRUCKS FORD DFM CHN INDUSTRIAL BMW 39% Europe STELLANTIS GENERAL MOTORS $3.4bn(1) Revenue (2022) (1) Includes $97mm of annual revenue in 2022 from contract manufacturing agreement that should be completely phased out by the end of 2024. (2) Excludes contract manufacturing revenue *CV is Commercial Vehicle; OES is Original Equipment Suppliers & IAM is Independent Aftermarket PHINIA#1010 10 ...Expected Strong Financials for 2025 and Beyond Strong Margins Appropriate Leverage $3.7bn 14-15% Revenue Adj. EBITDA Margin (2) Global Scale with Growth >90% Cash Flow Conversion (3) ~1x Net Leverage Highly Cash Generative (1) (Does not include $95-100mm of Contract Manufacturing Revenue to BorgWarner - Phased out by end of 2024 (2) Non-GAAP metric. See Appendix p. 68 for Adj. EBITDA and Adj. EBITDA Margin definition. (3) Non-GAAP metric defined as (Cash Flow from Operations - Capex) / Adj. Net Earnings. See Appendix p. 69 and 70 for Adj. Net Earnings and FCF definitions PHINIA#1111 Answers to Sectors' Most Pressing Needs Reliable Supplier Partner Solutions that Drive Efficiency Pathway to Carbon Neutrality Global reach with scale - engineering and manufacturing Innovative technology that drives value for end customers ☑ Leading alternative fuel technologies $ Financially strong and committed to market Full system integration capabilities - including software and calibration services ☑ Committed to carbon neutrality in all our facilities by 2035 PHINIA#12Large, Clearly Defined Addressable Market Total Addressable Market ($bn) PHINIA's Markets are expected to grow at ~2% CAGR from 2022 to 2030 88.5 91.9 6.4 97.2 7.5 5.4 New End Markets ECU/PDCU(1) 58.6 50.9 62.3 Aftermarket 9.2 20.6 2022 10 1.0 Hydrogen & Alternative Fuels 9.7 1.1 CV(2) 8.9 1.3 16.2 11.9 2026 E 2030 E 12 Source: IHS. (1) Electronic Control Unit (ECU) & Powertrain Domain Control Unit (PDCU) are being added to PHINIA'S TAM post-spin via perpetual royalty-free license agreement. (2) Reflects DDi, Canisters, Fuel Delivery Modules, and Starters & Alternators. (3) Reflects GDi, Canisters, Fuel Delivery Modules, and Starters & Alternators. LV(3) PHINIA#1313 CV Market is Core to PHINIA Resilient CV Market Quick recovery during the Global Financial Crisis 24.6% CAGR ('09-11) 2008 2009 2010 2011 Post-COVID resiliency 7.0% CAGR (22-25) 2020 2022 2025E ICE to Remain Dominant Technology 98% 92% 83% 3.9 4.0 2.9 0.3 0.7 BEV 0.1 2.8 3.5 3.3 ICE and Hybrid 2022 2026E 2030E Not directly tied to consumer spending CVs and associated maintenance are non-discretionary purchases for fleet owners Better visibility on production outlook given order books and longer manufacturing lead times We see significant challenges for BEV adoption in CV, Industrial, Off-Highway and long-haul trucking Share gain opportunity through supplier consolidation and leveraging our leading alternative fuel technology Source: IHS. Commercial vehicle unit volume PHINIA#1414 LV Provides Growth Opportunity Mid-Term Core LV Technology Remains Mid-Term Tailwind... Global LV Production (mm) 82.3 92.1 1.7% CAGR 37.4 40.0 2022A GDI (ICE+Hybrid) Non-GDI (ICE+ Hybrid) 2026E Electric ...with Opportunity to Increase Share Gasoline Direct Injection Canister Fuel Delivery Modules GDi will see secular growth with increased penetration on hybrid and PHEV applications Opportunity for PHINIA to increase share with leading GDi technology and declining competition - improving efficiency #3 Position (12% Share) Source: IHS and market positioning per company estimate. #3 Position (13% Share) #1 #2 Others #3 Position (8% Share) PHINIA#1515 Flexibility to Redeploy LV Capacity to Growth Areas Longer-Term Decline in LV ICE Mitigated by... Global LV Production (mm) 92.1 97.2 40.0 33.0 2026E 2030E Continued LV Share Gains to Retain Overall Volumes Longer Plan to gain GDi / LV market share as sector resources are increasingly allocated to electrification Can maintain LV revenue with ~3ppt gain in market share – remain opportunistic – leverage our product leadership and commitment Efficient Transition to Other Markets Human capital is flexible and can easily pivot to CV / Industrial / other markets Leverage GDi technology and investments to lead in alternative fuels Preserve capacity utilization, modest capex intensity and margins GDI (ICE+Hybrid) Non-GDI (ICE + Hybrid) Electric Source: IHS. PHINIA#16Aftermarket Business Provides Stability... 07-'09 Global Financial Crisis: Significant Outperformance '07-'09 A% (1%) Aftermarket Industry Sales O Exceptionally resilient through past macroeconomic cycles Indexed to 2005 140% 120% 100% (2%) GDP 80% 60% (35%) New Car Sales 40% 2005 2006 2007 2008 2009 2010 2011 2012 COVID Crisis: 'V' Shaped Recovery to '19 Sales in '21 Indexed to 2005 '19 - '20 A% יון +6.7% CAGR (21-23E) 2 140% (5%) 120% Aftermarket Industry Sales 100% 80% +4.1% CAGR ('17-'19) 60% (27%) New Car Sales 40% 2017 2018 2019 2020 2021 2022 2023 E $ Long track record of consistent, stable growth Driven by non-discretionary and non-deferrable maintenance expenditure Vehicle affordability dynamics provide tailwind 16 Source: US Department of Energy, FRED, Auto Care Association Auto Care Factbook and Cox Automotive. Reflects US automotive aftermarket industry sales. PHINIA#17OE Production -0-6 years- Part Sales ...As Well As Longevity and Growth Long Life Cycle Globally Rising Vehicle Age and Vehicle Parc(1) Average vehicle age (years) Vehicles in operation (bn) 12.0 10.6 10.8 11.0 10.2 10.4 OES Part Sales -0-15 years AFM Sweet Spot Start of production 5 10 15 20 25 45 1.72 1.43 1.46 1.49 1.53 1.56 || 30 35 40 2019 2020 2021 2022 2023 2030E Years After Start of Production Aftermarket replacement cadence across parts categories every 4-5 years 17 Source: IHS and company data. (1) Global vehicle age and vehicle parc data reflect both LVs and CVs across all combustion types. PHINIA#1818 Strategic Focus on Growing CV & OES / IAM 24% 2022 CV and Other OE 32% OES/IAM 44% LV OE 56% CV & OES / IAM These figures exclude contract manufacturing revenue OES - Original equipment suppliers IAM - Independent Aftermarket 2030 Target >35% CV and Other <30% LV >35% OES / IAM >70% CV & OES / IAM PHINIA#1919 Financially Disciplined Prudent Capital Spending Leveraging existing assets with only modest capex required to serve customers' needs & Allocating capital to right-to-win technologies + Efficient Operations Benefiting from previous rationalization and ongoing efficiency initiatives & Continuous drive to optimize structure and footprint $ We Expect Strong and Stable Cash Flow Generation PHINIA#2020 20 Delivered Successful Transformation Operational Transformation ⇐ Americas Troy, Michigan Broad-based objectives accomplished: 5 manufacturing sites and 4 technical centers closed 3,500+ heads restructured Resulted in >500bps margin improvement Juarez, Mexico Chihuahua, Mexico Saltillo, Mexico X San Luis Potosi, Mexico Europe Buckingham, UK Stonehouse, UK Sudbury, UK Gillingham, UK Blonie, Poland APAC Yantai, China Shanghai, China Gurgaon, India Rzeszow, Poland ◆ Blois, France La Rochelle, France X lasi, Romania Barcelona, Spain > Izmir, Turkey ● Piracicaba, Brazil Brusque, Brazil × Cotia, Brazil Current Manufacturing Facility × Closed Manufacturing Facility Footprint Review and Optimization is Continually Evaluated PHINIA#2121 Most Manufacturing in Best-Cost Countries Americas 6 Manufacturing Sites 1 Technical Center 90% from Revenue $1.3bn ⚫⚫ Best-Cost Countries Headcount 5.4K 94% from Best-Cost Countries Europe 8 APAC 3 Manufacturing Sites 3 Technical Centers Manufacturing Sites (1) 3 Technical Centers $1.3bn 52% from .. Best-Cost Countries 5.9K 58% from Best-Cost Countries Footprint Optimization Positions PHINIA for Success (1) These numbers do not include the 2 Indian facilities in our unconsolidated JV $0.7bn 100% from .....Best-Cost Countries 1.6K 98% from Best-Cost Countries PHINIA#2222 22 Clear, Viable Path to Deliver Consistent Growth 1 Growth in CV Fuel Systems 2 Market share gain 3 Leadership in alternative fuels Aftermarket 1 Increase market and wallet share 2 Growing and aging vehicle parc 3 Launch new value-added products 4 Expand into new end markets and ECUs / PDCU 4 All products to all regions PHINIA#23Product Leadership Vision for Long-Term Value Creation ון Stable Growth Strategy $ EA Financially Disciplined Total Shareholder Returns 23 23 Value-based innovation Reliable, embedded partner for customers Comprehensive system solutions Leadership in alternative fuel Attractive, resilient end market and product expansion opportunities Leverage core competencies and global presence to profitably drive growth All-products-to-all-regions strategy to scale aftermarket Strong, high-quality margins and cash flow generation Detailed, ROIC-based analysis and review of all new investments Maintenance of conservative leverage Investment For Growth ROIC-focused reinvestment Disciplined acquisitions Competitive Capital Return Expect competitive dividend Opportunistic share repurchases Strong Foundation - Balance Sheet (1) Subject to PHINIA Board Approval PHINIA#24PHINIA PRODUCTS & TECHNOLOGY 24 24 Todd Anderson Chief Technology Officer#25Empty#2626 26 Innovative Systems at Forefront of Fuel Efficiency 1 Market-leading integrated fuel systems featuring value-added software and calibration 2 Customer partnership approach for comprehensive and customized solutions PHINIA 4 3 Delivering innovative solutions to meet increasing customer and industry demands Applying core technology and competencies to grow PHINIA#2727 27 Description Category Highlights Leading, Integrated Fuel Systems and Components... Gasoline/Hydrogen Injection System Diesel Injection System Fuel Delivery Module at m Inject fuel at precise intervals for optimal efficiency GDI: 350+ bar for high efficiency and low emissions Highly efficient reaching up to 3,000 bar pressure High performance for good value Canister High-efficiency pump system delivers fuel to injectors Sealed system enables higher reliability with low energy consumption Recirculates fuel vapors and regulates pressure Robust system capable of being implemented across various engines Engine Control Unit hardware design capabilities growing ECU, System Integration and Software Calibration Proven software in fuel agnostic applications • Significant calibration and testing capabilities Global top-3 market position across all categories • Leading software development • Know-how on all EMS components PHINIA#2888 28 Highlights Description ...and Starters & Alternators Focused on CV Starters Conventional and Long-Life → Output 3.3 KW - 10 KW 12V and 24V → New and remanufactured Alternators Conventional and High-Efficiency Brushless Output 50A430A 12V & 24V → New and remanufactured Bringing Customer Value via Tailored Application Support and OE, Fleet, Dealer Training PHINIA#2929 29 Juarez, Mexico Engineering Support Close to Customer Americas San Luis Potosi, Mexico Bry Technical Center Piracicaba, Brazil Europe Gillingham, UK Krakow, Poland Blois, France lasi, Romania Bangalore, India Application Engineering Izmir, Turkey APAC Embedded with Customers Yantai, China Yong-in, Korea Shanghai, China Local team close to the customer for tight collaboration and bespoke solutions ~1,500-person science & engineering team Focus on efficiency improvements, emissions reductions and progress to carbon neutrality System Integration and Design Capabilities Fostered by Locally Embedded Expertise PHINIA#3030 30 Delivering Integrated, Turnkey Solutions From Component... Trend Towards More Integrated, Turnkey Solutions I ...to System Supply Optimal Solution No longer a main sourcing strategy Injectors / fuel rail assembly AND OR pump # of components ECU + basic functional software Software (for add'l features) ECU + basic functional software I I Calibration/Services | I Software (for add'l features) 1 PHINIA ECU + basic functional software focused on delivering Injectors/ fuel rail assembly Injectors / fuel rail assembly Injectors / fuel rail assembly AND OR pump pump pump integrated capabilities $$$ CPV PHINIA#3131 Partnership Stage Case Study in Trusted Partnership Initial Interaction Project Relationship Established 2000-2009 Platform Development Strengthened Partnership 2010-2022 Full System Partnering with Future Engine from 2023 and beyond Core Technology Supplied / Enabled 777799 High-precision injector for a heavy-duty common rail system Electronic control fuel system to meet stringent Euro 6 emissions requirements Contributing to ~ 2-3% improved fuel economy Leverage competency and technology to support Euro 7 emission standards Engine roadmap, product collaboration on alternative fuel systems Integrated and Customized OEM Solutions Leveraging Unique Product and Engineering Expertise PHINIA#3232 32 Hydrogen Demonstration Vehicle 2.90m Hydrogen Injection System Cooperation project Borg H₂ GAS PHINIA#3333 33 ECU LV CV 350 bar Direct Injection Delivering Innovation to Address OEMs' Needs Current Systems Future Systems Alternative Fuels Current technology meeting the world's most stringent emission standards Strong technology products and systems for excellent vehicle performance Design and development: BorgWarner 500+ bar Direct Injection Next-gen technology enhances fuel efficiency, reduces particulates to meet stringent Euro 7 emission standards Continued GDi technology investment providing even greater performance to customers Leveraging base technology, deliver innovative alternative fuel technologies Design and development: PHINIA PHINIA#3434 =4 GDi Hydrogen Injection Leverages GDi Technology... Injector Shared core capabilities Hydrogen Injector based on GDi injector construct Leverages design expertise, process knowledge and equipment assets ECU Leverages ECU and software knowledge base Benefits design parameters – to accelerate, simplify and use extensive product knowledge We Believe Core Technology Positions PHINIA to be the Leader in Hydrogen (ECU) Electronic Control Unit (PDCU) Powertrain Domain Control Unit Injector ECU / PDCU Hydrogen PHINIA#3535 35 ...And is Right-to-Win Growth Category for PHINIA Hydrogen Tailwinds Boost Appeal as BEV Alternative "Premiere: Volvo Trucks tests hydrogen-powered electric trucks on public roads" - May 8, 2023 50 Partners / Projects Engaged Last Year Since 2021 today future High Volume PRAP H2-M35 H2 HA & System Low Volume High Volume "Honda teaming up with GM to build hydrogen-powered cars. Fuel cell CR-V coming in 2024" February 3, 2023 50 Opportunities "Porsche's Propulsion Future Includes Hydrogen, Green Fuel" Porsche has developed a hydrogen-powered internal-combustion engine to replace its gas-powered V-8 and a synthetic fuel stock that replaces gasoline." - January 17, 2023 32 Initiations "Senators Coons, Cornyn reintroduce legislation to support hydrogn technologies for emissions reductions" Bipartisan package of four bills will support hydrogen infrastructure buildout and help grow the U.S. hydrogen economy" - March 2, 2023 23 Executions 2023 Low Volume 12 ECU LP & MP High Volume DI-CHG10 DI-CHGIS H. Rail MI Low Volume HPH2 DI 2025 2026 2027 Roadmap Consultations Noise Level [dB(A)] Diesel baseline H2-ICE 06 70 2.7 60 2000 [rpm] 3000 [rpm] Idle no load no load Technology Evaluations Durability Engine Testing Vehicle Conversions Borg Development Engines Operating Vehicles PHINIA#3636 36 Geographic Expansion Industrial Applications Growth Opportunity from End Market Expansion Existing Applications Existing Areas Linear Power Generation Heavy-Duty Marine Stationary Power Generation Aerospace Turbine Engines GDi for Diesel Americas Americas Europe APAC Europe APAC Opportunity unaffected by BEV transition Leverages core capabilities and skills Benefit from strong demand for fuel system performance Secure additional CV and GDi production across the Americas Leverage existing assets to boost new business for discerning customers Continue to localize capacity and supply PHINIA#3737 37 PHINIA AFTERMARKET Neil Fryer Vice President & General Manager, Aftermarket#3838 Aftermarket Segment is a Platform for Growth 1 Our approach combines OE credibility & synergies with aftermarket specialist agility PHINIA 2 Serves global market with broad product portfolio leveraging powerful brands 3 Significant growth opportunities with strong margins and cash flow PHINIA#3939 39 Holistic Approach to Winning in the Aftermarket Gasoline Fuel Systems Fuel delivery modules Fuel pumps | GDI injection Systems PFI Injections Diesel Fuel Systems Pumps | Injectors Repair parts Filtration Dedicated Services & Workshop Solutions Diagnostics Test equipment Training & Technical Support Category Management Chassis & Maintenance Solutions Braking | Steering & Suspension CV Starters & Alternators Vehicle Electronics & Engine Management Ignition Sensors | EGR Power Electronics | ECU OE IIII www www⌁ OE Quality For aftermarket Broad Range LV, CV, Off Highway and All-Makes program Global Distribution Local Inventory Deployment and Distributors Remanufacturing Reducing new material waste and energy use Recyclable 99% of products PHINIA#4040 Synergistic Sourcing Model Leverages OE products * Aftermarket Manufacturing(1) Fuel Systems Manufacturing OE Manufacturer Channel OEM Dealers | OEM Workshop Chains Third Party Suppliers PHINIA Independent Aftermarket Channel Wholesale | Retail | Online (1) AFM produces Starters & Alternators, O2 Sensors, Reman Fuel Systems, Test Equipment. PHINIA#4141 Strong Aftermarket Positioning and Powerful Brands Cleaner. Better. Further. Delphi Delco Remy GENUINE PRODUCTS PHINIA#4242 Global Reach with Recurring and Stable Revenue Strong in Americas with Opportunity to Expand in Europe and Asia 64% Americas Asia Recurring and Stable Revenue Base Given Non-Discretionary Nature of Replacement Products Diagnostics & Testing Engine mgmt. 40 10% 5% Europe Gas fuel 31% systems 15% Region 35% CV Starters & Alternators Product PACCAR Diverse Customer Base Top 10 customers make up only 36% of Aftermarket revenue CATERPILLAR 17% Maint. solutions VOLVO TRUCKS AUTOZONE 22% DAIMLER TRUCKS Diesel fuel systems PHINIA#4343 Large Market Opportunity with Sustained Tailwinds $36bn Core Offered Market Existing core products in existing geographies $51bn Saleable Market (SAM) Existing products in all geographies Total Aftermarket All products in all geographies Market Drivers Growing number of vehicles in operation Increasing vehicle age and miles travelled Saleable market includes 40% propulsion agnostic products PHINIA#4444 Well-Defined Growth Opportunities Market Expansion Extend Product Offer Acquisitions Sell existing programs in new geographies Grow market share by expanding coverage to >95% in selected programs Support customers building more resilient supply chains by near-shoring production Remanufacture competitor products Leverage global sourcing capability to selectively enter adjacent categories Use PHINIA manufacturing capacity to address competitor part replacement opportunities • Bolt-on acquisitions as market consolidates • Vertical integration opportunities to expand margin • Expand remanufactured offerings beyond Delphi / Delco Remy products PHINIA#4545 Proven Strategy Execution Capability Steering and Suspension Launch in North America Category Sales Growth Since Launch • European program extended to North America, leveraging existing supply base and Delphi brand 66% CAGR Launched 8,000 SKU's in 24 months to build program 2019 2020 2021 2022 PHINIA#4646 Remanufacturing: Sustainability in our DNA Sustainability Global Capability Growth Opportunity ~900 remanufactured SKUs in offer Remanufactured ~10,000 mt of material since 2010 Largest remanufacturing location reduced CO2 emissions by 65% from 2018 baseline 5 Remanufacturing locations Diesel Fuel Injection Starters & Alternators ~ 10% of Aftermarket revenue from remanufactured products Invested in Capacity to Remanufacture competitor Diesel products in 2022 Expect 30% growth in next 3 years PHINIA#4747 Technician-Driven Digital Marketing Driving Demand "Masters of Motion" now live with global expansion planned 14:29 facebook What's on your mind? D Roan Group Live D Comment it Sture Delphi Technologies Have complete trust in your full package partner. From to finish, you can rely on the quality of our products, support and training for every job MastersOfMotion કાર્યોમાં કયા quide CONFIDENCE Quality as assured as you DRIVE Lead the pack A 0% 80% The Comment Share YouTube Search 0:50/250 Del Tgles HOW TO - Replace Track Rod End 300 views D Delphi Technologies 2.0M subscribers MAROO SUBSCRIBE 2.0M HOW TO Replace brake pad and disc De Tachenlogies Mews 2 weeks ago a HOW TO Replace front discs and brake pads Replace front du De Techenlages Replace Replace HOW TO Replace stabilizer link Dell Technol HOW TO Replace an ABS sensor Detail Technologies HOW TO Replace an EGR valve Dell Techn HOW TO Replace an ignition coll Depi Techologies HOW TO Replace a wishbone Dell Techologies Expert-led content across multiple channels 'How To' videos and handy infographics, need-to-know information, tips and advice PHINIA#48Empty#49PHINIA#5050 0 PHINIA FINANCIALS Chris Gropp Chief Financial Officer#5151 1 Summary of Financial Highlights Consistent revenue growth 2 Best-in-class margin profile reflective of high-quality business PHINIA 4 3 Strong Free Cash Flow generation & conversion Disciplined capital allocation while maintaining strong balance sheet PHINIA#5242 52 YOY Growth Historical Financial Performance Revenue ($mm) Commentary $3,227 $3,348 $3,445 $97 $1,218 $1,284 $1,284 YoY Revenue Growth $2,233 $2,293 $2,293 ($224) ($229) ($229) 2021 n.m. 2022 3.7% PF 2022 Fuel Systems growth driven by higher production and customer pricing Aftermarket growth driven by higher demand and increased pricing Adj. EBITDA ($mm)(1) $457 $537 $507 $2 $165 $206 $206 $383 $378 $377 ($91) ($47) ($78) 2021 2022 14.2% 16.0% PF 2022 14.7% Adj. EBITDA Margin % (1) (1) Non-GAAP metric. See Appendix p. 68 for Adj. EBITDA and Adj. EBITDA Margin definitions. Fuel Systems Aftermarket Inter-segment Elimination Corporate Costs Contact Mfg. to BorgWarner YoY Adj. EBITDA(1) Fuel Systems' slight decrease primarily due to conversions on higher sales and reduced net R&D costs being offset by launch costs for a production facility in North America Aftermarket increase primarily due to higher sales PHINIA#5353 High-Return Story with Modest Spend Intensity Historically Low Capex Intensity... Capex as % of Revenue ... Combined with Incremental R&D Leverage R&D as % of Revenue ~4.0% 3.9% Average ('21-22) Normalized 3.0% Average ('21-22) ~3.0% Normalized Leveraging Financial Capacity and Technological Expertise for High-Return Investments Trendline Capex Growth Initiatives Rationale ~4% of revenue (includes growth investment) • CV expansion Aftermarket expansion Hydrogen fuel and renewable ICE technology Leverage capacity of established manufacturing assets in the best-cost countries Global distribution and sourcing capabilities facilitate natural expansion into new regions and products Existing technology and manufacturing assets are highly leverageable PHINIA#542023 Full Year Outlook ● YoY revenue increase of ~2%, in addition to ~2.4% of inflationary adjustments • Volume increases related to CV & Aftermarket in Europe and GDi in the Americas, offset by CV softness in China Margins include built-in savings of ~3% of operations cost, outside of inflationary effects Metric Revenue Adj. EBITDA (1)(2) Adj. EBITDA Margin (1)(2) Capex Tax Rate 54 (1) Adj. Operating Income and Adj. EBITDA includes $60 - $70mm of standalone costs for 2023. (2) Non-GAAP metric. See Appendix p. 68 for Adj. Operating Income, Adj. Operating Income Margin, Adj. EBITDA, and Adj. EBITDA Margin definitions. FY23 Guidance $3,550 $3,650mm $485 - $505mm 13.5 - 14.0% $140 160mm 27% PHINIA#5555 2023E Revenue Reconciliation $mm -70% customer recovery $70 - $90 $3,550 $3,650 $35-$115 ~$100 $3,445 $97 $3,348 2022A Pro Forma Revenue Volume / Mix $3,450 - $3,550 Inflation Pass-Through 2023E Revenue Third-Party Revenue Contract Mfg. to BorgWarner PHINIA#5656 56 2023E Adj. EBITDA Reconciliation CMA provides negligible EBITDA contribution of $1-$3mm per year Lower incremental margin due to mix and China CV softness $110mm of inflationary costs, partially offset by $80mm of additional cost recovery (~70% recovery on non-contractual inflationary costs) Benefit from supplier re-alignment and restructuring $mm $507 $(7) - $13 $(15) $15 $500 - $520 $485 - $505 2022 Pro Forma Adj. EBITDA (1) Volume / Mix Inflation, Net of Corporate Savings 2023E Adj. EBITDA (1) Adj. EBITDA Margin % of Run-Rate Incremental Corp. Costs Productivity Initiatives, Net 2023E Run-Rate Adj. EBITDA(1) 14.7% 13.5% - 14.0% 14.0% -14.5% (1) Non-GAAP metric. See Appendix p. 68 for Adj. EBITDA definition. Adj. EBITDA margin excluding CMA is 20 - 30bps higher PHINIA#5757 ~$3.6bn ~$3.5bn Sustainable Growth and Margin Profile Revenue Outlook ~$3.7bn ~13.8% Adj. EBITDA Margin (1) Outlook 14 - 15% 2023E Market Market Share New Markets/ Regions 2025E 2023E Market Market Share New Markets/ Regions 2025E Third Party Revenue Contract Mfg. to BorgWarner Growth Decline • Secure leadership in alternative fuel technologies Bring all products to all markets Capitalize on profitable share opportunities (1) Non-GAAP metric. See Appendix p. 68 for Adj. EBITDA definition. Growth Neutral Decline Flat R&D expense • Continued productivity and footprint improvements Operational excellence PHINIA#5858 FCF Conversion (5) High Quality Industrial Financial Profile Outstanding Margin and Cash Flow Conversion Financial Framework for 2025 Expected >90% 78% 73% 15.2% 14-15% Adj. EBITDA Margin (6) 11.6% PHINIA Other Peers (1) Core Peers (1)(2) LV Powertrain / Driveline(3) 65% 10.8% Other Tier 1 (4) (1) Reflects peer group medians based on 2023E consensus estimates. (2) Reflects Allison, Cummins, Donaldson, Modine and Oshkosh. (3) Reflects American Axle, Dana, Dowlais, Garrett Motion, Schaeffler, TI Fluid Systems and Vitesco. (4) Reflects Aptiv, Autoliv, Continental, Denso, Lear, Magna, Valeo and Visteon. (5) Non-GAAP metric defined as (Cash Flow from Operations - Capex) / Adj. Net Earnings. See Appendix p. 69 and 70 for Net Earnings and FCF definitions. (6) Non-GAAP metric. See Appendix p. 68 for Adj. EBITDA and Adj. EBITDA Margin definitions. PHINIA#5959 $mm Term Loan A (5Y) 300 Long maturity runway Term Loan B (7Y) 500 Secured Debt 800 Other Debt 24 Total Debt 824 Strong Balance Sheet and Liquidity Strong liquidity and prudent leverage supports business stability and optionality Cash (300) Net Debt 524 Total Debt/ Adj. EBITDA(1) (LTM) 1.5x Net Debt / Adj. EBITDA(¹) (LTM) 1.0x Total Liquidity 800 Credit Rating Ba1 / BB+ Conservative leverage profile Ample liquidity (incl. $500mm RCF) - Strong credit rating (1) Non-GAAP metric. See Appendix p. 68 for Adj. EBITDA definition. Estimate figures pending final term conditions and cash adjustments PHINIA#6060 60 Disciplined Capital Allocation >$200mm Free Cash Flow (1) per Year Investment for Growth Disciplined, ROIC-focused reinvestment: achieve >15% ROI Expand alternative fuel technologies and electronics systems capabilities → Disciplined approach to strategic and accretive M&A भाषा Competitive Capital Return(2) Expect competitive dividend with initial target of ~$50mm per year, translating to 20-25% of FCF(1) Opportunistic share repurchases Strong Foundation - Balance Sheet Maintain strong balance sheet and credit ratings to invest through the cycle Target net leverage of 1x (1) Non-GAAP metric defined as Cash Flow from Operations - Capex. See Appendix p. 70 for FCF definition. (2) Subject to approval by PHINIA Board of Directors. PHINIA#6161 Empowering the Transition to Carbon Neutrality Market-leading systems and components that drive efficiency today, while powering towards a carbon-free tomorrow Product Leadership 17 Stable Growth Strategy $ Financially Disciplined $ Total Shareholder Returns Technology expert and partner of choice for customers Pursue attractive growth opportunities in right-to-win categories Sustainable, high-quality margin and cash flow generation to create shareholder value Disciplined investment for growth and competitive capital returns while preserving balance sheet PHINIA#62PHINIA APPENDIX 2 62#6363 63 Fuel Systems' Core Leading Market Position Fuel Injection System Fuel Delivery Modules Canister Growing Share in CV & Other Segment with Diesel Products ECU/PDCU (3) Leading provider of comprehensive and integrated fuel system solutions Focused on segments where we have product leadership and natural right-to-win Significant opportunity to win share over time Critical products supporting carbon reduction, carbon neutrality and carbon-free energy generation Highly Diversified Geographic and Customer Profile 29% OE CV / Other(1) End Market 71% Light Vehicle(2) APAC Europe Top 4 as % of revenue 29% 40% 44% Region Customers 27% Americas (1) Includes medium-duty and heavy-duty trucks, buses and other off-highway construction, marine, agricultural and industrial applications. (2) Includes passenger cars, trucks, vans and sport utility vehicles. (3) ECU) Electronic Control Unit - (PDCU) Powertrain Domain Control Unit GENERAL MOTORS VOLKSWAGEN VOLVO TRUCK STELLANTIS PHINIA#6464 Aftermarket Operational Profile Starters & Alternators Test & Diagnostic Fuel Systems Maintenance Solutions Engine Mgmt. Electronics Broad product coverage Committed to keeping vehicles and industrial applications running efficiently over their lifetime Meaningful revenue from sustainable remanufacturing Multiple replacements over application lifetime Product Expertise Global Footprint Nimble Supply Chain Tailored Marketing ~4.8k new SKU's per year (2018-'22) Revenue Split Americans 64% 31% Europe 5% Asia 21% of '22 revenue from new SKU's (last 5 years) Localized aftermarket infrastructure 260 third-party suppliers Go-to-market with Delphi & Delco Remy 22k products (re-) sourced (L5Y) 8 Brand Management (Social Media, Trade Shows & Training) distribution centers PHINIA#6599 65 Aftermarket Structure Serving ~4,500 Customers 56% of Revenue 3 Sales Locations 2 Distribution Centers ~1,500 employees 1 Manufacturing Site South America EMEA 1 Reman Location 1 Technical Center North America 5% of Revenue 5 Sales Locations 2 Distribution Centers ~100 Employees → 1 Reman location → 8% of Revenue 2 Sales Locations 1 Distribution Center ~300 Employees 2 Manufacturing Sites 2 Reman locations 31% of Revenue 8 Sales Locations 3 Distribution Centers ~400 Employees → 1 Manufacturing Site 2 Reman locations APAC PHINIA#6666 99 Management Team with a Track Record of Success Bradly D. Ericson Chief Executive Officer Joined BWA in 2000 → 30+ years of experience Previously President & GM of Morse Systems and Emissions Systems and Chief Strategy Officer Todd Anderson Chief Technology Officer Neil Fryer VP and GM, Aftermarket Chris Gustanski VP, Operational Excellence Chris Gropp Chief Financial Officer Mike Coetzee VP and GM, Americas Joined BWA in 2001 30+ years of experience Previously VP, Finance of Transmission Systems and Emissions Pedro Abreu VP and GM, Asia Pacific Deep BorgWarner DNA; building a culture of excellence Highly skilled operators with significant industry experience Expertise with respective businesses Successful execution of restructuring programs Successful maneuvering of business through recent market environment Demonstrated success in acquisitions and integrations across CV / Industrial, Aftermarket, etc. John Lipinski VP and GM, Europe Robert Boyle VP and General Counsel Sebastian Dori VP and Chief Procurement Officer Matt Logar VP and Chief Information Officer Alisa Di Beasi VP and Chief Human Resources Officer PHINIA#6720 67 Rohan S. Weerasinghe Strong Board to Drive Shareholder Value Previously served as Corporate Secretary & General Counsel of Citigroup, Inc. Previously served as senior ° partner for the law firm of Shearman & Sterling Bradly D. Ericson Previously served as President and General Manager of BorgWarner's Fuel Systems and Aftermarket Business (now PHINIA) At BorgWarner has also served as President and General Manager of three different business units and as Chief Strategy Officer Previously at E&Y with 16 years of experience as an audit partner specializing in public global automotive and industrial companies 0 อ Director at CIRCOR, PerkinElmer and O-I Glass 0 Formerly Executive Vice Chairman of Global Corporate and Investment Banking at Bank Samuel R. Chapin of America Expect to announce by end of June President and CEO of Accuride Corp Served previously in leadership positions at BorgWarner's Turbo Senior Advisor to Rockefeller Capital Management D'aun Norman 30 years of assurance and advisory experience Robin Kendrick Systems and Transmission Systems business Roger J. Wood Director at Garrett Motion 10-year career at American Axle in various roles อ Most recently served as Co-CEO of Tenneco Previously served as Chairman and CEO at Fallbrook Technologies and Dana Previously served in a number of leadership positions at BorgWarner Balanced Experience Across Auto, Industrials and Business Transformation Fortune 100 Chief Diversity Officer Automotive Background PHINIA#6868 Adjusted EBITDA Reconciliation ($mm) Operating Income 2021 2022 PF 2022 $174 $318 $285 Operating Margin% 5.4% 9.5% 8.3% 1 (+) Merger, Acquisition and Divestiture Expense 7 31 31 1 2 (+) Restructuring Expense 55 59 11 11 3 (+) Asset Impairments, Write-offs 17 5 01 5 and Lease Modifications (+) Intangible Asset Amortization (+) Other Adjusted Operating Income 29 29 28 28 -- 2 2 $282 $395 $362 Adjusted Operating Margin% 8.7% 11.8% 10.5% (+) Depreciation 175 142 142 Adjusted EBITDA $457 $537 $504 Adjusted EBITDA Margin% 13.7% 15.6% 14.6% Key Adjustments 2 Add-back of non-recurring M&A expenses primarily related to professional fees associated with the Spin-Off and the Delphi acquisition Add-back of non-recurring restructuring expenses: ■ 2022 expenses primarily relate to equipment relocation and professional fees 2021 expenses relate to Delphi's legacy restructuring plan to reshape and realign its global technical center footprint and reduce salaried and contract staff 3 2021 relates to the impairment of an Aftermarket tradename and a right-of-use lease asset in China. 2022 relates to the impairment of intangible assets associated with the wind down of the Company's business in Russia PHINIA#6969 69 ($mm) Adjusted Net Earnings Reconciliation Net Earnings (Loss) Attributable to PHINIA (Per Form 10) 2021 2022 PF 2022 $152 $262 $186 1 Key Adjustments 2 Add-back of non-recurring M&A expenses primarily related to professional fees associated with the Spin-Off and the Delphi acquisition Add-back of non-recurring restructuring expenses: 2022 expenses primarily relate to equipment relocation and professional fees ■ 2021 expenses relate to Delphi's legacy restructuring plan to reshape and realign its global technical center footprint and reduce salaried and contract staff 1 (+) Merger, Acquisition and Divestiture Expense 7 31 31 2 (+) Restructuring Expense 33 53 9 (+) Asset Impairments, Write-offs 3 13 5 01 5 and Lease Modifications (+) Intangible Asset Amortization (23) (11) (11) (+) Other 1 3 Adjusted Net Earnings $202 $297 $221 2021 relates to the impairment of an Aftermarket tradename and a right-of-use lease asset in China. 2022 relates to the impairment of intangible assets associated with the wind down of the Company's business in Russia PHINIA#7070 10 ($mm) Free Cash Flow Reconciliation Net Cash (Used In) Provided By Operating Activities (-) Capital Expenditures, Including Tooling Outlays Free Cash Flow 2021 2022 $147 $303 146 107 $1 $196 PHINIA