#1Q2 2024 BORGWARNER CHARGING FORWARD Investor Presentation#22 Forward-Looking Statements This presentation may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act 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 are intended to identify such forward-looking statements. Further, all statements, other than statements of historical fact, contained or incorporated by reference 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 Item 7 of our most recently filed Annual Report on Form 10-K ("Form 10-K"), 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 under the circumstances. Forward- looking statements are not guarantees of performance, and the Company's 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 May 2, 2024. 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: supply disruptions impacting us or our customers, commodity availability and pricing, and an inability to achieve expected levels of recoverability in commercial negotiations with customers concerning these costs; competitive challenges from existing and new competitors, including original equipment manufacturer ("OEM") customers; the challenges associated with rapidly changing technologies, particularly as they relate to electric vehicles, and our ability to innovate in response; the difficulty in forecasting demand for electric vehicles and our electric vehicles revenue growth; potential disruptions in the global economy caused by wars or other geopolitical conflicts; the ability to identify targets and consummate acquisitions on acceptable terms; failure to realize the expected benefits of acquisitions on a timely basis; the possibility that our 2023 tax-free spin-off of our former Fuel Systems and Aftermarket segments into a separate publicly traded company will not achieve its intended benefits; the failure to promptly and effectively integrate acquired businesses; the potential for unknown or inestimable liabilities relating to the acquired businesses; our dependence on automotive and truck production which is highly cyclical and subject to disruptions; our reliance on major OEM customers; impacts of any future strikes involving some of our OEM customers and any actions such OEM customers take in response; 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 in reports that we file with the Securities and Exchange Commission, including Item 1A, "Risk Factors" in our most recently-filed Form 10-K and/or Quarterly Report on Form 10-Q. 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. BORGWARNER#3Non-GAAP Financial Measures This presentation contains information about BorgWarner's financial results that is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures in the Appendix. The provision of these comparable GAAP financial measures in the context of guidance for 2024 is not intended to indicate that BorgWarner is explicitly or implicitly providing projections on those GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the company at the date of this presentation and the adjustments that management can reasonably predict. Management believes that these non-GAAP financial measures are useful to management, investors, and banking institutions in their analysis of the Company's business and operating performance. Management also uses this information for operational planning and decision-making purposes. Non-GAAP financial measures are not and should not be considered a substitute for any GAAP measure. Additionally, because not all companies use identical calculations, the non-GAAP financial measures as presented by BorgWarner may not be comparable to similarly titled measures reported by other companies. M BORGWARNER#4Executing on Our Vision & Mission Our Vision ■ A clean, energy-efficient world Our Mission ■ We deliver innovative and sustainable mobility solutions BORGWARNER#5BorgWarner Today 63 Manufacturing Locations 19 Technical Centers ~39,900 Employees ~8,300 Engineers Global Headquarters Auburn Hills, MI Americas ~11,800 Employees Europe ~15,900 Employees Asia ~12,200 Employees 26 24 32 Locations Locations Locations 3 10 7 Countries Countries Countries 5 Note: Data pro forma for completion of spin-off transaction; locations include only manufacturing and technical centers BORGWARNER#6Charging Forward Strategy Supports Long-Term, Profitable Growth and Near-Term Resiliency CHARGING FORWARD STRATEGY 2 eProduct Growth $$$ eProduct Profitability Maximize Foundational Value BORGWARNER#7eProduct Portfolio a Result of Long-Term Investment Strategy Organic eProduct Activity has Intensified ~$2.2B 2021-2023 Organic eProduct R&D & CapEx Investment 42 Awards eProduct Awards Announced Since March 2021 Investor Day $2.5-$2.8B 2024E eProduct Sales Guidance Announced CHARGING FORWARD SANTROLL → drivetek 2020 2021 Delphi Technologies AKASOL 2022 Rhombus Energy Solutions 2023 PHINIA Spin-Off SSE ELDOR® CORPORATION 2024 BORGWARNER#8Our Priorities for Delivering on Our Vision Creating a Cleaner, More Energy-Efficient World Enhancing the Sustainability of Our Value Chain Focusing on Workforce Transition 88% of 2022 sales from clean and emissions- reducing products ■ 66% of 2023 R&D invested in eProduct projects Commitment to carbon neutrality by 2035 ■ Goal of 25% Scope 3 emissions reduction by 2030 from 2021 baseline ■ Power to Evolve program has placed >90% of participating engineers into electric platforms ■ 338 engineers enrolled in three cohorts BORGWARNER#9Content Opportunity Per Vehicle (COPV) Increases from Combustion to Advanced Hybrids and BEVS Est. 2027 BorgWarner Content Opportunity Per Light Vehicle Summary $2,122 $2,569 $548 $437 Combustion Combustion + Advanced Hybrid BEV ■Combustion ■eProduct BORGWARNER#10Resilient Product Portfolio Well-Positioned for Growth Combustion Hybrid Foundational Products eProducts Turbos AWD/4WD Intake & EGR S ECUS Engine Timing Transmission Products Inverters Other Power Electronics Thermal Mgt. EV Gearboxes Electric Drive Motors Battery Systems Electric 10 10 BORGWARNER#11Believe Foundational Portfolio Positioned for Outgrowth 2027 Estimated Combustion Content Opportunity Per Light Vehicle (COPV) 2023 Foundational Sales >$12 Billion Est. 2027 Global COPV $548 N.A. COPV $833 Europe COPV $496 *Based on BorgWarner Global Market Research 11 Turbocharger Top 2 Market Position* Penetration Opportunity in North America N.A. penetration of 44%, compared to 92% in Europe & 69% in China EGR #1 Market Position* Penetration Opportunity on Hybrid Architectures Efficiency benefit higher in hybrids as ICE operates more steady state China COPV Timing Systems $507 #1 Market Position* • Growth Opportunity in PHEV and REEV Chain preferred timing system on hybrids due to durability and strength AWD Top 2 Market Position* Penetration Opportunity in Asia and Longer Tail in N.A. China penetration 6% compared to 51% in N.A. BORGWARNER#12Our Investments Have Resulted in a Wide-Ranging Electric Vehicle System Portfolio STATIONARY CHARGING THERMAL MANAGEMENT BORGWARNER GOOGG SARA DC fast charger (DCFC) 12 eFan High-voltage coolant heater (HVCH) ENERGY STORAGE & MANAGEMENT I Battery management system (BMS) Inverter CV Battery pack Battery cooling plates POWER ELECTRONIC AUXILIARIES High-voltage box ELECTRIC PROPULSION Electric motor Reduction gear Integrated drive module (iDM) On-board charger (OBC) DC-DC converter,' BORGWARNER#13Expected eProduct Sales Growth Supported by Capacity Expansion and Secured New Programs ~$1.5B ~$2.0B eProduct Sales $2.5B to $2.8B $2.5 to $2.8B $700M to $800M eCV Battery Systems N.A. ~55% Europe ~45% Advanced Hybrid ~40% BEV ~60% 2022 2023 2024 Est. 13 *BorgWarner estimate as of May 2024. LV eProducts N.A. ~15% Europe ~40% China/ROW ~45% 2024 Est. Growth Drivers Expect 20% global LV BEV and Hybrid market growth from 2023 to 2024 Battery systems capacity expansion to meet strong customer demand BORGWARNER#1414 Significant Volumes Across Numerous eProduct Categories BORGWIONER Expected Inverter Volumes ~1.3M ~45% CAGR ~6M 2023 2027E Expected Production Capacity ~2.2 GWH >65% CAGR >6 GWH 2023E 2025E Expected High-Voltage Coolant eHeater Volumes ~42% CAGR ~8M ~2M 2023 2027E Expected eMotor Volumes (including in iDM) ~25% CAGR ~IM ~2.5M 2023 2027E BORGWARNER#15Winning eProduct Awards with OEMs Around the World North America 12 eProduct Awards Since 2021 Europe 11 eProduct Awards Since 2021 Product China/ROW 19 eProduct Awards Since 2021 Product HV Coolant Heater 15 Product SOP Year SOP Year SOP Year CV Battery System 2023 Battery Pack 2023 DC Fast Charging Station 2023 DC Fast Charging Station Battery Management System 800V HV Coolant Heater 2022 2021 2023 400V İDM 2023 2023 Dual Inverter 2023 HV Inverter 2024 HV eFan 2024 400V İDM 2023 Generator Inverter 2024 CV Battery System 2024 800V Inverter 2023 800V Inverter 2025 eTVD 2024 800V eMotor 2023 HV eFan 2025 800V Inverter 2025 HV Coolant Heater 2023 Battery Cooling Plate 2025 800V Inverter 2025 P4 Hybrid iDM 2023 800V HV Coolant Heater 2025 800V Inverter 2025 Motor for E-Axle 2023 400V HV Coolant Heater 2025 Battery Cooling Plate 2025 eMotor 2023 800V HV Coolant Heater 2026 HV eFan 2025 800V HV Coolant Heater 2024 800V Onboard Charger 2027 400V IDM 2024 Hybrid iDM 2024 eMotor Rotor/Stator 2024 Boosted Dual Inverter 2024 eTVD 2024 800V eMotor 2025 Inverter + eMotor 2025 Comb. Inverter & DC/DC Converter 2025 BORGWARNER#1616 Battery Systems Business Positioned for Long-Term Growth True Addressable Market¹ for CV On-Hwy in EU+NA Estimated Global Battery Pack Sales ■NA ■ EU ~$1.3B ~$3.0B ~$4.2B ~$5.6B ~$250M ~$460M ~$700M to $800M 2023 2025E 2027E 2030E 2022 2023 2024E Further Growth Source: BorgWarner Global Market Research 1. Excludes in-house markets. BORGWARNER#17Battery Systems NMC Expansion Supports Growth 2024 Expansion Borgarner 2024 Expansion JORA 3 Darmstadt, Germany Manufacturing Location & Tech Center Auburn Hills MI, USA Propulsion Tech Center 2.2 GWH Am (22,000 BPs/yr) Production Capacity 17 Hazel Park, MI, USA Manufacturing Location Seneca, SC, USA Manufacturing Location Piracicaba, Brazil Manufacturing Shanghai, China China Tech Location Center 2023 Estimated NMC Capacity 2025E >6.0 GWH (>60,000 BPs/yr) Production Capacity Bm BORGWARNER#18LFP Strategic Relationship Agreement (BorgWarner & BYD FinDreams) Provides Continuing Battery Systems Development 18 BW + Strength ■ Strong customer intimacy ■ Manufacturing, quality and ☐ integration capabilities ■ Software and system knowhow Strength ▪ LFP scale ■ Proven production in China ☐ ■ Intellectual property in LFP cells and pack design Strategic Relationship Agreement Advantage ■ BorgWarner to manufacture packs utilizing FinDreams cell and pack. intellectual property ■ Collaboration expected to increase speed to market ■ Vehicle integration flexibility with modular battery pack approach BORGWARNER#19Attractive Characteristics of Core Foundational Portfolio Leading Market Positions Maintaining Expected Adjusted Operating Margins Focused ICE Portfolio Helps Customers Transition From Combustion to Hybrid to Electric ~100% Expected Free Cash Flow Conversion1 19 1. Defined as Free Cash Flow / Adj. Net Income; Free Cash Flow is a non-US-GAAP measure BORGWARNER#20Strong Foundation From Core Market-Leading Technologies Supports EV Growth Supporting Customers Supporting customers with access to critical technology as they execute their own transitions to EV Continuity of Technologies and Capabilities Foundational Air and Thermal Management Example: EGR Modules eProduct Thermal Management HV Coolant Heaters Enhancing Capabilities Core design, manufacturing and engineering capabilities Drivetrain applicable to electric vehicles 20 Example: Transfer Cases Strong Financial Profile Top-quartile¹ profitability and strong cash generation supporting investment in EV technologies Engine and Transmission Controllers Example: Electronic Control Units 1. Estimated current margin relative to automotive industry peer group Drivetrain and Vehicle Dynamic Integrated Drive Modules Power Electronics and Electronics 338 Inverters BORGWARNER#2121 Leveraging Existing Footprint to Support eProduct Growth North America Europe China/ROW Plant Location eProduct SOP Plant eProduct SOP Plant Location eProduct SOP Location SLP, Mexico eMotor & iDM assembly 2021 Landskrona, eMotors 2018 Jiangshan, China HV Heaters 2021 Sweden Cadillac, MI, US HV Heaters 2022 Viana, Portugal HV Heaters 2021 Wuhan, China Seneca, SC, US Battery Packs 2024 eMotor & iDM assembly 2022 Blonie, Inverters 2023 Additional eFan 2025 Poland Changnyeong, Facility Korea Additional Facility Battery Coolers x2 Additional Facilities eMotor & iDM assembly 2023 eFan 2024-2025 2026 x2 Additional Facilities Battery & PE Coolers 2025-2026 Utilizing Existing Manufacturing Facilities to Support eProduct Growth BORGWARNER#22Strong Liquidity and Expected Free Cash Flow Generation Enables Disciplined Capital Deployment $733M $767M $500M Additional authorization BorgWarner's Balanced Capital Allocation Approach Since 2020 Buybacks ~$733 million Dividends ~$623 million Market Cap of PHINA at Spin-off ~$1.7 billion ~$3.1 billion $267M Remaining under prior authorization Total Capital Returned Buybacks Completed 2020 through Q1 2024 Current Buyback Authorization 22 BORGWARNER#2323 APPENDIX BORGWARNER#2424 Innovation Driving Technology Leadership in Inverters BEV inverter Battery Driver input Key Inverter Components Competitive Advantage Computer Custom integrated circuits (ASICs) & software GearBox Capacitor Architecture innovation for advanced development Power Module Viper Power switch with double-sided cooling Rotational force at wheels Electric motor BORGWARNER#252024 Light Vehicle Market Expectations LV Units in millions BorgWarner Global Market North America Europe China FY'23 Actual FY'24 Est. 90.4 88.8 to 91.3 Electric ~12% Electric ~15% FY'23 Actual FY'24 Est. FY'23 Actual FY'24 Est. FY'23 Actual FY'24 Est. Hybrid ~20% Hybrid ~24% Combustion ~68% Combustion ~61% 17.9 17.1 to 17.5 15.7 15.8 to 16.1 BorgWarner Estimated LV/CV Weighted Market (2.5%) to Flat 25 Note: Actual and estimated volumes are BorgWarner market assumptions. 28.7 28.9 to 29.9 BORGWARNER