#1Switzerland Investor Meetings JUNE 2023 Ford Ford Credit All-Electric Ford Explorer Available to order in Europe later in 2023#2Further Information FORD FIXED INCOME INVESTOR RELATIONS: Jessica Vila-Goulding 313-248-3896 [email protected] Christopher Conti 313-418-1673 [email protected] INFORMATION ON FORD: www.shareholder.ford.com • 10-K Annual Reports 10-Q Quarterly Reports 8-K Current Reports INFORMATION ON FORD MOTOR CREDIT COMPANY: www.fordcredit.com/investor-center 10-K Annual Reports ⚫ 10-Q Quarterly Reports . • 8-K Current Reports Ford 2#3Corporate Ford Ford Delivering Ford Ford#4Safe 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 4#5Benefits Of New Segmentation Ford Blue NYSE ACNBC Ford Blue 00 FRONT 6 For Customers + Closer relationships, enhancing our ability to understand and address their needs + Extraordinary products that surprise and delight + Digital and physical experiences that deliver a positive impact on people's lives Papia For Investors + Validate the discrete growth and profit trajectory of the segments Transparency into where capital is allocated and the returns it delivers + New insight into growth opportunities for all three. segments For Ford + Enhanced focus, agility and accountability + Value unlock through more disciplined capital allocation + Attract and retain top talent and offer exciting career opportunities + Sustainable, profitable growth Ford 5#6Ford Ford+ Business Model Is Designed To Deliver Focused Innovation, Profit & Growth D HIY 188 Ford Blue Ford Model e Ford Pro LIGHTNING Ford 6#7Ford Revenue Adj. EBIT $41.5B $3.4B Q1 Financial Results Adj. EBIT Margin 8.1% Adj. FCF $0.7B Adj. EPS $0.63 ▲ 20% ▲ 45% ▲ 1.4pts ▲$1.3B ▲ 66% EBIT EBIT Margin 10.4% Blue $2.6B Ford Model e EBIT EBIT Margin $(0.7)B (102.1)% Ford Pro EBIT EBIT Margin $1.4B 10.3% All-Electric Ford Explorer Ford III ОНА Ford 7#8Q1 Cash Flow, Cash Balance & Liquidity Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Adjusted $2.3 Free Cash Flow ($B) ($0.6) $3.6 $3.6 $2.4 $0.7 Ford Credit Distributions incl. Above ($B) $1.0 $1.0 $0.6 $0.5 $ - $ - Cash Balance ($B) - Liquidity $52.4 $49.2 $48.0 $44.6 $45.1 $46.2 $36.5 $32.0 $32.3 $28.8 $28.7 $28.7 Cash Net of Debt ($B) $16.1 $8.7 $9.4 $11.8 $12.3 $9.0 Ford 8#9Q1 2023 Results ($B) $2.6 $1.4 $3.4 Ford $1.8 $(0.0) $0.3 $(0.1) $(0.7) $(0.3) $(0.4) $(0.9) Taxes / Net Ford Blue Ford Model e Ford Pro Ford Next Ford Credit Corporate Other Company Adj. EBIT Interest On Debt Special Items Non-Controlling Income/ Interests (Loss) B/(W) $1.3 Q1 2022 $(0.3) $0.9 $0.2 $(0.6) $(0.3) $1.1 $ - $5.0 $(1.1) $4.9 6#10Q1 2023 Adjusted EBIT ($B) Ford Material / Freight $(1.0) Structural (0.9) Corporate Total Company Pension / OPEB (0.5) Commodities (0.3) 0.2 2.3 Warranty (0.2) Ford Blue Ford Ford Ford Ford Model e Pro Q1 2022 1.3 SA $ (0.4) $ 0.5 YoY Change: Volume / Mix $ 2.2 $ (0.0) $ 0.5 SA SA Next (0.2) Credit Other SA $ 0.9 SA EA Net Pricing 0.1 0.0 1.5 . Cost (1.0) (0.4) (1.0) 0.1 Exchange (0.1) 0.0 (0.1) (0.0) I Other 0.1 0.0 (0.0) 0.1 (0.6) 0.1 Total Change $ 1.3 Q1 2023 SA $ 2.6 SA SA $ (0.3) $ 0.9 SA $ 0.2 SA $ (0.6) SA $ (0.3) $ (0.7) $ 1.4 $ (0.0) $ 0.3 $ (0.1) 2.7 1.6 (0.5) (2.8) (0.2) (0.3) $ 1.1 SA SA $ 3.4 10 10#11Ford Blue Iconic gas and hybrid passion products like F-150, Bronco and Mustang Wholesale Units (000) 741 760 706 663 670 Revenue ($B) $26.3 $25.1 $23.8 $23.8 $20.8 + EBIT up almost 2X, driven by favorable mix, primarily F-150, and increased volume Moderated by inflationary pressures (incl. commodities), new product and volume related costs + Fresh product line up supports strong order bank Memo: JV Wholesales* EBIT ($B) $1.3 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 128 $2.5 111 134 $1.5 $1.5 114 $2.6 97 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 EBIT Margin (%) 10.5% 6.4% 6.2% 5.9% 10.4% اسات اسلي Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 * Includes Ford and Lincoln brand and Jiangling Motors Corporation (JMC) brand vehicles produced and sold in China by our unconsolidated affiliates Ford 11#12Ford Model e Wholesale Units Designing and scaling breakthrough, connected EVs, and all of Ford's electric architecture and embedded software + EBIT down $0.3B, driven by higher costs, mainly higher engineering, and spending-related expense, commodities and other inflationary pressures + Lower volume due to scheduled downtime at Cuautitlan to increase Mach-E capacity to 35 Jobs Per Hour + Disciplined investment in future-gen products 18 24 (000) 25 45 30 Revenue ($B) $1.6 12 $1.3 $1.4 $1.0 $0.7 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 EBIT ($B) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 EBIT Margin (%) ($0.4) T ($0.5) ($0.6) ($0.6) (39.1)% (38.6)% ($0.7) (43.7)% (40.4)% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 (102.1)% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Ford 12#13Ford Pro Wholesale Units (000) 358 338 337 321 285 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 JV Wholesales* 13 2 17 7 18 6 29 11 22 8 Integrated vehicle hardware, software, service, charging and financing solutions that increase commercial customer productivity + EBIT up almost 3X on an 18% increase in wholesales, supported by both ICE and EV + Higher costs reflect inflationary pressures (incl. commodities) and all-new Super Duty product and launch expense Memo: EV Wholesales EBIT (SB) $0.9 $0.5 $0.4 Revenue ($B) $13.9 $12.7 $13.2 $12.0 $10.3 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 EBIT Margin (%) $1.5 6.9% $1.4 4.8% 3.4% 10.4% 10.3% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 * Includes Ford brand vehicles produced and sold by our unconsolidated affiliate Ford Otosan in Türkiye Ford 13#14Cash Flow And Balance Sheet ($B) Company Adj. EBIT excl. Ford Credit Capital spending Depreciation and tooling amortization Net Spending Receivables Inventory Trade payables Changes in Working Capital Ford Credit distributions Interest on debt and cash taxes All Other and timing differences (a) Company Adjusted FCF Restructuring Changes in debt Funded pension contributions Shareholder distributions All Other (b) Change in Cash Balance Sheet 2022 2023 Company Excl. Ford Credit 2022 Dec 31 2023 Mar 31 1.4 $ 3.1 Company Cash Balance $ 32.3 $ 28.7 (1.3) 1.3 (1.8) Liquidity 48.0 46.2 1.3 Debt (19.9) (19.7) SA EA (0.1) 0.0 (2.7) 1.5 (1.2) (0.5) Cash Net of Debt 12.3 9.0 0.4 (2.0) 0.3 SA (1.2) 1.0 (0.3) (0.6) (1.3) (0.1) Pension Funded Status Funded Plans Unfunded Plans Total Global Pension Total Funded Status OPEB EA EA EA $ 4.1 $ 4.1 (4.3) (4.3) $ (0.2) $ (0.2) $ (4.5) $ (4.4) ᏌᏊ $ (0.6) $ 0.7 (0.1) 0.0 (0.3) (0.2) (0.2) (0.1) (0.4) (3.2) (6.2) (0.7) $ (7.8) $ (3.6) a. b. 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) Q1 2022 includes a $5.4B mark-to-market loss on our Rivian investment Ford 14#15Special Items ($B) Restructuring 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 First Quarter 2022 2023 SA $ (0.0) $ (0.4) (0.3) (0.1) (0.0) 0.0 EA $ (0.2) $ SA (0.7) Gain/(loss) on Rivian investment Russia suspension of operations / asset write-off Patent matters related to prior calendar years Other Subtotal Other Items Total EBIT Special Items SA SA EA EA EA 0.0 0.0 SA $ (0.1) (0.0) (0.2) (5.4) (0.1) (0.1) 0.0 (5.7) (5.9) SA $ (0.0) $ SA FA (0.1) (0.1) (0.9) Ford 15#16ESG Overview • 2022 Ford F-150 Lightning HON 2022 Ford E-Transit Visit our Sustainable Financing Webpage 2022 Ford Mach-E - Ford is committed to investing in electrification and sustainability to create a better world for generations to come Current electric vehicle (EV) portfolio consists of Mach-E and recently launched F-150 Lightning and E-Transit $50 billion in planned global EV investments from 2022 through 2026 Expected EV capacity of 600K by end of 2023 and production of more than 2 million EVs annually by late 2026 EV sales expected to be 50% of Ford's global sales by 2030, and in Europe 100% of passenger cars are expected to be all-electric by 2030 and 100% of light commercial vehicles to be zero-emission by 2035 Carbon neutral by 2050 Ford is committed to ESG within the capital markets as well - Introduced our Sustainable Financing Framework in November 2021 - Achieved highest-possible 'Advanced' rating from Vigeo Eiris, which is globally recognized for ESG initiatives The first framework to cover both the Auto OEM and its captive finance company Issued $2.5 billion inaugural Green Bond in November 2021, the largest Green Bond issuance by a U.S. corporate Aligned $17.2 billion of revolving corporate credit lines to sustainability-linked KPIs including scope 1, 2 and 3 emissions 16#17Ford Credit Ford Ford All-Electric Ford Explorer Ford Credit#18Ford Credit - A Strategic Asset Earnings Before Taxes ($B) Distributions ($B) $2.0 $3.7 $2.9 $3.1 $3.0 $2.6 $2.4 $2.0 $2.0 $1.9 $2.1 $2.3 $2.6 $1.7 $1.8 $1.9 $1.2 $(2.6) $4.7 $2.4 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Over The Last 20 Years, Ford Credit Generated $44 Billion In Earnings Before Taxes And $40 Billion In Distributions Ford 18#19Secret Key Metrics Best-in-class finance company + EBT down $0.4B, 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)* * $26,960 $22,980 $35,080 $34,410 $32,040 $31,185 $30,235 U.S. Retail Loss-to-Receivables ("LTR") 0.62% Ratio (%) Ford 2017-2019: 0.56% 0.35% 0.25% 0.22% 0.18% 10.08% 0.05% Q1 Q1 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 2022 2022 2022 2023 Q1 Q1 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 2022 2022 2022 2023 * U.S. 36-month off-lease auction values at Q1 2023 mix EBT ($M) $962 1 $903 $754 $589 $303 $191 $30 Q1 Q1 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 2022 2022 2022 $500 Distributions $275 $1,000 $1,000 $600 $- 2023 $ - ** Includes $(174)M of special items, $(75)M of which is eliminated in consolidation with Ford $754 $23 Q1 EBT YOY ($M) ($288) $94 $303 ($141) ($139) Q1 2022** Vol. / Fin Mix Margin Credit Lease Loss Residual Other Q1 2023 19#20Q1 2023 Net Receivables Mix ($B) $123.8 + Total Net Receivables are $6.4B higher YoY and up $1.5B sequentially + Operating lease portfolio was 17% of Total Net Receivables, down 4 Pts. YoY and 1 Pt. sequentially $21.1 $98.7 $72.0 $21.0 $57.0 Operating Leases ■Consumer Financing ■Non-Consumer Financing $20.2 $30.7 $11.2 $20.7 $4.9 $8.9 Total U.S. and Canada Europe All Other H/ (L) Q1 2022 H/ (L) Q4 2022 $6.4 $4.7 $2.2 1.5 (0.2) 1.8 $(0.5) (0.1) Ford 20 20#21U.S. Origination Metrics And Credit Loss Drivers + Disciplined and consistent underwriting practices + Portfolio quality evidenced by FICO scores and consistent risk mix + Retail Net Charge-Offs and LTR Ratio higher YoY and sequentially, reflecting higher repossessions Retail & Lease FICO and Higher Risk Mix (%) Higher Risk Portfolio Mix (%) Retail Repossessions (000) and Repossession Rate (%) Repossession Rate (%) 751 748 749 748 748 7 743 739 5% 5% 5% 4% 4% 6% 6% Q1 Q1 2020 Q1 Q4 2021 2022 2022 2022 2022 Q2 Q3 Q1 2023 Retail Contract Terms Retail 84 months Placement Mix (%) Ford 5 4 4 4 3 3 1.24% 0.92% 0.74% 0.76% 0.83% 0.69% 0.78% Q1 2020 Q1 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 60+ Day Delinquencies* 0.14% 0.16% 0.13% 0.14% 0.15% 0.17% 0.17% $73 66 mo 64 mo 65 mo 62 mo 64 mo 61 mo 62 mo 9% 9% 8% 7% 6% 4% 4% Q1 Q1 Q1 2020 2021 2022 Q2 2022 Q3 Q4 Q1 2022 2022 2023 Excluding bankruptcies Retail Net Charge-Offs (SM) and LTR Ratio (%) - LTR Ratio (%) $44 $29 $30 $21 0.62% 0.22% $10 0.08% 0.35% $6 0.05% 0.25% 0.18% Q1 2020 Q1 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Severity (000) $7.9 $11.4 $10.6 $8.1 $9.6 $10.3 $10.6 21#22Worldwide Credit Loss Metrics $101 Net Charge-Offs ($M) and LTR Ratio (%) I LTR Ratio % Ford + Worldwide credit loss metrics remain strong, reflecting low losses + Credit Loss Reserve as a % of EOP Receivables is flat sequentially and down YoY $57 $41 $33 0.23% 0.16% $18 0.08% $17 0.07% 0.16% 0.14% $41 0.35% Q1 2020 Q1 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Credit Loss Reserve ($M) and Reserve as a % of EOP Receivables -Reserve as a % of EOP Receivables $1,231 $1,223 $870 $845 $845 $763 $760 1.07% 1.17% Q1 2020 Q1 2021 0.87% Q1 2022 0.80% Q2 2022 0.79% Q3 2022 0.82% Q4 2022 0.82% Q1 2023 22 22#23U.S. Lease Metrics + Lease return rates increased 5 Pts. sequentially; we expect return rates to increase in 2023 as new and used vehicle inventory improves + Auction values decreased 9% YoY and increased 3% sequentially 10 70 Lease Placement Volume (000) ■24-Month ■36-Month 67 ■39-Month / Other Lease Return Volume (000) and Return Rates (%) Ford 21 11 62 10 51 46 44 42 37 38 13 12 32 76% 12 7 41 61% 7 24 25 17 26 20 20 16 12 9 9 9 23% 18% 11% 9% 11% 11 13 8 8 4 5 Q1 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q1 2020 2021 2022 2022 2022 2022 2023 2020 Q1 2021 2022 2022 2022 2022 Q2 Q3 Q4 Q1 2023 31% Lease Share of Retail Sales (%) Industry* Ford Credit Off-Lease Auction Values (36-month, at Q1 2023 Mix) 26% 19% $26,960 17% 19% 16% 16% $22,980 22% 16% 14% 13% 12% 11% 9% $34,410 $35,080 $32,040 $31,185 $30,235 Q1 Q1 Q1 2020 2021 2022 Q2 2022 Q3 Q4 Q1 2022 2022 2023 Q1 2020 Q1 Q1 Q2 Q3 Q4 Q1 2021 2022 2022 2022 2022 2023 Source: J.D. Power PIN 23#24Funding Structure ($B) + Well capitalized with a strong balance sheet; funding diversified across platforms and markets + Sequential improvement across key balance sheet metrics; $26B in net liquidity + FIA + Deposit funding grew during the quarter despite market turmoil + FCE Bank and Ford Bank Germany are both rated investment grade and supported by Retail Deposit guarantee programs + Leverage is within the target range of 9:1 to 10:1 Term Unsecured Debt Term Asset-Backed Securities Ford Interest Advantage (FIA) / Deposits Other Equity Adjustments for Cash Total Net Receivables Securitized Funding as Pct. of Total Debt Net Liquidity Financial Statement Leverage 2022 2023 Dec. 31 Mar. 31 $ 48.3 $ 49.3 56.4 55.0 14.3 15.3 2.6 2.2 11.9 12.2 (11.2) (10.2) $ 122.3 $ 123.8 47.4% 46.0% $ 21.0 $ 26.0 10.0 9.8 Ford 24#25Public Term Funding Plan ($B) + Completed $17B of public issuance in 2023 + Proactively managing through market volatility, completing half of mid-point 2023 funding range + Liquidity and diverse funding sources provide flexibility Ford 2020 Actual 2021 Actual 2022 Actual 2023 Forecast* Through June 9 Unsecured $ 14 $ 5 $ 6 $ 10-13 $ 10 Securitizations** 13 9 10 11 - 14 7 Total $ 27 $ 14 $ EA 16 $ 21-27 $ SA 17 ** * As of May 2, 2023 Incudes Rule 144A Offerings 25 25#26Liquidity Sources ($B) Ford 2022 2022 2023 Mar. 31 Dec. 31 Mar. 31 + $26B of net liquidity up $5B sequentially + Reflects strong access to public funding markets and addition of $3B committed ABS capacity Liquidity Sources Cash $ 11.9 $ 11.2 $ 10.2 Committed asset-backed facilities 36.1 37.4 40.5 2.8 2.3 2.5 $ 50.8 $ 50.9 $ 53.2 Other unsecured credit facilities Total liquidity sources Utilization of Liquidity Securitization & restricted cash Committed asset-backed facilities Other unsecured credit facilities Total utilization of liquidity $ (3.0) $ (2.9) $ (3.0) (17.0) (26.6) (24.0) (0.4) (0.8) (0.4) (20.4) $ (30.3) $ (27.4) Gross liquidity $ 30.4 $ 20.6 $ 25.8 ABS capacity in excess of eligible receivables and other adjustments (2.0) 0.4 0.2 Net liquidity available for use $ 28.4 $ 21.0 $ 26.0 26 26#27Ford Cautionary 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, or other events; • 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; Inflationary pressure and fluctuations in commodity and energy prices, foreign currency exchange rates, interest rates, and market value of Ford or Ford Credit's investments, including marketable securities, can have a significant effect on results; • Ford and Ford Credit's access to debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts could be affected by credit rating downgrades, market volatility, market disruption, regulatory requirements, or other factors; • The impact of government incentives on Ford's business could be significant, and Ford's receipt of government incentives could be subject to reduction, termination, or clawback; . • Ford Credit could experience higher-than-expected credit losses, lower-than-anticipated residual values, or higher-than-expected return volumes for leased vehicles; Economic and demographic experience for pension and OPEB plans (e.g., discount rates or investment returns) could be worse than Ford has assumed; • Pension and other postretirement liabilities could adversely affect Ford's liquidity and financial condition; • Ford and Ford Credit could experience unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, services, perceived environmental impacts, or otherwise; • Ford may need to substantially modify its product plans and facilities to comply with safety, emissions, fuel economy, autonomous driving technology, environmental, and other regulations; • Ford and Ford Credit could be affected by the continued development of more stringent privacy, data use, and data protection laws and regulations as well as consumers' heightened expectations to safeguard their personal information; and Ford Credit could be subject to new or increased credit regulations, consumer protection regulations, or other regulations. • We cannot be certain that any expectation, forecast, or assumption made in preparing forward-looking statements will prove accurate, or that any projection will be realized. It is to be expected that there may be differences between projected and actual results. Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events, or otherwise. For additional discussion, see "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, as updated by subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 27#28Appendix Ford#29Company Key Metrics Ford EBIT ($B) Revenue ($B) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Ford Blue 1.3 2.5 $ 1.5 $ 1.5 2.6 20.8 $ 23.8 $ 23.8 26.3 $ 25.1 Ford Model e (0.4) (0.5) (0.6) (0.6) (0.7) 1.0 1.3 1.4 1.6 0.7 Ford Pro 0.5 0.9 0.4 1.5 1.4 10.3 12.7 12.0 13.9 13.2 Ford Next (0.2) (0.2) (0.2) (0.2) (0.0) 0.1 0.0 0.0 (0.0) 0.0 Ford Credit* 0.9 0.9 0.6 0.2 0.3 2.3 2.3 2.2 2.3 2.4 Corporate Other 0.2 0.1 0.2 0.2 (0.1) 0.0 0.0 0.0 0.0 0.0 Total Company (Adjusted) $ 2.3 3.7 $ 1.8 $ 2.6 $ 3.4 $ 34.5 $ 40.2 $ 39.4 $ 44.0 $ 41.5 EBIT Margin (%) Wholesale Units (000) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Ford Blue 6.4 % Ford Model e (39.1) Ford Pro 4.8 10.5 % (38.6) 6.9 6.2 % (43.7) 3.4 5.9 % (40.4) 10.4 10.4 % (102.1) 10.3 663 670 741 760 706 18 24 25 30 12 285 338 321 358 337 Total Company (Adjusted) 6.7 % 9.3 % 4.6 % 5.8 % 8.1 % 966 1,032 1,086 1,147 1,056 Memo: EV * Ford Credit EBT Wholesales 22 22 31 32 43 21 29 29#30Company Quarterly Results ($M) 2022 2023 Ford Blue Ford Model e Ford Pro Ford Next Ford Credit Corporate Other Adjusted EBIT Interest on Debt EA Q1 1,328 (380) 491 (242) 22 Q2 Q3 Q4 Full Year Q1 2,504 $ 1,466 1,549 6,847 2,623 (510) (612) (631) (2,133) (722) 879 402 1,450 3,222 1,366 (221) (244) (219) (926) (44) 928 939 599 191 2,657 303 201 131 192 224 748 (147) 2,326 $ 3,722 $ 1,803 2,564 $ 10,415 $ 3,379 (308) (312) (321) (318) (1,259) (308) Special Items (excl. tax) (5,866) (2,619) (2,607) (1,080) (12,172) (912) Taxes 729 (153) 195 93 864 (496) Less: Non-Controlling Interests (9) (29) (103) (30) (171) (94) Net Income (Loss) Attributable to Ford $ (3,110) $ 667 $ (827) $ 1,289 $ (1,981) $ 1,757 Company Adjusted Free Cash Flow ($B) (0.6) 3.6 Revenue ($B) Company Adjusted EBIT Margin (%) Net Income (Loss) Margin (%) Adjusted ROIC (Trailing Four Quarters) (%) Adjusted EPS EPS (GAAP) 34.5 40.2 3.6 39.4 2.4 9.1 EA 44.0 158.1 0.7 41.5 6.7 % 9.3 % 4.6 % 5.8 % 6.6 % 8.1 % (9.0) 1.7 (2.1) 2.9 (1.3) 4.2 7.8 11.6 10.7 11.2 11.2 13.5 EA 0.38 (0.78) EA 0.68 EA 0.30 0.51 SA 1.88 0.63 0.16 (0.21) 0.32 (0.49) 0.44 Ford 30#31Company Net Income/ (Loss) Reconciliation To Adjusted EBIT ($M) First Quarter 2022 2023 Net income/(loss) attributable to Ford (GAAP) (3,110) 1,757 Income (Loss) attributable to non-controlling interests (9) (94) Net income/(loss) $ (3,119) $ 1,663 Less: (Provision for) / Benefit from income taxes 729 (496) Income (Loss) before income taxes $ (3,848) $ 2,159 Less: Special items pre-tax (5,866) (912) Income (Loss) before special items pre-tax $ 2,018 3,071 Less: Interest on debt (308) (308) Adjusted EBIT (Non-GAAP) $ 2,326 $ 3,379 Memo: Revenue ($B) Net income (loss) margin (GAAP) (%) Adjusted EBIT margin (Non-GAAP) (%) SA 34.5 41.5 (9.0) % 4.2 % 6.7 % 8.1 % 31 Ford#32Company Net Cash Provided By / (Used In) Operating Activities Reconciliation To Company Adj. FCF ($M) Q4 2021 Q1 2022 Q2 2022 Net cash provided by / (Used in) operating activities (GAAP) $ 3,531 $ (1,084) $ 2,947 Q3 2022 $ 3,812 Q4 2022 $ 1,178 Q1 2023 $ 2,800 Less: Items Not Included in Company Adjusted Free Cash Flows Ford Credit operating cash flows 998 (419) (1,340) (439) (3,218) 626 Funded pension contributions (171) (174) (154) (130) (109) (125) Restructuring (including separations)* (310) (176) (137) (179) (343) (81) Ford Credit tax payments / (refunds) under tax sharing agreement 11 22 125 (5) Other, net (146) (20) 20 20 (150) 92 (140) Add: Items Included in Company Adjusted Free Cash Flows Company excluding Ford Credit capital spending (1,759) (1,349) (1,503) (1,613) (2,046) (1,760) Ford Credit distributions Settlement of derivatives 1,000 (55) 1,000 64 600 500 (36) 26 (144) (72) Company adjusted free cash flow (Non-GAAP) $ 2,335 $ (580) $ 3,619 $ 3,601 $ 2,441 693 * Restructuring excludes cash flows reported in investing activities Ford 32#33Company Ford Earnings / (Loss) Per Share Reconciliation To Adjusted Earnings / (Loss) Per Share Diluted After-Tax Results ($M) Diluted after-tax results (GAAP) Less: Impact of pre-tax and tax special items Adjusted net income - diluted (Non-GAAP) 2022 First Quarter 2023 (3,110) 1,757 (4,674) (768) 1,564 $ 2,525 4,008 3,990 56 39 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 4,064 Earnings (Loss) per share - diluted (GAAP)* Less: Net impact of adjustments Adjusted earnings per share - diluted (Non-GAAP) (0.78) EA (1.16) EA $ 0.38 $ SA 4,029 $ 0.44 (0.19) 0.63 For Q1 2022, there were 56M shares excluded from the calculation of diluted earnings/(loss) per share, due to their anti-dilutive effect 33#34Company Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate Q1 2023 Full Year 2022 Pre-Tax Results ($M) Income (Loss) before income taxes (GAAP) $ 2,159 $ (3,016) Less: Impact of special items (912) (12,172) Adjusted earnings before taxes (Non-GAAP) $ 3,071 $ 9,156 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) $ (496) $ SA 864 144 2,573 (640) $ (1,709) 23.0 % 20.8 % 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 34#35Company Adjusted ROIC ($B) Adjusted Net Operating Profit / (Loss) After Cash Tax Net income/(loss) attributable to Ford Add: Non-controlling interest Less: Income tax Add: Cash tax Less: Interest on debt Less: Total pension / OPEB income / (cost) Add: Pension / OPEB service costs Net operating profit / (loss) after cash tax Less: Special items (excl. pension / OPEB) pre-tax Adj. net operating profit / (loss) after cash tax Invested Capital Equity Debt (excl. Ford Credit) Net pension and OPEB liability Invested capital (end of period) Average invested capital ROIC (a) Adjusted ROIC (Non-GAAP) (b) Four Quarters Four Quarters Ending Q1 2022 Ending Q1 2023 $ 11.6 2.9 (0.0) (0.3) 1.5 (0.4) (0.6) (0.9) (1.6) (1.3) 4.8 (0.1) (1.1) (0.9) EA $ 5.2 $ 2.6 (0.4) (6.6) $ 5.6 $ 9.2 Ford EA $ 45.1 SA 42.2 20.1 19.7 5.8 4.6 $ 70.9 $ 72.7 SASA $ 66.5 b. $ 68.2 7.2 % 3.8 % 7.8 % 13.5 % a. Calculated as the sum of net operating profit / (loss) after cash tax from the last four quarters, divided by the average invested capital over the last four quarters Calculated as the sum of adjusted net operating profit/(loss) after cash tax from the last four quarters, divided by the average invested capital over the last four quarters 35#36Ford Credit EBT By Segment* ($M) Results** 2023 Q1 H/(L) 2022 United States and Canada segment $ 273 $ (493) Europe segment 78 2 All Other segment 22 186 Total segments SA $ 373 $ SA (305) Unallocated other (70) (146) Earnings before taxes $ 303 $ (451) Provision for (Benefit from) income taxes 63 (22) Net income $ 240 $ EA (429) Distributions $ EA $ (1,000) * See Appendix for definitions ** Beginning in Q3 2022, there were changes in the allocation of interest and governance expenses among the operating segments. Prior periods have been adjusted retrospectively to reflect these changes Ford 36#37Ford Credit Financing Share And Contract Placement Volume Share of Ford Sales* United States Canada U.K. Germany China Wholesale Share 2022 Q1 2023 45 % 48 % 60 76 34 33 33 31 44 43 United States U.K. 100 Germany China 2820 73 % 71 % 100 92 87 65 70 Contract Placement Volume - New and Used (000) United States 162 187 Canada 20 27 U.K. 22 23 Germany China 14 14 30 22 * United States and Canada exclude Fleet sales, other markets include Fleet Ford 37#38Company Non-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 a 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#39Company Non-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#40Company Definitions 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 • 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 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 - 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#41Ford Credit Definitions And Calculations ABS capacity in excess of eligible receivables and other adjustments (as shown in the Liquidity Sources table) Includes asset-backed capacity in excess of eligible receivables; cash related to the Ford Credit Revolving Extended Variable-utilization program ("FordREV"), which can be accessed through future sales of receivables Assets (as shown on the Cumulative Maturities chart) Includes gross finance receivables less the allowance for credit losses, investment in operating leases net of accumulated depreciation, cash and cash equivalents, and marketable securities (excluding amounts related to insurance activities). Amounts shown include the impact of expected prepayments Cash (as shown in the Funding Structure and Liquidity Sources tables) Cash and cash equivalents and Marketable securities reported on Ford Credit's balance sheet, excluding amounts related to insurance activities Debt (as shown on the Cumulative Maturities chart) All wholesale securitization transactions are shown maturing in the next 12 months, even if the maturities extend beyond Q1 2023. Also, the chart reflects adjustments to debt maturities to match the asset-backed debt maturities with the underlying asset maturities Debt (as used in the Leverage calculation) Debt on Ford Credit's balance sheet. Includes debt issued in securitizations and payable only out of collections on the underlying securitized assets and related enhancements. Ford Credit holds the right to receive the excess cash flows not needed to pay the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions Committed Asset-Backed Security ("ABS") Facilities (as shown in the Liquidity Sources table) Committed ABS facilities are subject to availability of sufficient assets, ability to obtain derivatives to manage interest rate risk, and exclude FCE Bank plc ("FCE") access to the Bank of England's Discount Window Facility Earnings Before Taxes ("EBT") Reflects Income before income taxes as reported on Ford Credit's income statement Leverage, Financial Statement Leverage (as shown in the Funding Structure table) We use leverage, or the debt-to-equity ratio, to make various business decisions, including evaluating and establishing pricing for finance receivable and operating lease financing, and assessing our capital structure. We refer to our shareholder's interest as equity Loss-To-Receivables ("LTR") Ratio (as shown in credit loss tables) LTR ratio is calculated using net charge-offs divided by average finance receivables, excluding unearned interest supplements and the allowance for credit losses Secret Ford 41#42Ford Credit Definitions And Calculations Net Charge-Offs Net charge-off changes are primarily driven by the number of repossessions, severity per repossession, and recoveries Reserve as a % of EOP Receivables Ratio (as shown in the credit loss tables) The reserve as a % of EOP receivables ratio is calculated as the credit loss reserve amount, divided by EOP finance receivables, excluding unearned interest supplements and the allowance for credit losses Securitization & restricted cash (as shown in the Liquidity Sources table) Securitization cash is cash held for the benefit of the securitization investors (for example, a reserve fund). Restricted cash is primarily held to meet certain local government and regulatory reserve requirements and cash held under the terms of certain contractual agreements Securitizations (as shown in the Public Term Funding Plan table) Public securitization transactions, Rule 144A offerings sponsored by Ford Credit, and widely distributed offerings by Ford Credit Canada Term Asset-Backed Securities (as shown in the Funding Structure table) Obligations issued in securitization transactions that are payable only out of collections on the underlying securitized assets and related enhancements Total Net Receivables (as shown in the Funding Structure table) Includes finance receivables (retail financing and wholesale) sold for legal purposes and net investment in operating leases included in securitization transactions that do not satisfy the requirements for accounting sale treatment. These receivables and operating leases are reported on Ford Credit's balance sheet and are available only for payment of the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions; they are not available to pay the other obligations of Ford Credit or the claims of Ford Credit's other creditors Unallocated other (as shown on the EBT By Segment chart) Items excluded in assessing segment performance because they are managed at the corporate level, including market valuation adjustments to derivatives and exchange-rate fluctuations on foreign currency-denominated transactions Secret Ford 42