Investor Presentaiton

56 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

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