What changed in this filing

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Item 1. Financial Statements

2026-04-30 compared with 2025-10-23 · 146 added, 289 removed, 529 unchanged (45% of the section changed)

3 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025 2024 2025 2024

(Dollars in millions, except per share amounts)

Net sales (Note 3)

$ 902 $ 826 $ 2,693 $ 2,631

Cost of goods sold 789 699

3 unchanged sentences

Interest expense 27 29

Gain on sale of equity investment (Note 22)

Non-operating income, net ( 8 ) ( 1 )

2 unchanged sentences

Net income $ 95 $ 62

Earnings per common share

Earnings per common share (Note 19)

Basic $ 0.50 $ 0.30

7 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025 2024 2025 2024

(Dollars in millions)

1 unchanged sentence

Foreign exchange translation adjustment ( 5 ) ( 29 )

Defined benefit pension plan adjustment, net of tax — 1 — 4

Changes in fair value of effective cash flow hedges, net of tax (Note 17)

Changes in fair value of net investment hedges, net of tax (Note 17)

5 ( 31 ) ( 158 ) ( 4 )

Total other comprehensive income (loss), net of tax 40 ( 62 )

Comprehensive income (loss) $ 90 $ ( 4 ) $ 7 $ 175

Comprehensive income $ 135 $ —

The Notes to the Consolidated Interim Financial Statements are an integral part of this statement.

1 unchanged sentence

CONSOLIDATED INTERIM BALANCE SHEETS

September 30,

2026 December 31,

5 unchanged sentences

Inventories – net (Note 8)

Other current assets 109 94

Other current assets (Note 9)

Total current assets 1,375 1,319

17 unchanged sentences

Common Stock, par value $ 0.001 ;

1,000,000,000 and 1,000,000,000 shares authorized, 242,502,188 and 240,987,329 issued and 195,105,105 and 206,387,938 outstanding as of September 30, 2025 and December 31, 2024, respectively

1,000,000,000 and 1,000,000,000 shares authorized, 245,171,744 and 242,549,685 issued and 187,742,822 and 190,556,297 outstanding as of March 31, 2026 and December 31, 2025, respectively

Additional paid–in capital 1,247 1,240

1 unchanged sentence

( 1,305 ) ( 1,384 )

Accumulated other comprehensive (loss) income (Note 17)

Accumulated other comprehensive loss (Note 18)

( 98 ) ( 138 )

Treasury Stock, at cost;

47,397,083 and 34,599,391 shares as of September 30, 2025 and December 31, 2024, respectively (Note 15)

57,428,922 and 51,993,388 shares as of March 31, 2026 and December 31, 2025, respectively (Note 16)

( 625 ) ( 520 )

4 unchanged sentences

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

Nine Months Ended September 30,

Three Months Ended March 31,

(Dollars in millions)

4 unchanged sentences

Amortization of deferred issuance costs 1 2

Gain on sale of equity investment — ( 27 )

Foreign exchange gain ( 66 ) ( 10 )

Foreign exchange loss (gain) 13 ( 19 )

Stock compensation expense 7 6

Pension expense

Unrealized loss on derivatives 75 39

Unrealized (gain) loss on derivatives ( 11 ) 35

Changes in assets and liabilities:

9 unchanged sentences

Proceeds from cross-currency swap contracts

Proceeds from sale of equity investment 3 46

Net cash (used for) provided by investing activities

Net cash used for investing activities

$ ( 26 ) $ ( 22 )

Cash flows from financing activities:

Proceeds from issuance of long-term debt, net of debt financing costs — 68

Bank overdrafts — 17

Payments of long-term debt ( 2 ) ( 71 )

Repurchases of Common Stock ( 87 ) ( 30 )

Excise tax on Common Stock repurchase ( 3 ) —

Dividend payments ( 16 ) ( 12 )

4 unchanged sentences

Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash ( 2 ) 2

Net increase (decrease) in cash, cash equivalents and restricted cash

Net (decrease) increase in cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash at beginning of the period 179 126

3 unchanged sentences

Interest paid 10 7

Supplemental disclosure of non-cash investing activities:

Expenditures for property, plant and equipment in accounts payable 38 28

The Notes to the Consolidated Interim Financial Statements are an integral part of this statement

4 unchanged sentences

Deficit Accumulated Other

Comprehensive Income / (Loss) Total

Comprehensive (Loss) / Income Total

Amount Shares Amount

4 unchanged sentences

Share repurchases — — 4 ( 87 ) — — — ( 87 )

Shares issued under stock plan, net of shares withheld for employee taxes 1 — — ( 3 ) — — — ( 3 )

Other comprehensive loss, net of tax — — — — — — ( 62 ) ( 62 )

Stock-based compensation — — — — 6 — — 6

Balance at March 31, 2025

242 $ — 38 $ ( 339 ) $ 1,219 $ ( 1,591 ) $ 11 $ ( 700 )

Net income — — — — — 87 — 87

Share repurchases — — 3 ( 22 ) — — — ( 22 )

Shares issued under stock plan, net of shares withheld for employee taxes — — — ( 1 ) — — — ( 1 )

Other comprehensive loss, net of tax — — — — — — ( 170 ) ( 170 )

Dividends — — — — — ( 13 ) — ( 13 )

Stock-based compensation — — — — 7 — — 7

Balance at June 30, 2025

242 $ — 41 $ ( 362 ) $ 1,226 $ ( 1,517 ) $ ( 159 ) $ ( 812 )

Net income — — — — — 77 — 77

Share repurchases — — 6 ( 84 ) — — — ( 84 )

Excise tax on share repurchases — — — ( 1 ) — — — ( 1 )

Shares issued under stock plan, net of shares withheld for employee taxes 2 — 1 ( 17 ) — — — ( 17 )

Other comprehensive income, net of tax — — — — — — 40 40

1 unchanged sentence

Stock-based compensation — — — — 7 — — 7

Balance at September 30, 2025

Balance at March 31, 2026

245 $ — 57 $ ( 625 ) $ 1,247 $ ( 1,305 ) $ ( 98 ) $ ( 781 )

2 unchanged sentences

Deficit Accumulated Other

Comprehensive (Loss) / Income Total

Comprehensive Income / (Loss) Total

Amount Shares Amount

6 unchanged sentences

Shares issued under stock plan, net of shares withheld for employee taxes 1 — — ( 3 ) — — — ( 3 )

Other comprehensive income, net of tax — — — — — — 41 41

Stock-based compensation — — — — 8 — — 8

Balance at March 31, 2024

240 $ — 13 $ ( 115 ) $ 1,198 $ ( 1,856 ) $ 38 $ ( 735 )

Net income — — — — — 64 — 64

Share repurchases — — 7 ( 65 ) — — — ( 65 )

Excise tax on share repurchases — — — ( 1 ) — — — ( 1 )

Shares issued under stock plan, net of shares withheld for employee taxes 1 — — ( 1 ) — — — ( 1 )

Other comprehensive income, net of tax — — — — — — 8 8

Stock-based compensation — — — — 5 — — 5

Balance at June 30, 2024

241 $ — 20 $ ( 182 ) $ 1,203 $ ( 1,792 ) $ 46 $ ( 725 )

Net income — — — — — 52 — 52

Repurchases of Common Stock — — 6 ( 52 ) — — — ( 52 )

Excise tax on share repurchases — — — — — — — —

Shares issued under stock plan, net of shares withheld for employee taxes — — — ( 1 ) — — — ( 1 )

Other comprehensive loss, net of tax — — — — — — ( 62 ) ( 62 )

Stock-based compensation — — — — 6 — — 6

Balance at September 30, 2024

Balance at March 31, 2025

242 $ — 38 $ ( 339 ) $ 1,219 $ ( 1,591 ) $ 11 $ ( 700 )

7 unchanged sentences

(the “Company” or “Garrett”) is a cutting-edge technology leader delivering differentiated solutions for emission reduction and energy efficiency.

We design, manufacture, and sell highly engineered turbocharging, air and fluid compression, and high-speed electric motor technologies to original equipment manufacturers (“OEMs”) and distributors within the mobility and industrial space.

We have significant expertise in delivering products at scale for internal combustion engines using gasoline, diesel, natural gas, and hydrogen, as well as for zero-emission technologies using hydrogen fuel cell systems, both for mobility and industrial use.

As our customers continue to progress on electrification, we are applying our technological pillars to develop highly engineered E-Powertrain and E-Cooling compressor products to support their ambition.

These products are key enablers for fuel economy, energy efficiency, thermal management, and compliance with emissions standards and overall greenhouse gas and other emission reduction targets.

We design, manufacture, and sell highly engineered turbocharging, air and fluid compression, and high-speed electric motor technologies to original equipment manufacturers (“OEMs”) and independent aftermarket distributors in the mobility and industrial fields.

We have significant expertise in delivering highly engineered products at scale for internal combustion engines using gasoline, diesel, natural gas, and hydrogen, as well as for zero-emission vehicles.

Our products are key enablers for fuel economy, energy efficiency, thermal management, and compliance with greenhouse gas and other emission-reduction targets.

Basis of Presentation

2 unchanged sentences

The unaudited Consolidated Interim Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and accompanying notes for the year ended December 31, 2025 included in our Annual Report on Form 10-K, as filed with the SEC on February 19, 2026 (our “2025 Form 10-K”).

The results of operations for the three and nine months ended September 30, 2025 and cash flows for the nine months ended September 30, 2025 should not necessarily be taken as indicative of the entire year.

The results of operations and cash flows for the three months ended March 31, 2026 should not necessarily be taken as indicative of the entire year.

All amounts presented are in millions, except per share amounts.

7 unchanged sentences

The accounting policies of the Company are set forth in Note 2 to the Consolidated Financial Statements for the year ended December 31, 2025 included in our 2025 Form 10-K.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures .

The amendments in this update increase the transparency around income tax information through improvements to disclosures primarily related to the rate reconciliation and income taxes paid information.

The Company adopted the new guidance prospectively as of January 1, 2025.

Accounting Standards Issued But Not Yet Adopted

In March 2024, the SEC adopted a final rule under SEC Release No.

33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors , to enhance and standardize climate-related disclosures.

The rule will require companies to disclose material Scope 1 and Scope 2 greenhouse gas emissions;

climate-related risks, governance, and oversight;

and the financial effects of severe weather events and other natural conditions.

These disclosures are required to be phased in starting with annual reporting periods beginning in 2025;

however, this rule has been stayed pending the outcome of legal challenges, and on March 27, 2025, the SEC withdrew its legal defense of the rule.

The Company is currently evaluating the guidance to determine the impact of adoption on its disclosures in the event that the stay is lifted.

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40):

1 unchanged sentence

The amendments in this update require disclosure of specified information about certain costs and expenses.

The guidance is effective for fiscal years beginning after December 15, 2026 on a prospective basis.

Early adoption is permitted.

In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

Clarifying the Effective Date .

The guidance, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026 on a prospective basis, with early adoption permitted.

The Company is currently evaluating the guidance to determine the impact on its disclosures.

1 unchanged sentence

Targeted Improvements to the Accounting for Internal-Use Software.

The amendments revise the capitalization criteria for internal-use software costs and eliminate stage-based development guidance.

The amendments revise the capitalization

criteria for internal-use software costs and eliminate stage-based development guidance.

The update is effective for fiscal years beginning after December 15, 2027, with early adoption permitted.

The Company is currently evaluating the guidance to determine the impact on its accounting policies and disclosures.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832):

Accounting for Government Grants Received by Business Entities .

The amendments in this update establish the accounting for a government grant received by a business entity.

The guidance is effective for fiscal years beginning after December 15, 2029, with early adoption permitted.

The Company is currently evaluating the guidance to determine the impact on its accounting policies and disclosures.

There are no other recently issued, but not yet adopted, accounting pronouncements that are expected to have a material impact on the Company's Consolidated Interim Financial Statements and related disclosures.

6 unchanged sentences

Contract assets—January 1 $ 48 $ 40

Contract assets—September 30

Contract assets—March 31

Change in contract assets—Increase/(Decrease) $ 24 $ 12

Contract liabilities—January 1 $ ( 10 ) $ ( 8 )

Contract liabilities—September 30

Contract liabilities—March 31

( 15 ) ( 12 )

Change in contract liabilities—Decrease/(Increase) $ ( 5 ) $ ( 4 )

Research, Development and Engineering

Garrett conducts research, development, and engineering (“RD&E”) activities, which consist primarily of the

development of new products and product applications.

RD&E costs are charged to expense as incurred unless the Company has a contractual guarantee for reimbursement from the customer.

Garrett conducts research, development, and engineering (“RD&E”) activities, which consist primarily of the development of new products and product applications.

RD&E costs are included in Cost of goods sold.

Customer reimbursements are netted against gross RD&E expenditures as they are considered a recovery of cost.

Such costs are included in Cost of goods sold as follows:

RD&E costs are charged to expense as incurred unless the Company has a contractual guarantee of reimbursement from the customer, in which case the related costs are capitalized.

Total RD&E expenses, net of customer reimbursements, amounted to the following:

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025 2024 2025 2024

(Dollars in millions)

Research and development costs $ 46 $ 49 $ 136 $ 138

Engineering-related expenses, net (1)

( 13 ) ( 6 ) ( 18 ) ( 10 )

$ 33 $ 43 $ 118 $ 128

(1) Engineering-related expenses are net of customer reimbursements and costs capitalized from contractual guarantees of reimbursement of $ 23 million and $ 17 million for the three months ended September 30, 2025 and 2024, respectively, and $ 48 million and $ 41 million for the nine months ended September 30, 2025 and 2024, respectively.

Certain engineering expenses related to long-term supply arrangements are capitalized when defined criteria, such as the existence of a contractual guarantee for reimbursement, are met.

As of September 30, 2025 and December 31, 2024 , $ 49 million and $ 29 million , respectively, of such contractually reimbursable costs were capitalized.

Research, development and engineering costs $ 37 $ 40

As of March 31, 2026 and December 31, 2025, $ 53 million and $ 52 million , respectively, of contractually reimbursable costs were capitalized.

These amounts are recorded within Other current assets and Other assets in the Consolidated Interim Balance Sheet.

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025 2024 2025 2024

(Dollars in millions)

1 unchanged sentence

Effective tax rate 19.5 % 27.1 %

The effective tax rates for the three months ended September 30, 2025 and 2024 were 24.5 % and 31.6 %, respectively.

The effective tax rates for the nine months ended September 30, 2025 and 2024 were 21.8 % and 25.4 %, respectively.

The change in the effective tax rate for the three months ended September 30, 2025 compared to the prior period is primarily related to a decrease in U.S.

taxes on international operations and the global mix of earnings.

The change in the effective tax rate for the nine months ended September 30, 2025 compared to the prior period is primarily related to a one-time benefit attributable to the revaluation of deferred tax assets in China.

The effective tax rate for the three months ended September 30, 2025 was higher than the U.S.

federal statutory rate of 21% primarily because of U.S.

taxes on international operations partially offset by lower taxes on non-U.S.

earnings and global research and development benefits.

The effective tax rate for the nine months ended September 30, 2025 was higher than the U.S.

federal statutory rate of 21% primarily because of U.S.

taxes on international operations.

This increase was partially offset by a one-time benefit attributable to the revaluation of deferred tax assets in China as well as lower taxes on non-U.S.

earnings and global research and development benefits.

The effective tax rates for the three months ended March 31, 2026 and 2025 were 19.5 % and 27.1 %, respectively.

The change in the effective tax rate for the three months ended March 31, 2026 compared to the prior period is primarily related to a decrease in U.S.

taxes on international operations, the global mix of earnings, and deductions related to employee share-based payments.

The effective tax rate for the three months ended March 31, 2026 was lower than the U.S.

federal statutory rate of 21% primarily because of the global mix of earnings, benefits related to research and development expenses, and deductions related to employee share-based compensation.

Accounts, Notes and Other Receivables—Net

September 30,

2026 December 31,

4 unchanged sentences

Less—Allowance for expected credit losses

Trade receivables include $ 48 million and $ 40 million of unbilled customer contract asset balances as of September 30, 2025 and December 31, 2024, respectively.

Trade receivables include $ 72 million and $ 48 million of unbilled customer contract asset balances as of March 31, 2026 and December 31, 2025, respectively.

These amounts are billed in accordance with the terms of customer contracts to which they relate.

2 unchanged sentences

See Note 7, Factoring and Notes Receivable .

Other receivables includes VAT receivables of $ 46 million and $ 50 million as of September 30, 2025 and December 31, 2024, respectively.

Other receivables includes VAT receivables of $ 42 million and $ 47 million as of March 31, 2026 and December 31, 2025, respectively.

Factoring and Notes Receivable

4 unchanged sentences

Bank notes sold to third-party financial institutions without recourse are likewise accounted for as true sales.

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(Dollars in millions)

1 unchanged sentence

Guaranteed bank notes sold without recourse 16 16

The expenses related to the sale of trade receivables and guaranteed bank notes are recognized within Other expense, net in the Consolidated Interim Statements of Operations, and were $ — million and $ 1 million for the three months ended September 30, 2025 and 2024, respectively, and $ 2 million and $ 3 million for the nine months ended September 30, 2025 and 2024 , respectively.

September 30,

The expenses related to the sale of trade receivables and guaranteed bank notes are recognized within Other expense, net in the Consolidated Interim Statements of Operations, and were $ 1 million and $ 1 million for the three months ended March 31, 2026 and 2025, respectively .

2026 December 31,

2 unchanged sentences

Guaranteed bank notes sold but not yet collected by the bank from the customer — —

As of September 30, 2025 and December 31, 2024, the Company had no guaranteed bank notes pledged as collateral .

As of March 31, 2026 and December 31, 2025, the Company had no guaranteed bank notes pledged as collateral .

Inventories—Net

September 30,

2026 December 31,

4 unchanged sentences

Less—Reserves ( 44 ) ( 42 )

September 30,

Other Current Assets

2026 December 31,

(Dollars in millions)

Prepaid expenses $ 25 $ 18

Taxes receivable 24 31

Advanced discounts to customers, current 13 13

Customer reimbursable engineering 24 18

Foreign exchange forward contracts 21 16

2026 December 31,

(Dollars in millions)

Advanced discounts to customers, non-current $ 29 $ 31

3 unchanged sentences

Customer reimbursable engineering costs 29 34

Derivatives designated as net investment hedges (Note 16)

Designated and undesignated derivatives (Note 17)

4 unchanged sentences

The supplier financing obligations and guaranteed bank notes outstanding are recorded within Accounts payable in our Consolidated Interim Balance Sheet.

September 30,

2026 December 31,

3 unchanged sentences

Accrued Liabilities

September 30,

2026 December 31,

9 unchanged sentences

Accrued freight 11 9

Dividends payable — 12

Designated and undesignated derivatives (Note 17)

1 unchanged sentence

Other (primarily operating expenses)

(1) Customer advances and deferred inco me inc lude $ 6 million and $ 8 million of contract liabilities as of September 30, 2025 and December 31, 2024, respectively.

(1) Customer advances and deferred inco me inc lude $ 15 million and $ 10 million of contract liabilities as of March 31, 2026 and December 31, 2025, respectively.

See Note 3, Revenue Recognition and Contracts with Customers .

5 unchanged sentences

Balance at December 31, 2025

$ 12 $ — $ 12

Charges 12 — 12

Usage—cash ( 9 ) — ( 9 )

Balance at September 30, 2025

$ 10 $ — $ 10

Balance at March 31, 2026

Severance Costs Other Costs

1 unchanged sentence

Balance at December 31, 2024

$ 12 $ — $ 12

Charges 7 — 7

Usage—cash ( 3 ) — ( 3 )

Balance at September 30, 2024

Balance at March 31, 2025

$ 16 $ — $ 16

Other Liabilities

September 30,

2026 December 31,

1 unchanged sentence

Income taxes $ 94 $ 90

Derivatives designated as net investment hedges (Note 17)

Designated and undesignated derivatives (Note 17)

1 unchanged sentence

Long-term lease liability (Note 14)

Advanced discounts from suppliers 2 2

Product warranties and performance guarantees – long-term (Note 20)

2 unchanged sentences

Asset retirement obligation 8 8

(1) Certain prior period amounts have been reclassified to conform to current period presentation.

This reclassification had no effect on previously reported total Other liabilities.

We have operating leases that primarily consist of real estate, machinery, and equipment.

As of September 30, 2025, the Company does not have any material finance leases.

As of March 31, 2026, the Company does not have any material finance leases.

Our leases have remaining lease terms of up to 12 years, some of which include options to extend the leases for up to two years , and some of which include options to terminate the leases within the year.

1 unchanged sentence

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025 2024 2025 2024

(Dollars in millions)

4 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025 2024 2025 2024

(Dollars in millions)

1 unchanged sentence

Operating cash outflows from operating leases

$ 4 $ 4 $ 12 $ 10

Right-of-use assets obtained in exchange for lease obligations:

1 unchanged sentence

Supplemental balance sheet information related to operating leases is as follows:

September 30,

2026 December 31,

3 unchanged sentences

Other liabilities 39 38

September 30,

2026 December 31, 2025

1 unchanged sentence

Weighted-average discount rate 6.03 % 6.25 %

Maturities of operating lease liabilities as of September 30, 2025 were as follows:

Maturities of operating lease liabilities as of March 31, 2026 were as follows:

(Dollars in millions)

5 unchanged sentences

and Garrett LX I S.à.r.l.

(the "Issuers"), wholly owned subsidiaries of the Company, completed an offering of $ 800 million in aggregate principal amount of 7.75 % Senior Unsecured Notes due 2032 (the "2032 Senior Notes").

(the "Issuers"), wholly owned subsidiaries of the Company, completed an offering of $ 800 million in aggregate principal amount of 7.75 % Senior Unsecured Notes due

2032 (the "2032 Senior Notes").

The 2032 Senior Notes mature on May 31, 2032.

The Company incurred $ 12 million of debt issuance costs, which have been capitalized and will be amortized on a straight-line basis.

The Company incurred $ 12 million of debt issuance costs, which have been capitalized and are being amortized on a straight-line basis.

The 2032 Senior Notes are guaranteed by the Company and each of the Company's wholly owned subsidiaries that guarantee obligations under the Credit Agreement (as defined below), subject to certain exceptions.

7 unchanged sentences

Credit Facilities

On January 30, 2025, the Company entered into that certain Restatement Agreement (the "Restatement Agreement"), which amends and restates that certain Credit Agreement, dated as of April 30, 2021 (as amended from time to time, the "Existing Credit Agreement" and as amended and restated by the Restatement Agreement, the "Credit Agreement"), by and among the Company, Garrett Motion Holdings Inc., Garrett Motion S àrl and Garrett LX I S.à.r.l., as borrowers (the "Borrowers"), the lenders and issuing banks part thereto from time to time, and JPMorgan Chase Bank, N.A., as administrative agent.

On January 30, 2025, the Company entered into a Restatement Agreement (the "Restatement Agreement"), which amends and restates the Credit Agreement, dated as of April 30, 2021 (as amended from time to time, the "Existing Credit Agreement" and as amended and restated by the Restatement Agreement, the "Credit Agreement"), by and among the Company, Garrett Motion Holdings Inc., Garrett Motion S àrl and Garrett LX I S.à.r.l., as borrowers (the "Borrowers"), the lenders and issuing banks part thereto from time to time, and JPMorgan Chase Bank, N.A., as administrative agent.

Under the Restatement Agreement, the Company refinanced in full its $ 692 million U.S.

Dollar term loan facility (the "2021 Dollar Term Facility") under the Existing Credit Agreement with a new $ 692 million term loan (the "2025 Dollar Term Facility") in an aggregate principal amount of $ 692 million.

The 2025 Dollar Term Facility will mature on January 30, 2032, and initially bore interest at a rate equal to, at the Company's option, the Adjusted Term SOFR Rate (as defined in the Restatement Agreement) plus 2.25 % per annum in the case of Term Benchmark Loans (as defined in the Restatement Agreement) and the Alternate Base Rate (as defined in the Restatement Agreement) plus 1.25 % per annum in the case of ABR Loans (as defined in the Restatement Agreement).

On August 6, 2025, the Company entered into Amendment No.

1 (the "First Amendment") to the Restatement Agreement, which reduced the Applicable Rate (as defined

in the Restatement Agreement) to the Adjusted Term SOFR Rate plus 2.00 % per annum in the case of Term Benchmark Loans and the Alternate Base Rate plus 1.00 % per annum in the case of ABR Loans.

The 2025 Dollar Term Facility will mature on January 30, 2032, and bear interest at a rate equal to, at the Company's option, the Adjusted Term SOFR Rate (as defined in the Restatement Agreement) plus 2.00 % per annum in the case of Term Benchmark Loans (as defined in the Restatement Agreement) and the Alternate Base Rate (as defined in the Restatement Agreement) plus 1.00 % per annum in the case of ABR Loans (as defined in the Restatement Agreement).

Also on January 30, 2025, pursuant to the Restatement Agreement, the Company replaced its existing $ 600 million revolving commitments under the Existing Credit Agreement with new revolving commitments under the Credit Agreement in an aggregate principal amount of $ 630 million (the "New Revolving Facility" and, together with the New Term Loans, the "Credit Facilities").

8 unchanged sentences

(1) a perfected security interest in the equity interests of each direct material subsidiary of each guarantor under the Credit Facilities and (ii) perfected security interests in, and mortgages on, substantially all tangible and intangible personal property and material real property of each of the guarantors under the Credit Facilities, subject, in each case, to certain exceptions and limitations, including the agreed guaranty and security principles.

As of September 30, 2025, the Company was in compliance with all covenants under the 2032 Senior Notes indenture and Credit Agreement.

The principal outstanding and carrying amounts of our long-term debt as of September 30, 2025 and December 31, 2024 are as follows:

Due Interest Rate September 30,

As of March 31, 2026, the Company was in compliance with all covenants under the 2032 Senior Notes indenture and Credit Agreement.

The principal outstanding and carrying amounts of our long-term debt as of March 31, 2026 and December 31, 2025 are as follows:

Due Interest Rate March 31,

2026 December 31,

2025 Dollar Term Facility 1/30/2032 SOFR plus 200 bps

2032 Senior Notes 5/31/2032 7.75 % 800 800

3 unchanged sentences

Total long-term debt $ 1,410 $ 1,411

Separate from the New Revolving Facility, the Company has a bilateral letter of credit facility with outstanding letters of credit in the amount of $ 9 million and $ 8 million at September 30, 2025 and December 31, 2024, respectively.

Separate from the New Revolving Facility, the Company has a bilateral letter of credit facility with outstanding letters of credit in the amount of $ 10 million and $ 10 million at March 31, 2026 and December 31, 2025, respectively.

The letters of credit typically support customs arrangements and other obligations at our local affiliates.

Minimum scheduled principal repayments of long-term debt as of September 30, 2025 are as follow:

September 30,

Minimum scheduled principal repayments of long-term debt as of March 31, 2026 are as follow:

(Dollars in millions)

1 unchanged sentence

Total debt payments $ 1,437

On December 5, 2024, the Board of Directors declared a cash dividend of $ 0.06 per share of Common Stock, payable on January 31, 2025, to shareholders of record as of January 15, 2025.

The total amount of dividends paid on January 31, 2025 amounted to $ 12 million.

On May 1, 2025, the Board of Directors declared a cash dividend of $ 0.06 per share of Common Stock, payable on June 16, 2025, to shareholders of record as of June 2, 2025.

The total amount of dividends paid on June 16, 2025 amounted to $ 13 million.

On July 24, 2025, the Board of Directors declared a cash dividend of $ 0.06 per share of Common Stock, payable on September 16, 2025, to shareholders of record as of September 2, 2025.

The total amount of dividends paid on September 16, 2025 amounted to $ 11 million.

Cash dividends paid to shareholders of our Common Stock for the three months ended March 31, 2026 and 2025 were as follows (in millions, except per share amounts):

Quarterly Dividends

Per Share Total Per Share Total

First quarter $ 0.08 $ 16 $ 0.06 $ 12

Treasury Stock

2 unchanged sentences

The Company accounts for the reissuance of treasury stock using the average cost method.

The Company did not reissue or retire any shares of treasury stock during the three and nine months ended September 30, 2025.

The Company did not reissue or retire any shares of treasury stock during the three months ended March 31, 2026.

Share Repurchase Program

On December 4, 2024, the Board of Directors authorized a $ 250 million share repurchase program valid January 1, 2025 until December 31, 2025.

On December 3, 2025, the Board of Directors authorized a $ 250 million share repurchase program valid from January 1, 2026 until December 31, 2026.

The Company may repurchase shares from time to time under the program through various methods, including in open market transactions, block trades, privately negotiated transactions, and otherwise.

1 unchanged sentence

The Company is not obligated to purchase any shares under the repurchase program, and the program may be suspended, modified, or discontinued at any time without prior notice.

During the nine months ended September 30, 2025, the Company repurchased $ 136 million of Common Stock, and had $ 114 million remaining under the share repurchase program as of that date.

These repurchases include a total of 5 million shares repurchased from funds affiliated with Oaktree Capital Management, L.P., a related party, for approximately $ 62 million.

During the three months ended March 31, 2026, the Company repurchased $ 87 million of Common Stock, and had $ 163 million remaining under the share repurchase program as of that date.

These repurchases include a total of 2,500,000 shares repurchased from funds affiliated with Oaktree Capital Management, L.P., a related party, for $ 50 million.

The repurchased shares are held as treasury stock.

1 unchanged sentence

Our credit, market, and foreign currency risk management policies are described in Note 17, Financial Instruments and Fair Value Measures , to the Consolidated Financial Statements for the year ended December 31, 2025 included in our 2025 Form 10-K.

As of September 30, 2025 and December 31, 2024, we had contracts with aggregate gross notional amounts of $ 889 million and $ 928 million, respectively, to hedge foreign currencies, principally the U.S.

As of March 31, 2026 and December 31, 2025, we had contracts with aggregate gross notional amounts of $ 2,172 million and $ 1,374 million, respectively, to hedge foreign currencies, principally the U.S.

Dollar, Swiss Franc, British Pound, Euro, Chinese Yuan, Japanese Yen, Mexican Peso, New Romanian Leu, Czech Koruna, Australian Dollar, and Korean Won.

2 unchanged sentences

Financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2025 and December 31, 2024:

The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2026 and December 31, 2025:

Notional Amounts Assets Liabilities

September 30,

2026 December 31, 2025

September 30,

2026 December 31, 2025

September 30,

2026 December 31, 2025

5 unchanged sentences

Undesignated instruments:

Undesignated interest rate swaps — 470 — 9 (b) — 3 (d)

Undesignated forward currency exchange contracts 937 737 1 2 (a) 4 3 (c)

1 unchanged sentence

Total designated and undesignated instruments $ 4,572 $ 3,774 $ 25 $ 17 $ 140 $ 196

(a) Recorded within Other current assets

(a) Recorded within Other current assets and Other assets

(b) Recorded within Other assets

(d) Recorded within Other liabilities

Cash Flow Hedges

During 2023, the Company entered into float-to-fixed interest rate swap contracts with an aggregate notional amount of $ 200 million and maturities in July 2024 and October 2024.

The Company also entered into a float-to-fixed cross-currency swap contract comprised of an amortizing swap with an aggregate notional amount of € 280 million ($ 300 million) and notional exchanges in June 2026, June 2027, and June 2028.

The interest rate swap and cross-currency swap contracts were early settled in the second quarter of 2024, resulting in net gains of $ 18 million recorded to Interest expense and a $ 4 million loss recorded to Non-operating expense in the Consolidated Interim Statement of Operations.

During 2025, the Company entered into float-to-fixed interest rate swap contracts with an aggregate notional amount of $ 675 million and maturities in January 2027, January 2028, January 2029, January 2030 and January 2031.

Changes in the fair value of the interest rate swap contracts are recorded in Accumulated Other Comprehensive Income ("AOCI") and will be reclassified to Interest expense in the Consolidated Interim Statement of Operations upon maturity.

The Company also has outstanding forward currency exchange contracts with maturities up to 18 months and an aggregate notional amount of $ 465 million and $ 331 million as of September 30, 2025 and December 31, 2024, respectively.

During 2025, the Company entered into float-to-fixed interest rate swap contracts with an aggregate notional amount of $ 625 million and maturities in January 2028, January 2029, January 2030 and January 2031, of which an interest rate swap contract with a notional amount of $ 50 million was early settled during 2025.

Changes in the fair value of the interest

rate swap contracts are recorded in Accumulated Other Comprehensive Income ("AOCI") and will be reclassified to Interest expense in the Consolidated Interim Statement of Operations upon maturity.

Amounts recognized related to the early settlement of the interest rate swap contract were immaterial.

The Company also has outstanding forward currency exchange contracts with maturities up to 18 months and an aggregate notional amount of $ 1,235 million and $ 637 million as of March 31, 2026 and December 31, 2025, respectively.

These forward currency exchange contracts have been designated as cash flow hedges to mitigate foreign currency exposures primarily on our inventory purchases and manufacturing costs.

1 unchanged sentence

In order to mitigate foreign currency risk on its 2032 Senior Notes, the Company entered into fixed-to-fixed cross-currency swap contracts with an aggregate notional amount of € 507 million ($ 550 million) and notional exchanges occurring in May 2027, May 2028, May 2029, and May 2030.

Changes in the fair value of the cross-currency swap contracts are recognized in AOCI and reclassified to Non-operating (income) expense in the Consolidated Interim

Statement of Operations, based upon changes in the spot rate remeasurement of the underlying debt.

Changes in the fair value of the cross-currency swap contracts are recognized in AOCI and reclassified to Non-operating (income) expense in the Consolidated Interim Statement of Operations, based upon changes in the spot rate remeasurement of the underlying debt.

The net interest settlements on the cross-currency swap contracts are recorded in Interest expense in the Consolidated Interim Statements of Operations.

1 unchanged sentence

Net Investment Hedges

The Company has designated cross-currency swaps with aggregate notional amounts of € 1,381 million ($ 1,490 million) and € 858 million ($ 965 million) as of September 30, 2025 and December 31, 2024, respectively, as net investment hedges of its Euro-denominated operations.

The Company has designated cross-currency swaps with aggregate notional amounts of € 1,157 million ($ 1,225 million) as net investment hedges of its Euro-denominated operations.

Changes in the fair value of the net investment hedges are recorded in AOCI until the net investment is liquidated or sold.

The fair values of the net investment hedges were a net liability of $ 122 million and a net asset of $ 70 million as of September 30, 2025 and December 31, 2024 , respectively.

The fair values of the net investment hedges were net liabilities of $ 87 million and $ 124 million as of March 31, 2026 and December 31, 2025 , respectively.

No ineffectiveness has been recorded on the net investment hedges.

Non-Designated Derivatives

As of December 31, 2024, the Company had outstanding float-to-fixed interest rate swap contracts with an aggregate notional amount of € 450 million ($ 470 million) and maturities of April 2025, April 2026, April 2027, and April 2028.

Changes in the fair value of the undesignated interest rate swap contracts are recorded in Interest expense in the Consolidated Interim Statements of Operations.

These interest rate swap contracts were early settled in 2025.

The Company also has outstanding forward currency exchange contracts with maturities generally up to 3 months and an aggregate notional amount of $ 424 million and $ 597 million as of September 30, 2025 and December 31, 2024 , respectively .

The Company has outstanding forward currency exchange contracts with maturities generally up to 3 months and an aggregate notional amount of $ 937 million and $ 737 million as of March 31, 2026 and December 31, 2025 , respectively .

Changes in the fair value of the forward currency exchange contracts are recorded in Non-operating (income) expense in the Consolidated Interim Statements of Operations.

The Company had float-to-fixed interest rate swap contracts that were early settled in 2025.

Changes in the fair value of the undesignated interest rate swap contracts were recorded in Interest expense in the Consolidated Interim Statements of Operations.

Effect of Derivatives on the Statements of Operations and Statements of Comprehensive Income (Loss)

The following tables present the pretax impact that changes in the fair values of derivatives designated as cash flow hedges and net investment hedges had on OCI, AOCI and earnings:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(Dollars in millions)

Cash flow hedges

Gain (loss) reclassified from AOCI to

Gain (loss) reclassified from AOCI to income:

Cost of goods sold $ ( 3 ) $ —

Interest expense — —

Non-operating income (2)

Gain (loss) recognized in other comprehensive

income (loss) 6 ( 1 ) ( 3 ) 1

Non-operating (expense) income ( 12 ) 19

Gain (loss) recognized in other comprehensive income (loss) 18 17

Net investment hedges

Gain (loss) recognized in other comprehensive

income (loss) 6 ( 35 ) ( 171 ) ( 2 )

(1) Includes a settlement loss of $ 3 million for the nine months ended September 30, 2024.

(2) Includes a settlement loss of $ 4 million for the nine months ended September 30, 2024.

Gain (loss) recognized in other comprehensive income (loss) 39 ( 44 )

During the next twelve months, $ 14 million of pretax gain on cash flow hedges is expected to be reclassified from AOCI into income.

The following table summarizes the pretax gain (loss) that changes in the fair values of derivatives not designated as hedging instruments had on earnings:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Contract Type Location (Dollars in millions)

Interest rate swaps Interest expense (1)

$ — $ ( 4 ) $ — $ 9

Forward currency exchange contracts Non-operating income 9 ( 10 )

(1) Includes interest income of $ 5 million, partially offset by marked-to-market remeasurement losses of $ 9 million, for the three months ended September 30, 2024.

Includes settlement gain of $ 21 million and interest income of $ 21 million, partially offset by marked-to-market remeasurement losses of $ 33 million, for the nine months ended September 30, 2024.

(1) Includes interest income of $ 6 million, partially offset by marked-to-market remeasurement losses of $ 6 million, for the three months ended March 31, 2025.

There were no undesignated interest rate swaps outstanding during 2026.

Fair Value Measurement

4 unchanged sentences

The following table sets forth the Company’s financial assets and liabilities that were not carried at fair value:

September 30, 2025

March 31, 2026

December 31, 2025

10 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025 2024 2025 2024

(Dollars in millions)

1 unchanged sentence

Balance at beginning of period $ ( 110 ) $ ( 27 )

Other comprehensive (loss) income before

Other comprehensive (loss) income before reclassifications ( 5 ) ( 29 )

Income tax benefit (expense) associated with comprehensive income (loss) before

reclassifications — —

Income tax benefit (expense) associated with

comprehensive income (loss) before reclassifications — — — —

Amounts reclassified from AOCI — —

2 unchanged sentences

Balance at beginning of period ( 16 ) ( 15 )

Other comprehensive income (loss) before

Other comprehensive income (loss) before reclassifications — —

Income tax benefit (expense) associated with comprehensive income (loss) before

reclassifications — —

Income tax benefit (expense) associated with

comprehensive income (loss) before reclassifications — — — —

Balance at end of period ( 16 ) ( 15 )

1 unchanged sentence

Balance at beginning of period ( 6 ) ( 10 )

Other comprehensive (loss) income before

Other comprehensive (loss) income before reclassifications 4 17

Income tax benefit (expense) associated with comprehensive income (loss) before

reclassifications ( 3 ) 2

Income tax benefit (expense) associated with

comprehensive income (loss) before reclassifications — 14 26 8

Amounts reclassified from AOCI 15 ( 19 )

3 unchanged sentences

Balance at beginning of period ( 6 ) 125

Other comprehensive (loss) income before

Other comprehensive (loss) income before reclassifications 39 ( 44 )

Income tax benefit (expense) associated with comprehensive income (loss) before

reclassifications ( 8 ) 9

Income tax benefit (expense) associated with

comprehensive income (loss) before reclassifications ( 1 ) 4 13 ( 2 )

Balance at end of period 25 90

Accumulated other comprehensive (loss) income, end of

period $ ( 146 ) $ ( 10 ) $ ( 146 ) $ ( 10 )

Accumulated other comprehensive (loss) income, end of period $ ( 98 ) $ 11

Reclassifications from AOCI to income were as follows:

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025 2024 2025 2024

(Dollars in millions)

Foreign Exchange Translation Adjustment

Reclassification adjustments recognized in income (1)

$ — $ — $ — $ ( 5 )

Amounts reclassified from AOCI — — — ( 5 )

Changes in Fair Value of Effective Cash Flow Hedges

Reclassification forward currency exchange contracts to

Cost of goods sold $ 1 $ 1 $ 1 $ ( 3 )

Reclassification forward currency exchange contracts to Cost of goods sold $ 3 $ —

Reclassification cross-currency swaps to Interest expense — —

Reclassification cross-currency swaps to Non-operating

(income) expense ( 1 ) 23 ( 65 ) 10

Reclassification cross-currency swaps to Non-operating (income) expense 12 ( 19 )

Tax effect on reclassification to income ( 2 ) 2

1 unchanged sentence

Total reclassifications for the period $ 13 $ ( 17 )

(1) Cumulative translation losses reclassified to Net income related to the sale of an equity interest in an unconsolidated joint venture.

See Note 22 for discussion.

Earnings Per Share

Basic earnings per share ("EPS") is computed using the weighted-average number of common shares outstanding during the period.

Diluted earnings per share is calculated based on the weighted-average number of common shares outstanding for the period plus the dilutive effect of common stock equivalents using the treasury stock method.

The details of the EPS calculations for the three and nine months ended September 30, 2025 and 2024 are as follows:

Basic earnings per share ("EPS") is computed using the two-class method.

The deferred stock units ("DSUs") related to our stock-based compensation plan contain non-forfeitable rights to dividends and are considered as participating securities.

The two-class method requires an allocation of earnings to all securities that participate in dividends with common shares to the extent that each such security may share in the Company's earnings.

Basic EPS is then calculated by dividing undistributed earnings allocated to common stock by the weighted average number of common shares outstanding for the period.

Under the two-class method, the impact of these participating securities was immaterial for the three months ended March 31, 2026 and 2025.

Diluted earnings per share is calculated by applying the two-class method for participating securities and then incorporating the dilutive effect of other potential common shares, determined using methods such as the treasury stock method, to arrive at the most dilutive EPS.

The details of the EPS calculations for the three months ended March 31, 2026 and 2025 are as follows:

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

(Dollars in millions except per share)

13 unchanged sentences

We identify below the individual proceedings where we believe a material loss is reasonably possible or probable, and we accrue for matters when we believe that losses are probable and the amount of the potential loss is reasonably estimable.

It is inherently difficult to determine whether a loss is probable or reasonably possible or to estimate the size or range of any potential loss.

It is inherently difficult to determine whether a loss is probable or reasonably possible or to estimate the size or range of any

potential loss.

Accordingly, while we believe that appropriate accruals have been established for losses that are probable and can be reasonably estimated, it is possible that adverse outcomes from such proceedings could exceed the amounts accrued by an amount that could be material to our financial position, results of operations or cash flows.

1 unchanged sentence

In September 2020, the Brazilian tax authorities issued an infraction notice against Garrett Motion Industria Automotiva Brasil Ltda, challenging the use of certain tax credits between January 2017 and February 2020.

The estimated total amount of the loss contingency arising from this matter as of September 30, 2025 was $ 26 million, including penalties and interest.

The estimated total amount of the loss contingency arising from this matter as of March 31, 2026 was $ 28 million, including penalties and interest.

The Company believes, based on management’s assessment and the advice of external legal counsel, that it has meritorious arguments in connection with the infraction notice and any liability for the infraction notice is currently not probable.

7 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

(Dollars in millions)

2 unchanged sentences

Settlement of warranty/guarantee claims

( 7 ) ( 4 ) ( 15 ) ( 10 )

Foreign currency translation — —

Warranty and product performance guarantees at end of period

$ 21 $ 25 $ 21 $ 25

Other Commitments and Contingencies

13 unchanged sentences

We expect to make contributions of cash and/or marketable securities of approximately $ 5 million to our non-U.S.

pension plans to satisfy regulatory funding standards in 2025, of which $ 5 million has been contributed as of September 30, 2025.

pension plans to satisfy regulatory funding standards in 2026.

There have been no contributions as of March 31, 2026.

Net periodic benefit costs for our significant defined benefit plans include the following components:

Three Months Ended September 30, Nine Months Ended September 30,

Plans Non-U.S.

Three Months Ended March 31,

Plans Non-U.S.

15 unchanged sentences

The accounting policies of our operating segment are the same as those described in the Company's summary of significant accounting policies.

The Company derives revenues from customers through sales of air and fluid compression and high-speed electric motor technologies for OEMs and distributors within the mobility and industrial space.

In addition to consolidated net income, the CODM regularly reviews sales by region and product line.

The Company derives revenues from customers through sales of turbocharging, air and fluid compression, and high-speed electric motor technologies for OEMs and independent aftermarket distributors in the mobility and industrial fields.

Sales concentration - Net sales by region (determined based on country of shipment) and product line are as follows:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(Dollars in millions)

5 unchanged sentences

Other International 26 20

$ 902 $ 826 $ 2,693 $ 2,631

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(Dollars in millions)

Diesel $ 232 $ 208

Gas 405 360 1,206 1,123

Commercial Vehicle 164 155 489 477

Commercial Vehicles / Industrial 181 155

Aftermarket 114 98

Other 16 14 47 40

$ 902 $ 826 $ 2,693 $ 2,631

The table below provides segment information about the Company:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(Dollars in millions)

2 unchanged sentences

Variable manufacturing costs (1)

121 87 342 279

Fixed manufacturing costs (2)

62 52 173 168

RD&E costs 37 40

3 unchanged sentences

Other segment items (3)

( 2 ) — ( 1 ) ( 29 )

Consolidated net income $ 95 $ 62

1 unchanged sentence

(2) Fixed manufacturing costs include depreciation and amortization, rent, overhead labor costs, repositioning costs, utilities and other fixed costs.

(3) Other segment items consist of gain on sale of equity interest in unconsolidated joint venture, non-service components of net periodic pension expense, interest income, equity income and other non-operating income items (if any).

(3) Other segment items consist of non-service components of net periodic pension expense, interest income, equity income and other non-operating income items (if any).

The measure of segment assets is reported on the balance sheet as total consolidated assets.

The Company had capital expenditures of $ 10 million and $ 20 million for the three months ended September 30, 2025 and 2024, respectively, and $ 51 million and $ 69 million for the nine months ended September 30, 2025 and 2024, respectively.

Acquisitions and Divestitures

On April 3, 2024, the Company divested its equity interest in an unconsolidated joint venture for approximately $ 58 million, subject to customary debt and working capital adjustments.

We received cash consideration on the divestiture date of $ 46 million.

An additional $ 7 million of deferred payments is to be received in equal installments due twelve months and thirty-six months from the divestiture date, with the first deferred payment received in 2025.

A pre-tax gain of $ 27 million was recognized related to this divestiture, including $ 5 million of cumulative translation losses reclassified from AOCI to Net income.

Transaction fees of $ 1 million were incurred in connection with the divestiture and are included in Selling, general, and administrative expenses in our Consolidated Interim Statement of Operations.

The Company had capital expenditures of $ 29 million and $ 26 million for the three months ended March 31, 2026 and 2025, respectively.

Subsequent Events

On October 23, 2025, the Company made a voluntary early debt repayment of $ 50 million on its 2025 Dollar Term Facility.

Also on October 23, 2025, the Board of Directors declared a cash dividend of $ 0.08 per share of Common Stock, payable on December 15, 2025, to shareholders of record as of December 1, 2025.

On April 30, 2026, the Board of Directors declared a cash dividend of $ 0.08 per share of Common Stock, payable on June 15, 2026, to shareholders of record as of June 1, 2026.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements