Versigent PLC 10-Q

ITEM 1. FINANCIAL STATEMENTS VERSIGENT PLC CONDENSED COMBINED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2026 2025 (in millions) Net sales $ 2,212 $ 2,024 Operating expenses: Cost of sales 1,968 1,775 Selling, general and administrative 97 105 Amortization 1 — Restructuring (Note 9) 46 16 Separation costs 26 5 Total operating expenses 2,138 1,901 Operating income 74 123 Interest expense ( 5 ) ( 2 ) Other expense, net (Note 17) ( 1 ) ( 1 ) Income before income taxes and equity income 68 120 Income tax benefit (expense) (Note 13) 9 ( 29 ) Income before equity income 77 91 Equity income, net of tax 4 5 Net income 81 96 Net income attributable to noncontrolling interest 3 1 Net income attributable to Versigent $ 78 $ 95 See notes to condensed combined financial statements. 3 Table of Contents VERSIGENT PLC CONDENSED COMBINED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended March 31, 2026 2025 (in millions) Net income $ 81 $ 96 Other comprehensive income: Currency translation adjustments ( 27 ) 16 Net change in unrecognized gain on derivative instruments, net of tax (Note 15) 87 — Employee benefit plans adjustment, net of tax (Note 14) ( 3 ) — Other comprehensive income 57 16 Comprehensive income 138 112 Comprehensive income attributable to noncontrolling interests 4 1 Comprehensive income attributable to Versigent $ 134 $ 111 See notes to condensed combined financial statements. 4 Table of Contents VERSIGENT PLC CONDENSED COMBINED BALANCE SHEETS March 31, 2026 December 31, 2025 (Unaudited) (in millions) ASSETS Current assets: Cash and cash equivalents $ 282 $ 276 Accounts receivable, net (Note 2) Outside customers net of allowance for doubtful accounts of $ 17 million and $ 17 million, respectively 1,713 1,518 Related parties 116 49 Inventories (Note 4) 784 772 Other current assets (Note 5) 251 158 Total current assets 3,146 2,773 Long-term assets: Property, net 896 901 Operating lease right-of-use assets 182 168 Investments in affiliates (Note 6) 142 143 Intangible assets, net (Note 2) 7 7 Deferred tax assets 402 384 Other long-term assets (Note 5) 134 109 Total long-term assets 1,763 1,712 Total assets $ 4,909 $ 4,485 LIABILITIES AND EQUITY Current liabilities: Short-term debt (Note 10) $ 67 $ 58 Accounts payable Outside vendors 1,362 1,358 Related parties 170 172 Accrued liabilities (Note 7) 676 578 Total current liabilities 2,275 2,166 Long-term liabilities: Long-term debt (Note 10) 2,074 3 Pension benefit obligations 207 217 Long-term operating lease liabilities 137 130 Other long-term liabilities (Note 7) 73 121 Total long-term liabilities 2,491 471 Total liabilities 4,766 2,637 Commitments and contingencies (Note 12) Net parent equity: Net parent investment 164 1,925 Accumulated other comprehensive loss (Note 14) ( 212 ) ( 268 ) Total parent (deficit) equity ( 48 ) 1,657 Noncontrolling interest 191 191 Total invested equity 143 1,848 Total liabilities and invested equity $ 4,909 $ 4,485 See notes to condensed combined financial statements. 5 Table of Contents VERSIGENT PLC CONDENSED COMBINED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31, 2026 2025 (in millions) Cash flows from operating activities: Net income $ 81 $ 96 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 60 52 Amortization 1 — Restructuring expense, net of cash paid 20 ( 2 ) Deferred income taxes ( 7 ) 4 Pension and other postretirement benefit expenses 12 3 Income from equity method investments, net of dividends received ( 2 ) ( 5 ) Loss on sale of assets 1 1 Share-based compensation 8 8 Changes in operating assets and liabilities: Accounts receivable, net - outside customers ( 195 ) ( 111 ) Accounts receivable, net - related parties 44 ( 20 ) Inventories ( 12 ) ( 7 ) Other assets ( 10 ) ( 4 ) Accounts payable - outside vendors 37 ( 37 ) Accounts payable - related parties ( 2 ) 12 Accrued and other long-term liabilities 56 37 Other, net ( 51 ) 13 Pension contributions ( 5 ) — Net cash provided by operating activities 36 40 Cash flows from investing activities: Capital expenditures ( 66 ) ( 37 ) Net cash used in investing activities ( 66 ) ( 37 ) Cash flows from financing activities: Net proceeds (repayments) under short-term debt agreements - outside parties 9 ( 72 ) Net proceeds under short-term debt agreements - related parties — 12 Proceeds from issuance of senior notes and credit agreement, net of issuance costs 2,063 — Cash distribution paid to Parent ( 1,900 ) — Net transfers (to) from Parent ( 130 ) 39 Dividend payments of consolidated affiliates to minority shareholders ( 4 ) — Net cash provided by (used in) financing activities 38 ( 21 ) Effect of exchange rate fluctuations on cash and cash equivalents ( 2 ) 4 Increase (decrease) in cash and cash equivalents 6 ( 14 ) Cash and cash equivalents at beginning of the period 276 201 Cash and cash equivalents at end of the period $ 282 $ 187 March 31, 2026 2025 (in millions) Supplemental non-cash investing activities: Capital expenditures included in accounts payable $ 39 $ 27 See notes to condensed combined financial statements. 6 Table of Contents VERSIGENT PLC CONDENSED COMBINED STATEMENTS OF NET PARENT INVESTMENT (Unaudited) Net Parent Investment Accumulated Other Comprehensive Loss Total Parent (Deficit) Equity Noncontrolling Interest Total Invested Equity 2026 (in millions) Balance at January 1, 2026 $ 1,925 $ ( 268 ) $ 1,657 $ 191 $ 1,848 Net income 78 — 78 3 81 Other comprehensive income — 56 56 1 57 Dividend payments of consolidated affiliates to minority shareholders — — — ( 4 ) ( 4 ) Share-based compensation 8 — 8 — 8 Cash distribution to Parent ( 1,900 ) — ( 1,900 ) — ( 1,900 ) Net transfers from Parent 53 — 53 — 53 Balance at March 31, 2026 $ 164 $ ( 212 ) $ ( 48 ) $ 191 $ 143 2025 Balance at January 1, 2025 $ 1,865 $ ( 341 ) $ 1,524 $ 198 $ 1,722 Net income 95 — 95 1 96 Other comprehensive income — 16 16 — 16 Share-based compensation 8 — 8 — 8 Net transfers from Parent 39 — 39 — 39 Balance at March 31, 2025 $ 2,007 $ ( 325 ) $ 1,682 $ 199 $ 1,881 See notes to condensed combined financial statements. 7 Table of Contents VERSIGENT PLC NOTES TO CONDENSED COMBINED FINANCIAL STATEMENTS (Unaudited) 1. BUSINESS AND BASIS OF PRESENTATION The separation — On January 22, 2025, Aptiv PLC (“Aptiv” or the “Parent”) announced its intention to separate its Electrical Distribution Systems business by means of a Spin-Off (the “Separation” or “Spin-Off”). On April 1, 2026 (the “Distribution Date”), the Spin-Off, which created Versigent PLC (“Versigent,” the “Company,” “we,” “us” or “our”), was completed in the form of a distribution of all of the ordinary shares of Versigent to holders of Aptiv’s ordinary shares on a pro rata basis. Each holder of record of Aptiv ordinary shares received one of our ordinary shares for every three Aptiv ordinary shares held on March 17, 2026 (the “Record Date”). In lieu of fractional shares of Versigent, stockholders of the Company received cash. As a result of these transactions, all of the assets, liabilities, and legal entities comprising Aptiv’s Electrical Distribution Systems business are now owned directly, or indirectly through its subsidiaries, by Versigent. Versigent is an independent public company trading under the symbol “VGNT” on the New York Stock Exchange. Nature of operations —We are a global leader in the design, development and manufacture of low voltage (“LV”) and high voltage (“HV”) electrical architectures. We are a global supplier of optimized vehicle architecture solutions to a broad customer base primarily comprised of original equipment manufacturers (“OEMs”) that manufacture increasingly software-defined, electrified and feature-rich vehicles. Our products provide the signal, power and data distribution that supports increased vehicle content and electrification and enables increased safety, reduced emissions and enhanced vehicle connectivity. We sell our extensive portfolio of optimized solutions for signal, power and data distribution to leading OEMs of both light vehicles (passenger cars, trucks and vans and sport-utility vehicles) and commercial vehicles (light-duty, medium-duty and heavy-duty trucks, commercial vans, buses and off-highway vehicles). We believe our ability to support the growing trends of increased electrification of passenger and commercial vehicles, the enablement of enhanced safety features, and the consumer-driven demand for more in-vehicle electronics and features will provide continued opportunities for market share expansion and revenue growth. We also develop, manufacture and sell our solutions to a number of adjacent end markets, including agriculture, construction, as well as grid and infrastructure, and have begun exploring other industrial end markets, including off-grid power storage and robotics. With a proven portfolio of solutions, we expect to leverage our long-standing customer relationships, technical expertise within power, data and signal distribution, and capabilities built serving the global automotive industry to further penetrate these adjacent markets. Prior to the Spin-Off, the Company was comprised of operations conducted at legal entities which were directly or indirectly wholly-owned by Aptiv, the ultimate parent of Versigent. Basis of presentation — These condensed combined unaudited interim financial statements (the “combined financial statements”) have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and reflect the combined historical results of the operations, financial position and cash flows of Versigent. All adjustments, consisting of only normal recurring items, which are necessary for a fair presentation, have been included. These combined financial statements should be read in conjunction with the audited combined financial statements, corresponding notes, and significant accounting policies included within the Company’s Information Statement furnished with the Company’s Registration Statement on Form 10-12B/A filed on March 6, 2026. The Company operates its business as a single reportable segment, which includes LV and HV architectures. Prior to the Separation, Versigent operated as part of the Parent and not as a standalone company. The combined financial statements have been derived from the Parent’s historical accounting records and are presented on a carve-out basis. All revenues and costs as well as assets and liabilities directly associated with the business activity of the Company are included as a component of the combined financial statements. The combined financial statements also include allocations of certain general, administrative, sales and marketing expenses and cost of sales provided by the Parent to Versigent and allocations of related assets, liabilities, and the Parent’s investment, as applicable. The allocations have been determined on a reasonable basis; however, the amounts are not necessarily representative of the amounts that would have been reflected in the financial statements had the Company been an entity that operated independently of the Parent. Related party allocations are further described in Note 3. Related-Party Transactions. Prior to the Separation, Versigent depended on the Parent for all of its working capital and financing requirements, as the Parent used a centralized approach to cash management and financing of its operations, including the use of a global cash pooling arrangement. Accordingly, cash and cash equivalents held by the Parent at the corporate level were not attributable to Versigent for any of the periods presented. Only cash amounts specifically attributable to Versigent are reflected in the accompanying combined financial statements. Financing transactions related to the Company are accounted for as a component of Net parent investment in the combined balance sheets and as a financing activity on the accompanying combined statements of cash flows. 8 Table of Contents Third-party debt obligations of the Parent and the corresponding interest costs related to those debt obligations, specifically those that relate to senior notes, term loans and revolving credit facilities, have not been attributed to Versigent, as Versigent was not the legal obligor of such debt obligations. The only third-party debt obligations included in the combined balance sheets are those for which the legal obligor is a legal entity within Versigent. None of the Company’s assets were pledged as collateral under the Parent’s debt obligations as of March 31, 2026 and December 31, 2025. As the Company was composed of certain Aptiv wholly-owned legal entities and certain components of other legal entities in which Versigent operated in conjunction with other Aptiv businesses, Net parent equity is shown in lieu of shareholders’ equity in the combined financial statements. Net parent investment represents the cumulative investment by the Parent in the Company through the dates presented, inclusive of operating results. Balances between Versigent and the Parent that were not historically settled in cash are included in Net parent investment. All significant transactions between the Company and the Parent have been included in the accompanying combined financial statements. Transactions with the Parent are reflected in the accompanying combined statements of net parent investment as Net transfers (to) from Parent, and in the accompanying combined balance sheets within Net parent investment. All significant intercompany accounts and transactions between the businesses comprising the Company have been eliminated in the accompanying combined financial statements. 2. SIGNIFICANT ACCOUNTING POLICIES Principles of combination —The combined financial statements include the accounts of Versigent’s U.S. and non-U.S. subsidiaries and operations in which the Company holds a controlling interest. The combined financial statements include certain assets and liabilities that have historically been held at the Parent level but are specifically identifiable or otherwise attributable to Versigent. All significant intercompany transactions and accounts within the Company’s combined businesses have been eliminated. All intercompany transactions between the Company and the Parent have been included in these combined financial statements as Net parent investment. Expenses related to corporate allocations from the Parent to the Company are considered to be effectively settled for cash in the combined financial statements at the time the transaction is recorded. In addition, transactions between the Company and the Parent’s other subsidiaries have been classified as related party, rather than intercompany, transactions within the combined financial statements. During the three months ended March 31, 2026, Versigent received dividends of $ 2 million from its equity method investments. No dividends were received from equity method investments during the three months ended March 31, 2025. The dividends were recognized as a reduction to the investment and represented a return on investment included in cash flows from operating activities. The Company monitors its investments in affiliates for indicators of other-than-temporary declines in value on an ongoing basis. If the Company determines that such a decline has occurred, an impairment loss is recorded, which is measured as the difference between carrying value and estimated fair value. Estimated fair value is generally determined using an income approach based on discounted cash flows or negotiated transaction values. Use of estimates —The preparation of the combined financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect amounts reported therein. Generally, matters subject to estimation and judgment include amounts related to accounts receivable realization, inventory obsolescence, asset impairments, useful lives of intangible and fixed assets, deferred tax asset valuation allowances, income taxes, pension benefit plan assumptions, accruals related to litigation, warranty costs, environmental remediation costs, worker’s compensation accruals and healthcare accruals. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be based upon amounts that differ from those estimates. Revenue recognition —Revenue is measured based on consideration specified in a contract with a customer. Customer contracts for production parts generally are represented by a combination of a current purchase order and a current production schedule issued by the customer. Substantially all of the Company’s revenue is generated from the sale of manufactured production parts, wherein there is a single performance obligation. Transfer of control and revenue recognition for the Company’s sales of production parts generally occurs upon shipment or delivery of the product, which is when title, ownership, and risk of loss pass to the customer and is based on the applicable customer shipping terms. Revenue is measured based on the transaction price and the quantity of parts specified in a contract with a customer. Refer to Note 19. Segment Reporting and Revenue for further detail of the Company’s accounting for its revenue from sales of production parts. From time to time, Versigent enters into pricing agreements with its customers that provide for price reductions on production parts, some of which are conditional upon achieving certain joint cost saving targets, which are accounted for as variable consideration. In these instances, revenue is recognized based on the agreed-upon price at the time of shipment if available, or in the event the Company concludes that a portion of the revenue for a given part may vary from the purchase 9 Table of Contents order and requires estimation, the Company records consideration at the most likely amount that the Company expects to be entitled to based on historical experience and input from customer negotiations. Sales incentives and allowances are recognized as a reduction to revenue at the time of the related sale. In addition, from time to time, Versigent makes payments to customers in conjunction with ongoing business. These payments to customers are generally recognized as a reduction to revenue at the time of the commitment to make these payments. However, certain other payments to customers, or upfront fees, meet the criteria to be considered a cost to obtain a contract as they are directly attributable to a contract, are incremental and management expects the fees to be recoverable. Versigent collects and remits taxes assessed by different governmental authorities that are both imposed on and concurrent with a revenue-producing transaction between the Company and the Company’s customers. These taxes may include, but are not limited to, sales, use, value-added, and some excise taxes. Versigent reports the collection of these taxes on a net basis (excluded from revenues). Shipping and handling fees billed to customers are included in net sales, while costs of shipping and handling are included in cost of sales. Refer to Note 19. Segment Reporting and Revenue for further information. Cash and cash equivalents —Cash and cash equivalents are defined as short-term, highly liquid investments with original maturities of three months or less, for which the book value approximates fair value. The cash and cash equivalents presented in the combined balance sheets represents amounts specifically attributable to Versigent. Accounts receivable —Versigent exchanges certain amounts of accounts receivable, primarily in the Asia Pacific region, for bank notes with original maturities greater than three months. The collection of such bank notes are included in operating cash flows based on the substance of the underlying transactions, which are operating in nature. Bank notes held by the Company with original maturities of three months or less are classified as cash and cash equivalents within the combined balance sheets, and those with original maturities of greater than three months are classified as notes receivable within other current assets. The Company may hold such bank notes until maturity, exchange them with suppliers to settle liabilities, or sell them to third-party financial institutions in exchange for cash. Credit losses —Versigent is exposed to credit losses primarily through the sale of vehicle components and services. Versigent assesses the creditworthiness of a counterparty by conducting ongoing credit reviews, which considers the Company’s expected billing exposure and timing for payment, as well as the counterparty’s established credit rating. When a credit rating is not available, the Company’s assessment is based on an analysis of the counterparty’s financial statements. Versigent also considers contract terms and conditions, country and political risk, and business strategy in its evaluation. Based on the outcome of this review, the Company establishes a credit limit for each counterparty. The Company continues to monitor its ongoing credit exposure through active review of counterparty balances against contract terms and due dates, which includes timely account reconciliation, payment confirmation and dispute resolution. The Company may also employ collection agencies and legal counsel to pursue recovery of defaulted receivables, if necessary. Versigent primarily utilizes historical loss and recovery data, combined with information on current economic conditions and reasonable and supportable forecasts to develop the estimate of the allowance for doubtful accounts in accordance with ASC Topic 326, Financial Instruments – Credit Losses (“ASC 326”). As of March 31, 2026 and December 31, 2025, the Company reported $ 1,829 million and $ 1,567 million, respectively, of accounts receivable, net of the allowances, which includes the allowance for doubtful accounts of $ 17 million for each period. Bad debt expense was de minimis during the three months ended March 31, 2026. During the three months ended March 31, 2025, the Company recorded bad debt expense of $ 7 million, primarily related to a certain local customer that ceased operations in China. Other changes in the allowance were no t material for the quarter ended March 31, 2025. Generally, the Company does not require collateral for its accounts receivable. Inventories —As of March 31, 2026 and December 31, 2025, inventories are stated at the lower of cost, determined on a first-in, first-out basis, or net realizable value, including direct material costs and direct and indirect manufacturing costs. Refer to Note 4. Inventories for additional information. From time to time, payments may be received from suppliers. These payments from suppliers are recognized as a reduction of the cost of the material acquired during the period to which the payments relate. In some instances, supplier rebates are received in conjunction with or concurrent with the negotiation of future purchase agreements and these amounts are amortized over the prospective agreement period as purchases are made. Intangible assets —Intangible assets were $ 7 million as of March 31, 2026 and December 31, 2025. The Company amortizes definite-lived intangible assets over their estimated useful lives. The Company has definite-lived intangible assets related to patents and developed technology, customer relationships and trade names. Costs to renew or extend the term of acquired intangible assets are recognized as expense as incurred. Amortization expense was $ 1 million and de minimis for the three months ended March 31, 2026 and 2025, respectively. Warranty and product recalls —Expected warranty costs for products sold are recognized at the time of sale of the product based on an estimate of the amount that eventually will be required to settle such obligations. These accruals are based on factors such as past experience, production changes, industry developments and various other considerations. Costs of 10 Table of Contents product recalls, which may include the cost of the product being replaced as well as the customer’s cost of the recall, including labor to remove and replace the recalled part, are accrued as part of our warranty accrual at the time an obligation becomes probable and can be reasonably estimated. These estimates are adjusted from time to time based on facts and circumstances that impact the status of existing claims. Refer to Note 8. Warranty Obligations for additional information. Income taxes — The Company’s domestic and foreign operating results were included in the income tax returns of the Parent, and the Company accounted for income taxes under the separate return method. Under this approach, the Company determined its deferred tax assets and liabilities and related tax expense as if it were filing separate tax returns. Deferred tax assets and liabilities reflect temporary differences between the amount of assets and liabilities for financial and tax reporting purposes. Such amounts are adjusted, as appropriate, to reflect changes in tax rates expected to be in effect when the temporary differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. A valuation allowance is recorded to reduce deferred tax assets to the amount that is more likely than not to be realized. In the event the Company determines it is more likely than not that the deferred tax assets will not be realized in the future, the valuation allowance adjustment to the deferred tax assets will be charged to earnings in the period in which the Company makes such a determination. In determining whether an uncertain tax position exists, the Company determines, based solely on its technical merits, whether the tax position is more likely than not to be sustained upon examination, and if so, a tax benefit is measured on a cumulative probability basis that is more likely than not to be realized upon the ultimate settlement. In determining the provision for income taxes for financial statement purposes, the Company makes certain estimates and judgments which affect its evaluation of the carrying value of its deferred tax assets, as well as its calculation of certain tax liabilities. As it relates to changes in accumulated other comprehensive income (loss), the Company’s policy is to release tax effects from accumulated other comprehensive income (loss) when the underlying components affect earnings. Refer to Note 13. Income Taxes for additional information. Foreign currency translation —Assets and liabilities of non-U.S. subsidiaries that use a currency other than U.S. dollars as their functional currency are translated to U.S. dollars at end-of-period currency exchange rates. The combined statements of operations of non-U.S. subsidiaries are translated to U.S. dollars at average-period currency exchange rates. The effect of translation for non-U.S. subsidiaries is generally reported in other comprehensive income (loss) (“OCI”). The accumulated foreign currency translation adjustment related to an investment in a foreign subsidiary is reclassified to net income (loss) upon sale or upon complete or substantially complete liquidation of the respective entity. The effect of remeasurement of assets and liabilities of non-U.S. subsidiaries that use the U.S. dollar as their functional currency is primarily included in cost of sales. Also included in cost of sales are gains and losses arising from transactions denominated in a currency other than the functional currency of a particular entity. Net foreign currency transaction gains of $ 4 million and losses of $ 2 million were included in the combined statements of operations for the three months ended March 31, 2026, and 2025, respectively. Restructuring —The Company continually evaluates alternatives to align the business with the changing needs of its customers and to lower operating costs. This includes the realignment of its existing manufacturing capacity, facility closures, or similar actions, either in the normal course of business or pursuant to significant restructuring programs. These actions may result in employees receiving voluntary or involuntary employee termination benefits, which are mainly pursuant to union or other contractual agreements or statutory requirements. Voluntary termination benefits are accrued when an employee accepts the related offer. Involuntary termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable, depending on the existence of a substantive plan for severance or termination. Contract termination costs are recorded when contracts are terminated. All other exit costs are expensed as incurred. Refer to Note 9. Restructuring for additional information. Customer concentrations —We sell our products and services to the major global OEMs in every region of the world. Our ten largest customers accounted for approximately 80 % of our total net sales for the three months ended March 31, 2026, and 2025. For the three months ended March 31, 2026, three customers each accounted for more than 10% of our consolidated net sales at 18 %, 17 % and 13 %, respectively. For the three months ended March 31, 2025, three customers each accounted for more than 10% of our consolidated net sales at 18 %, 15 % and 11 %, respectively. Derivative financial instruments —All derivative instruments are required to be reported on the balance sheet at fair value unless the transactions qualify and are designated as normal purchases or sales. Changes in fair value are reported currently through earnings unless they meet hedge accounting criteria. Prior to the Spin-Off, the Company participated in Aptiv’s hedging program, and the Company was allocated a portion of the impact from those activities. Aptiv managed our exposure to risks arising from business operations and economic factors, including fluctuations in interest rates and foreign currencies. In connection with the Spin-Off, Aptiv novated certain foreign currency and commodity forward contracts as well as foreign currency options to Versigent. As a result of the novations, Versigent recorded $ 97 million within accumulated other comprehensive loss during the first quarter of 2026. Following the Separation, the Company will directly manage exposure to risks arising from business operations and economic factors, including fluctuations in interest rates and foreign currencies. 11 Table of Contents Exposure to fluctuations in currency exchange rates and certain commodity prices are managed by entering into a variety of forward and option contracts and swaps with various counterparties. Such financial exposures are managed in accordance with the policies and procedures of Versigent. Versigent does not enter into derivative transactions for speculative or trading purposes. As part of the hedging program approval process, Versigent identifies the specific financial risk which the derivative transaction will minimize, the appropriate hedging instrument to be used to reduce the risk and the correlation between the financial risk and the hedging instrument. Purchase orders, sales contracts, letters of intent, capital planning forecasts and historical data are used as the basis for determining the anticipated values of the transactions to be hedged. Versigent does not enter into derivative transactions that do not have a high correlation with the underlying financial risk. Hedge positions, as well as the correlation between the transaction risks and the hedging instruments, are reviewed on an ongoing basis. Foreign exchange forward contracts are accounted for as hedges of firm or forecasted foreign currency commitments or foreign currency exposure of the net investment in certain foreign operations to the extent they are designated and assessed as highly effective. All foreign exchange contracts are marked to market on a current basis. Commodity swaps are accounted for as hedges of firm or anticipated commodity purchase contracts to the extent they are designated and assessed as effective. All other commodity derivative contracts that are not designated as hedges are either marked to market on a current basis or are exempted from mark to market accounting as normal purchases. At March 31, 2026 and December 31, 2025, the Company’s exposure to movements in interest rates was not hedged with derivative instruments. Refer to Note 15. Derivatives and Hedging Activities and Note 16. Fair Value of Financial Instruments for additional information. Pension and other post-retirement benefits (OPEB)— Certain of the Company’s non-U.S. subsidiaries sponsor defined-benefit pension plans, which generally provide benefits based on negotiated amounts for each year of service. In the fourth quarter of 2025, in advance of the Spin-Off, certain plans that were previously sponsored by Aptiv and included Versigent employees as well as employees of other Aptiv subsidiaries (the “Shared Plans”) were legally split and allocated to the Company. Prior to the legal separation and transfer, under the guidance in ASC 715, Compensation—Retirement Benefits , the Company accounted for the Shared Plans as multiemployer plans, and accordingly the Company did not record an asset or liability to recognize the funded status of the Shared Plans. The related pension and other post-employment expenses of the Shared Plans were charged to Versigent based on the service cost of active participants. These expenses were funded through intercompany transactions with Aptiv that are reflected within the Net parent investment in the combined financial statements. Following the legal separation and transfer of these plans to the Company, the Company accounts for these plans as single-employer plans. In addition, beginning in the fourth quarter of 2025, liabilities related to inactive employees in Germany under an Aptiv-sponsored plan that had not yet legally transferred to the Company due to regulatory reasons were attributed to the Company. Prior to completion of the legal transfer, Aptiv will pay the benefits due to these inactive employees on behalf of Versigent and Versigent will reimburse Aptiv. These liabilities are expected to be legally transferred in 2026. Refer to Note 11. Pension Benefits for additional information. Net parent investment —The Net parent investment account includes the accumulation of the Company’s historical earnings, dividend payments, and other transactions between the Company and the Parent. Recently adopted accounting pronouncements —Versigent adopted ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets in the first quarter of 2026. The amendments in this update provide a practical expedient for estimating credit losses for current accounts receivable and current contract assets that arise from transactions accounted for in accordance with ASC Topic 606, Revenue from Contracts with Customers . The adoption of this guidance did not have a significant impact on the Company’s combined financial statements. Versigent adopted ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement in the first quarter of 2025. The amendments in this update require a joint venture to initially recognize all contributions received at fair value upon formation. The new guidance is applicable to joint venture entities with a formation date on or after January 1, 2025 and is to be applied prospectively. As the Company did not have any applicable joint venture formations during the year ended 2025 and first quarter of 2026, there was no impact to the Company’s combined financial statements upon adoption. The adoption of this guidance will be applied to any applicable joint venture formations that occur in future periods. Versigent adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures in the first quarter of 2025. The amendments in this update require public entities to disclose specific categories in the effective tax rate reconciliation, as well as additional information for reconciling items that exceed a quantitative threshold. The amendments also require all entities to disclose income taxes paid disaggregated by federal, state and foreign taxes, and further disaggregated for specific jurisdictions that exceed 5% of total income taxes paid, among other expanded disclosures. The adoption of this 12 Table of Contents guidance is only applicable to annual disclosures and resulted in incremental disclosures in the Company’s combined financial statements. Recently issued accounting pronouncements not yet adopted —In December 2025, the FASB issued ASU 2025-12, Codification Improvements. The amendments in this update address changes to the Codification that clarify, correct errors and make minor improvements, making the Codification easier to understand and apply. The new guidance will be applied prospectively and is effective for fiscal years beginning after December 15, 2026, and interim periods within those annual reporting periods, with the option to apply retrospectively. Early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s combined financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements . The amendments in this update provide clarifications intended to improve the consistency and usability of interim disclosure requirements and the applicability to Topic 270. The amendments also provide additional guidance for reporting material events occurring after the most recent annual period. The new guidance will be applied prospectively and is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods, with the option to apply retrospectively. Early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s combined financial statements. 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 government grants, including guidance for grants related to an asset and grants related to income. The new guidance will be applied prospectively and is effective for fiscal years beginning after December 15, 2028, and interim periods within those annual reporting periods, with the option to apply retrospectively. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its combined financial statements. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements . The amendments in this update provide targeted improvements intended to enhance alignment between risk management activities and financial reporting, including expanded eligibility of forecasted transactions, additional flexibility in measuring hedge effectiveness and clarifications related to hedging non-financial items. The new guidance will be applied prospectively and is effective for fiscal years beginning after December 15, 2026, and interim periods within those annual reporting periods, with the option to apply retrospectively. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its combined financial statements. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The amendments in this update exclude from derivative accounting non exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. The amendments also provide clarification for share-based payments from a customer in a revenue contract. The new guidance will be applied prospectively and is effective for fiscal years beginning after December 15, 2026, and interim periods within those annual reporting periods, with the option to apply retrospectively. Early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s combined financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software . The amendments in this update clarify and modernize the accounting for costs related to internal-use software. The amendments also remove all references to prescriptive and sequential software development stages, as well as clarify disclosure requirements for capitalized software costs. The new guidance will be applied prospectively and is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods, with the option to apply retrospectively. Early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s combined financial statements. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. The amendments in this update clarify guidance for identifying the accounting acquirer in business combination effected primarily by exchanging equity interests when the legal acquiree is a variable interest entity that meets the definition of a business. The new guidance will be applied prospectively and is effective for fiscal years beginning after December 15, 2026 and interim periods within those annual reporting periods. Early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s combined financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . The amendments in this update require public entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expenses, including purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion, that are included in each relevant income statement expense line item. The amendments also require qualitative descriptions of 13 Table of Contents the amounts remaining in relevant expense line items not separately disaggregated quantitatively. Certain amounts already disclosed under existing U.S. GAAP are required to be included in the same disclosure as the other disaggregated income statement expense line items. In addition, the amendments require disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of those expenses. The new guidance will be applied prospectively and is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The adoption of this guidance is expected to result in incremental disclosures in the Company’s combined financial statements. 3. RELATED-PARTY TRANSACTIONS The Company has historically operated as part of the Parent and not as a standalone company. Accordingly, the Parent has allocated certain account balances and costs to the Company that are reflected within these combined financial statements. Management considers the allocation methodologies used by the Parent to be reasonable and to appropriately reflect the related expenses attributable to the Company for purposes of the carve-out financial statements; however, the expenses reflected in these financial statements may not be indicative of the actual expenses that would have been incurred during the periods presented if the Company had operated as a separate standalone entity. In addition, the expenses reflected in the financial statements may not be indicative of expenses the Company will incur in the future. Actual costs that would have been incurred if the Company had been a standalone company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including the Company’s capital structure, information technology and infrastructure. As described in Note 1. Business and Basis of Presentation, the Company participated in a global cash pooling arrangement operated by the Parent and certain of its subsidiaries, whereby cash generated by the Company was managed by Aptiv. This arrangement managed the working capital needs of the Company. The majority of the Company’s cash was transferred to Aptiv, and Aptiv funded the Company’s operating and investing activities as necessary. The cumulative net transfers related to these transactions are recorded in Net parent investment in the combined financial statements. In connection with the Spin-Off, the Company paid a dividend of $ 1,900 million to the Parent. Related Party Sales and Purchases In the ordinary course of business, the Company enters into transactions with the Parent and certain of its subsidiaries for the sale or purchase of goods. Net sales of products from Versigent to uncombined Aptiv affiliates totaled $ 2 million and $ 1 million for the three months ended March 31, 2026 and 2025, respectively. Total purchases from uncombined Aptiv affiliates totaled $ 192 million and $ 186 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026 and December 31, 2025, the net amount due to uncombined Aptiv affiliates was $ 54 million and $ 123 million, respectively. Allocations of Costs Prior to the Spin-Off The Company had certain services and functions provided to it by the Parent. These services and functions included, but were not limited to, senior management, legal, human resources, finance and accounting, treasury, information technology services and support, cash management, payroll processing, pension and benefit administration and other shared services. These costs were allocated using methodologies that management believes were reasonable for the item being allocated. Allocation methodologies included direct usage when identifiable, as well as the Company’s relative share of revenues, headcount or functional spend as a percentage of the total. The total costs for services and functions allocated to the Company from the Parent were as follows for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 2025 (in millions) Cost of sales $ 13 $ 19 Selling, general and administrative 80 78 Total allocated costs from Parent $ 93 $ 97 14 Table of Contents Net Parent Investment Net parent investment in the combined financial statements represents Aptiv’s historical investment in the Company, the net effect of transactions with, and allocations from, Aptiv, as well as Versigent’s accumulated earnings and other comprehensive income (loss). Net transfers with the Parent are included within Net parent investment. The components of Net transfers (to) from Parent were as follows: Three Months Ended March 31, 2026 2025 (in millions) Cash pooling and general financing activities, net $ ( 216 ) $ ( 45 ) Corporate cost allocations 93 97 Income taxes (1) ( 7 ) ( 13 ) Net transfers (to) from Parent per combined statements of cash flows ( 130 ) 39 Transfer of net assets with Parent 19 — Related party receivables exchanged with Parent 111 — Deferred and non-cash taxes settled with Parent through net parent investment (1) 53 — Net transfers from Parent per combined statements of net parent investment $ 53 $ 39 (1) Represents non-cash income tax impacts incurred in the respective period as a result of the application of the separate return basis with respect to the income tax provision and related balance sheet accounts within the combined financial statements, as further described in Note 13. Income Taxes, as well as taxes paid by the Parent. 4. INVENTORIES Inventories are stated at the lower of cost, determined on a first-in, first-out basis, or net realizable value, including direct material costs and direct and indirect manufacturing costs. A summary of inventories is shown below: March 31, 2026 December 31, 2025 (in millions) Productive material $ 388 $ 382 Work-in-process 104 98 Finished goods 292 292 Total $ 784 $ 772 5. ASSETS Other current assets consisted of the following: March 31, 2026 December 31, 2025 (in millions) Derivative financial instruments (Note 15) $ 81 $ — Value added tax receivable 79 65 Income and other taxes receivable 42 40 Prepaid insurance and other expenses 24 31 Reimbursable engineering costs 9 12 Deposits to vendors 8 1 Capitalized upfront fees (Note 19) 6 7 Other 2 2 Total $ 251 $ 158 15 Table of Contents Other long-term assets consisted of the following: March 31, 2026 December 31, 2025 (in millions) Capitalized upfront fees (Note 19) 26 26 Reimbursable engineering costs 21 20 Income and other taxes receivable 19 19 Derivative financial instruments (Note 15) 16 — Debt issuance costs 9 — Deposits to vendors 4 5 Value added tax receivable 1 1 Other 38 38 Total $ 134 $ 109 6. INVESTMENTS IN AFFILIATES Equity Method Investments As part of Versigent’s operations, it has investments in two non-combined affiliates accounted for under the equity method of accounting. These affiliates are not publicly traded companies and are located in North America and Asia Pacific. The most significant investment is in Promotora de Partes Electricas Automotrices, S.A. de C.V. (of which Versigent owns approximately 40 %). The Company’s aggregate investments in affiliates was $ 142 million and $ 143 million as of March 31, 2026 and December 31, 2025, respectively. Dividends of $ 2 million for the three months ended March 31, 2026 have been received from these non-combined affiliates. There were no dividends received from these non-combined affiliates for the three months ended March 31, 2025. There were no impairment charges recorded for the three months ended March 31, 2026 and 2025. 7. LIABILITIES Accrued liabilities consisted of the following: March 31, 2026 December 31, 2025 (in millions) Payroll-related obligations $ 215 $ 178 Income and other taxes payable 100 94 Restructuring (Note 9) 66 46 Operating lease liabilities 51 52 Employee benefits, including current pension obligations 47 36 Accrued freight 40 35 Customer deposits 29 32 Warranty obligations (Note 8) 13 14 Other 115 91 Total $ 676 $ 578 16 Table of Contents Other long-term liabilities consisted of the following: March 31, 2026 December 31, 2025 (in millions) Deferred income taxes, net 30 29 Accrued income taxes 30 31 Restructuring (Note 9) 3 3 Payroll-related obligations 1 1 Tax indemnification liability (Note 13) — 50 Other 9 7 Total $ 73 $ 121 8. WARRANTY OBLIGATIONS Expected warranty costs for products sold are recognized principally at the time of sale of the product based on an estimate of the amount that eventually will be required to settle such obligations. These accruals are based on factors such as past experience, production changes, industry developments and various other considerations. The estimated costs related to product recalls based on a formal campaign soliciting return of that product are accrued at the time an obligation becomes probable and can be reasonably estimated. These estimates are adjusted from time to time based on facts and circumstances that impact the status of existing claims. The Company has recognized a reasonable estimate for its total aggregate warranty reserves, including product recall costs, as of March 31, 2026. At March 31, 2026, the difference between the recorded liabilities and the reasonably possible range of potential loss was not material. The table below summarizes the activity in the product warranty liability for the three months ended March 31, 2026: Warranty Obligations (in millions) Accrual balance at beginning of period $ 14 Provision for estimated warranties incurred during the period 4 Settlements ( 4 ) Accrual balance at end of period $ 14 9. RESTRUCTURING Versigent’s restructuring activities are undertaken as necessary to implement management’s strategy, streamline operations, take advantage of available capacity and resources, and ultimately achieve net cost reductions. These activities generally relate to the realignment of existing manufacturing capacity and closure of facilities and other exit or disposal activities, as it relates to executing Versigent’s strategy, pursuant to significant restructuring programs. As part of the Company’s continued efforts to optimize its cost structure, it has undertaken several restructuring programs which include workforce reductions as well as plant closures. These programs are primarily focused on reducing global overhead costs, the continued rotation of our manufacturing footprint to best cost locations in Europe and aligning our manufacturing capacity with the current levels of automotive production in each region. The Company recorded employee-related and other restructuring charges related to these programs totaling approximately $ 46 million during the three months ended March 31, 2026. The charges recorded during the three months ended March 31, 2026 included approximately $ 33 million for the planned closure of a European manufacturing site. There have been no changes in previously initiated programs that have resulted (or are expected to result) in a material change to our restructuring costs. The Company expects to incur additional restructuring costs of approximately $ 4 million for approved programs within the next twelve months. During the three months ended March 31, 2025, the Company recorded employee-related and other restructuring charges totaling approximately $ 16 million, of which approximately $ 13 million was recognized for charges incurred for programs to downsize and close European manufacturing sites. Restructuring charges for employee separation and termination benefits are paid either over the severance period or in a lump sum in accordance with either statutory requirements or individual agreements. Versigent incurred cash expenditures 17 Table of Contents related to its restructuring programs of approximately $ 26 million and $ 18 million in the three months ended March 31, 2026 and 2025, respectively. The table below summarizes the activity in the restructuring liability for the three months ended March 31, 2026: Employee Termination Benefits Liability Other Exit Costs Liability Total (in millions) Accrual balance at January 1, 2026 $ 49 $ — $ 49 Provision for estimated expenses incurred during the period 46 — 46 Payments made during the period ( 26 ) — ( 26 ) Accrual balance at March 31, 2026 $ 69 $ — $ 69 10. DEBT The following is a summary of debt outstanding, net of unamortized issuance costs, as of March 31, 2026 and December 31, 2025: March 31, 2026 December 31, 2025 (in millions) 6.125 % senior notes, due 2031 (net of $ 11 unamortized issuance costs) 789 — 6.375 %, senior notes, due 2034 (net of $ 12 unamortized issuance costs) 788 — Term Loan A, due 2031 (net of $ 5 unamortized issuance costs) 495 — Finance leases and other 69 61 Total debt 2,141 61 Less: current portion ( 67 ) ( 58 ) Long-term debt $ 2,074 $ 3 Credit Agreement On November 26, 2025, Versigent PLC and its wholly-owned subsidiaries Cyprium Corporation (“Cyprium U.S.”) and Cyprium Holdings Luxembourg S.À.R.L (“Cyprium Luxembourg”), entered into a credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), with respect to $ 1.35 billion in senior secured credit facilities. The Credit Agreement consists of a senior secured five-year $ 500 million term loan facility (the “Term Loan A Facility”) and a five-year $ 850 million senior secured revolving credit facility (the “Revolving Credit Facility”, together with the Term Loan A Facility, the “Credit Facilities”) with the lenders party thereto and JPMorgan Chase Bank, N.A. The Credit Facilities became available to Versigent PLC in connection with the Spin-Off. Approximately $ 14 million in debt issuance costs were incurred in connection with the Credit Agreement. As of March 31, 2026, Versigent had no amounts outstanding under the Revolving Credit Facility and no letters of credit have been issued under the Credit Agreement. Letters of credit issued under the Credit Agreement reduce availability under the Revolving Credit Facility. The Credit Facilities are subject to an interest rate, at our option, of either (a) the Alternate Base Rate (“ABR” as defined in the Credit Agreement), or (b) the Term Benchmark Rate (the “Term SOFR”, “Adjusted EURIBOR”, “Adjusted Term CORRA”, or “Adjusted TIIE Rate”, each as defined in the Credit Agreement) or (c) Daily Simple RFR (“RFR Loan” as defined in the Credit Agreement), in each case, plus an applicable margin that is based on our total leverage ratio (the ratio of Consolidated Total Indebtedness to Consolidated Adjusted EBITDA, each as defined in the Credit Agreement). Interest is payable no less than quarterly. We may elect to change the selected interest rate over the term of the Credit Facilities in accordance with the provisions of the Credit Agreement. The applicable interest rate margins for the Credit Facilities will increase or decrease from time to time between 1.25 % and 2.00 % per annum (for Term Benchmark and RFR loans) and between 0.25 % and 1.00 % per annum (for ABR loans), in each case based upon changes to our total leverage ratio. Accordingly, the interest rates for the Credit Facilities will fluctuate during the term of the Credit Agreement. The Credit Agreement also requires that we pay certain facility fees on the aggregate commitments under the Revolving Credit Facility and certain letter of credit issuance and fronting fees. 18 Table of Contents Letters of credit are available for issuance under the Credit Agreement on terms and conditions customary for financings of this type, which issuances will reduce availability under the Revolving Credit Facility. We are obligated to make quarterly principal payments throughout the term of the Term Loan A Facility. Borrowings under the Credit Agreement are prepayable at our option without premium or penalty, subject to customary increased cost provisions. The Credit Agreement contains certain covenants that limit, among other things, the Company’s (and the Company’s subsidiaries’) ability to incur certain additional indebtedness, liens, restricted payments, investments, asset dispositions, affiliate transactions, and amendments of certain indebtedness. In addition, the Credit Agreement requires that we maintain a total leverage ratio of not greater than 4.25:1.00 for the first four quarters following the availability date, 4.00:1.00 for the fifth through eighth quarters following the availability date, and 3.75:1.00 for all quarters thereafter, and an Interest Coverage Ratio (the ratio of Consolidated Adjusted EBITDA to Ratio Interest Expense, each as defined in the Credit Agreement) of at least 3.00:1.00. The Credit Agreement contains provisions pursuant to which, based upon our achievement of certain corporate credit ratings, certain covenants and/or our obligation to provide collateral to secure the Credit Facilities, will be suspended. Cyprium U.S. and Cyprium Luxembourg are each borrowers under the Credit Agreement, under which such borrowings are guaranteed by Versigent PLC. Additional subsidiaries of Versigent PLC may be added as co-borrowers or guarantors under the Credit Agreement from time to time on the terms and conditions set forth in the Credit Agreement. The obligations of each borrower under the Credit Agreement will be jointly and severally guaranteed by each other borrower and by certain of our existing and future direct and indirect subsidiaries, subject to certain exceptions customary for financings of this type. All obligations of the borrowers and the guarantors will be secured by certain assets of such borrowers and guarantors, including a perfected first-priority pledge of all of the capital stock in Versigent PLC. Loans under the Term Loan A Facility bear interest, at Versigent’s option, at either (a) ABR or (b) Term Benchmark Rate and RFR (the “Benchmark Loans”) plus in either case a percentage per annum as set forth in the table below (the “Term Loan Applicable Rate”). The rates under the Term Loan A Facility on the specified dates are set forth below: March 31, 2026 December 31, 2025 ABR plus Benchmark Loans plus ABR plus Benchmark Loans plus Term Loan A 0.50 % 1.50 % N/A N/A Senior Unsecured Notes On March 18, 2026, Cyprium U.S. and Cyprium Luxembourg issued $ 800 million aggregate principal amount of their 6.125 % senior notes due 2031 (the “2031 Notes”) and $ 800 million aggregate principal amount of their 6.375 % senior notes due 2034 (the “2034 Notes” and, together with the 2031 Notes, the “Notes”). The Notes were sold to investors in a private transaction exempt from the registration requirements of the Securities Act of 1933, as amended. Approximately $ 23 million in debt issuance costs were incurred in connection with the issuance of the Notes. The 2031 Notes will mature on April 15, 2031 and were priced at 100 % of par, resulting in a yield to maturity of 6.125 %. Interest is payable semi-annually on April 15 and October 15 of each year to holders of record at close of business on April 1 or October 1 immediately preceding the interest payment date. The 2034 Notes will mature on April 15, 2034 and were priced at 100 % of par, resulting in a yield to maturity of 6.375 %. Interest is payable semi-annually on April 15 and October 15 of each year to holders of record at close of business on April 1 or October 1 immediately preceding the interest payment date. The proceeds received from the Notes offerings were deposited into escrow and subsequently released to Versigent PLC upon satisfaction of certain conditions in connection with the Spin-Off. From the date of the satisfaction of the escrow conditions, the notes are guaranteed, jointly and severally, on an unsecured basis, by each of our current and future domestic subsidiaries that guarantee our Credit Facilities, as described above. The proceeds from the Notes, together with the proceeds from the borrowings under the Credit Agreement, were used to fund a $ 1,900 million dividend to the Parent, with remaining proceeds used for general corporate purposes. Other Financing Finance leases and other —As of March 31, 2026 and December 31, 2025, approximately $ 69 million and $ 61 million, respectively, of other debt primarily issued by certain non-U.S. subsidiaries and finance lease obligations were outstanding. Interest —Cash paid for interest related to debt outstanding totaled $ 1 million for each of the three months ended March 31, 2026 and 2025. 19 Table of Contents 11. PENSION BENEFITS The Company sponsors defined benefit pension plans, which generally provide benefits based on negotiated amounts for each year of service. The Company’s primary plans are located in Mexico, Germany, Portugal and Turkey. Certain Mexican plans are funded. Certain of the Company’s Mexican plans, as well as the Turkey plan, provide for benefits payable to employees immediately upon separation. The obligations for these plans are recorded over the requisite service period. The Company does not have any U.S. pension assets or liabilities. In the third and fourth quarters of 2025, in advance of the Spin-Off, certain plans that were previously sponsored by Aptiv and accounted for as multiemployer plans were legally separated and allocated to the Company. In addition, beginning in the fourth quarter of 2025, liabilities related to inactive employees in Germany under an Aptiv-sponsored plan that had not yet been legally transferred to the Company due to regulatory reasons were attributed to the Company. Prior to completion of the legal transfer, Aptiv will pay the benefits due to these inactive employees on behalf of Versigent and Versigent will reimburse Aptiv. The legal transfer is expected to be completed by the end of 2026. In the first quarter of 2026, the Company recorded a curtailment loss of $ 4 million resulting from a workforce reduction related to a planned closure of a European manufacturing site. The amounts shown below reflect the defined benefit pension expense for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 2025 (in millions) Service cost $ 3 $ 1 Interest cost 6 2 Expected return on plan assets ( 1 ) — Curtailment loss 4 — Net periodic benefit cost $ 12 $ 3 The Company had $ 1 million of other postretirement benefit obligations as of March 31, 2026 and no other postretirement benefit obligations as of December 31, 2025. Multiemployer Pension Plans As described in Note 2. Significant Accounting Policies, prior to the legal split of plans in 2025, certain of the Company’s employees, primarily in Mexico and Germany, participated in the Shared Plans sponsored by Aptiv. The Company recorded expense of approximately $ 1 million for the three months ended March 31, 2025, to record its allocation of pension benefit service costs related to the Shared Plans. 12. COMMITMENTS AND CONTINGENCIES Ordinary Business Litigation The Company is from time to time subject to various legal actions and claims incidental to its business, including those arising out of alleged defects, alleged breaches of contracts, product warranties, intellectual property matters, and employment-related matters. It is the opinion of the Company that the outcome of such matters will not have a material adverse impact on the combined financial position, results of operations, or cash flows of the Company. With respect to warranty matters, although the Company cannot ensure that the future costs of warranty claims by customers will not be material, the Company believes its established reserves are adequate to cover potential warranty settlements. Environmental Matters The Company is subject to the requirements of U.S. federal, state, local and non-U.S. environmental, health and safety laws and regulations. As of March 31, 2026 and December 31, 2025, the undiscounted reserve for environmental investigation and remediation recorded in other liabilities were de minimis. The Company cannot ensure that environmental requirements will not change or become more stringent over time or that its eventual environmental remediation costs and liabilities will not exceed the amount of its current reserves. In the event that such liabilities were to significantly exceed the amounts recorded, the Company’s results of operations could be materially affected. At March 31, 2026, the difference between the recorded liabilities and the reasonably possible range of potential loss was not material. 20 Table of Contents 13. INCOME TAXES At the end of each interim period, the Company makes its best estimate of the annual expected effective income tax rate and applies that rate to its ordinary year-to-date earnings or loss. The income tax provision or benefit related to unusual or infrequent items, if applicable, that will be separately reported or reported net of their related tax effects are individually computed and recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates, tax status, judgment on the realizability of a beginning-of-the-year deferred tax asset in future years or income tax contingencies is recognized in the interim period in which the change occurs. The computation of the annual expected effective income tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected pre-tax income (or loss) for the year, projections of the proportion of income (and/or loss) earned and taxed in respective jurisdictions, permanent and temporary differences, and the likelihood of the realizability of deferred tax assets generated in the current year. Global economic conditions and geopolitical factors are difficult to predict and may cause fluctuations in our expected results of operations for the year, which could create volatility in our annual expected effective income tax rate. Jurisdictions with a projected loss for the year or a year-to-date loss for which no tax benefit or expense can be recognized due to a valuation allowance are excluded from the estimated annual effective tax rate. The impact of such an exclusion could result in a higher or lower effective tax rate during a particular quarter, based upon the composition and timing of actual earnings compared to annual projections. The estimates used to compute the provision or benefit for income taxes may change as new events occur, additional information is obtained or as our tax environment changes. To the extent that the expected annual effective income tax rate changes, the effect of the change on prior interim periods is included in the income tax provision in the period in which the change in estimate occurs. The Company’s income tax (benefit) expense and effective tax rates for the three months ended March 31, 2026 and 2025 were as follows: Three Months Ended March 31, 2026 2025 (dollars in millions) Income tax (benefit) expense $ ( 9 ) $ 29 Effective tax rate ( 13 ) % 24 % The Company’s tax rate is affected by the fact that its parent entity is a Swiss resident tax payer, the tax rates in Switzerland and other jurisdictions in which the Company operates, the relative amount of income earned by jurisdiction and the relative amount of losses or income for which no tax benefit or expense was recognized due to a valuation allowance. The Company’s effective tax rate is also impacted by the receipt of certain tax incentives and holidays that reduce the effective tax rate for certain subsidiaries below the statutory rate. The Company’s effective tax rate for the three months ended March 31, 2026 and 2025 includes net discrete tax benefits of approximately $ 24 million and net discrete tax expenses of $ 2 million, respectively. The net discrete tax benefits for the three months ended March 31, 2026 are primarily related to changes in reserves. The net discrete tax expenses for the three months ended March 31, 2025 are primarily related to provision to return adjustments. Versigent is a Swiss resident taxpayer and not a domestic corporation for U.S. federal income tax purposes. As such, it is not subject to U.S. tax on remitted foreign earnings and, as a result of its capital structure, is also generally not subject to Swiss tax on the repatriation of foreign earnings. Cash paid or withheld for income taxes was $ 24 million and $ 27 million for the three months ended March 31, 2026 and 2025, respectively. As part of the Spin-Off, we entered into a number of agreements with the Parent to govern the Separation and our relationship with the Parent following the Separation including a Tax Matters Agreement. Pursuant to the Tax Matters Agreement executed in connection with the Spin-Off, Aptiv will generally be responsible and indemnify us for taxes imposed on a joint return basis for periods ending on the Distribution Date. As a result of the execution of the Tax Matters Agreement during the quarter ended March 31, 2026, the Company released its remaining tax indemnification liability to the Parent through Net Parent Investment related to any joint return basis positions for periods ending on the Distribution Date. On January 15, 2025, the OECD released Administrative Guidance (the “Guidance”) on Article 9.1 of the Global Anti-Base Erosion Model Rules (the “Model Rules”) which amends the Pillar Two Framework. Jurisdictions that have adopted the Framework may implement and administer their domestic laws consistent with the Model Rules and Guidance. The Guidance eliminates the tax basis in certain deferred tax assets including tax credit carryforwards for purposes of the global minimum tax established under the Framework. While the Guidance is applicable to the tax incentive granted to the Company’s Swiss 21 Table of Contents subsidiary in 2023, a full valuation allowance against this attribute has been maintained since 2023. Therefore, the Guidance did not result in a change during the three months ended March 31, 2026 and 2025. No other deferred tax assets are impacted by the Guidance. On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted into law. The Act includes changes to U.S. tax law that will be applicable to the Company beginning in 2025, with additional provisions applying in subsequent years. Included in these changes are favorable adjustments to deductions for interest, qualified property, and research and development expenditures, as well as reforms to the international tax framework. The Act will not have a material impact on the Company’s combined financial statements. 14. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS The changes in accumulated other comprehensive loss attributable to Versigent (net of tax) for the three months ended March 31, 2026 and 2025 are shown below: Three Months Ended March 31, 2026 2025 (in millions) Foreign currency translation adjustments: Balance at beginning of period $ ( 263 ) $ ( 337 ) Aggregate adjustment for the period ( 28 ) 16 Balance at end of period ( 291 ) ( 321 ) Gains (losses) on derivatives: Balance at beginning of period — — Other comprehensive income before reclassifications (net tax effect of $( 16 ) and $ 0 ) 87 — Reclassification to income ( nil net tax effect for all periods presented) — — Balance at end of period 87 — Pension and postretirement plans: Balance at beginning of period ( 5 ) ( 4 ) Other comprehensive loss before reclassifications (net tax effect of $( 1 ) and $ 0 ) ( 3 ) — Reclassification to income ( nil net tax effect for all periods presented) — — Balance at end of period ( 8 ) ( 4 ) Accumulated other comprehensive loss, end of period $ ( 212 ) $ ( 325 ) 22 Table of Contents 15. DERIVATIVES AND HEDGING ACTIVITIES Cash Flow Hedges Versigent is exposed to market risk, such as fluctuations in foreign currency exchange rates, commodity prices and changes in interest rates, which may result in cash flow risks. To manage the volatility relating to these exposures, Versigent aggregates the exposures on a consolidated basis to take advantage of natural offsets. For exposures that are not offset within its operations, Versigent enters into various derivative transactions pursuant to its risk management policies, which prohibit holding or issuing derivative financial instruments for speculative purposes, and designation of derivative instruments is performed on a transaction basis to support hedge accounting. The changes in fair value of these hedging instruments are offset in part or in whole by corresponding changes in the fair value or cash flows of the underlying exposures being hedged. Versigent assesses the initial and ongoing effectiveness of its hedging relationships in accordance with its documented policy. As of March 31, 2026, the Company had the following outstanding notional amounts related to commodity and foreign currency forward and option contracts designated as cash flow hedges that were entered into to hedge forecasted exposures: Commodity Quantity Hedged Unit of Measure Notional Amount (Approximate USD Equivalent) (in thousands) (in millions) Copper 55,665 pounds $ 316 Foreign Currency Quantity Hedged Unit of Measure Notional Amount (Approximate USD Equivalent) (in millions) Mexican Peso 22,368 MXN $ 1,234 Chinese Yuan Renminbi 1,207 RMB $ 175 As of March 31, 2026, Versigent has entered into derivative instruments to hedge cash flows extending out to March 2028. Gains and losses on derivatives qualifying as cash flow hedges are recorded in accumulated OCI, to the extent that hedges are effective, until the underlying transactions are recognized in earnings. Unrealized amounts in accumulated OCI will fluctuate based on changes in the fair value of hedge derivative contracts at each reporting period. Net gains on cash flow hedges included in accumulated OCI as of March 31, 2026 were $ 103 million (approximately $ 87 million, net of tax). Of this total, approximately $ 84 million of gains are expected to be included in cost of sales within the next 12 months and approximately $ 19 million of gains are expected to be included in cost of sales in subsequent periods. Cash flow hedges are discontinued when Versigent determines it is no longer probable that the originally forecasted transactions will occur. Cash flows from derivatives used to manage commodity and foreign exchange risks designated as cash flow hedges are classified as operating activities within the combined statements of cash flows. Derivatives Not Designated as Hedges In certain occasions the Company enters into certain foreign currency and commodity contracts that are not designated as hedges. When hedge accounting is not applied to derivative contracts, gains and losses are recorded to other expense, net and cost of sales in the combined statements of operations. 23 Table of Contents Fair Value of Derivative Instruments in the Balance Sheet The fair value of derivative financial instruments recorded in the combined balance sheet as of March 31, 2026 is as follows: Asset Derivatives Liability Derivatives Net Amounts of Assets and (Liabilities) Presented in the Balance Sheet Balance Sheet Location March 31, 2026 Balance Sheet Location March 31, 2026 March 31, 2026 (in millions) Derivatives designated as cash flow hedges: Commodity derivatives Other current assets $ 32 Accrued liabilities $ — Foreign currency derivatives* Other current assets 53 Other current assets 3 $ 50 Commodity derivatives Other long-term assets 10 Other long-term liabilities — Foreign currency derivatives* Other long-term assets 7 Other long-term assets 1 6 Total derivatives designated as hedges $ 102 $ 4 Derivatives not designated: Foreign currency derivatives* Other current assets $ — Other current assets $ 1 $ ( 1 ) Total derivatives not designated as hedges $ — $ 1 * Derivative instruments within this category are subject to master netting arrangements and are presented on a net basis in the combined balance sheets in accordance with accounting guidance related to the offsetting of amounts related to certain contracts. The fair value of Versigent’s derivative financial instruments were in a net asset position as of March 31, 2026. Effect of Derivatives on the Statements of Operations and Statements of Comprehensive Income The pre-tax effects of derivative financial instruments in the combined statements of operations and combined statements of comprehensive income for the three months ended March 31, 2026 are as follows: Three Months Ended March 31, 2026 Gain Recognized in OCI Gain Reclassified from OCI into Income (in millions) Derivatives designated as cash flow hedges: Commodity derivatives $ 42 $ — Foreign currency derivatives 61 — Total $ 103 $ — Loss Recognized in Income (in millions) Derivatives not designated: Foreign currency derivatives $ 1 Total $ 1 24 Table of Contents The gain or loss recognized in income for designated and non-designated derivative instruments was recorded to cost of sales and other expense, net in the combined statements of operations for the three months ended March 31, 2026. Refer to Note 2. Significant Accounting Policies and Note 16. Fair Value of Financial Instruments for additional information. 16. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value Measurements on a Recurring Basis Derivative instruments —All derivative instruments are required to be reported on the balance sheet at fair value unless the transactions qualify and are designated as normal purchases or sales. Changes in fair value are reported currently through earnings unless they meet hedge accounting criteria. Versigent’s derivative exposures are with counterparties with long-term investment grade credit ratings. Versigent estimates the fair value of its derivative contracts using an income approach based on valuation techniques to convert future amounts to a single, discounted amount. Estimates of the fair value of foreign currency and commodity derivative instruments are determined using exchange traded prices and rates. Versigent also considers the risk of non-performance in the estimation of fair value, and includes an adjustment for non-performance risk in the measure of fair value of derivative instruments. The non-performance risk adjustment reflects the credit default spread (“CDS”) applied to the net commodity by counterparty and foreign currency exposures by counterparty. When Versigent is in a net derivative asset position, the counterparty CDS rates are applied to the net derivative asset position. When Versigent is in a net derivative liability position, estimates of peer companies’ CDS rates are applied to the net derivative liability position. In certain instances where market data is not available, Versigent uses management judgment to develop assumptions that are used to determine fair value. This could include situations of market illiquidity for a particular currency or commodity or where observable market data may be limited. In those situations, Versigent generally surveys investment banks and/or brokers and utilizes the surveyed prices and rates in estimating fair value. As of March 31, 2026, Versigent was in a net derivative asset position of $ 97 million, and no significant adjustments were recorded based on the evaluation of our own nonperformance risk and because Versigent’s exposures were to counterparties with investment grade credit ratings. Refer to Note 15. Derivatives and Hedging Activities for further information regarding derivatives. As of March 31, 2026, Versigent had the following assets measured at fair value on a recurring basis: Total Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 (in millions) As of March 31, 2026: Commodity derivatives $ 42 $ — $ 42 $ — Foreign currency derivatives 55 — 55 — Total $ 97 $ — $ 97 $ — Non-derivative financial instruments —Versigent’s non-derivative financial instruments include cash and cash equivalents, accounts and notes receivable, accounts payable, as well as debt, which may consist of accounts receivable factoring arrangements, finance leases and other debt issued by Versigent’s non-U.S. subsidiaries, the Credit Facilities and all series of outstanding senior notes. The fair value of debt is developed using observable values for similar debt instruments, which are considered Level 2 inputs as defined by ASC Topic 820. As of March 31, 2026, total debt was recorded at $ 2,141 million which approximated fair value. For all other financial instruments recorded at March 31, 2026, fair value approximates book value. Fair Value Measurements on a Nonrecurring Basis In addition to items that are measured at fair value on a recurring basis, Versigent also has items in its balance sheet that are measured at fair value on a nonrecurring basis. As these items are not measured at fair value on a recurring basis, they are not included in the tables above. Financial and nonfinancial assets and liabilities that are measured at fair value on a nonrecurring basis include long-lived assets, intangible assets, equity investments without readily determinable fair values and liabilities for exit or disposal activities measured at fair value upon initial recognition. Versigent recorded non-cash long-lived 25 Table of Contents asset impairment charges of $ 7 million during the three months ended March 31, 2026 within cost of sales, primarily related to the declines in the fair value of certain fixed assets and a planned site exit. Fair value of long-lived and other assets is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved and a review of appraisals or other market indicators and management estimates. As such, Versigent has determined that the fair value measurements of long-lived and other assets principally fall in Level 3 of the fair value hierarchy. 17. OTHER EXPENSE, NET Other expense, net included: Three Months Ended March 31, 2026 2025 (in millions) Interest income $ 3 $ 1 Components of net periodic benefit cost other than service cost (Note 11) ( 9 ) ( 2 ) Other, net 5 — Other expense, net $ ( 1 ) $ ( 1 ) 18. SHARE-BASED COMPENSATION Long-Term Incentive Plan Certain U.S. and non-U.S. employees of Versigent are covered by the Parent-sponsored share-based compensation arrangements, the Aptiv PLC 2024 Long-Term Incentive Plan (the “2024 LTIP”) and the Aptiv PLC Long-Term Incentive Plan, as amended and restated effective April 23, 2015 (the “PLC LTIP”). The 2024 LTIP allows for the grant of awards of up to 9,880,000 Aptiv ordinary shares for long-term compensation. Prior to April 2024, Aptiv issued awards under the PLC LTIP, which allowed for the grant of awards of up to 25,665,448 Aptiv ordinary shares for long-term compensation. Aptiv’s long-term incentive plans were designed to align the interests of management and shareholders. The awards can be in the form of shares, options, stock appreciation rights, restricted stock units (“RSUs”), performance awards and other share-based awards to the employees, directors, consultants and advisors of Aptiv. Aptiv has historically awarded annual long-term grants of RSUs under its long-term incentive plans in order to align management compensation with the overall business strategy. All of the RSUs granted under both the 2024 LTIP and PLC LTIP are eligible to receive dividend equivalents for any dividend paid from the grant date through the vesting date. When applicable, dividend equivalents are paid out in ordinary shares upon vesting of the underlying RSUs. In addition, Aptiv has competitive and market-appropriate ownership requirements for its directors and officers. 26 Table of Contents Aptiv has made annual grants of RSUs to its executives each year beginning in 2012. These awards include a time-based vesting portion and a performance-based vesting portion, as well as continuity awards in certain years. The time-based RSUs, which make up 40 % of the awards for Aptiv’s officers and 50 % for Aptiv’s other executives, vest ratably over three years beginning on the first anniversary of the grant date. The performance-based RSUs, which make up 60 % of the awards for Aptiv’s officers and 50 % for Aptiv’s other executives, vest at the completion of a three-year performance period if certain targets are met. Each executive will receive between 0 % and 240 % ( 200 % prior to 2025) of his or her target performance-based award based on Aptiv’s performance against established company-wide performance metrics, which are: Metric 2025 Parent Grant 2022-2024 Parent Grants Average return on invested capital (1) 70 % N/A Software and adjacent market revenue 30 % N/A Relative total shareholder return (2) (3) 33 % Average return on net assets (4) N/A 33 % Cumulative net income N/A 33 % (1) Average return on invested capital is measured by tax-affected operating income divided by average invested capital. Average invested capital is measured by the sum of average total shareholders’ equity plus average net debt for each calendar year during the respective performance period. (2) Relative total shareholder return is measured by comparing the average closing price per share of Aptiv’s ordinary shares for the specified trading days in December of the performance period to the average closing price per share of Aptiv’s ordinary shares for the specified trading days in December of the year preceding the grant, including dividends, and assessed against a comparable measure of competitor and peer group companies. (3) The performance-based RSUs granted in 2025 are subject to a performance modifier based on relative total shareholder return, whereby the ultimate payout level of the performance-based RSUs may be adjusted upwards by 20 % if relative total shareholder return is in the upper quartile against a comparable measure of competitor and peer group companies or downwards by 20 % if in the bottom quartile for the specified trading days of the performance period as defined above. There will be no adjustment if relative total shareholder return is in the middle quartiles. (4) Average return on net assets is measured by tax-affected operating income divided by average net working capital plus average net property, plant and equipment for each calendar year during the respective performance period. The grant date fair value of the RSUs is determined based on the target number of awards issued, the closing price of Aptiv’s ordinary shares on the date of the grant of the award, including an estimate for forfeitures, and a contemporaneous valuation performed by a third-party valuation specialist with respect to the portion of the awards subject to relative total shareholder return. Any new executives hired after the annual executive RSU grant date may have been eligible to participate in the 2024 LTIP. Aptiv has also granted additional awards to employees in certain periods under both the PLC LTIP and 2024 LTIP. Any off-cycle grants made to new hires or other employees are valued at their grant date fair value based on the closing price of Aptiv’s ordinary shares on the date of such grant. A summary of RSU activity, including award grants, vesting and forfeitures for Versigent employees who participate in the Aptiv plans is provided below: RSUs Weighted Average Grant Date Fair Value (in thousands) Nonvested, January 1, 2026 292 $ 79.10 Granted — $ — Vested ( 79 ) $ 81.09 Forfeited ( 26 ) $ 74.55 Nonvested, March 31, 2026 187 $ 78.98 Share-based compensation expense within the combined financial statements has been allocated to Versigent based on the awards and terms previously granted to Versigent employees while part of Aptiv and includes the cost of Versigent employees who participate in the Aptiv plans as well as an allocated portion of the cost of Aptiv senior management awards. Share-based compensation expense recorded within the combined statement of operations, which includes the cost of Versigent employees who participate in the Aptiv plan as well as an allocated portion of the cost of Aptiv senior management awards, was $ 8 million ($ 7 million, net of tax) based on the Company’s best estimate of Aptiv’s ultimate performance against the respective targets during each of the three months ended March 31, 2026 and 2025. The Company will continue to recognize compensation expense, based on the grant date fair value of the awards applied to the Company’s best estimate of ultimate performance against the respective targets, over the requisite vesting periods of the awards. Based on the grant date fair value of the awards 27 Table of Contents and the Company’s best estimate of Aptiv’s ultimate performance against the respective targets as of March 31, 2026, unrecognized compensation expense on a pretax basis of approximately $ 32 million is anticipated to be recognized over a weighted average period of approximately two years. 19. SEGMENT REPORTING AND REVENUE The Company operates its core business as a single reportable segment, which includes Low Voltage and High Voltage electrical architectures. Financial results for the Company’s reportable segment have been prepared using a management approach, which is consistent with the basis and manner in which financial information is evaluated by the Company’s chief operating decision maker (“CODM”) to assess performance and make internal operating decisions about allocating resources. The Company’s CODM is the Chief Executive Officer. Generally, the Company’s management, including the CODM, utilizes net income (loss) to evaluate the Company’s performance, the allocation of operating and capital resources, determining the compensation of managers and certain other employees and for planning and forecasting purposes. Included below are segment sales, significant expenses and operating data for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 2025 (in millions) Net sales $ 2,212 $ 2,024 Less: Cost of sales 1,968 1,775 Selling, general and administrative 97 105 Other segment items (1) 66 48 Net income $ 81 $ 96 (1) Other segment items primarily include amortization, restructuring, separation costs, interest expense, other expense, net, income tax benefit (expense) and equity income, net. 28 Table of Contents Included below is additional segment information for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 2025 (in millions) Income tax benefit (expense) $ 9 $ ( 29 ) Equity income, net $ 4 $ 5 Amortization $ ( 1 ) $ — Other expense, net $ ( 1 ) $ ( 1 ) Interest expense $ ( 5 ) $ ( 2 ) Separation costs $ ( 26 ) $ ( 5 ) Restructuring $ ( 46 ) $ ( 16 ) Depreciation and amortization (1) $ ( 61 ) $ ( 52 ) Capital expenditures $ ( 66 ) $ ( 37 ) (1) Segment depreciation and amortization disclosed is included within segment cost of sales, selling, general and administrative expense and amortization expense disclosed. Included below is balance sheet data as of March 31, 2026 and December 31, 2025: March 31, 2026 December 31, 2025 Investment in affiliates $ 142 $ 143 Segment assets $ 4,909 $ 4,485 Nature of Goods and Services The principal activity from which the Company generates its revenue is the manufacturing of production parts for OEM customers. The Company recognizes revenue for production parts at a point in time, rather than over time, as the performance obligation is satisfied when customers obtain control of the product upon title transfer and not as the product is manufactured or developed. Although production parts are highly customized with no alternative use, the Company does not have an enforceable right to payment as customers have the right to cancel a product program without a notification period. The amount of revenue recognized is based on the purchase order price and adjusted for revenue allocated to variable consideration (i.e., estimated rebates and price discounts), as applicable. Customers typically pay for production parts based on customary business practices with payment terms averaging 60 days. Refer to Note 2. Significant Accounting Policies for a complete description of the Company’s revenue recognition accounting policy. Revenue by Product Line Revenue by product line for the three months ended March 31, 2026 and 2025 is as follows: Three Months Ended March 31, 2026 2025 (in millions) High Voltage Electrical Architecture $ 208 $ 224 Low Voltage Electrical Architecture 2,004 1,800 Total net sales $ 2,212 $ 2,024 29 Table of Contents Revenue by Geographic Region Net sales reflects the manufacturing location and is for the three months ended March 31, 2026 and 2025. Three Months Ended March 31, 2026 2025 (in millions) Geographic Markets North America $ 897 $ 822 Europe, Middle East & Africa 509 513 Asia Pacific 739 636 South America 67 53 Total net sales $ 2,212 $ 2,024 Contract Balances Consistent with the recognition of production parts revenue at a point in time title transfers to the customer, the Company has no contract assets or contract liabilities balances as of March 31, 2026 and December 31, 2025. Remaining Performance Obligations For production parts, customer contracts generally are represented by a combination of a current purchase order and a current production schedule issued by the customer. There are no contracts for production parts outstanding beyond one year. The Company does not enter into fixed long-term supply agreements. As permitted, the Company does not disclose information about remaining performance obligations that have original expected durations of one year or less for production parts. Payments to Customers From time to time, the Company makes payments to customers in conjunction with ongoing business. These payments to customers are generally one-time, upfront payments made in connection with the award of new business to us and are recognized as a reduction to revenue at the time of the commitment to make these payments. The amount of these payments was not significant for the three months ended March 31, 2026 and 2025. However, certain of these payments to customers, or upfront fees, are capitalized as they are directly attributable to a contract, are incremental and management expects the fees to be recoverable. As of March 31, 2026 and December 31, 2025, the Company has recorded $ 32 million (of which $ 6 million was classified within other current assets and $ 26 million was classified within other long-term assets) and $ 33 million (of which $ 7 million was classified within other current assets and $ 26 million was classified within other long-term assets), respectively, related to these capitalized upfront fees. Capitalized upfront fees are amortized to revenue based on the transfer of goods and services to the customer for which the upfront fees relate, which typically range from three to five years . There have been no impairment losses in relation to the costs capitalized. The amount of amortization to net sales was $ 2 million and $ 1 million for each of the three months ended March 31, 2026 and 2025, respectively. 30 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This Quarterly Report on Form 10-Q, including the exhibits being filed as part of this report, as well as other statements made by Versigent (“Versigent,” the “Company,” “we,” “us” and “our”), contain forward-looking statements that reflect, when made, the Company’s current views with respect to current events, certain investments and acquisitions and financial performance. Such forward-looking statements are subject to many risks, uncertainties and factors relating to the Company’s operations and business environment, which may cause the actual results of the Company to be materially different from any future results, express or implied, by such forward-looking statements. All statements that address future operating, financial or business performance or the Company’s strategies or expectations are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” “outlook” or “continue,” and other comparable terminology. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: disruptions in the supply of raw materials and other supplies integral to our products; future significant public health crises and other global health crises and the measures taken in response thereto; a prolonged recession and/or a downturn in global automotive sales; the volatile global economic environment and geopolitical conditions, including conditions affecting the credit market and global inflationary pressures; our reliance on relationships with collaborative partners and other third parties for product development and such parties’ failure to perform; employee strikes and labor-related disruptions involving us or one or more of our customers affecting our operations; fluctuations in interest rates and foreign currency exchange rates; our failure to comply with the numerous laws and regulations to which we are subject; adverse developments affecting one or more of our suppliers; any adverse impact of legal proceedings and disputes in which we are involved; challenges to our historical and future tax positions by taxing authorities; an increase in our tax burden due to ongoing or future tax audits; our failure to attract and retain key salaried employees and management personnel; our failure to manage the transition to a standalone public company; our failure to achieve some or all of the benefits expected from the Spin-Off and other risks related to the completion of the Spin-Off. Additional factors are discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s filings with the Securities and Exchange Commission, including those set forth in the Company’s Information Statement furnished with the Company’s Registration Statement on Form 10-12B/A filed on March 6, 2026. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. It should be remembered that the price of the ordinary shares and any income from them can go down as well as up. Versigent disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/or otherwise, except as may be required by law. 31 Table of Contents