Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934

For the month of August 2024

Commission File Number 001-11444

MAGNA INTERNATIONAL INC.

(Exact Name of Registrant as specified in its Charter)

337 Magna Drive, Aurora, Ontario, Canada L4G 7K1

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F o Form 40-F x

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MAGNA INTERNATIONAL INC.
	(Registrant)

Date: August 2, 2024

	By:	/s/ “Bassem Shakeel”
		Bassem A. Shakeel,
		Vice-President, Associate General Counsel and Corporate Secretary

EXHIBITS

Exhibit 99.1

Q2 2024 Financial Review

Exhibit 99.2

Q2 2024 Results Call Presentation slides (August 2, 2024)

Exhibit 99.3

Q2 2024 Results Call Transcript (August 2, 2024)

Exhibit 99.1

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

(United States dollars in millions, except per share figures) (Unaudited)

Prepared in accordance with U.S. GAAP

		2022															2023															2024
	Note	1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			TOTAL
VEHICLE VOLUME STATISTICS (in millions)
North America			3.615			3.551			3.600			3.514			14.280			3.884			4.080			3.930			3.743			15.637			3.980			4.133			8.113
Europe			3.962			3.981			3.560			4.168			15.671			4.618			4.637			3.828			4.382			17.465			4.402			4.421			8.823
China			6.361			5.489			7.235			7.264			26.349			5.942			6.803			7.637			8.899			29.281			6.397			7.186			13.583
Other			6.374			6.139			6.703			6.857			26.073			6.955			6.709			6.993			7.183			27.840			6.827			6.933			13.760
Global			20.312			19.160			21.098			21.803			82.373			21.399			22.229			22.388			24.207			90.223			21.606			22.673			44.279
Magna Steyr vehicle assembly volumes			0.026			0.032			0.026			0.028			0.112			0.034			0.027			0.023			0.021			0.105			0.022			0.019			0.041

AVERAGE FOREIGN EXCHANGE RATES
1 Canadian dollar equals U.S. dollars			0.790			0.783			0.765			0.737			0.769			0.740			0.745			0.746			0.735			0.742			0.741			0.731			0.736
1 euro equals U.S. dollars			1.123			1.064			1.006			1.019			1.053			1.073			1.089			1.088			1.076			1.082			1.085			1.076			1.081
1 Chinese renminbi equals U.S. dollars			0.158			0.151			0.146			0.140			0.149			0.146			0.143			0.138			0.138			0.141			0.139			0.138			0.139

CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Sales:
Body Exteriors & Structures			4,077			3,947			3,976			4,004			16,004			4,439			4,540			4,354			4,178			17,511			4,429			4,465			8,894
Power & Vision			3,046			2,888			2,911			3,016			11,861			3,323			3,462			3,745			3,775			14,305			3,842			3,926			7,768
Seating Systems			1,376			1,253			1,295			1,345			5,269			1,486			1,603			1,529			1,429			6,047			1,455			1,455			2,910
Complete Vehicles			1,275			1,403			1,213			1,330			5,221			1,626			1,526			1,185			1,201			5,538			1,383			1,242			2,625
Corporate & Other			(132	)		(129	)		(127	)		(127	)		(515	)		(201	)		(149	)		(125	)		(129	)		(604	)		(139	)		(130	)		(269	)
Sales			9,642			9,362			9,268			9,568			37,840			10,673			10,982			10,688			10,454			42,797			10,970			10,958			21,928
Costs and expenses:
Cost of goods sold			8,400			8,259			8,126			8,403			33,188			9,416			9,544			9,264			8,961			37,185			9,642			9,494			19,136
Selling, general and administrative			386			410			387			477			1,660			488			505			491			566			2,050			516			523			1,039
Equity income			(20	)		(25	)		(27	)		(17	)		(89	)		(33	)		(36	)		(40	)		(3	)		(112	)		(34	)		(9	)		(43	)
Adjusted EBITDA			876			718			782			705			3,081			802			969			973			930			3,674			846			950			1,796
Depreciation			357			348			330			338			1,373			353			353			358			372			1,436			377			373			750
Adjusted EBIT			519			370			452			367			1,708			449			616			615			558			2,238			469			577			1,046
Amortization of acquired intangible assets			12			12			11			11			46			12			13			32			31			88			28			28			56
Other expense (income), net	1		61			426			23			193			703			142			86			(4	)		164			388			356			68			424
Interest expense, net			26			20			18			17			81			20			34			49			53			156			51			54			105
Income (loss) from operations before income taxes			420			(88	)		400			146			878			275			483			538			310			1,606			34			427			461
Income tax expense			41			57			104			35			237			58			129			121			12			320			8			99			107
Net income (loss)			379			(145	)		296			111			641			217			354			417			298			1,286			26			328			354
Income attributable to non-controlling interests			(15	)		(11	)		(7	)		(16	)		(49	)		(8	)		(15	)		(23	)		(27	)		(73	)		(17	)		(15	)		(32	)
Net income (loss) attributable to Magna International Inc.			364			(156	)		289			95			592			209			339			394			271			1,213			9			313			322

Diluted earnings (loss) per common share		$	1.22		$	(0.54	)	$	1.00		$	0.33		$	2.03		$	0.73		$	1.18		$	1.37		$	0.94		$	4.23		$	0.03		$	1.09		$	1.12

Weighted average number of Common Shares outstanding during the period (in millions):			298.1			291.1			288.5			286.3			291.2			286.6			286.3			286.8			286.6			286.6			287.1			287.3			287.2

NON-GAAP MEASURES
Adjusted EBITDA			876			718			782			705			3,081			802			969			973			930			3,674			846			950			1,796
Adjusted EBIT	2		519			370			452			367			1,708			449			616			615			558			2,238			469			577			1,046
Adjusted net income attributable to Magna International Inc.			393			253			317			270			1,233			329			441			419			383			1,572			311			389			700
Adjusted Diluted earnings per common share		$	1.32		$	0.87		$	1.10		$	0.94		$	4.32		$	1.15		$	1.54		$	1.46		$	1.33		$	5.92		$	1.08		$	1.35		$	2.44

PROFITABILITY RATIOS
Selling, general and administrative /Sales			4.0	%		4.4	%		4.2	%		5.0	%		4.4	%		4.6	%		4.6	%		4.6	%		5.4	%		4.8	%		4.7	%		4.8	%		4.7	%
Adjusted EBIT /Sales			5.4	%		4.0	%		4.9	%		3.8	%		4.5	%		4.2	%		5.6	%		5.8	%		5.3	%		5.2	%		4.3	%		5.3	%		4.8	%
Operating income /Sales			4.4	%		-0.9	%		4.3	%		1.5	%		2.3	%		2.6	%		4.4	%		5.0	%		3.0	%		3.8	%		0.3	%		3.9	%		2.1	%
Effective tax rate
Reported			9.8	%		-64.8	%		26.0	%		24.0	%		27.0	%		21.1	%		26.7	%		22.5	%		3.9	%		19.9	%		23.5	%		23.2	%		23.2	%
Excluding Other expense (income) and amortization, net of taxes			17.2	%		24.6	%		25.3	%		18.3	%		21.2	%		21.4	%		21.6	%		21.9	%		18.8	%		21.0	%		21.5	%		22.8	%		22.2	%

Q2 2024 Financial Review of Magna International Inc.

Page 1 of 8

Prepared as at 29-07-24

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

CONSOLIDATED BALANCE SHEETS

(United States dollars in millions) (Unaudited)

	2022												2023												2024
	1st Q			2nd Q			3rd Q			4th Q			1st Q			2nd Q			3rd Q			4th Q			1st Q			2nd Q
FUNDS EMPLOYED
Current assets:
Accounts receivable		7,006			6,764			7,082			6,791			7,959			8,556			8,477			7,881			8,379			8,219
Inventories		4,258			4,064			4,108			4,180			4,421			4,664			4,751			4,606			4,511			4,466
Prepaid expenses and other		310			262			269			320			367			455			387			352			399			314
		11,574			11,090			11,459			11,291			12,747			13,675			13,615			12,839			13,289			12,999
Current liabilities:
Accounts payable		6,845			6,443			6,624			6,999			7,731			7,984			7,911			7,842			7,855			7,639
Accrued salaries and wages		879			766			810			850			822			858			900			912			883			862
Other accrued liabilities		2,123			2,096			1,986			2,118			2,526			2,637			2,537			2,626			2,728			2,650
Income taxes payable (receivable)		190			136			97			93			9			(14	)		33			125			132			79
		10,037			9,441			9,517			10,060			11,088			11,465			11,381			11,505			11,598			11,230

Working capital		1,537			1,649			1,942			1,231			1,659			2,210			2,234			1,334			1,691			1,769

Investments		1,487			1,375			1,323			1,429			1,390			1,287			1,311			1,273			1,195			1,161
Fixed assets, net		8,090			7,723			7,470			8,173			8,304			8,646			8,778			9,618			9,545			9,623
Goodwill, other assets and intangible assets		3,544			3,353			3,280			3,576			3,640			4,733			4,726			4,962			4,646			4,709
Operating lease right-of-use assets		1,667			1,587			1,545			1,595			1,638			1,667			1,696			1,744			1,733			1,688
Funds employed		16,325			15,687			15,560			16,004			16,631			18,543			18,745			18,931			18,810			18,950
FINANCING
Straight debt:
Cash and cash equivalents		(1,996	)		(1,664	)		(1,102	)		(1,234	)		(2,429	)		(1,281	)		(1,022	)		(1,198	)		(1,517	)		(999	)
Short-term borrowings		-			-			-			8			4			150			2			511			838			848
Long-term debt due within one year		127			105			95			654			668			1,426			1,398			819			824			65
Long-term debt		3,501			3,408			3,325			2,847			4,500			4,159			4,135			4,175			4,549			4,863
Current portion of operating lease liabilities		276			270			266			276			285			303			384			399			306			306
Operating lease liabilities		1,369			1,294			1,254			1,288			1,318			1,345			1,289			1,319			1,407			1,378
		3,277			3,413			3,838			3,839			4,346			6,102			6,186			6,025			6,407			6,461
Long-term employee benefit liabilities		686			651			617			548			563			579			564			591			584			564
Other long-term liabilities		374			390			397			461			451			448			453			475			471			507
Deferred tax liabilities, net		(51	)		(111	)		(138	)		(179	)		(218	)		(242	)		(210	)		(437	)		(576	)		(592	)
		1,009			930			876			830			796			785			807			629			479			479
Shareholders' equity		12,039			11,344			10,846			11,335			11,489			11,656			11,752			12,277			11,924			12,010
		16,325			15,687			15,560			16,004			16,631			18,543			18,745			18,931			18,810			18,950

ASSET UTILIZATION RATIOS
Days in accounts receivable		65.4			65.0			68.8			63.9			67.1			70.1			71.4			67.8			68.7			67.5
Days in accounts payable		73.3			70.2			73.4			75.0			73.9			75.3			76.9			78.8			73.3			72.4
Inventory turnover - cost of goods sold		7.9			8.1			7.9			8.0			8.5			8.2			7.8			7.8			8.5			8.5
Working capital turnover		25.1			22.7			19.1			31.1			25.7			19.9			19.1			31.3			25.9			24.8
Total asset turnover		2.4			2.4			2.4			2.4			2.6			2.4			2.3			2.2			2.3			2.3

CAPITAL STRUCTURE
Straight debt		20.1	%		21.8	%		24.7	%		24.0	%		26.1	%		32.9	%		33.0	%		31.8	%		34.1	%		34.1	%
Long-term employee benefit liabilities, other long-term
liabilities & deferred tax liabilities, net		6.2	%		5.9	%		5.6	%		5.2	%		4.8	%		4.2	%		4.3	%		3.3	%		2.5	%		2.5	%
Shareholders' equity		73.7	%		72.3	%		69.7	%		70.8	%		69.1	%		62.9	%		62.7	%		64.9	%		63.4	%		63.4	%
		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

Debt to total capitalization		30.5	%		30.9	%		31.3	%		30.9	%		37.1	%		38.8	%		38.0	%		37.0	%		39.9	%		38.3	%

ANNUALIZED RETURNS
Adjusted Return on equity (Adjusted Net income attributable to Magna International Inc. / Average shareholders' equity)		13.6	%		8.7	%		11.4	%		9.7	%		11.5	%		15.2	%		14.3	%		12.8	%		10.3	%		13.0	%
Adjusted Return on Invested Capital (Adjusted Annualized after-tax operating profits / Invested capital)		10.6	%		7.0	%		8.6	%		7.6	%		8.7	%		11.0	%		10.3	%		9.6	%		7.8	%		9.4	%

Q2 2024 Financial Review of Magna International Inc.

Page 2 of 8

Prepared as at 29-07-24

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(United States dollars in millions) (Unaudited)

		2022															2023															2024
	Note	1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			TOTAL
Cash provided from (used for):
Operating activities
Net income (loss)			379			(145	)		296			111			641			217			354			417			298			1,286			26			328			354
Items not involving current cash flows			370			705			295			406			1,776			351			525			404			362			1,642			565			353			918
			749			560			591			517			2,417			568			879			821			660			2,928			591			681			1,272
Changes in operating assets and liabilities			(569	)		(139	)		(353	)		739			(322	)		(341	)		(332	)		(24	)		918			221			(330	)		55			(275	)

Cash provided from operating activities			180			421			238			1,256			2,095			227			547			797			1,578			3,149			261			736			997

Investment activities
Fixed asset additions			(238	)		(329	)		(364	)		(750	)		(1,681	)		(424	)		(502	)		(630	)		(944	)		(2,500	)		(493	)		(500	)		(993	)
Increase in investments, other assets and intangible assets			(64	)		(80	)		(125	)		(186	)		(455	)		(101	)		(96	)		(176	)		(189	)		(562	)		(125	)		(170	)		(295	)
Net cash inflow (outflow) from disposal of facilities	1(c), 1(e)		6			-			-			-			6			(25	)		-			(23	)		-			(48	)		4			-			4
Increase (decrease) in public and private equity investments			(2	)		(2	)		(25	)		-			(29	)		-			(3	)		(7	)		(1	)		(11	)		(23	)		2			(21	)
Proceeds from disposition			23			40			41			20			124			19			44			32			27			122			87			57			144
Business combinations			-			-			-			(3	)		(3	)		-			(1,475	)		-			(29	)		(1,504	)		(30	)		(56	)		(86	)
Cash used for investment activities			(275	)		(371	)		(473	)		(919	)		(2,038	)		(531	)		(2,032	)		(804	)		(1,136	)		(4,503	)		(580	)		(667	)		(1,247	)

Financing activities
Net issues (repayments) of debt			(328	)		(31	)		(10	)		(22	)		(391	)		1,636			544			(135	)		(119	)		1,926			757			(416	)		341
Common Shares issued on exercise of stock options			4			-			1			3			8			6			-			8			6			20			30			-			30
Repurchase of Common Shares			(383	)		(212	)		(180	)		(5	)		(780	)		(9	)		(2	)		-			(2	)		(13	)		(3	)		(2	)		(5	)
Tax withholdings on vesting of equity awards			(14	)		(1	)		-			-			(15	)		(9	)		(1	)		-			(1	)		(11	)		(4	)		(1	)		(5	)
Contributions to subsidiaries by non-controlling interests			-			5			-			-			5			-			-			-			11			11			-			-			-
Dividends paid to non-controlling interests			-			(12	)		(10	)		(24	)		(46	)		(7	)		(24	)		(18	)		(25	)		(74	)		-			(26	)		(26	)
Dividends paid			(133	)		(130	)		(125	)		(126	)		(514	)		(132	)		(129	)		(128	)		(133	)		(522	)		(134	)		(134	)		(268	)
Cash provided from (used for) financing activities			(854	)		(381	)		(324	)		(174	)		(1,733	)		1,485			388			(273	)		(263	)		1,337			646			(579	)		67
Effect of exchange rate changes on cash and cash equivalents			(3	)		(1	)		(3	)		(31	)		(38	)		14			(51	)		21			(3	)		(19	)		(8	)		(8	)		(16	)

Net increase (decrease) in cash and cash equivalents, during the period			(952	)		(332	)		(562	)		132			(1,714	)		1,195			(1,148	)		(259	)		176			(36	)		319			(518	)		(199	)

Cash and cash equivalents, beginning of period			2,948			1,996			1,664			1,102			2,948			1,234			2,429			1,281			1,022			1,234			1,198			1,517			1,198
Cash and cash equivalents, end of period			1,996			1,664			1,102			1,234			1,234			2,429			1,281			1,022			1,198			1,198			1,517			999			999

Q2 2024 Financial Review of Magna International Inc.

Page 3 of 8

Prepared as at 29-07-24

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

(United States dollars in millions, except per share figures) (Unaudited)

This Analyst should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023.

Note 1:

OTHER EXPENSE (INCOME), NET

Other expense (income), net consists of:

		2022										2023												2024
		1st Q		2nd Q		3rd Q		4th Q		TOTAL		1st Q		2nd Q			3rd Q			4th Q		TOTAL		1st Q		2nd Q			TOTAL
Impairments and restructuring related to Fisker Inc. [“Fisker”]	[a]		-		-		-		-		-		-		-			-			-		-		316		19			335
Restructuring activities	[b]		-		-		-		22		22		118		(35	)		(1	)		66		148		38		55			93
Investment revaluations, (gains) losses on sales, and impairments	[c]		61		50		9		101		221		24		98			(19	)		98		201		2		3			5
Gain on business combination	[d]		-		-		-		-		-		-		-			-			-		-		-		(9	)		(9	)
Impairments and loss on sale of operations in Russia	[e]		-		376		-		-		376		-		-			16			-		16		-		-			-
Veoneer AS transaction costs	[f]		-		-		-		-		-		-		23			-			-		23		-		-			-
Loss on sale of business	[g]		-		-		-		58		58		-		-			-			-		-		-		-			-
Impairments	[h]		-		-		14		12		26		-		-			-			-		-		-		-			-
																											-
			61		426		23		193		703		142		86			(4	)		164		388		356		68			424

[a]

Impairments and restructuring related to Fisker Inc. [“Fisker”]

The Company recognized impairment charges on its Fisker related assets in the first and second quarters of 2024, as well as restructuring charges in the first quarter of 2024. During the second quarter of 2024, Fisker filed for Chapter 11 bankruptcy protection and consequently received an automatic stay of creditor actions under bankruptcy protection laws in both Austria and the U.S.

Impairment of Fisker related assets:

During the first quarter of 2024, the Company recorded a $261 million impairment charge on its Fisker related assets including production receivables, inventory, fixed assets and other capitalized expenditures. The Company recorded an additional $19 million of charges in the second quarter of 2024 in connection with purchase obligations related to the Fisker program.

Impairment of Fisker warrants:

Fisker issued approximately 19.5 million penny warrants to the Company to purchase common stock in connection with our agreements with Fisker for platform sharing, engineering and manufacturing of the Fisker Ocean SUV. These warrants vested during 2021 and 2022 based on specified milestones and were marked to market each quarter.

During the first quarter of 2024, Magna recorded a $33 million [$25 million after tax] impairment charge on these warrants reducing the value of the warrants to nil.

When the warrants were issued and the vesting provisions realized, the Company recorded offsetting amounts to deferred revenue within other accrued liabilities and other long-term liabilities. Portions of this deferred revenue were recognized in income as performance obligations were satisfied. The unamortized amount of this deferred revenue as of June 30, 2024 was approximately $195 million, and will be recognized in income as performance obligations are satisfied or upon termination of the agreement for manufacturing of the Fisker Ocean SUV. The automatic stay prevented the termination of the Fisker Ocean manufacturing agreement during the second quarter of 2024 and delays the realization of deferred revenue pending conclusion of Fisker’s bankruptcy proceedings.

Restructuring:

In the first quarter of 2024, the Company recorded additional restructuring charges of $22 million in its Complete Vehicles segment in connection with its Fisker related assembly operations.

Q2 2024 Financial Review of Magna International Inc.

Page 4 of 8

Prepared as at 29-07-24

[b]

Restructuring activities

	2022										2023												2024
	1st Q		2nd Q		3rd Q		4th Q		TOTAL		1st Q		2nd Q			3rd Q			4th Q		TOTAL		1st Q		2nd Q		TOTAL
Power & Vision		-		-		-		22		22		105		(44	)		(1	)		57		117		-		55		55
Complete Vehicles		-		-		-		-		-		-		-			-			-		-		26		-		26
Body Exteriors & Structures		-		-		-		-		-		13		9			-			9		31		12		-		12
		-		-		-		22		22		118		(35	)		(1	)		66		148		38		55		93

		During the second quarter of 2024, the Company recorded $35 million of restructuring charges associated with its acquisition of the Veoneer Active Safety Business [“Veoneer AS”], and $20 million of restructuring charges related to plant closures in its Power & Vision Segment. During the second and third quarter of 2023, the Company’s Power & Vision segment recorded a $10 million and $8 million gain on the sale of a building as a result of restructuring activities, respectively. During the second quarter of 2023, the Company’s Power & Vision segment reversed $39 million of charges due to a change in the restructuring plans related to a plant closure.

	[c]	Investment revaluations, (gains) losses on sales, and impairments

		The Company revalues its public and private equity investments and certain public company warrants every quarter. The gains and losses related to this revaluation, as well as gain and losses on disposition, are primarily recorded in Corporate. In the second quarter of 2023, the Company recorded a non-cash impairment charge of $85 million on a private equity investment and related long-term receivables within Other assets in its Corporate segment. In the fourth quarter of 2023, the Company also recorded a non-cash impairment charge of $5 million on a private equity investment in its Power & Vision segment.

	[d]	Gain on business combination

		During the second quarter of 2024, the Company acquired a business in the Body Exteriors & Structures segment for $5 million, resulting in a bargain purchase gain of $9 million.

	[e]	Impairments and loss on sale of operations in Russia

		As a result of the expected lack of future cashflows and the continuing uncertainties connected with the Russian economy, during the second quarter of 2022, the Company recorded a $376 million impairment charge related to its investment in Russia. This included net asset impairments of $173 million and a $203 million reserve against the related foreign currency translation losses that were included in accumulated other comprehensive loss. The net asset impairments consisted of $163 million and $10 million in our Body Exteriors & Structures and our Seating Systems segments, respectively. During the third quarter of 2023, the Company completed the sale of all of its investments in Russia resulting in a loss of $16 million including a net cash outflow of $23 million.

	[f]	Veoneer AS transaction costs

		During 2023, the Company incurred $23 million of transaction costs related to the acquisition of the Veoneer Active Safety Business.

	[g]	Loss on sale of business

		During the fourth quarter of 2022, the Company entered into an agreement to sell a European Power & Vision operation. Under the terms of the arrangement, the Company was contractually obligated to provide the buyer with up to $42 million of funding, resulting in a loss of $58 million. During the first quarter of 2023, the Company completed the sale of this operation which resulted in a net cash outflow of $25 million.

[h]

Impairments

	2022										2023										2024
	1st Q		2nd Q		3rd Q		4th Q		TOTAL		1st Q		2nd Q		3rd Q		4th Q		TOTAL		1st Q		2nd Q		TOTAL
Body Exteriors & Structures		-		-		10		12		22		-		-		-		-		-		-		-		-
Power & Vision		-		-		4		-		4		-		-		-		-		-		-		-		-
		-		-		14		12		26		-		-		-		-		-		-		-		-

Q2 2024 Financial Review of Magna International Inc.

Page 5 of 8

Prepared as at 29-07-24

Note 2:

NON-GAAP MEASURES

The Company presents Adjusted EBIT (Earnings before interest, taxes, Other expense (income), net and amortization of acquired intangible assets); Adjusted Net Income (Net Income before Other expense (income), net, net of tax excluding significant income tax valuation allowance adjustments, and amortization of acquired intangible assets); Adjusted Diluted Earnings per Share; Adjusted EBIT as a percentage of sales; Adjusted Return on Invested Capital and Adjusted Return on Equity. The Company presents these financial figures because such measures are widely used by analysts and investors in evaluating the operating performance of the Company. However, such measures do not have any standardized meaning under U.S. generally accepted accounting principles and may not be comparable to the calculation of similar measures by other companies. Adjusted EBIT, Adjusted Net Income and Adjusted diluted earnings per share presented in the tables below, including for the prior periods, have been updated to reflect the revised calculation.

The following table reconciles Income (loss) from operations before income taxes to Adjusted EBIT:

	2022											2023											2024
	1st Q		2nd Q			3rd Q		4th Q		TOTAL		1st Q		2nd Q		3rd Q			4th Q		TOTAL		1st Q		2nd Q		TOTAL
Income (loss) from operations before income taxes		420		(88	)		400		146		878		275		483		538			310		1,606		34		427		461
Exclude:
Amortization of acquired intangible assets		12		12			11		11		46		12		13		32			31		88		28		28		56
Other expense (income), net		61		426			23		193		703		142		86		(4	)		164		388		356		68		424
Interest expense, net		26		20			18		17		81		20		34		49			53		156		51		54		105
Adjusted EBIT		519		370			452		367		1,708		449		616		615			558		2,238		469		577		1,046

The following table show the calculation of Adjusted Return on Invested Capital:

	2022												2023												2024
	1st Q			2nd Q			3rd Q			4th Q			1st Q			2nd Q			3rd Q			4th Q			1st Q			2nd Q
Net income (loss)		379			(145	)		296			111			217			354			417			298			26			328
Add (deduct):
Interest expense, net		26			20			18			17			20			34			49			53			51			54
Amortization of acquired intangible assets		12			12			11			11			12			13			32			31			28			28
Other expense (income), net		61			426			23			193			142			86			(4	)		164			356			68
Tax effect on Interest expense, net, Amortization of acquired intangible assets and Other expense, net		(19	)		(34	)		(11	)		(32	)		(38	)		(4	)		(14	)		(46	)		(93	)		(32	)
Adjustments to Deferred Tax Valuation Allowances		(29	)		-			-			-			-			-			-			(47	)		-			-
Adjusted After-tax operating profits		430			279			337			300			353			483			480			453			368			446

Total Assets		28,822			27,283			26,667			27,789			30,654			31,837			31,675			32,255			32,678			31,986
Excluding:
Cash and cash equivalents		(1,996	)		(1,664	)		(1,102	)		(1,234	)		(2,429	)		(1,281	)		(1,022	)		(1,198	)		(1,517	)		(999	)
Deferred tax assets		(464	)		(491	)		(488	)		(491	)		(506	)		(535	)		(527	)		(621	)		(753	)		(807	)
Less Current Liabilities		(10,440	)		(9,816	)		(9,878	)		(10,998	)		(12,045	)		(13,358	)		(13,165	)		(13,234	)		(13,566	)		(12,449	)
Excluding:
Short-term borrowing		-			-			-			8			4			150			2			511			838			848
Long-term debt due within one year		127			105			95			654			668			1,426			1,398			819			824			65
Current portion of operating lease liabilities		276			270			266			276			285			303			384			399			306			306
Invested Capital		16,325			15,687			15,560			16,004			16,631			18,542			18,745			18,931			18,810			18,950

Adjusted After-tax operating profits		430			279			337			300			353			483			480			453			368			446
Average Invested Capital		16,185			16,006			15,624			15,782			16,318			17,587			18,644			18,838			18,871			18,880
Adjusted Return on Invested Capital		10.6	%		7.0	%		8.6	%		7.6	%		8.7	%		11.0	%		10.3	%		9.6	%		7.8	%		9.4	%

Q2 2024 Financial Review of Magna International Inc.

Page 6 of 8

Prepared as at 29-07-24

Note 2:

NON-GAAP MEASURES (Continued)

The following table show the calculation of Adjusted Return on Equity:

	2022												2023												2024
	1st Q			2nd Q			3rd Q			4th Q			1st Q			2nd Q			3rd Q			4th Q			1st Q			2nd Q
Net income (loss) attributable to Magna International Inc.		364			(156	)		289			95			209			339			394			271			9			313
Add (deduct):
Amortization of acquired intangible assets		12			12			11			11			12			13			32			31			28			28
Other expense (income), net		61			426			23			193			142			86			(4	)		164			356			68
Tax effect on Amortization of acquired intangible assets and Other expense, net		(15	)		(29	)		(6	)		(29	)		(34	)		3			(3	)		(36	)		(82	)		(20	)
Adjustments to Deferred Tax Valuation Allowances		(29	)		-			-			-			-			-			-			(47	)		-			-
Adjusted Net income (loss) attributable to Magna International Inc.		393			253			317			270			329			441			419			383			311			389
Average Shareholder's Equity		11,599			11,692			11,095			11,091			11,412			11,573			11,704			12,015			12,101			11,967
Adjusted Return on Equity		13.6	%		8.7	%		11.4	%		9.7	%		11.5	%		15.2	%		14.3	%		12.8	%		10.3	%		13.0	%

The following table reconciles Net income (loss) attributable to Magna International Inc. to Adjusted net income attributable to Magna International Inc.:

		2022													2023														2024
		1st Q			2nd Q			3rd Q		4th Q		TOTAL			1st Q		2nd Q			3rd Q			4th Q			TOTAL			1st Q		2nd Q			TOTAL
Net income (loss) attributable to Magna International Inc.			364			(156	)		289		95		592			209		339			394			271			1,213			9		313			322
Exclude:
Amortization of acquired intangible assets			10			10			9		9		38			10		11			25			25			71			22		23			45
Impairments and restructuring related to Fisker Inc. [“Fisker”]			-			-			-		-		-			-		-			-			-			-			247		15			262
Investment revaluations, (gains) losses on sales, and impairments			48			38			7		75		168			18		95			(14	)		74			173			1		2			3
Restructuring activities			-			-			-		22		22			92		(26	)		(2	)		60			124			32		45			77
Gain on business combination			-			-			-		-		-			-		-			-			-			-			-		(9	)		(9	)
Impairments and loss on sale of operations in Russia			-			361			-		-		361			-		-			16			-			16			-		-			-
Veoneer AS transaction costs			-			-			-		-		-			-		22			-			-			22			-		-			-
Impairments			-			-			12		12		24			-		-			-			-			-			-		-			-
Net losses on the sale of business			-			-			-		57		57			-		-			-			-			-			-		-			-
Adjustments to Deferred Tax Valuation Allowance	[i]		(29	)		-			-		-		(29	)		-		-			-			(47	)		(47	)		-		-			-
Adjusted net income attributable to Magna International Inc.			393			253			317		270		1,233			329		441			419			383			1,572			311		389			700

Q2 2024 Financial Review of Magna International Inc.

Page 7 of 8

Prepared as at 29-07-24

The following table reconciles diluted earnings (loss) per common share to Adjusted diluted earnings per common share:

		2022													2023														2024
		1st Q			2nd Q			3rd Q		4th Q		TOTAL			1st Q		2nd Q			3rd Q			4th Q			TOTAL			1st Q		2nd Q			TOTAL
Diluted earnings (loss) per common share		$	1.22		$	(0.54	)	$	1.00	$	0.33	$	2.03		$	0.73	$	1.18		$	1.37		$	0.95		$	4.23		$	0.03		1.09		$	1.12
Exclude:
Amortization of acquired intangible assets			0.04			0.03			0.03		0.03		0.13			0.04		0.04			0.09			0.09			0.25			0.08		0.08			0.16
Impairments and restructuring related to Fisker Inc. [“Fisker”]			-			-			-		-		-			-		-			-			-			-			0.86		0.05			0.91
Investment revaluations, (gains) losses on sales, and impairments			0.16			0.13			0.03		0.26		0.58			0.07		0.33			(0.06	)		0.25			0.60			-		0.01			0.01
Restructuring activities			-			-			-		0.08		0.08			0.31		(0.09	)		-			0.20			0.43			0.11		0.15			0.27
Gain on business combination			-			-			-		-		0.08			-		-			-			-			0.43			-		(0.03	)		(0.03	)
Impairments and loss on sale of operations in Russia			-			1.24			-		-		1.24			-		-			0.06			-			0.06			-		-			-
Veoneer AS transaction costs			-			-			-		-		-			-		0.08			-			-			0.08			-		-			-
Impairments			-			-			0.04		0.04		0.08			-		-			-			-			-			-		-			-
Net losses on the sale of business			-			-			-		0.20		0.20			-		-			-			-			-			-		-			-
Adjustments to Deferred Tax Valuation Allowance	[i]		(0.10	)		-			-		-		(0.10	)		-		-			-			(0.16	)		(0.16	)		-		-			-
Adjusted diluted earnings per common share		$	1.32		$	0.87		$	1.10	$	0.94	$	4.32		$	1.15	$	1.54		$	1.46		$	1.33		$	5.92		$	1.08	$	1.35		$	2.44

[i] Adjustments to Deferred Tax Valuation Allowance

The Company records quarterly adjustments to the valuation allowance against its deferred tax assets in continents like North America, Europe, Asia, and South America. The net effect of these adjustments is a reduction to income tax expense.

Note 3:

SEGMENTED INFORMATION

	2022															2023															2024
	1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			3rd Q			4th Q			TOTAL			1st Q			2nd Q			TOTAL
Body Exteriors & Structures
Sales		4,077			3,947			3,976			4,004			16,004			4,439			4,540			4,354			4,178			17,511			4,429			4,465			8,894
Adjusted EBIT		231			194			227			200			852			272			394			358			280			1,304			298			341			639
Adjusted EBIT as a percentage of sales		5.7	%		4.9	%		5.7	%		5.0	%		5.3	%		6.1	%		8.7	%		8.2	%		6.7	%		7.4	%		6.7	%		7.6	%		7.2	%

Power & Vision
Sales		3,046			2,888			2,911			3,016			11,861			3,323			3,462			3,745			3,775			14,305			3,842			3,926			7,768
Adjusted EBIT		163			99			124			116			502			92			124			221			231			668			98			198			296
Adjusted EBIT as a percentage of sales		5.4	%		3.4	%		4.3	%		3.8	%		4.2	%		2.8	%		3.6	%		5.9	%		6.1	%		4.7	%		2.6	%		5.0	%		3.8	%

Seating Systems
Sales		1,376			1,253			1,295			1,345			5,269			1,486			1,603			1,529			1,429			6,047			1,455			1,455			2,910
Adjusted EBIT		50			3			37			14			104			37			67			70			44			218			52			53			105
Adjusted EBIT as a percentage of sales		3.6	%		0.2	%		2.9	%		1.0	%		2.0	%		2.5	%		4.2	%		4.6	%		3.1	%		3.6	%		3.6	%		3.6	%		3.6	%

Complete Vehicles
Sales		1,275			1,403			1,213			1,330			5,221			1,626			1,526			1,185			1,201			5,538			1,383			1,242			2,625
Adjusted EBIT		50			63			65			57			235			52			34			(5	)		43			124			27			20			47
Adjusted EBIT as a percentage of sales		3.9	%		4.5	%		5.4	%		4.3	%		4.5	%		3.2	%		2.2	%		-0.4	%		3.6	%		2.2	%		2.0	%		1.6	%		1.8	%

Corporate and other
Intercompany eliminations		(132	)		(129	)		(127	)		(127	)		(515	)		(201	)		(149	)		(125	)		(129	)		(604	)		(139	)		(130	)		(269	)
Adjusted EBIT		25			11			(1	)		(20	)		15			(4	)		(3	)		(29	)		(40	)		(76	)		(6	)		(35	)		(41	)

Total
Sales		9,642			9,362			9,268			9,568			37,840			10,673			10,982			10,688			10,454			42,797			10,970			10,958			21,928
Adjusted EBIT		519			370			452			367			1,708			449			616			615			558			2,238			469			577			1,046
Adjusted EBIT as a percentage of sales		5.4	%		4.0	%		4.9	%		3.8	%		4.5	%		4.2	%		5.6	%		5.8	%		5.3	%		5.2	%		4.3	%		5.3	%		4.8	%

Q2 2024 Financial Review of Magna International Inc.

Page 8 of 8

Prepared as at 29-07-24

Exhibit 99.2

Second Quarter 2024 August 2, 2024 Q2 2024 Results 1

Louis Tonelli Vice President, Investor Relations Q2 2024 Results 2

Forward Looking Statements Q2 2024 Results 3 Certain statements in this presentation and accompanying document constitute "forward - looking information" or "forward - looking statements" (collectively, "forward - looking statements") . Any such forward - looking statements are intended to provide information about management's current expectations and plans and may not be appropriate for other purposes . Forward - looking statements may include financial and other projections, as well as statements regarding our future plans, strategic objectives or economic performance, or the assumptions underlying any of the foregoing, and other statements that are not recitations of historical fact . We use words such as "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "assume", "believe", "intend", "plan", "aim", "forecast", "outlook", "project", "potential", "estimate", "target" and similar expressions suggesting future outcomes or events to identify forward - looking statements . The following table identifies the material forward - looking statements contained in this presentation and accompanying document, together with the material potential risks that we currently believe could cause actual results to differ materially from such forward - looking statements . Readers should also consider all of the risk factors which follow below the table : Material Forward - Looking Statement Material Potential Risks Related to Applicable Forward - Looking Statement Light Vehicle Production Light vehicle sales levels Production disruptions, including as a result of labour strikes Supply disruptions Production allocation decisions by OEMs Free trade arrangements and tariffs Relative currency values Commodities prices Availability and relative cost of skilled labour Total Sales Segment Sales Same risks as for Light Vehicle Production above The impact of elevated interest rates and availability of credit on consumer confidence and in turn vehicle sales and production The impact of deteriorating vehicle affordability on consumer demand, and in turn vehicle sales and production Alignment of our product mix with production demand Customer concentration Shifts in market shares among vehicles or vehicle segments Shifts in consumer "take rates" for products we sell Adjusted EBIT Margin, Free Cash Flow, Net Income Attributable to Magna / Target Leverage Ratio Same risks as for Total Sales and Segment Sales above Successful execution of critical program launches Operational underperformance Product warranty/recall risks Restructuring costs Impairments Inflationary pressures Our ability to secure cost recoveries from customers and/or otherwise offset higher input costs Price concessions Risks of conducting business with newer EV - focused OEMs Commodity cost volatility Scrap steel price volatility Higher labour costs Tax risks Equity Income Same risks as Adjusted EBIT Margin, Free Cash Flow, and Net Income Attributable to Magna / Target Leverage Ratio Risks related to conducting business through joint ventures Risks of doing business in foreign markets

Forward Looking Statements (cont.) Q2 2024 Results 4 Forward - looking statements are based on information currently available to us and are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances . While we believe we have a reasonable basis for making any such forward - looking statements, they are not a guarantee of future performance or outcomes . In addition to the factors in the table above, whether actual results and developments conform to our expectations and predictions is subject to a number of risks, assumptions, and uncertainties, many of which are beyond our control, and the effects of which can be difficult to predict, including, without limitation : Macroeconomic, Geopolitical and Other Risks inflationary pressures; interest rates; geopolitical risks; Risks Related to the Automotive Industry economic cyclicality; regional production volume declines; deteriorating vehicle affordability; misalignment between EV production and sales; intense competition; Strategic Risks alignment with "Car of the Future"; evolving business risk profile; technology and innovation; investments in mobility and technology companies; Customer - Related Risks customer concentration; growth with Asian OEMs; growth of EV - focused OEMs; risks of conducting business with newer EV - focused OEMs; Fisker bankruptcy; dependence on outsourcing; customer cooperation and consolidation; Program cancellations, deferrals and reductions in production volumes; market shifts; consumer take rate shifts; quarterly sales fluctuations; customer purchase orders; potential OEM production - related disruptions; Supply Chain Risks semiconductor chip supply disruptions and price increases; supply chain disruptions; regional energy supply and pricing; supply base condition; Manufacturing/Operational Risks product launch; operational underperformance; restructuring costs; impairments; labour disruptions; skilled labour attraction/retention; leadership expertise and succession; Pricing Risks quote/pricing assumptions; customer pricing pressure/contractual arrangements; commodity cost volatility; scrap steel/aluminum price volatility; Warranty/Recall Risks repair/replace costs; warranty provisions; product liability; Climate Change Risks transition risks and physical risks; strategic and other risks; IT Security/Cybersecurity Risks IT/cybersecurity breach; product cybersecurity; Acquisition Risks acquisition of strategic targets; inherent merger and acquisition risks; acquisition integration and synergies; Other Business Risks joint ventures; intellectual property; risks of doing business in foreign markets; relative foreign exchange rates; currency devaluation in Argentina; pension risks; tax risks; returns on capital investments; financial flexibility; credit ratings changes; stock price fluctuation; dividends; Legal, Regulatory and Other Risks antitrust proceedings; legal and regulatory proceedings; changes in laws; trade agreements; trade disputes/tariffs; and environmental compliance. In evaluating forward - looking statements or forward - looking information, we caution readers not to place undue reliance on any f orward - looking statement. Additionally, readers should specifically consider the various factors which could cause actual events or results to differ materially from those indicated by such forward - looking statements, including the risks, assumptions and uncertainties above which are: discussed under the "Industry Trends and Risks" heading of our Management’s Discussion and Analysis; and set out in our Annual Information Form filed with securities commissions in Canada, our annual report on Form 40 - F with the Unit ed States Securities and Exchange commission, and subsequent filings. Readers should also consider discussion of our risk mitigation activities with respect to certain risk factors, which can be als o found in our Annual Information Form. Additional information about Magna, including our Annual Information Form, is availab le through the System for Electronic Data Analysis and Retrieval + (SEDAR+) at www.sedarplus.ca , as well as on the United States Securities and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval Syst em (EDGAR), which can be accessed at www.sec.gov .

Q2 2024 Results 5 Reminders All amounts are in U.S. Dollars. Effective July 1, 2023 we revised our calculation of Non - GAAP measures to exclude amortization of acquired intangible assets. The historical presentation of non - GAAP measures has also been updated to reflect the revised calculations. Today's discussion excludes the impact of other expense (income), net ("Unusual Items") and amortization of acquired intangible assets. Please refer to the reconciliation of Non - GAAP measures in our press release dated August 2, 2024 for further information. "Organic", in the context of sales movements, means "excluding the impact of foreign exchange, acquisitions and divestitures". Weighted Growth over Market ( GoM ) compares organic sales growth (%) to vehicle production change (%) after applying Magna geographic sales weighting, excluding Complete Vehicles, to regional production.

Swamy Kotagiri Chief Executive Officer Q2 2024 Results 6

Q2, 2024 O perating performance largely in - line with our expectations Executing to our margin outlook • Operational excellence activities on track (+75 bps for '24 - '25) • Megatrend engineering spending reduction (additional $40M, ~$90M for '24) • Adjusted EBIT Margin range tightened (now 5.4% - 5.8%) Focus on free cash flow and capital discipline • Capital spending reduction (additional ~$100M, up to $200M for '24) • Maintaining free cash flow outlook • On track to be in target leverage range in 2025 2026 - U pdated Outlook reflecting market changes Q2 2024 Results 7 Key Takeaways

Q2 2024 Results 8 Executing Strategy in Current Market Dynamics Winning business on key programs across portfolio – Awarded hot - stamped door ring with Japan - based global OEM Commercializing innovations – Awarded reconfigurable seating systems with China - based OEM Operational Excellence – Focus on impactful divisions • Restructuring / consolidation / wind - down in 2024 (40+ divisions in key regions) – Right sizing Complete Vehicle business – Driving productivity through smart automation

Q2 2024 Results 9 Divestitures of non - core facilities – Sale of metalforming operations in India ($190M '23 sales) Vertical integration of critical sub - systems – power module acquisition – Accelerates in - house development – Leverages combined technical and manufacturing competencies – Secures supply of key product Executing Strategy in Current Market Dynamics

Pat McCann Executive Vice President & Chief Financial Officer Q2 2024 Results 10

Q2 2024 Performance Summary Q2 2024 Results 11 Consolidated Sales $11.0B Weighted GoM 1 of - 1% (+1% excl. Complete Vehicles) Level with Q2/23 Adjusted Diluted EPS $1.35 - 12% Free Cash Flow 2 $123M 1 Weighted Growth over Market (GoM) compares organic sales growth (%) to vehicle production change (%) after applying Magna geo gra phic sales weighting, excluding Complete Vehicles, to regional production 2 Free Cash Flow (FCF) is Cash from Operations plus Proceeds from normal course Dispositions of fixed and other assets minus Fi xed Asset Additions and Increase in Investment in other assets Adjusted EBIT 5.3% - 30 bps $577M - 6% Other highlights Paid $134M in dividends Raised CAD$450M in debt '24 Outlook: Lowering Capital Spending, Maintaining FCF range +130M

Q2 2024 Financial Results Q2 2024 Results 12 Weighted GoM 1 - 1% (+1% excl. Complete Vehicles) Consolidated Sales ($Millions) Level with Q2/23 2 Q2 2024 PRODUCTION Global 2% North America 1% Detroit - based - 5% Europe - 5% China 6% Magna Weighted 0% 1 Weighted Growth over Market (GoM) compares organic sales growth (%) to vehicle production change (%) after applying Magna geo gra phic sales weighting, excluding Complete Vehicles, to regional production 2 Includes customer price increases to recover certain higher production input costs and net customer price concessions

Q2 2024 Financial Results Q2 2024 Results 13 • Operational – Operational excellence activities driving productivity and efficiency improvements – Lower net engineering costs – Lower launch, engineering and other costs associated with assembly business – Higher net input costs ( - ) • Equity Income – Unfavourable product mix – Higher depreciation on increased capital deployed at certain equity - accounted entities • Non - recurring – Non - cash FX losses on deferred tax assets ( - ) – Higher net warranty costs ( - ) – Higher restructuring costs ( - ) – Additional supply chain costs ( - ) – Higher net favourable commercial items (+) • Volumes & Other – Acquisitions, net of divestitures ( - ) – Reduced earnings on lower assembly volumes ( - ) – Lower incentive comp and employee profit sharing (+) $577 $616 Adjusted EBIT & Margin ($Millions and %) Note: bps changes are approximate

Q2 2024 Financial Results Q2 2024 Results 14 ($Millions, unless otherwise noted) Q2 2023 Q2 2024 CHANGE Adjusted EBIT 616 577 (39) Interest Expense 34 54 (20) Adjusted Pre - Tax Income 582 523 (59) Adjusted Income Taxes (126) (119) 7 Income Attributable to Non - Controlling Interests (15) (15) - Adjusted Net Income Attributable to Magna 441 389 (52) Diluted Shares Outstanding (millions of shares) 286.3 287.3 (1.0) Adjusted Diluted EPS ($) 1.54 1.35 (0.19) 21.6% 22.8%

Q2 2024 Cash Flow and Investment Activities Q2 2024 Results 15 Free Cash Flow 1 ($Millions) KEY SOURCES (USES) OF CASH Net Issuances (Repayment) of Debt 544 (416) Dividends paid (129) (134) ($Millions) Q2 2023 Q2 2024 Cash from Operations Before Changes in Operating Assets & Liabilities 879 681 Changes in Operating Assets & Liabilities (332) 55 Cash from Operations 547 736 Fixed Asset Additions (502) (500) Increase in Investments, Other Assets and Intangible Assets (96) (170) Proceeds from Dispositions 44 57 Investment Activities (554) (613) FREE CASH FLOW 1 (7) 123 - 7 123 -20 0 20 40 60 80 100 120 140 Q2'23 Q2'24 1 Free Cash Flow (FCF) is Cash from Operations plus Proceeds from normal course Dispositions of fixed and other assets minus Fi xed Asset Additions and Increase in Investment in other assets

Continued Financial Strength Q2 2024 Results 16 LEVERAGE RATIO (LTM, 30JUN24) ($M illions) Adjusted Debt 7,585 Adjusted EBITDA 3,982 Adjusted Debt / Adjusted EBITDA 1.90 TOTAL LIQUIDITY (30JUN24) ($M illions) Cash 999 Available Term & Operating Lines of Credit 2,652 Total Liquidity 3,651 Investment - grade ratings from Moody's, S&P, DBRS 1 Excluding excess cash held to pay down maturing debt in June 2024 2.19 2.02 1.89 1.83 1.90 0.0 0.5 1.0 1.5 2.0 2.5 Q2'23 Q3'23 Q4'23F Q1'24F Q2'24F 2025F Adjusted Debt/EBITDA Q2 increase as expected, on - track to be back in target range during 2025 1

Updated 2024 Outlook – Key Assumptions Q2 2024 Results 17 2023 MAY 2024 AUGUST 2024 Light Vehicle Production (millions of units) • North America 15.6 15.7 15.7 • Europe 17.4 17.4 17.1 • China 29.3 29.0 29.0 Foreign Exchange Rates • 1 CDN dollar equals USD 0.742 0.725 0.733 • 1 EURO equals USD 1.082 1.065 1.080 • 1 RMB equals USD 0.141 0.138 0.138 No future Fisker Ocean production Changed from previous Outlook

Updated 2024 Outlook Q2 2024 Results 18 Maintaining Sales and Narrowing Adjusted EBIT Margin Ranges ($Billions, unless otherwise noted) 2023 MAY 2024 AUGUST 2024 Total Sales 42.8 42.6 – 44.2 42.5 – 44.1 Adjusted EBIT Margin % 1 5.2% 5.4% – 6.0% 5.4% – 5.8% Equity Income 112M 120M – 150M 100M – 130M Interest Expense 156M ~230M ~220M Income Tax Rate 2 21.0% ~22% ~22% Adjusted Net Income Attributable to Magna 3 1.572 1.5 – 1.7 1.5 – 1.7 Capital Spending 2.500 2.4 – 2.5 2.3 – 2.4 Free Cash Flow 4 0.209 0.6 – 0.8 0.6 – 0.8 1 Adjusted EBIT Margin is the ratio of Adjusted EBIT to Total Sales 2 Income Tax Rate has been calculated using Adjusted EBIT and is based on current tax legislation 3 Adjusted Net Income Attributable to Magna represents Net Income excluding Other expense (income), net, and Amortization of ac qu ired Intangibles 4 Free Cash Flow (FCF) is Cash from Operations plus Proceeds from normal course Dispositions of fixed and other assets minus Fi xed Asset Additions and Increase in Investment in other assets Changed from previous Outlook

Swamy Kotagiri Chief Executive Officer Q2 2024 Results 19

Updated 2026 Outlook Q2 2024 Results 20

Updated 2026 Outlook Q2 2024 Results 21 Market Dynamics Lower BEV adoption | OEMs recalibrating portfolios | Geopolitical Uncertainty Complete Vehicle Assembly • No production of I neos Fusilier and Fisker Ocean programs • MB G - Class pass - through sales x Restructuring Complete Vehicles cost structure x Driving engineering spend reduction up to $200M x Optimizing portfolio and footprint x Continuing margin expansion x Reducing capital expenditure ~$200M – sales to CapEx ratio of <4% x Free Cash Flow in the range of $1.8B - $2.1B EV Impact • Ford, GM, Southern USA/Mexico Program Active Safety • Volume shortfalls, in - sourcing by COEMs, updated view of expected win - rates Focused on Margin Expansion, Capital Discipline and FCF Generation

Updated 2026 Outlook Q2 2024 Results 22 ($Billions, unless otherwise noted) FEBRUARY 2024 AUGUST 2024 Total Sales 48.8 – 51.2 44.0 – 46.5 Adjusted EBIT Margin % 1 7.0% – 7.7% 6.7% – 7.4% Equity Income (included in EBIT) 165M – 210M 125M – 170M Capital Spending ~1.9 1.6 – 1.8 Free Cash Flow 2 2.0+ 1.8 – 2.1 1 Adjusted EBIT Margin is the ratio of Adjusted EBIT to Total Sales 2 Free Cash Flow (FCF) is Cash from Operating Activities plus proceeds from normal course dispositions of fixed and other asset s m inus capital spending minus investment in other assets Changed from previous Outlook

Updated 2026 Outlook Q2 2024 Results 23 1 Includes $0.3B of Fisker systems production sales (in addition to $0.3B of complete v ehicle assembly sales) Consolidated Sales ($Billions) 48.8 - 51.2 44.0 - 46.5 1 7.0% - 7.7% 6.7% - 7.4% $3.4B - $3.9B • Operational excellence • Restructuring/ footprint • Reduce engineering • Lower capital Adjusted EBIT Margin (%) $2.9B - $3.4B

Updated Capital Spending Q2 2024 Results 24 Expect Lower Capital Spending and CapEx /Sales Ratio 1 2024 to 2026 are based on mid - point of our CapEx and Sales outlook ~$100M associated with customer - funded CapEx 2.5 2.3 - 2.4 2024F 2025F 2026F 2023 2022 February 2024 August 2024 ($Billions) 1.7 % of Sales 1 (Feb. '24) 5.1% Mid 4% 5.8% <4% ~5.2% Mid 4% Low 4% % of Sales 1 (Aug. ‘24) 1.6 - 1.8 ~2.5 ~5.6%

Updated 2026 Outlook – Recap 25 1 Free Cash Flow (FCF) is Cash from Operating Activities plus proceeds from normal course dispositions of fixed and other asset s m inus capital spending minus investment in other assets Q2 2024 Results Sales ( $44.0 - $46.5B) Updated to shifting new market reality Actively pursuing customer recoveries to partially offset lower sales expectations Investments Cumulative reductions over 2024 - 2026, compared to February Outlook: • Megatrend Engineering up to $500M • CapEx up to $600M Margin (6.7% - 7.4%) Multiple self - help initiatives well underway to mitigate impact of lower sales 150+ bps improvement over 2023 Free Cash Flow 1 ($1.8 - $2.1B) Continue to anticipate increases each year over outlook period > $1.6B higher than 2023

2024 Summary Q2 operating performance largely in - line with our expectations Mitigating market challenges with a focus on Margin Expansion, Capital Discipline and FCF generation 2024 Outlook: • Maintaining Sales, narrowing Adjusted EBIT Margin • Lowering CapEx • Maintaining FCF 26 Solid Quarter, On Track for 2024 Q2 2024 Results

27 Q2 2024 Results

Appendix – Q2 2024 Results Q2 2024 Results 28

Q2 2024 Reconciliation of Reported Results Q2 2024 Results 29 Excluding: (1) Other Expense (Income), Net and (2) Amortization of Acquired Intangible Assets $Millions, except for share figures Reported (1) (2) Adjusted Income Before Income Taxes $ 427 $ 68 $ 28 $ 523 % of Sales 3.9% 4.8% Income Tax Expense $ 99 $ 15 $ 5 $ 119 % of Pretax 23.2% 22.8% Income Attributable to Non - Controlling Interests $ (15) $ - $ - $ (15) Adjusted Net Income Attributable to Magna 1 $ 313 $ 53 $ 23 $ 389 Adjusted Diluted Earnings Per Share $ 1.09 $ 0.18 $ 0.08 $ 1.35 1 Adjusted Net Income Attributable to Magna represents Net Income excluding Other expense (income), net and Amortization of Acq ui red Intangible Assets

Q2 2023 Reconciliation of Reported Results Q2 2024 Results 30 Excluding: (1) Other Expense (Income), Net and (2) Amortization of Acquired Intangible Assets $Millions, except for share figures Reported (1) (2) Adjusted Income Before Income Taxes $ 483 $ 86 $ 13 $ 582 % of Sales 4.4% 5.3% Income Tax Expense $ 129 $ (5) $ 2 $ 126 % of Pretax 26.7% 21.6% Income Attributable to Non - Controlling Interests $ (15) $ - $ - $ (15) Adjusted Net Income Attributable to Magna 1 $ 339 $ 91 $ 11 $ 441 Adjusted Diluted Earnings Per Share $ 1.18 $ 0.32 $ 0.04 $ 1.54 1 Adjusted Net Income Attributable to Magna represents Net Income excluding Other expense (income), net and Amortization of Acq ui red Intangible Assets

Sales Performance vs Market Q2 2024 Results 31 Reported Organic 1 Performance vs Weighted Global Production (Weighted GoM) Body Exteriors & Structures (2%) (1%) (1%) Power & Vision 13% 7% 7% Seating Systems (9%) (8%) (8%) Complete Vehicles (19%) (18%) (18%) TOTAL SALES 0% (1%) (1%) Unweighted Production Growth 2% Weighted Production Growth 2 0% 1 Organic Sales represents sales excluding acquisitions net of divestitures and FX movements 2 Calculated by applying Magna geographic sales weighting, excluding Complete Vehicles, to regional production Q2 2024 vs Q2 2023

Segment Impact on Adjusted EBIT % of Sales Q2 2024 Results 32 ($Millions) Sales Adjusted EBIT Adjusted EBIT as a Percentage of Sales 2 nd Quarter of 2023 $ 10,982 $ 616 5.6% Increase (Decrease) Related to: Body Exteriors & Structures $ (75) $ (53) (0.4%) Power & Vision $ 464 $ 74 0.4% Seating Systems $ (148) $ (14) 0.0% Complete Vehicles $ (284) $ (14) 0.0% Corporate and Other $ 19 $ (32) (0.3%) 2 nd Quarter of 2024 $ 10,958 $ 577 5.3% Q2 2024 vs Q2 2023

Geographic Sales Q2 2024 Results 33 Q2 2023 Q2 2024 Asia ASIA PRODUCTION 5% China Production 6% $1.25B $1.47B $0.00B $0.20B $0.40B $0.60B $0.80B $1.00B $1.20B $1.40B $1.60B $1.80B $2.00B $5.40B $5.50B $0.00B $1.00B $2.00B $3.00B $4.00B $5.00B $6.00B North America PRODUCTION 1% $4.36B $4.08B $0.0B $0.5B $1.0B $1.5B $2.0B $2.5B $3.0B $3.5B $4.0B $4.5B $5.0B Europe PRODUCTION (5%) $137M $130M $0M $20M $40M $60M $80M $100M $120M $140M $160M ROW PRODUCTION 2% South America Production (4%) Rest of World Q2 2024 vs Q2 2023

2024 Segment Sales & Adjusted EBIT Margin Q2 2024 Results 34 2023 May 2024 Outlook August 2024 Outlook Body Exteriors & Structures Sales $B 17.5 17.3 - 17.9 17.3 - 17.9 Adjusted EBIT Margin % 7.4% 7.4 - 8.0% 7.4 - 7.9% Power & Vision Sales $B 14.3 15.4 - 15.8 15.3 - 15.7 Adjusted EBIT Margin % 4.7% 5.5 - 6.1% 5.0 - 5.5% Seating 6.0 5.4 - 5.7 5.5 - 5.8 Sales $B 3.6% 3.1 - 3.7% 3.3 - 3.8% Adjusted EBIT Margin % Complete Vehicles 5.5 5.0 - 5.3 4.9 - 5.2 Sales $B 2.2% 1.0 - 1.6% 1.3 - 1.8% Adjusted EBIT Margin %

Capital Allocation Principles Q2 2024 Results 35 Disciplined, Profitable Approach to Growth Remains a Foundational Principle Q2 2024 Maintain Strong Balance Sheet • Preserve liquidity and high investment grade credit ratings - Adj. debt / Adj. EBITDA ratio between 1.0 - 1.5x LTM 30JUN24 1.90x • Maintain flexibility to invest for growth Invest for Growth • Organic and inorganic opportunities Fixed asset additions Other investments Acquisitions $ 500M $ 170M $ 56M • Innovation Return Capital to Shareholders • Continued dividend growth over time $ 134M • Repurchase shares with excess liquidity

Leverage Ratio Q2 2024 Q2 2024 Results 36 ($Millions) LTM EBITDA $ 3,699 Credit Rating Agency Adjustments 283 Adjusted EBITDA $ 3,982 Debt per Balance Sheet $ 7,460 Credit Rating Agency Adjustments 125 Adjusted Debt $ 7,585 Adjusted Debt / Adjusted EBITDA Ratio (Q2 2024) 1.90x

Appendix – Updated 2026 Outlook Q2 2024 Results 37

Updated 2026 Outlook – Key Assumptions Q2 2024 Results 38 Continuing to Explore Opportunities Not Included in Outlook FEBRUARY 2024 AUGUST 2024 Light Vehicle Production (millions of units) • North America 16.1 16.1 • Europe 17.3 17.3 • China 30.6 30.6 Foreign Exchange Rates • 1 CDN dollar equals USD 0.740 0.740 • 1 EURO equals USD 1.080 1.080 • 1 RMB equals USD 0.137 0.137 No future Fisker Ocean production No Ineos Fusilier EV production • No changes to: ‒ Light Vehicle Production ‒ Foreign Exchange Rates • Significant changes to program mix (primarily in North America)

Exhibit 99.3

Q4 INC. TRANSCRIPT

Magna International Inc.

Second Quarter 2024 Results – 02AUG24

TOTAL PAGES: 30

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

CORPORATE SPEAKERS:

Louis Tonelli

Magna International Inc.; Vice President of Investor Relations

Seetarama Kotagiri

Magna International Inc.; Chief Executive Officer

Patrick McCann

Magna International Inc.; Chief Financial Officer

PARTICIPANTS:

John Murphy

BofA; Analyst

Adam Jonas

Morgan Stanley; Analyst

Tamy Chen

BMO Capital Markets; Analyst

Dan Levy

Barclays; Analyst

James Picariello

BNP; Analyst

Mark Delaney

Goldman Sachs; Analyst

Itay Michaeli

Citi; Analyst

Brian Morrison

TD Cowen; Analyst

Joseph Spak

UBS; Analyst

Colin Langan

Wells Fargo; Analyst

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

PRESENTATION:

Operator^ Good morning. And welcome to the Magna International Inc. Second Quarter 2024 Results Webcast Call. (Operator Instructions) I would now like to turn the call over to Louis Tonelli, Vice President, Investor Relations.

Please go ahead.

Louis Tonelli^ Thanks, Operator. Hello, everyone. And welcome to our conference call covering our second quarter of 2024.

Joining me today are Swamy Kotagiri and Pat McCann.

Yesterday, our Board of Directors met and approved our financial results for the second quarter of 2024 and updated outlooks for '24 and '26.

We issued a press release this morning outlining our results.

You'll find the press release, today's conference call webcast, the slide presentation to go along with the call and our updated quarterly financial review, all in the Investor Relations section of our website at magna.com.

Before we get started, just as a reminder, the discussion today may contain forward-looking information or forward-looking statements within the meaning of applicable securities legislation.

Such statements involve certain risks, assumptions and uncertainties, which may cause the company's actual or future results and performance to be materially different from those expressed or implied in these statements.

Please refer to today's press release for a complete description of our safe harbor disclaimer.

Please also refer to our reminder slide included in our presentation that relates to our commentary today.

And with that, I'll pass it over to Swamy.

Seetarama Kotagiri^ Thank you, Louis. Good morning, everyone.

I appreciate you joining our call today. Let's jump right in.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

Before getting into some of the details from the second quarter, let me highlight a few key takeaways.

Our Q2 operating performance was largely in line with our expectations, with sales of $11 billion and adjusted EBIT margin of 5.3%.

We are executing to our margin outlook from the start of 2024.

Operational excellence activities remain on track to collectively contribute about 75 basis points to margin expansion during 2024 and '25.

We have reduced our planned gross megatrend engineering spend for 2024 by another $40 million, bringing reductions for the full year to $90 million relative to our outlook in February. And our adjusted EBIT margin range has been tightened.

Our range for 2024 is now 5.4% to 5.8%.

We remain focused on capital discipline and strong free cash flow generation.

We have further lowered our expected CapEx range by another $100 million for a reduction of up to $200 million for 2024 compared to our February outlook.

We are maintaining our free cash flow outlook range at $600 million to $800 million, and we remain on track to be in our target leverage range of one to 1.5x in 2025. Lastly, we are updating our 2026 outlook to reflect market changes impacting the automotive industry including issues we already discussed in prior quarter calls.

We continue to execute our strategy despite current market dynamics.

We are winning business on key programs across our portfolio.

For instance, we were recently awarded a hot-stamped door ring with a Japan-based global OEM.

We are having success in commercializing our innovation.

As an example, we were awarded reconfigurable seating systems with a China-based OEM.

And as we have highlighted in the past, our operational initiatives across the company are delivering results.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

We remain focused on continuous improvement, efficiency and launches. This year alone, we are taking actions at more than 40 divisions to restructure, consolidate or wind down operations.

We are rightsizing our Complete Vehicle operations, and we are driving profitability through smart automation and factory of the future initiatives.

As part of ongoing efforts to optimize our footprint and portfolio early last month, we closed a transaction for the sale of an 85% controlling interest in our metal forming operations in India.

With sales less than $200 million in 2023, we consider this business to be noncore. Proceeds were about $90 million. And we are making progress on vertical integration of critical subsystems to strengthen our product offerings.

We acquired HE Systems, a power module business for $52 million. The acquisition accelerates our in-house development of our modules and allows us to leverage our combined technical and manufacturing competencies.

The transaction secures supply of a key product. With that, I'll pass the call over to Pat.

Patrick McCann^ Thanks, Swamy. And good morning, everyone.

As Swamy indicated, second quarter operating results were largely in line with our expectations.

Now comparing the second quarter of 2024 to the second quarter of 2023. Consolidated sales were $11 billion, in line with Q2 2023, which compares to a 2% increase in global light vehicle production. Adjusted EBIT was $577 million and adjusted EBIT margin was down 30 basis points to 5.3%.

Adjusted EPS came in at $1.35, down 12% year-over-year, reflecting lower EBIT and higher interest expense including approximately $0.09 associated with noncash foreign exchange losses on certain deferred tax assets. And free cash flow generated in the quarter was $123 million compared to a $7 million use in the second quarter of 2023.

During the quarter, we paid dividends of $134 million and raised CAD 450 million in debt. More importantly, with respect to our outlook, we are lowering our capital spending range and maintaining our expectations for 2024 free cash flow. Let me take you through some of the details.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

North American light vehicle production was up 1% and China increased 6%, while production in Europe declined 5%, netting to a 2% increase in global production. Breaking down North American production further, while overall production increased 1%, production by our Detroit-based customers declined 5% in the second quarter.

Our consolidated sales were $11 billion, substantially unchanged from the second quarter of 2023.

On an organic basis, our sales decreased 1% year-over-year for a minus 1% growth over market in the second quarter, but plus 1% growth over market, excluding complete vehicles. The negative production mix in North America unfavorably impacted our year-over-year sales growth in the quarter.

The end of production of certain programs, lower complete vehicle assembly volumes including end of production of the BMW five Series, the impact of foreign currency translation and normal course customer price givebacks were offset by higher global light vehicle production, the launch of new programs, acquisitions, net of divestitures, particularly the acquisition of Veoneer Active Safety and increases to recover certain higher input costs. Adjusted EBIT was $577 million, and adjusted EBIT margin was 5.3% compared to 5.6% in the second quarter of 2023. The lower EBIT percentage in the quarter reflects volume and other items, which collectively impacted us by about minus 25 basis points.

These include acquisitions, net of divestitures, which in aggregate came in at margins lower than the corporate average; reduced earnings on lower assembly volumes including the end of production of the BMW five Series, partially offset by lower incentive comp and employee profit sharing.

Negative 25 basis points related to lower equity income largely as a result of unfavorable product mix and higher depreciation on increased capital deployed at certain equity-accounted entities and negative 20 basis points of nonrecurring items which reflects noncash foreign exchange losses on certain deferred tax assets, higher warranty costs, higher restructuring costs that are not classified as unusual and additional supply chain costs partially offset by higher net favorable commercial items.

These items were partially offset by 40 basis points of net operational improvements including operational excellence activities, lower net engineering spend and lower costs associated with our assembly business, partially offset by higher net input costs, particularly related to labor.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

Interest expense increased $20 million, reflecting higher short-term borrowings and net debt raised during and subsequent to the second quarter of 2023 as well as higher market rates on the new debt.

Our adjusted effective tax rate came in at 22.8%, slightly higher than Q2 of last year, mainly as a result of an increase in nondeductible foreign exchange adjustments on the revaluation of certain deferred tax assets. Net income was $389 million compared to $441 million in Q2 of 2023, mainly reflecting lower adjusted EBIT and higher interest expense. And adjusted diluted EPS was $1.35 including approximately $0.09 associated with noncash foreign exchange losses on certain deferred tax assets compared to $1.54 last year.

Turning to a review of our cash flows and investment activities.

In the second quarter of 2024, we generated $681 million in cash from operations before changes in working capital and $55 million from working capital.

Investment activities in the quarter included $500 million for fixed assets and a $170 million increase in investments, other assets and intangibles.

Overall, we generated free cash flow of $123 million in Q2 compared to a $7 million free cash flow use in the second quarter of 2023. And we are maintaining our free cash flow expectations of $0.6 billion to $0.8 billion for 2024.

And we continue to return capital to shareholders, paying $134 million in dividends in Q2.

Our balance sheet continues to be strong, with investment-grade ratings reaffirmed by the major credit rating agencies in the second quarter of 2024.

At the end of Q2, we had about $3.7 billion in liquidity including $1 billion in cash. Currently, our adjusted debt-to-adjusted EBITDA ratio is at 1.9, up slightly as expected from the first quarter of 2023.

We anticipate a reduction of our leverage ratio by the end of '24, and we are on track to be within our targeted range during 2025.

Next, I will cover our updated '24 outlook, which incorporates slightly lower than previously expected vehicle production in Europe, while our assumption for production in North America and China are unchanged.

We also assume exchange rates in our outlook will approximate recent rates.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

We now expect slightly higher euro and Canadian dollar for '24 relative to our previous outlook. And we continue to assume no further production of the Fisker Ocean.

We are substantially maintaining our expected sales range with lower volumes in Europe and negative customer mix in North America being offset by positive foreign exchange from the higher euro and Canadian dollar.

We are narrowing our adjusted EBIT margin outlook to a range of 5.4% to 5.8% as we are now halfway through 2024 and reflecting H1 margins that were in line with our expectations. Consistent with our original outlook, customer recoveries and lower net engineering spend are expected to drive stronger margins from H1 to H2.

Our reduced equity income range largely reflects lower expected unconsolidated sales of EV components.

Interest expense is expected to improve by approximately $10 million reflecting debt issuances at better-than-anticipated rates and lower borrowing rates on commercial paper.

We now expect capital spending to be in the $2.3 billion to $2.4 billion range.

This is down another $100 million from our previous outlook, now totaling up to $200 million for the full year compared to our February outlook. This mainly reflects lower spending on EV programs. And our income tax rate, net income and free cash flow expectations are all unchanged from our last outlook.

I'll now pass it back to Swamy.

Seetarama Kotagiri^ Thanks, Pat. Let me take you through the details of the revised outlook that we disclosed in our press release this morning.

We don't typically provide updates to our midterm outlook.

But given the changes in the broader environment, we believe it is necessary to provide a high-level update to the 2026 outlook that we provided in February including some of the factors we highlighted on our first quarter call.

We are seeing slower BEV adoption than previously anticipated, particularly in North America and to a lesser extent, in Europe.

As a result of this and a high degree of geopolitical uncertainty, OEMs are recalibrating their portfolios and capacity, resulting in program delays or cancellations and reduced volumes. There are three broad categories impacting our 2026 sales expectations: one, our complete vehicle assembly business including the cancellation of the INEOS program, our assumption of no future production of the Fisker Ocean and updated information on pass-through sales of the Mercedes G-Class, which we highlighted on our first quarter call; two, the impact of EV program delays, cancellations and reduced volumes, the most significant to us being four vehicles in [Oakville] and [Blue] (inaudible) [City], GM's full-size electric pickups and a new program for a North American-based EV manufacturer that was planned for Southern U.S. and Mexico; and three, our active safety business, for which we have highlighted some of the near-term impact in our Q1 call. The sales softening reflects volume shortfalls, in-sourcing of programs by certain China-based OEMs and an updated view of expected win rates on upcoming programs.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

We are taking a number of steps to address the new market dynamics we are facing, demonstrating our commitment to margin expansion, capital discipline and free cash flow generation.

We are restructuring our Complete Vehicles cost base to adjust to lower volumes in the near term.

We are driving engineering spend reductions for 2026 of up to $200 million while ensuring that we continue to prioritize investments for the future.

We are taking actions across our portfolio and footprint, focusing on optimization and cost reductions. All of these actions are contributing to continued expected margin expansion through 2026 compared to 2024.

We are also reducing expected CapEx in 2026, approximately $200 million, resulting in a projected CapEx-to-sales ratio of less than 4% for 2026.

As a result of our efforts to mitigate the anticipated market impacts, we are expecting strong free cash flow in 2026 in the range of $1.8 billion to $2.1 billion. Although our 2026 outlook assumptions are included in the appendix, I would like to highlight a few key points.

We have made no changes to foreign exchange rates, our global and regional light vehicle production.

However, there have been significant changes to program mix, as I noted earlier.

Please also note that IHS production for 2026 is currently higher than our assumptions in each of North America, Europe and China.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

Given the higher level nature and timing of our forecast analysis, we are currently not able to provide 2026 forecast with the same granularity that we previously provided.

In particular, for sales and adjusted EBIT margin ranges by segment for 2026, megatrend sales and adjusted EBIT for the year's '24 to '26 and 2027 sales for battery enclosures, powertrain, electrification and ADAS.

Now I'll cover the details of our updated 2026 outlook for sales, adjusted EBIT margin, equity income, capital spending and free cash flow compared to February. Let's start with the change in our sales outlook.

Our expected 2026 sales range from our February outlook was $48.8 billion to $51.2 billion.

Complete Vehicles is down about $2.2 billion, almost half of the total sales change.

As I said, we have assumed no further production for the Fisker Ocean, which reduced our 2026 sales outlook by about $600 million.

As previously noted, we continue to receive updated information on the amount of directed content on the new Mercedes G-Class assembly programs.

For 2026, this has reduced expected sales by about $900 million. Recall that we expect no EBIT dollar impact related to this sales change.

The cancellation of the INEOS program is expected to result in about $700 million of lost sales, which would have had assembly type margins.

So the adjusted EBIT dollar impact is less significant. The impact of EV delays, cancellations and volume declines, offset by higher isolated volumes is expected to be about $2 billion.

Our decline in equity income also reflects timing delays and volume reductions, particularly related to North American BEV programs. Lastly, our active safety sales are expected to be down about $600 million in 2026 compared to our February expectations.

Based on our top-down review of programs, we now expect a 2026 sales range of approximately $44 billion to $46.5 billion.

Our 2026 adjusted EBIT margin range from our February outlook was 7.0% to 7.7%. Based on our expected sales range in February, that translates to adjusted EBIT dollars between $3.4 billion and $3.9 billion.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

Our lower expected sales in Complete Vehicles [at] margins below our corporate average is expected to be accretive to consolidated margins. Lower anticipated EV sales including lower unconsolidated sales, partially offset by higher ICE volumes is expected to negatively impact margins.

And our lower projected active safety sales is expected to reduce margins.

As I said earlier, there are a number of self-help initiatives that are well underway to partially offset the impacts of the market challenges we are facing. This includes incremental actions in operational excellence activities, restructuring actions as well as reduced engineering and capital spending.

Our updated 2026 EBIT margin range is 6.7% to 7.4%. And based on our updated sales range, translates to an expected EBITDA range of between $2.9 billion and $3.4 billion.

However, I want to assure you that we are continuing to explore opportunities that are not included in our revised outlook.

As a result of lower expected sales, we have reduced our CapEx plans for 2024 through 2026.

Our 2024 capital has been reduced from approximately $2.5 billion at the start of the year to a range of $2.3 billion to $2.4 billion.

We have also reduced both 2025 and '26 capital spending expectations with 2026 coming down to a range of $1.6 billion to $1.8 billion compared to about $1.9 billion that we expected in our February outlook. To start the year, we anticipated CapEx as a percentage of sales to decline from about 5.6% this year to low 4.4% in 2026.

We now expect about 5.2% for 2024 and less than 4% for 2026, consistent with our previous commitment. To recap our updated 2026 outlook.

Our sales forecast has been updated to reflect the shifting market with an expected range of $44 billion to $46.5 billion.

We are actively pursuing customer recoveries to offset the impact of EV program cancellations, delays and lower volumes. With respect to margins, we have a number of self-help initiatives well underway to mitigate the impact of lower sales.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

We now expect adjusted EBIT margins in the range of 6.7% to 7.4%, which represents 150 basis points or more improvement over 2023.

We are curtailing investments over the 2024 to 2026 period, targeting reductions up to $500 million of gross engineering investments in megatrend areas and up to $600 million in CapEx.

As a result of our significant efforts to mitigate lower sales, we continue to expect free cash flow generation to increase each year of our outlook period, reaching $1.8 billion to $2.1 billion for 2026. This is over $1.6 billion higher than 2023. Coming back to summarize 2024.

Our operating performance in the second quarter was largely in line with our expectations.

We are actively mitigating market challenges with a focus on margin expansion, capital discipline and free cash flow generation. With respect to our updated 2024 outlook, we are maintaining our sales range, narrowing our adjusted EBIT margin range, lowering our capital spending and maintaining our free cash flow expectations for the year. All in all, a solid quarter, and we remain on track for 2024. Thank you for your attention, and we'll open it up to questions.

QUESTION & ANSWER:

Operator^ (Operator Instructions) And your first question comes from the line of John Murphy with Bank of America.

John Murphy^ And thanks for all the help and sort of the walk on how things are changing through 2026.

But I do have one follow-up on that.

I think it's kind of important.

I'm not sure if you can answer it in extreme detail.

But Swamy, as you're going through these numbers, as EV programs are pushed down into the right -- there's certainly some lost volume or sort of lower volume expectations there at least.

How do you think about the potential for the backfill of ICE vehicles as you're going through this? And it seems like there's going to be more program expansions potentially stuff that's more like mid-cycle majors to add more ADAS to the vehicle [as] potentially update sheet metal, et cetera. How do you think about that backfill? And is that in any meaningful way in your thought process for these 2026 numbers?

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

Seetarama Kotagiri^ John, great question. Yes. That's on our mind.

But we've been cautious in looking at exact data that is available today. that's the reason in my prepared comments, I talked about continuing to look at opportunities that could be out there.

As you know we are talking just [about] a 18-month timeframe, right, where we are now into 2026.

There has been some offset into the overall that we talked about already. And we continue to look at some discussions, but we wanted to make sure we get some concreteness in the data while we are having these discussions going into 2026.

So when we talked about the [role] on the slide, you saw the second bar, which said about $2 billion impact -- EV impact, that is already partially offset by some higher ICE volumes that we've been seeing, right? So I would say that's in the range of $800 million -- $900 million that we already saw for the ICE.

But I don't want to give a number or guess a number, but those discussions continue, and we'll, like I said, continue to pursue those options.

John Murphy^ The $800 million to $900 million is based on what you've been told on programs and releases from automakers themselves as opposed to one assumption, is that a fair statement?

Seetarama Kotagiri^ Exactly, yes. That's what I meant.

We are only looking at things that are already confirmed and we know rather than any assumptions.

John Murphy^ Got you. And then second question just on Steyr and the restructuring that needs to go on there.

I guess my understanding is that would be mostly head count and pretty relatively easy, although not great for the folks, but relatively easy to execute.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

I mean how much [risk is there] as you're readjusting around this Fisker G-Class and INEOS changes here to that actual restructuring? Is it fairly straightforward?

Or is it how complicated could that be?

Seetarama Kotagiri^ I think the straightforward answer, John, is pretty straightforward, and this is not something that we are thinking forward. This is already in action, in place, I would say, substantially addressed.

As you know this business, we talk about program starts and ends.

So as programs ramp down, its normal process to go through that, and we have done that already.

So I would say it's a pretty straightforward exercise and already on track.

And that's the reason why I was able to say that the restructuring activities and getting to the appropriate cost base given what we already have in plan is in place for complete vehicle assembly.

John Murphy^ Sorry. And just one last quick one on the Japanese hot-stamped door ring.

I'm just curious on the structures business on Cosma.

What percent of the business is to the Japanese at the moment because it sounds like that's a pretty good initial foot in the door.

I know you have some other stuff.

But I mean having an opportunity to the Japanese for Cosma.

Seetarama Kotagiri^ I would still say it's not any large percent, John, right? I think we have had some entries in the past in processes and products that are pretty specific and specialized, and we've been able to get that market.

I would still say it's not substantial compared to our other core customers in Europe and North America.

Operator^ Your next question comes from the line of Adam Jonas with Morgan Stanley.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

Adam Jonas^ So Swamy, if Magna were included in the S&P 500, it would rank in the bottom 2 percentile.

I think around 492 out of 500 companies. And I know you can't like that. You, in fact, can definitely not like that.

Investors don't like it.

I'm sure your Board doesn't like that.

But that kind of company -- I mean these are companies with serious strategic problems or the market really doesn't like the capital allocation going forward.

So why do you think -- what defense do you give? Or do you just accept the capital allocation and execution strategies need to change? Now I see the CapEx and the spending, you're addressing it, there's an acknowledgment, but does something else have to change on top of that?

And then I have a follow-up.

Seetarama Kotagiri^ Yes.

Obviously those statistics are something we continue to see. And the market has shifted or pivoted drastically. And when we look at it, it's not the one or two years as you know in the cycle times of the business or the cycle for the business that we have.

So when we look at capital allocation based on a trend, part of it is flexible and part of it is something we do from the product.

For example, when you look at our, call it, structural business, we have substantial market share and presence in certain product lines, whether it's frames, underbody and so on and so forth. When you start looking at body and [closures], given the hypothesis that EV is a secular trend, accepted that the rate is uncertain, you have to be in that market, not only to look at the evolution of the product that we already have and look at possible integration.

So those are some of the long-term investment decisions that are made.

But like I said now the capital allocation Wherever there is flexibility, we are able to pivot very, very quickly. And that's what we are trying to go through and have been able to communicate today about $600 million of reduction in the 3-year time period.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

And it's not done yet.

We continue to look at that.

We look at regions or divisional level, [all] product lines in the long term, not based on the quarter or the one year but if there are certain parts from a product line perspective, where relevance might be in caution or market share might be in question. All of this is a normal process that we continue to look at, and we will look at that. And the basic objective of optimization is the shareholder value.

Adam Jonas^ And just a follow-up. Many of your competitors seem to have been really rewarded recently for returning cash to shareholders through share buybacks, for example, [Aptiv], Ford, even some of your customers like General Motors and others, even Toyota is doing a massive buyback, which is kind of out of character for them. Magna is a very high-quality company, strong cash flow, one of the cheapest stocks in the world in any industry.

So why does Magna management feel the stock is not a good enough investment for you to buy back your own shares because people are noticing?

Seetarama Kotagiri^ So Adam, my simple answer is I [would] think that is the best investment that we would like to do. No question.

But we also talked about a balance sheet strategy and are committed to a leverage ratio with the Veoneer acquisition that's in place and continuing.

We are on track to get to the leverage ratio that we talked about. And as I said, the cash flow is strong and coming back to that level.

As soon as we get to the commitments that we made from a balance sheet perspective, it is absolutely on the cards and usual process around October, November timeframe, we come out with a plan for the share buyback and with the strong cash flow that seems to be on track and have in plan right now I look forward to talking about it.

Operator^ Your next question comes from the line of Tamy Chen with BMO Capital Markets.

Tamy Chen^ I wanted to ask about the Power & Vision side, I mean I guess more specifically the ADAS side.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

But I'm just wondering if you could give a more detailed update on what's happening in the ADAS market in particular. There was -- I think the Chinese dynamic [that was] called out last quarter, something moving to being in-sourced.

I'm wondering if you're seeing more of that. And there was the language of -- [an up] to 2026 guidance -- an updated view on expected win rates.

I'm wondering if you can elaborate on that.

Seetarama Kotagiri^ Yes. Yes. You're right.

We did talk about it and about $600 million is the magnitude that we are talking about predominantly in China. The in-sourcing that we talked about was also related to one Chinese OEM on a program. Based on that, and also the type of products that are going into the vehicles there.

We kind of looked comprehensively at the programs that were there. And took our approximation of what we think is the win rate possibility and therefore, adjusted that.

But just to give you a broader context, in the overall scheme of our ADAS sales for 2026, this is a rough estimate, but I would say the exposure to Chinese or in China for us is roughly 10% to 12% of the total.

So I would say it's pretty contained in my comments about the insourcing trend in China.

In the rest of the, call it, regions, we are continuing to see a similar traction and win rates that we have noticed.

And I think one of the other things, Tamy, is we look at the OEMs grappling or making a decision still on what ADAS architecture they're going to, right, whether it's centralized with the peripheral sensors or having smart sensors and edge compute still included.

So these are the bunch of questions that the OEMs are also coming to conclusions on.

So we want to be prudent on what we take on, [varies] our priority and how much we invest in different projects until that gets to some sort of certainty.

Tamy Chen^ Right. And on the P&V margin, so I noticed that was brought down for this year. And even if I think about the Q2, I think last quarter, you were saying, this Q2, the margin would be at least but more -- but probably more than double Q1. And I think it was a little bit softer.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

So I'm just wondering -- [that] your revenues for P&V in Q2 came in pretty well.

I would have thought that would have had some operating leverage.

So just -- can you talk about, I guess, [at this] year's margin for the P&V? Like, how should we think about that? Because I think the expectation had been just as more and more and more sales come in here, you're going to just naturally drive substantial margin improvement.

Seetarama Kotagiri^ Yes, Tamy.

I think you're absolutely right.

I did mention in the last call right, it's going to be at least double. The two factors that impacted -- I think the pull-through generally in the business was pretty good. The one major impact was the change in the equity income from our [LGE] JV.

That impacted to our expectation of what we had in the Q2. And the second one, I would say, is a little bit of a mix in terms of a couple of programs.

I don't see that as a significant -- the -- if you look at our forecast on the equity income that continues to be softer than previously expected. And that is, again, exposure to specifically, I would say, in our joint venture to the GM programs in North America.

So that's the one drag.

So we just kind of had to take a look at it.

But at a fundamental baseline of the business, we continue to hit the expectations of what we thought the overall business is going to be.

Patrick McCann^ And Tamy, just for perspective, the equity income is related to EVs as well and that impact alone is 40 basis points, right? So [as the] equity income delta we were within expectations.

Louis Tonelli^ And we did take down our Power & Vision sales for the year as well even though currency is up.

Tamy Chen^ Okay. And last one for me is this whole [upsize] on the EV side with the OEMs in North America, [they] continue to delay, defer in some of the new programs. Just curious, based on your conversations with them about this. Like where do you think we're at? Like do you feel these OEMs -- do you feel like given the current pull-through of EVs, there's still some more to go on recalibrating their expectations.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

Do you feel like there's still some programs you're looking [that] probably still gets punted down? Or like do you feel we're getting to a point where this is behind us, a lot of this has recalibrated appropriately to the current backdrop?

Seetarama Kotagiri^ Tamy, I would say it's a little bit of a crystal ball question overall about the market, but I'll give you our viewpoint from Magna.

We have said that before -- we have our own judgment on volumes when the customer volumes come to us based on historical data.

But as you know some of these programs that are coming for EVs don't have that much of historical data.

But we still have our, I would say, conservative judgment on that.

From our perspective, with the big changes that we talked about on three, four programs that had a -- [that was] the reason for reducing the sales.

If you look at the rest, we feel pretty contained in our set of assumptions that we have even based on the volumes that the OEMs are talking today, we have taken that into account plus our own viewpoint on what they could be.

So all in all, I think -- I won't be able to comment on what the volumes [and] EVs are going to do in the next 18 months or two years back, I would say we have been more conservative in the past and even now even with the current volume set.

Operator^ Your next question comes from the line of Dan Levy with Barclays.

Dan Levy^ Just a question first on the 2024 outlook. Given we continue to hear about reductions to schedule, especially from the D3. Maybe you can just give us a sense within your guidance, what you are assuming on production schedules, especially as [we're] seeing from a third-party forecasters is likely going to be coming down just based on commentary from the call and we saw another sort of softish sales print.

So maybe you can comment on the level of conservatism, if at all, on the D3 assumptions for '24.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

Patrick McCann^ Dan, maybe just to level set.

So what we're seeing overall is our North American volumes are coming in at -- we're projecting 15.7%, Europe at 17.1% and China at 29%.

So in North America, we're seeing on a year-over-year basis, were basically flattish.

Overall, about a 2% decline in Europe and China is down about 1%.

If we turn to H2 specifically on a year-over-year basis, D3 were seeing flattish production.

But keep in mind, last year, the D3 were undergoing strikes, right? So in a normal case, you'd expect some (inaudible) in that case.

But we're still seeing some declines -- not declines, I guess, flat year-over-year, but we're seeing declines of about 5% from each one into H2. The biggest driver there really being Stellantis in particular. And I think in Europe, I think back half of the year, we're pretty consistent with data providers, IHS in particular.

Dan Levy^ Got it. Got it.

Second question, I wanted to ask -- and it's sort of a 2-part question.

It's on the impact of sort of the globalization of the Chinese auto industry. And it's a, maybe you could just comment on -- I think we saw some reports in the quarter that your Steyr operations in Europe could possibly accommodate Chinese automakers willing to -- or looking to localize production in Europe.

Maybe you could just comment on that.

But also we've heard about Chinese suppliers that are increasingly globalizing and establishing presences in other regions. Maybe you could just address sort of competitively how much of a threat, if at all, you see from the rise of Chinese suppliers?

Seetarama Kotagiri^ Dan, I think to answer your first question, based on tariffs and regulations and so on and so forth.

We hear, as you've mentioned, directly, the Chinese OEMs coming and looking for a footprint in Europe to be able to maneuver through the tariff regulations and so on and so forth.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

Whatever those could be, I mean we have an asset with -- not just an asset, it's an experienced capability, confidence, and we have done that with various customers. European [or] North American OEMs [in] the past in Europe and so on.

So I think that remains a very interesting variable for us to -- and we continue to have discussions with all types of customers.

So we look forward to that. And when there is something material, we'll bring forward.

On your second part of the question, I would like to go back to look into the history a little bit, whether it's Japanese or Korean entering into the Western markets and came along the ecosystem at that time.

I'm sure there will be a similar trend. Would I say, we are not worried?

Of course, not.

It's never good to be complacent.

So we always have our finger on the [pulse] to see what's going on.

On the other hand, we are also present in China today, working not only with the Western OEMs in China, but also the prominent Chinese OEMs in China. And we believe when they come over, whether it's for homologation reasons or bringing the local knowledge of hitting the regulatory requirements for Chinese [and] other parts of the world.

I think we could bring a lot of value, and we believe we'll be at the table.

Operator^ Your next question comes from the line of James Picariello with BNP.

James Picariello^ Hi --

Patrick McCann^ We lost you, James.

Seetarama Kotagiri^ James, we don't hear you.

Louis Tonelli^ Operator, may we go to the next question and we'll come back.

Operator^ All right. Your next question comes from the line of Mark Delaney with Goldman Sachs.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

Mark Delaney^ Yes.

First, with regard the new 2026 outlook.

I understand some of the specifics and exact quantification is a little hard to comment on.

But at a high level, as you're thinking about lower revenue from some of these megatrend areas as well as a number of the cost and efficiency actions you articulated today.

On a directional basis, do you still think you can be breakeven within the megatrend areas in 2026?

Seetarama Kotagiri^ I think, like you said, it's a high level.

We are going through it. There's a lot of flux in here. And with the reduction of sales, we still have to go through the bottoms-up and really not getting into the details of the breakeven at that point of time or that specific area by area.

We are looking at the big picture of what needs to be, as I said, curtailed, held, to optimize as much as we can, but that is something we've got to come back to.

And even if it's that relevant, given the big picture of what we need to deal with.

Patrick McCann^ I think, Mark, the one thing I'd add, just to be clear, when you look at the 2026 reforecast we did, the sales adjustment in particular, related to the EVs is beyond just the megatrends.

So to be clear, that includes seats, mirrors, body and white.

So the megatrend impact within that sales reduction of $2-ish billion is much more beyond the megatrends.

Mark Delaney^ That's helpful. My other question was on EVs.

On the 4Q '23 call back [then, I had said] it was investing to support a future low-cost EV from the leading North American EV provider. This morning, you spoke about that program as a factor in your lower 2026 outlook.

But I'm hoping to understand if sales for a lower cost vehicle is still something Magna expects to have meaningful exposure to at that OEM, even if it's maybe not as much as you were originally thinking when it was envisioned as an all-new platform [in] a new factory, but perhaps still some reasonable opportunity for you with a different type of low-cost vehicle.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

Seetarama Kotagiri^ Yes.

I don't want to comment on or surmise anything at this point of time given customer feedback and the program timing, we have taken it out don't want to comment or guess on what the future could be.

We obviously have conversations, but I don't want to go beyond that.

Operator^ Your next question comes from the line of James Picariello with BNP.

James Picariello^ Can you hear me okay?

Seetarama Kotagiri^ Yes.

James Picariello^ Great.

I'd just like to double-click on the 2026 targets and specifically the incremental margins.

I mean I know a lot goes into that forecast that rollout.

But the implied operating leverage is almost -- right, it's roughly 40%.

Can you just walk through, elaborate on just what are the puts and takes that get you to such a high incremental margin on the growth?

And particularly, Power & Vision.

Patrick McCann^ Sorry, for '26, James, we're not providing '26 segment.

So maybe --

James Picariello^ Yes.

Okay. Just the consolidated. (Inaudible) exactly the prior segment breakout for that.

Patrick McCann^ Yes.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

So yes, just to be clear, right, we did a top-level adjustment, and that's why like those segment margins now we have to they're no longer -- they shouldn't be relied upon. When you think big picture, the leverage on the margin pull-through you have to consider we have about $2.2 billion of complete vehicles, sales that are coming down, and those are well below corporate averages. You also have close to $1 billion on straight pass-through on the G.

So when you work through that number, that's a sizable benefit.

So when you're looking at Slide 24 of the [role], you can see a pretty sizable positive just coming out of mix, I would say, between the various products.

I would say on the sales decline on the EVs, net of the ICE, that's coming through at our traditional decremental margins we're seeing in our various businesses.

I think that's fair. And then the same with the active safety.

On the flip side, where you see the positives for the offset, it's really -- we have a bucket of issues, but Swamy in his remarks talk about we're going to reduce engineering spend, that's dropping to the bottom.

Lower capital is resulting in lower D&A.

We also have -- we're restructuring -- we have restructured certain operations, [we'll] continue to restructure more operations.

So you put them through.

So it does hang together.

I know there is more behind it.

But if you think about it in those four broad categories of buckets, as opposed to just A versus B, I think it makes much more sense.

James Picariello^ Got it. And then is there any visibility in commercial recoveries or our cost savings for the second half of this year as we think about the implied EBIT step-up first half to second half on an -- within an industry backdrop where the second half is certainly getting harder, right? We're seeing the second half reductions coming in pretty substantial [clip].

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

Seetarama Kotagiri^ So James, this is Swamy.

I think it's not the second half, first half. Those discussions are always difficult.

But we have taken all of that into account when we talk about the 2024 outlook, right? And there's a lot of puts and takes.

We talked about productivity givebacks. There is commercial discussion, there is discussions regarding volume reductions, new programs.

We've taken all of that into account and still feel comfortable, and that's the reason we've given the outlook and we feel pretty good going into the second half that we will see the cadence that outlook is reflecting.

Patrick McCann^ And I think, James, if you think about what we would have seen last year in our 2023 margin cadence by quarter, it's -- we're expecting a similar type trajectory where from day 1, we were expecting our margin to improve quarter-by-quarter, and it's really related to commercial recoveries whether it's [commercial, inflation] to be more in the back half of the year, and that's still what we're expecting based on past history.

So we're still seeing an uptick from Q2 into Q3, similar to what we would have seen as an incremental improvement in '23 and then further improvement into Q4.

Operator^ Your next question comes from the line of Itay Michaeli with Citi.

Itay Michaeli^ Just had a couple of follow-ups on active safety.

First, of the shortfall in the 2026 outlook, the $600 million, can you just mention how much of that is sort of the older Veoneer assets as opposed to Magna. And then just Swamy, I think you alluded to it before, but the updated view on the win rates, is that just updated for China? Or is that also outside of China, then maybe if you can comment on just what you're seeing for [closing] trends [in] active safety outside of China as well?

Seetarama Kotagiri^ Yes.

I think, Itay, it will be very difficult to separate whether it's Veoneer or, call it, Magna Electronics, [3 Veoneer]. To your second part of the question, I think from my assumptions and what I specifically talked about was related to China. And I was making a point that our exposure in China of the overall sales in ADAS is the 10% to 12%. My comment about win rates was overall.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

What I was trying to make a point is, if you look at overall, our win rates seem to be still in cadence of what we have seen in the past. To be more clear, I was saying that this is not impacting or changing as a trend overall. That's what I meant to say.

Itay Michaeli^ And just in terms of just quoting activity, how is that trending along with active safety thus far this year?

Seetarama Kotagiri^ And that was my point on the software architecture discussions with amongst OEMs, right? So there is a little bit of flux in how the sourcing decisions are being pushed out or moved around a little bit.

But overall, I don't think we are seeing a significant change in the, call it, the assisted driving piece of ADAS.

I don't see a significant change.

Operator^ Your next question comes from the line of Brian Morrison with TD Cowen.

Patrick McCann^ Brian, we can't hear you.

Brian Morrison^ Sorry, Pat, I'm on mute.

I just want to pull together.

I appreciate the puts and takes here. This question's for you.

In the 2024 margins, if you could just pull it together a sequential margin walk, you started [at] 5.3% this quarter.

You take out the FX, I think you get up to 5.5%, 5.6%. Then you have the lower engineering costs. You talked about higher commercial recoveries from Q2 to Q3. [You] need to hit 6% to 6.5% margins in the back half of the range, what are other factors that could get you to that low to high end?

Patrick McCann^ Brian, I think broadly, when you think moving from H1 into H2, there's -- I talked about the cadence from Q2 to Q3 to Q4 being consistent increases [so] last year. The big buckets that didn't occur in Q2, I would say would be, number one, being the commercial where we're seeing those recoveries based on history coming in primarily in the fourth quarter. And the other big factor is we have lower engineering net spending.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

So that's a combination of our spend and timing of program recoveries and those tend to be coming back in the second half of the year.

On the other side, we do have some weakness in volumes, and that's primarily in local -- it's hit in the translation FX, Brian, but we do have lower sales activity in local currency.

Brian Morrison^ Okay.

So lower engineering spend, commercial recoveries [as there are] heightened benefits from restructuring as well?

Patrick McCann^ Yes, but it would be third on the list.

Operator^ Your next question comes from the line of Joseph Spak with UBS.

Joseph Spak^ Maybe just to follow up on this. A lot of this has been answered, but can you just help us understand like exactly how much like half-over-half, do you think engineering will be lower?

Louis Tonelli^ We're not going to get into the specifics, Joe, but we talked about the two items that are the most impactful to our H1 versus H2 [role].

Joseph Spak^ Okay. And then I guess just going back to the '26 guide and sort of James' question, like with the high incrementals and I appreciate some of the color you gave and -- but I guess part of that, right, you mentioned the sort of the restructuring savings.

Is -- have all -- is that related to initiatives that have already started? Or are there still more planned initiatives? And then also, you talked about trying to get recoveries for EV cancellations and I'm wondering if any of that is embedded into the forecast.

Seetarama Kotagiri^ From a restructuring perspective, Joe, I think these are activities that are ongoing, some substantially done, some continuing and some it's not just we're not talking about this quarter this year, right? We've been talking about operational excellence last year.

Some of it we have already started [seeing] the flow and the delivery of the results. And for the changing market conditions, some we are adding in addition to, right? So we talked about CVA as an example, started in the past.

We continue to add to that that's across the organization.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

So it's a little bit of both, right? Some that are finished, some are in progress and a few that are in the plan. And when I say in plan, not starting now we have contemplated that long time ago.

Joseph Spak^ Right.

Okay. And the recovery is for the EV programs?

Seetarama Kotagiri^ It's part of the larger discussions, right? Like it's not specific to EV programs, it's volume reductions, it's cancellations, it's pushouts.

It's productivity givebacks. Mostly all of this combined together become a discussion with the OEM.

Joseph Spak^ But that's embedded in the '26 numbers, some level of that?

Seetarama Kotagiri^ Some level of that.

But I would say are more substantial in '24 than going into '26.

Operator^ Your next question comes from the line of Colin Langan with Wells Fargo.

Colin Langan^ Just want to follow up. The sales guidance revision is very small.

We saw throughout the quarter, pretty big cuts from IHS.

So I'm a little surprised we haven't seen a bigger impact to you guys, particularly with so much coming from the Detroit 3. Any color on what's offsetting that?

Were you already just taking a much more conservative outlook than IHS heading into the quarter? And any color on what's sort of keeping the upside?

Louis Tonelli^ Colin, if you remember last quarter, we were -- we held our outlook in terms of volumes in North America and Europe even though IHS was higher than we were.

So I'd say that IHS ended up coming down this past quarter, close to where we were anyway.

So other than our takedown and [taken down] -- sorry, in Europe this quarter, for the full year.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

I think it's already -- was already reflected in our numbers last quarter. And in terms of offsets, I mean currency is a positive for us relative to our last outlook.

So we do have a little bit of decline offset by currency.

Colin Langan^ Got it. And if I look at the midpoint of guidance, the -- on the EBIT side, it looks like most of it is only like $50 million at the midpoint.

If I look at the quarter itself, there was about over $30 million of warranty and $30 million of FX.

So even though sales are down slightly, these are just sort of rounding errors or you anticipated some of these FX and warranty issues?

Patrick McCann^ I think we did have some outperformance on commercial items in the quarter as well. Big picture, if you think we were generally in line with our expectations for the quarter.

So you're mentioning a couple of negatives.

We did have some positives that offset those negatives to a certain extent. And then at the midpoint, you could see some of the -- [that] lowering the 10 basis points.

But I think you named two negatives, Colin, you have to pick up the positive. The biggest being commercial. Yes, and some a little bit on operational [is also] little better than what we had in our last outlook.

Seetarama Kotagiri^ Okay.

I think operator, I assume there are no more questions.

So I just want to thank everyone for listening in today.

I want to reiterate what I said earlier.

We remain highly focused on margin expansion, capital discipline and free cash flow generation while ensuring we continue to invest to take advantage of future opportunities where possible.

Thanks again, and have a great day.

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Magna International Inc.

Second Quarter 2024 Results – 02AUG24

Operator^ This concludes today's call. Thank you all for joining.

You may now disconnect.

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