# EDGAR Filing Document

**Accession Number:** 0001320461
**File Stem:** 0001320461-25-000131
**Filing Date:** 2025-8
**Character Count:** 153113
**Document Hash:** 16a306f5a6e381278163ed7d2d4b2a04
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001320461-25-000131.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001320461-25-000131

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 88

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cooper-Standard Holdings Inc.
- **CENTRAL INDEX KEY:** 0001320461
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLE PARTS & ACCESSORIES [3714]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 201945088
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36127
- **FILM NUMBER:** 251176246

**BUSINESS ADDRESS:**
- **STREET 1:** 40300 TRADITIONS DRIVE
- **CITY:** NORTHVILLE
- **STATE:** MI
- **ZIP:** 48168
- **BUSINESS PHONE:** 248-596-5900

**MAIL ADDRESS:**
- **STREET 1:** 40300 TRADITIONS DRIVE
- **CITY:** NORTHVILLE
- **STATE:** MI
- **ZIP:** 48168

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CSA Acquisition Corp.
- **DATE OF NAME CHANGE:** 20050311

?xml version='1.0' encoding='ASCII'? cps-20250630

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

___________________________________

**FORM 10-Q**

___________________________________

**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended June 30, 2025**

**or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from __________ to __________.**

**Commission File Number: 001-36127** 

_________________________________________________________________________________________________

**COOPER-STANDARD HOLDINGS INC.**

**(Exact name of registrant as specified in its charter)**

_________________________________________________________________________________________________

---

| | |
|:---|:---|
| **Delaware** | **20-1945088** |
| **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |

---

**40300 Traditions Drive**

**Northville, Michigan 48168**

**(Address of principal executive offices) (Zip Code)**

**(248) 596-5900**

**(Registrant's telephone number, including area code)**

_______________________________________________________

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.001 per share | CPS | New York Stock Exchange |
| Preferred Stock Purchase Rights | - | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☒ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

As of July 25, 2025, there were 17,633,413 shares of the registrant's common stock, $0.001 par value, outstanding.

------

**COOPER-STANDARD HOLDINGS INC.**

**Form 10-Q**

**For the period ended June 30, 2025**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| | **<u>[PART I. FINANCIAL INFORMATION](#i6f8c08f1d55c415babc069079fc750c8_10)</u>** | |
| Item 1. | <u>[Financial Statements (unaudited)](#i6f8c08f1d55c415babc069079fc750c8_13)</u> |  |
|  | <u>[Condensed Consolidated Statements of Operations](#i6f8c08f1d55c415babc069079fc750c8_16)</u> | <u>[3](#i6f8c08f1d55c415babc069079fc750c8_16)</u> |
|  | <u>[Condensed Consolidated Statements of Comprehensive Income (Loss](#i6f8c08f1d55c415babc069079fc750c8_19)</u>) | <u>[4](#i6f8c08f1d55c415babc069079fc750c8_19)</u> |
|  | <u>[Condensed Consolidated Balance Sheets](#i6f8c08f1d55c415babc069079fc750c8_22)</u> | <u>[5](#i6f8c08f1d55c415babc069079fc750c8_22)</u> |
|  | <u>[Condensed Consolidated Statements of Changes in Equity](#i6f8c08f1d55c415babc069079fc750c8_28)</u> | <u>[6](#i6f8c08f1d55c415babc069079fc750c8_28)</u> |
|  | <u>[Condensed Consolidated Statements of Cash Flows](#i6f8c08f1d55c415babc069079fc750c8_31)</u> | <u>[7](#i6f8c08f1d55c415babc069079fc750c8_31)</u> |
|  | <u>[Notes to Condensed Consolidated Financial Statements](#i6f8c08f1d55c415babc069079fc750c8_37)</u> | <u>[8](#i6f8c08f1d55c415babc069079fc750c8_37)</u> |
| Item 2. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i6f8c08f1d55c415babc069079fc750c8_109)</u> | <u>[26](#i6f8c08f1d55c415babc069079fc750c8_109)</u> |
| Item 3. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i6f8c08f1d55c415babc069079fc750c8_154)</u> | <u>[36](#i6f8c08f1d55c415babc069079fc750c8_154)</u> |
| Item 4. | <u>[Controls and Procedures](#i6f8c08f1d55c415babc069079fc750c8_157)</u> | <u>[37](#i6f8c08f1d55c415babc069079fc750c8_157)</u> |
|  | **<u>[PART II. OTHER INFORMATION](#i6f8c08f1d55c415babc069079fc750c8_160)</u>** |  |
| Item 1A. | <u>[Risk Factors](#i6f8c08f1d55c415babc069079fc750c8_163)</u> | <u>[38](#i6f8c08f1d55c415babc069079fc750c8_163)</u> |
| Item 2. | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i6f8c08f1d55c415babc069079fc750c8_166)</u> | <u>[38](#i6f8c08f1d55c415babc069079fc750c8_166)</u> |
| Item 5. | <u>[Other Information](#i6f8c08f1d55c415babc069079fc750c8_169)</u> | <u>[39](#i6f8c08f1d55c415babc069079fc750c8_169)</u> |
| Item 6. | <u>[Exhibits](#i6f8c08f1d55c415babc069079fc750c8_172)</u> | <u>[40](#i6f8c08f1d55c415babc069079fc750c8_172)</u> |
| <u>[SIGNATURES](#i6f8c08f1d55c415babc069079fc750c8_181)</u> | <u>[SIGNATURES](#i6f8c08f1d55c415babc069079fc750c8_181)</u> | <u>[41](#i6f8c08f1d55c415babc069079fc750c8_181)</u> |

---

------

**PART I — FINANCIAL INFORMATION**

**Item 1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements**

**COOPER-STANDARD HOLDINGS INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited)**

**(Dollar amounts in thousands except per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Sales | $705973 | $708362 | $1373042 | $1384787 |
| Cost of products sold | 612922 | 625422 | 1202813 | 1240204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 93051 | 82940 | 170229 | 144583 |
| Selling, administration & engineering expenses | 51210 | 52408 | 102401 | 107774 |
| Amortization of intangibles | 1710 | 1605 | 3322 | 3266 |
| Restructuring charges | 2852 | 17781 | 4963 | 18914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | 37279 | 11146 | 59543 | 14629 |
| Interest expense, net of interest income | (28712) | (28635) | (57331) | (57916) |
| Equity in earnings of affiliates | 1708 | 1302 | 3484 | 3572 |
| Pension settlement charge |  | (46787) |  | (46787) |
| Other (expense) income, net | (3667) | (5129) | 5217 | (8778) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | 6608 | (68103) | 10913 | (95280) |
| Income tax expense | 8081 | 8080 | 10784 | 12211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income | (1473) | (76183) | 129 | (107491) |
| Net loss (income) attributable to noncontrolling interests | 72 | (60) | 22 | (412) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income attributable to Cooper-Standard Holdings Inc. | $(1401) | $(76243) | $151 | $(107903) |
| (Loss) income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.08) | $(4.34) | $0.01 | $(6.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.08) | $(4.34) | $0.01 | $(6.16) |

---

The accompanying notes are an integral part of these financial statements.

------

**COOPER-STANDARD HOLDINGS INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

**(Unaudited)**

**(Dollar amounts in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income | $(1473) | $(76183) | $129 | $(107491) |
| Other comprehensive income (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation adjustment | 13121 | (7674) | 19504 | (14782) |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit plan liabilities adjustment, net of tax | (867) | 2889 | (1587) | 3042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension settlement, net of tax |  | 48190 |  | 48190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value change of derivatives, net of tax | 4665 | (6413) | 8588 | (2872) |
| Other comprehensive income, net of tax | 16919 | 36992 | 26505 | 33578 |
| Comprehensive income (loss) | 15446 | (39191) | 26634 | (73913) |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive loss (income) attributable to noncontrolling interests | 172 | (112) | 165 | (601) |
| Comprehensive income (loss) attributable to Cooper-Standard Holdings Inc. | $15618 | $(39303) | $26799 | $(74514) |

---

The accompanying notes are an integral part of these financial statements.

------

**COOPER-STANDARD HOLDINGS INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Dollar amounts in thousands except share amounts)**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| | **(unaudited)** | |
| **<u>Assets</u>** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $121620 | $170035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 371256 | 310738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tooling receivable, net | 75387 | 69204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 181318 | 142401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 26186 | 25833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value added tax receivable | 56701 | 45120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 52922 | 41925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 885390 | 805256 |
| Property, plant and equipment, net | 534247 | 539201 |
| Operating lease right-of-use assets, net | 87045 | 87292 |
| Goodwill | 140729 | 140443 |
| Intangible assets, net | 31783 | 33805 |
| Other assets | 140517 | 127068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1819711 | $1733065 |
| **<u>Liabilities and Equity</u>** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt payable within one year | $41789 | $42428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 356751 | 295178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll liabilities | 101668 | 103701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | 5097 | 5115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 109097 | 111502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities | 19492 | 18859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 633894 | 576783 |
| Long-term debt | 1059454 | 1057839 |
| Pension benefits | 100120 | 89253 |
| Postretirement benefits other than pensions | 26674 | 26336 |
| Long-term operating lease liabilities | 71177 | 71907 |
| Other liabilities | 33774 | 44317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1925093 | 1866435 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value, 190,000,000 shares authorized; 19,699,222 shares issued and 17,633,413 shares outstanding as of June 30, 2025, and 19,392,340 shares issued and 17,326,531 shares outstanding as of December 31, 2024 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 519562 | 518208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained deficit | (470411) | (470562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (146784) | (173432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Cooper-Standard Holdings Inc. equity | (97616) | (125769) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | (7766) | (7601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | (105382) | (133370) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $1819711 | $1733065 |

---

The accompanying notes are an integral part of these financial statements.

------

**COOPER-STANDARD HOLDINGS INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

**(Unaudited)**

**(Dollar amounts in thousands except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** |
| | Common Shares | Common Stock | Additional Paid-In Capital | Retained Deficit | Accumulated Other Comprehensive Loss | Cooper-Standard Holdings Inc. Equity | Noncontrolling Interests | Total Equity |
| Balance as of December 31, 2024 | 17326531 | $17 | $518208 | $(470562) | $(173432) | $(125769) | $(7601) | $(133370) |
| Share-based compensation, net | 221616 |  | (120) |  |  | (120) |  | (120) |
| Net income |  |  |  | 1552 |  | 1552 | 50 | 1602 |
| Other comprehensive income (loss) |  |  |  |  | 9629 | 9629 | (43) | 9586 |
| Balance as of March 31, 2025 | 17548147 | $17 | $518088 | $(469010) | $(163803) | $(114708) | $(7594) | $(122302) |
| Share-based compensation, net | 85266 |  | 1474 |  |  | 1474 |  | 1474 |
| Net loss |  |  |  | (1401) |  | (1401) | (72) | (1473) |
| Other comprehensive income (loss) |  |  |  |  | 17019 | 17019 | (100) | 16919 |
| Balance as of June 30, 2025 | 17633413 | $17 | $519562 | $(470411) | $(146784) | $(97616) | $(7766) | $(105382) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** |
| | Common Shares | Common Stock | Additional Paid-In Capital | Retained Deficit | Accumulated Other Comprehensive Loss | Cooper-Standard Holdings Inc. Equity | Noncontrolling Interests | Total Equity |
| Balance as of December 31, 2023 | 17197479 | $17 | $512164 | $(391816) | $(201665) | $(81300) | $(8433) | $(89733) |
| Share-based compensation, net | 92666 |  | 668 |  |  | 668 |  | 668 |
| Net (loss) income |  |  |  | (31660) |  | (31660) | 352 | (31308) |
| Other comprehensive (loss) income |  |  |  |  | (3551) | (3551) | 137 | (3414) |
| Balance as of March 31, 2024 | 17290145 | $17 | $512832 | $(423476) | $(205216) | $(115843) | $(7944) | $(123787) |
| Share-based compensation, net | 28762 |  | 2073 |  |  | 2073 |  | 2073 |
| Net (loss) income |  |  |  | (76243) |  | (76243) | 60 | (76183) |
| Other comprehensive income |  |  |  |  | 36940 | 36940 | 52 | 36992 |
| Balance as of June 30, 2024 | 17318907 | 17 | 514905 | (499719) | (168276) | (153073) | (7832) | (160905) |

---

The accompanying notes are an integral part of these financial statements.

------

**COOPER-STANDARD HOLDINGS INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)** 

**(Dollar amounts in thousands)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| Operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $129 | $(107491) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash used in operating activities: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 45027 | 49070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 3322 | 3266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension settlement charge |  | 46787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 5481 | 4862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of affiliates, net of dividends related to earnings | (1515) | (1995) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest |  | 12367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 2496 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 2448 | 2601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities | (87819) | (36594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (30431) | (26212) |
| Investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (25315) | (28077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of businesses | 2558 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (22757) | (27835) |
| Financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on long-term debt | (1412) | (1255) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in short-term debt, net | (1259) | (264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs and other fees |  | (1403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes withheld and paid on employees' share-based payment awards | (1686) | (571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (4357) | (3493) |
| Effects of exchange rate changes on cash, cash equivalents and restricted cash | 6419 | (4580) |
| Changes in cash, cash equivalents and restricted cash | (51126) | (62120) |
| Cash, cash equivalents and restricted cash at beginning of period | 178697 | 163061 |
| Cash, cash equivalents and restricted cash at end of period | $127571 | $100941 |
| Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets: | Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets: | Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets: |
|  | **Balance as of** | **Balance as of** |
|  | **June 30, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $121620 | $170035 |
| Restricted cash included in other current assets | 3843 | 7590 |
| Restricted cash included in other assets | 2108 | 1072 |
| Total cash, cash equivalents and restricted cash | $127571 | $178697 |

---

The accompanying notes are an integral part of these financial statements.

------

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**(Dollar amounts in thousands except per share and share amounts)**

**1. Overview**

***Basis of Presentation***

Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the "Company" or "Cooper Standard"), through its wholly-owned subsidiary, Cooper-Standard Automotive Inc. ("CSA U.S."), is a leading manufacturer of sealing systems and fluid handling systems (consisting of fuel and brake delivery systems and fluid transfer systems). The Company's products are primarily designed for passenger vehicles and light trucks that are manufactured by global automotive original equipment manufacturers ("OEMs") and replacement markets. Nearly all of the Company's activities are conducted through its subsidiaries.

The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") for interim financial information and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Annual Report"), as filed with the SEC. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States ("U.S. GAAP") for complete financial statements. These financial statements include all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation of the financial position and results of operations of the Company. The operating results for the interim period ended June 30, 2025 are not necessarily indicative of results for the full year. In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

***Recently Adopted Accounting Pronouncements***

The Company adopted the following Accounting Standard Updates ("ASU") during the six months ended June 30, 2025, which did not have a material impact on its condensed consolidated financial statements:

---

| | | |
|:---|:---|:---|
| **Standard** | **Description** | **Effective Date** |
| *ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures* | Requires disclosure of specific categories in the effective tax rate reconciliation, as well as additional information for reconciling items that meet a quantitative threshold. It also requires disclosure of income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes, and further disaggregated by jurisdiction based on a quantitative threshold. These disclosures will be applied prospectively on an annual basis beginning with the Company's 2025 Annual Report on Form 10-K. | January 1, 2025 |
| *ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement* | Requires joint ventures to apply a new basis of accounting upon formation, and as a result, initially measure all assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). | January 1, 2025 |

---

------

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**(Unaudited)**

**(Dollar amounts in thousands except per share and share amounts)**

***Recently Issued Accounting Pronouncements***

The Company considered the recently issued accounting pronouncements summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Standard** | **Description** | **Impact** | **Effective Date** |
| ASU 2024-03, *Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses* | Requires disclosure of specified information about certain expenses presented in the statements of operations within the notes to financial statements at each interim and annual reporting period. It also requires disclosure of the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. | The Company is currently evaluating the impact of this update on its consolidated financial statements and disclosures. | January 1, 2027 |
| ASU 2025-01, *Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date* | Amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. | The Company is currently evaluating the impact of this update on its consolidated financial statements and disclosures. | January 1, 2027 |
| ASU 2025-03, *Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity* | Clarifies that when a business combination is effected primarily by exchanging equity interests and the legal acquiree is a variable-interest entity ("VIE") that meets the definition of a business, entities must identify the accounting acquirer using the factors in ASC 805-10-55-12 through 55-15, rather than relying solely on the VIE consolidation model. | The Company is currently evaluating the impact of this update on its consolidated financial statements and disclosures. | January 1, 2027 |

---

**2. Divestiture**

***2024 Divestiture***

In the fourth quarter of 2024, the Company completed the sale of its non-core Canadian tooling business. Under the terms of the agreement, total cash proceeds of $2,558 were received during the six months ended June 30, 2025. A contingent payment of up to $2,000 may be received in the future based on the Company issuing a set value of purchase orders to the buyer over a specified period.

During the six months ended June 30, 2025, the Company recognized a net gain of $98 related to final purchase price adjustments associated with the sale. This amount is included in selling, engineering & administrative expenses in the condensed consolidated statement of operations.

**3. Revenue**

Revenue is recognized for manufactured parts at a point in time, generally when products are shipped or delivered. The Company usually enters into agreements with customers to produce products at the beginning of a vehicle's life. Blanket purchase orders received from customers and related documents generally establish the annual terms, including pricing, related to a vehicle model. Customers typically pay for parts based on customary business practices with payment terms generally between 30 and 90 days.

The passenger and light duty customer group consists of sales to automotive OEMs and automotive suppliers, while the commercial customer group represents sales to OEMs of on- and off-highway commercial equipment and vehicles. The other customer group includes sales related to specialty and adjacent markets.

Revenue by customer group for the three months ended June 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Sealing Systems** | **Fluid Handling Systems** | **Other** | **Consolidated** |
| Passenger and Light Duty | $356005 | $317755 | $— | $673760 |
| Commercial | 7794 | 2317 | 2063 | 12174 |
| Other | 569 | 2358 | 17112 | 20039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue | $364368 | $322430 | $19175 | $705973 |

---

------

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**(Unaudited)**

**(Dollar amounts in thousands except per share and share amounts)**

Revenue by customer group for the six months ended June 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Sealing Systems** | **Fluid Handling Systems** | **Other** | **Consolidated** |
| Passenger and Light Duty | $692146 | $617600 | $— | $1309746 |
| Commercial | 15567 | 4364 | 3882 | 23813 |
| Other | 966 | 4464 | 34053 | 39483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue | $708679 | $626428 | $37935 | $1373042 |

---

Revenue by customer group for the three months ended June 30, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Sealing Systems** | **Fluid Handling Systems** | **Other** | **Consolidated** |
| Passenger and Light Duty | $356326 | $315871 | $— | $672197 |
| Commercial | 7986 | 2925 | 2319 | 13230 |
| Other | 634 | 3946 | 18355 | 22935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue | $364946 | $322742 | $20674 | $708362 |

---

Revenue by customer group for the six months ended June 30, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Sealing Systems** | **Fluid Handling Systems** | **Other** | **Consolidated** |
| Passenger and Light Duty | $699847 | $615051 | $— | $1314898 |
| Commercial | 15351 | 5851 | 4218 | 25420 |
| Other | 1027 | 7355 | 36087 | 44469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue | $716225 | $628257 | $40305 | $1384787 |

---

Substantially all of the Company's revenue is generated from sealing systems and fluid handling systems (consisting of fuel and brake delivery systems and fluid transfer systems) for use in passenger vehicles and light trucks manufactured by global OEMs.

A summary of the Company's products is as follows:

---

| | |
|:---|:---|
| **Product Line** | **Description** |
| Sealing Systems | Protect vehicle interiors from weather, dust and noise intrusion for improved driving experience; provide aesthetic and functional class-A exterior surface treatment. |
| Fluid Handling Systems | Fuel & Brake Delivery Systems - Sense, deliver and control fluid and fluid vapors for fuel and brake systems.<br>Fluid Transfer Systems - Sense, deliver, connect and control fluid delivery for optimal thermal management, powertrain & HVAC operation. |

---

Revenue by geographical region for the three months ended June 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Sealing Systems** | **Fluid Handling Systems** | **Other** | **Consolidated** |
| North America | $153387 | $239312 | $— | $392699 |
| Europe | 121126 | 34238 |  | 155364 |
| Asia Pacific | 67823 | 40510 |  | 108333 |
| South America | 22032 | 8370 |  | 30402 |
| Corporate, eliminations and other |  |  | 19175 | 19175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue | $364368 | $322430 | $19175 | $705973 |

---

------

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**(Unaudited)**

**(Dollar amounts in thousands except per share and share amounts)**

Revenue by geographical region for the six months ended June 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Sealing Systems** | **Fluid Handling Systems** | **Other** | **Consolidated** |
| North America | $302149 | $465648 | $— | $767797 |
| Europe | 236456 | 67308 |  | 303764 |
| Asia Pacific | 127496 | 77510 |  | 205006 |
| South America | 42578 | 15962 |  | 58540 |
| Corporate, eliminations and other |  |  | 37935 | 37935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue | $708679 | $626428 | $37935 | $1373042 |

---

Revenue by geographical region for the three months ended June 30, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Sealing Systems** | **Fluid Handling Systems** | **Other** | **Consolidated** |
| North America | $158020 | $240220 | $— | $398240 |
| Europe | 123095 | 31475 |  | 154570 |
| Asia Pacific | 60923 | 42160 |  | 103083 |
| South America | 22908 | 8887 |  | 31795 |
| Corporate, eliminations and other |  |  | 20674 | 20674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue | $364946 | $322742 | $20674 | $708362 |

---

Revenue by geographical region for the six months ended June 30, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Sealing Systems** | **Fluid Handling Systems** | **Other** | **Consolidated** |
| North America | $308871 | $465588 | $— | $774459 |
| Europe | 248814 | 66337 |  | 315151 |
| Asia Pacific | 115204 | 80041 |  | 195245 |
| South America | 43336 | 16291 |  | 59627 |
| Corporate, eliminations and other |  |  | 40305 | 40305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue | $716225 | $628257 | $40305 | $1384787 |

---

***Contract Estimates***

The amount of revenue recognized is usually based on the purchase order price and adjusted for variable consideration, including pricing concessions. The Company accrues for pricing concessions by reducing revenue as products are shipped or delivered. The accruals are based on historical experience, anticipated performance and management's best judgment. The Company also generally has ongoing adjustments to customer pricing arrangements based on the content and cost of its products. Such pricing accruals are adjusted as they are settled with customers. Customer returns, which are infrequent, are usually related to quality or shipment issues and are recorded as a reduction of revenue. The Company generally does not recognize significant return obligations due to their infrequent nature.

***Contract Balances***

The Company's contract assets consist of unbilled amounts associated with variable pricing arrangements in the Asia Pacific region. Once pricing is finalized, contract assets are transferred to accounts receivable. As a result, the timing of revenue recognition and billings, as well as changes in foreign exchange rates, will impact contract assets on an ongoing basis. Contract assets were not materially impacted by any other factors during the six months ended June 30, 2025.

------

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**(Unaudited)**

**(Dollar amounts in thousands except per share and share amounts)**

The Company's contract liabilities consist of advance payments received and due from customers. Net contract assets (liabilities) consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** | **Change** |
| Contract assets | $756 | $650 | $106 |
| Contract liabilities | (16) | (14) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net contract assets | $740 | $636 | $104 |

---

***Other***

The Company, at times, enters into agreements that provide for lump sum payments to customers. These payment agreements are recorded as a reduction of revenue during the period in which the commitment is made, unless the payment is contractually recoverable. Amounts related to commitments of future payments to customers in the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024 were current liabilities of $7,682 and $9,918, respectively, and long-term liabilities of $1,664 and $1,597, respectively.

The Company provides assurance-type warranties to its customers. These warranties offer assurance that the related products will perform as intended and conform to agreed-upon specifications. Costs associated with these warranties are recognized in cost of products sold in the condensed consolidated statement of operations.

**4. Restructuring**

On an ongoing basis, the Company evaluates its business and objectives to ensure it is appropriately structured and sized in response to changing market conditions. As a result, the Company has implemented several restructuring initiatives, including the closure or consolidation of facilities throughout the world and the reorganization of its operating structure.

In May 2024, the Board of Directors of the Company approved a restructuring plan that eliminated approximately 400 salaried, contract and open positions based on the Company's new product line organizational structure and current and anticipated market demands. The restructuring effort aimed to further improve and maximize the Company's operational efficiency by streamlining business practices and deployed resources, and improving the organization's overall cost structure.

The Company recognized approximately $17,000 of restructuring expenses related to this plan in 2024 and does not expect to recognize significant additional expenses related to this plan in 2025. Cash expenditures include severance and other related costs directly attributable to the restructuring activities which were paid in 2024 and continue to be paid to a minor extent in 2025. The restructuring activities are anticipated to generate annualized savings of approximately $40,000 to $45,000.

The Company's restructuring charges consist of severance, retention and outplacement services, and severance-related postemployment benefits (collectively, "employee separation costs"), along with other related exit costs and asset impairments related to restructuring activities (collectively, "other exit costs"). Employee separation costs are recorded based on existing union and employee contracts, statutory requirements, completed negotiations and Company policy.

Restructuring charges by segment were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Sealing Systems | $2735 | $10526 | $4256 | $11174 |
| Fluid Handling Systems | 79 | 2500 | 533 | 2825 |
| Corporate and other | 38 | 4755 | 174 | 4915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2852 | $17781 | $4963 | $18914 |

---

------

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**(Unaudited)**

**(Dollar amounts in thousands except per share and share amounts)**

Restructuring activity for all restructuring initiatives for the six months ended June 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Employee Separation Costs** | **Other Exit Costs** | **Total** |
| Balance as of December 31, 2024 | $15057 | $4945 | $20002 |
| Expense | 1226 | 3737 | 4963 |
| Cash payments | (7211) | (6703) | (13914) |
| Foreign exchange translation and other | 1006 | 620 | 1626 |
| Balance as of June 30, 2025 | $10078 | $2599 | $12677 |

---

**5. Inventories**

Inventories consist of the following:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Finished goods | $49845 | $39299 |
| Work in process | 41931 | 36785 |
| Raw materials and supplies | 89542 | 66317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $181318 | $142401 |

---

**6. Goodwill and Intangible Assets**

***Goodwill***

Changes in the carrying amount of goodwill by reporting unit for the six months ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Sealing Systems** | **Fluid Handling Systems** | **Industrial Specialty Group** | **Total** |
| Balance as of December 31, 2024 | $47404 | $80303 | $12736 | $140443 |
| Foreign exchange translation | 286 |  |  | 286 |
| Balance as of June 30, 2025 | $47690 | $80303 | $12736 | $140729 |

---

Goodwill is tested for impairment by reporting unit annually, or more frequently if events or circumstances indicate that an impairment may exist. There were no indicators of potential impairment during the six months ended June 30, 2025.

***Intangible Assets***

Definite-lived intangible assets and accumulated amortization balances as of June 30, 2025 and December 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Gross Carrying Amount** | **Accumulated<br>Amortization** | **Net Carrying Amount** |
| Customer relationships | $152397 | $(140030) | $12367 |
| Other | 39088 | (19672) | 19416 |
| Balance as of June 30, 2025 | $191485 | $(159702) | $31783 |
| Customer relationships | $152054 | $(137654) | $14400 |
| Other | 37737 | (18332) | 19405 |
| Balance as of December 31, 2024 | $189791 | $(155986) | $33805 |

---

------

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**(Unaudited)**

**(Dollar amounts in thousands except per share and share amounts)**

**7. Debt and Other Financing**

A summary of outstanding debt as of June 30, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| First Lien Notes | $612266 | $610955 |
| Third Lien Notes | 388914 | 388169 |
| 2026 Senior Notes | 42453 | 42415 |
| Finance leases | 18367 | 18956 |
| Other borrowings | 39243 | 39772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt | 1101243 | 1100267 |
| Less: current portion | (41789) | (42428) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term debt | $1059454 | $1057839 |

---

***First Lien Notes***

On January 27, 2023, the Company issued $580,000 aggregate principal amount of its 13.50% Cash Pay / PIK Toggle Senior Secured First Lien Notes due 2027 (the "First Lien Notes"). The First Lien Notes mature on March 31, 2027 and bear interest at the rate of 13.50% per annum, payable in cash semi-annually on June 15 and December 15 of each year. Interest payments commenced on June 15, 2023. For the first four interest periods, the Company had the option, at its sole discretion, to pay up to 4.50% of the interest by increasing the principal amount of the outstanding First Lien Notes or, in limited circumstances, by issuing additional First Lien Notes. As of June 30, 2025 and December 31, 2024, the outstanding aggregate carrying amounts of the First Lien Notes were $612,266 and $610,955, respectively. These balances reflect the Company's election to pay 4.50% of the interest for the first three interest payments as payment-in-kind. The Company elected to pay the fourth interest payment, due on December 15, 2024, entirely in cash.

As of June 30, 2025 and December 31, 2024, the Company had $4,407 and $5,666, respectively, of unamortized debt issuance costs, and $181 and $233, respectively, of unamortized original issue discount related to the First Lien Notes. These amounts are presented as direct deductions from the principal balance in the condensed consolidated balance sheets. Both the debt issuance costs and the original issue discount are amortized into interest expense over the term of the First Lien Notes.

***Third Lien Notes***

On January 27, 2023, the Company issued $357,446 aggregate principal amount of its 5.625% Cash Pay / 10.625% PIK Toggle Senior Secured Third Lien Notes due 2027 (the "Third Lien Notes"). The Third Lien Notes mature on May 15, 2027 and bear interest at the rate of 5.625% per annum, payable in cash semi-annually on June 15 and December 15 of each year. Interest payments commenced on June 15, 2023. For the first four interest periods, the Company had the option, at its sole discretion, to pay interest at 10.625% per annum either by increasing the principal amount of the outstanding Third Lien Notes or, in limited circumstances, by issuing additional Third Lien Notes. As of June 30, 2025 and December 31, 2024, the outstanding aggregate carrying amounts of the Third Lien Notes were of $388,914 and $388,169, respectively. These amounts reflect the Company's election to fully pay the first two interest payments as payment-in-kind. The Company elected to pay the third and fourth interest payments on the Third Lien Notes, due June 15, 2024 and December 15, 2024, respectively, in cash.

Debt issuance costs related to the Third Lien Notes are amortized into interest expense over the term of the Third Lien Notes. As of June 30, 2025 and December 31, 2024, the Company had $2,853 and $3,598, respectively, of unamortized debt issuance costs related to the Third Lien Notes. These amounts are presented as direct deductions from the principal balance in the condensed consolidated balance sheets.

***2026 Senior Notes***

On November 2, 2016, the Company issued $400,000 aggregate principal amount of its 5.625% Senior Notes due 2026 (the "2026 Senior Notes"). As part of certain refinancing transactions that were completed on January 27, 2023, the Company exchanged $357,446 aggregate principal amount of its 2026 Senior Notes for $357,446 aggregate principal amount of its newly issued Third Lien Notes. Following the completion of the exchange, $42,554 aggregate principal amount of the 2026 Senior Notes remained outstanding. As of June 30, 2025 and December 31, 2024, the outstanding aggregate amount of the 2026 Senior Notes recognized in the condensed consolidated balance sheets was $42,453 and $42,415, respectively. The 2026 Senior Notes mature on November 15, 2026 and bear interest at the rate of 5.625% per annum, payable in cash semi-annually on May 15 and November 15 of each year.

------

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**(Unaudited)**

**(Dollar amounts in thousands except per share and share amounts)**

Debt issuance costs are being amortized into interest expense over the term of the 2026 Senior Notes. As of June 30, 2025 and December 31, 2024, the Company had $101 and $139, respectively, of unamortized debt issuance costs related to the 2026 Senior Notes. These amounts are presented as direct deductions from the principal balance in the condensed consolidated balance sheets.

***ABL Facility***

On November 2, 2016, the Company entered into a third amendment and restatement of the ABL Facility. In March 2020, the Company entered into Amendment No. 1 to the Third Amended and Restated Loan Agreement ("the First Amendment"). As a result of the First Amendment, the ABL Facility maturity was extended to March 2025 and the aggregate revolving loan commitment was reduced to $180,000. In May 2020, the Company entered into Amendment No. 2 to the Third Amended and Restated Loan Agreement (the "Second Amendment"), which modified certain covenants under the ABL Facility. In December 2022, the Company entered into Amendment No. 3 to the Third Amended and Restated Loan Agreement (the "Third Amendment"), which became effective on January 27, 2023. In May 2024, the Company entered into Amendment No. 4 to the Third Amended and Restated Loan Agreement (the "Fourth Amendment"), which, among other things, (1) extended the termination date for revolving commitments totaling $150,000 from March 24, 2025 ("Existing Termination Date") to May 6, 2029; (2) provided for leverage-based interest rate margin and commitment fee step-downs; and (3) replaced the Canadian BA Rate with Term CORRA as the applicable benchmark rate for all purposes under the ABL Facility for revolving loans denominated in Canadian Dollars. In September 2024, the Company entered into an agreement to transfer and assign revolving commitments totaling $35,000 from certain existing ABL Facility lenders to new ABL Facility lenders. As part of the agreement, the termination date for all outstanding revolving commitments that had not been previously extended was extended from the Existing Termination Date to May 6, 2029, with the aggregate revolving loan commitment remaining at $180,000.

The aggregate revolving loan availability includes a $100,000 letter of credit sub-facility and a $25,000 swing line sub-facility. The ABL Facility also provides for an uncommitted $100,000 incremental loan facility, for a potential total ABL Facility of $280,000 (if requested by the Borrowers and the lenders agree to fund such increase). No consent of any lender (other than those participating in the increase) is required to effect any such increase, subject to receiving any required consents under the Company's other debt documents which contain restrictions on incremental debt. The Company's borrowing base as of June 30, 2025 was $158,043 and the monthly fixed charge coverage ratio was at a level that provided the Company full access to the borrowing base. Net of $6,816 of outstanding letters of credit, the Company effectively had $151,227 available for borrowing under its ABL Facility as of June 30, 2025.

As of June 30, 2025 and December 31, 2024, there were no borrowings under the ABL Facility.

As of June 30, 2025 and December 31, 2024, the Company had $1,260 and $1,680, respectively, of unamortized debt issuance costs related to the ABL Facility recorded in other long-term assets in the condensed consolidated balance sheets.

***Debt Covenants***

The Company was in compliance with all applicable covenants of the First Lien Notes, Third Lien Notes, 2026 Senior Notes, and ABL Facility as of June 30, 2025.

***Other Financing***

*Finance leases and other.* Other borrowings as of June 30, 2025 and December 31, 2024 reflect finance leases and other borrowings under local bank lines classified in debt payable within one year in the condensed consolidated balance sheets.

*Receivables factoring.* As a part of its working capital management, the Company sells certain receivables through a single third-party financial institution (the "Factor") in a pan-European program. The amount sold varies each month based on the amount of underlying receivables and cash flow needs of the Company. These are permitted transactions under the Company's credit agreements governing the ABL Facility and the indentures governing the First Lien Notes, Third Lien Notes, and 2026 Secured Notes. The European factoring facility allows the Company to factor up to €75,000 of its Euro-denominated accounts receivable, accelerating access to cash and reducing credit risk. The factoring facility expires on December 31, 2026.

------

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**(Unaudited)**

**(Dollar amounts in thousands except per share and share amounts)**

Costs incurred on the sale of receivables are recorded in other expense, net in the condensed consolidated statements of operations. The sale of receivables under this contract is considered an off-balance sheet arrangement to the Company and is accounted for as a true sale and is excluded from accounts receivable in the condensed consolidated balance sheets. Amounts outstanding under receivable transfer agreements entered into by various locations as of the period end were as follows:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Off-balance sheet arrangements | $77983 | $53377 |

---

Accounts receivable factored and related costs throughout the period were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Off-Balance Sheet Arrangements** | **Off-Balance Sheet Arrangements** | **Off-Balance Sheet Arrangements** | **Off-Balance Sheet Arrangements** |
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Accounts receivable factored | $139385 | $124171 | $268633 | $245287 |
| Costs | 659 | 767 | 1257 | 1420 |

---

As of June 30, 2025 and December 31, 2024, cash collections on behalf of the Factor that have yet to be remitted were $2,840 and $838, respectively, and are reflected in other current assets as restricted cash in the condensed consolidated balance sheets.

**8. Fair Value Measurements and Financial Instruments**

***<u>Fair Value Measurements</u>***

Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy is utilized, which prioritizes the inputs used in measuring fair value as follows:

---

| | |
|:---|:---|
| *Level 1:* | Observable inputs such as quoted prices in active markets; |
| *Level 2:* | Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and |
| *Level 3:* | Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |

---

***Items Measured at Fair Value on a Recurring Basis***

Estimates of the fair value of foreign currency derivative instruments are determined using exchange traded prices and rates. The Company also considers the risk of non-performance in the estimation of fair value and includes an adjustment for non-performance risk in the measure of fair value of derivative instruments. In certain instances where market data is not available, the Company uses management judgment to develop assumptions that are used to determine fair value. Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured or disclosed at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** | **Input** |
| Derivatives designated as hedging instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign exchange contracts - other current assets | $4823 | $269 | Level 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign exchange contracts - accrued liabilities | $(6) | $(4109) | Level 2 |
| Derivatives not designated as hedging instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign exchange contracts - other current assets | $— | $86 | Level 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign exchange contracts - accrued liabilities | $(637) | $— | Level 2 |

---

------

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**(Unaudited)**

**(Dollar amounts in thousands except per share and share amounts)**

***Items Measured at Fair Value on a Nonrecurring Basis***

In addition to items that are measured at fair value on a recurring basis, the Company measures certain assets and liabilities at fair value on a nonrecurring basis, which are not included in the table above. As these nonrecurring fair value measurements are generally determined using unobservable inputs, these fair value measurements are classified within Level 3 of the fair value hierarchy.

***Items Not Carried at Fair Value***

Fair values of the Company's First Lien Notes, Third Lien Notes, and 2026 Senior Notes were as follows:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Aggregate fair value | $1021604 | $1012495 |
| Aggregate carrying value <sup>(1)</sup> | $1051175 | $1051175 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Excludes unamortized debt issuance costs and unamortized original issue discount.

Fair values were based on quoted market prices and are classified within Level 1 of the fair value hierarchy.

***<u>Derivative Instruments and Hedging Activities</u>***

The Company is exposed to fluctuations in foreign currency exchange rates, interest rates and commodity prices. The Company enters into derivative instruments primarily to hedge portions of its forecasted foreign currency denominated cash flows and designates these derivative instruments as cash flow hedges in order to qualify for hedge accounting. The Company also enters into derivative instruments to manage exposure related to foreign currency denominated monetary assets and liabilities.

The Company formally documents its hedge relationships, including the identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company also formally assesses whether a cash flow hedge is highly effective in offsetting changes in cash flows of the hedged item. Derivatives are recorded at fair value in other current assets, other assets, accrued liabilities and other long-term liabilities.

For a cash flow hedge, the change in fair value of the derivative is recorded in accumulated other comprehensive income ("AOCI") in the condensed consolidated balance sheets, to the extent that the hedges are effective, and reclassified into earnings when the underlying hedged transaction is realized. The realized gains and losses are recorded on the same line as the hedged transaction in the condensed consolidated statements of operations. Derivatives not designated as hedging instruments are marked-to-market with changes in fair value recorded in earnings. Cash flows from derivatives used to manage foreign exchange risks are classified as operating activities within the condensed consolidated statements of cash flows.

The Company is exposed to credit risk in the event of nonperformance by its counterparties on its derivative financial instruments. The Company mitigates this credit risk exposure by entering into agreements directly with major financial institutions with high credit standards that are expected to fully satisfy their obligations under the contracts.

***Cash Flow Hedges***

*Forward Foreign Exchange Contracts.* The Company uses forward contracts to mitigate the potential volatility to earnings and cash flows arising from changes in currency exchange rates that impact the Company's foreign currency transactions. The principal currencies hedged by the Company include various European currencies, the Canadian Dollar, and the Mexican Peso. As of June 30, 2025 and December 31, 2024, the notional amount of these contracts was $89,500 and $188,140, respectively, and consisted of hedges of cash flow transactions extending out to December 2025.

Pretax amounts related to the Company's cash flow hedges that were recognized in other comprehensive income (loss) ("OCI") were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gain (Loss) Recognized in OCI** | **Gain (Loss) Recognized in OCI** | **Gain (Loss) Recognized in OCI** | **Gain (Loss) Recognized in OCI** |
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cash flow hedges | $5543 | $(5906) | $9277 | $(1698) |

---

------

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**(Unaudited)**

**(Dollar amounts in thousands except per share and share amounts)**

Pretax amounts related to the Company's cash flow hedges that were reclassified from AOCI and recognized in cost of products sold were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gain Reclassified from AOCI to Income** | **Gain Reclassified from AOCI to Income** | **Gain Reclassified from AOCI to Income** | **Gain Reclassified from AOCI to Income** |
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cash flow hedges | $999 | $506 | $617 | $1168 |

---

***Derivatives Not Designated as Hedges***

*Forward Foreign Exchange Contracts.* Effective in the third quarter of 2024, the Company began using one-month forward contracts to manage exposure related to foreign currency denominated monetary assets and liabilities. The contracts are not designated as cash flow or fair value hedges under ASC 815, and therefore are marked-to-market with changes in fair value recorded to earnings. The principal currencies hedged by the Company are the Mexican Peso and Brazil Real. As of June 30, 2025 and December 31, 2024, the notional amount outstanding was $17,160 and $16,426, respectively.

Pretax amounts related to the Company's non-designated derivatives recognized in other (income) expense, net were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Loss Recognized in Income** | **Loss Recognized in Income** | **Loss Recognized in Income** | **Loss Recognized in Income** |
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Non-designated foreign currency contracts | $(1860) | $— | $(2475) | $— |

---

**9. Pensions and Postretirement Benefits Other Than Pensions**

The components of net periodic benefit cost (income) for the Company's defined benefit plans and other postretirement benefit plans were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** |
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| | **U.S.** | **Non-U.S.** | **U.S.** | **Non-U.S.** |
| Service cost | $— | $621 | $— | $591 |
| Interest cost | 128 | 1214 | 126 | 1199 |
| Expected return on plan assets |  | (204) |  | (330) |
| Amortization of prior service cost and actuarial loss | 36 | 1 | 36 | 53 |
| Pension settlement charge |  |  | 46787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net periodic benefit cost | $164 | $1632 | $46949 | $1513 |
|  | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** |
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **U.S.** | **Non-U.S.** | **U.S.** | **Non-U.S.** |
| Service cost | $— | $1207 | $— | $1189 |
| Interest cost | 256 | 2356 | 1945 | 2411 |
| Expected return on plan assets |  | (401) | (1647) | (666) |
| Amortization of prior service cost and actuarial loss | 70 | 4 | 591 | 106 |
| Pension settlement charge |  |  | 46787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net periodic benefit cost | $326 | $3166 | $47676 | $3040 |

---

------

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**(Unaudited)**

**(Dollar amounts in thousands except per share and share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Other Postretirement Benefits** | **Other Postretirement Benefits** | **Other Postretirement Benefits** | **Other Postretirement Benefits** |
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| | **U.S.** | **Non-U.S.** | **U.S.** | **Non-U.S.** |
| Service cost | $5 | $72 | $6 | $44 |
| Interest cost | 144 | 188 | 142 | 191 |
| Amortization of prior service credit and actuarial (gain) loss | (644) | 3 | (730) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net periodic benefit (income) cost | $(495) | $263 | $(582) | $238 |
|  | **Other Postretirement Benefits** | **Other Postretirement Benefits** | **Other Postretirement Benefits** | **Other Postretirement Benefits** |
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **U.S.** | **Non-U.S.** | **U.S.** | **Non-U.S.** |
| Service cost | $10 | $141 | $12 | $89 |
| Interest cost | 288 | 369 | 284 | 385 |
| Amortization of prior service credit and actuarial (gain) loss | (1288) | 6 | (1460) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net periodic benefit (income) cost | $(990) | $516 | $(1164) | $481 |

---

The service cost component of net periodic benefit cost (income) is included in cost of products sold and selling, administrative and engineering expenses in the condensed consolidated statements of operations. All other components of net periodic benefit cost (income) are included in other (expense) income, net, in the condensed consolidated statements of operations for all periods presented.

The decrease in net periodic benefit cost for the U.S. defined benefit plan for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, was primarily due to the April 2024 termination of the U.S. Pension Plan. As previously disclosed in the Company's 2024 Annual Report, the Company further de-risked its retirement-related plans by transferring approximately $137,000 of pension benefit obligations and related plan assets to an insurance company. As a result of this transaction, the Company recognized a one-time, non-cash pension settlement charge of $46,787 ($48,190 net of tax) during the three and six months ended June 30, 2024. This charge primarily reflects the accelerated recognition of accumulated actuarial losses previously recorded in AOCI in the condensed consolidated balance sheets.

**10. Other (Expense) Income, Net**

The components of other (expense) income, net were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Foreign currency losses | $(2442) | $(3695) | $(2339) | $(5666) |
| Components of net periodic cost other than service cost | (866) | (690) | (1660) | (1956) |
| Factoring costs | (659) | (767) | (1257) | (1420) |
| Miscellaneous income (a) | 300 | 23 | 10473 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (expense) income, net | $(3667) | $(5129) | $5217 | $(8778) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous income includes $10,280 related to certain royalty settlements during the six months ended June 30, 2025. The royalties were earned in connection with intellectual property licensed to the buyer of a previously divested business.

**11. Income Taxes**

The Company determines its effective tax rate each quarter based upon its estimated annual effective tax rate. The Company records the tax impact of certain unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. In addition, jurisdictions with a projected loss for the year where no tax benefit can be recognized are excluded from the estimated annual effective tax rate.

------

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**(Unaudited)**

**(Dollar amounts in thousands except per share and share amounts)**

Income tax expense, income (loss) before income taxes and the corresponding effective tax rate for the three and six months ended June 30, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Income tax expense | $8081 | $8080 | $10784 | $12211 |
| Income (loss) before income taxes | 6608 | (68103) | 10913 | (95280) |
| Effective tax rate | 122% | (12)% | 99% | (13)% |

---

The effective tax rate for the three and six months ended June 30, 2025 varied from the effective tax rate for the three and six months ended June 30, 2024 primarily due to the geographic mix of pre-tax income and losses, and the inability to record a tax expense for pre-tax income and a benefit for pre-tax losses in the U.S. and certain foreign jurisdictions due to valuation allowances and other permanent items.

The income tax rate for the three and six months ended June 30, 2025 and 2024 varied from the U.S. statutory rate primarily due to the inability to record a tax expense for pre-tax income and a tax benefit for pre-tax losses in the U.S. and certain foreign jurisdictions due to valuation allowances, tax credits, the impact of income taxes on foreign earnings taxed at rates varying from the U.S. statutory rate, and other permanent items.

The Company's current and future provision for income taxes is impacted by changes in valuation allowances in the U.S. and certain foreign jurisdictions. The Company's future provision for income taxes will include no tax benefit with respect to losses incurred and, except for certain jurisdictions, no tax expense with respect to income generated in these countries until the respective valuation allowances are eliminated. Accordingly, income taxes are impacted by changes in valuation allowances and the mix of earnings among jurisdictions. The Company evaluates the realizability of its deferred tax assets on a quarterly basis. In completing this evaluation, the Company considers all available evidence in order to determine, based on the weight of the evidence, if a valuation allowance for its deferred tax assets is necessary. Such evidence includes historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. If, based on the weight of the evidence, it is more likely than not that all or a portion of the Company's deferred tax assets will not be realized, a valuation allowance is recorded. If operating results improve or decline on a continual basis in a particular jurisdiction, the Company's decision regarding the need for a valuation allowance could change, resulting in either the initial recognition or reversal of a valuation allowance in that jurisdiction, which could have a significant impact on income tax expense in the period recognized and subsequent periods. In determining the provision for income taxes for financial statement purposes, the Company makes certain estimates and judgments, which affect its evaluation of the carrying value of its deferred tax assets, as well as its calculation of certain tax liabilities.

The Company, or one of its subsidiaries, files income tax returns in the United States and other foreign jurisdictions. During the examination of the Company's 2015-2018 U.S. federal income tax filings, the IRS asserted that income earned by a Netherlands subsidiary from its Mexican branch operations should be categorized as foreign based company sales income under Section 954(d) of the Internal Revenue Code and should be recognized currently as taxable income on the Company's 2015-2018 U.S. federal income tax filings. As a result of this assertion, the IRS issued a Notice of Proposed Adjustment ("NOPA"). The Company believes the proposed adjustment is without merit and is in the process of contesting the matter. Currently, the protest with the IRS for the 2015-2018 tax years is with the IRS's administrative appeals office ("IRS Appeals"). The Company does not anticipate reaching a resolution with IRS Appeals, but does plan to continue to challenge these proposed adjustments in the future through litigation, if necessary. The Company believes, after consultation with tax and legal counsel, that it is more likely than not that it will ultimately be successful in defending its position. As such, the Company has not recorded any impact of the IRS's proposed adjustment in its condensed consolidated financial statements as of the three and six months ended June 30, 2025. In the event the Company is not successful in defending its position, the potential income tax expense impact, including interest, related to tax years 2015 through June 30, 2025 is less than $10,000.

Numerous countries have agreed to a statement in support of the Organization for Economic Co-operation and Development ("OECD") model rules that propose a global minimum tax rate of 15%, and European Union member states have agreed to implement the global minimum tax. Certain countries, including European Union member states, enacted legislation in 2024, with widespread implementation of a global minimum tax expected in 2025. The Company has recorded the impact of the global minimum tax as currently enacted in the condensed consolidated financial statements as of June 30, 2025 and for the three and six months ended June 30, 2025. As further legislation becomes effective in countries in which the Company does business, the Company's provision for income taxes could be impacted. The Company will continue to monitor pending legislation and implementation by individual countries and adjust its calculations accordingly.

------

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**(Unaudited)**

**(Dollar amounts in thousands except per share and share amounts)**

On July 4, 2025, the United States enacted a budget reconciliation package known as the One Big Beautiful Bill Act of 2025 ("OBBBA") into law. The OBBBA includes a broad range of tax reform provisions, including extending and modifying various provisions of the Tax Cuts and Jobs Act and expanding certain incentives in the Inflation Reduction Act while accelerating the phase-out of other incentives. The legislation has multiple effective dates, with certain provisions effective in 2025 and others being implemented through 2027. We are currently evaluating the impact of this legislation on our consolidated financial statements and disclosures, but we do not expect it to have a material impact on the Company's results of operations.

**12. Net (Loss) Income Per Share Attributable to Cooper-Standard Holdings Inc.**

Basic net (loss) income per share attributable to Cooper-Standard Holdings Inc. was computed by dividing net (loss) income attributable to Cooper-Standard Holdings Inc. by the weighted average number of shares of common stock outstanding during the period. Diluted net (loss) income per share attributable to Cooper-Standard Holdings Inc. was computed using the treasury stock method by dividing diluted net (loss) income available to Cooper-Standard Holdings Inc. by the weighted average number of shares of common stock outstanding, including the dilutive effect of common stock equivalents, using the average share price during the period.

Information used to compute basic and diluted net (loss) income per share attributable to Cooper-Standard Holdings Inc. was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income available to Cooper-Standard Holdings Inc. common stockholders | $(1401) | $(76243) | $151 | $(107903) |
| Basic weighted average shares of common stock outstanding | 17882361 | 17564015 | 17797933 | 17513076 |
| Dilutive effect of common stock equivalents |  |  | 260075 |  |
| Diluted weighted average shares of common stock outstanding | 17882361 | 17564015 | 18058008 | 17513076 |
| Basic net (loss) income per share attributable to Cooper-Standard Holdings Inc. | $(0.08) | $(4.34) | $0.01 | $(6.16) |
| Diluted net (loss) income per share attributable to Cooper-Standard Holdings Inc. | $(0.08) | $(4.34) | $0.01 | $(6.16) |

---

Securities excluded from the calculation of diluted loss per share were approximately 479,000 for the three months ended June 30, 2025, and 239,000 and 232,000 for the three and six months ended June 30, 2024, respectively, because the inclusion of such securities in the calculation would have been anti-dilutive. There were no anti-dilutive securities for the six months ended June 30, 2025.

------

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**(Unaudited)**

**(Dollar amounts in thousands except per share and share amounts)**

**13. Accumulated Other Comprehensive Loss**

Changes in accumulated other comprehensive loss by component, net of related tax, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | |
| | **2025** | | **2024** | | **2025** | | **2024** | |
| **Foreign currency translation adjustment** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Balance at beginning of period | $(175673) |  | $(164901) |  | $(182099) |  | $(157656) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassifications | 13221 | <sup>(1)</sup> | (7726) | <sup>(1)</sup> | 19647 | <sup>(1)</sup> | (14971) | <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Balance at end of period | $(162452) |  | $(172627) |  | $(162452) |  | $(172627) |  |
| **Benefit plan liabilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Balance at beginning of period | $12119 |  | $(43996) |  | $12839 |  | $(44149) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive (loss) income before reclassifications (net of tax expense of $73, and $23, $232, and $45, respectively) | (219) |  | 3972 |  | (370) |  | 4242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive loss | (648) | <sup>(2)</sup> | 47107 | <sup>(3)</sup> | (1217) | <sup>(4)</sup> | 46990 | <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;Balance at end of period | $11252 |  | $7083 |  | $11252 |  | $7083 |  |
| **Fair value change of derivatives** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Balance at beginning of period | $(249) |  | $3681 |  | $(4172) |  | $140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassifications (net of tax (benefit) expense of $(63), $1, $197, and $6, respectively) | 5606 |  | (5907) |  | 9080 |  | (1704) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive loss (net of tax expense of $58, no tax expense, $125, and no tax expense, respectively) | (941) |  | (506) |  | (492) |  | (1168) |  |
| &nbsp;&nbsp;&nbsp;Balance at end of period | $4416 |  | $(2732) |  | $4416 |  | $(2732) |  |
| Accumulated other comprehensive loss, ending balance | $(146784) |  | $(168276) |  | $(146784) |  | $(168276) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Includes other comprehensive income (loss) related to intra-entity foreign currency balances that are of a long-term investment nature of $6,168 and $(7,341) for the three months ended June 30, 2025 and 2024, respectively, and $(11,901) and $(15,784) for the six months ended June 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Includes the effect of the amortization of actuarial gains of $642 and amortization of prior service cost of $3, net of tax of $(9).

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>Includes the effect of the amortization of actuarial gains of $252 and amortization of prior service cost of $3, net of tax of $1,403 and the impact of a one-time, non-cash pension settlement charge of $46,342 reclassified to net earnings. See Note 9. "Pensions and Postretirement Benefits Other Than Pensions" for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup>Includes the effect of the amortization of actuarial gains of $1,216 and amortization of prior service cost of 7, net of tax of $(8).

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(5)</sup>Includes the effect of the amortization of actuarial gains of $764 and amortization of prior service cost of $7, net of tax of $1,405 and the impact of a one-time, non-cash pension settlement charge of $46,342 reclassified to net earnings. See Note 9. "Pensions and Postretirement Benefits Other Than Pensions" for additional information.

------

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**(Unaudited)**

**(Dollar amounts in thousands except per share and share amounts)**

**14. Common Stock**

***Share Repurchase Program***

In June 2018, the Company's Board of Directors approved a common stock repurchase program (the "2018 Program") authorizing the Company to repurchase, in the aggregate, up to $150,000 of its outstanding common stock. Under the 2018 Program, repurchases may be made on the open market, through private transactions, accelerated share repurchases, round lot or block transactions on the New York Stock Exchange or otherwise, as determined by management and in accordance with prevailing market conditions and federal securities laws and regulations. The Company expects to fund any future repurchases from cash on hand and future cash flows from operations. The Company is not obligated to acquire a particular amount of securities, and the 2018 Program may be discontinued at any time at the Company's discretion. The 2018 Program became effective in November 2018. As of June 30, 2025, the Company had approximately $98,720 of repurchase authorization remaining under the 2018 Program. The Company did not make any repurchases under the 2018 Program during the six months ended June 30, 2025 or 2024.

**15. Commitments and Contingencies**

The Company is periodically involved in claims, litigation and various legal matters that arise in the ordinary course of business. The Company accrues for litigation exposure when it is probable that future costs will be incurred and such costs can be reasonably estimated. Any resulting adjustments, which could be material, are recorded in the period the adjustments are identified. As of June 30, 2025, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already recognized for claims, litigation and various legal matters, if any, has been incurred. However, the ultimate resolutions of these proceedings and matters are inherently unpredictable. As such, the Company's financial condition, results of operations or cash flows could be adversely affected in any particular period by the unfavorable resolution of one or more of these proceedings or matters.

In addition, the Company conducts and monitors environmental investigations and remedial actions at certain locations. As of June 30, 2025 and December 31, 2024, the Company had approximately $9,353 and $9,535, respectively, reserved in accrued liabilities and other liabilities in the condensed consolidated balance sheets on an undiscounted basis. In some cases, remediation activities are expected to continue for an extended period of time. Where the full scope or duration of such activities cannot be reasonably estimated due to uncertainties related to regulatory requirements, site performance, or technology changes, the Company has accrued only for those costs that are currently estimable. The Company will update its estimates as new information becomes available. While the Company's costs to defend and settle known claims arising under environmental laws have not been material in the past and are not currently estimated to have a material adverse effect on the Company's financial condition, such costs may be material to the Company's financial statements in the future.

**16. Segment Reporting**

The Company's business is organized in two reportable segments: Sealing Systems and Fluid Handling Systems. All other business activities are reported in Corporate, eliminations and other.

The Company uses segment adjusted EBITDA as the measure of earnings to assess the performance of each segment and determine the resources to be allocated to the segments. The results of each segment include certain allocations for general, administrative and other shared costs. Segment adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

------

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**(Unaudited)**

**(Dollar amounts in thousands except per share and share amounts)**

Certain financial information on the Company's reportable segments was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Capital expenditures |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sealing Systems | $4172 | $5421 | $13644 | $14921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fluid Handling Systems | 4293 | 5170 | 11157 | 11663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total for reportable segments | $8465 | $10591 | $24801 | $26584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate, eliminations and other | 693 | 652 | 514 | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | $9158 | $11243 | $25315 | $28077 |

---

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Segment assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sealing Systems | $856554 | $817581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fluid Handling Systems | 718789 | 667920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total for reportable segments | $1575343 | $1485501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate, eliminations and other | 244368 | 247564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | $1819711 | $1733065 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| | **Sealing Systems** | **Fluid Handling Systems** | **Total** | **Sealing Systems** | **Fluid Handling Systems** | **Total** |
| Gross reportable segment sales | $374308 | $323162 |  | $376832 | $328108 |  |
| Intersegment sales | 9940 | 732 |  | 11886 | 5366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total reportable segment sales | $364368 | $322430 | $686798 | $364946 | $322742 | $687688 |
| *Reconciliation of segment sales* | *Reconciliation of segment sales* |  |  |  |  |  |
| Corporate, eliminations and other (a) |  |  | 19175 |  |  | 20674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated sales |  |  | $705973 |  |  | $708362 |
| Cost of products sold | $312687 | $283982 |  | $316854 | $292196 |  |
| Other segment items (b) | 11336 | 11451 |  | 13057 | 14264 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total reportable segment adjusted EBITDA | $40345 | $26997 | $67342 | $35035 | $16282 | $51317 |
| Corporate, eliminations and other |  |  | (4577) |  |  | (404) |
| Restructuring charges | 2735 | 79 | 2852 | 10526 | 2500 | 17781 |
| Depreciation and amortization | 12570 | 10045 | 24521 | 13280 | 10154 | 25873 |
| Pension settlement charge |  |  |  |  |  | 46787 |
| Interest expense, net of interest income |  |  | 28712 |  |  | 28635 |
| Income tax expense |  |  | 8081 |  |  | 8080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated net loss |  |  | $(1401) |  |  | $(76243) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Includes revenue from the Industrial and Specialty Group business, which is an operating segment that does not meet the quantitative thresholds for determining reportable segments.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Other segment items represent income and expenses that are included in the segment Adjusted EBITDA measure, such as selling, administration and engineering expenses and foreign currency gains and losses.

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**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**(Unaudited)**

**(Dollar amounts in thousands except per share and share amounts)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| | **Sealing Systems** | **Fluid Handling Systems** | **Total** | **Sealing Systems** | **Fluid Handling Systems** | **Total** |
| Gross reportable segment sales | $730229 | $627976 |  | $740020 | $638453 |  |
| Intersegment sales | 21550 | 1548 |  | 23795 | 10196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total reportable segment sales | $708679 | $626428 | $1335107 | $716225 | $628257 | $1344482 |
| *Reconciliation of segment sales* | *Reconciliation of segment sales* |  |  |  |  |  |
| Corporate, eliminations and other (a) |  |  | 37935 |  |  | 40305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated sales |  |  | $1373042 |  |  | $1384787 |
| Cost of products sold | $612292 | $556135 |  | $634456 | $573407 |  |
| Other segment items (b) | 23730 | 22314 |  | 25363 | 27586 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total reportable segment adjusted EBITDA | $72657 | $47979 | $120636 | $56406 | $27264 | $83670 |
| Corporate, eliminations and other |  |  | 844 |  |  | (3409) |
| Restructuring charges | 4256 | 533 | 4963 | 11174 | 2825 | 18914 |
| Depreciation and amortization | 24421 | 18991 | 48349 | 26528 | 19478 | 52336 |
| Gain on sale of businesses, net |  |  | (98) |  |  |  |
| Pension settlement charge |  |  |  |  |  | 46787 |
| Interest expense, net of interest income |  |  | 57331 |  |  | 57916 |
| Income tax expense |  |  | 10784 |  |  | 12211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated net income (loss) |  |  | $151 |  |  | $(107903) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Includes revenue from the Industrial and Specialty Group business, which is an operating segment that does not meet the quantitative thresholds for determining reportable segments.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Other segment items represent income and expenses that are included in the segment Adjusted EBITDA measure, such as selling, administration and engineering expenses and foreign currency gains and losses.

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**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management's Discussion and Analysis of Financial Condition and Results of Operations**

*This management's discussion and analysis of financial condition and results of operations is intended to assist in understanding and assessing the trends and significant changes in our results of operations and financial condition. Our historical results may not indicate, and should not be relied upon as an indication of, our future performance. Our forward-looking statements reflect our current views about future events, are based on assumptions and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those contemplated by these statements. See "Forward-Looking Statements" below for a discussion of risks associated with reliance on forward-looking statements. Factors that may cause differences between actual results and those contemplated by forward-looking statements include, but are not limited to, those discussed below and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission ("2024 Annual Report"), including Item 1A. "Risk Factors." The following should be read in conjunction with our 2024 Annual Report and the other information included herein. Our discussion of trends and conditions supplements and updates such discussion included in our 2024 Annual Report. References in this quarterly report on Form 10-Q (the "Report") to "we," "our," or the "Company" refer to Cooper-Standard Holdings Inc., together with its consolidated subsidiaries.*

**Executive Overview** 

***Our Business***

We design, manufacture and sell sealing systems and fluid handling systems (consisting of fuel and brake delivery systems and fluid transfer systems) for use primarily in passenger vehicles and light trucks manufactured by global original equipment manufacturers ("OEMs"). We are primarily a "Tier 1" supplier, with approximately 86% of our sales in 2024 made directly to major OEMs for installation on new vehicles.

***Recent Trends and Conditions***

*General Economic Conditions and Outlook*

The global automotive industry is susceptible to unpredictable economic conditions that can adversely impact new vehicle demand and production. Business conditions can fluctuate significantly across different periods and regions. In 2024, light vehicle production experienced a modest slowdown, primarily due to rising inventory levels, relatively high interest rates, concerns about affordability, and ongoing geopolitical tensions worldwide. However, global commodity markets and pricing stabilized to a large degree in 2024, providing some support to the manufacturing sector. In the first half of 2025, global production increased by approximately 3% compared to the same period in 2024. Despite this positive trend in production for the first half of 2025, we expect global production for the full year 2025 will remain flat compared to full year 2024, with declines in North America and Europe being offset by increases in China. Additionally, ongoing changes in U.S. trade policy, including the implementation of significant tariffs on imported goods, are contributing to economic risks and global uncertainty, potentially posing further short-term challenges to the automotive industry.

In North America, U.S. consumer confidence has started to improve but remains below the levels seen in December 2024 following the presidential election, and significantly lower than pre-global pandemic levels. Uncertainty surrounding U.S. trade policy, particularly the implementation of significant tariffs on imported goods, has created instability in both capital and consumer markets. Persistently high interest rates, elevated prices for consumer goods, and rising consumer debt continue to hinder economic activity. Economists at the International Monetary Fund (IMF) project the economies of the United States, Canada and Mexico will grow by 1.9 percent, 1.6 percent and 0.2 percent, respectively, in 2025.

In Europe, rising real wages, increased employment, lower inflation (including reduced energy costs), and declining interest rates are driving stronger household consumption. Additionally, new fiscal stimulus measures, particularly in Germany, along with increased spending on infrastructure and defense are expected to enhance economic activity in the second half of 2025 and into 2026. However, emerging concerns regarding tariffs and global trade relations have introduced further uncertainty into the region's growth prospects. Ongoing geopolitical tensions and the war in Ukraine continue to pose significant challenges to overall economic growth. Amid this uncertain environment, economists at the IMF project that the Eurozone economy will grow by 1.0 percent in 2025.

In the Asia Pacific region, China's economy experienced steady growth in the first half of 2025, bolstered by stimulative measures and the front-loading of exports in anticipation of new tariffs. However, growth is expected to moderate in the second half of 2025 due to the effects of export front-loading, subdued domestic demand, and ongoing declines in property values. Continuing uncertainty surrounding trade relations with the United States is also expected to weigh on economic activity and growth in the second half of 2025 and potentially beyond. Despite these challenges, China's economy could gain strong momentum through additional government stimulus, a rebound in private consumption, and/or a favorable resolution to

------

trade negotiations with the United States. Taking these factors into account, economists at the IMF project the Chinese economy will grow at a rate of 4.8 percent in 2025.

In South America, the Brazilian central bank continued to raise interest rates in the first half of 2025 in an effort to combat persistent inflation which has been fueled by a tight labor market, wage growth and further devaluation of the Real. These rising inflation and interest rates have continued to undermine consumer confidence in the country. The services and agricultural sectors are expected to drive growth in 2025, while industrial production and fiscal stimulus are projected to decline year-over-year. Additionally, the outlook for exports has weakened due to moderating global demand and concerns over changing global trade and tariff policies, particularly those threatened or imposed by the United States. Given this mixed economic environment, economists at the IMF anticipate Brazil's economic growth rate will slow modestly to 2.3 percent in 2025.

*Production Levels*

Our business is directly affected by the automotive vehicle production rates in North America, Europe, Asia Pacific and South America. These production rates can be impacted by changing macro-economic conditions, geopolitical actions, regional consumer sentiment, labor disruptions and changing regulatory and trade requirements, among other factors.

Light vehicle production by region for the three and six months ended June 30, 2025 and 2024 was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in millions of units) | **2025**<sup>(1)</sup> | **2024**<sup>(1)</sup> | **% Change** | **2025**<sup>(1)</sup> | **2024**<sup>(1)</sup> | **% Change** |
| North America | 4.0 | 4.1 | (3.0)% | 7.7 | 8.1 | (4.1)% |
| Europe | 4.4 | 4.5 | (1.7)% | 8.8 | 9.1 | (3.3)% |
| Asia Pacific | 13.0 | 12.3 | 6.1% | 25.8 | 23.9 | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Greater China | 7.6 | 7.0 | 9.0% | 14.8 | 13.3 | 11.7% |
| South America | 0.8 | 0.7 | 9.0% | 1.4 | 1.3 | 8.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Production data based on S&P Global, July 2025.

Current industry forecasts indicate global light vehicle production in the full year 2025 will be approximately in line with full year 2024, with declines in North America and Europe offset by increases in China, South America and South Asia. Global production is also expected to remain relatively flat in 2026, followed by modest growth of 2-3% in 2027. However, actual production volumes have varied and may fluctuate from forecasted levels due to various factors including, but not limited to, consumer demand, the regulatory environment, available incentives and industry competitiveness. The electric vehicle segment has been particularly challenged in achieving production volumes that meet forecasted levels.

*Raw Materials*

Our business is susceptible to inflationary pressures with respect to raw materials. Abrupt changes in the market prices or availability of certain key raw materials may result in operational and profitability challenges for the Company and the industry as a whole. Although global commodity markets and pricing largely stabilized in 2024 and have remained stable through the first half of 2025, we continually work with our customers and suppliers to mitigate ongoing inflationary pressures and material-related cost exposures through a combination of expanded index-based agreements and other commercial enhancements.

*General Inflation and Recovery Strategy*

In response to inflationary cost pressures that we continue to experience, we have implemented aggressive lean and cost optimization initiatives that are helping to offset these cost pressures. In addition, we continue to actively pursue pricing adjustments from our customers to offset higher costs on our current business, where the higher costs are market driven and beyond our immediate control.

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**Results of Operations**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |
| Sales | $705973 | $708362 | $(2389) | $1373042 | $1384787 | $(11745) |
| Cost of products sold | 612922 | 625422 | (12500) | 1202813 | 1240204 | (37391) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 93051 | 82940 | 10111 | 170229 | 144583 | 25646 |
| Selling, administration & engineering expenses | 51210 | 52408 | (1198) | 102401 | 107774 | (5373) |
| Amortization of intangibles | 1710 | 1605 | 105 | 3322 | 3266 | 56 |
| Restructuring charges | 2852 | 17781 | (14929) | 4963 | 18914 | (13951) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | 37279 | 11146 | 26133 | 59543 | 14629 | 44914 |
| Interest expense, net of interest income | (28712) | (28635) | (77) | (57331) | (57916) | 585 |
| Equity in earnings of affiliates | 1708 | 1302 | 406 | 3484 | 3572 | (88) |
| Pension settlement charge |  | (46787) | 46787 |  | (46787) | 46787 |
| Other (expense) income, net | (3667) | (5129) | 1462 | 5217 | (8778) | 13995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | 6608 | (68103) | 74711 | 10913 | (95280) | 106193 |
| Income tax expense | 8081 | 8080 | 1 | 10784 | 12211 | (1427) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income | (1473) | (76183) | 74710 | 129 | (107491) | 107620 |
| Net loss (income) attributable to noncontrolling interests | 72 | (60) | 132 | 22 | (412) | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income attributable to Cooper-Standard Holdings Inc. | $(1401) | $(76243) | $74842 | $151 | $(107903) | $108054 |

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***Three Months Ended June 30, 2025 Compared with Three Months Ended June 30, 2024***

*Sales*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Variance Due To:** | **Variance Due To:** |
| | **2025** | **2024** | **Change** | **Volume/Mix\*** | **Foreign Exchange** |
| | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |
| Total sales | $705973 | $708362 | $(2389) | $(6629) | $4240 |

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\* Net of customer price adjustments, including recoveries.

Sales for the three months ended June 30, 2025 decreased 0.3% compared to the three months ended June 30, 2024. The decrease in sales was driven by the negative impact of volume and mix, net of customer price adjustments including recoveries, partially offset by favorable foreign exchange.

*Gross Profit*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Variance Due To:** | **Variance Due To:** | **Variance Due To:** |
| | **2025** | **2024** | **Change** | **Volume/Mix\*** | **Foreign Exchange** | **Cost (Decreases)/Increases\*\*** |
| | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |
| Cost of products sold | $612922 | $625422 | $(12500) | $9498 | $2166 | $(24164) |
| Gross profit | 93051 | 82940 | 10111 | (16127) | 2074 | 24164 |
| Gross profit percentage of sales | 13.2% | 11.7% |  |  |  |  |

---

\* Net of customer price adjustments, including recoveries.

\*\* Net of savings from 2024 restructuring initiatives.

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Cost of products sold is primarily comprised of materials, labor, manufacturing overhead, freight, depreciation and other direct operating expenses. Among these, materials represent the largest component, accounting for approximately 53% and 51% of total cost of products sold for the three months ended June 30, 2025 and June 30, 2024 respectively. The change in cost of products sold was impacted by manufacturing and purchasing savings through lean initiatives, and savings from prior year restructuring initiatives, partially offset by unfavorable volume and mix, net of recoveries, higher inflation of labor and overhead, unfavorable foreign exchange and increased tariff expense.

Gross profit for the three months ended June 30, 2025 increased $10.1 million compared to the three months ended June 30, 2024. The change was driven by manufacturing and purchasing savings through lean initiatives, savings from prior year restructuring initiatives and favorable foreign exchange, partially offset by unfavorable volume and mix, net of recoveries, and higher inflation of labor and overhead.

*Selling, Administration and Engineering Expenses.* Selling, administration and engineering expenses include administrative expenses as well as product engineering and design and development costs. Selling, administration and engineering expenses for the three months ended June 30, 2025 were $51.2 million, or 7.3% of sales, compared to $52.4 million, or 7.4% of sales, for the three months ended June 30, 2024. The decrease as a percentage of sales was primarily due to lower compensation-related costs driven by savings from prior year restructuring initiatives.

*Restructuring Charges.* Restructuring charges for the three months ended June 30, 2025 decreased $14.9 million compared to the three months ended June 30, 2024. The decrease was primarily driven by a cost optimization restructuring plan that was implemented in the second quarter of 2024, resulting in higher restructuring-related expenses recognized in the prior year. See Note 4. "Restructuring" to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Report for additional information.

*Pension Settlement Charge.* A one-time, non-cash pension settlement charge of $46.8 million was incurred in the three months ended June 30, 2024 related to the termination of the aforementioned U.S. pension plan. See Note 9. "Pensions and Postretirement Benefits Other Than Pensions" to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Report for additional information.

*Other Expense, Net.* Other expense, net, for the three months ended June 30, 2025 decreased $1.5 million compared to the three months ended June 30, 2024. The decrease was primarily driven by lower foreign currency losses.

*Income Tax Expense.* Income tax expense for the three months ended June 30, 2025 was $8.1 million on earnings before income taxes of $6.6 million compared to an income tax expense of $8.1 million on losses before income taxes of $68.1 million for the three months ended June 30, 2024. The effective tax rate for the three months ended June 30, 2025 differed from the effective tax rate for the three months ended June 30, 2024 primarily due to the geographic mix of pre-tax losses, the inability to record a tax benefit for pre-tax losses in the U.S. and certain foreign jurisdictions due to valuation allowances and other permanent items.

***Six Months Ended June 30, 2025 Compared with Six Months Ended June 30, 2024***

*Sales*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Variance Due To:** | **Variance Due To:** |
| | **2025** | **2024** | **Change** | **Volume/Mix\*** | **Foreign Exchange** |
| | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** |
| Total sales | $1373042 | $1384787 | $(11745) | $(893) | $(10852) |

---

\* Net of customer price adjustments, including recoveries.

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Sales for the six months ended June 30, 2025 decreased 0.8%, compared to the six months ended June 30, 2024. The decrease in sales was driven by unfavorable foreign exchange and the negative impact of volume and mix, net of customer price adjustments including recoveries.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Variance Due To:** | **Variance Due To:** | **Variance Due To:** |
| | **2025** | **2024** | **Change** | **Volume/Mix\*** | **Foreign Exchange** | **Cost Increases/(Decreases)\*\*** |
| | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** |
| Cost of products sold | $1202813 | $1240204 | $(37391) | $15043 | $(12987) | $(39447) |
| Gross profit | 170229 | 144583 | 25646 | (15936) | 2135 | 39447 |
| Gross profit percentage of sales | 12.4% | 10.4% |  |  |  |  |

---

\* Net of customer price adjustments, including recoveries.

\*\* Net of savings from 2024 restructuring initiatives.

The change in cost of products sold was impacted by manufacturing and purchasing savings through lean initiatives, favorable foreign exchange and savings from prior year restructuring initiatives, partially offset by unfavorable volume and mix, net of recoveries, higher inflation of labor and overhead, and increased tariff expense. The Company's material portion of cost of products sold was approximately 53% and 51% of total cost of products sold for the six months ended June 30, 2025 and 2024, respectively.

Gross profit for the six months ended June 30, 2025 increased $25.6 million compared to the six months ended June 30, 2024. The change was driven by manufacturing and purchasing savings through lean initiatives, savings from prior year restructuring initiatives and favorable foreign exchange, partially offset by unfavorable volume and mix, net of recoveries, higher inflation of labor and overhead, and tariff expense incurred but not yet recovered.

*Selling, Administration and Engineering Expenses.* Selling, administration and engineering expenses for the six months ended June 30, 2025 were $102.4 million, or 7.5% of sales, compared to $107.8 million, or 7.8% of sales for the six months ended June 30, 2024. The decrease was primarily due to lower compensation-related costs driven by savings from prior year restructuring initiatives.

*Restructuring Charges.* Restructuring charges for the six months ended June 30, 2025 decreased $14.0 million compared to the six months ended June 30, 2024. The decrease was primarily driven by a cost optimization restructuring plan that was implemented in the second quarter of 2024, resulting in higher restructuring-related expenses recognized in the prior year. See Note 4. "Restructuring" to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Report for additional information.

*Pension Settlement Charge.* A one-time, non-cash pension settlement charge of $46.8 million was incurred in the six months ended June 30, 2024 related to the termination of the aforementioned U.S. pension plan. See Note 9. "Pensions and Postretirement Benefits Other Than Pensions" to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Report for additional information.

*Other Income, Net.* Other income, net for the six months ended June 30, 2025 increased $14.0 million compared to the six months ended June 30, 2024. The increase was primarily driven by $10.3 million of income recognized in connection with certain royalty settlements.

*Income Tax Expense.* Income tax expense for the six months ended June 30, 2025 was $10.8 million on losses before income taxes of $10.9 million compared to income tax expense of $12.2 million on losses before income taxes of $95.3 million for the six months ended June 30, 2024. The effective tax rate for the six months ended June 30, 2025 differed from the effective tax rate for the six months ended June 30, 2024 primarily due to the geographic mix of pre-tax losses, the inability to record a tax benefit for pre-tax losses in the U.S. and certain foreign jurisdictions due to valuation allowances, adjustment to uncertain tax positions, and other permanent items.

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**Segment Results of Operations**

Our business is organized in two reportable segments: Sealing Systems and Fluid Handling Systems. All other business activities are reported in Corporate, eliminations and other. The Company uses segment adjusted EBITDA as the measure of earnings to assess the performance of each segment and determine the resources to be allocated to the segments. We have defined adjusted EBITDA as net income before interest, taxes, depreciation, amortization, restructuring expense, and special items.

The following tables present sales and segment adjusted EBITDA for each of the reportable segments.

***Three Months Ended June 30, 2025 Compared with Three Months Ended June 30, 2024***

*Sales*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Variance Due To:** | **Variance Due To:** |
| | **2025** | **2024** | **Change** | **Volume/Mix\*** | **Foreign Exchange** |
| | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |
| Sales to external customers |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sealing Systems | $364368 | $364946 | $(578) | $(4243) | $3665 |
| &nbsp;&nbsp;&nbsp;Fluid Handling Systems | 322430 | 322742 | (312) | (887) | 575 |

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\* Net of customer price adjustments, including recoveries.

*Sealing Systems.* The variance in volume and mix, including customer price adjustments, was driven by lower customer volumes and recoveries. The foreign currency exchange variance was driven by a $6.2 million favorable impact of the Euro, a $2.0 million unfavorable impact of the Brazilian Real, and a $0.5 million unfavorable impact of all other currencies.

*Fluid Handling Systems.* The variance in volume and mix, including customer price adjustments, was driven by lower customer volumes, partially offset by favorable customer recoveries. The foreign currency exchange variance was driven by a $1.7 million favorable impact of the Euro, a $0.7 million unfavorable impact of the Brazilian Real, and a $0.4 million unfavorable impact of all other currencies.

*Segment adjusted EBITDA*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Variance Due To:** | **Variance Due To:** | **Variance Due To:** |
| | **2025** | **2024** | **Change** | **Volume/Mix\*** | **Foreign Exchange** | **Cost Decreases/(Increases)\*\*** |
| | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |
| Segment adjusted EBITDA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sealing Systems | $40345 | $35035 | $5310 | $(7777) | $(61) | $13148 |
| &nbsp;&nbsp;&nbsp;Fluid Handling Systems | 26997 | 16282 | 10715 | (7689) | 7300 | 11104 |

---

\* Net of customer price adjustments, including recoveries.

\*\* Net of savings from 2024 restructuring initiatives.

*Sealing Systems.* The variance in volume and mix, including customer price adjustments, was driven by unfavorable volume and mix, and lower customer recoveries. The cost decreases were primarily driven by $11.0 million of manufacturing and purchasing savings through lean initiatives and $5.5 million of all other operational savings, primarily from prior year restructuring actions. These savings were partially offset by $3.4 million of unfavorable inflation in labor and other operational costs.

*Fluid Handling Systems.* The variance in volume and mix, including customer price adjustments, was driven by unfavorable volume and mix, and lower customer recoveries. The foreign currency exchange variance was primarily driven by a $7.6 million favorable impact of the Mexican Peso. The cost decreases were driven by $11.6 million of manufacturing and purchasing savings through lean initiatives and $2.3 million of all other operational savings, primarily from prior year restructuring actions. These savings were partially offset by $2.8 million of unfavorable inflation in labor and other operational costs.

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***Six Months Ended June 30, 2025 Compared with Six Months Ended June 30, 2024***

*Sales*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Variance Due To:** | **Variance Due To:** |
| | **2025** | **2024** | **Change** | **Volume/Mix\*** | **Foreign Exchange** |
| | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** |
| Sales to external customers |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sealing Systems | $708679 | $716225 | $(7546) | $(476) | $(7070) |
| &nbsp;&nbsp;&nbsp;Fluid Handling Systems | 626428 | 628257 | (1829) | 1953 | (3782) |

---

\* Net of customer price adjustments, including recoveries.

*Sealing Systems.* The variance in volume and mix, including customer price adjustments, was driven by lower customer volumes and recoveries. The foreign currency exchange variance was driven by a $5.7 million unfavorable impact of the Brazilian Real, a $2.7 million unfavorable impact of the Canadian Dollar, and a $1.3 million favorable impact of all other currencies.

*Fluid Handling Systems.* The variance in volume and mix, including customer price adjustments, was driven by favorable customer recoveries, partially offset by lower customer volumes. The foreign currency exchange variance was driven by a $2.1 million unfavorable impact of the Korean Won, a $2.1 million unfavorable impact of the Brazilian Real, and a $0.4 million favorable impact of all other currencies.

*Segment adjusted EBITDA*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Variance Due To:** | **Variance Due To:** | **Variance Due To:** |
| | **2025** | **2024** | **Change** | **Volume/Mix\*** | **Foreign Exchange** | **Cost Decreases/(Increases)\*\*** |
| | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** |
| Segment adjusted EBITDA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sealing Systems | $72657 | $56406 | $16251 | $(8109) | $(2207) | $26567 |
| &nbsp;&nbsp;&nbsp;Fluid Handling Systems | 47979 | 27264 | 20715 | (6852) | 14015 | 13552 |

---

\* Net of customer price adjustments, including recoveries.

\*\* Net of savings from 2024 restructuring initiatives.

*Sealing Systems.* The variance in volume and mix, including customer price adjustments, was driven by unfavorable volume and mix, and lower customer recoveries. The foreign currency exchange impact variance was primarily driven by a $4.0 million unfavorable impact of the Canadian Dollar and a $2.5 million favorable impact of the Mexican Peso. The cost decreases were driven by $24.7 million of manufacturing and purchasing savings through lean initiatives and $8.9 million of all other operational savings, primarily from prior year restructuring actions. These savings were partially offset by $7.0 million of unfavorable inflation in labor and other operational costs.

*Fluid Handling Systems.* The variance in volume and mix, including customer price adjustments, was driven by unfavorable volume and mix, and lower customer recoveries. The foreign currency exchange variance was primarily driven by a $13.5 million favorable impact of the Mexican Peso. The cost decreases were primarily driven by $15.8 million of manufacturing and purchasing savings through lean initiatives and $3.4 million of all other operational savings, primarily from prior year restructuring actions. These savings were partially offset by $5.6 million of unfavorable inflation in labor and other operational costs.

**Liquidity and Capital Resources**

***Short and Long-Term Liquidity Considerations and Risks***

The sources to fund our ongoing working capital, capital expenditures, debt service and other funding requirements are a combination of cash flows from operations, cash on hand, borrowings under our senior asset-based revolving credit facility ("ABL Facility") and receivables factoring. We utilize intercompany loans and equity contributions to fund our worldwide

------

operations. However, certain country-specific regulations may impose restrictions or result in increased costs when repatriating funds. See Note 7. "Debt and Other Financing" to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Report for additional information.

We continue to actively preserve cash and enhance liquidity, including proactively managing our capital expenditures. We continuously monitor and forecast our liquidity situation in light of automotive industry, customer and economic factors, and take the necessary actions to preserve our liquidity and evaluate other financial alternatives that may be available to us should the need arise. Our ability to fund our working capital needs, debt payments and other obligations, and to comply with the financial covenants, including borrowing base limitations under our ABL Facility, depends on our future operating performance and cash flows. These may be impacted by many factors outside of our control, including but not limited to industry production levels, the costs of raw materials, the state of the overall automotive industry, general financial and economic conditions, including global trade and tariff policies, work stoppages, and potential public health events. Considering these factors, current projections for light vehicle production and customer demand for our products, we believe that our cash flows from operations, cash on hand, availability under our ABL Facility and receivables factoring will enable us to meet our ongoing working capital requirements, capital expenditures, debt service and other funding requirements for the foreseeable future, despite the challenges facing the industry.

***Cash Flows***

*Operating Activities.* Net cash used in operations was $30.4 million for the six months ended June 30, 2025, compared to net cash used in operations of $26.2 million for the six months ended June 30, 2024. The net change was primarily due to changes in working capital and an increase in cash interest payments by $14.2 million year-over-year, partially offset by higher net cash earnings. Working capital was negatively impacted primarily related to a larger increase in receivables for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 due to lower collections on receivables.

*Investing Activities.* Net cash used in investing activities was $22.8 million for the six months ended June 30, 2025, compared to net cash used in investing activities of $27.8 million for the six months ended June 30, 2024. The net change was primarily due to lower capital expenditures, as well as proceeds of $2.6 million related to the 2024 divestiture of our non-core Canadian tooling business received during the six months ended June 30, 2025. Capital expenditures were $25.3 million for the six months ended June 30, 2025 compared to $28.1 million for the six months ended June 30, 2024. We expect continued disciplined overall capital spending and anticipate that we will spend approximately $45 to $55 million on capital expenditures in 2025.

*Financing Activities.* Net cash used in financing activities totaled $4.4 million for the six months ended June 30, 2025, compared to net cash used in financing activities of $3.5 million for the six months ended June 30, 2024. The net change was primarily due to payments of tax withholding amounts related to employees' share-based payment awards. Payments of tax withholding amounts related to employees' share-based payment awards were $1.7 million for the six months ended June 30, 2025 compared to $0.6 million for the six months ended June 30, 2024.

***Share Repurchase Program***

In June 2018, our Board of Directors approved a common stock repurchase program (the "2018 Program") authorizing us to repurchase, in the aggregate, up to $150.0 million of our outstanding common stock. Under the 2018 Program, repurchases may be made on the open market, through private transactions, accelerated share repurchases, round lot or block transactions on the New York Stock Exchange or otherwise, as determined by us and in accordance with prevailing market conditions and federal securities laws and regulations. We expect to fund any future repurchases from cash on hand and future cash flows from operations. The specific timing and amount of any future repurchase will vary based on market and business conditions, changes in tax laws and other factors. We are not obligated to acquire a particular amount of securities, and the 2018 Program may be discontinued at any time at our discretion. The 2018 Program became effective in November 2018. As of June 30, 2025, we had approximately $98.7 million of repurchase authorization remaining under the 2018 Program. We did not make any repurchases under the 2018 Program during the six months ended June 30, 2025 or 2024.

***Other Matters***

We may, from time to time, seek to purchase our outstanding debt securities or loans, including the First Lien Notes, Third Lien Notes and 2026 Senior Notes. Such transactions could be privately negotiated or open market transactions, pursuant to tender offers or otherwise. Any such purchases will be made in our sole discretion in light of market conditions, applicable limitations contained in the agreements governing our indebtedness and other relevant factors. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material. Any such purchases may equate to a substantial amount of a particular class or series of debt, which may reduce the trading liquidity of such class or series.

------

In the third quarter of 2023, we designated Liveline Technologies, Inc. ("Liveline") an unrestricted subsidiary under the terms of certain of its debt agreements. Liveline remains a wholly-owned subsidiary of Cooper-Standard Automotive Inc. Liveline incurred a net loss of $0.6 million and $1.0 million during the three and six months ended June 30, 2025, respectively, compared to a net loss of $0.7 million and $0.4 million during the three and six months ended June 30, 2024, respectively. As of June 30, 2025, Liveline had approximately $1.1 million of gross assets. Liveline will look to the Company for necessary funding until it is able to sustain itself through sales of its products and services.

**Non-GAAP Financial Measures**

In evaluating our business, management considers EBITDA and Adjusted EBITDA to be key indicators of our operating performance. Our management also uses EBITDA and Adjusted EBITDA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• because similar measures are utilized in the calculation of the financial covenants and ratios contained in our financing arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in developing our internal budgets and forecasts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as a significant factor in evaluating our management for compensation purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in evaluating potential acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in comparing our current operating results with corresponding historical periods and with the operational performance of other companies in our industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in presentations to the members of our board of directors to enable our board of directors to have the same measurement basis of operating performance as is used by management in their assessments of performance and in forecasting and budgeting for our company.

In addition, we believe EBITDA and Adjusted EBITDA and similar measures are widely used by investors, securities analysts and other interested parties in evaluating our performance. We define Adjusted EBITDA as net income (loss) plus income tax expense (benefit), interest expense, net of interest income, depreciation and amortization or EBITDA, as adjusted for items that management does not consider to be reflective of our core operating performance. These adjustments include, but are not limited to, restructuring costs, certain impairment charges, non-cash fair value adjustments and acquisition-related costs.

EBITDA and Adjusted EBITDA are not financial measurements recognized under U.S. GAAP, and when analyzing our operating performance, investors should use EBITDA and Adjusted EBITDA as a supplement to, and not as alternatives for, net income (loss), operating income, or any other performance measure derived in accordance with U.S. GAAP, nor as an alternative to cash flow from operating activities as a measure of our liquidity. EBITDA and Adjusted EBITDA have limitations as analytical tools, and they should not be considered in isolation or as substitutes for analysis of our results of operations as reported under U.S. GAAP. These limitations include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they do not reflect our cash expenditures or future requirements for capital expenditure or contractual commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they do not reflect changes in, or cash requirements for, our working capital needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they do not reflect interest expense or cash requirements necessary to service interest or principal payments under our ABL Facility, First Lien Notes, Third Lien Notes, and 2026 Senior Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they do not reflect certain tax payments that may represent a reduction in cash available to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• although depreciation and amortization are non-cash charges, the assets being depreciated or amortized may have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect cash requirements for such replacements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other companies, including companies in our industry, may calculate these measures differently and, as the number of differences in the way companies calculate these measures increases, the degree of their usefulness as a comparative measure correspondingly decreases.

In addition, in evaluating Adjusted EBITDA, it should be noted that in the future, we may incur expenses similar to the adjustments in the below presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by special items.

------

The following table provides a reconciliation of EBITDA and Adjusted EBITDA from net (loss) income, which is the most comparable financial measure in accordance with U.S. GAAP:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |
| Net (loss) income attributable to Cooper-Standard Holdings Inc. | $(1401) | $(76243) | $151 | $(107903) |
| Income tax expense | 8081 | 8080 | 10784 | 12211 |
| Interest expense, net of interest income | 28712 | 28635 | 57331 | 57916 |
| Depreciation and amortization | 24521 | 25873 | 48349 | 52336 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $59913 | $(13655) | $116615 | $14560 |
| Restructuring charges | 2852 | 17781 | 4963 | 18914 |
| Gain on sale of businesses, net <sup>(1)</sup> |  |  | (98) |  |
| Pension settlement charge <sup>(2)</sup> |  | 46787 |  | 46787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $62765 | $50913 | $121480 | $80261 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Gain on sale of businesses related to divestiture in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;One-time, non-cash pension settlement charge and administrative fees incurred related to the termination of our U.S. Pension Plan in 2024.

------

**Contingencies and Environmental Matters**

The information concerning contingencies, including environmental contingencies and the amount currently held in reserve for environmental matters, contained in Note 15. "Commitments and Contingencies" to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Report, is incorporated herein by reference.

**Critical Accounting Estimates**

There have been no significant changes in our critical accounting estimates during the six months ended June 30, 2025.

**Forward-Looking Statements**

This quarterly report on Form 10-Q includes "forward-looking statements" within the meaning of U.S. federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. Our use of words "estimate," "expect," "anticipate," "project," "plan," "intend," "believe," "outlook," "guidance," "forecast," or future or conditional verbs, such as "will," "should," "could," "would," or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, we cannot assure you that these expectations, beliefs and projections will be achieved. Forward-looking statements are not guarantees of future performance and are subject to significant risks and uncertainties that may cause actual results or achievements to be materially different from the future results or achievements expressed or implied by the forward-looking statements. Among other items, such factors may include: volatility or decline of the Company's stock price, or absence of stock price appreciation; impacts and disruptions related to the wars in Ukraine and the Middle East; our ability to achieve commercial recoveries and to offset the adverse impact of higher commodity and other costs through pricing and other negotiations with our customers; work stoppages or other labor disruptions with our employees or our customers' employees; prolonged or material contractions in automotive sales and production volumes; our inability to realize sales represented by awarded business; escalating pricing pressures; loss of large customers or significant platforms; our ability to successfully compete in the automotive parts industry; availability and increasing volatility in costs of manufactured components and raw materials; disruption in our supply base; competitive threats and commercial risks associated with our diversification strategy; possible variability of our working capital requirements; risks associated with our international operations, including changes in laws, regulations, and policies governing the terms of foreign trade such as increased trade restrictions and tariffs; foreign currency exchange rate fluctuations; our ability to control the operations of our joint ventures for our sole benefit; our substantial amount of indebtedness and rates of interest; our ability to obtain adequate financing sources in the future; operating and financial restrictions imposed on us under our debt instruments; the underfunding of our pension plans; significant changes in discount rates and the actual return on pension assets; effectiveness of continuous improvement programs and other cost savings plans; significant costs related to manufacturing facility closings or consolidation; our ability to execute new program launches; our ability to meet customers' needs for new and improved products; the possibility that our acquisitions and divestitures may not be successful; product liability, warranty and recall claims brought against us; laws and regulations, including environmental, health and safety laws and regulations; legal and regulatory proceedings, claims or investigations against us; the potential impact of any future public health events on our financial condition and results of operations; the ability of our intellectual property to withstand legal challenges; cyber-attacks, data privacy concerns, other disruptions in, or the inability to implement upgrades to, our information technology systems; the possible volatility of our annual effective tax rate; the possibility of a failure to maintain effective controls and procedures; the possibility of future impairment charges to our goodwill and long-lived assets; our ability to identify, attract, develop and retain a skilled, engaged and diverse workforce; our ability to procure insurance at reasonable rates; and our dependence on our subsidiaries for cash to satisfy our obligations.

You should not place undue reliance on these forward-looking statements. Our forward-looking statements speak only as of the date of this quarterly report on Form 10-Q, and we undertake no obligation to publicly update or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except where we are expressly required to do so by law.

This quarterly report on Form 10-Q also contains estimates and other information that is based on industry publications, surveys, and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures About Market Risk**

There have been no material changes to the quantitative and qualitative information about the Company's market risk from those previously disclosed in the Company's 2024 Annual Report.

------

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

The Company has evaluated, under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this Report. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. Based on that evaluation, the Company's Chief Executive Officer along with the Chief Financial Officer have concluded that the Company's disclosure controls and procedures were effective at a reasonable assurance level as of the end of the period covered by this Report.

**Changes in Internal Control over Financial Reporting**

There have been no changes in the Company's internal control over financial reporting during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to affect, the Company's internal control over financial reporting.

------

**PART II — OTHER INFORMATION**

**Item 1A.**&nbsp;&nbsp;&nbsp;&nbsp;**Risk Factors**

There have been no material changes to the risk factors reported or new risk factors identified since the filing of our 2024 Annual Report and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.

**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unregistered Sales of Equity Securities and Use of Proceeds**

(c) Purchases of Equity Securities By the Issuer and Affiliated Purchasers

The Company is authorized to purchase, in the aggregate, up to $150.0 million of our outstanding common stock under our common stock repurchase program, which was effective in November 2018. As of June 30, 2025, we had approximately $98.7 million of repurchase authorization remaining under our common stock share repurchase program as discussed in Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Share Repurchase Program," and Note 14. "Common Stock" to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Report.

A summary of our shares of common stock repurchased during the three months ended June 30, 2025 is shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased**<sup>(1)</sup> | **Average Price Paid per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | **Approximate Dollar Value of Shares that May Yet be Purchased Under the Program<br>(in millions)** |
| April 1, 2025 through April 30, 2025 |  | $— |  | $98.7 |
| May 1, 2025 through May 31, 2025 | 330 | 24.30 |  | 98.7 |
| June 1, 2025 through June 30, 2025 |  |  |  | 98.7 |
| Total | 330 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Represents shares repurchased by the Company to satisfy employee tax withholding requirements due upon the vesting of restricted stock awards.

------

**Item 5.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other Information**

**Rule 10b5-1 Trading Arrangements**

During the three months ended June 30, 2025, none of the Company's directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended), adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).

------

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 10.1\*† | <u>[Cooper-Standard Holdings Inc. Amended and Restated 2021 Omnibus Incentive Plan, as amended and restated effective May 15, 2025 (incorporated by reference to Exhibit 10.1 to Cooper-Standard Holdings Inc.'s Registration Statement filed on Form S-8 on May 15, 2025).](https://www.sec.gov/Archives/edgar/data/1320461/000132046125000091/s-8registrationofnewshares.htm)</u> |
| 31.1\* | <u>[Certification of Principal Executive Officer Pursuant to Exchange Act Rule 13a-14(a)/15d-14(a) (Section 302 of the Sarbanes-Oxley Act of 2002).](q22025exhibit311.htm)</u> |
| 31.2\* | <u>[Certification of Principal Financial Officer Pursuant to Exchange Act Rule 13a-14(a)/15d-14(a) (Section 302 of the Sarbanes-Oxley Act of 2002).](q22025exhibit312.htm)</u> |
| 32\*\* | <u>[Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](q22025exhibit32.htm)</u> |
| 101.INS\*\*\* | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH\*\*\* | Inline XBRL Taxonomy Extension Schema Document With Embedded Linkbase Documents |
| 104\*\*\* | Cover Page Interactive Data File, formatted in Inline XBRL |

---

---

| | |
|:---|:---|
| \* | Filed with this Report. |
| \*\* | Furnished with this Report. |
| \*\*\* | Submitted electronically with this Report in accordance with the provisions of Regulation S-T. |
| † | Management contract or compensatory plan or arrangement. |

---

------

**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.

---

| | |
|:---|:---|
| | **COOPER-STANDARD HOLDINGS INC.&nbsp;&nbsp;&nbsp;&nbsp;** |
| August 1, 2025 | /S/ JONATHAN P. BANAS |
| Date | **Jonathan P. Banas<br>Executive Vice President and Chief Financial Officer<br>(Principal Financial Officer and Duly Authorized Officer)** |

---

## Exhibit 31.1

**Exhibit 31.1**

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER, PURSUANT TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a)

(SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002)

I, Jeffrey S. Edwards, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Cooper-Standard Holdings Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: August 1, 2025 | By: | /S/ JEFFREY S. EDWARDS |
|  |  | Jeffrey S. Edwards |
|  |  | Chairman and Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER, PURSUANT TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a)

(SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002)

I, Jonathan P. Banas, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Cooper-Standard Holdings Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: August 1, 2025 | By: | /S/ JONATHAN P. BANAS |
|  |  | Jonathan P. Banas |
|  |  | Executive Vice President and Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

## Ex-32

**Exhibit 32**

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the filing of this quarterly report of Cooper-Standard Holdings Inc. (the "Company") on Form 10-Q for the period ended June 30, 2025, with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned officers certifies, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that, to such officer's knowledge:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | | |
|:---|:---|:---|
| Date: August 1, 2025 | By: | /S/ JEFFREY S. EDWARDS |
|  |  | Jeffrey S. Edwards |
|  |  | Chairman and Chief Executive Officer |
|  |  | (Principal Executive Officer) |
|  |  | /S/ JONATHAN P. BANAS |
|  |  | Jonathan P. Banas |
|  |  | Executive Vice President and Chief Financial Officer |
|  |  | (Principal Financial Officer) |

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