Dauch Corp 2025年度报告

ABOUT US Dauch Corporation (formerly American Axle & Manufacturing Holdings, Inc.) is a premierDriveline and Metal Forming supplier serving the global automotive industry with apowertrain-agnostic product portfolio supporting electric, hybrid and internal combustionvehicles that is headquartered in Detroit, Michigan. As a result of the acquisition of DowlaisGroup plc and its subsidiaries – GKN Automotive and GKN Powder Metallurgy – in early 2026,the company now has operations that span 24 countries and more than 175 locations.Visit www.dauch.com to learn more. 2025FINANCIALHIGHLIGHTS $5.8BSALES $743MADJUSTED EBITDA* $412MCASH PROVIDED BYOPERATING ACTIVITIES DEAR SHAREHOLDERS: 2025 has been a very memorable year as we began a journey totransform American Axle & Manufacturing Holdings, Inc. (AAM) tobe bigger, better and stronger through our acquisition of DowlaisGroup PLC (Dowlais), which we closed on February 3, 2026. Inaddition, we simultaneously remained focused on performanceas we navigated the shifts in global trade policy and consumerpowertrain preferences. We focused on managing factors underour control and relying on our resilient and proven business modelthat emphasizes operational excellence, disciplined cost control,quality, technology leadership and a predominantly region-for-region manufacturing footprint. As a result, Adjusted EBITDAmargin improved significantly compared to the previous year. AAMconcluded 2025 with $5.8 billion in sales, $743 million in AdjustedEBITDA and generated operating cash flow of $412 million. * Adjusted EBITDA is a non-GAAP measure. Refer to section entitled “Reconciliation ofNon-GAAP and GAAP Information” in our Form 10-K included in this Annual Report for thedefinition and reconciliation. At AAM, we continue to look to the future and take necessarysteps for long-term profitable growth. In early 2025, weannounced our acquisition of Dowlais and its subsidiaries,GKN Automotive and GKN Powder Metallurgy. Dowlais’ marketleading product portfolio in sideshafts and sinter metals ishighly complementary to AAM’s strength in beam axles andforging products. With the closing of the acquisition, we havecreated a global Tier 1 Driveline and Metal Forming supplier withtremendous product breadth and depth, as well as significantsize and scale to support our customers globally and betternavigate market volatility. From a diversification standpoint, thecombination is expected to benefit greatly from a more balancedcustomer mix and geographic presence. This is led by our NorthAmerica large truck and SUV driveline systems and our globalsideshaft products. The acquisition is creating a more resilientcompany supported by $300 million in expected synergies androbust cash-flow-generation potential. This is a positive for AAM, and given the backdrop, we haveseen volume extensions on multiple programs that we supportas original equipment manufacturers (OEMs) evaluate theirrespective long-range capital, plant loading and product plans.Upon policy stabilization, we anticipate enhanced quotingactivity on new programs in the coming years. We continuedto win numerous component programs throughout 2025,received many inquiries about potential component onshoringto the U.S. due to trade policies, and captured a signature winto supply front electric drives and rear electric beam axles forScout Motors’ much-anticipated launch of the all-new Scout®Traveler™ SUV and Scout® Terra™ truck. Our longer-term viewis that ICE, Hybrid and Electric propulsion systems will coexistfor many years with differing adoption rates by segment andby region, and we have an agnostic product portfolio to supportthese powertrains. From a market perspective, AAM managed through lastyear’s trade and emissions policy changes and supportedour customers as they satisfy shifting consumer demand.That stated, the current policy landscape supports internalcombustion engine (ICE) longevity in North America, especiallywith full-size trucks. With this new chapter, we changed our name to DauchCorporation (“Dauch”) on January 26, 2026. Additionally, westarted trading under the ticker symbol “DCH” on both the NewYork and London Stock Exchanges in early February 2026. Thenew name represents clarity, confidence, and a commitment toperformance with a legacy of leadership that has helped shapeengineering and manufacturing in the automotive industry. Itrepresents a responsibility to our stakeholders, a dedicationto operational excellence, and a willingness to take bold stepsas we strive to exceed today’s standards and capitalize ontomorrow’s potential. That stated, we are eager to get to work foryou, our shareholders, and further build upon the strong legaciesof AAM and Dowlais and now unified under the Dauch brand. At AAM, we understand that sustainability is especiallyimportant, and our success depends on a strong connection tothe environment and to our Associates. Environmentally, AAMhas multiple global commitments that support key