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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K


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

For the fiscal year ended December 31, ~~2024~~2025


☐			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: 001-35346

APTIV PLC

(Exact name of registrant as specified in its charter)


Jersey						98-1824200
(State or other jurisdiction of						(I.R.S. Employer
incorporation or organization)						Identification No.)

Spitalstrasse 5, 8200 Schaffhausen, Switzerland

(Address of principal executive offices)

+41 52 580 96 00

(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

Ordinary Shares. $0.01 par value per share

APTV

New York Stock Exchange

1.600% Senior Notes due 2028

APTV

New York Stock Exchange

4.350% Senior Notes due 2029

APTV

New York Stock Exchange

4.650% Senior Notes due 2029

APTV

New York Stock Exchange

3.250% Senior Notes due 2032

APTV

New York Stock Exchange

5.150% Senior Notes due 2034

APTV

New York Stock Exchange

4.250% Senior Notes due 2036

APTV

New York Stock Exchange

4.400% Senior Notes due 2046

APTV

New York Stock Exchange

5.400% Senior Notes due 2049

APTV

New York Stock Exchange

3.100% Senior Notes due 2051

APTV

New York Stock Exchange

4.150% Senior Notes due 2052

APTV

New York Stock Exchange

5.750% Senior Notes due 2054

APTV

New York Stock Exchange

6.875% Fixed-to-Fixed Reset Rate
Junior Subordinated Notes due 2054

APTV

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒. No ☐.

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐. No ☒.

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. Yes ☒. 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). Yes ☒. 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 an emerging growth company. See the 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 the 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. ☐.

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Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

The aggregate market value of the ordinary shares held by non-affiliates of the registrant as of June 30, ~~2024~~2025, the last business day of the registrant’s most recently completed second fiscal quarter, was $1814,~~718~~783,~~930~~719,~~601~~749 (based on the closing sale price of the registrant’s ordinary shares on that date as reported on the New York Stock Exchange).

The number of the registrant’s ordinary shares outstanding, $0.01 par value per share as of January 3130, ~~2025~~2026, was ~~229~~212,~~446~~748,~~368~~401.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s definitive Proxy Statement related to the ~~2025~~2026 Annual General Meeting of Shareholders to be filed subsequently are incorporated by reference into Part III of this Form 10-K.

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APTIV PLC

INDEX

		Page
Part I
Item 1.	Business	5
Supplementary Item.	Executive Officers of the Registrant	14
Item 1A.	Risk Factors	16
Item 1B.	Unresolved Staff Comments	2931
Item 1C.	Cybersecurity	2932
Item 2.	Properties	3134
Item 3.	Legal Proceedings	3134
Item 4.	Mine Safety Disclosures	3134
Part II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	3235
Item 6.	[Reserved]	3336
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3437
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	6266
Item 8.	Financial Statements and Supplementary Data	6568
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	~~139~~145
Item 9A.	Controls and Procedures	~~139~~145
Item 9B.	Other Information	~~140~~146
Part III
Item 10.	Directors, Executive Officers and Corporate Governance	~~141~~147
Item 11.	Executive Compensation	~~141~~147
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	~~141~~147
Item 13.	Certain Relationships and Related Transactions and Director Independence	~~141~~147
Item 14.	Principal Accounting Fees and Services	~~141~~147
Part IV
Item 15.	Exhibits, Financial Statement Schedules	~~142~~148

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This Annual Report on Form 10-K, including the exhibits being filed as part of this report, as well as other statements made by Aptiv PLC (“Aptiv,” the “Company,” “we,” “us” and “our”), contain forward-looking statements that reflect, when made, the Company’s current views with respect to current events, certain investments and acquisitions and financial performance. Such forward-looking statements are subject to many risks, uncertainties and factors relating to the Company’s operations and business environment, which may cause the actual results of the Company to be materially different from any future results, express or implied, by such forward-looking statements. All statements that address future operating, financial or business performance or the Company’s strategies or expectations are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” “outlook” or “continue,” and other comparable terminology. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: global and regional economic conditions, including conditions affecting the credit market; global inflationary pressures; uncertainties created by the conflict between Ukraine and Russia, and its impacts to the European and global economies and our operations in each country; uncertainties created by the conflicts in the Middle East and their impacts on global economies; fluctuations in interest rates and foreign currency exchange rates; the cyclical nature of global automotive sales and production; the potential disruptions in the supply of and changes in the competitive environment for raw material and other components integral to the Company’s products, including the ongoing semiconductor supply shortage; the Company’s ability to maintain contracts that are critical to its operations; potential changes to beneficial free trade laws and regulations, such as the United States-Mexico-Canada Agreement; the effects of significant increases in trade tariffs, import quotas and other trade restrictions or actions, including retaliatory responses to such actions; changes to tax laws; future significant public health crises; the ability of the Company to integrate and realize the expected benefits of recent transactions; the ability of the Company to attract, motivate and/or retain key executives; the ability of the Company to avoid or continue to operate during a strike, or partial work stoppage or slow down by any of its unionized employees or those of its principal customers; and the ability of the Company to attract and retain customers. Additional factors are discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s filings with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. It should be remembered that the price of the ordinary shares and any income from them can go down as well as up. Aptiv disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/or otherwise, except as may be required by law.

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PART I

ITEM 1. BUSINESS

In December 2024, Old Aptiv (as defined below), a public limited company formed under the laws of Jersey on May 19, 2011, completed its previously announced reorganization transaction (the “Transaction,” or the “reorganization transaction”), in which Old Aptiv established a new publicly-listed Jersey parent company, Aptiv Holdings Limited (“New Aptiv”), which is resident for tax purposes in Switzerland. As a result of the Transaction, all issued and outstanding ordinary shares of Old Aptiv were exchanged on a one-for-one basis for newly issued ordinary shares of New Aptiv. Following consummation of the Transaction, holders of Old Aptiv shares became ordinary shareholders of New Aptiv, Old Aptiv became a wholly-owned subsidiary of New Aptiv and New Aptiv was renamed “Aptiv PLC.” The previous publicly-listed Jersey parent company, which was an Irish tax resident, is referred to as “Old Aptiv” throughout this Annual Report on Form 10-K. New Aptiv’s ordinary shares are publicly traded on the New York Stock Exchange (“NYSE”) under the symbol “APTV,” the same symbol under which the Old Aptiv shares were previously listed. Aptiv PLC remains a public limited company incorporated under the laws of Jersey, and continues to be subject to U.S. Securities and Exchange Commission reporting requirements.

In December 2024, following the completion of the Transaction, Old Aptiv merged with and into Aptiv Swiss Holdings Limited (“Aptiv Swiss Holdings”), a newly formed Jersey incorporated private limited company, and a direct, wholly-owned subsidiary of New Aptiv, with Aptiv Swiss Holdings surviving as a direct, wholly owned subsidiary of New Aptiv, and Old Aptiv ceasing to exist. Except as otherwise noted, all property, rights, privileges, powers and franchises of Old Aptiv vested in Aptiv Swiss Holdings, and all debts, liabilities and duties of Old Aptiv became debts, liabilities and duties of Aptiv Swiss Holdings.

In connection with the Transaction, New Aptiv assumed Old Aptiv’s ~~Long~~long-~~Term~~term ~~Incentive~~incentive ~~Plans~~plans and its existing obligations in connection with awards granted thereunder, and Aptiv Swiss Holdings (i) entered into a supplemental indenture to each indenture in which Aptiv Swiss Holdings assumed all of Old Aptiv’s obligations under each series of Old Aptiv’s outstanding Notes and (ii) entered into an assumption and/or supplement agreement relating to ~~each~~the Credit Agreement in which New Aptiv assumed all of Old Aptiv’s obligations under ~~each~~the Credit Agreement as the “parent entity” thereunder. In addition, New Aptiv (i) entered into a supplemental indenture to each indenture in which New Aptiv guaranteed the outstanding Notes and (ii) entered into a guarantee joinder relating to ~~each~~the Credit Agreement in which New Aptiv guaranteed the obligations under ~~each~~the Credit Agreement. Following the reorganization transaction, Aptiv Swiss Holdings (i) replaced Old Aptiv as ana ~~obligor~~guarantor of the borrowers’ obligations under the Credit ~~Agreements~~Agreement, and (ii) succeeded to Old Aptiv as an obligor under the senior notes and the junior notes, and New Aptiv became a guarantor under the Credit ~~Agreements~~Agreement (and will act as the “parent entity” thereunder) and the indentures.

As a result of the Transaction described above, there were no material changes in Aptiv PLC’s operations or governance. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

References in this Annual Report on Form 10-K, including the exhibits being filed as part of this report, to “Aptiv PLC,” “Aptiv,” the “Company,” “we,” “us” and “our” refers to Old Aptiv (Aptiv PLC before the Transaction in December 2024) and to New Aptiv (Aptiv PLC after the Transaction in December 2024).

~~Aptiv~~On isJanuary a22, ~~global~~2025, ~~technology~~we ~~company~~announced ~~focused~~our onintention ~~making~~to ~~the~~pursue ~~world~~a ~~safer,~~separation ~~greener~~of ~~and~~our ~~more~~Electrical ~~connected.~~Distribution WeSystems ~~deliver~~business ~~end-to-end~~into ~~mobility~~a ~~solutions~~new, ~~enabling~~independent ~~our~~publicly ~~customers’~~traded ~~transition~~company, tothrough a ~~more~~transaction ~~electrified,~~expected ~~software-defined~~to ~~future.~~be Wetreated ~~design~~as ~~and~~a ~~manufacture~~tax-free ~~vehicle~~spin-off ~~components~~to ~~and~~its ~~provide~~shareholders ~~electrical,~~(the ~~electronic~~“Separation”). ~~and~~The ~~active~~Company ~~safety~~plans ~~technology~~ to complete the ~~global~~Separation ~~automotive~~by ~~and~~April ~~commercial~~1, ~~vehicle markets~~2026, ~~creating~~subject ~~the~~to ~~software~~customary ~~and~~closing ~~hardware foundation for vehicle features and functionality~~conditions. ~~Our~~The ~~Advanced~~new ~~Safety~~publicly ~~and~~traded ~~User~~Electrical ~~Experience~~Distributions ~~segment~~Systems isspin-off ~~focused~~company onwill ~~providing~~be ~~the~~named ~~necessary software and advanced computing platforms~~Versigent, and ~~our~~will ~~Signal~~trade ~~and Power Solutions segment is focused~~ on ~~providing~~ the ~~requisite~~NYSE ~~networking~~under ~~architecture required to support~~ the ~~integrated~~symbol ~~systems~~“VGNT” infollowing ~~today’s complex vehicles. Together, our businesses develop~~ the ~~‘brain’~~distribution ~~and the ‘nervous system’ of increasingly complex vehicles, providing integration of the vehicle into its operating environment~~date.

WeDuring ~~are one of~~ the ~~largest~~year ~~vehicle~~ended ~~technology~~December 31, ~~suppliers~~2025, ~~and our customers include~~ the 25Company ~~largest~~incurred ~~automotive~~costs ~~original~~of ~~equipment~~approximately ~~manufacturers~~$178 ~~(“OEMs”)~~million inrelated to the ~~world~~Separation. WeThese ~~operate~~costs, ~~140~~which ~~major~~are ~~manufacturing~~included ~~facilities~~in ~~and~~selling, 11general ~~major~~and ~~technical~~administrative ~~centers~~expense ~~utilizing~~within athe ~~regional~~consolidated ~~service~~statements ~~model~~of ~~that~~operations, ~~enables~~are usprimarily related to ~~efficiently~~third-party ~~and~~professional ~~effectively~~fees ~~serve~~associated ~~our~~with ~~global~~planning ~~customers~~the ~~from best cost countries~~Separation. WeThe ~~have~~Company aexpects ~~presence~~to incontinue 49to ~~countries~~incur ~~and~~additional ~~have~~expenses ~~approximately~~related ~~21,200~~to ~~scientists,~~the ~~engineers~~Separation ~~and~~through ~~technicians~~the ~~focused~~completion onof ~~developing~~the ~~market relevant product solutions for our customers~~transaction.

WeIn ~~are~~connection ~~focused~~with onthe ~~growing~~Separation, ~~and~~in ~~improving~~ the ~~profitability~~first quarter of ~~our businesses~~2025, ~~and~~Aptiv ~~have~~realigned ~~implemented~~its abusiness ~~strategy~~into ~~designed~~three toreportable ~~position~~operating ~~the~~segments: ~~Company~~Advanced toSafety ~~deliver~~and ~~industry-leading~~User ~~long-term~~Experience, ~~shareholder~~Engineered ~~returns.~~Components ~~This~~Group ~~strategy~~and ~~includes~~Electrical ~~disciplined~~Distribution ~~investing~~Systems. inPrior ~~our~~period ~~business~~amounts tohave ~~grow~~been ~~and~~adjusted ~~enhance~~retrospectively ~~our~~to ~~product~~reflect ~~offerings,~~the ~~strategically~~change ~~focusing~~in ~~our~~reportable ~~portfolio~~operating ~~in high-technology~~segments, ~~high-growth~~consistent ~~spaces~~with inthe ~~order~~current toyear ~~meet~~presentation, ~~consumer~~throughout ~~preferences~~the ~~and~~audited ~~leveraging~~consolidated anfinancial ~~industry-leading~~statements ~~cost~~contained ~~structure to expand our operating margins~~herein.

Commencing with the first Quarterly Report on Form 10-Q of 2026, Aptiv will rename its Advanced Safety and User Experience segment to Intelligent Systems, and will rename its Engineered Components Group segment to Engineered Components. There is no impact to the composition of either segment.

Aptiv is a global industrial technology company focused on enabling a more automated, electrified and digitalized future. We deliver flexible and scalable solutions that support our customers’ transition to an increasingly software-defined future. Our

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~~Planned~~technologies ~~Spin~~reach from sensor to cloud, including the hardware and software necessary to support automotive and other industries on a global basis. Our Advanced Safety and User Experience segment provides advanced software and services, intelligent sensors and high-~~off~~performance ofcompute platforms; our Engineered Components Group segment provides connection systems, high-performance interconnects, and cable management and protection solutions; and our Electrical Distribution Systems ~~Business~~segment provides low voltage and high voltage power, signal and data distribution.

OnWe ~~January~~are ~~22,~~one ~~2025,~~of wethe ~~announced~~largest vehicle technology suppliers and our ~~intention~~customers toinclude ~~pursue~~the a25 ~~separation~~largest automotive original equipment manufacturers (“OEMs”) in the world, as well as many of ~~our~~the ~~Electrical~~leading ~~Distribution~~aerospace ~~Systems~~and ~~business~~defense ~~through~~companies aand ~~transaction~~global ~~expected~~telecom tooperators. beWe ~~treated~~operate as139 major manufacturing facilities and 11 major technical centers utilizing a ~~tax-free~~regional ~~spin-off~~service model that enables us to ~~Aptiv’s~~efficiently ~~shareholders~~and effectively serve our global customers from best cost countries. ~~The~~We ~~Company~~have ~~plans~~a topresence ~~complete~~in ~~the~~50 ~~separation~~countries byand ~~March~~have 31approximately 20,700 ~~2026~~scientists, ~~subject~~engineers toand ~~customary~~technicians ~~closing~~focused ~~conditions~~on developing market relevant product solutions for our customers.

We are focused on growing and improving the profitability of our businesses, and have implemented a strategy designed to position the Company to deliver industry-leading long-term shareholder returns. This strategy includes disciplined investing in our business to grow and enhance our product offerings, strategically focusing our portfolio in high-technology, high-growth spaces in order to meet consumer preferences and leveraging an industry-leading cost structure to expand our operating margins.

Website Access to Company’s Reports

Aptiv’s website address is aptiv.com. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) are available free of charge through ~~our~~ir.aptiv.com ~~website~~ as soon as reasonably practicable after they are electronically filed with, or furnished to, the Securities and Exchange Commission (“SEC”).

Our Company

We believe ~~the~~that ~~automotive~~key ~~industry~~secular istrends, ~~being~~including ~~shaped~~automation, byelectrification ~~rapidly~~and ~~increasing~~digitalization, ~~consumer~~continue ~~demand~~to ~~for~~transform ~~new~~the core mobility ~~solutions~~industry, ~~advanced~~while ~~technologies,~~also ~~including~~expanding ~~software-defined~~in ~~vehicles,~~scope ~~and~~to ~~vehicle~~impact ~~connectivity,~~a asbroader ~~well~~range asof ~~government~~end ~~regulation~~markets, ~~related~~including toaerospace ~~vehicle~~and ~~safety~~defense, ~~fuel~~telecom ~~efficiency~~and datacom, and ~~emissions~~diversified ~~control~~industrials. ~~More~~Consumer ~~broadly,~~demand ~~the~~for ~~“Safe,”~~intelligent ~~“Green”~~ and ~~“Connected”~~connected ~~mega-trends~~solutions, ~~are~~as ~~expected~~well toas ~~drive~~certain ~~higher~~government ~~growth~~regulations, ~~for~~are ~~our~~helping ~~products~~transform ~~than~~markets ~~the~~and ~~underlying~~creating ~~markets~~new ~~they~~opportunities ~~serve~~for Aptiv. We have organized our business into ~~two~~three ~~diversified~~distinct segments, which enable us to develop technology solutions and manufacture highly-engineered products that enable our customers to ~~respond~~best toaddress these ~~mega-~~secular trends:

•Advanced Safety and User Experience—This segment, which includes our Active Safety, User Experience and Smart Vehicle Compute and Software ~~businesses~~product lines, provides critical technologies and services to enhance vehicle safety, security, comfort and convenience, including ~~sensing~~intelligent ~~and perception systems~~sensors, ~~electronic control units, multi~~high-~~domain~~performance ~~controllers,~~compute ~~vehicle connectivity systems, cloud-native software~~ platforms, ~~application~~and advanced software, ~~autonomous~~tools ~~driving technologies~~ and ~~end-to-end DevOps tools~~services.

•~~Signal~~Engineered ~~and~~Components ~~Power Solutions~~Group—This segment, ~~which includes our Engineered Components Group and Electrical Distribution Systems businesses,~~ provides ~~complete~~connection ~~design~~systems, ~~manufacture~~high-performance ~~and assembly of the vehicle’s electrical architecture~~interconnects, ~~including engineered component products, connectors, wiring assemblies~~ and ~~harnesses,~~ cable management, ~~electrical centers~~ and ~~high~~protection ~~voltage~~solutions ~~power~~that ~~and~~optimize ~~safety-critical data distribution systems. Our products provide~~ the ~~signal~~ distribution ~~and~~of ~~computing~~ power, ~~backbone~~signal, ~~that supports increased vehicle content~~ and ~~electrification,~~data ~~reduced~~for ~~emissions,~~next-generation ~~higher~~applications ~~fuel~~across ~~economy~~multiple ~~and~~end ~~off-vehicle connectivity~~markets.

•Electrical Distribution Systems—This segment provides a full range of low voltage and high voltage power, signal and data distribution solutions needed to deliver fully integrated, cost-optimized architectures. As described above, the Company is pursuing a separation of the Electrical Distribution Systems business into a new, independent publicly traded company, through a transaction expected to be treated as a tax-free spin-off to its shareholders.

Refer to Results of Operations by Segment in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 22. Segment Reporting to the audited consolidated financial statements for financial information about our business segments.

Our business is diversified across end-markets, regions, customers, vehicle platforms and products. Our customer base includes the 25 largest automotive OEMs in the world, and in ~~2024~~2025, 29% of our net sales came from the Asia Pacific region, which we have identified as a key market likely to experience substantial long-term growth. Our ten largest platforms in ~~2024~~2025 were with ~~seven~~six different OEMs. In addition, in ~~2024~~2025 our products were found in 1718 of the 20 top-selling vehicle models in the United States (“U.S.”), 17 of the 20 top-selling vehicle models in Europe and 1220 of the 20 top-selling vehicle models in China.

We have established a worldwide design and manufacturing footprint with a regional service model that enables us to efficiently and effectively serve our global customers from best cost countries. This regional model is structured primarily to service the North American market from Mexico, the South American market from Brazil, the European market from Eastern Europe and North Africa, and the Asia Pacific market from China. Our global scale and regional service model enables us to engineer globally and execute regionally and to serve the largest OEMs, which are seeking suppliers that can serve them on a ~~worldwide basis. Our footprint also enables us to adapt to the regional design variations the global OEMs require while also serving key growth market OEMs.~~

Our Industry

The automotive technology and components industry provides critical technologies, components, systems, subsystems and modules to OEMs for the manufacture of new vehicles, as well as to the aftermarket for use as replacement parts for current production and older vehicles. In addition, the industry is increasingly progressing towards software-defined vehicles becoming critical elements of the overall automotive ecosystem. Overall, we expect long-term growth of global vehicle sales and production in the OEM market. In 2024, the industry experienced decreased global customer sales and production schedules, and increased inventory levels, primarily driven by various global uncertainties and global inflationary pressures. Global automotive vehicle production decreased 1% (3% on an Aptiv weighted market basis, which represents global vehicle production weighted to the geographic regions in which the Company generates its revenue) from 2023 to 2024, reflecting

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~~vehicle~~worldwide ~~production declines of 5% in Europe and 2% in North America, partially offset by increased production of 4% in China and 3% in South America, our smallest region~~basis. ~~Demand~~Our ~~for~~footprint ~~automotive~~also ~~components~~enables inus ~~the OEM market is generally a function of the number of new vehicles produced in response~~ to ~~consumer~~adapt ~~demand, which is primarily driven by macro-economic factors such as credit availability, interest rates, fuel prices, consumer confidence, employment and other trends. Although OEM demand is tied~~ to ~~actual vehicle production, participants in~~ the ~~automotive~~regional ~~technology~~design ~~and~~variations ~~components industry also have~~ the opportunity to grow through increasing product content per vehicle by further penetrating business with existing customers and in existing markets, gaining new customers and increasing their presence in global ~~markets.~~OEMs Werequire ~~believe~~while ~~that~~also ~~evolving~~serving ~~entrants~~key ~~into~~growth ~~the~~market ~~global transportation industry such as mobility providers, electric vehicle developers and smart cities will provide additional markets for our advanced technologies~~OEMs. ~~We believe that as a company with a global presence and advanced technology, engineering, manufacturing and customer support capabilities, we are well-positioned to benefit from these opportunities.~~

WeOur believe that continuously increasing societal demands have created the three “mega-trends” that serve as the basis for the next wave of market-driven automotive technology advancement. We aim to continue developing leading edge technology focused on addressing these mega-trends, and apply that technology toward products with sustainable margins that enable our customers, both OEMs and others, to produce distinctive market-leading products. We have identified a core portfolio of products that draw on our technical strengths and align with these mega-trends where we believe we can provide differentiation to our customers.Industry

~~Safe.~~ The ~~first~~automotive ~~mega-trend,~~technology ~~“Safe,”~~and ~~represents~~components industry provides critical technologies, ~~aimed~~components, ~~not~~systems, ~~just~~subsystems atand ~~protecting~~modules ~~vehicle~~to ~~occupants~~OEMs ~~when~~for athe ~~crash~~manufacture ~~occurs~~of new vehicles, ~~but~~as ~~those~~well ~~that~~as ~~actually~~to ~~proactively~~the ~~reduce~~aftermarket for use as replacement parts for current production and older vehicles. In addition, the ~~risk~~industry is increasingly progressing towards software-defined vehicles becoming critical elements of athe ~~crash~~overall ~~occurring~~automotive ecosystem. ~~OEMs~~Overall, ~~continue~~we toexpect ~~focus~~long-term ongrowth ~~improving~~of ~~occupant~~global ~~and~~vehicle ~~pedestrian~~sales ~~safety~~and production in ~~order~~the toOEM ~~meet~~market. ~~increasingly~~In ~~stringent~~2025, ~~regulatory~~the ~~requirements~~industry experienced fluctuations in global customer sales and production schedules, and generally increased inventory levels, primarily driven by various ~~markets~~global uncertainties and global inflationary pressures. AsGlobal aautomotive ~~result,~~vehicle ~~suppliers~~production ~~are~~increased ~~focused~~4% from 2024 to 2025 (1% on ~~developing~~an ~~technologies~~Aptiv ~~aimed~~weighted atmarket ~~protecting~~basis, which represents global vehicle ~~occupants~~production ~~when~~weighted ato ~~crash~~the ~~occurs~~geographic regions in which the Company generates its revenue), asreflecting ~~well~~increased asvehicle ~~advanced~~production ~~driver~~of ~~assistance~~10% ~~systems~~in ~~that~~China ~~reduce~~and ~~driver~~1% ~~distractions~~in South America, our smallest region, partially offset by declines of 2% in North America and ~~automated~~1% ~~safety~~in ~~features~~Europe. ~~that~~Demand ~~proactively~~for ~~mitigate~~automotive components in the ~~risk~~OEM ofmarket is generally a ~~crash~~function ~~occurring.~~of ~~Examples~~the number of new vehicles produced in response to consumer demand, which is primarily driven by macro-economic factors such as credit availability, interest rates, fuel prices, consumer confidence, employment and ~~alternative~~other ~~technologies~~trends. ~~that~~Although ~~incorporate~~OEM ~~sophisticated~~demand ~~detection~~is tied to actual vehicle production, participants in the automotive technology and ~~advanced~~components ~~software~~industry ~~for~~also ~~collision~~have ~~avoidance~~the ~~include~~opportunity ~~lane~~to ~~departure~~grow ~~warning~~through increasing product content per vehicle by further penetrating business with existing customers and ~~centering~~in ~~systems~~existing markets, ~~adaptive~~gaining ~~cruise~~new ~~control~~customers and ~~traffic~~increasing ~~jam~~their ~~assist~~presence in global markets. We believe that evolving entrants into the global transportation industry, such as mobility providers, electric vehicle developers and ~~driver~~smart cities will provide additional markets for our advanced technologies. We believe that, as a company with a global presence and ~~cabin~~advanced ~~monitoring~~technology, ~~systems~~engineering, manufacturing and customer support capabilities, we are well-positioned to benefit from these opportunities.

~~Green. The~~We ~~second~~believe ~~mega-trend,~~that ~~“Green,”~~continuously represents technologies designed to help reduce emissions, increase fuel economy and minimize the environmental impact of vehicles. Green is a key mega-trend today because of the convergence of several issues: climate change, volatility in oil prices, an increasing ~~number~~societal ofdemands vehicles in use worldwide and recent and pending regulation in every region regarding fuel economy and greenhouse gas (“GHG”) emissions. OEMs continue to focus on improving fuel efficiency and reducing emissions in order to meet increasingly stringent regulatory requirements in various markets. On a worldwide basis, the relevant authorities in the largest markets in which we operate have ~~already~~resulted ~~instituted regulations requiring reductions~~ in ~~emissions~~three ~~and/or~~key ~~increased~~trends ~~fuel economy. In many cases, other authorities have initiated legislation or regulation~~ that ~~would~~serve ~~further~~as ~~tighten~~ the ~~standards~~basis ~~through 2025 and beyond. Based on the current regulatory environment, we believe that OEMs, including those in the U.S., the European Union (the “E.U.”) and China, will be subject to requirements~~ for ~~even greater reductions in carbon dioxide (“CO2”) emissions over~~ the next ~~ten~~wave ~~years. For example, in the U.S., the Environmental Protection Agency (the “EPA”) proposed new rules in 2023 that could require as much as 67%~~ of ~~all~~technology ~~light-duty~~advancement ~~vehicles~~across ~~and~~multiple ~~46% of medium-duty vehicles sold in the U.S. by model year 2032 to be all-electric~~industries, ~~and~~including ~~the California Air Resources Board approved rules in 2022, which require that all new passenger cars and light trucks sold in California be electric vehicles or other zero-emission models by 2035~~automotive. InWe ~~2023,~~aim ~~the E.U. amended regulations, which require that all new passenger cars and vans sold in the E.U.~~ to ~~have~~continue ~~zero~~developing ~~CO2~~leading ~~emissions~~edge bytechnology ~~2035.~~focused ~~These~~on ~~and~~addressing ~~other~~these ~~standards will require meaningful innovation as OEMs and suppliers are challenged to find ways to improve engine management~~trends, ~~electrical power consumption, vehicle weight~~ and ~~integration~~apply ~~of electric vehicles and alternative technologies. As a result, suppliers are developing innovations~~ that ~~result~~technology intoward ~~significant~~products ~~improvements~~with insustainable ~~fuel~~margins ~~economy, emissions and performance for internal combustion engine vehicles. At the same time, suppliers are also developing and marketing new and alternative technologies~~ that ~~support~~enable ~~electric~~our ~~vehicles,~~customers ~~hybrid vehicles and fuel cell products~~ to ~~improve~~produce ~~fuel~~distinctive ~~economy~~market-leading ~~and emissions~~products. We ~~are~~have ~~developing~~identified ~~key~~a ~~enabling~~core ~~technologies~~portfolio ~~in the areas~~ of ~~vehicle~~products ~~charging and vehicle power distribution and control~~ that ~~are~~draw ~~essential~~on ~~to the introduction of~~ our ~~customers’~~technical ~~electrified~~strengths ~~vehicle~~and ~~platforms.~~align ~~We are also enabling the trend towards vehicle electrification~~ with ~~high~~these ~~voltage~~trends ~~electrification~~where ~~solutions~~we ~~that~~believe ~~reduce~~we ~~CO2~~can ~~emissions~~provide ~~and increase fuel economy, helping to make the world greener~~differentiation.

~~Connected~~Automation. ~~The~~In ~~third~~the ~~mega-trend,~~automotive ~~“Connected~~industry,” ~~represents~~Automation ~~technologies~~refers ~~designed~~ to ~~seamlessly~~safety, ~~integrate~~comfort ~~today’s~~and ~~highly~~convenience ~~complex~~features. ~~vehicles~~OEM ~~into~~customers ~~the~~continue ~~electronic~~to ~~operating~~focus ~~environment,~~on improving vehicle occupant and ~~provide~~vulnerable ~~drivers~~road ~~with~~user ~~connectivity~~safety to ~~the~~meet ~~global~~increasingly ~~information~~stringent ~~network~~regulatory requirements in various markets. ~~The~~As ~~technology~~a ~~content~~result, ofsuppliers ~~vehicles~~are ~~continues~~focused toon ~~increase~~developing astechnologies ~~consumers~~aimed ~~demand~~at ~~greater~~protecting ~~safety,~~vehicle ~~personalization,~~occupants ~~infotainment~~when a crash occurs, ~~productivity~~with ~~and~~advanced ~~convenience~~driver ~~while~~assistance ~~driving~~systems that reduce driver distractions, ~~which~~as inwell ~~turn~~as ~~leads~~automated tosafety ~~increasing~~features ~~demand~~that ~~for~~proactively ~~electrical~~mitigate ~~architecture~~the asrisk of a ~~foundation~~crash ~~for~~occurring, ~~this~~such ~~content~~as lane departure warning and centering systems. ~~Also,~~These ~~with~~technologies ~~increased~~have ~~smart~~also ~~device~~expanded ~~usage~~to ininclude ~~vehicles~~convenience features such as adaptive cruise control, ~~driver~~traffic ~~distractions~~jam ~~can~~assist, beand ~~dramatically~~hands-free ~~increased~~driving, which inimprove ~~turn~~both ~~results~~safety inand ~~greater~~convenience ~~risk~~for ofend consumers.

Further, Automation extends into applications such as robots in manufacturing facilities, drones for commercial and defense applications and other increasing autonomous systems across diversified industrial applications.

Electrification. In the automotive industry, Electrification refers to technologies designed to reduce emissions, improve fuel economy and minimize the environmental impact of vehicles, while also supporting increasing electrical and electronics content such as sensors, compute and actuators. As a result, there is a need for innovations that result in significant improvements in carbon emissions and performance. We are developing key enabling technologies in the areas of vehicle charging and vehicle power distribution and control, which are essential to the introduction of our customers’ increasingly electrified vehicle platforms.

Moreover, Electrification applies well beyond the automotive industry to other increasingly electrified devices and systems, as well as the infrastructure that supports them, such as data centers and energy storage systems.

Digitalization. In the automotive industry, Digitalization refers to connectivity, software-defined solutions, and the ability to evolve and improve over a vehicle’s lifecycle in response to consumer demand for greater safety, personalization, productivity and convenience features. This shift, in turn, is driving increased demand for electrical and electronic architecture as the foundation for this content. These technologies are designed to seamlessly integrate vehicles into their operating environment, while providing drivers with connectivity to consumer ecosystems, and data and insights to OEMs via over-the-air (“OTA”) technology.

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~~accidents.~~Across Wemultiple ~~are~~industries, ~~pioneering~~devices ~~vehicle-to-vehicle (V2V)~~ and ~~vehicle-to-infrastructure~~systems ~~(V2I)~~themselves ~~communication~~are ~~technologies~~becoming ~~which~~increasingly ~~enable vehicles to detect and signal danger~~software-defined, ~~reducing~~with ~~vehicle~~the ~~collisions~~capability ~~and~~to ~~improving~~being ~~driver~~continuously ~~safety~~updated, while also ~~maintaining~~leveraging ~~connectivity~~artificial tointelligence ~~an increasing number of devices inside and outside of vehicles. We also utilize advanced connectivity solutions such as over-the-air (OTA) technology that enable vehicles~~ to ~~receive~~deliver ~~software~~insights, ~~updates~~transform ~~remotely~~operations and ~~collect~~unlock ~~market-relevant data from connected vehicles~~value.

WeConvergence expect these mega-trends to continue to create growth and opportunity for us. We believe we are well-positioned to provide solutions and products to OEMs to expand the electronic and technological content of ~~their vehicles. We also believe electronics integration~~Automation, ~~which~~Electrification ~~generally refers to products~~ and systems that combine integrated circuits, software algorithms, sensor technologies and mechanical components within the vehicle will allow OEMs to achieve substantial reductions in weight and mechanical complexity, resulting in easier assembly, enhanced fuel economy, improved emissions control and better vehicle performance.Digitalization

~~Convergence~~We expect the trends of ~~Safe~~automation, ~~Green~~electrification and ~~Connected~~digitalization ~~Solutions~~to create growth opportunities as they drive similar product requirements for mission-critical applications across multiple industries, namely increased demand for advanced software and optimized hardware. Intelligent, software-defined solutions, such as increasingly capable automated driving technologies, offer significant societal benefits and create long-term growth opportunities for our product offerings, including new customers such as mobility providers, telecommunications network operators and smart cities. Growth opportunities across the automotive and other industries will be driven by increased hardware and software content, greater computing power and software requirements, enhanced solutions for lifecycle management and connectivity, and continued electrification. We believe the complexity of these systems will also require ongoing software support services, as they will be continuously upgraded with new features and performance enhancements.

~~The~~As ~~combination~~part of ~~advanced~~our ~~technologies~~strategy ~~being~~to ~~developed~~harness ~~within~~the ~~these~~full ~~mega-trends~~potential isof ~~contributing~~connected tointelligent ~~the~~systems ~~digital transformation~~ across ~~mission-critical~~ industries~~. Intelligent~~, ~~software-defined~~strengthen ~~solutions,~~our ~~such~~capabilities asin ~~increasingly capable automated driving technologies, will provide strong societal benefit as well as the opportunity for long~~software-~~term~~defined ~~growth for our product offerings, including new potential customers such as~~ mobility ~~providers,~~and ~~telecommunications~~enable ~~network~~advanced ~~operators and~~ smart ~~cities. Societal benefits of increased~~ vehicle ~~automation~~architecture ~~include~~changes, ~~enhanced~~we ~~safety~~acquired ~~(resulting~~Wind ~~from~~River ~~collision avoidance and improved vehicle control)~~Systems, ~~environmental~~Inc. ~~improvements~~ (a“Wind ~~reduction~~River”) in ~~CO2~~December ~~emissions~~2022. ~~resulting~~Wind ~~from~~River ~~optimized~~is ~~driving~~a ~~behavior),~~global ~~labor~~leader ~~cost~~in ~~savings~~delivering ~~and~~software ~~improved~~for ~~productivity~~the ~~(as~~intelligent aedge ~~result of alternate uses~~ for ~~drive~~multiple ~~time)~~industries, ~~and~~including ~~unlocking~~automotive, ~~new~~by ~~software~~leveraging ~~and data~~mixed-~~driven~~criticality ~~services.~~software ~~Growth~~products ~~opportunities in this space result from increased content, additional computing power~~ and ~~software~~solutions ~~requirements,~~enabling ~~solutions~~customers to ~~enhance~~develop ~~lifecycle~~in ~~management~~the ~~and connectivity~~cloud, ~~increased~~deploy ~~electrification~~OTA and ~~high-speed~~run ~~data~~and ~~interconnects.~~manage Wesoftware ~~believe~~at the ~~complexity of these systems will also require ongoing software support services, as these~~ vehicle ~~systems~~edge. ~~will be continuously upgraded with new features and performance enhancements~~

AsWe ~~part~~are ofalso ~~our~~continuing ~~strategy~~ to ~~harness~~develop ~~the~~market-leading ~~full~~automated ~~potential~~driving ~~of connected intelligent systems across industries~~solutions, ~~strengthen~~such ~~our~~as ~~capabilities~~automated indriving software~~-defined~~, ~~mobility~~sensing and toperception ~~enable~~technologies ~~advanced~~enhanced ~~smart~~through ~~vehicle~~artificial ~~architecture~~intelligence ~~changes,~~and wemachine ~~acquired~~learning, ~~Wind~~as ~~River~~well ~~Systems,~~as ~~Inc.~~the ~~(“Wind~~underlying ~~River”)~~architecture intechnologies ~~December~~capable ~~2022.~~of ~~Wind~~supporting ~~River~~safety-critical isapplications. aWe ~~global~~believe ~~leader~~we inare ~~delivering~~well-aligned ~~software~~with ~~for~~industry ~~the~~technology ~~intelligent~~trends ~~edge~~that ~~for~~will ~~multiple~~help ~~industries,~~to ~~including~~support ~~automotive,~~sustainable byfuture ~~leveraging~~growth ~~mixed-criticality~~in ~~software~~this ~~products~~space and ~~solutions~~have ~~enabling~~partnered ~~customers~~with toleaders ~~develop~~ in ~~the~~their ~~cloud,~~respective ~~deploy~~fields ~~over~~to advance the ~~air~~pace ~~and~~of ~~run~~development and ~~manage~~commercialization ~~software~~of atthese ~~the~~emerging ~~vehicle edge~~technologies.

WeIn ~~are~~March ~~also~~2020, ~~continuing~~we tocompleted ~~develop~~a ~~market-leading~~transaction ~~automated~~with ~~driving~~Hyundai ~~solutions~~Motor ~~such~~Group as(“Hyundai”) ~~automated~~to ~~driving~~form ~~software,~~Motional ~~sensing~~AD ~~and~~LLC ~~perception~~(“Motional”), ~~technologies~~a ~~enhanced~~joint ~~through~~venture ~~artificial~~focused ~~intelligence~~on ~~and~~the ~~machine learning~~design, asdevelopment ~~well~~and ascommercialization ~~the~~of ~~underlying~~autonomous ~~architecture~~driving technologies. ~~capable~~Although ofwe ~~supporting~~believe ~~safety-critical~~our ~~applications.~~strategic Wepartnerships ~~believe~~have weus ~~are~~ well-aligned with industry technology trends ~~that~~in ~~will~~these ~~help~~evolving areas, the timeline necessary to ~~support~~produce ~~sustainable~~commercially ~~future~~viable ~~growth~~autonomous vehicles has been extended and is still subject to significant uncertainty, which resulted in ~~this~~additional ~~space~~funding requirements for Motional. In April 2024, Aptiv and ~~have~~Hyundai ~~partnered~~entered ~~with~~into ~~leaders~~an agreement to restructure Aptiv’s ownership interest in ~~their~~Motional ~~respective~~and ~~fields~~for Hyundai to ~~advance~~provide additional funding to Motional, which also eliminated any requirements for additional future funding from Aptiv. These transactions, which were completed in May 2024, resulted in the ~~pace~~reduction of ~~development~~our ~~and~~common ~~commercialization~~equity interest in Motional from 50% as of ~~these~~December ~~emerging~~31, ~~technologies~~2023 to approximately 15%. In May 2025, Hyundai provided additional funding to Motional, further reducing Aptiv’s common equity interest in Motional from 15% as of March 31, 2025 to approximately 13% as of December 31, 2025. Refer to Note 5. Investments in Affiliates to the audited consolidated financial statements contained herein for further information on these transactions.

In March 2020, we completed a transaction with Hyundai Motor Group (“Hyundai”) to form Motional AD LLC (“Motional”), a joint venture focused on the design, development and commercialization of autonomous driving technologies. Although we believe our strategic partnerships have us well-aligned with industry technology mega-trends in these evolving areas, the timeline necessary to produce commercially viable autonomous vehicles has been extended and is still subject to significant uncertainty, which resulted in additional funding requirements for Motional. In April 2024, Aptiv and Hyundai entered into an agreement to restructure Aptiv’s ownership interest in Motional and for Hyundai to provide additional funding to Motional, which also eliminated any requirements for additional future funding from Aptiv. These transactions, which were completed in May 2024, resulted in the reduction of our common equity interest in Motional from 50% as of December 31, 2023 to approximately 15%. The total gain recorded as a result of these transactions was approximately $641 million ($2.50 per diluted share) during the year ended December 31, 2024, within net gain on equity method transactions in the consolidated statements of operations. Refer to Note 5. Investments in Affiliates to the audited consolidated financial statements contained herein for further information on these transactions.

Standardization of Sourcing by OEMs

Many OEMs are continuing to ~~adopt~~develop ~~global~~ vehicle platforms intended to increase standardization, reduce per -unit cost and increase capital efficiency and profitability. In addition, geopolitical tensions are also causing them to regionalize their supply chains. As a result, OEMs ~~are~~prefer ~~selecting~~ suppliers that have the capability to manufacture products on a ~~worldwide~~global basis aswith ~~well~~manufacturing asand ~~the~~design flexibility to adapt to regional variations. Suppliers with global scale and strong design, engineering and manufacturing capabilities, are best positioned to benefit from this trend. OEMs are also increasingly looking to their suppliers to simplify vehicle design and assembly processes to reduce costs ~~and weight~~. As a result, suppliers that sell vehicle components directly to manufacturers (Tier I suppliers) have assumed many of the design, engineering, research and development and assembly functions traditionally performed by vehicle manufacturers. Suppliers that can provide fully engineered solutions, systems and pre-assembled combinations of component parts are positioned to leverage the trend toward system sourcing from global suppliers.

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Shorter Product Development Cycles

As a result of government regulations and customer preferences, OEMs are requiring suppliers to respond faster with new designs and product innovations. While these trends are more prevalent in mature markets, certain key growth markets are advancing rapidly towards the regulatory standards and consumer preferences of the more mature markets. Suppliers with strong technologies, robust global engineering and development capabilities will be best positioned to meet OEM demands for rapid innovation.

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Products

Our organizational structure and management reporting support the management of these core product lines:

Advanced Safety and User Experience. This segment provides critical technologies and services to enhance vehicle safety, security, comfort and convenience, including ~~sensing~~intelligent ~~and~~sensors, ~~perception~~high-performance ~~systems~~compute, ~~electronic~~advanced ~~control~~software ~~units,~~for ~~multi-domain~~applications ~~controllers,~~such ~~vehicle~~as ~~connectivity~~Advanced ~~systems,~~Driver ~~cloud-native~~Assistance ~~software~~Systems ~~platforms,~~and ~~application~~User ~~software~~Experience, ~~autonomous~~as ~~driving~~well ~~technologies~~as tools and ~~end-to-end DevOps tools~~services.

•Advanced Safety ~~primarily~~includes ~~consists of~~ solutions that enable advanced safety features and vehicle automation, as well as radar, vision and other sensing technologies.

•User Experience ~~primarily~~ enables in-cabin solutions around infotainment, driver interface and interior sensing ~~solutions~~.

•Smart Vehicle Compute and Software ~~primarily~~ consists of zone control and centralized ~~computing~~compute platforms, as well as edge-to-cloud DevOps tools.

~~Signal~~Engineered ~~and~~Components ~~Power Solutions~~Group. This segment provides ~~complete~~connection ~~design~~systems, ~~manufacture~~high-performance ~~and assembly of the vehicle’s electrical architecture~~interconnects, ~~including engineered component products, connectors, wiring assemblies~~ and ~~harnesses,~~ cable management, ~~electrical centers~~ and ~~high~~protection ~~voltage~~solutions ~~and~~that ~~safety-critical~~optimize ~~distribution systems. Our products provide~~ the ~~signal~~ distribution ~~and~~of ~~computing~~ power, ~~backbone~~signal ~~that supports increased vehicle content~~ and ~~electrification,~~data ~~reduced~~for ~~emissions,~~next-generation ~~higher~~applications ~~fuel~~across ~~economy~~multiple ~~and~~end ~~off-vehicle connectivity~~markets.

~~•Engineered~~Electrical ~~Components~~Distribution ~~Group~~Systems. ~~consists~~This ofsegment ~~high~~provides ~~quality~~a ~~connectors~~full ~~engineered~~range ~~primarily~~of ~~for~~low ~~use~~voltage ~~in automotive~~ and ~~related~~high ~~markets~~voltage power, ~~which~~signal ~~also~~and ~~have~~data ~~applications~~distribution insolutions ~~the~~needed ~~industrial,~~to ~~telematics,~~deliver ~~aerospace~~fully integrated, ~~defense~~cost-optimized ~~and~~architectures. ~~medical~~As ~~sectors~~described above, asthe ~~well~~Company asis ~~Electrical~~pursuing ~~Centers,~~a ~~which~~separation ~~provide~~of ~~centralized~~the ~~electrical~~Electrical ~~power~~Distribution ~~and~~Systems ~~signal~~business ~~distribution~~into ~~and~~a ~~all~~new, ofindependent ~~the~~publicly ~~associated~~traded ~~circuit~~company, ~~protection~~through ~~and~~a ~~switching~~transaction ~~devices~~expected ~~needed~~ to ~~support~~be ~~the~~treated ~~optimization~~as ofa ~~the~~tax-free ~~overall~~spin-off ~~vehicle~~to ~~electrical~~its ~~system~~shareholders.

•Electrical Distribution Systems, including 48-volt hybrid and high voltage systems, are integrated into one optimized vehicle electrical system that can utilize smaller cable and gauge sizes and ultra-thin wall insulation (this product line makes up approximately 42%, 43% and 44% of our total revenue for the years ended December 31, 2024, 2023 and 2022, respectively).

Competition

~~Although~~The ~~the overall number of our top competitors has decreased due to ongoing industry consolidation, the~~ automotive technology and components industry remains extremely competitive. Furthermore, the rapidly evolving nature of the markets in which we compete has attracted, and may continue to attract, new entrants, particularly in best cost countries such as China and in areas of evolving vehicle technologies such as intelligent systems software, automated driving and mobility solutions, which has attracted competitors from outside the traditional automotive industry. OEMs rigorously evaluate suppliers on the basis of product quality, price, reliability and timeliness of delivery, product design capability, technical expertise and development capability, new product innovation, financial viability, application of lean principles, operational flexibility, customer service and overall management. In addition, our customers generally require that we demonstrate improved efficiencies, through cost reductions and/or price improvement, on a year-over-year basis.

Our key competitors in each of our operating segments include but are not limited to:


Segment			Competitors
Advanced Safety and User Experience			• Bosch Group
			• Aumovio Se
			• Denso Corporation
			• Gentex Corporation
			• Harman International (a subsidiary of Samsung Electronics)



			• Mobileye
			• Nutanix

			• Red Hat
			• Valeo



Engineered Components Group			• Amphenol Corporation
			• Molex, LLC (a subsidiary of Koch, Inc.)
			• TE Connectivity plc

Electrical Distribution Systems			• Furukawa Electric Co., Ltd.
			• Lear Corporation
			• Sumitomo Electric Industries, Ltd.
			• Yazaki Corporation

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Our key competitors in each of our operating segments include but are not limited to:

Segment Competitors Signal and Power Solutions • Amphenol Corporation • Draexlmaier Group • Lear Corporation • Luxshare Precision Industry Co., Ltd. • Molex, LLC (a subsidiary of Koch, Inc.) • Sumitomo Electric Industries, Ltd. • TE Connectivity plc • Yazaki Corporation Advanced Safety and User Experience • Bosch Group • Continental AG • Denso Corporation • Harman International (a subsidiary of Samsung Electronics) • Hyundai Mobis • LG Electronics • Magna International, Inc. • Panasonic Corporation • Valeo • Visteon Corporation • ZF Friedrichshafen AG

Customers

We sell our products and services to the major global OEMs in every region of the world. Our ten largest customers accounted for approximately 5556% of our total net sales for the year ended December 31, ~~2024~~2025, ~~none of~~ which ~~individually~~included ~~exceeded~~approximately 10% to an individual Global OEM.

Supply Relationships with Our Customers

We typically supply products to our OEM customers through purchase orders, which are generally governed by general terms and conditions established by each OEM. Although the terms and conditions vary from customer to customer, they typically contemplate a relationship under which our customers place orders for their requirements of specific components supplied for particular vehicles but are not required to purchase any minimum amount of products from us. These relationships typically extend over the life of the related vehicle. Prices are negotiated with respect to each business award, which may be subject to adjustments under certain circumstances, such as commodity or foreign exchange escalation/de-escalation clauses, significant changes in direct labor costs, for specification/design changes during the life of the program or for cost reductions achieved by us. The terms and conditions typically provide that we are subject to a warranty on the products supplied; in most cases, the duration of such warranty is coterminous with the warranty offered by the OEM to the end-user of the vehicle. We may also be obligated to share in all or a part of recall costs if the OEM recalls its vehicles for defects attributable to our products.

Individual purchase orders are terminable for cause or non-performance and, in most cases, upon our insolvency and certain change of control events. In addition, many of our OEM customers have the option to terminate for convenience on certain programs, which permits our customers to impose pressure on pricing during the life of the vehicle program, and issue purchase contracts for less than the duration of the vehicle program, which potentially reduces our profit margins and increases the risk of our losing future sales under those purchase contracts. We manufacture and ship based on customer release schedules, normally provided on a weekly basis, which can vary due to cyclical automobile production or dealer inventory levels.

Although customer programs typically extend to future periods, and although there is an expectation that we will supply certain levels of OEM production during such future periods, customer agreements ~~including applicable terms and conditions~~ do not necessarily constitute firm orders. Firm orders are generally limited to specific and authorized customer purchase order releases placed with our manufacturing and distribution centers for actual production and order fulfillment. Firm orders are typically fulfilled as promptly as possible from the conversion of available raw materials, sub-components and work-in-process inventory for OEM orders and from current on-hand finished goods inventory for aftermarket orders. The dollar amount of such purchase order releases on hand and not processed at any point in time is not believed to be significant based upon the time frame involved.

Materials

We procure our raw materials from a variety of suppliers around the world. Generally, we seek to obtain materials in the region in which our products are manufactured in order to minimize transportation and other costs. The most significant raw materials we use to manufacture our products include copper and resins. As of December 31, 2025, we have not experienced any significant shortages of raw materials, however, as a result of our customers’ recent production volatility and cancellations, our balance of productive, raw and component material inventories has increased substantially from customary levels. These changes to the production environment were primarily driven by the global supply chain disruptions that impacted the automotive industry at times during previous years. We continue to actively monitor and manage inventory levels across all inventory types in order to maximize both supply continuity and the efficient use of working capital. Normally we do not carry inventories of such raw materials in excess of those reasonably required to meet our production and shipping schedules.

Commodity cost volatility, most notably related to copper, petroleum-based resin products and fuel, is a challenge for us and our industry. Recently, the industry has been subjected to increased pricing pressures, specifically in relation to these commodities, which have experienced significant volatility in price. We have also been impacted globally by increased overall inflation as a result of a variety of global trends. We are continually seeking to manage these and other material-related cost pressures using a combination of strategies, including working with our suppliers to mitigate costs, seeking alternative product designs and material specifications, combining our purchase requirements with our customers and/or suppliers, changing suppliers, hedging of certain commodities and other means. In the case of copper, which primarily affects our Electrical Distribution Systems segment, contract clauses have enabled us to pass on some of the price increases to our customers and thereby partially offset the impact of increased commodity costs on operating income for the related products. Other than in the case of copper, our overall success in passing commodity cost increases on to our customers has been limited. However, we have negotiated, and will continue to negotiate as necessary, price increases with our customers in response to global inflationary pressures and the aforementioned global supply chain disruptions. We will continue our efforts to pass market-driven commodity cost increases to our customers in an effort to mitigate all or some of the adverse earnings impacts, including by seeking to renegotiate terms as contracts with our customers expire.

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Materials

We procure our raw materials from a variety of suppliers around the world. Generally, we seek to obtain materials in the region in which our products are manufactured in order to minimize transportation and other costs. The most significant raw materials we use to manufacture our products include copper and resins. As of December 31, 2024, we have not experienced any significant shortages of raw materials, however, as a result of our customers’ recent production volatility and cancellations, our balance of productive, raw and component material inventories has increased substantially from customary levels. These changes to the production environment were primarily driven by the global supply chain disruptions that impacted the automotive industry at times during previous years. We continue to actively monitor and manage inventory levels across all inventory types in order to maximize both supply continuity and the efficient use of working capital. Normally we do not carry inventories of such raw materials in excess of those reasonably required to meet our production and shipping schedules.

Commodity cost volatility, most notably related to copper, petroleum-based resin products and fuel, is a challenge for us and our industry. Recently, the industry has been subjected to increased pricing pressures, specifically in relation to these commodities, which have experienced significant volatility in price. We have also been impacted globally by increased overall inflation as a result of a variety of global trends. We are continually seeking to manage these and other material-related cost pressures using a combination of strategies, including working with our suppliers to mitigate costs, seeking alternative product designs and material specifications, combining our purchase requirements with our customers and/or suppliers, changing suppliers, hedging of certain commodities and other means. In the case of copper, which primarily affects our Signal and Power Solutions segment, contract clauses have enabled us to pass on some of the price increases to our customers and thereby partially offset the impact of increased commodity costs on operating income for the related products. Other than in the case of copper, our overall success in passing commodity cost increases on to our customers has been limited. However, we have negotiated, and will continue to negotiate as necessary, price increases with our customers in response to global inflationary pressures and the aforementioned global supply chain disruptions. We will continue our efforts to pass market-driven commodity cost increases to our customers in an effort to mitigate all or some of the adverse earnings impacts, including by seeking to renegotiate terms as contracts with our customers expire.

Seasonality

In general, our business is moderately seasonal, as our primary North American customers historically reduce production during the month of July and halt operations for approximately one week in December. Our European customers generally reduce production during the months of July and August and for one week in December. Our Chinese customers generally halt operations for one week during the months of February and October. Shut-down periods in the rest of the world generally vary by country. In addition, automotive production is traditionally reduced in the months of July, August and September due to the launch of component production for new vehicle models.

People

As of December 31, ~~2024~~2025, we employed approximately ~~141~~140,000 people; 3130,000 salaried employees and 110,000 hourly employees. In addition, we maintain a contingent workforce of approximately 5051,000 to accommodate fluctuations in customer demand. We are a global company serving every major worldwide market. As of December 31, ~~2024~~2025 our workforce is distributed as follows:

•5150% in North America, with our largest presence in Mexico;

•3130% in the Europe, Middle East and Africa region, with our largest presence in Morocco and Serbia;

•1415% in the Asia Pacific region, with our largest presence in China and India; and

•45% in South America, with our largest presence in Brazil.

As of December 31, ~~2024~~2025, approximately 50% of our total workforce were women, and approximately 25% of management roles were held by women.

Certain of our employees are represented worldwide by numerous unions and works councils, including the International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers - Communications Workers of America, IG Metall and the Confederacion De Trabajadores Mexicanos. We maintain collaborative and constructive labor relationships with our employee representatives in order to foster positive employee relations.

Our Board of Directors reviews Aptiv’s talent strategy, and our Compensation & Human Resources Committee (“CHRC”) reviews employee retention, attrition and pay equity on a continual basis. AIn ~~key~~2025, ~~accomplishment~~we incontinued ~~2024 included~~ sustaining pay equity by race in the United States and gender pay equity among comparable roles globally.

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Talent Development

Our people are ~~central~~essential to executing our ~~mission~~strategy ~~of developing safer, greener~~ and ~~more~~sustaining ~~connected~~long-term ~~solutions~~value creation. We ~~continually~~invest ~~strive~~in our talent to create ~~and~~a ~~maintain~~high-performance anculture ~~environment~~ where innovation thrives, and our ~~employees~~people are empowered to think and act like owners. Toat ~~this~~every ~~end,~~level wein ~~continually~~the organization. We provide training, coaching and mentoring to our employees at all levels, as well as internal ~~job~~career ~~opportunities~~ pathways—including global rotations and stretch assignments —to ~~help~~build ~~our~~the ~~employees~~technical ~~develop~~and leadership capability necessary to lead for today and ~~grow~~as ~~their~~our ~~careers~~business evolves. ~~This~~Our ~~dedication~~direct focus on skills development contributes to ~~employee~~organization ~~growth~~stability and ~~development~~succession ~~was~~readiness, as demonstrated by approximately 7055% of our management role openings being filled through internal promotions in ~~2024~~2025 and improved retention for management and professionals. We manage succession planning as part of our monthly operating cadence, and segment, technical, and senior executive leadership succession plans are reviewed with the CHRC, Innovation and Technology Committees, and our Board of Directors annually.

Aptiv ismaintains ~~committed~~a tocomprehensive ~~talent~~suite ~~development~~of ~~and~~career, ~~growing~~technical, ~~the~~and ~~next~~leadership ~~generation~~development ofprograms ~~leaders.~~designed ~~Our~~to ~~established~~enhance ~~career~~execution ~~and~~for ~~leadership~~today ~~programs~~while ~~provide~~preparing our ~~leaders~~workforce ~~with~~for the ~~tools~~business toneeds beof ~~effective~~the ~~today while preparing them for~~ future ~~challenges~~. Our ~~people~~employees ~~consistently~~ complete formal leadership and management training using in-person, online and virtual learning opportunities to enhance their abilities. We also leverage Aptiv Academy, our online learning management system, across the business,. ~~using~~In ~~in-person~~2025, ~~online~~adoption ~~and~~of ~~virtual~~Aptiv ~~reality~~Academy ~~learning~~scaled ~~opportunities. We continue~~ to ~~focus~~approximately on95% ~~developing~~of ~~great~~our ~~people~~salaried ~~in order to maximize organizational effectiveness~~population.

Culture

Aptiv’s culture is a ~~key~~competitive advantage to how we doexecute ~~business~~our strategy. Our culture is based on a set of distinct values and behaviors that guide us to always do the right thing, the right way. At Aptiv, we value each individual’s perspective, and we foster an environment of respect and inclusion. Aptiv participates in, and sponsors numerous outreach programs around the world, which seek to promote and recruit the next generation of talent into science, technology, engineering and mathematical (STEM) fields. Leveraging our employees’ diverse backgrounds and experiences allows us to make better decisions and supports stronger performance. Aptiv is continuing to drive innovation through an inclusive workforce for all, where every individual feels a sense of belonging within the organization.

Culture is a central pillar in our business and helps to drive consistent leadership behavior across our businesses. We ~~routinely provide training to provide managers and employees with the skills and capabilities that will lead Aptiv into the future. Additionally, we~~ conduct regular employee feedback surveys to ~~ensure our employees have the opportunity to be heard and to~~ measure engagement, which includes assessing each employee’s commitment to our ~~company~~Company’s goals and the overall employee experience. In December ~~2024~~2025, 8385% of our salaried employees responded to this survey. Aptiv saw a higher participation rate and moved closer to the industry benchmark of 7.9 with a score of 7.7. Aptiv’s score has been consistently in the middle range of the Technology and Manufacturing benchmarks. Our management team actively utilizes feedback at all levels of our organization to continually improve how we engage with our people and improve our operations.

We recognize that sustaining a leadership culture requires continual focus and attention. Accordingly, senior executives and leaders throughout the Company commit time, resources and attention to ensure our culture continues to differentiate Aptiv as a great place to work.11

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this survey. Aptiv achieved an engagement score of 8.0, an improvement of approximately 0.3 compared to 2024. Employee NPS improved approximately 12 points, positioning Aptiv among the top 25% of technology companies for employee engagement, according to industry benchmarks.

Our management team actively utilizes feedback at all levels of our organization to continually improve how we engage with our people and improve our operations. We recognize that sustaining a leadership culture requires continual focus and attention. Accordingly, senior executives and leaders throughout the Company commit time, resources and attention to ensure our culture continues to differentiate Aptiv as a great place to work.

Health and Safety

We ~~prioritize~~are ~~the~~uncompromising in our commitment to health, safety and well-being of all our employees byand ~~focusing~~we treat safety performance as a critical operational priority. Our safety program is built on rigorous prevention, training, auditing and risk mitigation in our manufacturing plants, technical centers and offices. We ~~routinely~~continuously assess occupational health and safety risks, define controls and perform internal audits for all manufacturing sites, assessing, among other things, legal compliance, controls and key workplace safety metrics. We are a leader in workplace safety as reflected in our lost time injury frequency rate of 0.132 cases per million hours worked and our lost workday case rate per 100 employees of 0.026 for the year ended December 31, 2024. Our standard safety management system is aligned with ISO 45001 and we are committed to ensuring all of our manufacturing sites are ISO 45001 certified by 2025. As of December 31, 2024, 85% of our sites are certified under this standard.

Our results reflect this discipline. We remain an industry leader in workplace safety, achieving a lost time injury frequency rate of 0.21 cases per million hours worked and our lost workday case rate per 100 employees of 0.043 for the year ended December 31, 2025. These outcomes demonstrate the strength of our safety culture and the operational resilience it enables. Our standard safety management system is aligned with ISO 45001, and we are committed to ensuring all our manufacturing sites are ISO 45001 certified by 2026. As of December 31, 2025, 92% of our sites are certified under this standard.

Commitment to Environmental Sustainability

Sustainability has always been core to Aptiv’s business, values and culture. We believe this strong, foundational focus on sustainability makes Aptiv a partner of choice for our customers, a desirable place to work for our employees and a valued contributor to the communities in which we operate. While a key part of our business is to design solutions that help transition the world’s vehicles to cleaner sources of power, we are also committed to reducing our environmental footprint throughout our operations around the globe. We aim to reduce our environmental impact by decreasing our carbon footprint, reducing waste generated and consuming less water in our operations. Expenditures required to meet our environmental sustainability goals, which are described below, are included in our normal budgeting process.

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Decreasing our Carbon Footprint

Aptiv has committed to the Science-Based Targets initiative (the “SBTi”) Business Ambition for 1.5℃ campaign,. ~~which requires greenhouse gas emissions to be net-zero across~~ Aptiv’s ~~value~~following ~~chain by 2050 at the latest. Our target is to reach net~~near-~~zero~~term ~~by 2040. Aptiv’s~~ targets were validated by the SBTi in November 2023~~. To achieve these commitments, we are targeting~~:

•Reducing Scope 1 and 2 absolute CO2e emissions by 100% between the baseline year (2021) and 2030; and

•Reducing Scope 3 absolute CO2e emissions by 47% between the baseline year and 2030~~, and achieving 100% reduction by 2040;~~.

To achieve these commitments, we are targeting:

•Maintaining annual certification of all major manufacturing sites to the ISO 14001 standard;

•Certifying ~~ten of~~ the most energy-intensive sites to the ISO 50001 certification ~~by 2025~~; and

•Sourcing 100% of electricity for operations from renewable sources by 2030~~; and~~.

•Delivering only carbon-neutral products by 2039, from sourcing to disposal.

Key to achieving these goals is our global Environmental, Health and Safety and Sustainability management system, which helps to keep us aligned with stringent environmental, health and safety regulations and provides a structure for continuous improvement. This system applies to all Aptiv sites, which means that in some countries our procedures go beyond local regulations and requirements. This system is continuously updated to ensure that our procedures remain up to date.

Reducing our Water Usage and Waste Generated

While our operations are not water intensive, we include water in our environmental risk management approach. We identify locations where we operate that are water-scarce and take action to reduce our water consumption accordingly, while also striving to comply with best practices in lower-risk locations. Our goal is to reduce water consumption in high-risk (water-scarce) locations ~~by 2% per year through 2025~~.

We are also committed to reducing waste, with a waste recycled target (volume of recycled waste divided by total waste volume) of 80%. We continue to strive to actively reduce and manage waste across our manufacturing operations, as well as in our offices. We are creating packaging that uses less material and we continue to strive to increase the share of waste and excess materials we divert to recycling.

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Additional Sustainability Information

Additional information regarding our environmental sustainability and human capital initiatives, as well as information on our progress towards our commitments, is available in our annual Sustainability Report located on our website at www.aptiv.com/about/sustainability. Nothing on our website, including the aforementioned Sustainability Report, shall be deemed incorporated by reference into this Annual Report.

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SUPPLEMENTARY ITEM. EXECUTIVE OFFICERS OF THE REGISTRANT

The name, age (as of February 1, ~~2025~~2026), current positions and description of business experience of each of our executive officers are listed below. Our executive officers are elected annually by the Board of Directors and hold office until their successors are elected and qualified or until the officer’s resignation or removal. Positions noted below reflect current service to Aptiv PLC and prior service to Delphi Automotive PLC and Delphi Automotive LLP.

Kevin P. Clark, 6263, is ~~chairman~~chair of Aptiv’s board of directors and chief executive officer (CEO) of the ~~company~~Company. Mr. Clark was named president and CEO and became a member of the board in March 2015. Previously, Mr. Clark was chief operating officer (COO) from October 2014 to March 2015. Prior to the COO position, Mr. Clark was chief financial officer and executive vice president from February 2013. He was appointed vice president and chief financial officer in July 2010. Previously, Mr. Clark was a founding partner of Liberty Lane Partners, LLC, a private-equity investment firm focused on building and improving middle-market companies. Prior to Liberty Lane Partners, Mr. Clark served as the chief financial officer of Fisher-Scientific International Inc., a manufacturer, distributor and service provider to the global healthcare market. Mr. Clark served as Fisher-Scientific’s chief financial officer from the company’s initial public offering in 2001 through the completion of its merger with Thermo Electron Corporation in 2006. Prior to becoming chief financial officer, Mr. Clark served as Fisher-Scientific’s corporate controller and treasurer.

Varun Laroyia, 5354, is Aptiv’s executive vice president and chief financial officer, effective November 2024. He joined Aptiv from LKQ Corporation, a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles, where he most recently served as senior advisor, following roles as chief executive officer, LKQ Europe from 2022 to 2023 and executive vice president and chief financial officer from 2017 to 2022. Prior to serving at LKQ, Mr. Laroyia served as chief financial officer, Global Workplace Solutions for CBRE Group, Inc. from 2015 to 2017 and, prior to that, in a variety of roles of increasing responsibility at Johnson Controls, Gateway, General Electric and KPMG in Europe and North America.

Allan J. Brazier, 5859, is senior vice president and chief accounting officer of Aptiv. He was promoted to senior vice president in April 2025, aafter ~~position~~serving heas ~~has~~vice ~~held~~president ~~since~~and chief accounting officer from February 2011. Mr. Brazier joined the Company in June 2005 as senior manager of technical accounting and reporting, and prior to his current role served as assistant controller of technical accounting and reporting. Prior to joining Aptiv, Mr. Brazier was employed for seventeen years in financial roles of increasing responsibility at various companies. Mr. Brazier is a Certified Public Accountant and began his career with the international public accounting firm of KPMG.

Javed Khan, 5253, is executive vice president ofand president, Software and Advanced Safety and User Experience, a position he has held since he joined Aptiv in August 2024. Before joining Aptiv, he served as senior vice president and general manager of Cisco Collaboration, and prior to his tenure at Cisco, Mr. Khan was the vice president of Enterprise and Consumer Security products at Symantec. He began his career as an engineer at Novell, before moving to leadership roles at Symantec.

Joseph T. Liotine, 5253, is executive vice president and president, Electrical Distribution Systems, a position he has held since November 2024. Mr. Liotine joined Aptiv in April 2024 as president, Signal and Power Solutions. Prior to joining Aptiv, Mr. Liotine served as chief executive officer at Briggs & Stratton, and previously, he spent nearly 20 years in senior executive roles at Whirlpool Corporation, most recently as president and chief operating officer, where he led the global appliance business. Mr. Liotine began his career at PepsiCo, where he held several positions within sales and procurement.

Obed D. Louissaint, 4546, is Aptiv’s executive vice president and chief people officer. He joined Aptiv as senior vice president in January 2023 and was elevated to executive vice president in March 2024 when he assumed responsibility for the Company’s communication function. He joined Aptiv from IBM, where he was senior vice president, Transformation and Culture from August 2020 through December 2022. He previously served as vice president, Talent, Watson Health & Employee Experience from 2019 to 2020 and vice president, Human Resources, IBM Watson, Watson Health, Research, Technical Talent & Corporate from 2015 to 2020. He began his IBM career in 2001 and held several human resources positions of increasing responsibility. Before joining IBM, Mr. Louissaint was president at Student Agencies, Inc.

~~Benjamin~~Joseph ~~Lyon~~R. Massaro, 4556, is ~~senior~~Aptiv’s vice ~~president~~chair and ~~chief~~president, ~~technology~~Engineered ~~officer~~Components ~~of Aptiv~~Group, ~~effective~~a ~~December~~position ~~2022~~he has held from November 2024. HeMr. Massaro joined ~~Aptiv~~the ~~from~~Company ~~Astra~~in ~~Space,~~October ~~Inc.,~~2013 aas ~~provider~~vice ofpresident, ~~space~~Internal ~~products~~Audit, and ~~launch~~in ~~services~~September 2014 was appointed to the ~~global~~position ~~space~~of ~~industry~~vice president, ~~where~~corporate controller. In March 2016, he was ~~chief~~named ~~engineer~~senior vice president and ~~executive~~chief financial officer. In September 2020, he also assumed the role of senior vice president, ~~Operations~~business operations, and ~~Engineering~~in ~~from~~2024, ~~February~~was ~~2021~~elevated ~~through~~to ~~December~~vice ~~2022.~~chairman, ~~Prior~~business tooperations ~~joining~~and ~~Astra~~chief financial officer. Previously, Mr. ~~Lyon~~Massaro ~~served~~was asa ~~senior~~managing director –at ~~Special~~Liberty ~~Projects~~Lane ~~Group~~Partners atfrom ~~Apple~~2008 to 2010. He also served as chief financial officer of inVentiv Health Inc. from ~~April~~2010 ~~2014~~ to ~~February~~2013, ~~2021.~~a MrLiberty Lane portfolio company. ~~Lyon~~Prior ~~joined~~to ~~Apple~~Liberty Lane, he served in ~~1999~~a variety of finance and operational roles at Thermo Fisher Scientific from 2002 to 2007, including senior vice president of Global Business Services where his responsibilities included the global sourcing and ~~while~~information ~~there~~technology functions. Prior to the merger with Thermo Electron, he also served as vice president and corporate controller of Fisher Scientific and held several ~~positions~~other ofsenior ~~increasing~~finance ~~responsibility~~positions.

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~~Joseph~~Katherine RH. ~~Massaro~~Ramundo, 5558, is ~~Aptiv’s~~executive vice ~~chairman~~president, ~~Engineered~~chief ~~Components~~legal ~~Group~~officer, achief ~~position~~compliance heofficer ~~has~~and ~~held~~secretary ~~from~~of ~~November 2024~~Aptiv. ~~Mr.~~She ~~Massaro~~ joined ~~the~~Aptiv ~~Company in October 2013~~ as senior vice president, ~~Internal~~chief ~~Audit~~legal officer, chief compliance officer and secretary of Aptiv in ~~September~~March ~~2014~~2021, and was ~~appointed~~elevated to ~~the~~executive ~~position of~~ vice president, ~~corporate~~in ~~controller~~March 2024. InPrior ~~March~~to ~~2016~~joining Aptiv, heMs. Ramundo was ~~named~~executive ~~senior~~ vice president, ~~and~~ chief ~~financial~~legal officer. Inand ~~September~~secretary ~~2020,~~of heHowmet ~~also~~Aerospace ~~assumed~~Inc. ~~the~~(formerly ~~role~~Arconic ~~of senior vice president~~Inc.), ~~business~~a ~~operations,~~leading ~~and~~global inprovider ~~2024,~~of ~~was~~advanced ~~elevated~~engineered tosolutions ~~vice~~for ~~chairman,~~the ~~business~~aerospace ~~operations~~ and ~~chief~~transportation ~~financial~~industries, ~~officer.~~a ~~Previously,~~role ~~Mr.~~she ~~Massaro~~held ~~was~~from aNovember ~~managing~~2016 ~~director~~to atFebruary ~~Liberty~~2021. ~~Lane~~Prior ~~Partners~~to ~~from~~joining ~~2008~~Howmet toAerospace, ~~2010~~Ms. HeRamundo ~~also~~was ~~served~~executive asvice ~~chief~~president, ~~financial~~general ~~officer~~counsel ofand ~~inVentiv~~secretary ~~Health~~of ANN, Inc., ~~from~~the ~~2010~~owner toof ~~2013,~~the aAnn ~~Liberty~~Taylor ~~Lane~~and ~~portfolio~~LOFT ~~company~~brands. ~~Prior~~Previously, toMs. ~~Liberty~~Ramundo ~~Lane~~served as vice president, hedeputy ~~served~~general incounsel aand ~~variety~~assistant secretary of ~~finance~~Colgate-Palmolive. ~~and~~Among ~~operational~~her ~~roles~~other atpositions ~~Thermo~~during ~~Fisher~~her ~~Scientific~~15-year ~~from~~tenure ~~2002~~at ~~to 2007~~Colgate, ~~including~~she ~~senior~~served ~~vice~~as ~~president~~general counsel of ~~Global~~the ~~Business~~Europe/South ~~Services~~Pacific ~~where~~division, ~~his~~and ~~responsibilities~~later ~~included~~managed ~~the~~ global ~~sourcing~~specialty ~~and~~legal ~~information technology functions~~activities. ~~Prior~~She tobegan ~~the~~her ~~merger~~career ~~with~~as ~~Thermo~~a ~~Electron~~litigator, hepracticing ~~also~~at ~~served~~major asNew ~~vice~~York-based ~~president~~law ~~and~~firms, ~~corporate~~including ~~controller~~Cravath, ofSwaine ~~Fisher~~& ~~Scientific~~Moore and ~~held~~Sidley ~~several other senior finance positions~~Austin.

Katherine H. Ramundo, 57, is executive vice president, chief legal officer, chief compliance officer and secretary of Aptiv. She joined Aptiv as senior vice president, chief legal officer, chief compliance officer and secretary of Aptiv in March 2021, and was elevated to executive vice president in March 2024. Prior to joining Aptiv, Ms. Ramundo was executive vice president, chief legal officer and secretary of Howmet Aerospace Inc. (formerly Arconic Inc.), a leading global provider of advanced engineered solutions for the aerospace and transportation industries, a role she held from November 2016 to February 2021. Prior to joining Howmet Aerospace, Ms. Ramundo was executive vice president, general counsel and secretary of ANN, Inc., the owner of the Ann Taylor and LOFT brands. Previously, Ms. Ramundo served as vice president, deputy general counsel and assistant secretary of Colgate-Palmolive. Among her other positions during her 15-year tenure at Colgate, she served as general counsel of the Europe/South Pacific division, and later managed global specialty legal activities. She began her career as a litigator, practicing at major New York-based law firms, including Cravath, Swaine & Moore and Sidley Austin.

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ITEM 1A. RISK FACTORS

Set forth below are certain risks and uncertainties that could adversely affect our results of operations or financial condition and cause our actual results to differ materially from those expressed in forward-looking statements made by the Company. Also refer to the Cautionary Statement Regarding Forward-Looking Information in this Annual Report.

Risks Related to Business Environment and Economic Conditions

Disruptions in the supply of raw materials and other supplies that we and our customers use in our products may adversely affect our profitability.

We and our customers use a broad range of materials and supplies, including copper and other metals, petroleum-based resins, chemicals, electronic components and semiconductors. A significant disruption in the supply of these materials for any reason could decrease our production and shipping levels, which could materially increase our operating costs and materially decrease our profit margins.

We, as with other component manufacturers in the automotive industry, ship products to our customers’ vehicle assembly plants throughout the world so they are delivered on a “just-in-time” basis in order to maintain low inventory levels. Our suppliers also use a similar method. However, this “just-in-time” method makes the logistics supply chain in our industry very complex and very vulnerable to disruptions.

Such disruptions could be caused by any one of a myriad of potential problems, such as closures of one of our or our suppliers’ plants or critical manufacturing lines due to strikes, mechanical breakdowns or failures, electrical outages, fires, explosions, political upheaval, terrorism or war, material shortages, as well as logistical complications due to weather, global climate change, volcanic eruptions, or other natural or nuclear disasters, delayed customs processing, the spread of an infectious disease, virus or other widespread illness and more. Additionally, as we focus operations in best cost countries, the risk for such disruptions is heightened. The lack of any single subcomponent necessary to manufacture one of our products could force us to cease production, potentially for a prolonged period. Similarly, a potential quality issue could force us to halt deliveries while we validate the products. Even where products are ready to be shipped, or have been shipped, delays may arise before they reach our customer. Our customers may halt or delay their production for the same reason if one of their other suppliers fails to deliver necessary components. This may cause our customers, in turn to suspend their orders, or instruct us to suspend delivery, of our products, which may adversely affect our financial performance.

When we fail to make timely deliveries in accordance with our contractual obligations, we generally have to absorb our own costs for identifying and solving the “root cause” problem as well as expeditiously producing replacement components or products. Generally, we must also carry the costs associated with “catching up,” such as overtime and premium freight.

Additionally, if we are the cause for a customer being forced to halt production, the customer may seek to recoup all of its losses and expenses from us. These losses and expenses could be significant and may include consequential losses such as lost profits. Any global supply chain disruption, however small, could potentially cause the complete shutdown of an assembly line of one of our customers, and any such shutdown that is due to causes that are within our control could expose us to material claims of compensation. Where a customer halts production because of another supplier failing to deliver on time, there can be no assurance we will be fully compensated, if at all.

Global supply chain disruptions have in the past and could ~~also~~in the future lead to interruptions in our production, which could impact our ability to fully meet the vehicle production demands of OEMs at times due to events which are outside our control. For example, as a result of the rapidly evolving trade policies and tariff actions, the uncertainty in the automotive industry has increased, which could adversely affect our business and financial results. We will continue to actively monitor our global supply chain and will seek to aggressively mitigate and minimize the impact of any future disruptions on our business. In addition, we are carrying critical inventory items and key components, and we continue to procure productive, raw material and non-critical inventory components in order to satisfy our customers’ vehicle production schedules. However, as a result of our customers’ recent production volatility and cancellations, among other things, our balance of productive, raw and component material inventories has increased substantially from customary levels as of both December 31, ~~2024~~2025 and ~~2023~~2024. WeThese ~~will~~changes to the production environment were primarily driven by the global supply chain disruptions that impacted the automotive industry at times during previous years. We continue to actively monitor and manage inventory levels across all inventory types in order to maximize both supply continuity and the efficient use of working capital.

~~Public~~The ~~health~~cyclical ~~crises~~nature ~~and~~of ~~other~~automotive ~~global~~sales ~~health pandemics, epidemics~~ and ~~disease~~production ~~outbreaks~~can ~~and the measures taken in response thereto could~~ adversely ~~impact~~affect our business~~, financial condition, results of operations and cash flows~~.

AOur ~~significant~~business ~~public~~is ~~health~~directly ~~crisis,~~related ~~such~~to asautomotive ~~the~~sales ~~COVID-19~~and ~~pandemic,~~automotive ~~could~~vehicle ~~adversely~~production ~~impact~~by our ~~business~~customers. asAutomotive ~~well~~sales asand ~~those~~production ofare ~~our~~highly ~~suppliers~~cyclical and ~~customers. For example~~, ~~the~~in ~~COVID-19~~addition ~~pandemic~~to ~~caused~~general ~~extended~~economic ~~work stoppages~~conditions, ~~travel~~also ~~restrictions~~depend aton ~~our~~other ~~facilities~~factors, ~~and~~such ~~those~~as ofconsumer ~~our~~confidence ~~customers~~ and ~~suppliers,~~consumer ~~decreases~~preferences. ~~and~~Lower ~~volatility~~global inautomotive ~~consumer~~sales ~~demand~~would ~~and~~be ~~vehicle~~expected ~~production schedules, disruptions~~ to ~~our~~result ~~supply~~in ~~chain~~substantially ~~and~~all ~~other~~of ~~adverse~~our ~~global~~automotive ~~economic~~OEM ~~impacts.~~customers ~~Any~~lowering ~~future~~vehicle ~~significant~~production ~~public~~schedules, ~~health~~which ~~crisis~~has ~~could~~a ~~adversely~~direct impact ~~the~~on ~~global economy,~~ our ~~industry~~earnings and ~~the~~cash ~~overall demand for our products~~flows. In addition, ~~preventative~~automotive orsales ~~reactionary~~and ~~measures~~production ~~taken~~can bybe ~~governmental~~affected ~~authorities~~by ~~may~~labor ~~disrupt~~relations ~~the~~issues, ~~ability~~regulatory ~~of our employees~~requirements, ~~suppliers~~trade ~~and other business partners to perform their respective functions and obligations relative to the conduct of our business. Our ability~~

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toagreements, ~~predict~~the ~~and~~availability ~~respond~~of toconsumer ~~future~~financing, ~~changes~~inflationary ~~resulting~~pressures, ~~from~~interest ~~potential~~rate volatility, supply chain disruptions and other factors, including global health crises. isEconomic ~~uncertain~~declines asthat ~~are~~result ~~the~~in ~~ultimate~~a ~~potential~~significant ~~impacts~~reduction onin automotive sales and production by our ~~business.~~customers Inhave ~~2023~~in ~~and~~the ~~2024~~past had, ~~our~~and ~~manufacturing~~may ~~facilities~~in ~~were~~the ~~not~~future ~~impacted~~have, byan ~~prolonged~~adverse ~~shutdowns~~effect ~~directly~~on ~~resulting~~our ~~from~~business, ~~any~~results ~~public~~of ~~health~~operations ~~crises~~and financial condition.

In 2022, certain of our operations in China were impacted by lockdowns imposed by governmental authorities to mitigate the spread of COVID-19, resulting in total indirect and direct adverse impacts to revenue of approximately $270 million during the year ended December 31, 2022. The extent to which the COVID-19 pandemic or similar significant health crises will impact our business in the future is uncertain. In addition, to the extent such significant health crises may adversely affect our business, financial condition, results of operations and cash flows, they may also have the effect of heightening many of the other risk factors in this section.

The cyclical nature of automotive sales and production can adversely affect our business.

Our business is directly related to automotive sales and automotive vehicle production by our customers. Automotive sales and production are highly cyclical and, in addition to general economic conditions, also depend on other factors, such as consumer confidence and consumer preferences. Lower global automotive sales would be expected to result in substantially all of our automotive OEM customers lowering vehicle production schedules, which has a direct impact on our earnings and cash flows. In addition, automotive sales and production can be affected by labor relations issues, regulatory requirements, trade agreements, the availability of consumer financing, inflationary pressures, interest rate volatility, supply chain disruptions and other factors, including global health crises. Economic declines that result in a significant reduction in automotive sales and production by our customers have in the past had, and may in the future have, an adverse effect on our business, results of operations and financial condition.

Our sales are also affected by inventory levels and OEMs’ production levels. We cannot predict when OEMs will decide to increase or decrease inventory levels or whether new inventory levels will approximate historical inventory levels. Uncertainty and other unexpected fluctuations could have a material adverse effect on our business and financial condition.

A prolonged ~~economic~~recession and/or a downturn orin ~~economic~~global ~~uncertainty~~automotive sales could adversely affect our business and cause us to require additional sources of financing to continue our operations, which may not be available to us or be available only on materially different terms than what has historically been available.

Our sensitivity to economic cycles and any related fluctuation in the businesses of our customers or potential customers may have a material adverse effect on our financial condition, results of operations or cash flows. Global automotive vehicle production ~~decreased~~increased 14% from 2024 to 2025 (31% on an Aptiv weighted market basis, which represents global vehicle production weighted to the geographic regions in which the Company generates its revenue) ~~from 2023 to 2024~~, reflecting increased vehicle production ~~declines~~ of 510% in ~~Europe~~China and 21% in ~~North~~South America, our smallest region, partially offset by ~~increased~~declines ~~production~~ of 42% in ~~China~~North America and 31% in ~~South~~Europe. ~~America,~~A ~~our~~prolonged ~~smallest~~downturn ~~region.~~in ~~Uncertainty~~or uncertainty relating to global or regional economic conditions, including as a result of trade barriers, high inflation, component shortages, labor shortages or any significant reduction in automotive sales by our customers, may result in the delay or cancellation of plans to purchase our products, which could have ana material adverse ~~impact~~effect on our business., Aresults ~~prolonged~~of ~~downturn~~operations inand ~~the~~financial condition. Additionally, uncertainty relating to global or regional ~~automotive~~economic ~~industry,~~conditions ormay ahave ~~significant~~an ~~change~~adverse inimpact ~~product~~on ~~mix~~our ~~due~~business. toAny ~~consumer~~such ~~demand,~~adverse impacts could require us to shut down plants or result in impairment charges, restructuring actions or changes in our valuation allowances against deferred tax assets, which could be material to our financial condition and results of operations. IfDeteriorating global economic conditions ~~deteriorate~~ and/or ~~economic~~deteriorating ~~uncertainty~~performance ~~increases,~~of our ~~customers~~business ~~and potential customers~~ may ~~experience~~also ~~deterioration~~have ofa ~~their~~negative ~~businesses,~~impact ~~which~~on ~~may result in the delay or cancellation of plans to purchase~~ our ~~products.~~market ~~If vehicle production were to remain at low levels for an extended period of time or if cash losses for customer defaults rise~~capitalization, ~~our cash flow could be adversely impacted,~~ which could also result in ~~our~~impairment ~~needing to seek additional financing to continue our operations~~charges. ~~There~~A ~~can~~determination bethat noan ~~assurance~~impairment ~~that~~has weoccurred ~~would~~could behave ~~able~~a tomaterial ~~secure~~adverse ~~such~~effect ~~financing~~ on ~~terms~~our ~~acceptable~~financial ~~to us, or at all~~results.

Any significant negative cash flow or instability in the global credit markets and global economic pressure could limit our ability to obtain external financing on favorable terms. There can be no assurance that we would be able to secure such financing on terms acceptable to us, or at all.

A drop in the market share and changes in product mix offered by our customers can impact our revenues.

We are dependent on the continued growth, viability and financial stability of our customers. Our customers generally are OEMs in the automotive industry. This industry is subject to rapid technological change, vigorous competition, cyclical and short product life cycles, reduced consumer demand patterns and industry consolidation. When our customers are adversely affected by these factors, we may be similarly affected to the extent that our customers reduce the volume of orders for our products. As a result of changes impacting our customers, sales mix can shift which may have either favorable or unfavorable impacts on our revenues and would include shifts in regional growth, shifts in OEM sales demand, as well as shifts in consumer demand related to vehicle segment purchases and content penetration. For instance, a shift in sales demand favoring a particular OEMs’ vehicle model for which we do not have a supply contract may negatively impact our revenue. A shift in regional sales demand toward certain markets could impact the sales of our customers that have a large market share in those regions, which in turn would be expected to impact our revenue.

The mix of vehicle offerings by our OEM customers also impacts our sales. A decrease in consumer demand for specific types of vehicles where we have traditionally provided significant content could have a significant effect on our business and financial condition. For example, while we have identified high voltage electrification systems as a key product market, certain of our OEM customers have recently announced delays in or changes to their ~~electric~~software-defined vehicle investment strategies amidst reduced expectations for future consumer demand for these products, which could adversely impact the growth of this product market within our business. Our sales of products in the regions in which our customers operate also depend on the success of these customers in those regions.

Our business in China is subject to aggressive competition and is sensitive to economic and market conditions.

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~~within~~businesses ~~our~~or ~~business~~market share in China. ~~Our~~As ~~sales~~the size of ~~products~~the inChinese market continues to increase over the ~~regions~~long-term, we anticipate that additional competitors, both international and domestic, will seek to enter the Chinese market and that existing market participants will act aggressively to increase their market share. Increased competition may result in ~~which~~price reductions, reduced margins and our ~~customers~~inability ~~operate~~to ~~also~~gain ~~depend~~or onhold market share. Additionally, there have been periods of increased market volatility and moderations in the ~~success~~level of ~~these~~economic ~~customers~~growth in China, which resulted in periods of lower automotive production growth rates in China than those ~~regions~~previously experienced. Our business in China is sensitive to economic and market conditions that drive automotive sales volumes in China and may be impacted if there are reductions in vehicle demand in China. If we are unable to maintain our position in the Chinese market or if vehicle sales in China continue to experience minimal growth or decrease, our business and financial results could be materially adversely affected.

Our business in China is subject to aggressive competition and is sensitive to economic and market conditions.

Maintaining a strong position in the Chinese market is a key component of our global growth strategy. The automotive technology and components market in China is highly competitive, with competition from many of the largest global manufacturers and numerous smaller domestic manufacturers. Domestic Chinese OEMs have continued to expand their market share in China, and as a result, several non-Chinese OEMs have experienced declines in revenue and market share, resulting in certain traditional OEMs taking steps to reduce or restructure their operations in China. For example, in the second half of 2024, General Motors (“GM”) announced plans to restructure their operations in China given the recent challenges in the Chinese market. As GM, along with other traditional OEMs, are among our largest customers, our business and financial results may be adversely affected by decreases in their businesses or market share in China. As the size of the Chinese market continues to increase over the long-term, we anticipate that additional competitors, both international and domestic, will seek to enter the Chinese market and that existing market participants will act aggressively to increase their market share. Increased competition may result in price reductions, reduced margins and our inability to gain or hold market share. Additionally, there have been periods of increased market volatility and moderations in the level of economic growth in China, which resulted in periods of lower automotive production growth rates in China than those previously experienced. Our business in China is sensitive to economic and market conditions that drive automotive sales volumes in China and may be impacted if there are reductions in vehicle demand in China. If we are unable to maintain our position in the Chinese market or if vehicle sales in China continue to experience minimal growth or decrease, our business and financial results could be materially adversely affected.

We operate in the highly competitive automotive technology and component supply industry, and are dependent on the acceptance of new product introductions for continued growth.

The global automotive technology and component supply industry is highly competitive. Competition is based primarily on price, technology, quality, delivery and overall customer service. There can be no assurance that our products will be able to compete successfully with the products of our competitors. Furthermore, the rapidly evolving nature of the markets in which we compete has attracted, and may continue to attract, new and disruptive entrants from outside the traditional automotive supply industry, particularly in countries such as China or in areas of evolving vehicle technologies such as automated driving technologies and advanced software. These entrants may seek to gain access to certain vehicle technology and component markets. Any of these new competitors may develop and introduce technologies that gain greater customer or consumer acceptance, which could adversely affect the future growth of the Company. Additionally, consolidation in the automotive industry may lead to decreased product purchases from us. As a result, our sales levels and margins could be adversely affected by pricing pressures from OEMs and pricing actions of competitors. These factors led to selective resourcing of business to competitors in the past and may also do so in the future.

In addition, any of our competitors may foresee the course of market development more accurately than us, develop products that are superior to our products, have the ability to produce similar products at a lower cost than us, adapt more quickly than us to new technologies or evolving customer requirements or develop or introduce new products or solutions before we do, particularly related to potential transformative technologies such as autonomous driving solutions. As a result, our products may not be able to compete successfully with their products. These trends may adversely affect our sales as well as the profit margins on our products. If we do not continue to innovate to develop or acquire new and compelling products that capitalize upon new technologies, this could have a material adverse impact on our results of operations.

If we do not respond appropriately, the evolution of the automotive industry towards autonomous vehicles and mobility on demand services could adversely affect our business.

The automotive industry is increasingly focused on the development of advanced driver assistance technologies, with the goal of developing and introducing a commercially-viable, fully automated driving experience. The high development cost of active safety and autonomous driving technologies may result in a higher risk of exposure to the success of new or disruptive technologies different than those being developed by us. There has also been an increase in consumer preferences for mobility on demand services, such as car- and ride-sharing, as opposed to automobile ownership, which may result in a long-term reduction in the number of vehicles per capita. These evolving areas have also attracted increased competition from entrants outside the traditional automotive industry. If we do not continue to respond quickly and effectively to this evolutionary process, our results of operations could be adversely impacted.

We have invested substantial resources in markets and technologies where we expect growth and we may be unable to timely alter our strategies should such expectations not be realized.

Our future growth is dependent on our making the right investments at the right time to support product development and manufacturing capacity in geographic areas where we can support our customer base and in product areas of evolving vehicle technologies. We have identified the Asia Pacific region, and more specifically China, as a key geographic market, and have identified intelligent systems software, advanced driver assistance systems, autonomous driving technologies, mobility solutions and high voltage electrification systems as key product markets. We believe these markets are likely to experience substantial long-term growth, and accordingly have made and expect to continue to make substantial investments, both directly and through participation in various partnerships and joint ventures, in numerous manufacturing operations, technical centers, research and development activities and other infrastructure to support anticipated growth in these areas. If we are unable to deepen existing and develop additional customer relationships in the Asia Pacific region, or if we are unable to develop and introduce market-relevant advanced driver assistance or autonomous driving technologies, we may not only fail to realize expected rates of return on our existing investments, but we may incur losses on such investments and be unable to timely redeploy the invested capital to take advantage of other markets or product categories, potentially resulting in lost market share to our competitors. Our results will also suffer if these areas do not grow as quickly as we anticipate.

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technologies. We have identified the Asia Pacific region, and more specifically China, as a key geographic market, and have identified intelligent systems software, advanced driver assistance systems, autonomous driving technologies, mobility solutions and high voltage electrification systems as key product markets. We believe these markets are likely to experience substantial long-term growth, and accordingly have made and expect to continue to make substantial investments, both directly and through participation in various partnerships and joint ventures, in numerous manufacturing operations, technical centers, research and development activities and other infrastructure to support anticipated growth in these areas. If we are unable to deepen existing and develop additional customer relationships in the Asia Pacific region, or if we are unable to develop and introduce market-relevant advanced driver assistance or autonomous driving technologies, we may not only fail to realize expected rates of return on our existing investments, but we may incur losses on such investments and be unable to timely redeploy the invested capital to take advantage of other markets or product categories, potentially resulting in lost market share to our competitors. Our results will also suffer if these areas do not grow as quickly as we anticipate.

We may not be able to respond quickly enough to changes in regulations, technology and technological risks, and to develop our intellectual property into commercially viable products.

We cannot provide assurance that certain of our products will not become obsolete or that we will be able to achieve the technological advances that may be necessary for us to remain competitive and maintain or increase our revenues in the future. We are also subject to the risks generally associated with new product introductions and applications, including lack of market acceptance, delays in product development or production and failure of products to operate properly. The pace of our development and introduction of new and improved products depends on our ability to implement improved technological innovations in design, engineering and manufacturing, which requires extensive capital investment. Any capital expenditure cuts in these areas that we may determine to implement in the future to reduce costs and conserve cash could reduce our ability to develop and implement improved technological innovations, which may materially reduce demand for our products.

To compete effectively in the automotive technology and components industry, we must be able to launch new products to meet changing consumer preferences and our customers’ demand in a timely and cost-effective manner. Our ability to respond to competitive pressures and react quickly to other major changes in the marketplace, including the potential introduction of disruptive technologies such as autonomous driving solutions or consumer desire for and availability of vehicles with advanced driver assistance technologies or which use alternative fuels is also a risk to our future financial performance.

Changes in legislative, regulatory or industry requirements or in competitive technologies may render certain of our products obsolete or less attractive. Our ability to anticipate changes in technology and regulatory standards and to successfully develop and introduce new and enhanced products on a timely and cost competitive basis ~~are~~will be a significant ~~factors~~factor in our ability to remain competitive and to maintain or increase our revenues. For example, the evolving sector of automated driver assistance and autonomous driving technologies has led to guidance issued by the U.S. Department of Transportation (“DOT”) regarding best practices for the testing and deployment of automated driving systems, and outlining federal and state roles in the regulation of these systems, including providing state legislatures with best practices on how to safely foster the development and introduction of automated driving technologies onto public roads. There remains potential for the continued introduction of new and expanded regulations in this space, including potential requirements for autonomous vehicle systems to receive approval from the DOT or other regulatory agencies prior to commercial introduction. It is also possible that regulations in this space may diverge among jurisdictions, leading to increased compliance costs.

We cannot provide assurance that we will be able to install and certify the equipment needed to produce products for new product programs in time for the start of production, or that the transitioning of our manufacturing facilities and resources to full production under new product programs will not impact production rates or other operational efficiency measures at our facilities. Development and manufacturing schedules are difficult to predict, and we cannot provide assurance that our customers will execute on schedule the launch of their new product programs, for which we might supply products. Our failure to successfully launch new products, or a failure by our customers to successfully launch new programs, could adversely affect our results.

Certain of our businesses rely on relationships with collaborative partners and other third-parties for development of products and potential products, and such collaborative partners or other third-parties could fail to perform sufficiently.

We believe that for certain of our businesses, success in developing market-relevant products depends in part on our ability to develop and maintain collaborative relationships with other companies. There are certain risks involved in such relationships, as our collaborative partners may not devote sufficient resources to the success of our collaborations; may be acquired by other companies and subsequently terminate our collaborative arrangement; may compete with us; may not agree with us on key details of the collaborative relationship; or may not agree to renew existing collaborations on acceptable terms. Because these and other factors may be beyond our control, the development or commercialization of our products involved in collaborative partnerships may be delayed or otherwise adversely affected. If we or any of our collaborative partners terminate a collaborative arrangement, we may be required to devote additional resources to product development and commercialization or may need to cancel certain development programs, which could adversely affect our business and operational results.

Declines in the market share or business of our five largest customers may adversely impact our revenues and profitability.

Our five largest customers accounted for approximately 42% of our total net sales for the year ended December 31, 2025. Accordingly, our revenues may be adversely affected by decreases in any of their businesses or market share. For instance, the worldwide semiconductor shortage adversely impacted the automotive industry in recent years resulting in reduced vehicle production schedules and sales from historical levels, which adversely impacted our financial condition, operating results and cash flows for portions of the year ended December 31, 2023. In addition, certain United Automobile, Aerospace and Agricultural Implement Workers of America (“UAW”) represented employees at GM, Ford Motor Company (“Ford”) and Stellantis N.V. (“Stellantis”) initiated labor strikes in September 2023, lasting more than six weeks in duration. As GM, Ford and Stellantis are among our largest customers, these labor strikes adversely impacted our financial condition, operating results

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~~collaborative~~and ~~arrangement~~cash flows for the year ended December 31, we2023. ~~may~~Furthermore, bebecause ~~required~~our tocustomers ~~devote~~typically ~~additional~~have ~~resources~~no obligation to ~~product~~purchase ~~development~~a ~~and~~specific ~~commercialization~~quantity orof ~~may~~parts, ~~need~~a todecline ~~cancel~~in ~~certain~~the ~~development~~production ~~programs~~levels of any of our major customers, particularly with respect to models for which we are a significant supplier, could reduce our sales and thereby adversely affect our ~~business~~financial ~~and~~condition, ~~operational~~operating results and cash flows.

Declines in the market share or business of our five largest customers may adversely impact our revenues and profitability.

Our five largest customers accounted for approximately 40% of our total net sales for the year ended December 31, 2024. Accordingly, our revenues may be adversely affected by decreases in any of their businesses or market share. For instance, the worldwide semiconductor shortage adversely impacted the automotive industry in recent years resulting in reduced vehicle production schedules and sales from historical levels, which adversely impacted our financial condition, operating results and cash flows for portions of the years ended December 31, 2023 and 2022. In addition, certain United Automobile, Aerospace and Agricultural Implement Workers of America (“UAW”) represented employees at GM, Ford Motor Company (“Ford”) and Stellantis N.V. (“Stellantis”) initiated labor strikes in September 2023, lasting more than six weeks in duration. As GM, Ford and Stellantis are among our largest customers, these labor strikes adversely impacted our financial condition, operating results and cash flows for the year ended December 31, 2023. Furthermore, because our customers typically have no obligation to purchase a specific quantity of parts, a decline in the production levels of any of our major customers, particularly with respect to models for which we are a significant supplier, could reduce our sales and thereby adversely affect our financial condition, operating results and cash flows.

We may not realize sales represented by awarded business.

We estimate awarded business using certain assumptions, including projected future sales volumes. Our customers generally do not guarantee volumes. In addition, awarded business may include business under arrangements that our customers have the right to terminate without penalty. Therefore, our actual sales volumes, and thus the ultimate amount of revenue that we derive from such sales, are not committed. If actual production orders from our customers are not consistent with the projections we use in calculating the amount of our awarded business, we could realize substantially less revenue over the life of these projects than the currently projected estimate.

Continued pricing pressures, OEM cost reduction initiatives and the ability of OEMs to re-source or cancel vehicle programs may result in lower than anticipated margins, or losses, which may have a significant negative impact on our business.

Cost-cutting initiatives adopted by our customers result in increased downward pressure on pricing. Our customer supply agreements generally require step-downs in component pricing over the period of production, typically one to three percent per year. In addition, our customers often reserve the right to terminate their supply contracts for convenience, which enhances their ability to obtain price reductions. OEMs have also possessed significant leverage over their suppliers, including us, because the automotive technology and component supply industry is highly competitive, serves a limited number of customers, has a high fixed cost base and historically has had excess capacity. Based on these factors, and the fact that our customers’ product programs typically last a number of years and are anticipated to encompass large volumes, our customers are able to negotiate favorable pricing. Accordingly, as a Tier I supplier, we are subject to substantial continuing pressure from OEMs to reduce the price of our products. For example, our customer supply agreements generally provide for annual reductions in pricing of our products over the period of production. It is possible that pricing pressures beyond our expectations could intensify as OEMs pursue restructuring and cost-cutting initiatives. If we are unable to generate sufficient production cost savings in the future to offset price reductions, our gross margin and profitability would be adversely affected. See Item 1. Supply Relationships with Our Customers for a detailed discussion of our supply agreements with our customers.

Our supply agreements with our OEM customers are generally requirements contracts, and a decline in the production requirements of any of our customers, and in particular our largest customers, could adversely impact our revenues and profitability.

We receive OEM purchase orders for specific components supplied for particular vehicles. In most instances our OEM customers agree to purchase their requirements for specific products but are not required to purchase any minimum amount of products from us. The contracts we have entered into with most of our customers have terms ranging from one year to the life of the model (usually three to seven years, although customers often reserve the right to terminate for convenience). Therefore, a significant decrease in demand for certain key models or group of related models sold by any of our major customers or the ability of a manufacturer to re-source and discontinue purchasing from us, for a particular model or group of models, could have a material adverse effect on us. To the extent that we do not maintain our existing level of business with our largest customers because of a decline in their production requirements or because the contracts expire or are terminated for convenience, we will need to attract new customers or win new business with existing customers, or our results of operations and financial condition will be adversely affected. See Item 1. Supply Relationships with Our Customers for a detailed discussion of our supply agreements with our customers.

Our inability to effectively manage the timing, quality and costs of new program launches could adversely affect our financial performance.

In connection with the award of new business, we obligate ourselves to deliver new products and services that are subject to our customers’ timing, performance and quality standards. The launch of production is a complex process, the success of which depends on a wide range of factors, including: the timing and frequency of design changes by our customers relative to the start of production; product maturity and complexity; production readiness of our own, as well as our customers’ and suppliers’ manufacturing facilities; robustness of manufacturing and validation processes; launch volumes; quality and production readiness of tooling and equipment; sufficiency of skilled employees; and initial product quality. Given the complexity of new program launches, we may experience difficulties managing product quality, timeliness and associated costs. Failure by us to successfully launch a new product could result in commercial or litigation claims against us which could have a material adverse effect on our profitability. Additionally, a significant product or program launch failure could adversely affect our reputation, future business prospects with one or more customers, and/or ability to execute our strategy. In addition, new program launches require a significant ramp up of costs; however, our sales related to these new programs generally are dependent upon the timing and success of our customers’ introduction of new vehicles. Customer decisions on program launch

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timing may be impacted by industry conditions, government regulations and consumer preferences, and therefore, the timing of such launches may also be subject to change.

Adverse developments affecting one or more of our suppliers could harm our profitability.

Any significant disruption in our supplier relationships, particularly relationships with sole-source suppliers, could harm our profitability. ~~Furthermore,~~Some ~~some~~ of our suppliers may not be able to handle commodity cost volatility and/or sharply changing volumes while still performing as we expect. To the extent our suppliers experience supply disruptions, there is a risk for delivery delays, production delays, production issues or delivery of non-conforming products by our suppliers. Even where these risks do not materialize, we may incur costs as we try to make contingency plans for such risks.

The discontinuation or loss of business ~~with respect to~~, or ~~the~~ lack of commercial success ~~of,~~with respect to a ~~vehicle~~particular ~~model~~product for which we are a significant supplier could ~~adversely~~reduce ~~affect~~ our ~~financial~~sales ~~performance~~and harm our profitability.

Although we receive purchase orders from many of our customers, these purchase orders generally provide for the supply of a customer’s annual requirements for a particular vehicle model and assembly plant, or in some cases, for the supply of a customer’s requirements for the life of a particular vehicle model, rather than for the purchase of a specific quantity of products. ~~The~~In ~~loss~~addition, ofcustomers ~~business~~may ~~with~~manufacture ~~respect~~components tointernally that are currently produced by outside suppliers, orsuch ~~the~~as ~~lack~~us. ofIf ~~commercial~~our ~~success~~OEM ofcustomers successfully in-source products currently manufactured by us, athe ~~vehicle~~discontinuation ~~model~~or loss of business for products which we are a significant supplier could reduce our sales and ~~thereby~~harm ~~adversely affect~~ our ~~financial condition, operating results and cash flows~~profitability.

Increases in costs of the materials and other supplies that we use in our products may have a negative impact on our business.

Significant changes in the markets where we purchase materials, components and supplies for the production of our products may adversely affect our profitability, particularly in the event of significant increases in demand where there is not a corresponding increase in supply, inflation or other pricing increases. In recent periods there have been significant fluctuations in the global prices of copper, petroleum-based resin products, semiconductors and fuel charges, which have had and may continue to have an unfavorable impact on our business, results of operations or financial condition. We will continue efforts to pass some supply and material cost increases onto our customers, although competitive and market pressures have limited our ability to do that, particularly with U.S. OEMs, and may prevent us from doing so in the future, because our customers are generally not obligated to accept price increases that we may desire to pass along to them. Even where we are able to pass price increases through to the customer, in some cases there is a lapse of time before we are able to do so. The inability to pass on price increases to our customers when raw material prices increase rapidly or to significantly higher than historic levels could adversely affect our operating margins and cash flow, possibly resulting in lower operating income and profitability. We expect to be continually challenged as demand for our principal raw materials and other supplies, including electronic components, is significantly impacted by demand in key growth markets, particularly in China. We cannot provide assurance that fluctuations in commodity prices will not otherwise have a material adverse effect on our financial condition or results of operations, or cause significant fluctuations in quarterly and annual results of operations.

Our hedging activities to address commodity price fluctuations may not be successful in offsetting future increases in those costs or may reduce or eliminate the benefits of any decreases in those costs.

In order to mitigate short-term volatility in operating results due to the aforementioned commodity price fluctuations, we hedge a portion of near-term exposure to certain raw materials used in production. The results of our hedging practice could be positive, neutral or negative in any period depending on price changes in the hedged exposures. Our hedging activities are not designed to mitigate long-term commodity price fluctuations and, therefore, will not protect from long-term commodity price increases. Our future hedging positions may not correlate to actual raw material costs, which could cause acceleration in the recognition of unrealized gains and losses on hedging positions in operating results.

We may encounter manufacturing challenges.

The volume and timing of sales to our customers may vary due to: variation in demand for our customers’ products; our customers’ attempts to manage their inventory; design changes; changes in our customers’ manufacturing strategy; our customers’ production schedules; acquisitions of or consolidations among customers; and disruptions in the supply of raw materials or other supplies used in our customers’ products. Due in part to these factors, many of our customers do not commit to long-term production schedules. Our inability to forecast the level of customer orders with certainty makes it difficult to schedule production and maximize utilization of manufacturing capacity.

We rely on third-party suppliers for components used in our products, and we rely on third-party manufacturers to manufacture certain of our assemblies and finished products. Our results of operations, financial condition and cash flows could be adversely affected if our third-party suppliers lack sufficient quality control or if there are significant changes in their financial or business condition. If our third-party manufacturers fail to deliver products, parts and components of sufficient ~~quality on time and at reasonable prices, we could have difficulties fulfilling our orders, sales and profits could decline, and our commercial reputation could be damaged.~~

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~~particularly~~quality ~~during~~on ~~economic~~time ~~downturns. If we are unable to improve utilization levels for these manufacturing lines~~ and ~~correctly~~at ~~manage~~reasonable ~~capacity~~prices, ~~the~~we ~~increased~~could ~~expense levels will~~ have andifficulties ~~adverse~~fulfilling ~~effect on~~ our ~~business~~orders, ~~financial~~sales ~~condition~~ and ~~results~~profits ofcould ~~operations. In addition~~decline, ~~some~~and of our ~~manufacturing~~commercial ~~lines~~reputation ~~are~~could ~~located~~be in China or other countries that are subject to a number of additional risks and uncertainties, including increasing labor costs, which may result from market demand or other factors, and political, social and economic instabilitydamaged.

From time to time, we have underutilized our manufacturing lines. This excess capacity means we incur increased fixed costs in our products relative to the net revenue we generate, which could have an adverse effect on our results of operations, particularly during economic downturns. If we are unable to improve utilization levels for these manufacturing lines and correctly manage capacity, the increased expense levels will have an adverse effect on our business, financial condition and results of operations. In addition, some of our manufacturing lines are located in China or other countries that are subject to a number of additional risks and uncertainties, including increasing labor costs, which may result from market demand or other factors, and political, social and economic instability.

Changes in factors that impact the determination of our non-U.S. pension liabilities may adversely affect us.

Certain of our non-U.S. subsidiaries sponsor defined benefit pension plans, which generally provide benefits based on negotiated amounts for each year of service. Our primary funded non-U.S. plans are located in Mexico and the United Kingdom and were underfunded by $75128 million as of December 31, ~~2024~~2025. The funding requirements of these benefit plans, and the related expense reflected in our financial statements, are affected by several factors that are subject to an inherent degree of uncertainty and volatility, including governmental regulation. In addition to the defined benefit pension plans, we have retirement obligations driven by requirements in many of the countries in which we operate. These legally required plans require payments at the time benefits are due. Obligations, net of plan assets, related to these non-U.S. defined benefit pension plans and statutorily required retirement obligations totaled $~~362~~423 million at December 31, ~~2024~~2025, of which $1924 million is included in accrued liabilities, $~~372~~428 million is included in long-term liabilities and $29 million is included in long-term assets in our consolidated balance sheets. Key assumptions used to value these benefit obligations and the cost of providing such benefits, funding requirements and expense recognition include the discount rate and the expected long-term rate of return on pension assets. If the actual trends in these factors are less favorable than our assumptions, this could have an adverse effect on our results of operations and financial condition.

We may suffer future asset impairment and other restructuring charges, including write downs of long-lived assets, goodwill, or intangible assets.

We have taken, are taking, and may take future restructuring actions to realign and resize our production capacity and cost structure to meet current and projected operational and market requirements. Charges related to these actions or any further restructuring actions may have a material adverse effect on our results of operations and financial condition. We cannot ensure that any current or future restructuring actions will be completed as planned or achieve the desired results.

Additionally, from time to time, we have recorded asset impairment losses relating to specific plants and operations. Generally, we record asset impairment losses when we determine that our estimates of the future undiscounted cash flows from an operation will not be sufficient to recover the carrying value of that facility’s building, fixed assets and production tooling. For goodwill, we perform a qualitative assessment of whether it is more likely than not that a reporting unit’s value is less than its carrying amount. If the qualitative assessment is not met, the Company then performs a quantitative assessment by comparing the estimated fair value of each reporting unit to its carrying value, including goodwill. If the fair value of the reporting unit is less than its carrying amount, the Company recognizes an impairment loss in an amount equal to the excess, not to exceed the amount of goodwill allocated to the reporting unit. For example, the Company assessed changes in circumstances that occurred during the third quarter of 2025 related to increased discount rates and a reduction in forecasted cash flows, which led the Company to conclude that, when considering the events and factors in totality, it was more likely than not that the estimated fair value of its Wind River reporting unit within the Advanced Safety and User Experience segment would be below its carrying value at September 30, 2025. The assessment indicated that the carrying value of this reporting unit exceeded its estimated fair value, and as a result, during the third quarter of 2025, the Company recorded a non-cash, pre-tax goodwill impairment charge of approximately $648 million related to the Wind River reporting unit. It is possible that we could incur ~~such~~additional charges in the future as changes in economic or operating conditions impacting the estimates and assumptions could result in additional impairment. See Item 7. Significant Accounting Policies and Critical Accounting Estimates for a detailed discussion of our annual goodwill and intangible assets impairment assessment.

Employee strikes and labor-related disruptions involving us or one or more of our customers or suppliers may adversely affect our operations.

Our business is labor-intensive and we have a number of unions, works councils and other represented employees. A strike or other form of significant work disruption by our employees would likely have an adverse effect on our ability to operate our business. A labor dispute involving us or one or more of our customers or suppliers or that could otherwise affect our operations could reduce our sales and harm our profitability. A labor dispute involving another supplier to our customers that results in a slowdown or a closure of our customers’ assembly plants where our products are included in the assembled parts or vehicles could also adversely affect our business and harm our profitability. In addition, certain UAW-represented employees at GM, Ford and Stellantis initiated labor strikes in September 2023, lasting more than six weeks in duration. As GM, Ford and Stellantis are among our largest customers, these labor strikes adversely impacted our financial condition, operating results and cash flows for the year ended December 31, 2023. In addition, our inability or the inability of any of our customers, our suppliers or our customers’ suppliers to negotiate an extension of a collective bargaining agreement upon its expiration could reduce our sales and harm our profitability. Significant increases in labor costs as a result of the renegotiation of collective bargaining agreements could also adversely affect our business and harm our profitability.

We are exposed to foreign currency fluctuations as a result of our substantial global operations, which may affect our financial results.

We have currency exposures related to buying, selling and financing in currencies other than the local currencies of the countries in which we operate. Approximately 65% of our net revenue for the year ended December 31, 2024 came from sales

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~~outside the U.S.~~GM, ~~which~~Ford ~~were~~and ~~primarily~~Stellantis ~~invoiced~~are inamong ~~currencies~~our ~~other~~largest ~~than the U.S. dollar~~customers, ~~and~~these welabor ~~expect~~strikes ~~net~~adversely ~~revenue~~impacted ~~from~~our ~~non-U.S.~~financial ~~markets~~condition, tooperating ~~continue~~results toand ~~represent~~cash aflows ~~significant~~for ~~portion~~the ofyear ~~our~~ended ~~net~~December ~~revenue. Accordingly~~31, ~~significant~~2023. ~~changes~~In inaddition, ~~currency~~our ~~exchange~~inability ~~rates,~~or ~~particularly~~ the ~~Euro,~~inability ~~Chinese~~of ~~Yuan~~any ~~(Renminbi)~~of ~~and~~our ~~Mexican Peso~~customers, ~~could~~our ~~cause~~suppliers ~~fluctuations~~or ~~in the reported results of~~ our ~~businesses~~customers’ ~~operations~~suppliers ~~that~~to ~~could~~negotiate ~~negatively~~an ~~affect~~extension ~~our results~~ of ~~operations. Price~~a ~~increases~~collective ~~caused~~bargaining byagreement ~~currency~~upon ~~exchange~~its ~~rate~~expiration ~~fluctuations~~could ~~may~~reduce ~~make~~ our ~~products~~sales ~~less~~and ~~competitive~~harm ~~or have an adverse effect on~~ our ~~margins~~profitability. ~~Currency~~Significant ~~exchange~~increases ~~rate~~in ~~fluctuations~~labor ~~may~~costs ~~also~~as ~~disrupt~~a ~~the~~result ~~business~~ of ~~our~~the ~~suppliers~~renegotiation byof ~~making~~collective ~~their~~bargaining ~~purchases~~agreements ofcould ~~raw~~also ~~materials~~adversely ~~more~~affect ~~expensive~~our business and ~~more~~harm ~~difficult~~our ~~to finance~~profitability.

Public health crises and other global health pandemics, epidemics and disease outbreaks and the measures taken in response thereto could adversely impact our business, financial condition, results of operations and cash flows.

A significant public health crisis, such as the COVID-19 pandemic, could adversely impact our business as well as those of our suppliers and customers. Any future significant public health crisis could adversely impact the global economy, our industry and the overall demand for our products. In addition, preventative or reactionary measures taken by governmental authorities may disrupt the ability of our employees, suppliers and other business partners to perform their respective functions and obligations relative to the conduct of our business. Our ability to predict and respond to future changes resulting from potential health crises is uncertain as are the ultimate potential impacts on our business. In 2023, 2024 and 2025, our manufacturing facilities were not impacted by prolonged shutdowns directly resulting from any public health crises.

We are exposed to foreign currency fluctuations as a result of our substantial global operations, which may affect our financial results.

We have currency exposures related to buying, selling and financing in currencies other than the local currencies of the countries in which we operate. Approximately 64% of our net revenue for the year ended December 31, 2025 came from sales outside the U.S., which were primarily invoiced in currencies other than the U.S. dollar, and we expect net revenue from non-U.S. markets to continue to represent a significant portion of our net revenue. Accordingly, significant changes in currency exchange rates, particularly the Euro, Chinese Yuan (Renminbi) and Mexican Peso, could cause fluctuations in the reported results of our businesses’ operations that could negatively affect our results of operations. Price increases caused by currency exchange rate fluctuations may make our products less competitive or have an adverse effect on our margins. Currency exchange rate fluctuations may also disrupt the business of our suppliers by making their purchases of raw materials more expensive and more difficult to finance.

Historically, we have reduced our currency exposure by aligning our costs in the same currency as our revenues or, if that is impracticable, through financial instruments that provide offsets or limits to our exposures, which are opposite to the underlying transactions. However, any measures that we may implement to reduce the effect of volatile currencies and other risks of our global operations may not be effective.

We face risks associated with doing business in various national and local jurisdictions.

The majority of our manufacturing and distribution facilities are in Mexico, China and other countries in Asia Pacific, Eastern and Western Europe, South America and Northern Africa. We also purchase raw materials and other supplies from many different countries around the world. For the year ended December 31, ~~2024~~2025, approximately 6564% of our net revenue came from sales outside the U.S. International operations are subject to certain risks inherent in doing business globally, including:

•exposure to local economic, political and labor conditions;

•unexpected changes in laws, regulations, economic and trade sanctions, trade or monetary or fiscal policy, including interest rates~~, foreign currency exchange rates and changes in the rate of inflation in the U.S. and other countries;~~

•foreign currency exchange rates and changes in the rate of inflation in the U.S. and other countries;

•tariffs, quotas, customs and other import or export restrictions and other trade barriers;

•expropriation and nationalization;

•difficulty of enforcing agreements, collecting receivables and protecting assets through certain non-U.S. legal systems;

•reduced technology, data or intellectual property protections;

•limitations on repatriation of earnings;

•withholding and other taxes on remittances and other payments by subsidiaries;

•investment restrictions or requirements;

•violence and civil unrest in local countries, including the conflict between Ukraine and Russia and the conflicts in the Middle East; and

•compliance with the requirements of an increasing body of applicable anti-bribery laws, including the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act and similar laws of various other countries.

Additionally, our global operations may also be adversely affected by political events, terrorist events and hostilities, complications due to natural, nuclear or other disasters or the spread of an infectious disease, virus or other widespread illness. For instance, effective January 1, 2024 and January 1, 2025, the government of Mexico implemented country-wide statutory minimum wage increases of 20% and 12%, respectively. Additionally, the government of Mexico has indicated it may implement other labor reforms, such as a bill to shorten the work week from 48 to 40 hours. While management has implemented measures to mitigate the impact of these labor reforms on our cost structure, we cannot predict the ultimate future impact on our business.

Existing free trade laws and regulations, such as the United States-Mexico-Canada Agreement, provide certain beneficial duties and tariffs for qualifying imports and exports, subject to compliance with the applicable classification and other requirements. Changes in laws or policies governing the terms of trade, and in particular increased trade restrictions, tariffs or taxes on imports from countries where we manufacture products, such as China and Mexico, could have a material adverse effect on our business and financial results. For example, in February 2025, the U.S. government imposed or threatened to impose new tariffs on imported products from Mexico, Canada and China. The impact of these tariffs is subject to a number of factors, including the effective date and duration of such tariffs, changes in the amount, scope and nature of the tariffs in the future, any retaliatory responses to such actions that the target countries may take and any mitigating actions that may become available. Despite recent trade negotiations between the U.S. and the Mexican, Canadian and Chinese governments, given the uncertainty regarding the scope and duration of any new tariffs, as well as the potential for additional tariffs or trade barriers by the U.S., Mexico, Canada, China or other countries, we can provide no assurance that any strategies we implement to mitigate the impact of such tariffs or other trade actions will be successful. In addition, in October 2022, the U.S. government imposed additional export control restrictions targeting the export, re-export or transfer of, among other products, certain advanced computing semiconductors, semiconductor manufacturing items and related technology to China, which could further disrupt supply chains and adversely impact our business. Management continues to monitor the volatile geopolitical environment to

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~~identify~~For instance, ~~quantify~~the government of Mexico implemented country-wide statutory minimum wage increases of approximately 13% (5% in Northern Border Zone), 12% and ~~assess~~20%, ~~proposed~~effective orJanuary ~~threatened~~1, ~~duties~~2026, ~~taxes~~2025 orand 2024, respectively. The government of Mexico has indicated it may implement other ~~business~~labor ~~restrictions~~reforms, ~~which~~such ~~could~~as ~~adversely~~an ~~affect~~initiative ~~our~~to ~~business~~shorten the work week from 48 to 40 hours, as early as January 1, 2027, through a gradual reduction of two hours per year. Labor costs have increased significantly in Mexico as a result of this and ~~financial~~other ~~results~~labor reform initiatives, necessitating a strategic review of more cost-competitive jurisdictions and a greater acceleration in manufacturing automation. While management has implemented measures to mitigate the impact of these labor reforms on our cost structure, we cannot predict the ultimate future impact on our business.

InExisting ~~addition~~free trade laws and regulations, such as the ~~outbreak~~United ofStates-Mexico-Canada ~~armed~~Agreement, ~~conflicts~~provide incertain beneficial duties and tariffs for qualifying imports and exports, subject to compliance with the ~~Middle~~applicable ~~East~~classification ~~beginning~~and other requirements. Changes in ~~October~~laws ~~2023~~or ~~has~~policies ~~created~~governing ~~numerous~~the ~~uncertainties~~terms of trade, ~~including~~and ~~the~~in ~~risk~~particular ~~that~~increased ~~the~~trade ~~conflicts~~restrictions, ~~spread~~tariffs, ~~throughout~~taxes ~~the~~or ~~broader~~non-tariff ~~region~~barriers on imports from countries where we manufacture products, such as China and ~~their~~Mexico, ~~impact~~could have a material adverse effect on our business and financial results. For example, beginning on April 2, 2025, the ~~global~~U.S. ~~economy~~government announced tariffs of at least 10% across imported goods from all countries, with rates even higher for goods from countries with a high trade deficit with the U.S. Subsequent to this announcement, a number of other countries announced tariffs on U.S. goods and ~~supply~~have ~~chains~~negotiated or continue to negotiate trade agreements with the U.S.

~~Furthermore~~While the impacts to the Company resulting from these incremental tariffs were not significant during 2025, the ~~conflict~~future ~~between~~impact ~~Ukraine~~of ~~and~~any ~~Russia~~announced tariffs is subject to a number of factors, ~~which~~including ~~began~~the ineffective ~~February~~date ~~2022~~and duration of such tariffs, ~~has~~changes ~~had~~in the amount, scope and isnature ~~expected~~of tothe ~~continue~~tariffs toin ~~have~~the future, ~~negative~~any ~~economic~~retaliatory ~~impacts~~responses to ~~both~~such actions that the target countries may take and toany ~~the~~mitigating ~~European~~actions that may become available, and ~~global~~may ~~economies~~be material to the Company. In ~~response~~addition, we are continuing to ~~the~~work ~~conflict,~~with ~~the~~our ~~European~~customers ~~Union~~and (“suppliers to mitigate the Eimpact of these incremental tariffs on our results of operations.~~U.”),~~ Despite recent trade negotiations and the potential for trade agreements between the U.S. and ~~other~~the ~~nations~~Mexican, ~~implemented~~Canadian ~~broad~~and ~~economic~~Chinese ~~sanctions~~governments, ~~against~~given ~~Russia.~~the ~~These~~uncertainty ~~countries~~regarding ~~may~~the ~~impose~~scope ~~further~~and ~~sanctions~~duration of any new tariffs and ~~take~~any ~~other~~associated ~~actions~~retaliatory measures, as ~~the~~well ~~situation~~as ~~continues.~~the ~~While~~potential ~~the~~for ~~sanctions~~additional ~~announced~~tariffs toor ~~date~~trade ~~have~~barriers ~~not~~by ~~had~~the aU.S., ~~material~~Mexico, ~~adverse~~Canada, ~~impact~~China onor usother countries, ~~any~~we ~~further~~can ~~sanctions~~provide ~~imposed~~no orassurance ~~actions~~that ~~taken~~any bystrategies ~~these~~we ~~countries,~~implement ~~and~~to ~~any~~mitigate ~~retaliatory~~the ~~measures~~impact byof ~~Russia~~such intariffs ~~response,~~or ~~including~~other ~~restrictions~~trade onactions ~~energy~~will ~~supplies~~be ~~from~~successful. ~~Russia~~Management continues to ~~countries~~monitor in the ~~region~~volatile ~~and~~geopolitical ~~asset~~environment ~~expropriations~~to identify, ~~could~~quantify ~~increase~~and ~~our~~assess ~~costs,~~proposed ~~reduce~~or ~~our~~threatened ~~sales~~duties, ~~and~~taxes ~~earnings~~ or ~~otherwise~~other ~~have~~business anrestrictions ~~adverse~~which ~~effect~~could onadversely affect our ~~operations.~~business and financial results.

The outbreak of armed conflicts in the Middle East beginning in October 2023 has also created numerous uncertainties, including the risk that the conflicts spread throughout the broader region, and their impact on the global economy and supply chains.

Furthermore, the conflict between Ukraine and Russia, which began in February 2022, has had, and is expected to continue to have, negative economic impacts to both countries and to the European and global economies. In response to the conflict, the European Union (“the E.U.”), the U.S. and other governments implemented broad economic sanctions against Russia. These countries may impose further sanctions and take other actions as the situation continues. While the sanctions announced to date have not had a material adverse impact on us, any further sanctions imposed or actions taken by these countries, and any retaliatory measures by Russia in response, including restrictions on energy supplies from Russia to countries in the region and asset expropriations, could increase our costs, reduce our sales and earnings or otherwise have an adverse effect on our operations.

Ukraine and Russia are significant global producers of raw materials used in our supply chain, including copper, aluminum, palladium and neon gases. Disruptions in the supply and volatility in the price of these materials and other inputs produced by Ukraine or Russia, including increased logistics costs and longer transit times, could adversely impact our business and results of operations. The conflict has also increased the possibility of cyberattacks occurring, which could either directly or indirectly impact our operations. Furthermore, the conflict has caused our customers to analyze their and their suppliers’ continued presence in the region and future customer production plans in the region remain uncertain.

We do not have a material physical presence in either ~~Ukraine~~Russia or ~~Russia~~Ukraine, with less than 1% of our workforce located in the countries as of December 31, ~~2024~~2025. ~~and~~For the year ended December 31, 2025, less than 1% of our net sales ~~for~~were ~~the~~generated ~~year~~from ~~ended~~manufacturing ~~December 31~~facilities in Ukraine, ~~2024~~and ~~generated~~we ~~from~~did ~~manufacturing~~not ~~facilities~~generate inany ~~those~~sales ~~countries~~in Russia. However, the impacts of the conflict have adversely impacted, and may continue to adversely impact, global economies, and in particular, the European economy, a region which accounted for approximately 3332% of our net sales for the year ended December 31, ~~2024~~2025. As a result of the conflict, the Company ceased using certain long-lived assets in Ukraine and consequently recorded non-cash impairment charges of $11 million during the year ended December 31, 2023. These charges were recorded within cost of sales in the consolidated statements of operations.

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We continue to monitor the situation and will seek to minimize its impact to our business, while prioritizing the safety and well-being of our employees located in both countries and our compliance with applicable laws and regulations in the locations where we operate. Any of the impacts mentioned above, among others, could adversely affect our business, business opportunities, results of operations, financial condition and cash flows.

Increasing our manufacturing footprint in Asian markets, including China, and our business relationships with Asian automotive manufacturers are important elements of our long-term strategy. In addition, our strategy includes increasing revenue and expanding our manufacturing footprint in lower-cost regions. As a result, our exposure to the risks described above may be greater in the future. The likelihood of such occurrences and their potential impact on us vary from country to country and are unpredictable.

If we fail to manage our growth effectively or to integrate successfully any new or future business ventures, acquisitions or strategic alliance into our business, our business could be materially adversely harmed. In addition, the failure to realize the expected benefits of any past or future acquisition could adversely affect our business.

We have completed a number of acquisitions in recent years, including the acquisitions of Wind River and Intercable Automotive Solutions S.r.l. in 2022. We expect to continue to pursue business ventures, acquisitions, and strategic alliances that leverage our technology capabilities and enhance our customer base, geographic penetration and scale to complement our current businesses and we regularly evaluate potential opportunities, some of which could be material. While we believe that such transactions are an integral part of our long-term strategy, there are risks and uncertainties related to these activities. Assessing a potential growth opportunity involves extensive due diligence. However, the amount of information we can obtain about a potential growth opportunity may be limited, and we can give no assurance that new business ventures, acquisitions, and strategic alliances will positively affect our financial performance or will perform as planned.

Furthermore, we may not be successful in fully or partially integrating companies that we acquire, including their personnel, financial systems, distribution, operations and general operating procedures. We may also encounter challenges in achieving appropriate internal control over financial reporting in connection with the integration of an acquired company. If we fail to assimilate or integrate acquired companies successfully, our business, reputation and operating results could be materially impacted. Likewise, our failure to integrate and manage acquired companies profitably may lead to future impairment of any associated goodwill and intangible asset balances. Furthermore, if the expected benefits of an acquisition do not meet the expectations of investors or securities analysts, the market price of our ordinary shares prior to the closing of the acquisition may decline.

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We face risks related to cybersecurity for both our infrastructure and products and any cybersecurity breach or failure of one or more key information technology systems, or those of third-parties with which we do business could have a material adverse impact on our business or reputation.

Our ability to keep our business operating effectively depends on the functional and efficient operation of information technology capabilities, both internally and externally. Our capabilities, as well as those of our customers, suppliers, partners and service providers, are crucial to our operations and may contain confidential personal information, business-related information or intellectual property. These capabilities are also susceptible to interruptions (including those caused by systems failures, ~~cyber-attacks~~cyberattacks and other natural or man-made incidents or disasters), which may be prolonged or go undetected. ~~Cyber-attacks~~Cyberattacks are continually increasing in their frequency, sophistication and intensity. Additionally, some actors are using artificial intelligence technology to launch more automated, targeted and coordinated attacks which further heightens these risks. Although we have and continue to employ capabilities, processes and other security and privacy measures designed to prevent, detect and mitigate the risk of such events, including but not limited to geographically diverse and resilient infrastructure, third-party risk management and the implementation of proactive security and privacy measures, a significant or large-scale interruption of our information technology capabilities could result in a confidentiality, integrity or availability data breach, and adversely affect our ability to manage and keep operations running efficiently and effectively, and could result in significant costs, regulatory investigations, fines or litigation. Incidents that result in a wider or sustained disruption to our business or products, or result in a personal data breach, could have a material adverse effect on our business, reputation, financial condition and results of operations. In addition, some of our employees work from home on a full-time or part-time basis, which may increase our vulnerability to cyber and other information technology risks.

Some of our products, including but not limited to safety-critical products, contain complex digital technologies designed to support today’s increasingly connected vehicles. Although we continue to employ capabilities, processes and other security and privacy measures designed to reduce risks of ~~cyber-attacks~~cyberattacks against our products, such measures may not provide absolute security (and, in turn, privacy) and may not sufficiently mitigate all potential risks under all scenarios. Failure of such products to effectively protect against attacks targeted at our products can negatively affect our brand and harm our business, prospects, customers, financial condition and operating results.

Further, engineering and maintaining security for our systems and products may require significant costs. However, failing to properly respond to and invest in information technology and cybersecurity advancements may limit our ability to attract and retain customers, prevent us from offering similar products and services as those offered by our competitors or inhibit our ability to meet regulatory, industry or other compliance requirements.

To date, we have not experienced a system failure, cyber-attack or security breach that has resulted in a material interruption in our operations or material adverse effect on our financial condition. Our Board of Directors regularly reviews relevant information technology and cybersecurity matters and receives periodic updates from information technology and cybersecurity subject matter experts as part of its risk assessment procedures, including analysis of existing and emerging risks, as well as plans and strategies to address those risks. While we continuously seek to expand and improve our information technology systems and maintain adequate disclosure controls and procedures, there can be no assurance that we can adequately anticipate all trends of the market, technology landscapes and threat landscapes, and there can be no assurance that such measures will prevent interruptions or security breaches that could adversely affect our business.25

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attract and retain customers, prevent us from offering similar products and services as those offered by our competitors or inhibit our ability to meet regulatory, industry or other compliance requirements.

To date, we have not experienced a system failure, cyberattack or security breach that has resulted in a material interruption in our operations or material adverse effect on our financial condition. Our Board of Directors regularly reviews relevant information technology and cybersecurity matters and receives periodic updates from information technology and cybersecurity subject matter experts as part of its risk assessment procedures, including analysis of existing and emerging risks, as well as plans and strategies to address those risks. While we continuously seek to expand and improve our information technology systems and maintain adequate disclosure controls and procedures, there can be no assurance that we can adequately anticipate all trends of the market, technology landscapes and threat landscapes, and there can be no assurance that such measures will prevent interruptions or security breaches that could adversely affect our business.

Refer to Item 1C. Cybersecurity of this Annual Report on Form 10-K for further information on the Company’s risk management, strategy and governance over cybersecurity matters.

Risks Related to Legal, Regulatory, Tax and Accounting Matters

We may incur material losses and costs as a result of warranty claims, product recalls, product liability and intellectual property infringement actions that may be brought against us.

We face an inherent business risk of exposure to warranty claims and product liability in the event that our products fail to perform as expected and, in the case of product liability, such failure of our products results in bodily injury and/or property damage. The fabrication of the products we manufacture is a complex and precise process. Our customers specify quality, performance and reliability standards. If flaws in either the design or manufacture of our products were to occur, we could experience a rate of failure in our products that could result in significant delays in shipment and product re-work or replacement costs. Although we engage in extensive product quality programs and processes, these may not be sufficient to avoid product failures, which could cause us to:

•lose net revenue;

•incur increased costs such as warranty expense and costs associated with customer support;

•experience delays, cancellations or rescheduling of orders for our products;

•experience increased product returns or discounts; or

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•damage our reputation,

all of which could negatively affect our financial condition and results of operations.

If any of our products are or are alleged to be defective, we may be required to participate in a recall involving such products. Each vehicle manufacturer has its own practices regarding product recalls and other product liability actions relating to its suppliers. However, as suppliers become more integrally involved in the vehicle design process and assume more of the vehicle assembly functions, OEMs continue to look to their suppliers for contribution when faced with recalls and product liability claims. AThe ~~recall~~number ~~claim~~of ~~brought~~vehicles ~~against~~recalled ~~us,~~globally orby aOEMs ~~product~~has ~~liability~~increased ~~claim~~above ~~brought~~historical ~~against~~levels. usThese inrecalls ~~excess~~can ofeither ~~our~~be ~~available~~initiated ~~insurance,~~by ~~may~~the ~~have a material adverse effect on our business.~~ OEMs ~~also~~or ~~require~~influenced ~~their suppliers to guarantee~~ or ~~warrant~~required ~~their~~by ~~products~~regulatory ~~and~~agencies. ~~bear~~Although ~~the~~there ~~costs~~are ofdiffering ~~repair~~rules and ~~replacement~~regulations ofacross ~~such~~countries ~~products~~governing ~~under~~recalls ~~new~~for ~~vehicle~~safety ~~warranties.~~issues, ~~Depending on~~ the ~~terms~~overall ~~under~~transition ~~which~~towards weglobal ~~supply products to a~~ vehicle ~~manufacturer,~~platforms ~~a vehicle manufacturer~~ may ~~attempt~~also contribute to ~~hold~~increased usrecalls ~~responsible~~outside ~~for some or all~~ of the ~~repair~~United orStates, ~~replacement~~as ~~costs~~automotive ofcomponents ~~products~~are ~~under~~increasingly ~~new~~standardized ~~vehicle~~across ~~warranties~~regions. ~~when~~Given the ~~OEM~~sensitivity ~~asserts~~to ~~that~~safety ~~the~~issues ~~product~~in ~~supplied did not perform as warranted. Although we cannot ensure that~~ the ~~future~~automotive ~~costs~~industry, ofincluding ~~warranty~~increased ~~claims~~focus byfrom ~~our~~regulators ~~customers~~and ~~will not be material~~consumers, we ~~believe~~anticipate ~~our~~the ~~established~~number ~~reserves~~of ~~are~~automotive ~~adequate~~recalls tomay ~~cover~~remain ~~potential~~above ~~warranty~~historical ~~settlements.~~levels ~~Our~~in ~~warranty~~the ~~reserves~~near ~~are~~future. ~~based~~In onaddition, ~~our~~the ~~best~~National ~~estimates~~Highway ofTraffic ~~amounts~~Safety ~~necessary~~Administration ~~to settle future~~ and ~~existing~~other ~~claims~~non-U.S. Weregulators ~~regularly~~have ~~evaluate~~ the ~~level~~authority, ofunder ~~these~~certain ~~reserves and adjust them when appropriate. However~~circumstances, ~~the final amounts determined~~ to berequire ~~due~~recalls ~~related~~ to ~~these~~remedy ~~matters~~safety ~~could differ materially from our recorded estimates~~concerns.

InA ~~addition~~recall claim brought against us, asor wea ~~adopt~~product ~~new~~liability ~~technology,~~claim webrought ~~face~~against anus ~~inherent~~in ~~risk~~excess of ~~exposure~~our available insurance, may have a material adverse effect on our business. OEMs also require their suppliers to guarantee or warrant their products and bear the ~~claims~~costs of ~~others~~repair ~~that~~and wereplacement ~~have~~of ~~allegedly~~such ~~violated~~products ~~their~~under ~~intellectual~~new ~~property~~vehicle ~~rights~~warranties. WeDepending ~~cannot~~on ~~ensure~~the ~~that~~terms under which we ~~will~~supply ~~not~~products ~~experience~~to ~~any~~a ~~material~~vehicle ~~warranty~~manufacturer, ~~product~~a ~~liability~~vehicle ormanufacturer ~~intellectual~~may ~~property~~attempt ~~claim~~to ~~losses~~hold inus responsible for some or all of the ~~future~~repair or replacement costs of products under new vehicle warranties when the OEM asserts that the product supplied did not perform as warranted. Although we cannot ensure that the future costs of warranty claims by our customers will not ~~incur~~be ~~significant~~material, ~~costs~~we believe our established reserves are adequate to ~~defend~~cover ~~such~~potential warranty settlements. Our warranty reserves are based on our best estimates of amounts necessary to settle future and existing claims. We regularly evaluate the level of these reserves and adjust them when appropriate. However, the final amounts determined to be due related to these matters could differ materially from our recorded estimates.

In addition, as we adopt new technology, we face an inherent risk of exposure to the claims of others that we have allegedly violated their intellectual property rights. We cannot ensure that we will not experience any material warranty,

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product liability or intellectual property claim losses in the future or that we will not incur significant costs to defend such claims.

We may be adversely affected by laws or regulations, including environmental, health and safety and climate change, regulation, litigation or other liabilities.

We are subject to various U.S. federal, state and local, and non-U.S., laws and regulations, including those related to environmental, health and safety, financial and other matters.

We cannot predict the substance or impact of pending or future legislation or regulations, or the application thereof. The introduction of new laws or regulations or changes in existing laws or regulations, or the interpretations thereof, could increase the costs of doing business for us or our customers or suppliers or restrict our actions and adversely affect our financial condition, operating results and cash flows. For example, certain of our customers may be affected by the curtailment in the United States of government incentives for electric and hybrid vehicles.

We are subject to laws and regulations governing, among other things:

•the generation, storage, handling, use, transportation, disposal, cleanup, or presence of, or exposure to hazardous materials;

•the emission and discharge of hazardous materials into the ground, air or water;

•climate change;

•the incorporation of certain chemical substances into our products, including electronic equipment; and

•the health and safety of our employees.

We are also required to obtain permits from governmental authorities for certain operations. We cannot assure you that we have been or will be at all times in complete compliance with such laws, regulations and permits. If we violate or fail to comply with these laws, regulations or permits, we could be fined or otherwise sanctioned by regulators. We could also be held liable for any and all consequences arising out of human exposure to hazardous substances or other environmental damage.

Certain environmental laws impose liability, sometimes regardless of fault, for investigating or cleaning up contamination on or emanating from our currently or formerly owned, leased, operated or ~~operated~~otherwise used property, as well as for damages to property or natural resources and for personal injury arising out of such contamination. Some of these environmental laws may also assess liability on persons who arrange for hazardous substances to be sent to third-party disposal or treatment facilities when such facilities are found to be contaminated. At this time, we are involved in various stages of investigation and cleanup related to environmental remediation matters at a number of present and former facilities. The ultimate cost to us of site cleanups is difficult to predict given the uncertainties regarding the extent of the required cleanup, the potential for ongoing environmental monitoring and maintenance that could be required for many years, the interpretation of applicable laws and regulations, alternative cleanup methods, and potential agreements that could be reached with governmental and third parties. While we have environmental reserves of approximately $4 million at December 31, ~~2024~~2025 for the cleanup of presently-known environmental contamination conditions, it cannot be guaranteed that actual costs will not significantly exceed these reserves. We also could be named as a potentially responsible party at additional sites in the future and the costs associated with such future sites may be material.

26In addition, environmental laws and regulations are complex, change frequently and generally have tended to become more stringent over time. Specifically, increased public awareness and concern regarding global climate change may continue to result in more international, regional, federal, state and local requirements, or pressure from key stakeholders, to reduce or mitigate climate change, which could impose significant operational restrictions, costs and compliance burdens upon our business or our products. While we have budgeted for future capital and operating expenditures to maintain compliance with environmental laws and regulations, we cannot ensure that environmental laws and regulations will not change or become more stringent in the future. Therefore, we cannot ensure that our costs of complying with current and future environmental, health and safety laws and regulations, and our liabilities arising from past or future releases of, or exposure to, hazardous substances will not adversely affect our business, results of operations or financial condition. For example, adoption of greenhouse gas or climate change rules in jurisdictions in which we operate facilities could require installation of emission controls, acquisition of emission credits, emission reductions, or other measures that could be costly, and could also impact utility rates and increase the amount we spend annually for energy. Furthermore, if we fail to achieve our sustainability goals and reduce our impact on the environment, or if there becomes a public perception that we have failed to act responsibly regarding climate change and sustainability, we could be exposed to negative publicity, which could adversely affect our business, results of operations, cash flows, financial condition and reputation.

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Environmental laws and regulations are complex, change frequently and have tended to become more stringent over time. Specifically, increased public awareness and concern regarding global climate change may continue to result in more international, regional, federal, state and local requirements, or pressure from key stakeholders, to reduce or mitigate climate change, which could impose significant operational restrictions, costs and compliance burdens upon our business or our products. While we have budgeted for future capital and operating expenditures to maintain compliance with environmental laws and regulations, we cannot ensure that environmental laws and regulations will not change or become more stringent in the future. Therefore, we cannot ensure that our costs of complying with current and future environmental, health and safety laws and regulations, and our liabilities arising from past or future releases of, or exposure to, hazardous substances will not adversely affect our business, results of operations or financial condition. For example, adoption of GHG or climate change rules in jurisdictions in which we operate facilities could require installation of emission controls, acquisition of emission credits, emission reductions, or other measures that could be costly, and could also impact utility rates and increase the amount we spend annually for energy. Furthermore, if we fail to achieve our sustainability goals and reduce our impact on the environment, or if there becomes a public perception that we have failed to act responsibly regarding climate change and sustainability, we could be exposed to negative publicity, which could adversely affect our business and reputation.

We may identify the need for additional environmental remediation or demolition obligations relating to facility divestiture, closure and decommissioning activities.

As we sell, close and/or demolish facilities around the world, environmental investigations and assessments will need to be performed. We may identify previously unknown environmental conditions or further delineate known conditions that may require us to undertake remediation or incur additional costs related to demolition or decommissioning activities~~, such as abatement of asbestos containing materials or removal of storage tanks~~. Such costs ~~could~~may exceed our current reserves.

We are involved from time to time in legal proceedings and commercial or contractual disputes, which could have an adverse impact on our profitability and consolidated financial position.

We are involved in legal proceedings and commercial or contractual disputes that, from time to time, are significant. These are typically claims that arise in the normal course of business including, without limitation, commercial or contractual disputes, including warranty claims and other disputes with customers and suppliers; intellectual property matters; personal injury claims; environmental, health and safety issues; tax matters; and employment matters.

While we believe our reserves are adequate, the final amounts required to resolve these matters could differ materially from our recorded estimates and our results of operations could be materially affected.

For further information regarding our legal matters, see Item 3. Legal Proceedings. No assurance can be given that such proceedings and claims will not have a material adverse effect on our profitability and consolidated financial position.

Developments or assertions by us or against us relating to intellectual property rights could materially impact our business.

We own significant intellectual property, including a large number of patents and trade names, and are involved in numerous licensing arrangements. Our intellectual property plays an important role in maintaining our competitive position in a number of the markets we serve. Developments or assertions by or against us relating to intellectual property rights could negatively impact our business. Significant technological developments by others also could materially and adversely affect our business and results of operations and financial condition.

Taxing authorities could challenge our historical and future tax positions.

Our future effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory rates and changes in tax laws, or their interpretation, including the Organisation for Economic Co-operation’s and Development (“OECD”) Pillar Two Framework, and changes related to tax holidays or tax incentives. Our taxes could increase if certain tax holidays or incentives are not renewed upon expiration, or if tax rates or regimes applicable to us in such jurisdictions are otherwise increased. Existing income tax laws, regulations and related international agreements provide guidance and direction on the allocations of income and applicable taxing rights among the countries in which we operate. Changes in these guidelines are being contemplated at the local, national, regional (particularly in the European Union), and global levels (through organizations like the G20 and the OECD). Any changes, especially if made inconsistently, could have a materially adverse impact on our financial results.

The amount of tax we pay is subject to our interpretation of applicable tax laws in the jurisdictions in which we file. We have taken and will continue to take tax positions based on our interpretation of such tax laws. Additionally, in determining the adequacy of our provision for income taxes, we regularly assess the likelihood of adverse outcomes resulting from tax examinations. While it is often difficult to predict the final outcome or the timing of the resolution of a tax examination, our reserves for uncertain tax benefits reflect the outcome of tax positions that are more likely than not to occur. While we believe that we have complied with all applicable tax laws, there can be no assurance that a taxing authority will not have a different interpretation of the law and assess us with additional taxes. Should additional taxes be assessed, this may result in a material adverse effect on our results of operations and financial condition.

27Changes in tax laws, tax rates and adverse positions taken by taxing authorities could impact operating results.

Our tax position could be adversely impacted by changes in the tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof by any tax authority. For example, legislative action may be taken by the U.S. Congress which, if ultimately enacted, could override tax treaties upon which we rely or could broaden the circumstances under which we would be considered a U.S. resident, which could materially and adversely affect our effective tax rate and cash tax position. We cannot predict the outcome of any specific legislative proposals. If proposals were enacted that had the effect of limiting our ability to take advantage of the tax treaties between Switzerland and other jurisdictions (including the United States), we could be subjected to increased taxation. In addition, any future amendments to the current income tax treaties between Switzerland and other jurisdictions (including the United States) could subject us to increased taxation.

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~~interpretation~~Our oftax ~~the~~burden ~~law~~could ~~and~~increase ~~assess~~as usa ~~with additional taxes. Should additional taxes be assessed, this may~~ result ~~in a material adverse effect on our results~~ of ~~operations~~ongoing ~~and~~or ~~financial~~future ~~condition~~tax audits.

We are subject to periodic tax audits by tax authorities. Tax authorities may not agree with our interpretation of applicable tax laws and regulations. As a result, such tax authorities may assess additional tax, interest and penalties. We regularly assess the likely outcomes of these audits and other tax disputes to determine the appropriateness of our tax provision and establish reserves for material, known tax exposures. However, the calculation of such tax exposures involves the application of complex tax laws and regulations in many jurisdictions. Therefore, there can be no assurance that we will accurately predict the outcomes of any tax audit or other tax dispute or that issues raised by tax authorities will be resolved at a financial cost that does not exceed our related reserves. As such, the actual outcomes of these disputes and other tax audits could have a material impact on our financial results.

Our ability to use deferred tax assets may be subject to limitation.

We have deferred tax assets in certain countries, and our ability to use such assets will depend on our taxable income generation in the relevant countries. Further, subsequent changes to applicable tax laws in these jurisdictions could impact our ability to fully benefit from such deferred tax assets. Changes in our ability to use deferred tax assets could have a material impact on our financial results.

Risks Related to the Change in Tax Residency

We may be subject to various Swiss taxes as a result of the reorganization transaction.

In December 2024, Aptiv PLC completed a reorganization transaction, as defined in Item 1. Business of this Annual Report on Form 10-K for further information on the Company’s reorganization transaction, in which Old Aptiv established a new publicly-listed Jersey parent company, Aptiv Holdings Limited (“New Aptiv”), which is resident for tax purposes in Switzerland. New Aptiv will be subject to annual capital taxes and corporate income taxes at the federal, cantonal and communal levels and annual capital taxes at cantonal and communal levels. The overall (federal, cantonal, communal) effective corporate income tax rate may vary, but amount to a maximum of approximately 15% in ~~2024~~2025 for companies resident in Schaffhausen, Switzerland, depending on the amount of taxable net profit and respective cantonal/communal multiplier. However, provided that certain requirements are met, we will be entitled to a “participation relief” that can effectively eliminate Swiss corporate income taxation on qualifying dividend income from subsidiaries and capital gains on the disposal of qualifying participations in subsidiaries.

Aptiv is subject to a 35% Swiss withholding tax on gross dividend payment amounts and share repurchases unless such dividend payment or share repurchase is made out of qualifying capital contribution reserves (“Reserven aus Kapitaleinlagen”) or, in such case of share repurchases, such payment is made via a virtual second line of trading through a third -party bank. As part of the Separation, it is anticipated that existing qualifying capital contribution reserves (Reserven aus Kapitaleinlagen) will be transferred from Aptiv to its Electrical Distribution Systems business in connection with the Separation. Aptiv received a Swiss tax ruling confirming the creation of a material qualifying capital contribution reserve. Aptiv expects to pay distributions to shareholders out of such reserves, and as a result, any such distributions to shareholders would be exempt from the Swiss withholding tax. However, there can be no assurance that the Swiss withholding rules will not be changed in the future, the amount of qualifying capital contribution reserves (Reserven aus Kapitaleinlagen) may be depleted over time as Aptiv uses such reserves for distributions to shareholders or share repurchases ~~and banks may not be offering second line of trading services at the time the distribution is made~~. If Aptiv is unable to make a distribution out of qualifying capital contribution reserves (Reserven aus Kapitaleinlagen), it may consider making the distribution through a third -party bank via a second line of trading if available and if doing so would avoid the withholding tax. If it does not have qualifying capital contribution reserves (Reserven aus Kapitaleinlagen) and is not able to secure an efficient second virtual line of trading, then any dividends paid by Aptiv or share repurchases by Aptiv will generally be subject to a Swiss withholding tax at a rate of 35% which can be reduced depending on the tax residency of the dividend recipient.

Finally, Aptiv is also subject to a Swiss issuance stamp tax levied at a rate of 1% on the fair value of share issuances and increases of our equity, other than in connection with qualifying restructurings like the Transaction. In addition, Aptiv is subject to certain other Swiss indirect taxes (e.g., VAT and Swiss securities transfer stamp tax).

Refer to Item 1. Business of this Annual Report on Form 10-K for further information on the Company’s reorganization transaction.

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Planned Spin-off of Electrical Distribution Systems Business

We are pursuing a plan to separate our Electrical Distributions Systems business into an independent, publicly traded company. The proposed ~~separation~~Separation is contingent upon the satisfaction of a number of conditions, may not be completed on the currently contemplated timeline, or at all, and may not achieve the intended benefits.

On January 22, 2025, we announced our ~~intent~~intention to pursue a separation of our Electrical Distribution Systems business into a new, independent publicly traded company (“Versigent”), through a transaction expected to be treated as a tax-free spin-off to ~~our~~its shareholders (the “Separation”). The ~~proposed~~Separation ~~spin-off~~ is subject to various conditions, is complex in nature, and may be affected by unanticipated developments, credit and equity markets, or changes in market conditions. As two independent, publicly traded companies, each ~~business~~company will be smaller and less diversified than Aptiv, with a narrower business focus and may be more vulnerable to changing market conditions. The planned ~~separation~~Separation is intended to qualify as a tax-free transaction for both Swiss and U.S. federal income tax purposes. Completion of the ~~spin-off~~Separation will be contingent upon customary closing conditions.

These or other unanticipated developments could delay or prevent the proposed ~~spin-off~~Separation or cause the proposed ~~spin-off~~Separation to occur on terms or conditions that are less favorable than anticipated. Further, our Board of Directors could decide, either because of a failure to satisfy closing conditions or because of market or other factors, to abandon the proposed ~~spin-off~~Separation.

We may not be able to achieve the full strategic and financial benefits that we anticipate to result from the ~~spin-off~~Separation, or such benefits may be delayed or not occur at all. The anticipated benefits of the ~~spin-off~~Separation are based on a number of assumptions, some of which may prove incorrect. We ~~also~~have incurred, and expect to continue to incur, significant expenses in connection with the ~~spin-off~~Separation, ~~certain~~a significant portion of which has already been incurred or will be incurred even if the ~~spin-off~~Separation is not completed, including costs of approximately $178 million during the year ended December 31, 2025. Executing the ~~spin-off~~Separation will require significant resources, time and attention from our senior management and employees, which could divert attention and resources away from other projects and the day-to-day operation of our business. We may face additional challenges as a result of the proposed Separation, including retaining existing or attracting new business and operational relationships, including with customers, suppliers, employees and other counterparties; and establishing transition service agreements and standalone readiness for key functions. We may experience negative reactions from financial markets if we do not complete the ~~spin-off~~Separation in a reasonable time period. Following the proposed ~~separation~~Separation, the combined value of the ordinary shares of the two publicly-traded companies may not be equal to or greater than what the value of our ordinary shares would have been had the proposed ~~separation~~Separation not occurred.

Moreover, completion of the Separation will result in independent public companies that are smaller, less diversified companies with more limited businesses concentrated in their respective industries than Aptiv was prior to the Separation. As a result, each company could be more vulnerable to global economic trends, geopolitical risks, demand or supply shocks, and changing industry or market conditions, which could have a material adverse effect on its business, financial condition, cash flows and results of operations. Each of the separate companies will also incur ongoing costs, including costs of operating as independent public companies, that the separated businesses will no longer be able to share.

Any of these factors could have a material adverse effect on our business, financial condition, results of operations, cash flows or the price of our ordinary shares.

28If our distribution of the shares of Versigent to our shareholders fails to qualify as tax-free for U.S. federal income tax purposes, certain of our subsidiaries and our U.S. shareholders could be subject to significant tax liabilities.

It is a condition to the distribution of the shares of Versigent to our shareholders as part of the Separation that we receive one or more tax opinions from our tax advisors, satisfactory to our Board of Directors in its sole discretion, regarding the qualification of the Separation as a distribution under Section 355(a)(1) of the Internal Revenue Code of 1986, as amended (the “Code”). We do not intend to seek a ruling from the Internal Revenue Service (the “IRS”) with respect to the U.S. federal income tax treatment of the Separation. The opinions of our tax advisors will assume that the Separation will be completed according to the terms of a separation and distribution agreement that we intend to enter into with Versigent prior to the Separation (the “Separation and Distribution Agreement”) and relies on the facts as stated in the Separation and Distribution Agreement, the Tax Matters Agreement (as defined below) and a number of other documents.

In addition, the opinions of our tax advisors will rely on certain facts, assumptions, representations, and undertakings from Versigent and us regarding the past and future conduct of the companies’ respective businesses and other matters and will be subject to certain caveats. If any of these facts, assumptions, representations, or undertakings are, or become, inaccurate or incomplete or are not otherwise satisfied, we and our shareholders may not be able to rely on the opinions of our tax advisors, and certain of our subsidiaries and our U.S. shareholders could be subject to significant tax liabilities. The opinions of our tax advisors will represent the judgment of each tax advisor, respectively, and will not be binding on the IRS or any courts, and there can be no assurance that the IRS will not take a contrary position or that a court will not uphold such position taken by the

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IRS. Notwithstanding the opinions of our tax advisors, the IRS could determine on audit that the Separation and/or certain related transactions are taxable if it determines that any of these facts, assumptions, representations, or undertakings are not correct or have been violated or if it disagrees with the conclusions in the opinion, or for other reasons, including as a result of certain significant changes in the share ownership of Versigent or us after the Separation. If the conclusions expressed in the opinions of our tax advisors are challenged by the IRS, and if the IRS prevails in such challenge, the tax consequences of the Separation (including the tax consequences to certain of our subsidiaries and our U.S. Holders) could be materially less favorable.

If the Separation and/or certain related transactions were determined not to qualify for non-recognition of gain or loss under Section 355 and related provisions of the Code, each U.S. Holder who received ordinary shares of Versigent in the Separation would be treated as having received a distribution in an amount equal to the fair market value of such ordinary shares received, which would generally result in: (i) a taxable dividend to the U.S. Holder to the extent of that U.S. Holder’s pro rata share of our current or accumulated earnings and profits; (ii) a reduction in the U.S. Holder’s basis (but not below zero) in our ordinary shares; and (iii) taxable gain from the exchange of our ordinary shares to the extent the amount received exceeds the sum of the U.S. Holder’s share of our earnings and profits and the U.S. Holder’s basis in our ordinary shares.

In addition, certain of our subsidiaries could be subject to U.S. federal income tax if the Separation and/or certain related transactions were determined not to qualify for non-recognition under Section 355 and related provisions of the Code. These amounts could be material, and could adversely affect our business, financial conditions, cash flows and results of operations.

We intend to enter into a tax matters agreement with Versigent, under which Versigent will make certain representations and covenants intended to protect the tax-free treatment of the Separation and certain related transactions (the “Tax Matters Agreement”). If, as a result of any of those representations being untrue or those covenants being breached, the Separation and/or certain related transactions were determined not to qualify for non-recognition of gain or loss under Section 355 and related provisions of the Code, Versigent could be required by the Tax Matters Agreement to indemnify us for the resulting taxes and related expenses. However, if Versigent fails to satisfy its indemnification obligations to us in respect of such taxes and expenses, our business, financial condition, cash flows and results of operations could be adversely affected.

General Risk Factors

Any changes in consumer credit availability or cost of borrowing could adversely affect our business.

Declines in the availability of consumer credit and increases in consumer borrowing costs have negatively impacted global automotive sales and resulted in lower production volumes in the past. Substantial declines in automotive sales and production by our customers could have a material adverse effect on our business, results of operations and financial condition.

In addition, the recent and acute volatility among certain financial institutions in the U.S., have raised questions regarding the stability of the banking sector in the U.S. and, while such volatility has not adversely affected our operations, it has had an adverse impact on the equity and credit markets. Any reoccurrence of these conditions has the potential to adversely impact consumer credit availability or the cost of borrowing, which in turn could adversely impact our business.

We may lose or fail to attract and retain key salaried employees and management personnel.

An important aspect of our competitiveness is our ability to attract and retain key salaried employees and management personnel. Our ability to do so is influenced by a variety of factors, including the compensation we award and the competitive market position of our overall compensation package. We may not be as successful as competitors at recruiting, assimilating and retaining highly skilled personnel. The loss of the services of any member of senior management or a key salaried employee could have an adverse effect on our business.

ITEM 1B. UNRESOLVED STAFF COMMENTS

We have no unresolved SEC staff comments to report.

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ITEM 1C. CYBERSECURITY

Aptiv has a risk-based cybersecurity program, dedicated to protecting our data, products and information technology systems as well as data belonging to our customers, suppliers and employees. Our ability to keep our business operating effectively depends on the functional and efficient operation of information technology capabilities, both internally and externally. Our capabilities, as well as those of our customers, suppliers, partners and service providers, are crucial to our operations and may contain confidential personal information, sensitive business-related information or intellectual property. These capabilities are also susceptible to interruptions (including those caused by systems failures, ~~cyber-attacks~~cyberattacks and other natural or man-made incidents or disasters), which may be prolonged or go undetected.

Risk Management and Strategy

Our cross-functional cybersecurity teams are responsible for addressing both enterprise and product cybersecurity risks. These teams, which are comprised of experts both within the organization and externally, utilize a defensive cybersecurity strategy with multiple layers of cybersecurity controls to protect our data (and data of others in our possession), systems and products.

Enterprise and product cybersecurity are incorporated into the Company’s overall risk management process. On a monthly basis, the Company’s cross-functional Enterprise Risk Management Committee meets to discuss short-term and long-term enterprise-wide risks and necessary action plans to mitigate those risks. The Chief Information Security Officer (the “CISO”) regularly presents to the Company’s Enterprise Risk Management Committee on key cybersecurity risks, threats and developments, as well as the Company’s strategies to mitigate those risks.

Enterprise Cybersecurity

The Company’s Enterprise Cybersecurity team, led by the ~~Chief Information Officer (“CIO”)~~CISO, is responsible for identifying, assessing the severity of, managing and remediating cybersecurity risks to the Company’s information technology infrastructure. Risks are identified through vulnerability hunting, infrastructure penetration testing, threat intelligence activities and other processes defined by the infrastructure Governance, Risk and Compliance (“GRC”) assessment program utilized by the Company. Furthermore, this team seeks to reduce cybersecurity risks through a number of activities, including annual cybersecurity training for the majority of the Company’s employees, phishing tests, compliance assessments, vulnerability and noncompliance remediation and the implementation and maintenance of new cybersecurity technology.

Third-party service providers are also utilized by the Enterprise Cybersecurity team to play a supporting role in incident response, threat intelligence, firewall management, vulnerability management and endpoint management and detection.

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Aptiv is also exposed to cybersecurity risks at third-parties, such as suppliers, customers, service providers and consultants. Third-party risk to the Company is identified through an internal third-party risk management process, which involves analyzing third parties for cybersecurity risk at onboarding and throughout the duration of their relationship with the Company. For third-parties with a high cyber risk, we also utilize external firms to monitor such third-parties for threats and to provide remediation support as needed.

Product Cybersecurity

The Company’s Product Cybersecurity team, led by the ~~Chief~~Product ~~Technology~~Cybersecurity Officer (~~the~~ “~~CTO~~PCSO”), is responsible for assessing and managing the Company’s cybersecurity risk as it relates to Aptiv’s product portfolio. Risks are identified through threat intelligence, security testing, including penetration testing, audits and other processes defined by the Company’s product cybersecurity GRC program. The processes by which the Product Cybersecurity team manages automotive product security risks have been audited, assessed and certified as compliant with various applicable international regulatory standards by independent third-party auditors.

Governance

Enterprise Cybersecurity

The Company’s Enterprise Cybersecurity Security Operation’s Center (“SOC”), which is supervised by the ~~CIO~~CISO, is responsible for identifying, assessing and managing the Company’s risks from cybersecurity threats, as well as for responding to cybersecurity incidents. The SOC management team carries a diverse array of applicable cybersecurity and information technology credentials and generally has over twenty years of experience in cybersecurity. When an infrastructure cybersecurity incident occurs, the SOC initiates communications to the appropriate groups within the Company, which may include various members of the Company’s management, including the Chief Executive Officer, Chief Financial Officer, Chief Legal Officer and Chief Operating Officer.

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Depending on the severity and the nature of the incident, an investigation and impact mitigation protocols may be triggered. External experts or agencies may also be engaged in accordance with the Company’s policies and procedures. Upon conclusion of the active investigation of an incident, the SOC is required to identify the cause of the incident, formally report to Company leadership, and initiate changes to protect against a recurrence of the incident, among other procedures.

Table top exercises are also held annually and are designed to practice and validate existing incident response plans, as well as to identify the plans’ respective strengths and weaknesses. These exercises test the response capabilities of both technical and executive level resources, including key vice presidents, senior company leaders and cross-functional capabilities, such as with the Product Cybersecurity team as well as with the Legal, Privacy and Sales teams.

Product Cybersecurity

The Product Security Incident Response Team (the “PSIRT”), which is supervised by the ~~CTO~~PCSO, is responsible for responding to product related cybersecurity incidents, which at times involve collaborating with the Enterprise Cybersecurity SOC. The PSIRT team regularly analyzes vulnerabilities reported by threat intelligence and public vulnerability reporting databases and determines whether any of those vulnerabilities are present in the Company’s products. Vulnerabilities identified are reviewed by the ~~Vice~~PCSO ~~President of Product Security~~ on a weekly basis with involvement from the ~~CTO and the~~ Company’s legal staff as necessary. For all vulnerabilities identified, the PSIRT reviews whether adequate mitigations are already in place. In situations where adequate mitigations are not present, the PSIRT works with the customer to address the concern which may involve adding additional mitigations to the product.

Board of Directors Oversight

The Company’s Board of Directors (the “Board”) takes an active role in risk oversight related to cybersecurity matters, primarily through the Audit Committee (the “AC”), which covers enterprise cybersecurity risk, and the Innovation and Technology Committee (the “ITC”), which covers product cybersecurity risk. The Board, individually and through the AC and ITC, regularly reviews relevant information technology and cybersecurity matters and receives periodic updates from information technology and cybersecurity subject matter experts as part of its risk assessment procedures, including analysis of existing and emerging risks, as well as plans and strategies to address those risks. In connection with the Board’s risk management oversight responsibility, the entire Board receives a full briefing from management annually on cybersecurity matters, as well as periodic briefings based on specific requests or current events. On a regular basis, the Board also reviews the Company’s enterprise risk management program, within which the Company’s cybersecurity processes have been integrated, as described above.

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The Board and AC regularly review the identification and management of enterprise cybersecurity risks and review regular reports from management on system vulnerabilities and security measures in effect to deter or mitigate breaches or hacking activities. The AC also reviews our guidelines and policies with respect to risk assessment and management of our major financial and information technology risk exposures, including enterprise cybersecurity, along with the monitoring and mitigation of identified exposures.

The Board and ITC regularly review the identification and management of product cybersecurity risks and review regular reports from management on risks and mitigation strategies in effect to reduce product cybersecurity risk. The ITC also reviews our guidelines and policies with respect to risk assessment and management of product security risks, including both our approach toward a secure systems development lifecycle and product security incident response.

In ~~2024~~2025, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, despite our efforts, we cannot eliminate all risks from cybersecurity threats, or provide assurances that we have not experienced an undetected cybersecurity incident. For more information about these risks, please refer to Item 1A. Risk Factors of this Annual Report on Form 10-K — “We face risks related to cybersecurity for both our infrastructure and products and any cybersecurity breach or failure of one or more key information technology systems, or those of third-parties with which we do business could have a material adverse impact on our business or reputation.”

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ITEM 2. PROPERTIES

As of December 31, ~~2024~~2025, we owned or leased ~~140~~139 major manufacturing sites and 11 major technical centers. A manufacturing site may include multiple plants and may be wholly or partially owned or leased. We also have many smaller manufacturing sites, sales offices, warehouses, engineering centers, joint ventures and other investments strategically located throughout the world. We have a presence in 4950 countries. The following table shows the regional distribution of our major manufacturing sites by the operating segment that uses such facilities:

	North America	Europe,Middle East& Africa	Asia Pacific	South America	Total
Signal and Power Solutions	46	42	38	5	131
Advanced Safety and User Experience	2	4	3	—	9
Total	48	46	41	5	140
Engineered Components Group	26	22	19	2	69
Electrical Distribution Systems	20	17	21	3	61
Total	48	43	43	5	139

In addition to these manufacturing sites, we had 11 major technical centers: four in North America; two in Europe, Middle East and Africa; and five in Asia Pacific.

Of our ~~140~~139 major manufacturing sites and 11 major technical centers, which include facilities owned or leased by our consolidated subsidiaries, 66 are primarily owned and 8584 are primarily leased.

We frequently review our real estate portfolio and develop footprint strategies to support our customers’ global plans, while at the same time supporting our technical needs and controlling operating expenses. We believe our evolving portfolio will meet current and anticipated future needs.

ITEM 3. LEGAL PROCEEDINGS

We are from time to time subject to various actions, claims, suits, government investigations, and other proceedings incidental to our business, including those arising out of alleged defects, ~~breach~~alleged breaches of contracts, alleged competition and antitrust matters, product warranties, alleged intellectual property matters, alleged personal injury claims and employment-related and environmental matters. It is our opinion that the outcome of such matters will not have a material adverse impact on our consolidated financial position, results of operations, or cash flows. With respect to warranty matters, although we cannot ensure that the future costs of warranty claims by customers will not be material, we believe our established reserves are adequate to cover potential warranty settlements. However, the final amounts required to resolve these matters could differ materially from our recorded estimates.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

The Company’s ordinary shares are publicly listed on the New York Stock Exchange under the symbol “APTV.”

As of January 3130, ~~2025~~2026, there was 1 shareholder of record of our ordinary shares.

The following graph reflects the comparative changes in the value from December 31, ~~2019~~2020 through December 31, ~~2024~~2025, assuming an initial investment of $100 and the reinvestment of dividends, if any in (1) our ordinary shares, (2) the S&P 500 index and (3) the Automotive Peer Group. Historical performance may not be indicative of future shareholder returns.

Stock Performance Graph

* $100 invested on December 31, ~~2019~~2020 in our stock or in the relevant index, including reinvestment of dividends. Fiscal year ended December 31, ~~2024~~2025.

(1)Aptiv PLC

(2)S&P 500 – Standard & Poor’s 500 Total Return Index

(3)Automotive Peer Group – Adient plc, American Axle & Manufacturing Holdings, Inc., Aptiv PLC, ~~Blink~~Atmus ~~Charging~~Filtration ~~Co.,~~Technologies ~~BorgWarner~~ Inc., ~~Canoo~~BorgWarner Inc., Cooper-Standard Holdings Inc., Dana Incorporated, Dorman Products, Inc., Driven Brands Holdings Inc., Faraday Future Intelligent Electric Inc., Ford Motor Company, Fox Factory Holding Corp., Garrett Motion Inc., General Motors Company, Gentex Corporation, Gentherm Incorporated, Genuine Parts Company, The Goodyear Tire & Rubber Company, Holley Inc., Lear Corporation, LKQ Corporation, Lucid Group, Inc., ~~Luminar Technologies~~Monro, Inc., ~~Monro~~Motorcar Parts of America, Inc., PHINIA Inc., QuantumScape Corporation, Rivian Automotive, Inc., ~~SES AI Corporation,~~ Standard Motor Products, Inc., ~~Stoneridge,~~Strattec ~~Inc.~~Security Corporation, Tesla, Inc., ~~The Goodyear Tire & Rubber Company,~~ Valvoline Inc., Visteon Corporation, and XPEL, Inc.

Company Index	December 31, ~~2019~~2020		December 31, ~~2020~~2021		December 31, ~~2021~~2022		December 31, ~~2022~~2023		December 31, ~~2023~~2024		December 31, ~~2024~~2025
Aptiv PLC (1)	$	100.00	$	~~137~~126.5260	$	~~174~~71.1148	$	9868.3086	$	9446.7042	$	6358.8440
S&P 500 (2)	$	100.00	$	~~118~~128.4071	$	~~152~~105.3940	$	~~124~~133.7910	$	~~157~~166.5940	$	~~197~~196.0216
Automotive Peer Group (3)	$	100.00	$	~~291~~148.1783	$	~~433~~63.3517	$	~~183~~101.9294	$	~~296~~149.8307	$	~~434~~170.0448

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Equity Compensation Plan Information

The table below contains information about securities authorized for issuance under equity compensation plans. The features of these plans are discussed further in Note 21. Share-Based Compensation to our audited consolidated financial statements.

Plan Category	Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a)		Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (b)			Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a)) (c)
Equity compensation plans approved by security holders	24,~~908~~197,~~742~~662	(1)	$	—	(2)	86,~~118~~017,~~910~~405	(3)
Equity compensation plans not approved by security holders	—		—			—
Total	24,~~908~~197,~~742~~662		$	—		86,~~118~~017,~~910~~405

(1)Includes (a) 3039,~~497~~545 outstanding restricted stock units granted to our Board of Directors which were granted under the 2024 Aptiv PLC Long -Term Incentive Plan, as amended and restated effective April 24, 2024 (the “2024 LTIP”) and (b) 24,~~878~~158,~~245~~117 outstanding time- and performance-based restricted stock units granted to our employees, of which ~~524,323 were granted under the 2024 LTIP and~~ 2,~~353~~755,~~922~~853 were granted under the ~~Aptiv~~2024 ~~PLC Long-Term Incentive Plan, as amended and restated effective April 23, 2015~~LTIP.

(2)The restricted stock units have no exercise price.

(3)Remaining shares available under the 2024 LTIP.

Repurchase of Equity Securities

~~There~~A ~~were~~summary noof ~~repurchases~~our ofordinary ~~equity~~shares ~~securities~~repurchased during the quarter ended December 31, 2024. In July 2024, the Board of Directors authorized a new share repurchase program of up to $5.0 billion. This program commenced following completion of the Company’s January 2019 share repurchase program of up to $2.0 billion, which was approved by the Board of Directors in January 2019. On August 1, 2024, under the existing and new authorizations, the Company entered into an accelerated share repurchase program to repurchase an aggregate amount of $3.0 billion of Aptiv’s ordinary shares (the “ASR Agreements”). Under the terms of the ASR Agreements, the Company made an aggregate payment of $3.0 billion (the “Repurchase Price”) and received initial deliveries of approximately 30.8 million ordinary shares in aggregate, with a value of $2.25 billion, which were retired immediately and recorded as a reduction to shareholders’ equity. The final settlements under the ASR Agreements are scheduled to occur no later than the second quarter of 2025, ~~and~~is inshown ~~each case may be accelerated at the option of the applicable counterparty. As of December 31, 2024, approximately $2,515 million remained available remained available under the July 2024 program.~~below:


Period	Total Number of Shares Purchased (1)	Average Price Paid per Share (2)		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 (in millions) (3)
October 1, 2025 to October 31, 2025	653,958	$	82.96	653,958	$	2,365
November 1, 2025 to November 30, 2025	2,008,246	$	76.98	2,008,246	$	2,210
December 1, 2025 to December 31, 2025	1,227,747	$	77.37	1,227,747	$	2,115
Total	3,889,951	$	78.11	3,889,951

(1)The total number of shares purchased under the plans authorized by the Board of Directors are described below.

(2)Excluding commissions.

(3)In July 2024, the Board of Directors authorized a new share repurchase program of up to $5.0 billion. This program commenced following completion of the Company’s January 2019 share repurchase program of up to $2.0 billion. The timing of repurchases is dependent on price, market conditions and applicable regulatory requirements.

ITEM 6. [RESERVED]

Not applicable.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following management’s discussion and analysis of financial condition and results of operations (“MD&A”) is intended to help you understand the business operations and financial condition of the Company for the year ended December 31, ~~2024~~2025. This discussion should be read in conjunction with Item 8. Financial Statements and Supplementary Data. Our MD&A is presented in seven sections:

•Executive Overview

•Consolidated Results of Operations

•Results of Operations by Segment

•Liquidity and Capital Resources

•Off-Balance Sheet Arrangements

•Significant Accounting Policies and Critical Accounting Estimates

•Recently Issued Accounting Pronouncements

Executive Overview

Our Business

WeAptiv ~~are~~is a global industrial technology company focused on ~~making~~enabling ~~the~~a ~~world~~more ~~safer~~automated, ~~greener~~electrified and ~~more~~digitalized ~~connected~~future. We deliver ~~end-to-end~~flexible ~~mobility~~and scalable solutions, ~~enabling~~that support our customers’ transition to aan ~~more~~increasingly ~~electrified,~~ software-defined future. WeOur ~~design~~technologies ~~and~~reach ~~manufacture~~from ~~vehicle~~sensor ~~components~~to ~~and~~cloud, ~~provide~~including ~~electrical,~~the ~~electronic~~hardware and ~~active~~software ~~safety~~necessary ~~technology~~ to ~~the~~support ~~global~~ automotive and ~~commercial~~other ~~vehicle~~industries ~~markets,~~on ~~creating~~a ~~the~~global ~~software and hardware foundation for vehicle features and functionality~~basis. Our Advanced Safety and User Experience segment isprovides ~~focused~~advanced onsoftware ~~providing~~and ~~the~~services, ~~necessary~~intelligent ~~software~~sensors and ~~advanced~~high-performance ~~computing~~compute platforms,; ~~and~~ our ~~Signal~~Engineered ~~and~~Components ~~Power~~Group ~~Solutions~~ segment isprovides ~~focused~~connection onsystems, ~~providing~~high-performance ~~the~~interconnects, ~~requisite~~and ~~networking~~cable ~~architecture~~management ~~required~~and toprotection ~~support~~solutions; ~~the~~and ~~integrated~~our ~~systems~~Electrical inDistribution ~~today’s~~Systems ~~complex~~segment ~~vehicles.~~provides ~~Together,~~low ~~our~~voltage ~~businesses develop the ‘brain’~~ and ~~the~~high ~~‘nervous~~voltage ~~system’ of increasingly complex vehicles~~power, ~~providing~~signal ~~integration~~and ofdata ~~the vehicle into its operating environment~~distribution.

We are one of the largest vehicle technology suppliers and our customers include the 25 largest automotive original equipment manufacturers (“OEMs”) in the world, as well as many of the leading aerospace and defense companies and global telecom operators.

In December 2024, Old Aptiv (as defined below) completed its previously announced reorganization transaction (the “Transaction,” or the “reorganization transaction”), in which Old Aptiv established a new publicly-listed Jersey parent company, Aptiv Holdings Limited (“New Aptiv”), which is resident for tax purposes in Switzerland. As a result of the Transaction, all issued and outstanding ordinary shares of Old Aptiv were exchanged on a one-for-one basis for newly issued ordinary shares of New Aptiv. Following consummation of the Transaction, holders of Old Aptiv shares became ordinary shareholders of New Aptiv, Old Aptiv became a wholly-owned subsidiary of New Aptiv and New Aptiv was renamed “Aptiv PLC.” The previous publicly-listed Jersey parent company, which was an Irish tax resident, is referred to as “Old Aptiv” throughout this Annual Report on Form 10-K. New Aptiv’s ordinary shares are publicly traded on the New York Stock Exchange (“NYSE”) under the symbol “APTV,” the same symbol under which the Old Aptiv shares were previously listed. Aptiv PLC remains a public limited company incorporated under the laws of Jersey, and continues to be subject to U.S. Securities and Exchange Commission reporting requirements.

In connection with the Transaction, New Aptiv assumed Old Aptiv’s ~~Long~~long-~~Term~~term ~~Incentive~~incentive ~~Plans~~plans and its existing obligations in connection with awards granted thereunder, and Aptiv Swiss Holdings (i) entered into a supplemental indenture to each indenture in which Aptiv Swiss Holdings assumed all of Old Aptiv’s obligations under each series of Old Aptiv’s outstanding Notes and (ii) entered into an assumption and/or supplement agreement relating to ~~each~~the Credit Agreement in which New Aptiv assumed all of Old Aptiv’s obligations under ~~each~~the Credit Agreement as the “parent entity” thereunder. In addition, New Aptiv (i) entered into a supplemental indenture to each indenture in which New Aptiv guaranteed the outstanding Notes and (ii) entered into a guarantee joinder relating to ~~each~~the Credit Agreement in which New Aptiv guaranteed the obligations under ~~each~~the Credit Agreement. Following the reorganization transaction, Aptiv Swiss Holdings (i) replaced Old Aptiv as a guarantor of the borrowers’ obligations under the Credit Agreement, and (ii) succeeded to Old Aptiv as an obligor under the senior notes and the

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~~under the Credit Agreements, the senior notes and the~~ junior notes, and New Aptiv became a guarantor under the Credit ~~Agreements~~Agreement (and will act as the “parent entity” thereunder) and the indentures.

Planned Spin-off of Electrical Distribution Systems Business

On January 22, 2025, we announced our intention to pursue a separation of our Electrical Distribution Systems business into a new, independent publicly traded company, through a transaction expected to be treated as a tax-free spin-off to ~~Aptiv’s~~its shareholders (the “Separation”). The Company plans to complete the ~~separation~~Separation by ~~March~~April 311, 2026, subject to customary closing conditions. The new publicly traded Electrical Distributions Systems spin-off company will be named Versigent, and will trade on the NYSE under the symbol “VGNT” following the distribution date.

During the year ended December 31, 2025, the Company incurred costs of approximately $178 million related to the Separation. These costs, which are included in selling, general and administrative expense within the consolidated statements of operations, are primarily related to third-party professional fees associated with planning the Separation. The Company expects to continue to incur additional expenses related to the Separation through the completion of the transaction.

In connection with the Separation, in the first quarter of 2025, Aptiv realigned its business into three reportable operating segments: Advanced Safety and User Experience, Engineered Components Group and Electrical Distribution Systems. Prior period amounts have been adjusted retrospectively to reflect the change in reportable operating segments, consistent with the current year presentation, throughout the audited consolidated financial statements contained herein.

Business Strategy

We believe the Company is well-positioned ~~for~~to ~~growth~~benefit from key secular trends, including automation, electrification and digitalization, that are driving transformation in the automotive industry’s and expanding in scope to impact a broader range of end markets, including aerospace and defense, telecom and datacom, and diversified industrials. In particular, we believe automotive industry growth will increasingly be driven by the accelerating transition to software-defined vehicles, the continued commercialization of active safety, ~~the~~and adoption of autonomous driving technologies, and enhanced ~~user~~in-cabin experiences and connected services, ~~and~~all ~~providing~~of ~~the~~which ~~software,~~require advanced software, computing platforms and ~~networking~~optimized ~~architecture~~hardware ~~required~~and architectures to dosupport sothem. WeThrough our robust operating model, we have successfully created a competitive cost structure, while investing in research and development to further innovate and grow our product offerings, ~~which~~across ~~are~~multiple ~~aligned with the high-growth industry mega-trends~~industries, and have re-aligned our manufacturing footprint into an efficient, low-cost regional service model, focused on increasing our profit margins.

Our ~~2024~~2025 performance reflects our solid execution and cost reduction initiatives, despite ~~declines~~the inglobal ~~volume~~inflationary environment and ~~the~~evolving geopolitical issues, including global ~~inflationary~~trade ~~environment~~impacts from tariffs. Our recent financial and business achievements include the following:

•Generating new business awards of approximately $3127 billion, based on expected volumes and prices, validating our industry -leading portfolio of advanced technologies tied to the ~~accelerating~~secular ~~megatrends~~growth indrivers ~~our~~across ~~industry~~industries;

~~•Delivering~~◦Driving ~~strong~~more ~~earnings~~than ~~growth~~75% ~~over~~of ~~the~~new ~~prior~~business ~~year~~awards ~~despite declines~~ in ~~volume~~China ~~and~~with ~~the~~local ~~global~~OEM ~~inflationary environment~~customers;

•~~Producing~~Delivering ~~$1.8~~record ~~billion of operating income~~revenue, orwith ~~$2.4~~strong ~~billion~~revenue ofgrowth ~~adjusted~~over ~~operating~~the ~~income,~~prior ~~and~~year ~~cash~~despite ~~flow~~the ~~from~~dynamic ~~operations~~vehicle ofproduction ~~$2.4 billion~~environment, ~~demonstrating~~helped by strong ~~operating~~growth ~~execution~~ in ~~the~~other ~~face~~industrial ofend ~~continuing material cost inflation~~markets;

~~◦Delivering~~•Successfully ~~expanded~~mitigating ~~operating~~substantially ~~income~~all ~~margin~~significant oftariff-related ~~9.3%,~~exposures orduring ~~adjusted~~the ~~operating income margin of 12.0%, driven by strong operating performance and cost reduction initiatives~~ year;

•~~Funding~~Generating cash flow from operations of $42.2 billion and delivering $1.2 billion inof ~~share~~operating ~~repurchases,~~income ~~including~~(record adjusted operating income of $32.05 billion), ~~under~~demonstrating ~~the~~strong ~~terms~~operating ofexecution in the ~~Company’s~~face ~~accelerated~~of ~~share~~continuing ~~repurchase~~material ~~program~~and ~~(“ASR”)~~labor cost inflation;

~~•Refinancing~~◦Delivering ~~over~~operating ~~$1.4~~income ~~billion~~margin inof ~~near-term~~5.8% ~~debt~~(adjusted ~~maturities~~operating ~~and~~income ~~successfully~~margin ~~maintaining~~of a12.1%), ~~well-laddered~~driven ~~debt~~by ~~maturity~~strong ~~profile,~~operating ~~providing~~performance ~~financial flexibility~~ and ~~reducing~~cost ~~short-term~~reduction ~~refinancing~~initiatives; ~~risks~~

•~~Restructuring~~Repurchasing ~~our~~22.8 ~~Motional~~million ADshares ~~LLC~~with ~~(“Motional”)~~a ~~joint~~value ~~venture~~of ~~ownership,~~$1.5 ~~reducing our common equity interest in Motional from 50% to 15%~~billion, ~~eliminating~~including ~~future~~incremental ~~cash~~share ~~funding~~deliveries ~~requirements~~under ~~while~~the ~~maintaining~~terms ~~access~~of tothe ~~insights~~Company’s ~~and~~accelerated ~~market~~share ~~intelligence~~repurchase program;

•~~Continuing~~Leveraging our ~~relentless~~investment ~~focus~~grade oncredit ~~cost~~metrics to further enhance our capital structure and ~~operational~~increase ~~optimization~~our financial flexibility;

◦~~Maximizing~~Opportunistically ~~our~~deploying ~~operational~~capital ~~flexibility~~to ~~and~~repurchase ~~profitability~~$300 atmillion ~~all~~aggregate ~~points~~principal inamount ~~the normal automotive business cycle, by having approximately 97%~~ of ~~our~~certain ~~hourly~~senior ~~workforce~~notes ~~based~~and inrepaying ~~best~~the ~~cost~~outstanding ~~countries,~~principal ~~and~~balance ~~approximately 31%~~ of ~~our~~$250 ~~hourly~~million ~~workforce~~on ~~composed~~the ofTerm ~~contingent~~Loan ~~employees.~~A;

~~•Enhancing~~◦Extending the maturity of our ~~optimized~~existing ~~full~~Credit ~~system,~~Agreement ~~edge-~~to~~-cloud~~ ~~capabilities~~March 2030;

~~◦Ongoing advancement in adapting advanced driver assistance systems to leverage containerized, service-based software architecture; and~~38

◦Increasing our customer choice and regional flexibility through investments in computer vision providers StradVision, Inc. (“StradVision”) and MAXIEYE Automotive Technology (Ningbo) Co., Ltd. (“Maxieye”).

•Meeting the sustainability-linked targets for greenhouse gas emissions and workplace safety within our Credit Agreement.

Our strategy is to build on these accomplishments and continue to develop and manufacture innovative market-relevant products for a diverse base of customers around the globe and leverage our lean and flexible cost structure to achieve strong and disciplined earnings growth and returns on invested capital. Through our culture of innovation and world class engineering capabilities we intend to employ our rigorous, forward-looking product development process to deliver new technologies that provide solutions to our customers. We are committed to creating value for our shareholders, including through the continued repurchase of shares. Our key strategic priorities include:

Commercializing the high-tech evolution of the automotive industry. The automotive industry is increasingly evolving towards the implementation of software-dependent components and solutions. In particular, the industry is focused on the development of advanced driver assistance technologies, with the goal of developing and introducing a commercially-viable, fully automated driving experience. We expect automated driving technologies will provide strong societal benefit as well as the opportunity for long-term growth for our product offerings in this space. We are focused on enabling and delivering end-to-

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~~end~~•Commencing ~~smart~~partnerships ~~mobility~~with ~~solutions,~~leading ~~enabling~~technology ~~our~~companies ~~customers’~~to ~~transition~~commercialize toour ~~more~~intelligent ~~electrified~~edge portfolio, ~~software-defined~~including ~~vehicles~~ServiceNow, ~~accelerating~~Capgemini, ~~the~~Robust.AI, ~~commercialization~~Vecna ofRobotics, ~~active~~Nota ~~safety~~AI, ~~and~~SiMa.ai, ~~autonomous~~DEEPX ~~driving technologies~~ and ~~providing enhanced user experience and connected services.~~others;

As•Continuing ~~part of~~ our ~~strategy~~relentless tofocus ~~harness~~on ~~the~~cost ~~full~~structure ~~potential of connected intelligent systems across industries, strengthen our capabilities in software-defined mobility~~ and tooperational enable advanced smart vehicle architecture changes, we acquired Wind River in December 2022. Wind River is a global leader in delivering software for the intelligent edge for multiple industries, including automotive, by leveraging mixed-criticality software products and solutions enabling customers to develop in the cloud, deploy over the air and run and manage software at the vehicle edge. optimization;

We◦Maximizing ~~are~~our ~~also~~operational ~~continuing~~flexibility toand ~~develop~~profitability ~~market-leading~~at ~~automated~~all ~~driving~~points ~~solutions~~in ~~such~~the asnormal ~~automated~~automotive ~~driving~~business ~~software~~cycle, ~~sensing~~by ~~and~~having ~~perception~~approximately ~~technologies~~97% ~~enhanced through artificial intelligence and machine learning, as well as the underlying architecture technologies capable~~ of ~~supporting~~our ~~safety-critical~~hourly ~~applications.~~workforce Webased ~~believe we are well-aligned with industry technology trends that will help to support sustainable future growth~~ in ~~this~~best ~~space~~cost countries, and ~~have~~approximately ~~partnered~~31% ~~with~~of ~~leaders~~our inhourly ~~their~~workforce ~~respective~~composed ~~fields to advance the pace~~ of ~~development~~contingent ~~and~~employees; ~~commercialization of these emerging technologies.~~and

In•Fully ~~March~~preparing ~~2020,~~our weElectrical ~~completed~~Distribution aSystems ~~transaction~~business ~~with~~for ~~Hyundai~~separation ~~Motor~~into ~~Group~~an ~~(“Hyundai”) to form Motional~~independent, apublicly ~~joint~~traded ~~venture focused on the design~~company, ~~development~~including ~~and commercialization of autonomous driving technologies. Although we believe our strategic partnerships have us well~~post-~~aligned~~separation ~~with~~strategies ~~industry technology mega-trends in these evolving areas, the timeline necessary to produce commercially viable autonomous vehicles has been extended~~ and isgrowth ~~still~~opportunities ~~subject to significant uncertainty, which resulted in additional funding requirements~~ for ~~Motional.~~both ~~In April 2024,~~ Aptiv and ~~Hyundai~~Versigent, ~~entered into an agreement to restructure Aptiv’s ownership interest in Motional~~ and ~~for~~remaining ~~Hyundai~~on-track to ~~provide~~complete ~~additional funding to Motional, which also eliminated any requirements for additional future funding from Aptiv. These transactions, which were completed in May 2024, resulted in~~ the ~~reduction~~Separation ofby ~~our~~April ~~common equity interest in Motional from 50% as of December 31~~1, ~~2023 to approximately 15%~~2026. The total gain recorded as a result of these transactions was approximately $641 million ($2.50 per diluted share) during the year ended December 31, 2024, within net gain on equity method transactions in the consolidated statements of operations. Refer to Note 5. Investments in Affiliates to the audited consolidated financial statements contained herein for further information on these transactions.

~~There~~Our ~~are~~strategy ~~many~~is ~~risks~~to ~~associated~~build ~~with~~on these ~~evolving~~accomplishments ~~areas,~~and ~~including~~continue ~~the~~to ~~high~~develop ~~development costs of active safety~~ and ~~autonomous~~manufacture ~~driving technologies~~innovative, ~~the~~market-relevant ~~uncertain~~products ~~timing~~for ofa ~~customer~~diverse ~~and~~base ~~consumer~~of ~~adoption~~customers ofaround ~~these~~the ~~technologies~~globe, ~~increased~~and ~~competition~~leverage ~~from~~our ~~entrants~~lean ~~outside~~and ~~the~~flexible ~~traditional~~cost ~~automotive~~structure ~~industry~~to ~~and~~achieve ~~evolving~~strong ~~regulations,~~and ~~such~~disciplined asearnings ~~the~~growth ~~guidance~~and ~~for~~returns ~~automated~~on ~~driving~~invested ~~systems~~capital. ~~published~~Through byour ~~the~~culture ~~U.S.~~of ~~Department~~innovation ofand ~~Transportation.~~world ~~While~~class weengineering ~~believe~~capabilities, we ~~are~~intend ~~well-positioned~~to inemploy ~~these~~our ~~markets~~rigorous, ~~the~~forward-looking ~~high~~product development ~~cost~~process ofto ~~active~~deliver ~~safety~~new ~~and autonomous driving~~ technologies ~~may~~that ~~result~~provide insolutions ~~a higher risk of exposure~~ to ~~the~~our ~~success~~customers. ofWe ~~new~~are orcommitted ~~disruptive~~to ~~technologies~~creating ~~different~~value ~~than~~for ~~those being developed by us or~~ our ~~partners~~shareholders, ~~and~~including ~~ultimately~~through ~~there~~the ~~can~~continued bereturn noof ~~assurance~~capital ~~that~~through weshare ~~will~~repurchases. beOur ~~successful~~key instrategic ~~our~~priorities ~~efforts to develop these technologies.~~include:

~~Leveraging~~Commercializing ~~our~~the ~~engineering~~evolution towards software-defined components and ~~technological~~systems ~~capabilities~~across multiple industries, including automotive. We ~~seek~~expect tothe ~~leverage~~trends ~~our~~of ~~strong~~automation, ~~product~~electrification ~~portfolio~~and ~~tied~~digitalization to ~~the~~create ~~industry’s~~growth ~~key~~opportunities, ~~mega~~as they drive similar product requirements for mission-~~trends~~critical ~~with~~applications ~~our~~across ~~global~~multiple ~~footprint~~industries, tonamely ~~increase~~increased ~~our~~demand ~~revenues~~for advanced software and optimized hardware. Intelligent, assoftware-defined ~~well~~solutions, such as ~~committing~~increasingly tocapable ~~substantial~~automated ~~annual~~driving ~~investment~~technologies, inoffer ~~research~~significant societal benefits and ~~development~~create tolong-term ~~maintain~~growth ~~and~~opportunities ~~enhance~~for our ~~leadership~~product inofferings, including new customers such as mobility ~~solutions~~providers, telecommunications network operators and smart cities. Growth opportunities across ~~each~~the automotive and other industries will be driven by increased hardware and software content, greater computing power and software requirements, enhanced solutions for lifecycle management and connectivity, and continued electrification. We believe the complexity of ~~our~~these ~~product~~systems ~~lines~~will also require ongoing software support services, as they will be continuously upgraded with new features and performance enhancements.

As part of our strategy to harness the full potential of connected intelligent systems across industries, strengthen our capabilities in software-defined mobility and enable advanced smart vehicle architecture changes, we acquired Wind River Systems, Inc. (“Wind River”) in December 2022. Wind River is a global leader in delivering software for the intelligent edge for multiple industries, including automotive, by leveraging mixed-criticality software products and solutions enabling customers to develop in the cloud, deploy over-the-air and run and manage software at the vehicle edge. As described in Note 7. Intangible Assets and Goodwill to the audited consolidated financial statements contained herein, although the timeline has been extended for the broader transition to more fully software-defined vehicles, as evidenced by certain delays in our OEM customers’ software-defined vehicle investment strategies, we continue to believe we are well-aligned with long-term key industry technology trends and continue to make investments to further develop and grow our product offerings in this space.

We are also continuing to develop market-leading automated driving solutions, such as automated driving software, sensing and perception technologies enhanced through artificial intelligence and machine learning, as well as the underlying architecture technologies capable of supporting safety-critical applications. We believe we are well-aligned with industry technology trends that will help to support sustainable future growth in this space and have partnered with leaders in their respective fields to advance the pace of development and commercialization of these emerging technologies.

In March 2020, we completed a transaction with Hyundai Motor Group (“Hyundai”) to form Motional AD LLC (“Motional”), a joint venture focused on the design, development and commercialization of autonomous driving technologies. Although we believe our strategic partnerships have us well-aligned with industry technology trends in these evolving areas, the timeline necessary to produce commercially viable autonomous vehicles has been extended and is still subject to significant uncertainty, which resulted in additional funding requirements for Motional. In April 2024, Aptiv and Hyundai entered into an agreement to restructure Aptiv’s ownership interest in Motional and for Hyundai to provide additional funding to Motional, which also eliminated any requirements for additional future funding from Aptiv. These transactions, which were completed in May 2024, resulted in the reduction of our common equity interest in Motional from 50% as of December 31, 2023 to approximately 15%. In May 2025, Hyundai provided additional funding to Motional, further reducing Aptiv’s common equity interest in Motional from 15% as of March 31, 2025 to approximately 13% as of December 31, 2025. The total gains recorded as a result of these transactions were approximately $33 million ($0.15 per diluted share) and approximately $641 million ($2.50 per diluted share) during the years ended December 31, 2025 and 2024, respectively, within net gain on equity method transactions in the consolidated statements of operations. Refer to Note 5. Investments in Affiliates to the audited consolidated financial statements contained herein for further information on these transactions.

Evolving technology areas related to the trends of automation, electrification, and digitalization present numerous risks, including high development costs, uncertainty regarding the timing of customer and consumer adoption, increased competition

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from entrants outside our traditional industries, and evolving regulations, such as the guidance for automated driving systems published by the U.S. Department of Transportation. While we believe we are well-positioned across our markets, the high development cost of various technologies may result in a higher risk of exposure to the success of new or disruptive technologies different than those being developed by us or our partners, and ultimately there can be no assurance that we will be successful in our efforts to develop these technologies.

Leveraging our engineering and technological capabilities. We seek to leverage our strong product portfolio tied to the broader trends of automation, electrification and digitalization that are transforming multiple industries with our global footprint to increase our revenues, as well as committing to substantial annual investment in research and development to maintain and enhance our leadership in new solutions across each of our product lines.

Targeting the right business with the right customers. We intend to be strategic in our pursuit of new business and customers in order to achieve disciplined, above-market growth. We conduct in-depth analysis of market share and product trends by region in order to prioritize research, development and engineering spend for the customers that we believe will be successful. Collaboration with customers in our 11 major technical centers around the world helps us develop innovative product solutions designed to meet their needs. As more OEMs design vehicles for global platforms, where the same vehicle architecture is shared among different regions, we are well suited to provide global design and engineering support while manufacturing these products for a specific regional market.

Capitalizing on our scale, global footprint and established position in key growth markets. We intend to generate sustained growth by capitalizing on the breadth and scale of our operating capabilities. Our global footprint provides us important proximity to our customers’ manufacturing facilities and allows us to serve them in every region in which they operate. We anticipate that we will continue to build upon our extensive geographic reach to capitalize on growing automotive markets, particularly in China. In addition, our presence in best cost countries positions us to realize incremental margin improvements as the global balance of automotive production shifts towards key growth markets.

Leveraging our lean and flexible cost structure to deliver profitability and cash flow. We recognize the importance of maintaining a lean and flexible cost structure in order to deliver stable earnings and cash flow in a cyclical industry. Our focus is on maximizing and optimizing manufacturing output to meet increasing production requirements with minimal additions to our fixed-cost base. Additionally, we are continuing to use a meaningful amount of temporary workers to ensure we have the appropriate operational flexibility to scale our operations so that we can maintain our profitability as industry production levels increase or contract.

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Advancing and maintaining an efficient capital structure. We actively manage our capital structure in order to maintain an investment grade credit rating and healthy capital ratios to support our business and maximize shareholder value. We will continue to make adjustments to our capital structure in light of changes in economic conditions or as opportunities arise to provide us with additional financial flexibility to invest in our business and execute our strategic objectives going forward.

Pursuing selected acquisitions and strategic investments. In recent years, we continued to complete selected acquisitions and strategic investments in order to continue to leverage our technology capabilities and enhance and expand our commercialization of new ~~mobility~~ solutions, product offerings, customer base, geographic penetration and scale to complement our current businesses, while continuing to enhance our product offerings and competitive position in growing market segments.

Accelerating an ~~electric~~electrified, ~~zero-emissions~~sustainable future. We are committed to becoming carbon-neutral in our global operations by 2030 and to achieving net carbon neutrality by 2040 as we transition away from carbon-intensive energy and processes in our global operations. We also continue to focus on minimizing the overall environmental impact of vehicles as a key part of our overall business strategy. We believe that this strong, foundational focus on sustainability makes Aptiv a partner of choice for our customers, a desirable place to work for our employees and a valued contributor to the communities in which we operate.

Trends, Uncertainties and Opportunities

Economic conditions. Our business is directly related to automotive sales and automotive vehicle production by our customers. Automotive sales depend on a number of factors, including global and regional economic conditions. Global automotive vehicle production ~~decreased~~increased 14% from 2024 to 2025 (31% on an Aptiv weighted market basis, which represents global vehicle production weighted to the geographic regions in which the Company generates its revenue~~, “AWM”~~) ~~from 2023 to 2024~~, reflecting increased vehicle production ~~declines~~ of 510% in ~~Europe~~China and 21% in ~~North~~South America, our smallest region, partially offset by ~~increased~~declines ~~production~~ of 42% in ~~China~~North America and 31% in ~~South America, our smallest region~~Europe. Refer to Note 22. Segment Reporting of the notes to the audited consolidated financial statements, included in Item 8. Financial Statements and Supplementary Data of this Annual Report for financial information concerning principal geographic areas.

On September 15, 2023, several of our largest customers’ collective bargaining agreements with the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (the “UAW”), expired and the UAW subsequently went on strike against General Motors (“GM”), Ford Motor Company (“Ford”) and Stellantis N.V. (“Stellantis”) in the United States (the “U.S.”), causing work stoppages at certain of these customers’ vehicle production and parts distribution facilities, which lasted approximately six weeks. Aptiv’s estimated total indirect and direct adverse impacts of these labor strikes to revenue during 2023 were approximately $180 million. Refer to Part I, Item 1A. Risk Factors for further discussion of the risks related to significant disruptions at our or our customers’ manufacturing facilities.

Economic volatility or weakness in North America, Europe, China or, to a lesser extent, South America, could result in a significant reduction in automotive sales and production by our customers, which would have an adverse effect on our business, results of operations and financial condition. Global inflationary pressures have, at times, both reduced consumer demand for automotive vehicles and increased the price of inputs to our products, which has adversely impacted our sales and profitability, which may continue in 2025. There is also potential that geopolitical factors could adversely impact the U.S. and other economies, and specifically the automotive sector. In particular, changes to international trade agreements, such as the United States-Mexico-Canada Agreement, increases in trade tariffs, import quotas and other trade restrictions or actions, including retaliatory responses to such actions, or other political pressures could affect the operations of our OEM customers, resulting in reduced automotive production in certain regions or shifts in the mix of production to higher cost regions. Increases in interest rates could also negatively impact automotive production as a result of increased consumer borrowing costs or reduced credit availability. Additionally, economic weakness may result in shifts in the mix of future automotive sales (from vehicles with more content such as luxury vehicles, trucks and sport utility vehicles toward smaller passenger cars). While our diversified customer and geographic revenue base, along with our flexible cost structure, have well positioned us to withstand the impact of industry downturns and benefit from industry upturns, shifts in the mix of global automotive production to higher cost regions or to vehicles with less content could adversely impact our profitability.40

Ukraine/Russia conflict. The conflict between Ukraine and Russia, which began in February 2022, has had, and is expected to continue to have, negative economic impacts to both countries and to the European and global economies. In response to the conflict, the European Union (the “E.U.”), the U.S. and other nations implemented broad economic sanctions against Russia. These countries may impose further sanctions and take other actions as the situation continues.

Given the sanctions put in place by the E.U., U.S. and other governments, which restrict our ability to conduct business in Russia, we initiated a plan in the second quarter of 2022 to exit our 51% owned subsidiary in Russia. As a result, the Company determined that this subsidiary, which was reported within the Signal and Power Solutions segment, initially met the held for sale criteria as of June 30, 2022. Consequently, during the year ended December 31, 2022, the Company recorded a pre-tax charge of $51 million to impair the carrying value of the Russian subsidiary’s net assets to fair value.

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Ondistribution ~~May 30~~facilities, ~~2023,~~which ~~the~~lasted ~~Company~~approximately ~~completed~~six ~~the~~weeks. ~~sale~~Aptiv’s ofestimated ~~its~~total ~~entire~~indirect ~~interest~~and indirect ~~the~~adverse ~~Russian~~impacts ~~subsidiary~~of tothese ~~JSC~~labor ~~Samara~~strikes ~~Cables~~to ~~Company,~~revenue ~~the~~during ~~sole~~2023 ~~minority~~were ~~shareholder~~approximately in$180 ~~the~~million. ~~Russian~~Refer ~~subsidiary,~~to ~~for~~Part aI, ~~nominal~~Item ~~amount~~1A. inRisk ~~exchange~~Factors for ~~all~~further discussion of the ~~Company’s~~risks ~~shares~~related into ~~the~~significant ~~subsidiary.~~disruptions ~~The~~at ~~Company~~our ~~did not record any incremental gain~~ or ~~loss~~our ~~resulting~~customers’ ~~from~~manufacturing ~~this disposition~~facilities. ~~Refer to Note 20. Acquisitions and Divestitures to the audited consolidated financial statements contained herein for further detail on this transaction.~~

~~Ukraine~~Economic ~~and~~volatility ~~Russia~~or ~~are~~weakness ~~significant~~in ~~global~~North ~~producers~~America, ofEurope, ~~raw~~China ~~materials~~or, ~~used~~to ina ~~our~~lesser ~~supply~~extent, ~~chain~~South America, ~~including~~could ~~copper~~result in a significant reduction in automotive sales and production by our customers, ~~aluminum~~which would have an adverse effect on our business, ~~palladium~~results of operations and ~~neon~~financial ~~gases~~condition. ~~Disruptions~~Global ininflationary ~~the~~pressures ~~supply~~have, ~~and~~at ~~volatility~~times, inboth reduced consumer demand for automotive vehicles and increased the price of ~~these~~inputs ~~materials~~to our products, which has adversely impacted our sales and profitability, which may continue in 2026. There is also potential that geopolitical factors could adversely impact the U.S. and other ~~inputs~~economies, ~~produced~~and byspecifically ~~Ukraine~~the orautomotive ~~Russia~~sector. In particular, ~~including~~changes ~~increased~~to ~~logistics~~international ~~costs~~trade agreements, such as the United States-Mexico-Canada Agreement (the “USMCA”), increases in trade tariffs, import quotas and ~~longer~~other ~~transit~~trade ~~times~~restrictions or actions, including retaliatory responses to such actions, or other political pressures have affected and could ~~adversely~~continue ~~impact~~to affect our ~~business~~operations and ~~results~~the operations of ~~operations~~our OEM customers, resulting in reduced automotive production in certain regions or shifts in the mix of production to higher cost regions. ~~The~~Increases ~~conflict~~in ~~has~~interest rates could also negatively impact automotive production as a result of increased consumer borrowing costs or reduced credit availability. Additionally, economic weakness may result in shifts in the ~~possibility~~mix of ~~cyberattacks~~future ~~occurring~~automotive sales (from vehicles with more content such as luxury vehicles, ~~which~~trucks ~~could~~and ~~either~~sport ~~directly~~utility orvehicles ~~indirectly~~toward ~~impact~~smaller ~~our~~passenger ~~operations~~cars). ~~Furthermore,~~While ~~the~~our ~~conflict~~diversified ~~has~~customer ~~caused~~and geographic revenue base, along with our ~~customers~~flexible tocost ~~analyze~~structure, ~~their~~have ~~continued~~well ~~presence~~positioned inus to withstand the ~~region~~impact of industry downturns and ~~future~~benefit ~~customer~~from ~~production~~industry ~~plans~~upturns, shifts in the ~~region~~mix ~~remain~~of ~~uncertain~~global automotive production to higher cost regions or to vehicles with less content could adversely impact our profitability.

WeUkraine/Russia doconflict. ~~not~~The ~~have~~conflict abetween ~~material physical presence in either~~ Ukraine orand Russia, ~~with~~which ~~less~~began ~~than 1% of our workforce located~~ in ~~the~~February ~~countries~~2022, ashas ~~of December 31~~had, ~~2024~~ and ~~less~~is ~~than~~expected 1%to ofcontinue ~~our~~to ~~net sales for the year ended December 31~~have, ~~2024~~negative ~~generated~~economic ~~from~~impacts ~~manufacturing~~to ~~facilities~~both ~~in those~~ countries. ~~However,~~and ~~the~~to ~~impacts of~~ the ~~conflict~~European ~~have adversely impacted,~~ and ~~may continue to adversely impact,~~ global economies,. ~~and~~In inresponse ~~particular,~~to the ~~European economy~~conflict, ~~a region which accounted for approximately 33% of our net sales for~~ the ~~year~~European ~~ended~~Union ~~December 31, 2024. As a result of~~ (the ~~conflict~~“E.U.”), the ~~Company~~U.S. ~~ceased using certain long-lived assets in Ukraine~~ and ~~consequently~~other ~~recorded~~governments ~~non-cash~~implemented ~~impairment~~broad ~~charges~~economic ofsanctions ~~$11~~against ~~million during the year ended December 31, 2023~~Russia. These ~~charges~~countries ~~were~~may ~~recorded~~impose ~~within~~further ~~cost~~sanctions ofand ~~sales~~take inother ~~the~~actions ~~consolidated statements of operations. Furthermore,~~ as ~~a result of~~ the ~~conflict,~~situation ~~we estimate that the adverse impacts to revenue from Russia operations were approximately $65 million during the year ended December 31, 2022~~continues.

Given the sanctions put in place by the E.U., U.S. and other governments, which restrict our ability to conduct business in Russia, we initiated a plan in the second quarter of 2022 to exit our 51% owned subsidiary in Russia. On May 30, 2023, the Company completed the sale of its entire interest in the Russian subsidiary to JSC Samara Cables Company, the sole minority shareholder in the Russian subsidiary, for a nominal amount in exchange for all of the Company’s shares in the subsidiary. The Company did not record any incremental gain or loss resulting from this disposition. Refer to Note 20. Acquisitions and Divestitures to the audited consolidated financial statements contained herein for further detail on this transaction.

We do not have a material physical presence in either Russia or Ukraine, with less than 1% of our workforce located in the countries as of December 31, 2025. For the year ended December 31, 2025, less than 1% of our net sales were generated from manufacturing facilities in Ukraine, and we did not generate any sales in Russia. However, the impacts of the conflict have adversely impacted, and may continue to adversely impact, global economies, and in particular, the European economy, a region which accounted for approximately 32% of our net sales for the year ended December 31, 2025. As a result of the conflict, the Company ceased using certain long-lived assets in Ukraine and consequently recorded non-cash impairment charges of $11 million during the year ended December 31, 2023. These charges were recorded within cost of sales in the consolidated statements of operations.

Global supply chain disruptions. Global supply chain disruptions have in the past and could in the future lead to interruptions in our production, which could impact our ability to fully meet the vehicle production demands of OEMs at times due to events which are outside our control. For example, as a result of the rapidly evolving trade policies and tariff actions, the uncertainty in the automotive industry has increased, which could adversely affect our business and financial results. We will continue to actively monitor our global supply chain and will seek to aggressively mitigate and minimize the impact of any future disruptions on our business.

In addition, we are carrying critical inventory items and key components, and we continue to procure productive, raw material and non-critical inventory components in order to satisfy our customers’ vehicle production schedules. However, as a result of our customers’ recent production volatility and cancellations, among other things, our balance of productive, raw and component material inventories has increased substantially from customary levels as of both December 31, 2024 and 2023. We will continue to actively monitor and manage inventory levels across all inventory types in order to maximize both supply continuity and the efficient use of working capital.

Key growth markets. There have been periods of increased market volatility and moderation in the level of economic growth in China, which resulted in periods of lower automotive production growth rates in China than those previously experienced. Automotive production in China experienced growth of 4% in 2024, which follows growth of 10% in 2023. Despite the market volatility and moderation in the level of economic growth in China, rising income levels in China and other key growth markets are expected to result in stronger growth rates in these markets over the long-term. Our strong global presence, and presence in these markets, has positioned us to experience above-market growth rates over the long-term. We continue to expand our established presence in key growth markets, positioning us to benefit from the expected long-term growth opportunities in these regions. We are capitalizing on our long-standing relationships with the global OEMs and further enhancing our positions with the key growth market OEMs to continue expanding our worldwide leadership. We continue to build upon our extensive geographic reach to capitalize on fast-growing automotive markets. We believe that our presence in best cost countries positions us to realize incremental margin improvements as the global balance of automotive production shifts towards the key growth markets.41

We have a strong local presence in China, including a major manufacturing base and well-established customer relationships. Each of our business segments have operations and sales in China. Our business in China remains sensitive to economic and market conditions that impact automotive sales volumes in China, and may be affected if the pace of growth slows as the Chinese market matures or if there are reductions in vehicle demand in China, such as during the COVID-19 pandemic and related governmental lockdowns in 2022. Estimated total indirect and direct adverse impacts to revenue as a result of these lockdowns during 2022 was approximately $270 million. Our business in China may also be impacted by the expanding market share of domestic Chinese OEMs in the China market, which has led to declines in revenue and market share of non-Chinese OEMs, resulting in certain traditional OEMs taking steps to reduce or restructure their operations in China.

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~~However~~result of our customers’ recent production volatility and cancellations, weamong other things, our balance of productive, raw and component material inventories has increased substantially from customary levels as of both December 31, 2025 and 2024. These changes to the production environment were primarily driven by the global supply chain disruptions that impacted the automotive industry at times during previous years. We continue to ~~believe~~actively ~~this~~monitor ~~market~~and ~~will~~manage ~~benefit~~inventory ~~from~~levels ~~long-term~~across ~~demand~~all ~~for~~inventory ~~new~~types ~~vehicles~~in order to maximize both supply continuity and ~~stringent~~the ~~governmental~~efficient ~~regulation~~use ~~driving~~of ~~increased~~working ~~vehicle~~capital. ~~content,~~Normally ~~including~~we ~~accelerated~~do ~~demand~~not ~~for~~carry ~~electrified~~inventories ~~vehicles~~of such raw materials in excess of those reasonably required to meet our production and shipping schedules.

~~Market~~Key ~~driven~~growth ~~products~~regions. ~~Our~~We ~~product~~believe ~~offerings~~our ~~satisfy~~strong ~~the~~global ~~OEMs’~~presence ~~needs~~has topositioned ~~meet~~us ~~increasingly~~to ~~stringent~~generate ~~government~~strong ~~regulations~~growth ~~and~~rates ~~meet~~over ~~consumer preferences for products that address~~ the ~~mega~~long-~~trends~~term. ofWe ~~Safe,~~continue ~~Green and Connected, leading~~ to ~~increased~~expand ~~content~~our ~~per~~established ~~vehicle,~~presence ~~greater~~in ~~profitability~~key ~~and~~growth ~~higher margins. With these offerings~~regions, wepositioning ~~believe~~us ~~we are well-positioned~~ to benefit from the ~~growing~~expected ~~demand~~long-term ~~for~~growth ~~vehicle~~opportunities ~~content~~in ~~and~~these ~~technology~~regions. ~~related~~We toare ~~safety,~~capitalizing ~~electrification,~~on ~~high~~our ~~speed~~long-standing ~~data,~~relationships ~~connectivity~~with to the global ~~information~~OEMs ~~network~~ and ~~automated~~further ~~driving~~enhancing ~~technologies.~~our Wepositions ~~are~~with ~~benefiting~~OEMs ~~from the substantial increase~~ in ~~vehicle~~key ~~content,~~growth ~~software~~regions ~~and electrification that requires a complex and reliable electrical architecture and systems~~ to ~~operate,~~continue ~~such~~expanding asour ~~automated~~worldwide ~~advanced~~leadership. ~~driver~~We ~~assistance~~believe ~~technologies, electrical vehicle monitoring, active safety systems, lane departure warning systems, integrated vehicle cockpit displays, navigation systems and technologies~~ that ~~enable~~our ~~connected~~presence ~~infotainment~~ in ~~vehicles.~~best ~~Our~~cost ~~ability~~countries topositions ~~design~~us ato ~~reliable~~realize ~~electrical~~incremental ~~architecture~~margin ~~that~~improvements ~~optimizes~~as ~~power~~the ~~distribution~~global ~~and/or~~balance ~~consumption~~of isautomotive ~~key~~production toshifts ~~satisfying~~towards ~~the~~these ~~OEMs’~~key ~~needs~~growth toregions. ~~reduce~~In ~~emissions~~addition, ~~while~~we ~~continuing~~continue to ~~meet~~build ~~consumer~~upon ~~demand~~our ~~for~~extensive ~~increased~~geographic ~~vehicle~~reach, ~~content~~enabled ~~and~~by ~~technology.~~our ~~While~~leadership wein ~~have~~the ~~identified~~automotive ~~high voltage electrification systems as a key product~~ market, ~~certain~~to ofcapitalize ~~our~~on ~~OEM~~opportunities ~~customers have recently announced delays~~ in ~~their~~key ~~electric~~growth ~~vehicle~~markets, ~~investment~~including ~~strategies~~aerospace ~~amidst~~and ~~reduced~~defense, ~~expectations~~telecom ~~for~~and ~~future~~datacom, ~~consumer~~and ~~demand~~diversified ~~for these products~~industries.

~~Global~~We ~~capabilities.~~have ~~Many~~a ~~OEMs~~strong ~~are~~local ~~continuing~~presence toin ~~adopt global vehicle platforms to increase standardization~~China, ~~reduce~~including ~~per~~a ~~unit~~major ~~cost~~manufacturing base and ~~increase~~well-established ~~capital~~customer ~~efficiency and profitability~~relationships. AsEach aof ~~result,~~our ~~OEMs~~business ~~are~~segments ~~selecting suppliers that~~ have ~~the~~operations ~~capability~~and tosales ~~manufacture~~in ~~products~~China. onThere ahave ~~worldwide~~been ~~basis,~~periods asof ~~well~~increased asmarket ~~the~~volatility ~~flexibility~~and tomoderations ~~adapt~~in tothe ~~regional~~level ~~variations.~~of ~~Suppliers~~economic ~~with~~growth ~~global~~in ~~scale and strong design~~China, ~~engineering~~which ~~and~~resulted ~~manufacturing~~in ~~capabilities,~~periods ~~are~~of ~~best~~lower ~~positioned~~automotive toproduction ~~benefit~~growth ~~from~~rates ~~this~~in ~~trend.~~China ~~Our~~than ~~global~~those ~~footprint~~previously ~~enables~~experienced. usAutomotive toproduction ~~serve~~in ~~the~~China ~~global~~experienced ~~OEMs~~growth onof a10% ~~worldwide~~in ~~basis~~2025, aswhich wefollows ~~gain~~growth ~~market~~of ~~share~~4% ~~with~~in ~~key growth market OEMs~~2024. ~~This~~Despite ~~regional model is structured primarily to service~~ the ~~North American~~ market ~~from~~volatility ~~Mexico,~~and ~~the~~moderation ~~South~~in ~~American market from Brazil,~~ the ~~European~~level ~~market~~of ~~from~~economic ~~Eastern~~growth ~~Europe~~in ~~and North Africa~~China, ~~and~~rising ~~the~~income ~~Asia~~levels ~~Pacific~~in ~~market from~~ China, and weother ~~have~~key ~~continued~~growth tomarkets ~~rotate~~are ~~our~~expected ~~manufacturing~~to ~~footprint~~result toin ~~best~~stronger ~~cost~~growth ~~locations~~rates ~~within~~in these ~~regions~~markets over the long-term.

Our ~~operations~~business ~~are~~in ~~subject~~China remains sensitive to ~~certain~~economic ~~risks~~and ~~inherent~~market conditions that impact automotive sales volumes in ~~doing~~China ~~business~~and ~~globally,~~may ~~including~~be ~~military~~affected ~~conflicts~~if the pace of growth slows as the Chinese market matures or if there are reductions in ~~regions~~vehicle demand in ~~which~~China. weOur ~~operate~~business in China may also be impacted by the expanding market share of domestic Chinese OEMs in the China market, ~~changes~~which has led to declines in ~~laws~~revenue orand ~~regulations~~market ~~governing~~share ~~labor,~~of ~~trade~~non-Chinese OEMs, orresulting ~~other~~in ~~monetary~~certain traditional OEMs taking steps to reduce or ~~tax~~restructure ~~fiscal~~their ~~policy~~operations ~~changes~~in China. However, ~~including~~we ~~the~~continue ~~Organisation~~to ~~for~~believe ~~Economic~~this ~~Co-operation~~market ~~and~~will ~~Development~~benefit ~~(“OECD”)~~from ~~Pillar~~long-term ~~Two~~demand ~~Framework~~for ~~(the~~new ~~“Framework”),~~vehicles ~~tariffs,~~and ~~quotas,~~stringent ~~customs~~governmental ~~and~~regulation ~~other~~driving ~~import~~increased orvehicle ~~export~~content, ~~restrictions~~including oraccelerated ~~trade~~demand ~~barriers.~~for electrified vehicles.

~~Existing~~Market ~~free~~driven ~~trade~~products. ~~laws~~Our ~~and~~product ~~regulations,~~offerings ~~such~~satisfy asour ~~the~~customers’ ~~United~~needs ~~States-Mexico-Canada Agreement, provide certain beneficial duties and tariffs for qualifying imports and exports, subject~~ to ~~compliance~~meet ~~with~~increasingly ~~the~~stringent ~~applicable~~government ~~classification~~regulations and ~~other~~meet ~~requirements. Changes~~consumer inpreferences ~~laws~~for orproducts ~~policies~~that ~~governing~~address the ~~terms~~trends of ~~trade~~automation, ~~and~~electrification ~~in particular increased trade restrictions, tariffs or taxes on imports from countries where we manufacture products, such as China~~ and ~~Mexico,~~digitalization. ~~could~~With ~~have a material adverse effect on~~ our ~~business and financial results. For example~~offerings, inwe ~~February~~believe ~~2025,~~we ~~the~~are ~~U.S.~~well-positioned ~~government imposed or threatened~~ to ~~impose~~benefit ~~new~~from ~~tariffs~~the ongrowing ~~imported~~demand ~~products~~for ~~from~~vehicle ~~Mexico,~~content ~~Canada~~ and ~~China.~~technology ~~The~~related ~~impact of these tariffs is subject~~ to ~~a number of factors~~safety, ~~including the effective date and duration of such tariffs~~electrification, ~~changes~~high inspeed ~~the amount~~data, ~~scope~~connectivity ~~and nature of the tariffs in the future, any retaliatory responses~~ to ~~such actions that~~ the ~~target~~global ~~countries~~information ~~may~~network ~~take~~ and ~~any~~automated ~~mitigating~~driving ~~actions that may become available~~technologies. ~~Despite~~We ~~recent~~are ~~trade~~benefiting ~~negotiations~~from ~~between~~ the ~~U.S.~~substantial ~~and~~increase ~~the~~in ~~Mexican,~~vehicle ~~Canadian and Chinese governments~~content, ~~given~~including ~~the~~advanced ~~uncertainty~~software ~~regarding the scope~~ and ~~duration~~optimized ofhardware ~~any~~required ~~new~~to ~~tariffs,~~enable assystems ~~well~~such as ~~the~~automated ~~potential~~advanced ~~for~~driver ~~additional~~assistance ~~tariffs~~technologies, orelectrical ~~trade~~vehicle ~~barriers~~monitoring, byactive ~~the~~safety ~~U.S.~~systems, ~~Mexico,~~lane ~~Canada~~departure warning systems, ~~China~~integrated orvehicle ~~other~~cockpit ~~countries~~displays, wenavigation ~~can~~systems ~~provide~~and notechnologies ~~assurance~~ that ~~any~~enable ~~strategies~~connected weinfotainment ~~implement to mitigate the impact of such tariffs or other trade actions will be successful. In addition,~~ in ~~October 2022, the U~~vehicles.S. ~~government~~While ~~imposed~~we ~~additional~~have ~~export~~identified ~~control~~electrification ~~restrictions~~programs ~~targeting~~as ~~the~~a ~~export,~~key ~~re-export~~market orfor ~~transfer~~our ~~of, among other~~ products, certain ~~advanced~~of ~~computing semiconductors, semiconductor manufacturing items and related technology to China, which could further disrupt supply chains and adversely impact~~ our ~~business.~~OEM ~~Management~~customers ~~continues~~have torecently ~~monitor~~announced ~~the~~delays ~~volatile~~in ~~geopolitical~~or ~~environment~~changes to ~~identify,~~their ~~quantify~~software-defined ~~and~~vehicle ~~assess~~investment ~~proposed~~strategies oramidst ~~threatened~~reduced ~~duties,~~expectations ~~taxes~~for orfuture ~~other~~consumer ~~business~~demand ~~restrictions~~for ~~which~~these ~~could adversely affect our business and financial results~~products.

InGlobal ~~addition,~~capabilities ~~effective~~and ~~January~~risks. 1Many OEMs are continuing to develop vehicle platforms intended to increase standardization, ~~2024~~reduce per-unit cost and ~~January~~increase 1capital efficiency and profitability. In addition, ~~2025~~geopolitical tensions are also causing them to regionalize their supply chains. As a result, ~~the~~OEMs ~~government~~prefer ofsuppliers ~~Mexico~~that ~~implemented~~have ~~country-wide~~the ~~statutory~~capability ~~minimum~~to ~~wage~~manufacture ~~increases~~products ofon ~~20%~~a global basis with manufacturing and ~~12%,~~design ~~respectively~~flexibility to adapt to regional variations. ~~Additionally~~Suppliers with global scale and strong design, ~~the~~engineering ~~government~~and ofmanufacturing ~~Mexico~~capabilities ~~has~~are ~~indicated~~best itpositioned ~~may~~to ~~implement~~benefit ~~other~~from ~~labor~~this ~~reforms,~~trend. ~~such~~Our asglobal amanufacturing ~~bill~~footprint enables us to ~~shorten~~efficiently ~~the~~manufacture ~~work~~in ~~week~~and supply from 48best tocost 40countries ~~hours~~at scale. ~~While~~Our ~~management~~regional ~~has~~teams ~~implemented~~allow ~~measures~~us to ~~mitigate~~stay ~~the~~connected ~~impact~~to local market requirements and more closely partner with our customers during all phases of ~~these~~the ~~labor~~development ~~reforms~~process, from design through production, while maintaining focus on ~~our~~increasing efficiency and lowering costs. Increasing manufacturing automation, footprint rotation to best cost ~~structure~~countries, weand ~~cannot~~other ~~predict~~operational ~~the~~initiatives ~~ultimate~~have ~~future~~supported ~~impact~~our oncommitment to continuous improvement, leveraging scale and enhancing efficiency to improve our ~~business~~margins.

~~Furthermore,~~Our ~~the~~operations ~~outbreak~~are ofsubject ~~armed~~to ~~conflicts~~certain inrisks ~~the~~inherent ~~Middle East beginning~~ in ~~October~~doing ~~2023~~business ~~has created numerous uncertainties~~globally, including ~~the~~military ~~risk that the~~ conflicts ~~spread~~in ~~throughout~~regions ~~the~~in ~~broader~~which ~~region~~we operate, ~~and~~changes ~~their~~in ~~impact~~laws onor ~~the~~regulations ~~global~~governing ~~economy and supply chains. In addition~~labor, ~~as described above~~trade, ~~the~~or ~~conflict~~other ~~between~~monetary ~~Ukraine~~or ~~and~~tax ~~Russia~~fiscal ~~has~~policy ~~also created numerous economic uncertainties~~changes, including the ~~potential~~Organisation for ~~further~~Economic ~~sanctions~~Co-operation ~~against~~and ~~Russia,~~Development (the ~~impact~~“OECD”) onPillar ~~the~~Two ~~global~~Framework ~~supply~~(the ~~chain~~“Framework”), ~~for raw materials produced in each country~~tariffs, ~~as well as increased logistics costs and transit times~~quotas, ~~and~~customs ~~the actions of automotive OEMs~~ and ~~suppliers~~other asimport ~~they~~or ~~relate~~export torestrictions ~~production~~or ~~plans~~trade ~~in each country and within the region~~barriers. ~~We are also subject to risks associated with actions taken by governmental authorities to impose changes in laws or regulations that restrict certain business~~

39Existing free trade laws and regulations, such as the USMCA, provide certain beneficial duties and tariffs for qualifying imports and exports, subject to compliance with the applicable classification and other requirements. Changes in laws or policies governing the terms of trade, and in particular increased trade restrictions, tariffs, taxes or non-tariff barriers on imports

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~~operations~~from countries where we manufacture products, ~~trade~~such oras ~~travel~~China inand ~~response~~Mexico, tocould have a ~~pandemic~~material oradverse ~~widespread~~effect ~~outbreak~~on ofour anbusiness ~~illness~~and financial results. ~~The~~For ~~impacts~~example, ofbeginning ~~any~~on April 2, 2025, the U.S. government announced tariffs of ~~these~~at ~~factors~~least ~~mentioned~~10% ~~above,~~across ~~among~~imported ~~others~~goods from all countries, ~~could~~with ~~adversely~~rates ~~affect~~even ~~our~~higher ~~business,~~for ~~business~~goods ~~opportunities~~from certain countries with a high trade deficit with the U.S. Subsequent to this announcement, ~~results~~a number of ~~operations,~~other ~~financial~~countries ~~condition~~announced tariffs on U.S. goods and ~~cash~~have ~~flows~~negotiated or continue to negotiate trade agreements with the U.S.

~~Product~~While ~~development.~~the ~~The~~impacts ~~automotive~~to ~~technology~~the ~~and~~Company ~~components~~resulting ~~industry~~from isthese ~~highly~~incremental ~~competitive~~tariffs ~~and~~were not significant during 2025, the future impact of any announced tariffs is ~~characterized~~subject byto ~~rapidly~~a ~~changing~~number ~~technology~~of factors, ~~evolving~~including ~~industry~~the ~~standards~~effective date and duration of such tariffs, changes in ~~customer~~the ~~needs.~~amount, ~~Our~~scope ~~ability~~and tonature ~~anticipate~~of ~~changes~~the tariffs in ~~technology~~the ~~and~~future, ~~regulatory~~any ~~standards~~retaliatory ~~and~~responses to ~~successfully~~such ~~develop~~actions ~~and~~that ~~introduce~~the ~~new~~target countries may take and ~~enhanced~~any ~~products~~mitigating onactions athat ~~timely~~may become available, and ~~cost~~may ~~competitive~~be ~~basis~~material ~~will~~to bethe aCompany. ~~significant~~In ~~factor~~addition, inwe are continuing to work with our ~~ability~~customers and suppliers to ~~remain~~mitigate ~~competitive~~the impact of these incremental tariffs on our results of operations. ToDespite ~~compete~~recent ~~effectively~~trade innegotiations and the ~~automotive~~potential ~~technology~~for trade agreements between the U.S. and ~~components~~the ~~industry~~Mexican, weCanadian ~~must~~and beChinese ~~able~~governments, togiven ~~develop~~the uncertainty regarding the scope and ~~launch~~duration of any new ~~products~~tariffs toand ~~meet~~any ~~our~~associated ~~customers’~~retaliatory ~~demands~~measures, inas awell ~~timely~~as ~~manner~~the potential for additional tariffs or trade barriers by the U.S., ~~With~~Mexico, ~~our~~Canada, ~~innovative~~China ~~technologies~~or ~~and~~other ~~robust~~countries, ~~global~~we ~~engineering~~can ~~and~~provide ~~development~~no ~~capabilities~~assurance that any strategies we ~~are~~implement ~~well~~to ~~positioned~~mitigate the impact of such tariffs or other trade actions will be successful. Management continues to ~~meet~~monitor the ~~increasingly~~volatile ~~stringent~~geopolitical ~~vehicle~~environment ~~manufacturer~~to ~~demands~~identify, quantify and ~~consumer~~assess ~~preferences~~proposed ~~for~~or ~~high-technology~~threatened ~~content~~duties, intaxes ~~automobiles~~or other business restrictions which could adversely affect our business and financial results.

~~OEMs~~In ~~are~~addition, ~~increasingly~~the ~~looking~~government toof ~~their~~Mexico ~~suppliers~~implemented tocountry-wide ~~simplify~~statutory ~~vehicle~~minimum ~~design~~wage increases of approximately 13% (5% in Northern Border Zone), 12% and ~~assembly~~20%, ~~processes~~effective toJanuary ~~reduce~~1, ~~costs~~2026, 2025 and ~~weight~~2024, respectively. AsThe agovernment ~~result,~~of ~~suppliers~~Mexico ~~that~~has ~~sell~~indicated ~~vehicle~~it ~~components~~may ~~directly~~implement toother ~~manufacturers~~labor ~~(Tier~~reforms, Isuch ~~suppliers)~~as ~~have~~an ~~assumed~~initiative ~~many~~to ofshorten the ~~design,~~work ~~engineering~~week from 48 to 40 hours, ~~research~~as ~~and~~early ~~development~~as ~~and~~January ~~assembly~~1, ~~functions~~2027, ~~traditionally~~through ~~performed~~a bygradual ~~vehicle~~reduction ~~manufacturers~~of two hours per year. ~~Suppliers~~Labor ~~that~~costs ~~can~~have ~~provide~~increased ~~fully-engineered~~significantly ~~solutions,~~in ~~systems~~Mexico as a result of this and ~~pre-assembled~~other ~~combinations~~labor reform initiatives, necessitating a strategic review of ~~component~~more ~~parts~~cost-competitive ~~are~~jurisdictions ~~positioned~~and a greater acceleration in manufacturing automation. While management has implemented measures to ~~leverage~~mitigate the ~~trend~~impact ~~toward~~of ~~system~~these ~~sourcing~~labor reforms on our cost structure, we cannot predict the ultimate future impact on our business.

~~Engineering,~~The ~~design and~~outbreak ~~development.~~of ~~Our~~armed ~~history~~conflicts ~~and~~in ~~culture~~the ofMiddle ~~innovation~~East ~~have~~beginning ~~enabled~~in usOctober to2023 ~~develop~~has ~~significant~~also ~~intellectual~~created ~~property~~numerous ~~and~~uncertainties, ~~design~~including ~~and~~the ~~development~~risk ~~expertise~~that tothe ~~provide~~conflicts ~~advanced~~spread ~~technology~~throughout ~~solutions~~the ~~that~~broader ~~meet~~region, ~~the~~and ~~demands~~their ofimpact ~~our~~on ~~customers.~~the Weglobal ~~have~~economy aand ~~team~~supply ofchains. ~~approximately~~In 21addition,~~200~~ ~~scientists,~~as ~~engineers~~described ~~and~~above, ~~technicians~~the ~~focused~~conflict onbetween ~~developing~~Ukraine ~~leading~~and ~~product~~Russia ~~solutions~~has ~~for~~also ~~our~~created ~~key~~numerous ~~markets~~economic uncertainties, ~~located~~including atthe 11potential ~~major~~for ~~technical~~further ~~centers~~sanctions inagainst ~~China~~Russia, ~~Germany,~~the ~~India,~~impact ~~Mexico,~~on ~~Poland,~~the ~~Singapore~~global ~~and~~supply ~~the~~chain ~~United States.~~for ~~Our~~raw ~~total~~materials ~~investment~~produced in ~~research~~each ~~and development~~country, ~~including~~as ~~engineering,~~well ~~was~~as ~~approximately~~increased ~~$1.6~~logistics ~~billion,~~costs ~~$1.8 billion~~ and ~~$1.5~~transit ~~billion~~times, ~~for~~and the ~~years~~actions ~~ended~~of ~~December 31,~~automotive ~~2024,~~OEMs ~~2023~~ and ~~2022,~~suppliers ~~respectively,~~as ~~which~~they ~~includes~~relate ~~approximately~~to ~~$535~~production ~~million,~~plans ~~$492~~in ~~million~~each ~~and~~country ~~$379 million of co-investment by customers~~ and ~~government~~within ~~agencies~~the region. ~~Each~~We ~~year~~are wealso ~~share~~subject ~~some~~to ~~engineering~~risks ~~expenses~~associated with ~~OEMs~~actions ~~and~~taken ~~government~~by ~~agencies~~governmental ~~which~~authorities ~~generally~~to ~~ranges~~impose ~~from~~changes ~~25%~~in tolaws ~~35%~~or ofregulations ~~engineering~~that ~~expenses.~~restrict ~~This~~certain ~~level~~business ofoperations, ~~co-investment~~trade ~~supports~~or ~~product~~travel ~~development,~~in ~~accelerates~~response ~~the~~to ~~pace~~a ofpandemic ~~innovation~~or ~~and~~widespread ~~reduces~~outbreak ~~the~~of ~~risk~~an ~~associated~~illness. ~~with~~The ~~successful~~impacts ~~commercialization~~of any of ~~technological~~these ~~breakthroughs.~~factors Wementioned ~~also~~above, ~~encourage~~among ~~“open~~others, ~~innovation”~~could ~~and~~adversely ~~collaborate~~affect ~~extensively~~our ~~with~~business, ~~peers~~business inopportunities, ~~the~~results ~~industry~~of operations, ~~government~~financial ~~agencies~~condition and ~~academic~~cash ~~institutions~~flows.

Product development. The automotive technology and components industry is highly competitive and is characterized by rapidly changing technology, evolving industry standards and changes in customer needs. Our ability to anticipate changes in technology and regulatory standards and to successfully develop and introduce new and enhanced products on a timely and cost competitive basis will be a significant factor in our ability to remain competitive and to maintain or increase our revenues. To compete effectively in the automotive technology and components industry, we must be able to develop and launch new products to meet our customers’ demands in a timely manner. With our innovative technologies and robust global engineering and development capabilities, we are well positioned to meet the increasingly stringent vehicle manufacturer demands and consumer preferences for high-technology content in automobiles.

OEMs are increasingly looking to their suppliers to simplify vehicle design and assembly processes to reduce costs. As a result, OEMs prefer suppliers that have the capability to manufacture products on a global basis with manufacturing and design flexibility to adapt to regional variations. Suppliers that can provide fully engineered solutions, systems and pre-assembled combinations of component parts are positioned to leverage the trend toward system sourcing from global suppliers.

Engineering, design and development. Our history and culture of innovation have enabled us to develop significant intellectual property and design and development expertise to provide advanced technology solutions that meet the demands of our customers. We have a team of approximately 20,700 scientists, engineers and technicians focused on developing leading product solutions for our key markets, located at 11 major technical centers in China, Germany, India, Mexico, Poland, Singapore and the United States. Our total investment in research and development, including engineering, was approximately $1.7 billion, $1.6 billion and $1.8 billion for the years ended December 31, 2025, 2024 and 2023, respectively, which includes approximately $573 million, $535 million and $492 million of co-investment by customers and government agencies. Each year we share some engineering expenses with OEMs and government agencies which generally ranges from 25% to 35% of engineering expenses. This level of co-investment supports product development, accelerates the pace of innovation and

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reduces the risk associated with successful commercialization of technological breakthroughs. We also encourage “open innovation” and collaborate extensively with peers in the industry, government agencies and academic institutions.

In the past, suppliers often incurred the initial cost of engineering, designing and developing automotive component parts, and recovered their investments over time by including a cost recovery component in the price of each part based on expected volumes. Recently, we and many other suppliers have negotiated for cost recovery payments independent of volumes. This trend reduces our economic risk.

We utilize a Technology Advisory Council, a panel of prominent global technology thought leaders, which helps us anticipate cutting-edge technology trends and guides our product strategies and investments in technology with a focus on developing advanced technologies to drive growth and foster innovation. This independent perspective assists Aptiv in pursuing investments in the right technologies that create the most value for all of its stakeholders. We believe that our engineering and technical expertise, together with our emphasis on continuing research and development, allow us to use the latest technologies, materials and processes to solve problems for our customers and to bring new, innovative products to market. We believe that continued engineering activities are critical to maintaining our pipeline of technologically advanced products. Given our strong financial discipline, we seek to effectively manage fixed costs and efficiently rationalize capital spending by critically evaluating the profit potential of new and existing customer programs, including investment in innovation and technology. We maintain our engineering activities around our focused product portfolio and allocate our capital and resources to those products with distinctive technologies. We expect expenditures for research and development activities, including engineering, net of co-investment, to be approximately $1.12 billion for the year ended December 31, ~~2025~~2026.

We maintain a large portfolio of approximately 11,000 patents and protective rights in the operation of our business as of December 31, ~~2024~~2025. While no individual patent or group of patents, taken alone, is considered material to our business, taken in the aggregate, these patents provide meaningful protection for our products and technical innovations. Similarly, while our trademarks are important to identify our position in the industry, we do not believe that any of these are individually material to our business. We are actively pursuing marketing opportunities to commercialize and license our technology to both automotive and non-automotive industries and we have selectively taken licenses from others to support our business interests. These activities foster optimization of intellectual property rights.

Pricing. Cost-cutting initiatives adopted by our customers result in increased downward pressure on pricing. Our customer supply agreements generally require step-downs in component pricing over the periods of production and OEMs have historically possessed significant leverage over their outside suppliers because the automotive component supply industry is fragmented and serves a limited number of automotive OEMs. Our profitability depends in part on our ability to generate sufficient production cost savings in the future to offset price reductions. In addition, during recent years, global economies and our industry were subjected to significant inflationary cost pressures, and these pressures may continue in 2026. We also continue to face additional potential impacts from the rapidly evolving trade policies and tariff actions. We continue to work with our customers, both through price recoveries and adjustments as well as future pricing adjustments as contracts renew, to mitigate the impact of these inflationary pressures on our results of operations.

40We are focused on maintaining a low fixed cost structure that provides us flexibility to remain profitable at all points of the traditional vehicle industry production cycle. As a result, approximately 97% of our hourly workforce is located in best cost countries. Furthermore, we have substantial operational flexibility by leveraging a large workforce of contingent workers, which represented approximately 31% of the hourly workforce as of December 31, 2025. However, we will continue to adjust our cost structure and optimize our manufacturing footprint in response to changes in the global and regional automotive markets and in order to increase investment in advanced technologies and engineering, as evidenced by our ongoing restructuring programs focused on reducing our global overhead costs, the continued rotation of our manufacturing footprint to best cost locations in Europe and aligning our manufacturing capacity with the current levels of automotive production in each region. As we continue to operate in a cyclical industry that is impacted by movements in the global and regional economies, we continually evaluate opportunities to further refine our cost structure. Assuming constant product mix and pricing, based on our 2025 results, we estimate that our EBITDA breakeven level would be reached if we experienced a 45% downturn to current product volumes.

We have a strong balance sheet with gross debt of approximately $7.7 billion and substantial available liquidity of approximately $4.4 billion consisting of cash and cash equivalents and available financing under our Revolving Credit Facility and committed European accounts receivable factoring facility (as defined below in Liquidity and Capital Resources) as of December 31, 2025, and no significant U.S. defined benefit or workforce postretirement health care benefits and employer-paid postretirement basic life insurance benefits liabilities. We intend to maintain strong financial discipline by targeting industry-leading earnings growth, cash flow generation and return on invested capital and to maintain sufficient liquidity to sustain our financial flexibility throughout the industry cycle.

OEM product recalls. The number of vehicles recalled globally by OEMs has increased above historical levels. These recalls can either be initiated by the OEMs or influenced or required by regulatory agencies. Although there are differing rules

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~~our~~and ~~industry~~regulations ~~were~~across ~~subjected~~countries togoverning ~~significant~~recalls ~~inflationary~~for ~~cost~~safety ~~pressures~~issues, ~~and~~as ~~these~~automotive ~~pressures~~components ~~may~~are ~~continue~~increasingly instandardized ~~2025~~across regions, the level of recalls outside of the U.S. Wemay ~~continue~~also increase. Given the sensitivity to ~~work~~safety ~~with~~issues ~~our~~in ~~customers~~the automotive industry, ~~both~~including ~~through~~increased ~~price~~focus ~~recoveries~~from regulators and ~~adjustments~~consumers, aswe ~~well~~anticipate asthe number of automotive recalls may remain above historical levels in the near future. ~~pricing~~Although ~~adjustments~~we asengage ~~contracts~~in ~~renew~~extensive product quality programs and processes, toit ~~mitigate~~is ~~the~~possible ~~impact~~that ofwe ~~these~~may ~~inflationary~~be ~~pressures~~adversely onaffected ~~our~~in ~~results~~the future if the pace of ~~operations~~these recalls continues.

We are focused on maintaining a low fixed cost structure that provides us flexibility to remain profitable at all points of the traditional vehicle industry production cycle. As a result, approximately 97% of our hourly workforce is located in best cost countries. Furthermore, we have substantial operational flexibility by leveraging a large workforce of contingent workers, which represented approximately 31% of the hourly workforce as of December 31, 2024. However, we will continue to adjust our cost structure and optimize our manufacturing footprint in response to changes in the global and regional automotive markets and in order to increase investment in advanced technologies and engineering, as evidenced by our ongoing restructuring programs focused on reducing our global overhead costs and on the continued rotation of our manufacturing footprint to best cost locations in Europe. As we continue to operate in a cyclical industry that is impacted by movements in the global and regional economies, we continually evaluate opportunities to further refine our cost structure. Assuming constant product mix and pricing, based on our 2024 results, we estimate that our EBITDA breakeven level would be reached if we experienced a 45% downturn to current product volumes.

We have a strong balance sheet with gross debt of approximately $8.5 billion and substantial available liquidity of approximately $3.6 billion consisting of cash and cash equivalents and available financing under our Revolving Credit Facility and committed European accounts receivable factoring facility (as defined below in Liquidity and Capital Resources) as of December 31, 2024, and no significant U.S. defined benefit or workforce postretirement health care benefits and employer-paid postretirement basic life insurance benefits liabilities. We intend to maintain strong financial discipline by targeting industry-leading earnings growth, cash flow generation and return on invested capital and to maintain sufficient liquidity to sustain our financial flexibility throughout the industry cycle.

OEM product recalls. The number of vehicles recalled globally by OEMs has increased above historical levels. These recalls can either be initiated by the OEMs or influenced by regulatory agencies. Although there are differing rules and regulations across countries governing recalls for safety issues, the overall transition towards global vehicle platforms may also contribute to increased recalls outside of the U.S., as automotive components are increasingly standardized across regions. Given the sensitivity to safety issues in the automotive industry, including increased focus from regulators and consumers, we anticipate the number of automotive recalls may remain above historical levels in the near future. Although we engage in extensive product quality programs and processes, it is possible that we may be adversely affected in the future if the pace of these recalls continues.

Efficient use of capital. The global vehicle components industry is generally capital intensive and a portion of a supplier’s capital equipment is frequently utilized for specific customer programs. Lead times for procurement of capital equipment are long and typically exceed start of production by one to two years. Substantial advantages exist for suppliers that can leverage their prior investments in capital equipment or amortize the investment over higher volume global customer programs.

Industry consolidation and disruptive new entrants. Consolidation among worldwide OEMs and suppliers is expected to continue as these companies seek to achieve operating synergies and value stream efficiencies, acquire complementary technologies and build stronger customer relationships. Additionally, the rise of advanced software and technologies in vehicles has attracted new and disruptive entrants from outside the traditional automotive supply industry. These entrants may seek to gain access to certain vehicle technology and component markets. Any of these new competitors may develop and introduce technologies that gain greater customer or consumer acceptance, which could adversely affect the future growth of the Company. We believe companies with strong balance sheets and financial discipline are in the best position to take advantage of these trends.

Consolidated Results of Operations

Our total net sales during the year ended December 31, ~~2024~~2025 were $1920.74 billion, aan ~~decrease~~increase of approximately 23% compared to ~~2023~~2024. Our overall volumes ~~decreased~~increased 23%, ~~which~~with ~~was~~increased ~~driven in part by decreased~~ global automotive production of 14% (31% on an AWM basis) for the year ended December 31, ~~2024~~2025, compared to ~~2023~~2024 production rates. Despite ~~declines in volume and~~ the global inflationary environment, our overall lean cost structure has enabled us to achieve strong levels of operating income, while continuing to strategically invest in the future.

Aptiv typically experiences fluctuations in revenue due to changes in OEM production schedules, vehicle sales mix and the net of new and lost business (which we refer to collectively as volume), increased prices attributable to escalation clauses in our supply contracts for recovery of increased commodity costs (which we refer to as commodity pass-through), fluctuations in foreign currency exchange rates (which we refer to as “FX”), contractual reductions of the sales price to the OEM (which we refer to as contractual price reductions) and engineering changes. Changes in sales mix can have either favorable or unfavorable impacts on revenue. Such changes can be the result of shifts in regional growth, shifts in OEM sales demand, as well as shifts in consumer demand related to vehicle segment purchases and content penetration. For instance, a shift in sales demand favoring a particular OEM’s vehicle model for which we do not have a supply contract may negatively impact our revenue. A shift in regional sales demand toward certain markets could favorably impact the sales of those of our customers that have a large market share in those regions, which in turn would be expected to have a favorable impact on our revenue.

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consumer demand related to vehicle segment purchases and content penetration. For instance, a shift in sales demand favoring a particular OEM’s vehicle model for which we do not have a supply contract may negatively impact our revenue. A shift in regional sales demand toward certain markets could favorably impact the sales of those of our customers that have a large market share in those regions, which in turn would be expected to have a favorable impact on our revenue.

We typically experience (as described below) fluctuations in operating income due to:

•Volume, net of contractual price reductions—changes in volume offset by contractual price reductions (which typically range from 1% to 3% of net sales) and changes in mix;

•Operational performance—changes to costs for materials and commodities or manufacturing and engineering variances; and

•Other—including restructuring costs and any remaining variances not included in Volume, net of contractual price reductions or Operational performance.

The automotive technology and component supply industry is traditionally subject to inflationary pressures with respect to raw materials and labor which may place operational and profitability burdens on the entire supply chain. For instance, the industry has recently been subjected to increased pricing pressures, specifically in relation to copper and petroleum-based resin products, which have experienced significant volatility in price. We have also been impacted globally by increased overall inflation as a result of a variety of global trends. ~~Due~~For ~~to various factors~~example, the ~~industry~~rapidly ~~has~~evolving ~~recently~~trade ~~been~~policies ~~impacted by increased operating~~ and ~~logistics~~tariff ~~challenges~~actions ~~from~~could ~~certain~~result ~~global supply chain disruptions, including a worldwide semiconductor supply shortage. This shortage has resulted~~ in increased pricing pressures on ~~semiconductors~~our asglobal ~~well.~~supply ~~Although~~chain, ~~the~~which ~~severity~~could ofadversely ~~these~~affect ~~disruptions~~our ~~abated~~business ~~during~~and ~~the~~financial ~~second~~results. ~~half~~In ~~of 2023~~addition, we expect semiconductor supply cost and commodity cost volatility to have a continual impact on future earnings and/or operating cash flows. AsManagement ~~such,~~continues weto ~~continually~~ seek to mitigate both inflationary pressures and our material-related cost exposures using a number of approaches, including combining purchase requirements with customers and/or other suppliers, using alternate suppliers or product designs, negotiating cost reductions and/or commodity cost contract escalation clauses into our vehicle manufacturer supply contracts and hedging. We have also negotiated, and will continue to negotiate, price increases with our customers in response to the aforementioned increased overall inflation and global supply chain disruptions.

This section discusses our consolidated results of operations and results of operations by segment for the years ended December 31, 2024 versus 2023. A detailed discussion of our consolidated results of operations and results of operations by segment for the years ended December 31, 2023 versus 2022 can be found under Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 6, 2024.45

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This section discusses our consolidated results of operations and results of operations by segment for the years ended December 31, 2025 versus 2024. A detailed discussion of our consolidated results of operations and results of operations by segment for the years ended December 31, 2024 versus 2023 can be found under Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 7, 2025.

~~The~~2025 ~~results~~versus ~~of operations for the years ended December 31,~~ 2024 ~~and 2023 were as follows:~~

	Year Ended December 31,
		2024			2023			Favorable/(unfavorable)
		(dollars in millions)
Net sales		$	19,713		$	20,051		$	(338)
Cost of sales		16,002			16,612			610
Gross margin		3,711		18.8%	3,439		17.2%	272
Selling, general and administrative		1,465			1,436			(29)
Amortization		211			233			22
Restructuring		193			211			18
Operating income		1,842			1,559			283
Interest expense		(337)			(285)			(52)
Other income, net		41			63			(22)
Net gain on equity method transactions		605			—			605
Income before income taxes and equity loss		2,151			1,337			814
Income tax (expense) benefit		(223)			1,928			(2,151)
Income before equity loss		1,928			3,265			(1,337)
Equity loss, net of tax		(118)			(299)			181
Net income		1,810			2,966			(1,156)
Net income attributable to noncontrolling interest		24			28			(4)
Net loss attributable to redeemable noncontrolling interest		(1)			—			(1)
Net income attributable to Aptiv		1,787			2,938			(1,151)
Mandatory convertible preferred share dividends		—			(29)			29
Net income attributable to ordinary shareholders		$	1,787		$	2,909		$	(1,122)

The results of operations for the years ended December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
		2025			2024			Favorable/ (unfavorable)
		(dollars in millions)
Net sales		$	20,398		$	19,713		$	685
Cost of sales		16,500			16,002			(498)
Gross margin		3,898		19.1%	3,711		18.8%	187
Selling, general and administrative		1,673			1,465			(208)
Amortization		208			211			3
Restructuring		185			193			8
Goodwill impairment		648			—			(648)
Operating income		1,184			1,842			(658)
Interest expense		(361)			(337)			(24)
Other income, net		50			41			9
Net gain on equity method transactions		46			605			(559)
Income before income taxes and equity loss		919			2,151			(1,232)
Income tax expense		(700)			(223)			(477)
Income before equity loss		219			1,928			(1,709)
Equity loss, net of tax		(38)			(118)			80


Net income		181			1,810			(1,629)
Net income attributable to noncontrolling interest		19			24			(5)
Net loss attributable to redeemable noncontrolling interest		(3)			(1)			(2)
Net income attributable to Aptiv		$	165		$	1,787		$	(1,622)

Total Net Sales

Below is a summary of our total net sales for the years ended December 31, ~~2024~~2025 versus ~~2023~~2024.

Year Ended December 31,

Variance Due To:

2024

2023

Favorable/(unfavorable)

Volume, net ofcontractualpricereductions

Commoditypass-through

Other

Total

2025

2024

Favorable/(unfavorable)

Volume, net ofcontractualpricereductions

Commoditypass-through

Other

Total

(in millions)

Total net sales

1920,~~713~~398

2019,~~051~~713

~~(338)~~685

~~(331)~~466

~~(85)~~129

7890

—

~~(338)~~685

Total net sales for the year ended December 31, ~~2024~~2025 ~~decreased~~increased 23% compared to the year ended December 31, ~~2023~~2024. Our volumes ~~decreased~~increased 23% for the period, which primarily reflects ~~decreased~~volume growth in North America and Asia Pacific, partially offset by volume declines in Europe, compared to increased global automotive production of 14% (31% on an AWM basis)~~, primarily in Europe and North America~~. ~~The~~Our ~~declines~~net insales ~~volumes~~also ~~were~~reflect ~~partially offset by~~ the ~~impacts~~impact of ~~favorable~~contractual ~~pricing~~price reductions, net of ~~contractual~~ price ~~reductions~~recoveries, of $~~167~~47 million~~. In addition~~, ~~our~~and ~~net~~favorable ~~sales reflect net unfavorable~~ foreign currency impacts, primarily related to the ~~Chinese Yuan Renminbi~~Euro.

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Cost of Sales

Cost of sales is primarily comprised of material, labor, manufacturing overhead, freight, fluctuations in foreign currency exchange rates, product engineering, design and development expenses, depreciation, warranty costs and other operating expenses. Gross margin is revenue less cost of sales and gross margin percentage is gross margin as a percentage of net sales.

Cost of sales ~~decreased~~increased $~~610~~498 million for the year ended December 31, ~~2024~~2025 compared to the year ended December 31, ~~2023~~2024, as summarized below. The Company’s material cost of sales was approximately 50% ~~and 55%~~ of net sales for both the years ended December 31, ~~2024~~2025 and ~~2023, respectively~~2024.


	Year Ended December 31,								Variance Due To:
	2025			2024			Favorable/ (unfavorable)		Volume (a)		FX		Operational performance		Other		Total
	(dollars in millions)								(in millions)
Cost of sales	$	16,500		$	16,002		$	(498)	$	(307)	$	(257)	$	204	$	(138)	$	(498)
Gross margin	$	3,898		$	3,711		$	187	$	159	$	(128)	$	204	$	(48)	$	187
Percentage of net sales	19.1		%	18.8		%

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	Year Ended December 31,								Variance Due To:
	2024			2023			Favorable/(unfavorable)		Volume (a)		FX		Operationalperformance		Other		Total
	(dollars in millions)								(in millions)
Cost of sales	$	16,002		$	16,612		$	610	$	371	$	101	$	356	$	(218)	$	610
Gross margin	$	3,711		$	3,439		$	272	$	40	$	16	$	356	$	(140)	$	272
Percentage of net sales	18.8		%	17.2		%

(a)Presented net of contractual price reductions for gross margin variance.

The ~~decrease~~increase in cost of sales reflects the impacts of improved operational performance, ~~decreased~~offset by increased volumes and currency exchange. Cost of sales was also impacted by the following items in Other above:

•~~Approximately~~ $6090 million of increased ~~depreciation,~~commodity ~~primarily~~pass-through ~~as a result of a higher fixed asset base~~costs;

•Approximately $7815 million of increased ~~commodity pass-through costs~~depreciation; and

•Approximately $4020 million of increased ~~costs due to customer volume-related inefficiencies and~~ warranty ~~matters~~costs.

Selling, General and Administrative Expense

	Year Ended December 31,
	2024			2023			Favorable/(unfavorable)
	2025			2024			Favorable/(unfavorable)
	(dollars in millions)
Selling, general and administrative expense	$	1,~~465~~673		$	1,~~436~~465		$	(29208)
Percentage of net sales	78.42		%	7.24		%

Selling, general and administrative expense (“SG&A”) ~~remained~~primarily ~~consistent~~includes administrative expenses, information technology costs, incentive compensation related costs, Separation, acquisition and project portfolio costs and selling and marketing expenses. SG&A increased as a percentage of net sales for the year ended December 31, ~~2024~~2025 as compared to ~~2023~~2024, ~~and~~ primarily ~~includes~~due ~~administrative~~to ~~expenses,~~$178 ~~information~~million ~~technology~~of Separation costs, ~~incentive~~long-lived ~~compensation~~asset ~~related~~impairment ~~costs,~~charges ~~acquisition~~of approximately $7 million and ~~project~~increased ~~portfolio~~incentive compensation costs ~~and~~recorded ~~selling~~during ~~and~~the ~~marketing~~year ~~expenses.~~ended December 31, 2025.

Amortization

	Year Ended December 31,
	2024		2023		Favorable/(unfavorable)
	2025		2024		Favorable/(unfavorable)
	(in millions)
Amortization	$	~~211~~208	$	~~233~~211	$	223

Amortization expense reflects the non-cash charge related to definite-lived intangible assets. Amortization during the years ended December 31, ~~2024~~2025 and ~~2023~~2024 reflects the continued amortization of our definite-lived intangible assets, which resulted primarily from our acquisitions, over their estimated useful lives. Refer to Note 20. Acquisitions and Divestitures to the audited consolidated financial statements included herein for further detail of our business acquisitions, including details of the intangible assets recorded in each transaction.

In ~~2025~~2026, we expect to incur non-cash amortization charges of approximately $~~210~~215 million.

~~Restructuring~~47

	Year Ended December 31,
	2024			2023			Favorable/(unfavorable)
	(dollars in millions)
Restructuring	$	193		$	211		$	18
Percentage of net sales	1.0		%	1.1		%

The Company recorded employee-related and other restructuring charges totaling approximately $193 million during the year ended December 31, 2024, which reflects programs to align manufacturing capacity with the current levels of automotive

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production in each region. The charges recorded during the year ended December 31, 2024 also included the recognition of approximately $25 million and $57 million for programs initiated in the fourth quarter of 2024 and 2023, respectively, focused on global salaried workforce optimization, primarily in the North American and European regions. We expect to recognize additional charges of approximately $35 million in 2025 related to the restructuring program initiated in the fourth quarter of 2024, with cash payments expected to be principally completed in 2025. We expect to make cash payments of approximately $100 million in 2025 pursuant to currently implemented restructuring programs.Restructuring

The Company recorded employee-related and other restructuring charges totaling approximately $211 million during the year ended December 31, 2023, of which $68 million was recognized for a program initiated in the fourth quarter of 2023 focused on global salaried workforce optimization, primarily in the North American and European regions. The charges recorded during the year ended December 31, 2023 also included the recognition of approximately $27 million of employee-related and other costs related to the initiation of the closure of a Western European manufacturing site within the Advanced Safety and User Experience segment pursuant to the Company’s ongoing European footprint rotation strategy.


	Year Ended December 31,
	2025			2024			Favorable/ (unfavorable)
	(dollars in millions)
Restructuring	$	185		$	193		$	8
Percentage of net sales	0.9		%	1.0		%

WeThe ~~expect~~Company torecorded ~~continue~~employee-related toand ~~incur~~other ~~additional~~ restructuring ~~expense~~charges intotaling ~~2025~~approximately ~~and~~$185 ~~beyond,~~million ~~primarily~~during ~~related~~the toyear ~~programs~~ended ~~focused~~December 31, ~~on reducing global overhead costs~~2025, ~~the~~which ~~continued~~included ~~rotation of our manufacturing footprint to best cost locations in Europe and aligning manufacturing capacity with~~ the ~~levels~~recognition of ~~automotive production, which includes~~ approximately $5537 million ~~(of~~within ~~which~~the ~~approximately~~Electrical ~~$40~~Distribution ~~million~~Systems ~~relates~~segment tofor ~~the~~programs ~~Signal~~to downsize and ~~Power~~close ~~Solutions~~European ~~segment~~manufacturing ~~and~~sites, approximately $1525 million ~~relates~~related to workforce optimization within the Advanced Safety and User Experience segment) ~~for~~and ~~programs~~approximately ~~approved as of December 31, 2024, inclusive of~~ $3515 million ~~related~~for toa ~~the global salaried headcount reduction~~ program ~~described~~initiated ~~above,~~in ~~and are expected to be incurred within~~ the ~~next~~fourth ~~twelve~~quarter ~~months.~~of ~~Additionally,~~2024 asfocused weon ~~continue to operate in a cyclical industry that is impacted by movements in the~~ global ~~and~~salaried ~~regional~~workforce ~~economies~~optimization, weprimarily ~~continually evaluate opportunities to further adjust our cost structure and optimize our manufacturing footprint. The Company plans to implement additional restructuring activities~~ in the ~~future,~~European ifregion. ~~necessary,~~We inexpect ~~order~~ to ~~align~~make ~~manufacturing~~cash ~~capacity~~payments ~~and other costs with prevailing regional automotive production levels and locations, to improve the efficiency and utilization~~ of ~~other~~approximately ~~locations~~$110 ~~and~~million in ~~order~~2026 pursuant to ~~increase~~currently ~~investment~~implemented ~~in advanced technologies and engineering. Such future~~ restructuring ~~actions are dependent on market conditions, customer actions and other factors~~programs.

The Company recorded employee-related and other restructuring charges totaling approximately $193 million during the year ended December 31, 2024, which reflected programs to align manufacturing capacity with the current levels of automotive production in each region, and included the recognition of approximately $25 million and $57 million for programs initiated in the fourth quarter of 2024 and 2023, respectively, focused on global salaried workforce optimization, primarily in the North American and European regions.

We expect to continue to incur additional restructuring expense in 2026 and beyond, primarily related to programs focused on reducing global overhead costs, the continued rotation of our manufacturing footprint to best cost locations in Europe and aligning manufacturing capacity with the levels of automotive production, which includes approximately $75 million (of which approximately $40 million relates to the Electrical Distribution Systems segment, approximately $25 million relates to the Advanced Safety and User Experience segment and approximately $10 million relates to the Engineered Components Group segment) for approved programs within the next twelve months. Additionally, as we continue to operate in a cyclical industry that is impacted by movements in the global and regional economies, we continually evaluate opportunities to further adjust our cost structure and optimize our manufacturing footprint. The Company plans to implement additional restructuring activities in the future, if necessary, in order to align manufacturing capacity and other costs with prevailing regional automotive production levels and locations, to improve the efficiency and utilization of other locations and in order to increase investment in advanced technologies and engineering. Such future restructuring actions are dependent on market conditions, customer actions and other factors.

Refer to Note 10. Restructuring to the audited consolidated financial statements included herein for additional information.

Goodwill Impairment


	Year Ended December 31,
	2025		2024		Favorable/ (unfavorable)
	(in millions)
Goodwill impairment	$	648	$	—	$	(648)

Goodwill impairment for the year ended December 31, 2025 reflects a non-cash, pre-tax goodwill impairment charge of approximately $648 million related to the Wind River reporting unit. Refer to Note 7. Intangible Assets and Goodwill to the audited consolidated financial statements included herein for additional information.

Interest Expense

	Year Ended December 31,
	2024		2023		Favorable/(unfavorable)
	2025		2024		Favorable/(unfavorable)
	(in millions)
Interest expense	$	~~337~~361	$	~~285~~337	$	(5224)

The increase in interest expense during the year ended December 31, 2024 compared to 2023 primarily reflects the issuance of €750 million in aggregate principal amount of 4.25% Euro-denominated senior unsecured notes due 2036 in June 2024, the proceeds of which were ultimately used to redeem the €700 million in aggregate principal amount of 1.50% Euro-denominated senior unsecured notes due 2025, the $2.5 billion senior unsecured bridge facility borrowings under a Bridge Credit Agreement (the “Bridge Credit Agreement”) entered into in August 2024, the $600 million term loan (the “Term Loan A”) issued under the senior unsecured Term Loan A Credit Agreement entered into in August 2024, the issuance of $1,650 million in aggregate principal amount of senior unsecured notes (the “2024 Senior Notes) in September 2024 and the issuance of $500 million in aggregate principal amount of junior subordinated notes (the “2024 Junior Notes”) in September 2024, partially offset by the redemption of the $700 million in aggregate principal amount of 2.396% senior unsecured notes due 2025 (the “2.396% Senior Notes”) in September 2024.48

The Bridge Credit Agreement, which was utilized to initially fund a portion of the accelerated share repurchase program, was fully repaid and terminated during the third quarter of 2024 using proceeds from the issuance of the new Term Loan A, the 2024 Senior Notes and the 2024 Junior Notes. Refer to Note 11. Debt and Note 15. Shareholders’ Equity and Net Income Per Share to the audited consolidated financial statements included herein for additional information.

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The increase in interest expense during the year ended December 31, 2025 compared to 2024 primarily reflects the issuance of $1,650 million in aggregate principal amount of 2024 Senior Notes and $500 million in aggregate principal amount of 2024 Junior Notes in September 2024, partially offset by the redemption of the $700 million in aggregate principal amount of 2.396% senior unsecured notes (the “2.396% Senior Notes”) due 2025 in September 2024, the redemption of the 2015 Euro-denominated Senior Notes in December 2024, the full repayment of the $600 million Term Loan A in the fourth quarter of 2024 and first quarter of 2025 and the full repayment of our €450 million European accounts receivable factoring facility in the first half of 2025.

Refer to Note 11. Debt to the audited consolidated financial statements included herein for additional information.

Other Income, Net

	Year Ended December 31,
	2024		2023		Favorable/(unfavorable)
	2025		2024		Favorable/(unfavorable)
	(in millions)
Other income, net	$	4150	$	6341	$	~~(22)~~9

Other income, net for the year ended December 31, 2025 includes interest income of $60 million. The Company also recorded $26 million during the year ended December 31, 2025 related to the components of net periodic pension and postretirement benefit cost other than service costs, as further described in Note 12. Pension Benefits to the audited consolidated financial statements included herein.

Other income, net for the year ended December 31, 2024 includes interest income of $87 million. During the year ended December 31, 2024, the Company also recorded a loss on extinguishment of debt of $15 million in conjunction with the repayment and termination of the Bridge Credit Agreement, the redemption of the 2.396% Senior Notes and the partial repayment on the Term Loan A, as further discussed in Note 11. Debt to the audited consolidated financial statements included herein. The Company also recorded $26 million during the year ended December 31, 2024 related to the components of net periodic pension and postretirement benefit cost other than service costs, as further described in Note 12. Pension Benefits to the audited consolidated financial statements included herein.

Other income, net for the year ended December 31, 2023 includes interest income of $111 million, partially offset by an impairment loss of $18 million recognized for Aptiv’s equity investments without readily determinable fair values. The Company also recorded $28 million during the year ended December 31, 2023 related to the components of net periodic pension and postretirement benefit cost other than service costs, as further described in Note 12. Pension Benefits to the audited consolidated financial statements included herein.

Refer to Note 19. Other Income, Net to the audited consolidated financial statements included herein for additional information.

Net Gain on Equity Method Transactions

	Year Ended December 31,
	2024		2023		Favorable/(unfavorable)
	2025		2024		Favorable/(unfavorable)
	(in millions)
Net gain on equity method transactions	$	~~605~~46	$	—605	$	~~605~~(559)

Net gain on equity method transactions for the year ended December 31, 2025 includes a gain of approximately $~~641~~33 million recorded as a result of the Motional funding ~~and~~transaction ~~ownership restructuring transactions~~ completed in May ~~2024,~~2025 ~~partially~~and ~~offset by~~ a ~~non-cash,~~gain ~~pre-tax impairment charge~~ of approximately $3613 million ~~related~~from tothe ~~its~~closing ~~equity~~of ~~method~~the ~~investment~~sale inof TTTech Auto AG. ~~Refer~~(“TTTech toAuto”) ~~Note 5. Investments~~ in ~~Affiliates~~June ~~to the audited consolidated financial statements included herein for additional information~~2025.

Net gain on equity method transactions for the year ended December 31, 2024 includes a gain of approximately $641 million recorded as a result of the Motional funding and ownership restructuring transactions completed in May 2024, partially offset by a non-cash, pre-tax impairment charge of approximately $36 million related to its equity method investment in TTTech Auto.

Refer to Note 5. Investments in Affiliates to the audited consolidated financial statements included herein for additional information.

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Income Taxes

	Year Ended December 31,
	2024		2023		Favorable/(unfavorable)
	2025		2024		Favorable/(unfavorable)
	(in millions)
Income tax expense (benefit)	$	223	$	(1,928)	$	(2,151)
Income tax expense	$	700	$	223	$	(477)

The Company’s tax rate is affected by the fact that its parent entity is a Swiss resident taxpayer, and was an Irish resident taxpayer prior to the December 2024 reorganization transaction, the tax rates in Switzerland, Ireland and other jurisdictions in which the Company operates, the relative amount of income earned by jurisdiction and the relative amount of losses or income for which no tax benefit or expense was recognized due to a valuation allowance. The Company’s effective tax rate is also impacted by the receipt of certain tax incentives and holidays that reduce the effective tax rate for certain subsidiaries below the statutory rate.

The Company’s effective tax rate was 1076% and ~~(144)~~10% for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively. The effective tax rate for the year ended December 31, ~~2024~~2025 includes net discrete tax ~~benefits~~expense of approximately $380 million primarily related to a change in valuation allowance on the Swiss tax incentive, as described below, tax accruals associated with the Separation of the Electrical Distribution Systems business and the tax impact of intercompany reorganizations, partially offset by changes in other valuation allowances. Also included as a discrete item in the effective tax rate for the year ended December 31, ~~2024~~2025 is the ~~beneficial~~unfavorable impact of approximately 432 points resulting from the ~~Motional~~Wind ~~funding~~River ~~and~~non-cash ~~ownership~~goodwill ~~restructuring~~impairment ~~transactions~~charge, as described further in Note 57. ~~Investments~~Intangible inAssets ~~Affiliates~~and Goodwill to the audited consolidated financial statements included herein., ~~There~~which is non-deductible for tax purposes.

46The effective tax rate for the year ended December 31, 2024 includes discrete tax benefits primarily associated with intercompany reorganizations. Also included as a discrete item in the effective tax rate for the year ended December 31, 2024 is the beneficial impact of approximately 4 points resulting from the Motional funding and ownership restructuring transactions, as described further in Note 5. Investments in Affiliates to the audited consolidated financial statements included herein. There was no tax expense associated with these gains as Aptiv’s interest in Motional is exempt from capital gains tax in the jurisdiction in which it is owned.

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted into law. The OBBBA includes changes to U.S. tax law that were applicable to Aptiv beginning in 2025, with additional provisions applying in subsequent years. Included in these changes are favorable adjustments to deductions for interest, qualified property, and research and development expenditures, as well as reforms to the international tax framework. The OBBBA will not have a material impact on the Company’s consolidated financial statements.

On January 15, 2025, the OECD released Administrative Guidance (the “Guidance) on Article 9.1 of the Global Anti-Base Erosion Model Rules (the “Model Rules”) which amends the Pillar Two Framework (the “Framework”) previously adopted by the European Union (the “E.U.”) Member States on December 15, 2022. Jurisdictions that have adopted the Framework, which generally provides for a minimum effective tax rate of 15%, as established by the OECD, may implement and administer their domestic laws consistent with the Model Rules and Guidance. The Guidance eliminates the tax basis in certain deferred tax assets including tax credit carryforwards for purposes of the global minimum tax established under the Framework. As a result, the Company no longer expects to obtain significant benefits from the tax incentive granted to its Swiss subsidiary in 2023, as described below. Accordingly, the Company recognized an increase to valuation allowances of $294 million to reduce the related deferred tax asset during the year ended December 31, 2025. No other deferred tax assets are impacted by the Guidance.

On December 18, 2025, the Swiss Council of States passed a motion preventing the retroactive application of the OECD’s 2025 Guidance on the Model Rules. While this development has no immediate impact on Aptiv’s tax position, we will continue to monitor potential implications for the recoverability of our Swiss deferred tax assets associated with our Swiss tax incentive.

In response to the Framework, during the second half of 2023, the Company initiated changes to its corporate entity structure, including intercompany transfers of certain intellectual property to one of its subsidiaries in Switzerland. Furthermore, during the third quarter of 2023, the Company’s Swiss subsidiary was granted a ten-year tax incentive, beginning in 2024. The measurement of certain deferred tax assets and associated income tax benefits resulting from these transactions was impacted by tax legislation in Switzerland enacted in the fourth quarter of 2023, which increased the statutory income tax rate, resulting in additional deferred tax benefit impacts, net of valuation allowances. During the year ended December 31, 2023, the total income tax benefit recorded as a result of the intercompany transfers of intellectual property and tax incentive, all as described above, combined with other related additional current year tax expense as a result of the transactions, was approximately $2,080 million.

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~~was~~The noCompany ~~tax~~has ~~expense~~proactively ~~associated~~responded ~~with~~to these ~~gains~~tax policy changes, as ~~Aptiv’s~~described ~~interest~~above, inand ~~Motional~~will iscontinue ~~exempt~~to ~~from~~closely ~~capital~~monitor ~~gains~~developments. Our effective tax inrate for the ~~jurisdiction~~year inended ~~which~~December 31, it2025 isincludes ~~owned~~an unfavorable impact from the enacted Framework.

The effective tax rate for the year ended December 31, 2023 was primarily impacted by the Company’s transfers of intellectual property, as described below.

On December 15, 2022, the European Union (the “E.U.”) Member States formally adopted the Framework, which generally provides for a minimum effective tax rate of 15%, as established by the OECD. Many countries have enacted legislation consistent with the Framework effective at the beginning of 2024. The OECD continues to release additional guidance on these rules. The Company has proactively responded to these tax policy changes, as described below, and will continue to closely monitor developments. Our effective tax rate for the year ended December 31, 2024 includes an unfavorable impact from the enacted Framework.

In response to the Framework, the Company initiated changes to its corporate entity structure, including intercompany transfers of certain intellectual property to one of its subsidiaries in Switzerland, during the second half of 2023. Furthermore, during the third quarter of 2023, the Company’s Swiss subsidiary was granted a ten-year tax incentive, beginning in 2024. The measurement of certain deferred tax assets and associated income tax benefits resulting from these transactions was impacted by tax legislation in Switzerland enacted in the fourth quarter of 2023, which increased the statutory income tax rate, resulting in additional deferred tax benefit impacts, net of valuation allowances. During the year ended December 31, 2023, the total income tax benefit recorded as a result of the intercompany transfers of intellectual property and tax incentive, all as described above, combined with other related additional current year tax expense as a result of the transactions, was approximately $2,080 million.

On January 15, 2025, the OECD released Administrative Guidance (the “Guidance) on Article 9.1 of the Global Anti-Base Erosion Model Rules (the “Model Rules”) which amends the Pillar Two Framework. This Guidance may lead to an adjustment to the tax incentive granted to the Company’s Swiss subsidiary in 2023 under the terms of the incentive agreement and a reduction of deferred tax assets of up to approximately $300 million, net of valuation allowance. The Company is continuing to analyze the impacts of the Guidance and will recognize any resulting provisions in the first quarter of 2025.

Refer to Note 14. Income Taxes to the audited consolidated financial statements included herein for additional information.

Equity Loss

	Year Ended December 31,
	2024		2023		Favorable/(unfavorable)
	2025		2024		Favorable/(unfavorable)
	(in millions)
Equity loss, net of tax	$	~~118~~38	$	~~299~~118	$	~~181~~80

Equity loss, net of tax reflects the Company’s interest in the results of ongoing operations of entities accounted for as equity method investments. The decrease in equity losses recognized by Aptiv during the year ended December 31, ~~2024~~2025 compared to ~~2023~~2024 is primarily attributable to the decrease in Aptiv’s common equity interest in Motional from 50% to approximately 1513% as a result of the Motional funding and ownership restructuring transactions that were completed in May 2024 and May 2025. Refer to Note 5. Investments in Affiliates to the audited consolidated financial statements included herein for additional information.

Results of Operations by Segment

WeIn ~~operate~~connection ~~our~~with ~~core~~the ~~business~~Separation, ~~along~~as further described in Note 26. Separation of Electrical Distribution Systems to the ~~following~~audited ~~operating~~consolidated ~~segments,~~financial ~~which~~statements ~~are~~included ~~grouped~~herein, onin the ~~basis~~first quarter of ~~similar product~~2025, ~~market~~Aptiv ~~and~~realigned its business into three reportable operating ~~factors~~segments:

•~~Signal~~Advanced Safety and ~~Power~~User ~~Solutions~~Experience, which includes ~~complete~~platforms ~~electrical~~and ~~architecture~~modular offerings, such as intelligent sensors, high-performance compute, and ~~component~~advance ~~products~~software tools and services.

•~~Advanced~~Engineered ~~Safety~~Components ~~and User Experience~~Group, which includes ~~vehicle~~connection ~~technology~~systems, ~~and~~high-performance ~~services in advanced safety~~interconnects, ~~user~~and ~~experience~~cable management and ~~smart~~protection ~~vehicle~~solutions ~~compute~~that ~~and~~optimize ~~software,~~the asdistribution ~~well~~of aspower, ~~cloud-native~~signal ~~software~~and ~~platforms,~~data ~~autonomous~~for ~~driving~~next-generation ~~technologies~~applications ~~and~~across ~~DevOps~~multiple ~~tools~~end markets.

•Electrical Distribution Systems, which includes a full range of low voltage and high voltage power, signal and data distribution solutions needed to deliver fully integrated, cost-optimized architectures. As described in Note 26. Separation of Electrical Distribution Systems, the Company is pursuing a separation of the Electrical Distribution Systems business into a new, independent publicly traded company, through a transaction expected to be treated as a tax-free spin-off to its shareholders.

•Eliminations and Other, which includes i) the elimination of inter-segment transactions, and ii) certain other expenses and income of a non-operating or strategic nature.

47Prior period amounts were adjusted retrospectively to reflect the change in reportable operating segments, consistent with the current year presentation, throughout the audited consolidated financial statements contained herein.

Generally, Aptiv evaluates segment performance based on stand-alone segment net income before interest expense, other income (expense), net, income tax (expense) benefit, equity income (loss), net of tax, amortization, restructuring, Separation costs related to the planned spin-off of the Electrical Distribution Systems business, other acquisition and portfolio project costs (which includes costs incurred to integrate acquired businesses and to plan and execute product portfolio transformation actions, including business and product acquisitions and divestitures), goodwill and other asset impairments, compensation expense related to acquisitions and gains (losses) on business divestitures and other transactions (“Adjusted Operating Income”).

Our management utilizes Adjusted Operating Income as the key performance measure of segment income or loss to evaluate segment performance, and for planning and forecasting purposes to allocate resources to the segments, as management believes this measure is most reflective of the operational profitability or loss of our operating segments. Segment Adjusted Operating Income should not be considered a substitute for results prepared in accordance with U.S. GAAP and should not be considered an alternative to net income attributable to Aptiv, which is the most directly comparable financial measure to Adjusted Operating Income that is prepared in accordance with U.S. GAAP. Segment Adjusted Operating Income, as determined and measured by Aptiv, should also not be compared to similarly titled measures reported by other companies.

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~~Generally,~~Refer Aptiv evaluates segment performance based on stand-alone segment net income before interest expense, other income (expense), net, income tax (expense) benefit, equity income (loss), net of tax, amortization, restructuring, other acquisition and portfolio project costs (which includes costs incurred to ~~integrate~~Note ~~acquired~~22. ~~businesses~~Segment ~~and~~Reporting to ~~plan~~the ~~and~~audited ~~execute~~consolidated ~~product~~financial ~~portfolio~~statements ~~transformation~~included ~~actions,~~herein ~~including~~for ~~business~~additional and product acquisitions and divestitures), asset impairments and other related charges, compensation expense related to acquisitions and gains (losses) on business divestitures and other transactions (“Adjusted Operating Income”)information.

~~Our~~Net ~~management~~sales, ~~utilizes~~gross ~~Adjusted~~margin ~~Operating Income~~ as ~~the~~a ~~key~~percentage ~~performance measure~~ of ~~segment~~net ~~income~~sales ~~or loss to evaluate segment performance,~~ and for planning and forecasting purposes to allocate resources to the segments, as management believes this measure is most reflective of the operational profitability or loss of our operating segments. Segment Adjusted Operating Income ~~should~~by ~~not~~segment ~~be considered a substitute~~ for ~~results prepared in accordance with U.S. GAAP and should not be considered an alternative to net income attributable to Aptiv, which is~~ the ~~most~~years ~~directly~~ended ~~comparable financial measure to Adjusted Operating Income that is prepared in accordance with U.S. GAAP. Segment Adjusted Operating Income~~December 31, as2025 ~~determined~~ and ~~measured~~2024 byare ~~Aptiv,~~as should also not be compared to similarly titled measures reported by other companies. Refer to Note 22. Segment Reporting to the audited consolidated financial statements included herein for additional information.follows:

Net sales, gross margin as a percentage of net sales and Adjusted Operating Income by segment for the years ended December 31, 2024 and 2023 are as follows:

Net Sales by Segment

	Year Ended December 31,						Variance Due To:
	2024		2023		Favorable/(unfavorable)		Volume, net of contractual price reductions		FX		Commodity Pass-through		Other		Total
	2025		2024		Favorable/(unfavorable)		Volume, net of contractual price reductions		FX		Commodity Pass-through		Other		Total
	(in millions)						(in millions)
Signal and Power Solutions	$	13,983	$	14,404	$	(421)	$	(415)	$	(84)	$	78	$	—	$	(421)
Advanced Safety and User Experience	$	5,792	$	5,791	$	1	$	(21)	$	22	$	—	$	—	$	1
Advanced Safety and User Experience	5,791		5,695		96		97		(1)		—		—		96
Engineered Components Group	6,662		6,384		278		213		61		4		—		278
Eliminations and Other	(61)		(48)		(13)		(13)		—		—		—		(13)
Electrical Distribution Systems	8,818		8,309		509		373		52		84		—		509
Total	$	19,713	$	20,051	$	(338)	$	(331)	$	(85)	$	78	$	—	$	(338)
Eliminations and Other	(874)		(771)		(103)		(99)		(6)		2		—		(103)
Total	$	20,398	$	19,713	$	685	$	466	$	129	$	90	$	—	$	685

Gross Margin Percentage by Segment

	Year Ended December 31,
		2024		2023
		2025		2024
Signal and Power Solutions		18.7	%	18.0	%
Advanced Safety and User Experience		18.7	%	19.0	%
Advanced Safety and User Experience		19.0	%	15.0	%
Engineered Components Group		26.0	%	25.6	%
Total		18.8	%	17.2	%
Electrical Distribution Systems		12.2	%	11.7	%
Total		19.1	%	18.8	%

Adjusted Operating Income by Segment

	Year Ended December 31,						Variance Due To:
	2024		2023		Favorable/(unfavorable)		Volume, net of contractual price reductions		Operational performance		Other		Total
	2025		2024		Favorable/(unfavorable)		Volume, net of contractual price reductions		Operational performance		Other		Total
	(in millions)						(in millions)
Signal and Power Solutions	$	1,652	$	1,676	$	(24)	$	4	$	86	$	(114)	$	(24)
Advanced Safety and User Experience	$	658	$	714	$	(56)	$	28	$	41	$	(125)	$	(56)
Advanced Safety and User Experience	714		451		263		36		270		(43)		263
Engineered Components Group	$	1,129	$	1,073	$	56	$	55	$	82	$	(81)	$	56
Electrical Distribution Systems	$	674	$	579	$	95	$	76	$	81	$	(62)	$	95

As noted in the table above, Adjusted Operating Income for the year ended December 31, ~~2024~~2025 as compared to the year ended December 31, ~~2023~~2024 was impacted by operational performance, volume, including product mix, as well as the impacts of contractual price reductions, net of price recoveries, of $47 million. Adjusted Operating Income was also impacted by the following items included within Other in the table above:

48•$143 million of unfavorable foreign currency impacts, primarily related to the Mexican Peso;

•Approximately $75 million of increased SG&A expense, including increased incentive compensation costs, excluding the impact of Separation costs and other acquisition and portfolio project costs;

•Approximately $30 million of increased depreciation, primarily as a result of a higher fixed asset base; and

•$20 million of increased warranty costs.

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favorable pricing, net of contractual price reductions, of $167 million. Adjusted Operating Income was also impacted by the following items included within Other in the table above:

•Approximately $65 million of increased depreciation, primarily as a result of a higher fixed asset base;

•$29 million of increased SG&A expense, not including the impact of other acquisition and portfolio project costs;

•Approximately $40 million of increased costs due to customer volume-related inefficiencies and warranty matters; partially offset by

•$17 million of favorable foreign currency impacts.

Liquidity and Capital Resources

Overview of Capital Structure

Our liquidity requirements are primarily to fund our business operations, including capital expenditures and working capital requirements, as well as to fund debt service requirements, ~~and~~ operational restructuring and Separation activities. Our primary sources of liquidity are cash flows from operations, our existing cash balance, and as necessary and available, borrowings under credit facilities and issuance of long-term debt and equity. To the extent we generate discretionary cash flow we may consider using this additional cash flow for optional prepayments of existing indebtedness, strategic acquisitions or investments, additional share repurchases and/or general corporate purposes. We also continually explore ways to enhance our capital structure.

As of December 31, ~~2024~~2025, we had cash and cash equivalents of $1.69 billion and net debt (defined as outstanding debt less cash and cash equivalents) of $65.87 billion. We also have access to additional liquidity pursuant to the terms of the $2.0 billion Revolving Credit Facility and the committed European accounts receivable factoring facility, as described below. The following table summarizes our available liquidity, which includes cash, cash equivalents and funds available under our significant committed credit facilities, as of December 31, ~~2024~~2025.

	December 31, 2024
	December 31, 2025
	(in millions)
Cash and cash equivalents	$	1,~~573~~851
Revolving Credit Facility, unutilized portion (1)	1,998
Committed European accounts receivable factoring facility, unutilized portion (2)	18529
Total available liquidity	$	34,~~589~~378

(1)Availability reduced by $2 million in letters of credit issued under the Credit Agreement as of December 31, ~~2024~~2025.

(2)Based on December 31, ~~2024~~2025 foreign currency rates, subject to the availability of eligible accounts receivable.

We expect existing cash, available liquidity and cash flows from operations to continue to be sufficient to fund our global operating activities, including restructuring payments, capital expenditures, ~~and~~ debt obligations and Separation activities. In addition, we expect to continue to repurchase outstanding ordinary shares pursuant to our authorized ordinary share repurchase program, as further described below.

We also continue to expect to be able to move funds between different countries to manage our global liquidity needs without material adverse tax implications, subject to current monetary policies. We utilize a combination of strategies, including dividends, cash pooling arrangements, intercompany loan repayments and other distributions and advances to provide the funds necessary to meet our global liquidity needs. There are no significant restrictions on the ability of our subsidiaries to pay dividends or make other distributions to Aptiv. As of December 31, ~~2024~~2025, the Company’s cash and cash equivalents held by our non-U.S. subsidiaries totaled approximately $1.58 billion. If additional non-U.S. cash was needed for our U.S. operations, we may be required to accrue and pay withholding if we were to distribute such funds from non-U.S. subsidiaries to the U.S.; however, based on our current liquidity needs and strategies, we do not anticipate a need to accrue and pay such additional amounts.

Based on these factors, we believe we possess sufficient liquidity to fund our global operations and capital investments in ~~2025~~2026 and beyond.

Share Repurchase Programs

In July 2024, the Board of Directors authorized a share repurchase program of up to $5.0 billion of ordinary shares, which commenced in August 2024 following completion of the Company’s $2.0 billion January 2019 share repurchase program. This share repurchase program provides for share purchases in the open market or in privately negotiated transactions (which may include derivative transactions, including an accelerated share repurchase program (“ASR”)), depending on share price, market conditions and other factors, as determined by the Company.

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include derivative transactions, including an accelerated share repurchase program (“ASR”)), depending on share price, market conditions and other factors, as determined by the Company.

As part of the Company’s share repurchase program, on August 1, 2024, the Company entered into ASR agreements with each of Goldman Sachs International and JPMorgan Chase Bank, N.A. to repurchase an aggregate of $3.0 billion of Aptiv’s ordinary shares (the “ASR Agreements”).

Under the terms of the ASR Agreements, on August 2, 2024, the Company made an aggregate payment of $3.0 billion (the “Repurchase Price”) and received initial deliveries of approximately 30.8 million ordinary shares with a value of $2.25 billion, which were retired immediately and recorded as a reduction to shareholders’ equity. Aptiv incurred approximately $4 million of direct costs in connection with the ASR Agreements. Given the Company’s ability to settle in shares, as described below, the remaining $750 million prepaid forward contract was classified as a reduction to additional paid-in capital as of December 31, 2024. In January 2025, a portion of the ASR Agreements were settled, and Aptiv received approximately 5.6 million ordinary shares, which were retired immediately.

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million of direct costs in connection with the ASR Agreements. Given the Company’s ability to settle in shares, the remaining $750 million prepaid forward contract was classified as a reduction to additional paid-in capital as of December 31, 2024.

The Company initially funded the accelerated share repurchase program with cash on hand and borrowings under the Bridge Credit Agreement. The Bridge Credit Agreement was subsequently repaid and terminated during the third quarter of 2024 using proceeds from the Term Loan A and issuance of the 2024 Senior Notes and 2024 Junior Notes, as further described in Note 11. Debt to the audited consolidated financial statements included herein.

~~The~~During ~~total~~the ~~number~~year ended December 31, 2025, upon final settlements under the ASR Agreements, Aptiv received incremental deliveries of approximately 17.7 million ordinary shares. toAll beshares ~~repurchased~~delivered to Aptiv under ~~each~~the ASR ~~Agreement~~Agreements ~~will~~were beretired ~~based~~immediately. onUnder the ASR Agreements, the Company received total deliveries of approximately 48.5 million ordinary shares at an average price of $61.84 per share, based on the daily volume-weighted average price of our ordinary shares on specified dates during the ~~term~~terms of ~~such~~the ASR ~~Agreement~~Agreements, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreements. During the year ended December 31, 2025, the Company also repurchased approximately 5.1 million of our outstanding ordinary shares for $400 million in the open market.

~~Upon~~During ~~final settlement of~~ the ~~ASR~~year ~~Agreements,~~ended ~~under certain circumstances~~December 31, ~~the relevant counterparty may be required to deliver additional ordinary shares~~2024, orin weaddition ~~may be required~~ to ~~deliver~~the ~~ordinary~~initial shares orreceived ~~to make a cash payment to the relevant counterparty, at our election. The final settlements~~ under the ASR ~~Agreements~~program, ~~are~~we ~~scheduled~~repurchased toapproximately ~~occur~~13.6 nomillion ~~later~~of ~~than~~our ~~the~~outstanding ~~second~~ordinary ~~quarter~~shares offor ~~2025~~$1,100 ~~and~~million in ~~each case may be accelerated at~~ the ~~option~~open ~~of the applicable counterparty~~market.

ADuring ~~summary~~the ofyear ~~the~~ended ~~ordinary~~December 31, ~~shares~~2023, we repurchased ~~during~~approximately ~~the~~4.7 ~~years~~million ~~ended~~of ~~December 31,~~our ~~2024~~outstanding ~~and~~ordinary ~~2023~~shares isfor as$398 ~~follows:~~million in the open market.

	Year Ended December 31,
	2024		2023
Total number of shares repurchased	44,431,332		4,701,558
Average price paid per share	$	75.40	$	84.59
Total (in millions)	$	3,350	$	398

As of December 31, 2025, approximately $2,115 million of share repurchases remained available under the July 2024 share repurchase program. All previously repurchased shares were retired and are reflected as a reduction of ordinary share capital for the par value of the shares, with the excess applied as reductions to additional paid-in-capital and retained earnings.

There were no shares repurchased during the year ended December 31, 2022. As of December 31, 2024, approximately $2,515 million of share repurchases remained available under the July 2024 share repurchase program. All previously repurchased shares were retired, and are reflected as a reduction of ordinary share capital for the par value of the shares, with the excess applied as reductions to additional paid-in-capital and retained earnings.

Dividends from Equity Investments

During the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, Aptiv received dividends of $1220 million, $512 million and $5 million, respectively, from its equity method investments. The dividends were recognized as a reduction to the investment and represented a return on investment included in cash flows from operating activities.

Acquisitions, Divestitures and Other Transactions

~~Höhle—On~~In April 3, ~~2023~~2025, one of Aptiv’s ~~acquired~~wholly-owned ~~100%~~subsidiaries ofcompleted the ~~equity~~sale ~~interests~~ of ~~Höhle~~certain ~~Ltd.~~assets (~~“Höhle”~~net of certain liabilities), athat ~~manufacturer~~were ofpreviously ~~microducts,~~reported within the Advanced Safety and User Experience segment for ~~total~~net ~~consideration~~cash proceeds of approximately $424 million. ~~The~~As ~~results~~a result of ~~operations~~the ofsale, ~~Höhle~~the ~~are~~Company ~~reported~~recognized ~~within~~a ~~the~~pre-tax ~~Signal~~gain ~~and~~of ~~Power~~approximately ~~Solutions~~$5 ~~segment~~million ~~from~~during the ~~date~~year ofended ~~acquisition.~~December 31, ~~The~~2025, ~~Company~~within ~~acquired~~cost ~~Höhle~~of ~~utilizing~~sales ~~cash~~in onthe ~~hand~~consolidated statements of operations.

Wind River—On December 23, 2022, Aptiv acquired 100% of the equity interests of Wind River, a global leader in delivering software for the intelligent edge, for total consideration of approximately $3.5 billion. The ~~results of operations of Wind River are reported within the Advanced Safety and User Experience segment from the date of acquisition. The~~ Company ~~acquired~~had ~~Wind~~no ~~River~~other ~~utilizing~~business ~~cash~~acquisitions onor ~~hand,~~divestitures ~~which~~during ~~included proceeds from~~ the ~~2022~~years ~~Senior~~ended ~~Notes. Upon completion of the acquisition~~December 31, ~~Aptiv~~2025 ~~incurred~~and ~~transaction related expenses totaling approximately $43 million, which were recorded within other income (expense), net in the consolidated statements of operations in the fourth quarter of 2022~~2024.

~~Intercable~~Höhle ~~Automotive~~Ltd.—On ~~November~~April 303, ~~2022~~2023, Aptiv acquired 85100% of the equity interests of ~~Intercable~~Höhle ~~Automotive Solutions S~~Ltd.~~r.l.~~ (“~~Intercable Automotive~~Höhle”), a manufacturer of ~~high-voltage busbars and interconnect solutions~~microducts, for total consideration of $~~609~~42 million. The results of operations of ~~Intercable~~Höhle ~~Automotive~~ are reported within the ~~Signal~~Engineered ~~and~~Components ~~Power~~Group segment from the date of acquisition. The Company acquired Höhle utilizing cash on hand.

50Sale of Interest in Majority Owned Russian Subsidiary—Given the sanctions put in place by the E.U., U.S. and other governments, which restrict our ability to conduct business in Russia, we initiated a plan in the second quarter of 2022 to exit our 51% owned subsidiary in Russia. As a result, the Company determined that this subsidiary, which was reported within the Electrical Distribution Systems segment, initially met the held for sale criteria as of June 30, 2022. Consequently, during the year ended December 31, 2022, the Company recorded a pre-tax charge of $51 million to impair the carrying value of the Russian subsidiary’s net assets to fair value.

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Solutions segment from the date of acquisition. The Company acquired its interest in Intercable Automotive utilizing cash on hand. Upon completion of the acquisition, Aptiv incurred transaction related expenses totaling approximately $10 million, which were recorded within other income (expense), net in the consolidated statements of operations in the fourth quarter of 2022.

Concurrent with the acquisition, the Company entered into an agreement with the noncontrolling interest holders that provides the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining 15% of Intercable Automotive for cash of up to €155 million, beginning in 2026. The final purchase price is contractually defined and will be determined based on Intercable Automotive’s 2025 operating results.

Sale of Interest in Majority Owned Russian Subsidiary—Given the sanctions put in place by the E.U., U.S. and other governments, which restrict our ability to conduct business in Russia, we initiated a plan in the second quarter of 2022 to exit our 51% owned subsidiary in Russia. As a result, the Company determined that this subsidiary, which was reported within the Signal and Power Solutions segment, initially met the held for sale criteria as of June 30, 2022. Consequently, during the year ended December 31, 2022, the Company recorded a pre-tax charge of $51 million to impair the carrying value of the Russian subsidiary’s net assets to fair value.

On May 30, 2023, the Company completed the sale of its entire interest in the Russian subsidiary to JSC Samara Cables Company, the sole minority shareholder in the Russian subsidiary, for a nominal amount in exchange for all of the Company’s shares in the subsidiary. As a result of this transaction, the net assets held for sale of the Russian subsidiary were deconsolidated from the Company’s consolidated financial statements and the Company did not record any incremental gain or loss resulting from this disposition. Furthermore, losses relating to the Russian subsidiary during the held for sale period were de minimis. The former Russian subsidiary is not considered to be a related party of the Company after deconsolidation.

~~Refer~~Investment toin ~~Note~~StradVision, 20Inc.—On ~~Acquisitions~~October 20, ~~and~~2025, ~~Divestitures~~Aptiv toentered ~~the~~into ~~audited~~an ~~consolidated~~agreement ~~financial~~with ~~statements~~StradVision, ~~included~~Inc. ~~herein~~(“StradVision”), a provider of deep learning-based camera perception software for ~~further~~automotive ~~detail~~applications, ofto convert the Company’s ~~business~~existing ~~acquisitions~~preferred shares in StradVision into common shares (the “Conversion”), resulting in a common equity interest of approximately 41% in StradVision. Aptiv previously made KRW-denominated investments in StradVision totaling approximately $40 million in the first half of 2025 and ~~divestitures~~approximately $108 million in prior years (using foreign currency rates on the date of the respective investments).

~~Motional Joint Venture Funding and Ownership Restructuring Transactions~~54

OnTable April 19, 2024, Aptiv and Hyundai Motor Group (“Hyundai”) entered into an agreement to restructure Aptiv’s ownership interest in Motional and for Hyundai to provide additional funding to Motional, each as described below. Prior to these transactions, Motional was 50% owned by each of ~~Aptiv and Hyundai.~~ Contents

AsPrior ~~part~~to of the ~~agreement~~Conversion, ondue ~~May~~to 2,the ~~2024,~~Company’s ~~Hyundai~~redemption ~~invested~~rights, ~~$475~~the ~~million~~Company’s investment in ~~Motional~~StradVision ADwas ~~LLC~~classified ~~(“Motional”)~~as inan ~~exchange~~ available-for-sale andebt ~~additional~~security ~~11.7%~~within ~~common~~other ~~equity~~long-term ~~interest.~~assets ~~Aptiv did not participate~~ in ~~this~~the ~~funding~~consolidated ~~round.~~balance ~~This~~sheets, ~~transaction~~with ~~resulted~~changes in ~~the~~fair ~~dilution~~value ofrecorded ~~Aptiv’s~~in ~~common~~other ~~equity~~comprehensive ~~interest~~income. inThe ~~Motional~~fair ~~from~~value ~~50%~~of tothe ~~approximately~~available-for-sale ~~44%,~~debt ~~prior~~security toon the ~~completion~~Conversion ofdate ~~any~~was ~~further~~approximately ~~transactions~~$149 asmillion. ~~described~~Following ~~below.~~the AsConversion, ~~these~~Aptiv ~~units~~began ~~were~~accounting ~~issued~~for atits ainvestment ~~valuation~~in ~~greater~~StradVision ~~than~~under the ~~carrying~~equity ~~value~~method. ofThe ~~our~~ investment inwas ~~Motional,~~reclassified ~~the~~to ~~Company~~investments ~~recognized~~in aaffiliates ~~gain~~in ~~of approximately $91 million during~~ the ~~year~~consolidated ~~ended~~balance ~~December~~sheets ~~31,~~and ~~2024,~~is ~~within~~included ~~net gain on equity method transactions~~ in the ~~consolidated~~Advanced ~~statements~~Safety ofand ~~operations~~User Experience segment.

Motional Joint Venture Funding and Ownership Restructuring Transactions—On April 19, 2024, Aptiv and Hyundai Motor Group (“Hyundai”) entered into an agreement to restructure Aptiv’s ownership interest in Motional and for Hyundai to provide additional funding to Motional, each as described below. Prior to these transactions, Motional was 50% owned by each of Aptiv and Hyundai.

As part of the agreement, on May 2, 2024, Hyundai invested $475 million in Motional in exchange for additional common equity interests. Aptiv did not participate in this funding round. This transaction resulted in the dilution of Aptiv’s common equity interest in Motional from 50% to approximately 44%, prior to the completion of any further transactions as described below. As these units were issued at a valuation greater than the carrying value of our investment in Motional, the Company recognized a gain of approximately $91 million during the year ended December 31, 2024, within net gain on equity method transactions in the consolidated statements of operations.

Also as part of the agreement, on May 16, 2024, Aptiv sold 11% of its common equity interest in Motional to Hyundai for approximately $448 million of cash consideration. Aptiv also exchanged approximately 21% of its common equity in Motional for a like number of Motional preferred shares. These transactions resulted in the reduction of Aptiv’s common equity interest in Motional from approximately 44% to approximately 15%. As a result of these transactions, the Company recognized a gain of approximately $550 million during the year ended December 31, 2024, within net gain on equity method transactions in the consolidated statements of operations.

The total gain recorded as a result of the Motional funding and ownership restructuring transactions completed in May 2024, all as described above, was approximately $641 million (approximately $2.50 per diluted share) for the year ended December 31, 2024.

~~Investment in TTTech Auto—~~On ~~March 15~~May 30, ~~2022~~2025, ~~Aptiv~~Hyundai ~~acquired~~invested approximately ~~20%~~$440 ofmillion ~~the~~in Motional in exchange for additional common equity interests. ofAptiv ~~TTTech~~did ~~Auto~~not AGparticipate ~~(“TTTech~~in ~~Auto”),~~this afunding ~~leading~~round. ~~provider~~This transaction resulted in the dilution of ~~safety-critical~~Aptiv’s ~~middleware~~common ~~solutions~~equity ~~for~~interest ~~advanced~~in ~~driver-assistance~~Motional ~~systems~~from ~~and~~approximately ~~autonomous~~15% ~~driving~~as ~~applications,~~of ~~for~~March ~~€200~~31, ~~million~~2025 (to approximately ~~$220~~13% ~~million~~as of December 31, ~~using~~2025. ~~foreign~~As ~~currency~~a ~~rates~~result onof this transaction, the ~~investment~~Company ~~date)~~recognized a gain of approximately $33 million (approximately $0.15 ~~The~~per ~~Company~~diluted ~~made~~share) during the ~~investment~~year inended ~~TTTech~~December ~~Auto~~31, ~~utilizing~~2025, ~~cash~~within net gain on ~~hand~~equity method transactions in the consolidated statements of operations.

~~The~~Investment ~~shareholders~~in of TTTech Auto ~~entered~~AG—On ~~into~~March an15, ~~agreement~~2022, ~~for~~Aptiv ~~the~~acquired ~~sale~~approximately ~~of 100~~20% of ~~TTTech Auto to an unrelated third party. As a result,~~ the ~~Company determined there was an other-than-temporary impairment to its~~ equity ~~method~~interests ~~investment~~of in TTTech Auto, ina ~~the~~leading ~~fourth~~provider ~~quarter~~ of ~~2024~~safety-critical ~~based~~middleware onsolutions ~~the~~for ~~anticipated~~advanced ~~acquisition~~driver-assistance ~~value~~systems ofand ~~TTTech~~autonomous ~~Auto.~~driving ~~During the year ended December 31~~applications, ~~2024,~~for ~~the~~€200 ~~Company’s equity investment in TTTech Auto was written down to its estimated fair value of $147~~ million, ~~resulting in a non-cash, pre-tax impairment charge of~~ (approximately $36220 million, ~~within~~using ~~net~~foreign ~~gain~~currency rates on ~~equity method transactions in~~ the ~~consolidated~~investment ~~statements of operations~~date). Upon completion of the sale, Aptiv will no longer hold an equity interest in TTTech Auto. The sale is anticipated to occur in 2025 and is subject to regulatory approvals and customary closing conditions.

51In 2024, the shareholders of TTTech Auto entered into an agreement for the sale of 100% of TTTech Auto to an unrelated third party, and as a result, the Company determined there was an other-than-temporary impairment to its equity method investment in TTTech Auto in the fourth quarter of 2024 based on the anticipated acquisition value of TTTech Auto. During the year ended December 31, 2024, the Company’s equity investment in TTTech Auto was written down to its estimated fair value of $147 million, resulting in a non-cash, pre-tax impairment charge of approximately $36 million within net gain on equity method transactions in the consolidated statements of operations.

The impairment was based on the fair value of the investment at the balance sheet date. The fair value was determined based on the contractual sales price of TTTech Auto pursuant to the executed purchase and sale agreement. Contractual sales prices are considered observable inputs other than quoted prices, and are therefore classified as a Level 2 measurement.

The sale of TTTech Auto closed in June 2025, resulting in net cash proceeds to Aptiv of $164 million. As a result of the sale, the Company recognized a gain of approximately $13 million during the year ended December 31, 2025, within net gain on equity method transactions in the consolidated statements of operations, which includes accumulated currency translation adjustment impacts of $6 million. Following completion of the sale, Aptiv no longer holds an equity interest in TTTech Auto and accordingly reduced the carrying value of the investment to zero in the consolidated balance sheet.

Technology Investments—During the year ended December 31, 2025, the Company sold its Valens Semiconductor Ltd. ordinary shares for net proceeds of approximately $6 million and its Smart Eye AB ordinary shares for net proceeds of approximately $6 million.

In September 2024, the Company’s Advanced Safety and User Experience segment made an investment totaling approximately 399 million Chinese Yuan Renminbi (“RMB”) (approximately $57 million, using foreign currency rates on the

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~~Technology Investments—In September 2024, the Company’s Advanced Safety and User Experience segment made an~~ investment ~~totaling approximately 399 million Chinese Yuan Renminbi (“RMB”) (approximately $57 million, using foreign currency rates on the investment~~ date) in preferred equity of MAXIEYE Automotive Technology (Ningbo) Co., Ltd. (“Maxieye”), a provider of advanced driver-assistance systems and autonomous driving applications. Due to the Company’s redemption rights, the Company’s investment in Maxieye is classified as an available-for-sale debt security within other long-term assets in the consolidated balance sheets, with changes in fair value recorded in other comprehensive income. The Company also agreed to invest an additional 171 million RMB (approximately $24 million, using December 31, ~~2024~~2025 foreign currency rates) in preferred equity of Maxieye, contingent on the achievement of certain technical milestones, which have not yet been met as of December 31, ~~2024~~2025, and the satisfaction of customary closing conditions.

In July 2024, the Company’s Advanced Safety and User Experience segment made an investment of approximately 33 billion Korean Won (“KRW”) (approximately $24 million, using foreign currency rates on the investment date) in convertible redeemable preferred shares of StradVision, Inc. (“StradVision”), a provider of deep learning-based camera perception software for automotive applications. The Company previously made KRW-denominated investments in StradVision totaling approximately $40 million in the first quarter of 2024 and approximately $44 million in prior years (using foreign currency rates on the date of the respective investments). Due to the Company’s redemption rights, the Company’s investment in StradVision is classified as an available-for-sale debt security within other long-term assets in the consolidated balance sheets, with changes in fair value recorded in other comprehensive income.

Refer to Note 5. Investments in Affiliates to the audited consolidated financial statements included herein for further detail of the Company’s investments.

Credit Agreement

Aptiv PLC and its wholly-owned ~~subsidiary~~subsidiaries Aptiv LLC (formerly known as Aptiv Corporation) and Aptiv Global Financing Designated Activity Company (“AGF DAC”) entered into a credit agreement (the “Credit Agreement”) with, among others, JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), under which it maintains a senior unsecured credit facility currently consisting of a revolving credit facility of $2 billion (the “Revolving Credit Facility”). ~~The Revolving Credit Facility matures on June 24, 2026. Aptiv Global Financing Designated Activity Company (“~~AGF DAC,” ~~formerly~~and ~~known as~~ Aptiv ~~Global~~LLC ~~Financing~~are ~~Limited),~~each aborrowers ~~wholly-owned subsidiary of Aptiv PLC, previously executed a joinder agreement to the Credit Agreement, which allows it to act as a borrower~~ under the Credit Agreement, ~~and a guaranty supplement,~~ under which ~~AGF~~such ~~DAC~~borrowings ~~guarantees~~would ~~the~~be ~~obligations~~guaranteed ~~under~~by ~~the~~each ~~Credit Agreement, subject to certain exceptions. As a result~~ of the ~~reorganization~~other ~~transaction~~borrowers, Aptiv ~~Swiss~~PLC ~~Holdings~~and ~~replaced Old~~ Aptiv asSwiss ~~an obligor under the Credit Agreement~~Holdings.

The Credit Agreement was entered into in March 2011 and has been subsequently amended and restated on several occasions, most recently on ~~June~~March 2431, ~~2021,~~2025 ~~and~~(the ~~was~~“March ~~further~~2025 ~~amended on April 19, 2023~~amendment”). The ~~June~~March ~~2021~~2025 amendment, among other things, (1) refinanced and replaced the ~~term loan A and~~ revolver with a new ~~term loan A with an original maturity in 2026, and a new~~ five-year revolving credit facility with aggregate commitments of $2 billion, and (2) ~~utilized~~removed provisions from the ~~Company’s~~June ~~existing~~2021 amendment for sustainability-linked ~~metrics~~rate ~~and~~adjustments. ~~commitments,~~The ~~that,~~Revolving ifCredit ~~achieved,~~Facility ~~would~~matures ~~change~~on ~~the~~March ~~facility~~31, ~~fee~~2030. ~~and~~The ~~interest~~Credit ~~rate~~Agreement ~~margins~~also ascontains ~~described~~an uncommitted ~~below,~~accordion feature ~~and~~that ~~(3)~~permits ~~established~~Aptiv ~~the~~to ~~leverage~~increase, ~~ratio~~from ~~maintenance~~time ~~covenant~~to ~~that~~time, ~~requires~~on ~~the~~customary ~~Company~~terms toand ~~maintain~~conditions, ~~total~~the ~~net~~aggregate ~~leverage~~borrowing ~~(as~~capacity ~~calculated~~under ~~in accordance with~~ the Credit Agreement) ofby ~~less~~up ~~than 3.5~~ to ~~1.0~~an ~~(or~~additional ~~4.0 to~~ $1.0 ~~for~~billion ~~four~~upon ~~full~~Aptiv’s ~~fiscal~~request, ~~quarters~~the ~~following~~agreement ~~completion~~ of ~~material~~the ~~acquisitions,~~lenders asparticipating ~~defined~~ in the ~~Credit~~increase, ~~Agreement)~~ and ~~allowed for dividends and other payments on equity. Effective from~~ the ~~date~~approval of the ~~April~~Administrative ~~2023~~Agent. ~~amendment,~~Borrowings ~~all~~under ~~interest rate benchmarks within~~ the Credit Agreement ~~that~~are ~~were~~revolving ~~previously~~in ~~based~~nature onand ~~the~~may ~~London~~be ~~Interbank~~made ~~Offered~~and ~~Rate~~prepaid ~~were~~from ~~transitioned~~time to atime ~~rate~~at ~~based~~Aptiv’s onoption ~~the~~without ~~Secured~~premium ~~Overnight~~or ~~Financing Rate (“SOFR”). The Credit Agreement also contains an accordion feature that permits Aptiv to increase~~penalty, ~~from~~in ~~time~~accordance towith ~~time,~~ the ~~aggregate~~terms ~~borrowing~~and ~~capacity~~conditions ~~under~~of the Credit Agreement. byThe upMarch to2025 anamendment ~~additional~~also $1required ~~billion~~that ~~upon~~ Aptiv’s ~~request,~~pay ~~the~~amendment ~~agreement~~fees of ~~the~~$5 ~~lenders~~million ~~participating~~during in the ~~increase~~year ended December 31, ~~and~~2025, ~~the~~which ~~approval~~are ofreflected ~~the~~as ~~Administrative~~a ~~Agent.~~financing ~~Borrowings~~activity ~~under~~in the ~~Credit~~consolidated ~~Agreement~~statements ~~are~~of ~~prepayable~~cash ~~at Aptiv’s option without premium or penalty~~flows.

As of December 31, ~~2024~~2025, Aptiv had no amounts outstanding under the Revolving Credit Facility and approximately $2 million in letters of credit were issued under the Credit Agreement. Letters of credit issued under the Credit Agreement reduce availability under the Revolving Credit Facility. ~~No amounts were drawn on the Revolving Credit Facility during the year ended December 31, 2024.~~

Loans under the Credit Agreement bear interest, at Aptiv’s option, at either (a) the Administrative Agent’s Alternate Base Rate (“ABR” as defined in the Credit Agreement) or (b) SOFR plus in either case a percentage per annum as set forth in the table below (the “Applicable Rate”). The rates under the Credit Agreement on the specified dates are set forth below:

	December 31, 2024				December 31, 2023
	December 31, 2025				December 31, 2024
	SOFR plus		ABR plus		SOFR plus		ABR plus
Revolving Credit Facility	1.06125	%	0.06125	%	1.06	%	0.06	%

52The Applicable Rate under the Credit Agreement, as well as the facility fee, may increase or decrease from time to time based on changes in the Company’s credit ratings. Accordingly, the interest rate is subject to fluctuation during the term of the Credit Agreement based on changes in the ABR, SOFR and changes in the Company’s corporate credit ratings. The Credit Agreement also requires that Aptiv pay certain facility fees on the Revolving Credit Facility, which are also subject to adjustment based on certain letter of credit issuance and fronting fees.

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The Applicable Rate under the Credit Agreement, as well as the facility fee, may increase or decrease from time to time based on changes in the Company’s credit ratings and whether the Company achieves or fails to achieve certain sustainability-linked targets with respect to greenhouse gas emissions and workplace safety. Such adjustments may be up to 0.04% per annum on interest rate margins on the Revolving Credit Facility, 0.02% per annum on interest rate margins on the Tranche A Term Loan (prior to its repayment, as described above) and 0.01% per annum on the facility fee. Accordingly, the interest rate is subject to fluctuation during the term of the Credit Agreement based on changes in the ABR, SOFR, changes in the Company’s corporate credit ratings or whether the Company achieves or fails to achieve its sustainability-linked targets. The Credit Agreement also requires that Aptiv pay certain facility fees on the Revolving Credit Facility, which are also subject to adjustment based on the sustainability-linked targets as described above, and certain letter of credit issuance and fronting fees. The Company achieved the sustainability-linked targets for the 2023 calendar year, and the interest rate margins and facility fees were reduced from the Applicable Rates, by the amounts specified above, effective in the third quarter of 2024.

The Credit Agreement contains certain covenants that limit, among other things, the Company’s (and the Company’s subsidiaries’) ability to incur certain additional indebtedness or liens or to dispose of substantially all of its assets. In addition, the Credit Agreement requires that the Company maintain a consolidated leverage ratio (the ratio of Consolidated Total Indebtedness to Consolidated EBITDA, each as defined in the Credit Agreement) of not more than 3.5 to 1.0 (or 4.0 to 1.0 for four full fiscal quarters following completion of material acquisitions, as defined in the Credit Agreement).

The Credit Agreement also contains events of default customary for financings of this type. The Company was in compliance with the Credit Agreement covenants as of December 31, ~~2024~~2025.

As of December 31, 2024, all obligations under the Credit Agreement were borrowed by Aptiv Corporation and jointly and severally guaranteed by AGF DAC, Aptiv PLC and Aptiv Swiss Holdings, subject to certain exceptions set forth in the Credit Agreement.

Previously, the Company also maintained a senior unsecured credit facility in the form of a term loan (the “Tranche A Term Loan”). On October 27, 2023, the Company fully repaid the outstanding principal balance of $301 million on the Tranche A Term Loan, utilizing cash on hand. As a result, Aptiv recognized a loss on debt extinguishment of approximately $1 million during the year ended December 31, 2023 within other income (expense), net in the consolidated statements of operations.

Term Loan A Credit Agreement

On August 19, 2024, Aptiv PLC and its wholly-owned subsidiaries AGF DAC and Aptiv ~~Corporation~~LLC entered into a ~~new~~ senior unsecured term loan A credit agreement (the “Term Loan A Credit Agreement”) with, among others, JPMorgan Chase Bank, N.A., as Administrative Agent, under which it maintains a senior unsecured credit facility consisting of a term loan (the “Term Loan A”) in aggregate principal amount of $600 million. Aptiv incurred approximately $2 million of issuance costs in connection with the Term Loan A.

Proceeds from the Term Loan A were used to repay a portion of the loans incurred under the Bridge Credit Agreement during the three months ended September 30, 2024. This transaction was accounted for as a modification of debt in accordance with ASC Topic 470-50, Debt Modifications and Extinguishments. Accordingly, a pro-rata portion of the unamortized fees from the Bridge Credit Agreement in the amount of $4 million was transferred to the Term Loan A and, together with the $2 million of direct issuance costs referenced above, will be amortized to interest expense over the term of the Term Loan A. 56

On December 20, 2024, the Company repaid $350 million of the outstanding principal balance on the Term Loan A, utilizing cash on hand. As a result, Aptiv recognized a loss on debt extinguishment of approximately $3 million during the year ended December 31, 2024 within other income (expense), net in the consolidated statements of operations.

The Term Loan A matures on August 19, 2027. Borrowings under the Term Loan A Credit Agreement are prepayable at Aptiv’s option without premium or penalty. No principal payment is required until the outstanding principal amount is due in full on the maturity date. In the first quarter of 2025, the Company fully repaid the remaining outstanding principal balance of $250 million on the Term Loan A, utilizing cash on hand.

Loans under the Term Loan A Credit Agreement bear interest, at Aptiv’s option, at either (a) ABR or (b) SOFR plus in either case a percentage per annum as set forth in the table below (the “Term Loan Applicable Rate”). The rates under the Term Loan A Credit Agreement on the specified dates are set forth below:

December 31, 2024

December 31, 2023

SOFR plus

ABR plus

SOFR plus

ABR plus

Term Loan A

1.25

0.25

N/A

The Term Loan Applicable Rate under the Term Loan A Credit Agreement may increase or decrease from time to time based on changes in the Company’s credit ratings. The interest rate is subject to fluctuation during the term of the Term Loan A Credit Agreement based on changes in the ABR, SOFR or changes in the Company’s corporate credit ratings.

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Borrowings as of

Term Loan

December 31, 2024

Rates effective as of

Applicable Rate

(in millions)

December 31, 2024

Term Loan A

SOFR plus 1.25%

250

5.72

N.A., as Administrative Agent, under which it maintained a senior unsecured credit facility consisting of a term loan (the “Term Loan A”) in aggregate principal amount of $600 million. Aptiv incurred approximately $2 million of issuance costs in connection with the Term Loan A.

~~The~~As described above, proceeds from the Term Loan A ~~Credit~~were ~~Agreement~~used ~~contains~~to ~~certain~~repay ~~covenants~~a ~~that~~portion ~~limit,~~of ~~among~~the ~~other~~loans ~~things,~~incurred under the ~~Company’s~~Bridge ~~(and~~Credit ~~the~~Agreement ~~Company’s~~during ~~subsidiaries’)~~the ~~ability~~three tomonths ~~incur~~ended ~~certain~~September ~~additional~~30, ~~indebtedness~~2024. orThis ~~liens~~transaction orwas toaccounted ~~dispose~~for ofas ~~substantially~~a ~~all~~modification of ~~its~~debt ~~assets.~~in Inaccordance ~~addition,~~with ~~the~~ASC ~~Term~~Topic ~~Loan~~470-50, ADebt ~~Credit~~Modifications ~~Agreement~~and ~~requires~~Extinguishments. ~~that~~Accordingly, ~~the~~a ~~Company~~pro-rata ~~maintain~~portion aof ~~consolidated~~the ~~leverage~~unamortized ~~ratio~~fees (from the ~~ratio~~Bridge ofCredit ~~Consolidated~~Agreement ~~Total~~in ~~Indebtedness~~the toamount ~~Consolidated~~of ~~EBITDA,~~$4 ~~each~~million aswas ~~defined~~transferred into the Term Loan A ~~Credit~~and, ~~Agreement)~~together ofwith ~~not~~the ~~more~~$2 ~~than~~million ~~3.5~~of todirect ~~1.0~~issuance ~~(or~~costs ~~4.0~~referenced toabove, ~~1.0~~were ~~for~~amortized ~~four~~to ~~full~~interest ~~fiscal~~expense ~~quarters~~over ~~following~~the ~~completion~~term of ~~material acquisitions, as defined in~~ the Term Loan A ~~Credit Agreement)~~.

~~The~~During the fourth quarter of 2024, the Company repaid $350 million of the outstanding principal balance on the Term Loan A, ~~Credit~~utilizing ~~Agreement~~cash ~~also~~on ~~contains~~hand. ~~events~~During the first quarter of ~~default~~2025, ~~customary~~the ~~for~~Company ~~financings~~fully ofrepaid ~~this~~the ~~type.~~remaining ~~The~~outstanding ~~Company~~principal ~~was~~balance inof ~~compliance~~$250 ~~with~~million on the Term Loan A ~~Credit~~utilizing ~~Agreement~~cash ~~covenants~~on ashand, and recognized a loss on debt extinguishment of approximately $2 million during the year ended December 31, ~~2024~~2025 within other income, net in the consolidated statements of operations.

AsThe Term Loan A had a maturity date of ~~December 31,~~August ~~2024~~19, ~~all~~2027. ~~obligations~~Prior to its repayment, borrowings under the Term Loan A Credit Agreement were ~~borrowed~~prepayable byat ~~AGF~~Aptiv’s ~~DAC~~option ~~and~~without ~~jointly~~premium ~~and~~or ~~severally~~penalty. ~~guaranteed~~No byprincipal ~~Aptiv~~payment ~~PLC,~~was ~~Aptiv~~required ~~Corporation~~until ~~and~~the ~~Aptiv~~maturity ~~Swiss Holdings~~date.

Loans under the Term Loan A Credit Agreement bore interest, at Aptiv’s option, at either (a) ABR or (b) SOFR plus in either case a percentage per annum as set forth in the table below (the “Term Loan Applicable Rate”). The rates under the Term Loan A Credit Agreement on the specified dates are set forth below:

December 31, 2025

December 31, 2024

SOFR plus

ABR plus

SOFR plus

ABR plus

Term Loan A

N/A

1.250

0.250

Spin-off Financing

Versigent Limited (“Versigent”), a wholly owned subsidiary of Aptiv, was formed in connection with the Separation as a holding company to directly or indirectly own substantially all of the operating subsidiaries of the Electrical Distribution Systems business and to issue debt. Cyprium Corporation (“Cyprium U.S.”), a wholly owned U.S. subsidiary of the Company, and Cyprium Holdings Luxembourg S.a.r.l. (“Cyprium Luxembourg”), a wholly owned Luxembourg subsidiary of the Company, both of which will become wholly owned subsidiaries of Versigent upon completion of the Separation, were also formed for the same purposes.

Spin-off Credit Agreement—In November 2025, Versigent, Cyprium U.S. and Cyprium Luxembourg entered into a credit agreement (the “Spin-Off Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent, with respect to $1.35 billion in senior secured credit facilities. The Credit Agreement consists of a senior secured five-year $500 million term loan facility (the “Spin-Off Term Loan A Facility”) and an $850 million five-year senior secured revolving credit facility (the “ Spin-Off Revolving Credit Facility”) (collectively, the “Spin-Off Credit Facilities”) with the lenders party thereto and JPMorgan Chase Bank, N.A.

The Spin-Off Credit Facilities are expected to become available to Versigent no later than the date of the Separation, subject to the satisfaction of certain conditions customary for financings of this type. Accordingly, no amounts were drawn or available to be drawn under the Spin-Off Credit Facilities as of December 31, 2025.

Cyprium U.S. and Cyprium Luxembourg are each borrowers under the Spin-Off Credit Agreement, under which such borrowings would be guaranteed by Versigent and certain of its subsidiaries. Additional subsidiaries of Versigent may be added as co-borrowers or guarantors under the Spin-Off Credit Agreement from time to time on the terms and conditions set forth in the Spin-Off Credit Agreement. The obligations of each borrower under the Spin-Off Credit Agreement will be jointly and severally guaranteed by each other borrower and by certain of Versigent’s existing and future direct and indirect subsidiaries, subject to certain exceptions customary for financings of this type. All obligations of the borrowers and the guarantors will be secured by certain assets of such borrowers and guarantors, including a perfected first-priority pledge of all of the capital stock in Cyprium U.S. and Cyprium Luxembourg.

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Senior and Junior Unsecured Notes

As of December 31, ~~2024~~2025, the Company had the following senior and junior unsecured notes issued and outstanding:

Aggregate Principal Amount(in millions)

Stated Coupon Rate

Issuance Date

Maturity Date

Interest Payment Date

~~520~~587

1.60%

September 2016

September 2028

September 15

~~300~~266

4.35%

March 2019

March 2029

March 15 and September 15

~~550~~401

4.65%

September 2024

September 2029

March 13 and September 13

~~800~~717

3.25%

February 2022

March 2032

March 1 and September 1

~~550~~516

5.15%

September 2024

September 2034

March 13 and September 13

~~781~~880

4.25%

June 2024

June 2036

June 11

300

4.40%

September 2016

October 2046

April 1 and October 1

350

5.40%

March 2019

March 2049

March 15 and September 15

1,500

3.10%

November 2021

December 2051

June 1 and December 1

1,000

4.15%

February 2022

May 2052

May 1 and November 1

550

5.75%

September 2024

September 2054

March 13 and September 13

500

6.875% (1)

September 2024

December 2054

June 15 and December 15

(1)Represents fixed-to-fixed reset rate junior subordinated unsecured notes.

~~Although~~In ~~the~~2025, ~~specific~~Aptiv ~~terms~~redeemed of$300 ~~each~~million ~~indenture~~aggregate ~~governing~~principal ~~each~~amount ~~series~~ of certain senior ~~and junior~~ notes ~~vary,~~for ~~the~~cash ~~senior~~consideration ~~indentures~~of ~~contain~~$298 ~~certain restrictive covenants~~million, ~~including with respect to Aptiv’s (~~and ~~Aptiv’s~~recognized ~~subsidiaries’)~~a ~~ability~~net togain ~~incur~~on ~~liens,~~debt ~~enter~~extinguishment ~~into~~of ~~sale~~approximately ~~and~~$1 ~~leaseback~~million ~~transactions~~during ~~and~~the ~~merge~~year ~~with~~ended ~~or into other entities. As of~~ December 31, ~~2024,~~2025 ~~the~~within ~~Company~~other ~~was~~income, net in ~~compliance with~~ the ~~provisions of all series of the outstanding senior and junior notes. Refer to Note 11. Debt to the audited~~ consolidated ~~financial~~ statements ~~included~~of ~~herein for additional information~~operations.

54Although the specific terms of each indenture governing each series of senior and junior notes vary, the senior indentures contain certain restrictive covenants, including with respect to Aptiv’s (and Aptiv’s subsidiaries’) ability to incur liens, enter into sale and leaseback transactions and merge with or into other entities. As of December 31, 2025, the Company was in compliance with the provisions of all series of the outstanding senior and junior notes. Refer to Note 11. Debt to the audited consolidated financial statements included herein for additional information.

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Guarantor Summarized Financial Information

As further described in Note 11. Debt to the audited consolidated financial statements included herein, Aptiv ~~PLC,~~LLC ~~Aptiv~~and ~~Corporation,~~ AGF DAC ~~and Aptiv Swiss Holdings~~ are each ~~potential~~ borrowers under the Credit Agreement ~~and the Term Loan A Credit Agreement~~, under which such borrowings would be guaranteed by each of the other ~~entities~~borrowers, Aptiv PLC and Aptiv Swiss Holdings. Old Aptiv issued the 2016 Euro-denominated Senior Notes, 2016 Senior Notes, 2019 Senior Notes and 2021 Senior Notes. In February 2022, Aptiv ~~Corporation~~LLC and AGF DAC were added as guarantors on each series of outstanding senior notes previously issued by Old Aptiv. AGF DAC was added as a joint and several co-issuer of the 2021 Senior Notes in December 2021, effective as of the date of issuance. Old Aptiv and Aptiv ~~Corporation~~LLC jointly issued the 2022 Senior Notes, which are guaranteed by AGF DAC. In 2024, Old Aptiv and AGF DAC ~~jointly~~ co-issued the 2024 Euro-denominated Senior Notes, the 2024 Senior Notes, and the 2024 Junior Notes, which are all guaranteed by Aptiv ~~Corporation~~LLC. In December 2024, in connection with the merger of Old Aptiv with and into Aptiv Swiss Holdings, with respect to each series of outstanding senior and junior notes previously issued by Old Aptiv, Aptiv Swiss Holdings succeeded to Old Aptiv as obligor, and Aptiv PLC was added as a guarantor. Together, Aptiv PLC, Aptiv ~~Corporation~~LLC, AGF DAC and Aptiv Swiss Holdings comprise the “Obligor Group.” All other consolidated direct and indirect subsidiaries of Aptiv PLC are not subject to any guarantee under any series of notes outstanding (the “Non-Guarantors”). The guarantees rank equally in right of payment with all of the guarantors’ existing and future senior indebtedness, are effectively subordinated to any of their existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness and are structurally subordinated to the indebtedness of each of their existing and future subsidiaries that is not a guarantor.

The below summarized financial information is presented on a combined basis after the elimination of intercompany balances and transactions among the Obligor Group and equity in earnings from and investments in the Non-Guarantors. The below summarized financial information should be read in conjunction with the Company’s audited consolidated financial statements included herein, as the financial information may not necessarily be indicative of results of operations or financial position had the subsidiaries operated as independent entities.

	Obligor Group
Year Ended December 31, 2024	(in millions)
Net sales	$	—
Gross margin	$	—
Operating loss	$	(10)
Net loss	$	(197)
Net loss attributable to Aptiv	$	(197)
As of December 31, 2024
Current assets (1)	$	6,969
Long-term assets (1)	$	692
Current liabilities (2)	$	5,683
Long-term liabilities (2)	$	8,126
Noncontrolling interest	$	—
As of December 31, 2023
Current assets (1)	$	4,699
Long-term assets (1)	$	562
Current liabilities (2)	$	6,090
Long-term liabilities (2)	$	6,419
Noncontrolling interest	$	—

(1)Includes current assets of $6,212 million and $3,826 million, and long-term assets of $687 million and $555 million, due from Non-Guarantors as of December 31, 2024 and December 31, 2023, respectively.

(2)Includes current liabilities of $5,481 million and $6,013 million, and long-term liabilities of $226 million and $226 million, due to Non-Guarantors as of December 31, 2024 and December 31, 2023, respectively.

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	Obligor Group

Year Ended December 31, 2025	(in millions)
Net sales	$	—
Gross margin	$	—
Operating loss	$	(399)
Net loss	$	(595)
Net loss attributable to Aptiv	$	(595)

As of December 31, 2025
Current assets (1)	$	5,827
Long-term assets (1)	$	840
Current liabilities (2)	$	5,673
Long-term liabilities (2)	$	7,687
Noncontrolling interest	$	—

As of December 31, 2024
Current assets (1)	$	6,969
Long-term assets (1)	$	692
Current liabilities (2)	$	5,683
Long-term liabilities (2)	$	8,126
Noncontrolling interest	$	—

(1)Includes current assets of $4,858 million and $6,212 million, and long-term assets of $770 million and $687 million, due from Non-Guarantors as of December 31, 2025 and December 31, 2024, respectively.

(2)Includes current liabilities of $5,577 million and $5,481 million, and long-term liabilities of $226 million and $226 million, due to Non-Guarantors as of December 31, 2025 and December 31, 2024, respectively.

Other Financing

Receivable factoring—Aptiv maintains a €450 million European accounts receivable factoring facility that is available on a committed basis and allows for factoring of receivables denominated in both Euros and U.S. dollars (“USD”). This facility is accounted for as short-term debt and borrowings are subject to the availability of eligible accounts receivable. Collateral is not required related to these trade accounts receivable. This facility became effective on January 1, 2021 and had an initial term of three years, and was renewed for an additional three -year term, effective November 2023, subject to Aptiv’s right to terminate at any time with three months’ notice. After expiration of the new three-year term, either party can terminate with three months’ notice. Borrowings denominated in Euros under the facility bear interest at the three-month Euro Interbank Offered Rate (“EURIBOR”) plus 0.50% and USD borrowings bear interest at two-month SOFR plus 0.5068%, with borrowings under either denomination carrying a minimum interest rate of 0.20%. As of December 31, ~~2024~~2025, Aptiv had ~~$450~~no ~~million~~amounts outstanding under the European accounts receivable factoring facility. As of December 31, ~~2023~~2024, Aptiv had noapproximately ~~amounts~~$450 million outstanding under the European accounts receivable factoring facility. The maximum amount drawn under the European accounts receivable factoring facility during the year ended December 31, ~~2024~~2025 was $450 million, primarily to manage intra-month working capital requirements.

Finance leases and other—As of December 31, ~~2024~~2025 and ~~2023~~2024, approximately $6486 million and $2164 million, respectively, of other debt primarily issued by certain non-U.S. subsidiaries and finance lease obligations were outstanding.

Letter of credit facilities—In addition to the letters of credit issued under the Credit Agreement, Aptiv had approximately $3 million and $4 million outstanding through other letter of credit facilities as of December 31, ~~2024~~2025 and ~~2023~~2024, respectively, primarily to support arrangements and other obligations at certain of its subsidiaries.

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Contractual Commitments

The following table summarizes our expected cash outflows resulting from financial contracts and commitments as of December 31, ~~2024~~2025, with amounts denominated in foreign currencies translated using foreign currency rates as of December 31, ~~2024~~2025. We have not included information on our recurring purchases of materials for use in our manufacturing operations. These amounts are generally consistent from year to year, closely reflect our levels of production, and are not long-term in nature. The amounts below exclude the gross liability for uncertain tax positions of $~~227~~246 million as of December 31, ~~2024~~2025. We do not expect a significant payment related to these obligations to be made within the next twelve months. We are not able to provide a reasonably reliable estimate of the timing of future payments relating to the non-current portion of obligations associated with uncertain tax positions. For more information, refer to Note 14. Income Taxes to the audited consolidated financial statements included herein.

Payments due by Period

Total

~~2025~~2026

~~2026~~2027 & ~~2027~~2028

~~2028~~2029 & ~~2029~~2030

Thereafter

(in millions)

Debt and finance lease obligations (excluding interest)

87,~~465~~653

~~509~~81

~~254~~590

~~1,371~~668

6,~~331~~314

Estimated interest costs related to debt and finance lease obligations

65,~~173~~822

~~338~~316

~~643~~628

~~612~~566

4,~~580~~312

Operating lease obligations

~~605~~602

~~144~~160

~~227~~231

~~118~~108

~~116~~103

Contractual commitments for capital expenditures

~~194~~183

~~192~~182

—

Other contractual purchase commitments, including information technology

~~329~~662

~~178~~242

~~120~~249

31108

—63

Total

1514,~~766~~922

~~1,361~~981

1,~~246~~699

21,~~132~~450

1110,~~027~~792

In addition to the obligations discussed above, certain of our non-U.S. subsidiaries sponsor defined benefit pension plans, some of which are funded. We have minimum funding requirements with respect to certain of our pension obligations and may periodically elect to make discretionary contributions to the plans in support of risk management initiatives. We will also have payments due with respect to our other postretirement benefit obligations. We do not fund our other postretirement benefit obligations and payments are made as costs are incurred by covered retirees. Refer to Note 12. Pension Benefits to the audited consolidated financial statements included herein for additional detail regarding our expected contributions to our pension plans and expected distributions to participants in future periods.

Capital Expenditures

Supplier selection in the automotive industry is generally finalized several years prior to the start of production of the vehicle. Therefore, current capital expenditures are based on customer commitments entered into previously, generally several years ago when the customer contract was awarded. As of December 31, ~~2024~~2025, we had approximately $~~194~~183 million in outstanding cancellable and non-cancellable capital commitments. Capital expenditures by operating segment and geographic region for the periods presented were:


	Year Ended December 31,
	2025		2024		2023
	(in millions)
Advanced Safety and User Experience	$	157	$	201	$	207
Engineered Components Group	314		368		423
Electrical Distribution Systems	160		212		216
Other (1)	25		49		60
Total capital expenditures	$	656	$	830	$	906
North America	$	209	$	299	$	355
Europe, Middle East & Africa	235		295		288
Asia Pacific	200		226		252
South America	12		10		11
Total capital expenditures	$	656	$	830	$	906

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outstanding cancellable and non-cancellable capital commitments. Capital expenditures by operating segment and geographic region for the periods presented were:

	Year Ended December 31,
	2024		2023		2022
	(in millions)
Signal and Power Solutions	$	580	$	639	$	573
Advanced Safety and User Experience	201		207		196
Other (1)	49		60		75
Total capital expenditures	$	830	$	906	$	844
North America	$	299	$	355	$	312
Europe, Middle East & Africa	295		288		271
Asia Pacific	226		252		249
South America	10		11		12
Total capital expenditures	$	830	$	906	$	844

(1)Other includes capital expenditures attributable to corporate administrative and support functions, including corporate headquarters and certain technical centers.

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Cash Flows

Intra-month cash flow cycles vary by region, but in general we are users of cash through the first half of a typical month and we generate cash during the latter half of a typical month. Due to this cycle of cash flows, we may utilize short-term financing, including our Revolving Credit Facility and European accounts receivable factoring facility, to manage our intra-month working capital needs. Our cash balance typically peaks at month end.

We utilize a combination of strategies, including dividends, cash pooling arrangements, intercompany loan structures and other distributions and advances to provide the funds necessary to meet our global liquidity needs. We utilize a global cash pooling arrangement to consolidate and manage our global cash balances, which enables us to efficiently move cash into and out of a number of the countries in which we operate.

Operating activities—Net cash provided by operating activities totaled $2,~~446~~185 million and $12,~~896~~446 million for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively. Cash flows provided by operating activities for the year ended December 31, ~~2024~~2025 consisted primarily of net earnings of $~~1,810~~181 million, increased by $1,~~023~~037 million for non-cash charges for depreciation, amortization, pension costs and extinguishment of debt, ~~partially~~$648 ~~offset~~million byfor non-cash goodwill impairment charges and $~~605~~394 million for non-cash ~~net~~changes ~~gains~~in ondeferred ~~equity~~income ~~method~~taxes, ~~transactions~~partially ~~and~~offset by $16233 million related to changes in operating assets and liabilities, net of restructuring and pension contributions and $46 million for non-cash net gains on equity method transactions. Cash flows provided by operating activities for the year ended December 31, ~~2023~~2024 consisted primarily of net earnings of $21,~~966~~810 million, increased by $~~956~~1,023 million for non-cash charges for depreciation, amortization, ~~and~~ pension costs and extinguishment of debt, partially offset by $~~2,164~~605 million ~~related~~for to non-cash ~~changes~~net ingains ~~deferred~~on ~~income~~equity ~~taxes,~~method ~~primarily~~transactions ~~resulting from the tax benefit associated with the intercompany transfers of certain intellectual property,~~ and $~~293~~16 million related to changes in operating assets and liabilities, net of restructuring and pension contributions.

Investing activities—Net cash used in investing activities totaled $~~507~~498 million and $~~1,002~~507 million for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively. Cash flows used in investing activities for the year ended December 31, ~~2024~~2025 primarily consisted of capital expenditures of $~~830~~656 million and technology investments of $~~121~~42 million, partially offset by proceeds from the sale of equity method investments of $~~448~~164 million. Cash flows used in investing activities for the year ended December 31, ~~2023~~2024 ~~consisted~~ primarily consisted of capital expenditures of $~~906~~830 million and technology investments of $121 million, partially offset by proceeds from the sale of equity method investments of $448 million.

Financing activities—Net cash used in financing activities totaled $1,~~965~~442 million and $~~807~~1,965 million for the years ended December 31, 2025 and 2024. Cash flows used in financing activities for the year ended December 31, 2025 primarily included $462 million in repayments under short-term debt agreements, $397 million paid to repurchase ordinary shares, $296 million for the repayment of senior notes and ~~2023~~$250 million for the repayment of the Term Loan A. Cash flows used in financing activities for the year ended December 31, 2024 primarily included $4,104 million paid to repurchase ordinary shares, $1,440 million for the repayment of senior notes and $350 million for the partial repayment of the Term Loan A, partially offset by net proceeds of $2,920 million received from the issuance of senior and junior notes, net proceeds of $598 million received from the issuance of the Term Loan A and $454 million for borrowings under other short-term debt agreements. Cash flows used in financing activities for the year ended December 31, 2023 primarily included $398 million paid to repurchase ordinary shares, $309 million in repayments of term loans and $32 million of MCPS dividend payments.

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Off-Balance Sheet Arrangements

We do not engage in any off-balance sheet financial arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Significant Accounting Policies and Critical Accounting Estimates

Our significant accounting policies are described in Note 2. Significant Accounting Policies to the audited consolidated financial statements included herein. Certain of our accounting policies require the application of significant judgment by management in selecting the appropriate assumptions for calculating financial estimates. By their nature, these judgments are subject to an inherent degree of uncertainty. These judgments are based on our historical experience, terms of existing contracts, our evaluation of trends in the industry, information provided by our customers and information available from other outside sources, as appropriate.

We consider an accounting estimate to be critical if:

•It requires us to make assumptions about matters that were uncertain at the time we were making the estimate, and

•Changes in the estimate or different estimates that we could have selected would have had a material impact on our financial condition or results of operations.

Acquisitions and Other Transactions

In accordance with the accounting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations, we allocate the purchase price of an acquired business to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. The process to estimate fair value described herein is generally applicable to other transactions, including the fair value estimates used in establishing the identifiable assets, liabilities and goodwill recorded upon formation of Motional, Aptiv’s autonomous driving joint venture, and the resulting equity method investment recorded on Aptiv’s balance sheet.

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identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. The process to estimate fair value described herein is generally applicable to other transactions, including the fair value estimates used in establishing the identifiable assets, liabilities and goodwill recorded upon formation of Motional AD LLC (“Motional”), Aptiv’s autonomous driving joint venture, and the resulting equity method investment recorded on Aptiv’s balance sheet.

An acquisition may include a contingent consideration component. The fair value of the contingent consideration is estimated as of the date of the acquisition and is recorded as part of the purchase price. This estimate is updated in future periods and any changes in the estimate, which are not considered an adjustment to the purchase price, are recorded in our consolidated statements of operations.

An acquisition may also include a redeemable noncontrolling interest component. The fair value of the noncontrolling interest is recorded to temporary equity in the consolidated balance sheet and is estimated as of the date of acquisition using a Monte Carlo simulation approach, which includes several assumptions including estimated future profitability, expected volatility rate and risk -free rate. The redeemable noncontrolling interest is then adjusted each reporting period for the income (loss) attributable to the noncontrolling interest, and for any measurement period adjustments necessary to record the redeemable noncontrolling interest at the higher of its redemption value, assuming it was redeemable at the reporting date, or its carrying value. Any measurement period adjustments are recorded to retained earnings, with a corresponding increase or reduction to net income attributable to Aptiv.

We use all available information to estimate fair values. We typically engage outside appraisal firms to assist in the fair value determination of identifiable intangible assets and any other significant assets or liabilities. We adjust the preliminary purchase price allocation, as necessary, up to one year after the acquisition closing date as we obtain more information regarding asset valuations and liabilities assumed.

Our purchase price allocation methodology contains uncertainties because it requires management to make assumptions and to apply judgment to estimate the fair value of acquired assets and liabilities. Management estimates the fair value of assets and liabilities based upon quoted market prices, the carrying value of the acquired assets and widely accepted valuation techniques, including discounted cash flows and market multiple analyses. Unanticipated events or circumstances may occur which could affect the accuracy of our fair value estimates, including assumptions regarding industry economic factors and business strategies.

Other estimates used in determining fair value include, but are not limited to, future cash flows or income related to intangibles, market rate assumptions, actuarial assumptions for benefit plans and appropriate discount rates. Our estimates of fair value are based upon assumptions believed to be reasonable, but that are inherently uncertain, and therefore, may not be realized. Accordingly, there can be no assurance that the estimates, assumptions, and values reflected in the valuations will be realized, and actual results could vary materially.

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Warranty Obligations and Product Recall Costs

Estimating warranty obligations requires us to forecast the resolution of existing claims and expected future claims on products sold. We base our estimate on historical trends of units sold and payment amounts, combined with our current understanding of the status of existing claims and discussions with our customers. The key factors which impact our estimates are (1) the stated or implied warranty period; (2) OEM source; (3) OEM policy decisions regarding warranty claims; and (4) OEMs seeking to hold suppliers responsible for product warranties. These estimates are re-evaluated on an ongoing basis. Actual warranty obligations could differ from the amounts estimated requiring adjustments to existing reserves in future periods. Due to the uncertainty and potential volatility of the factors contributing to developing these estimates, changes in our assumptions could materially affect our results of operations.

In addition to our ordinary warranty provisions with customers, we are also at risk for product recall costs, which are costs incurred when a customer or the Company recalls a product through a formal campaign soliciting return of that product. In addition, the National Highway Traffic Safety Administration (“NHTSA”) has the authority, under certain circumstances, to require recalls to remedy safety concerns. Product recall costs typically include the cost of the product being replaced as well as the customer’s cost of the recall, including labor to remove and replace the recalled part. The Company accrues for costs related to product recalls as part of our warranty accrual at the time an obligation becomes probable and can be reasonably estimated. Actual costs incurred could differ from the amounts estimated, requiring adjustments to these reserves in future periods. It is possible that changes in our assumptions or future product recall issues could materially affect our financial position, results of operations or cash flows.

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Legal and Other Contingencies

We are involved from time to time in various legal proceedings and claims, including commercial or contractual disputes, product liability claims, government investigations, product warranties and environmental and other matters, that arise in the normal course of business. We routinely assess the likelihood of any adverse judgments or outcomes related to these matters, as well as ranges of probable losses, by consulting with internal personnel involved with such matters as well as with outside legal counsel handling such matters. We have accrued for estimated losses for those matters where we believe that the likelihood of a loss has occurred, is probable and the amount of the loss is reasonably estimable. The determination of the amount of such reserves is based on knowledge and experience with regard to past and current matters and consultation with internal personnel involved with such matters and with outside legal counsel handling such matters. The amount of such reserves may change in the future due to new developments or changes in circumstances. The inherent uncertainty related to the outcome of these matters can result in amounts materially different from any provisions made with respect to their resolution. Refer to Note 13. Commitments and Contingencies to the audited consolidated financial statements included herein for additional information.

Restructuring

Accruals have been recorded in conjunction with our restructuring actions. These accruals include estimates primarily related to employee termination costs, contract termination costs and other related exit costs in conjunction with workforce reduction and programs related to the rationalization of manufacturing and engineering processes. Actual costs may vary from these estimates. These accruals are reviewed on a quarterly basis and changes to restructuring actions are appropriately recognized when identified.

Pensions

We use actuarial estimates and related actuarial methods to calculate our obligation and expense. We are required to select certain actuarial assumptions, which are determined based on current market conditions, historical information and consultation with and input from our actuaries and asset managers. Refer to Note 12. Pension Benefits to the audited consolidated financial statements included herein for additional details. The key factors which impact our estimates are (1) discount rates; (2) asset return assumptions; and (3) actuarial assumptions such as retirement age and mortality which are determined as of the current year measurement date. We review our actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when appropriate. Experience gains and losses, as well as the effects of changes in actuarial assumptions and plan provisions are recognized in other comprehensive income. Cumulative actuarial gains and losses in excess of 10% of the projected benefit obligation (“PBO”) for a particular plan are amortized over the average future service period of the employees in that plan.

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The principal assumptions used to determine the pension expense and the actuarial value of the projected benefit obligation for the U.S. and non-U.S. pension plans were:

Assumptions used to determine benefit obligations at December 31:

	Pension Benefits
	U.S. Plans				Non-U.S. Plans
	2024		2023		2024		2023
	2025		2024		2025		2024
Weighted-average discount rate	4.9030	%	54.5090	%	6.2344	%	56.9123	%
Weighted-average rate of increase in compensation levels	N/A		N/A		2.6684	%	2.9366	%

Assumptions used to determine net expense for years ended December 31:

	Pension Benefits
	U.S. Plans						Non-U.S. Plans
	2024		2023		2022		2024		2023		2022
	2025		2024		2023		2025		2024		2023
Weighted-average discount rate	54.5090	%	5.2050	%	15.9020	%	56.9123	%	5.9591	%	35.0995	%
Weighted-average rate of increase in compensation levels	N/A		N/A		N/A		2.9366	%	2.8293	%	2.4782	%
Weighted-average expected long-term rate of return on plan assets	N/A		N/A		N/A		5.1832	%	45.9818	%	4.4698	%

We select discount rates by analyzing the results of matching each plan’s projected benefit obligations with a portfolio of high-quality fixed income investments rated AA or higher by Standard and Poor’s or Moody’s.

Aptiv does not have any U.S. pension assets; therefore no U.S. asset rate of return calculation was necessary. The primary funded non-U.S. plans are in the U.K. and Mexico. For the determination of ~~2024~~2025 expense, we assumed a long-term expected asset rate of return of approximately 4.50% and 8.00% for the U.K. and Mexico, respectively. We evaluated input from local actuaries and asset managers, including consideration of recent fund performance and historical returns, in developing the long-term rate of return assumptions. The assumptions for the U.K. and Mexico are primarily conservative long-term, prospective rates. To determine the expected return on plan assets, the market-related value of our plan assets is actual fair value.

Our pension expense for 2025 is determined at the December 31, 2024 measurement date. For purposes of analysis, the following table highlights the sensitivity of our pension obligations and expense attributable to changes in key assumptions:63

Change in Assumption

Impact on Pension Expense

Impact on PBO

25 basis point (“bp”) decrease in discount rate

Less than + $1 million

‘+ $15 million

25 bp increase in discount rate

Less than + $1 million

‘- $15 million

25 bp decrease in long-term expected return on assets

‘+ $1 million

—

25 bp increase in long-term expected return on assets

‘- $1 million

—

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asset rate of return of approximately 4.50% and 8.50% for the U.K. and Mexico, respectively. We evaluated input from local actuaries and asset managers, including consideration of recent fund performance and historical returns, in developing the long-term rate of return assumptions. The assumptions for the U.K. and Mexico are primarily conservative long-term, prospective rates. To determine the expected return on plan assets, the market-related value of our plan assets is actual fair value.

Our pension expense for 2026 is determined at the December 31, 2025 measurement date. For purposes of analysis, the following table highlights the sensitivity of our pension obligations and expense attributable to changes in key assumptions:

Change in Assumption

Impact on Pension Expense

Impact on PBO

25 basis point (“bp”) decrease in discount rate

Less than + $1 million

‘+ $16 million

25 bp increase in discount rate

- $1 million

‘- $16 million

25 bp decrease in long-term expected return on assets

‘+ $1 million

—

25 bp increase in long-term expected return on assets

‘- $1 million

—

The above sensitivities reflect the effect of changing one assumption at a time. It should be noted that economic factors and conditions often affect multiple assumptions simultaneously and the effects of changes in key assumptions are not necessarily linear. The above sensitivities also assume no changes to the design of the pension plans and no major restructuring programs.

Based on information provided by our actuaries and asset managers, we believe that the assumptions used are reasonable; however, changes in these assumptions could impact our financial position, results of operations or cash flows. Refer to Note 12. Pension Benefits to the audited consolidated financial statements included herein for additional information.

Valuation of Long-Lived Assets, Intangible Assets and Investments in Affiliates and Expected Useful Lives

We monitor our long-lived and definite-lived assets, including our investments in affiliates, the most significant of which is our investment in Motional ~~AD LLC~~, for impairment indicators on an ongoing basis based on projections of anticipated future cash flows, including future profitability assessments of various manufacturing sites when events and circumstances warrant such a review. If impairment indicators exist, we perform the required impairment analysis by comparing the undiscounted cash flows expected to be generated from the long-lived assets to the related net book values. If the net book value exceeds the undiscounted cash flows, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the estimated fair value of the long-lived assets. Even if an impairment charge is not required, a reassessment of the useful lives over which depreciation or amortization is being recognized may be appropriate based on our assessment of the recoverability of these assets. We estimate cash flows and fair value through review of appraisals and using internal budgets based on recent sales data, independent automotive production volume estimates and customer commitments. The key factors which impact our estimates are (1) future production estimates; (2) customer preferences and decisions; (3) product pricing; (4) manufacturing and material cost estimates; and (5) product life / business retention. Any differences in actual results from the estimates could result in fair values different from the estimated fair values, which could materially impact our future results of operations and financial condition. We believe that the projections of anticipated future cash flows and fair value assumptions are reasonable; however, changes in assumptions underlying these estimates could affect our valuations.

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not required, a reassessment of the useful lives over which depreciation or amortization is being recognized may be appropriate based on our assessment of the recoverability of these assets. We estimate cash flows and fair value through review of appraisals and using internal budgets based on recent sales data, independent automotive production volume estimates and customer commitments. The key factors which impact our estimates are (1) future production estimates; (2) customer preferences and decisions; (3) product pricing; (4) manufacturing and material cost estimates; and (5) product life / business retention. Any differences in actual results from the estimates could result in fair values different from the estimated fair values, which could materially impact our future results of operations and financial condition. We believe that the projections of anticipated future cash flows and fair value assumptions are reasonable; however, changes in assumptions underlying these estimates could affect our valuations.

Goodwill and Intangible Assets

We ~~periodically~~ review goodwill for impairment ~~indicators. We review goodwill for impairment~~ annually in the fourth quarter or more frequently if events or changes in circumstances indicate that goodwill might be impaired. The Company performs the goodwill impairment review at the reporting unit level. We perform a qualitative assessment (step 0) of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If not, no further goodwill impairment testing is performed. If so, we perform the step 1 test discussed hereafter. Our qualitative assessment involves significant estimates, assumptions, and judgments, including, but not limited to, macroeconomic conditions, industry and market conditions, financial performance of the Company, reporting unit specific events and changes in the Company’s share price.

If the fair value of the reporting unit is greater than its carrying amount (step 1), goodwill is not considered to be impaired. We estimate the fair value of our reporting units using a combination of a future discounted cash flow valuation model and, if possible, a comparable market transaction model. Estimating fair value requires the Company to make judgments about appropriate discount rates, growth rates, relevant comparable company earnings multiples and the amount and timing of expected future cash flows. If the fair value of the reporting unit is less than its carrying amount, the Company must record an impairment charge based on the amount by which a reporting unit’s carrying value exceeds its estimated fair value, limited to the amount of goodwill allocated to that reporting unit.

Management performed its annual goodwill impairment test in the fourth quarter of 2024. The Company completed a qualitative goodwill impairment assessment (step 0) and, after evaluating the results, events and circumstances of the Company, we concluded that sufficient evidence existed to assert qualitatively that it was more likely than not that the estimated fair value of all but our Wind River reporting unit remained substantially in excess of their carrying values. As such, the Company completed a quantitative goodwill impairment test (step 1) for its Wind River reporting unit within the Advanced Safety and User Experience segment, which has goodwill of $2,279 million, and determined its fair value to be in excess of its carrying value by less than 1%. The estimated fair value of this reporting unit was primarily determined using discounted cash flow projections. Significant assumptions included management’s forecasted cash flows, including estimated future revenue growth and the discount rate. Forecasts of future cash flows are based on management’s best estimates. The discount rate was determined using a weighted average cost of capital adjusted for risk factors specific to the reporting unit. The estimated fair value of the reporting unit is sensitive to differences between estimated and actual cash flows, including changes in the projected revenue and the discount rate used to evaluate the fair value of the reporting unit. 64

Although we believe our estimate of fair value is reasonable based on current and future market conditions and the best information available at the impairment assessment date, the reporting unit’s future financial performance is dependent on our ability to execute our business plan. Future changes in the judgments, assumptions and estimates used in our impairment testing for goodwill, including discount rates and cash flow projections, could result in significantly different estimates of the fair value. A reduction in the estimated fair value could result in non-cash impairment charges in a future period. For example, an increase in the discount rate assumption by 50 basis points would result in the fair value of the reporting unit being approximately 7%, or $230 million, below its carrying value. A 5% decrease in the estimated annual revenues used in the analysis would result in the fair value of the reporting unit being approximately 5%, or $170 million, below its carrying value. These sensitivities reflect the effect of changing one assumption at a time. It should be noted that economic factors and conditions often affect multiple assumptions simultaneously and the effects of changes in key assumptions are not necessarily linear.

We review indefinite-lived intangible assets for impairment annually or more frequently if events or changes in circumstances indicate the assets might be impaired. Similar to the goodwill assessment described above, the Company first performs a qualitative assessment of whether it is more likely than not that an indefinite-lived intangible asset is impaired. If necessary, the Company then performs a quantitative impairment test by comparing the estimated fair value of the asset, based upon its forecasted cash flows, to its carrying value. Other intangible assets with definite lives are amortized over their useful lives and are subject to impairment testing only if events or circumstances indicate that the asset might be impaired, as described above.

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As described in Note 1. General, in the first quarter of 2025 Aptiv realigned its business into three reportable operating segments: Advanced Safety and User Experience, Engineered Components Group and Electrical Distribution Systems. Concurrent with the change in reportable operating segments, the Company reassigned goodwill to the updated reporting units using a relative fair value approach. Aptiv tested goodwill related to the impacted reporting units immediately before and after the reassignment and concluded no goodwill impairments existed.

As described in Note 7. Intangible Assets and Goodwill to the audited consolidated financial statements included herein, during the third quarter of 2025, increased discount rates and a reduction in forecasted cash flows led the Company to conclude that, when considering the events and factors in totality, it was more likely than not that the estimated fair value of its Wind River reporting unit within the Advanced Safety and User Experience segment would be below its carrying value at September 30, 2025. Accordingly, we performed an interim quantitative assessment for goodwill impairment. As previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, the fair value of this reporting unit was previously determined to be in excess of its carrying value by less than 1% as of the impairment assessment date in the fourth quarter of 2024. The modifications to forecasted reporting unit cash flows were attributable to the impacts resulting from market and industry delays in the broader adoption of software-defined vehicles. For example, certain of our OEM customers have recently announced delays in their software-defined vehicle investment strategies amidst reduced expectations for consumer demand for these products. Additionally, the Company is making incremental investments to further develop and grow the aerospace & defense and telecommunications businesses and product offerings for the reporting unit.

The estimated fair value of this reporting unit was primarily determined using discounted cash flow projections. Significant assumptions included management’s forecasted cash flows, including estimated future revenue growth, EBITDA margins and the discount rate. Forecasts of future cash flows are based on management’s best estimates. The discount rate was determined using a weighted average cost of capital adjusted for risk factors specific to the reporting unit. The estimated fair value of the reporting unit was developed based on current and future market conditions and the best information available at the impairment assessment date.

The assessment indicated that the carrying value of this reporting unit exceeded its estimated fair value, and as a result, during the third quarter of 2025, the Company recorded a non-cash, pre-tax goodwill impairment charge of approximately $648 million related to the Wind River reporting unit. Following the impairment, goodwill related to this reporting unit was approximately $1,631 million.

Although we believe our estimate of fair value is reasonable based on current and future market conditions and the best information available at the impairment assessment date, the reporting unit’s future financial performance is dependent on our ability to execute our business plan. The estimated fair value of the reporting unit is sensitive to differences between estimated and actual cash flows, including changes in the projected revenue and the discount rate used to evaluate the fair value of the reporting unit. Future changes in the judgments, assumptions and estimates used in our impairment testing for goodwill, including discount rates and cash flow projections, could result in significantly different estimates of the fair value. A reduction in the estimated fair value could result in additional non-cash impairment charges in a future period. For example, an increase in the discount rate assumption by 50 basis points would result in the fair value of the reporting unit being approximately 6%, or $160 million, below its carrying value. A decrease in the estimated annual EBITDA margins used in the analysis by 100 basis points would result in the fair value of the reporting unit being approximately 4%, or $100 million, below its carrying value. A 5% decrease in the estimated annual revenues used in the analysis would result in the fair value of the reporting unit being approximately 5%, or $140 million, below its carrying value. These sensitivities reflect the effect of changing one assumption at a time. It should be noted that economic factors and conditions often affect multiple assumptions simultaneously and the effects of changes in key assumptions are not necessarily linear.

Management performed its annual goodwill impairment test in the fourth quarter of 2025. The Company completed a qualitative goodwill impairment assessment (step 0) and, after evaluating the results, events and circumstances of the Company, we concluded that sufficient evidence existed to assert qualitatively that it was more likely than not that the estimated fair value of all our other reporting units remained substantially in excess of their carrying values.

Income Taxes

Deferred tax assets and liabilities reflect temporary differences between the amount of assets and liabilities for financial and tax reporting purposes. Such amounts are adjusted, as appropriate, to reflect changes in tax rates expected to be in effect when the temporary differences reverse. A valuation allowance is recorded to reduce our deferred tax assets to the amount that ~~is more likely than not to be realized. Changes in tax laws or accounting standards and methods may affect recorded deferred taxes in future periods.~~

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is more likely than not to be realized. Changes in tax laws or accounting standards and methods may affect recorded deferred taxes in future periods.

When establishing a valuation allowance, we consider future sources of taxable income such as “future reversals of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards” and “tax planning strategies.” A tax planning strategy is defined as “an action that: is prudent and feasible; an enterprise ordinarily might not take, but would take to prevent an operating loss or tax credit carryforward from expiring unused; and would result in realization of deferred tax assets.” In the event we determine it is more likely than not that the deferred tax assets will not be realized in the future, the valuation adjustment to the deferred tax assets will be charged to earnings in the period in which we make such a determination. The valuation of deferred tax assets requires judgment and accounting for the deferred tax effect of events that have been recorded in the financial statements or in tax returns and our future projected profitability. Changes in our estimates, due to unforeseen events or otherwise, could have a material impact on our financial condition and results of operations.

We calculate our current and deferred tax provision based on estimates and assumptions that could differ from the actual results reflected in income tax returns filed in subsequent years. Adjustments based on filed returns are recorded when identified. The amount of income taxes we pay is subject to ongoing audits by federal, state and foreign tax authorities. Our estimate of the potential outcome of any uncertain tax issue is subject to management’s assessment of relevant risks, facts, and circumstances existing at that time. We use a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. We record a liability for the difference between the benefit recognized and measured and tax position taken or expected to be taken on our tax return. To the extent that our assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. We report tax-related interest and penalties as a component of income tax expense. We do not believe there is a reasonable likelihood that there will be a material change in the tax related balances. However, due to the complexity of some of these uncertainties, the ultimate resolution may be materially different from the current estimate. Refer to Note 14. Income Taxes to the audited consolidated financial statements included herein for additional information.

Recently Issued Accounting Pronouncements

Refer to Note 2. Significant Accounting Policies to the audited consolidated financial statements included herein for a complete description of recent accounting standards which we have not yet been required to implement which may be applicable to our operations. Additionally, the significant accounting standards that have been adopted during the year ended December 31, ~~2024~~2025 are described.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risks from changes in currency exchange rates and certain commodity prices. In order to manage these risks, we operate a centralized risk management program that consists of entering into a variety of derivative contracts with the intent of mitigating our risk to fluctuations in currency exchange rates and commodity prices. We do not enter into derivative transactions for speculative or trading purposes.

A discussion of our accounting policies for derivative instruments is included in Note 2. Significant Accounting Policies to the audited consolidated financial statements included herein and further disclosure is provided in Note 17. Derivatives and Hedging Activities to the audited consolidated financial statements included herein. We maintain risk management control systems to monitor exchange and commodity risks and related hedge positions. Positions are monitored using a variety of analytical techniques including market value and sensitivity analysis. The following analyses are based on sensitivity tests, which assume instantaneous, parallel shifts in currency exchange rates and commodity prices. For options and instruments with non-linear returns, appropriate models are utilized to determine the impact of shifts in rates and prices.

We have currency exposures related to buying, selling and financing in currencies other than the local currencies in which we operate. Historically, we have reduced our exposure through financial instruments (hedges) that provide offsets or limits to our exposures, which are opposite to the underlying transactions. We also face an inherent business risk of exposure to commodity prices risks, and have historically offset our exposure, particularly to changes in the price of various non-ferrous metals used in our manufacturing operations, through fixed price purchase agreements, commodity swaps and option contracts. We continue to manage our exposures to changes in currency rates and commodity prices using these derivative instruments.

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Currency Exchange Rate Risk

Currency exposures may impact future earnings and/or operating cash flows. We have currency exposures related to buying, selling and financing in currencies other than the local functional currencies in which we operate (“transactional exposure”). We also have currency exposures related to the translation of the financial statements of our foreign subsidiaries that use the local currency as their functional currency into U.S. dollars, the Company’s reporting currency (“translational exposure”). The impact of translational exposure is recorded within currency translation adjustment in the consolidated statements of comprehensive income. During the year ended December 31, 2024, the foreign currency translation adjustment loss of $282 million was primarily due to the impact of a strengthening U.S. dollar, which increased approximately 18% in relation to the Mexican Peso, approximately 6% in relation to the Euro and approximately 1% in relation to the Chinese Yuan Renminbi from December 31, 2023.

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exposure”). We also have currency exposures related to the translation of the financial statements of our foreign subsidiaries that use the local currency as their functional currency into U.S. dollars, the Company’s reporting currency (“translational exposure”). The impact of translational exposure is recorded within currency translation adjustment in the consolidated statements of comprehensive income. During the year ended December 31, 2025, the foreign currency translation adjustment gains of $310 million was primarily due to the impact of a weakening U.S. dollar, which decreased approximately 13% in relation to the Euro and approximately 2% in relation to the Chinese Yuan Renminbi from December 31, 2024.

As described in Note 17. Derivatives and Hedging Activities to the audited consolidated financial statements included herein, in order to manage certain translational exposure, we have designated the 2024 Euro-denominated Senior Notes and the 2016 Euro-denominated Senior Notes as net investment hedges of the foreign currency exposure of our investments in certain Euro-denominated subsidiaries, and had designated the 2015 Euro-denominated Senior Notes prior to being redeemed in December 2024. We have also entered into forward contracts designated as net investment hedges of the foreign currency exposure of our investments in certain Chinese Yuan Renminbi-denominated subsidiaries. The effective portion of the gains or losses on instruments designated as net investment hedges are recognized within the cumulative translation adjustment component in the consolidated statements of comprehensive income to offset changes in the value of the net investment in these foreign currency-denominated operations.

In some instances, we choose to reduce our transactional exposures through financial instruments (hedges) that provide offsets or limits to our exposures. Currently, our most significant hedged currency exposures relate to the Mexican Peso, Chinese Yuan Renminbi, Polish Zloty, British Pound and Hungarian Forint. As of December 31, ~~2024~~2025 and ~~2023~~2024 the net fair value liability of all financial instruments, including hedges and underlying transactions, with exposure to currency risk was approximately $~~925~~476 million and $~~507~~925 million, respectively. The potential change in fair value for such financial instruments from a hypothetical 10% adverse change in quoted currency exchange rates would be a ~~loss~~gain of approximately $2177 million and a ~~gain~~loss of approximately $2321 million as of December 31, ~~2024~~2025 and ~~2023~~2024, respectively. The potential change in fair value from a hypothetical 10% favorable change in quoted currency exchange rates would be a loss of approximately $2127 million and $921 million as of December 31, ~~2024~~2025 and ~~2023~~2024, respectively. The impact of a 10% change in rates on fair value differs from a 10% change in the net fair value liability due to the existence of hedges. The model assumes a parallel shift in currency exchange rates; however, currency exchange rates rarely move in the same direction. The assumption that currency exchange rates change in a parallel fashion may overstate the impact of changing currency exchange rates on assets and liabilities denominated in currencies other than the U.S. dollar.

Commodity Price Risk

Commodity swaps/average rate forward contracts are executed to offset a portion of our exposure to the potential change in prices mainly for various non-ferrous metals used in the manufacturing of automotive components, primarily copper. The net fair value of our contracts was aan ~~liability~~asset of $685 million and a liability of $26 million as of December 31, ~~2024~~2025 and ~~2023~~2024, respectively. If the price of the commodities that are being hedged by our commodity swaps/average rate forward contracts changed adversely or favorably by 10%, the fair value of our commodity swaps/average rate forward contracts would decrease or increase by $4144 million and $4341 million as of December 31, ~~2024~~2025 and ~~2023~~2024, respectively. A 10% change in the net fair value asset differs from a 10% change in rates on fair value due to the relative differences between the underlying commodity prices and the prices in place in our commodity swaps/average rate forward contracts. These amounts exclude the offsetting impact of the price risk inherent in the physical purchase of the underlying commodities.

Interest Rate Risk

Our exposure to market risk associated with changes in interest rates relates primarily to our debt obligations. We do not use interest rate swap or other derivative contracts to manage our exposure to fluctuations in interest rates. As of December 31, ~~2024~~2025, we had ~~approximately $250 million of floating rate debt related to the Term Loan A Credit Agreement, and~~ no floating rate debt outstanding ~~related to the Credit Agreement~~. The ~~Term Loan A~~ Credit Agreement carries an interest rate, at our option, on ~~loan borrowings of either (a) the ABR plus 0.25% per annum, or (b) SOFR plus 1.25% per annum. The Credit Agreement carries an interest rate, at our option, on~~ Revolving Credit Facility borrowings of either (a) the ABR plus 0.06125% per annum, or (b) SOFR plus 1.06125% per annum~~, which includes an adjustment resulting from the Company having met the sustainability-linked targets for the 2023 calendar year~~.

The interest rate period with respect to the SOFR interest rate option can be set at one-, three-, or six-months as selected by us in accordance with the terms of the ~~Term Loan A~~ Credit Agreement ~~and the Credit Agreement~~ (or other period as may be agreed by the applicable lenders), but payable no less than quarterly. We may elect to change the selected interest rate option over the term of the Revolving Credit Facility in accordance with the provisions of the Credit Agreement. The applicable interest rates listed above for the Revolving Credit Facility may increase or decrease from time to time in increments of 0.125% to 0.20%, up to a maximum of 0.325% based on changes to our corporate credit ratings, as further discussed in Note 11. Debt to the audited consolidated financial statements included herein. Accordingly, the interest rate will fluctuate during the term of the Credit Agreement based on changes in the Alternate Base Rate, SOFR, future changes in our corporate credit ratings.

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interest rates listed above for the Term Loan A Credit Agreement may increase or decrease from time to time in increments of 0.125% to 0.25%, up to a maximum of 0.50% based on changes to our corporate credit ratings. The applicable interest rates listed above for the Revolving Credit Facility may increase or decrease from time to time in increments of 0.01% to 0.20%, up to a maximum of 0.40% based on changes to our corporate credit ratings or based on whether the Company achieves or fails to achieve certain sustainability-linked targets with respect to greenhouse gas emissions and workplace safety, as further discussed in Note 11. Debt to the audited consolidated financial statements included herein. Accordingly, the interest rate will fluctuate during the term of the Term Loan A Credit Agreement and the Credit Agreement based on changes in the Alternate Base Rate, SOFR, future changes in our corporate credit ratings or the sustainability-linked targets as discussed above.

The table below indicates interest rate sensitivity on interest expense to floating rate debt based on amounts outstanding as of December 31, 2024.

Term Loan A Credit Agreement

Change in Rate

(impact to annual interest expense, in millions)

25 bp decrease

‘- $1

25 bp increase

‘+ $1

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of APTIV PLC

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of APTIV PLC (the Company) as of December 31, ~~2024~~2025 and ~~2023~~2024, the related consolidated statements of operations, comprehensive income, redeemable noncontrolling interest and shareholders’ equity and cash flows for each of the three years in the period ended December 31, ~~2024~~2025, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, ~~2024~~2025 and ~~2023~~2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, ~~2024~~2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, ~~2024~~2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 76, ~~2025~~2026 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Uncertain Tax Positions Description of the Matter As described in Notes 2 and 14, the Company establishes reserves for uncertain tax positions for positions that are taken on their income tax returns that might not be sustained upon examination by the taxing authorities. At December 31, ~~2024~~2025, the Company has recorded approximately $~~227~~246 million relating to uncertain tax positions.In determining whether an uncertain tax position exists, the Company determines, based solely on its technical merits, whether the tax position is more likely than not to be sustained upon examination, and if so, a tax benefit is measured on a cumulative probability basis that is more likely than not to be realized upon the ultimate settlement. The Company identifies its certain and uncertain tax positions and then evaluates the recognition and measurement steps to determine the amount that should be recognized. The Company then evaluates uncertain tax positions in subsequent periods for recognition, de-recognition or re-measurement if changes have occurred, or when effective settlement or expiration of the statute of limitations occurs.

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			Auditing the uncertain tax positions is complex because of the judgmental nature of the tax accruals and various other tax return positions that might not be sustained upon review by taxing authorities. The Company files tax returns in multiple jurisdictions and is subject to examination by taxing authorities throughout the world due to its complex global footprint. Taxing jurisdictions significant to Aptiv include China, Germany, Ireland, Mexico, South Korea, Switzerland, the U.K. and the U.S.
How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls related to the recognition, measurement and the evaluation of changes in uncertain tax positions. This included testing controls over management’s review of the tax positions, their evaluation of whether they met the measurement threshold and then recalculating the amounts recognized based upon a cumulative probability assessment performed by management.Our audit procedures to test the Company’s uncertain tax positions included, among others, involvement of our tax professionals, including transfer pricing professionals. This included evaluating tax opinions and third-party transfer pricing studies obtained by the Company and assessing the Company’s correspondence with the relevant tax authorities. We analyzed the Company’s assumptions and data used to determine the amount of tax benefit to recognize and tested the accuracy of the calculations. Our testing also included the evaluation of the ongoing positions and consideration of changes and the ultimate settlement and payment of certain tax matters.
			Revenue Recognition
Description of the Matter			As described in Notes 2 and 24, Aptiv occasionally enters into pricing agreements with its customers that provide for price reductions ~~on production parts~~, some of which are conditional upon achieving certain joint cost saving targets~~, which are accounted for as variable consideration~~. In addition, from time to time, Aptiv makes payments to customers in conjunction with ongoing business. Revenue is recognized based on the agreed-upon price at the time of shipment, and sales incentives, allowances and certain customer payments are recognized as a reduction to revenue at the time of the commitment to provide such incentives or make these payments. Certain other customer payments or upfront fees are ~~capitalized~~considered to be a cost to obtain a contract as they are directly attributable to a contract, are incremental and management expects the payments to be recoverable. In these cases, the customer payment is capitalized and amortized to revenue based on the transfer of goods and services to the customer for which the upfront payment relates. As of December 31, ~~2024~~2025, Aptiv has recorded $5354 million related to these capitalized upfront payments.Auditing the accounting for and completeness of arrangements containing elements such as sales incentives, allowances and customer payments, including the appropriate timing and presentation of adjustments to revenue as well as ~~upfront~~costs ~~payments~~ to ~~customers~~obtain a contract is judgmental due to the unique facts and circumstances involved in each revenue arrangement, as well as on-going commercial negotiations with customers.
How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the review of customer contracts. This included testing controls over ~~management~~the Company’s process to identify and evaluate customer contracts that contain sales incentives, allowances and customer payments that impact revenue recognition.Our audit procedures to test the completeness of the Company’s identification of such contracts included, among others, interviewing sales representatives who are responsible for negotiations with customers and testing cash payments ~~and credit memos issued~~ to customers. To test management’s assessment of customer contracts containing sales incentives, allowances and customer payments, our procedures included, among others, selecting a sample of customer agreements, obtaining and reviewing source documentation, including master agreements, and other documents that were part of the agreement, and evaluating the contract terms to determine the appropriateness of the accounting treatment.

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			Goodwill impairment — Wind River Reporting Unit
Description of the Matter			As described in Notes 2 and 7, the Company tests goodwill for impairment at the reporting unit level at least annually during the fourth quarter, or more frequently if events or changes in circumstances indicate that goodwill might be impaired. As of December 31, ~~2024~~2025, the Company’s goodwill related to the Wind River reporting unit was $21,~~279~~631 million. Auditing management’s quantitative goodwill impairment assessment for the Wind River reporting unit was complex and ~~required~~highly ~~significant~~judgmental ~~auditor judgment~~ due to the ~~degree~~significant of estimation required ~~by management~~ to determine the fair value of the reporting unit. In particular, the fair value estimate was sensitive to significant assumptions, such as changes in the revenue growth rates, EBITDA margin and discount rate, which are affected by expectations about future market ~~and~~or economic conditions.
How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s ~~annual~~quantitative goodwill assessment and forecasting process, whereby the Company develops significant assumptions that are used in its analyses. This included controls over management's review of the valuation model and the significant assumptions used in the fair value measurement discussed above. To test the estimated fair value of the Company’s Wind River reporting unit, we performed audit procedures that included, among others, assessing methodologies, testing the significant assumptions discussed above used to develop the prospective financial information and testing the underlying data used by the Company in its analysis. We compared the prospective financial information developed by management to current industry and economic trends, historical performance, and guideline public companies in the same industry, and ~~other~~evaluated ~~relevant~~the ~~information~~expected impacts of the Company’s operating strategies and initiatives on the significant assumptions. We performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the reporting unit that would result from changes in the assumptions. We utilized internal valuation specialists to assist in our evaluation of the ~~methodologies~~assumptions ~~used~~ and ~~certain~~other ~~assumptions~~relevant information that are most significant to the fair value estimate of the reporting unit, such as assessing the fair value methodologies applied and evaluating the reasonableness of the discount rate selected by management ~~and~~as well as the calculation of the Wind River reporting unit’s fair value. Furthermore, we assessed the appropriateness of the disclosures in the consolidated financial statements.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2006.

Detroit, Michigan

February 76, ~~2025~~2026

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of APTIV PLC

Opinion on Internal Control Over Financial Reporting

We have audited APTIV PLC’s internal control over financial reporting as of December 31, ~~2024~~2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, APTIV PLC (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, ~~2024~~2025, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, ~~2024~~2025 and ~~2023~~2024, the related consolidated statements of operations, comprehensive income, redeemable noncontrolling interest and shareholders’ equity and cash flows for each of the three years in the period ended December 31, ~~2024~~2025, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) and our report dated February 76, ~~2025~~2026 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Detroit, Michigan

February 76, ~~2025~~2026

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APTIV PLC

CONSOLIDATED STATEMENTS OF OPERATIONS

	Year Ended December 31,
		2024		2023		2022
		2025		2024		2023
		(in millions, except per share amounts)
Net sales		$	1920,~~713~~398	$	2019,~~051~~713	$	1720,~~489~~051
Operating expenses:
Cost of sales		16,~~002~~500		16,~~612~~002		1416,~~854~~612
Selling, general and administrative		1,~~465~~673		1,~~436~~465		1,~~138~~436
Amortization		~~211~~208		~~233~~211		~~149~~233
Restructuring (Note 10)		~~193~~185		~~211~~193		85211
Total operating expenses		17,871		18,492		16,226
Goodwill impairment (Note 7)		648		—		—
Operating income		1,842		1,559		1,263
Total operating expenses		19,214		17,871		18,492
Interest expense		(337)		(285)		(219)
Operating income		1,184		1,842		1,559
Other income (expense), net (Note 19)		41		63		(54)
Interest expense		(361)		(337)		(285)
Net gain on equity method transactions (Note 5)		605		—		—
Other income, net (Note 19)		50		41		63
Income before income taxes and equity loss		2,151		1,337		990
Net gain on equity method transactions (Note 5)		46		605		—
Income tax (expense) benefit		(223)		1,928		(121)
Income before income taxes and equity loss		919		2,151		1,337
Income before equity loss		1,928		3,265		869
Income tax (expense) benefit		(700)		(223)		1,928
Equity loss, net of tax		(118)		(299)		(279)
Income before equity loss		219		1,928		3,265
Net income		1,810		2,966		590
Equity loss, net of tax		(38)		(118)		(299)
Net income (loss) attributable to noncontrolling interest		24		28		(3)
Net income		181		1,810		2,966
Net loss attributable to redeemable noncontrolling interest		(1)		—		(1)
Net income attributable to noncontrolling interest		19		24		28
Net income attributable to Aptiv		1,787		2,938		594
Net loss attributable to redeemable noncontrolling interest		(3)		(1)		—
Mandatory convertible preferred share dividends (Note 15)		—		(29)		(63)
Net income attributable to Aptiv		165		1,787		2,938
Net income attributable to ordinary shareholders		$	1,787	$	2,909	$	531
Mandatory convertible preferred share dividends (Note 15)		—		—		(29)
Net income attributable to ordinary shareholders		$	165	$	1,787	$	2,909
Basic net income per share:
Basic net income per share attributable to ordinary shareholders		$	60.9775	$	106.5097	$	110.9650
Weighted average number of basic shares outstanding		~~256~~220.3800		~~276~~256.9238		~~270~~276.9092
Diluted net income per share (Note 15):
Diluted net income per share attributable to ordinary shareholders		$	60.9675	$	106.3996	$	110.9639
Weighted average number of diluted shares outstanding		~~256~~220.6675		~~282~~256.8866		~~271~~282.1888

See notes to consolidated financial statements.

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APTIV PLC

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Year Ended December 31,
		2024		2023		2022
		2025		2024		2023
		(in millions)
Net income		$	~~1,810~~181	$	21,~~966~~810	$	~~590~~2,966
Other comprehensive (loss) income:
Other comprehensive income (loss):
Currency translation adjustments		~~(282)~~310		30(282)		~~(198)~~30
Net change in unrecognized (loss) gain on derivative instruments, net of tax (Note 17)		(261)		133		24
Net change in unrecognized gain (loss) on derivative instruments, net of tax (Note 17)		236		(261)		133
Employee benefit plans adjustment, net of tax (Note 12)		11(2)		~~(16)~~11		59(16)
Net change in unrealized loss on available-for-sale debt securities, net of tax (Note 18)		(4)		—		—
Net change in unrealized gain (loss) on available-for-sale debt securities, net of tax (Note 18)		4		(4)		—
Other comprehensive (loss) income		(536)		147		(115)
Other comprehensive income (loss)		548		(536)		147
Comprehensive income		~~1,274~~729		31,~~113~~274		~~475~~3,113
Comprehensive income (loss) attributable to noncontrolling interest		23		26		(1)
Comprehensive income attributable to noncontrolling interest		21		23		26
Comprehensive (loss) income attributable to redeemable noncontrolling interest		(7)		3		1
Comprehensive income (loss) attributable to redeemable noncontrolling interest		10		(7)		3
Comprehensive income attributable to Aptiv		$	~~1,258~~698	$	31,~~084~~258	$	~~475~~3,084

See notes to consolidated financial statements.

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APTIV PLC

CONSOLIDATED BALANCE SHEETS

	December 31,
	2024		2023
	2025		2024
	(in millions)
ASSETS
Current assets:
Cash and cash equivalents	$	1,~~573~~851	$	1,~~640~~573
Restricted cash	13		—1
Accounts receivable, net of allowance for doubtful accounts of $37 million and $52 million, respectively (Note 2)	3,261		3,546
Accounts receivable, net of allowance for doubtful accounts of $45 million and $37 million, respectively (Note 2)	3,477		3,261
Inventories (Note 3)	2,~~320~~561		2,~~365~~320
Other current assets (Note 4)	~~671~~853		~~696~~671
Total current assets	78,~~826~~745		87,~~247~~826
Long-term assets:
Property, net (Note 6)	3,~~698~~774		3,~~785~~698
Operating lease right-of-use assets (Note 25)	~~495~~501		~~540~~495
Investments in affiliates (Note 5)	1,~~433~~431		1,~~443~~433
Intangible assets, net (Note 7)	2,~~140~~004		2,~~399~~140
Goodwill (Note 7)	54,~~024~~596		5,~~151~~024
Other long-term assets (Note 4)	2,~~842~~362		2,~~862~~842
Total long-term assets	1514,~~632~~668		1615,~~180~~632
Total assets	$	23,~~458~~413	$	2423,~~427~~458
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt (Note 11)	$	~~509~~81	$	9509
Accounts payable	23,~~870~~157		32,~~151~~870
Accrued liabilities (Note 8)	1,~~752~~799		1,~~648~~752
Total current liabilities	5,~~131~~037		45,~~808~~131
Long-term liabilities:
Long-term debt (Note 11)	7,~~843~~470		67,~~204~~843
Pension benefit obligations (Note 12)	~~374~~430		~~417~~374
Long-term operating lease liabilities (Note 25)	~~412~~401		~~453~~412
Other long-term liabilities (Note 8)	~~613~~576		~~701~~613
Total long-term liabilities	98,~~242~~877		79,~~775~~242
Total liabilities	1413,~~373~~914		1214,~~583~~373
Commitments and contingencies (Note 13)
Redeemable noncontrolling interest (Note 2)	92102		9992
Shareholders’ equity:
Preferred shares, $0.01 par value per share, 50,000,000 shares authorized; none issued and outstanding as of December 31, 2024 and 2023	—		—
Preferred shares, $0.01 par value per share, 50,000,000 shares authorized; none issued and outstanding as of December 31, 2025 and 2024	—		—
Ordinary shares, $0.01 par value per share, 1,200,000,000 shares authorized, 235,035,739 and 279,033,365 issued and outstanding as of December 31, 2024 and 2023, respectively	2		3
Ordinary shares, $0.01 par value per share, 1,200,000,000 shares authorized, 212,746,899 and 235,035,739 issued and outstanding as of December 31, 2025 and 2024, respectively	2		2
Additional paid-in-capital	23,~~966~~619		42,~~028~~966
Retained earnings	76,~~002~~227		87,~~162~~002
Accumulated other comprehensive loss (Note 16)	(~~1,174~~641)		(~~645~~1,174)
Total Aptiv shareholders’ equity	89,~~796~~207		118,~~548~~796
Noncontrolling interest	~~197~~190		197
Total shareholders’ equity	89,~~993~~397		118,~~745~~993
Total liabilities, redeemable noncontrolling interest and shareholders’ equity	$	23,~~458~~413	$	2423,~~427~~458

See notes to consolidated financial statements.

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APTIV PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2024		2023		2022
	2025		2024		2023
	(in millions)
Cash flows from operating activities:
Net income	$	~~1,810~~181	$	21,~~966~~810	$	~~590~~2,966
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	~~753~~783		~~679~~753		~~613~~679
Amortization	~~211~~208		~~233~~211		~~149~~233
Amortization of deferred debt issuance costs	129		912		9
Restructuring expense, net of cash paid	(4510)		83(45)		1883
Deferred income taxes	~~(34)~~394		(~~2,164~~34)		(~~144~~2,164)
Pension and other postretirement benefit expenses	44		44		3044
Loss from equity method investments, net of dividends received	~~130~~58		~~304~~130		~~284~~304
Loss on extinguishment of debt	152		115		—1
Loss on sale of assets	6		2		1
(Gain) loss on sale of assets	(2)		6		2
Share-based compensation	120		115		86
Goodwill impairment	648		—		—
Other charges related to Ukraine/Russia conflict	—		—		54
Share-based compensation	139		120		115
Net gain on equity method transactions	(~~605~~46)		—(605)		—
Changes in operating assets and liabilities:
Accounts receivable, net	~~285~~(216)

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