VAN BUREN TOWNSHIP, Mich., July 29, 2021 — Visteon Corporation (NASDAQ: VC) today announced second-quarter net sales of $610 million, representing a year-over-year increase of 59% excluding the impact of currency. Total industry production increased 49% while Visteon’s top customer production increased 55% in the same period. The company's sales performance represents a 4%¹ growth-over-market compared to the production volumes of its customers.

Gross margin in the second quarter was $35 million, and net loss attributable to Visteon was $11 million or $0.39 per diluted share. Adjusted EBITDA, a non-GAAP measure as defined below, was $30 million for the second quarter or 4.9% of sales, an increase of $33 million compared to the prior year. Improvements in adjusted EBITDA margin were largely driven by higher volume, cost efficiencies initiated in 2020, and higher engineering recoveries. Incremental supply chain costs related to semiconductor shortages and the reversal of temporary austerity measures taken last year in response to the pandemic partially offset some of these improvements.

The company won $3.2 billion in new business during the first half of the year. This includes a $640 million second-quarter expansion of a previously awarded digital cluster program, bringing total lifetime value for that program to $1.5 billion. The company also increased its presence in the two-wheeler market by adding a fourth customer for an all-digital cluster featuring embedded connectivity – a win that reflects the digital-cockpit transformation underway in the motorcycle category similar to what is occurring with passenger vehicles.

Visteon launched seven new products in the second quarter, and remains on track to deliver approximately 50 new programs for the full year. Second quarter launch highlights include a next-generation 3D high-definition digital cluster for Peugeot, and the introduction of the company's connected Android-based infotainment system on vehicles manufactured by Skoda and Geely. The infotainment system provides enhanced in-car connectivity, streaming, over-the-air updates and other services.

For the first half, cash generated by operations was $1 million and capital expenditures were $33 million. Adjusted free cash flow, a non-GAAP financial measure as defined below, for the first half of 2021 was a use of cash of $7 million, compared to a use of cash of $66 million for the same period in 2020. The company ended the second quarter with cash of $470 million and debt of $355 million, representing a net cash position of $115 million.

¹ Excludes Y/Y impact of currency fluctuations

Conference Call and Presentation

Today, Thursday, July 29, at 9 a.m. ET, the company will host a conference call for the investment community to discuss the quarter’s results and other related items. The conference call is available to the general public via a live audio webcast.

The dial-in numbers to participate in the call are:

U.S./Canada: 844-535-3468

Outside U.S./Canada: 720-405-0988

Conference ID: 4687199

(Call approximately 15 minutes before the start of the conference.)

The conference call and live audio webcast, related presentation materials and other supplemental information will be accessible in the Investors section of Visteon’s website. A news release on Visteon’s second-quarter results will be available in the News section of the website.

A replay of the conference call will be available through the company’s website or by dialing 855-859-2056 (toll-free from the U.S. and Canada) or 404-537-3406 (international). The conference ID for the phone replay is 4687199. The phone replay will be available for one week following the conference call.

Use of Non-GAAP Financial Information

Because not all companies use identical calculations, adjusted EBITDA, adjusted net income, adjusted EPS, free cash flow and adjusted free cash flow used throughout this press release may not be comparable to other similarly titled measures of other companies.

In order to provide the forward-looking non-GAAP financial measures for full-year 2021, the company provides reconciliations to the most directly comparable GAAP financial measures on the subsequent slides. The provision of these comparable GAAP financial measures is not intended to indicate that the company is explicitly or implicitly providing projections on those GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the company at the date of this press release and the adjustments that management can reasonably predict.

Forward-looking Information

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to:

• continued and future impacts of the coronavirus (COVID-19) pandemic on our financial condition and business operations including global supply chain disruptions, market downturns, reduced consumer demand and new government actions or restrictions;

• significant or prolonged shortage of critical components from our suppliers, including but not limited to semiconductors, and particularly those who are our sole or primary sources;

• conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers, including work stoppages at our customers, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest;

• our ability to execute on our transformational plans and cost-reduction initiatives in the amounts and on the timing contemplated;

• our ability to satisfy future capital and liquidity requirements, including our ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to us, our ability to comply with financial and other covenants in our credit agreements, and the continuation of acceptable supplier payment terms;

• our ability to access funds generated by foreign subsidiaries and joint ventures on a timely and cost-effective basis;

• general economic conditions, including changes in interest rates and fuel prices, the timing and expenses related to internal restructurings, employee reductions, acquisitions or dispositions and the effect of pension and other post-employment benefit obligations;

• increases in raw material and energy costs and our ability to offset or recover these costs, increases in our warranty, product liability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party;

• changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, domestic and foreign, that may tax or otherwise increase the cost of, or otherwise affect, the manufacture, licensing, distribution, sale, ownership or use of our products or assets; and

• those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as updated by our subsequent filings with the Securities and Exchange Commission).

Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this release, and which we assume no obligation to update. The financial results presented herein are preliminary and unaudited; final financial results will be included in the company's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2021. New business wins and re-wins do not represent firm orders or firm commitments from customers, but are based on various assumptions, including the timing and duration of product launches, vehicle production levels, customer price reductions and currency exchange rates.