DAN · Dana Incorporated

Dana Incorporated's Q1 2026 results from continuing operations showed net sales growth to $1,868 million, up 5% from $1,781 million in Q1 2025, driven by Light Vehicle segment sales of $1,269 million (up from $1,213 million) and Commercial Vehicle at $599 million (up from $568 million). Adjusted EBITDA improved significantly to $171 million from $93 million, with Light Vehicle contributing $112 million (vs. $68 million) and Commercial Vehicle $63 million (vs. $41 million), after corporate expenses. This reflects better operational effectiveness despite challenges like $6 million restructuring charges, $56 million electric vehicle program termination charges, and other items reconciled in the exhibit. GAAP net loss from continuing operations narrowed slightly to $15 million from $17 million, with loss before taxes at $(4) million impacted by $22 million interest expense, offset by $6 million interest income and adjustments. Total net income of $1,091 million was propelled by $1,106 million from discontinued operations, likely tied to a divestiture yielding $2,563 million in investing cash inflows. Balance sheet strengthened with cash at $477 million (up from $469 million year-end), total debt reduced sharply to $1,260 million from $3,211 million via $1,330 million repayment and $615 million short-term debt elimination, boosting equity to $1,955 million. Adjusted free cash flow remained negative at $(195) million due to operating cash use and capex. No forward guidance provided, consistent with policy on non-GAAP outlooks due to event-driven items. Investors should note the divestiture impact and debt deleveraging as key drivers of comprehensive income and liquidity improvement.