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Analogies for Dauch (DCH):

• Intel for car axles and drivelines.
• Cummins for vehicle axles and power transmission systems.

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• Front and Rear Axles: Core driveline components that transfer power to vehicle wheels.
• Driveshafts: Components transmitting rotational power from the transmission to the differential.
• Differential Assemblies: Mechanisms allowing vehicle wheels to rotate at different speeds, crucial for turning.
• Electric and Hybrid Driveline Products: Specialized driveline components and systems designed for electric and hybrid vehicles.
• Disconnecting Driveline Technology: Enhances fuel efficiency by disengaging parts of the driveline when not needed.
• Axle and Transmission Shafts: Key metal-formed components for power transmission within vehicle axles and transmissions.
• Ring and Pinion Gears: Essential gear sets within differentials for efficient power transfer and direction change.
• Connecting Rods: Components linking engine pistons to the crankshaft, converting linear motion into rotational motion.

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• General Motors Company (GM)
• Stellantis N.V. (STLA)
• Ford Motor Company (F)

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David C. Dauch, Chairman of the Board & Chief Executive Officer

David C. Dauch has over 40 years of experience in the automotive industry, beginning his career in 1982 as a Manufacturing Co-op student with the former Chrysler Corporation. He joined American Axle & Manufacturing (AAM) in 1995 and has served in various roles of increasing responsibility, including President & Chief Operating Officer (2009), President & Chief Executive Officer (2012), and Chairman & Chief Executive Officer (2013-Present). Prior to AAM, Dauch held operations and sales positions at Collins & Aikman Products Company.

Christopher J. May, Executive Vice President & Chief Financial Officer

Christopher J. May joined American Axle & Manufacturing (AAM) in 1994 as a Financial Analyst. He has since held numerous financial positions with increasing responsibility, including Manager Financial Reporting, Director Internal Audit, Assistant Treasurer, and Treasurer. May was appointed Vice President & Chief Financial Officer in August 2015 and currently serves as Executive Vice President & Chief Financial Officer. Before joining AAM, he worked as a Senior Accountant for Ernst & Young. He holds an MBA from the University of Detroit Mercy and a Bachelor of Science in Accounting from Canisius College, and is a CPA.

Michael J. Lynch, President & Chief Operating Officer

Michael J. Lynch began his career at American Axle & Manufacturing (AAM) in 1996 as a Financial Analyst. He progressed through various financial and management roles, including Finance Manager for different divisions, Director of Driveline Finance, and Controller. Lynch was appointed President of the Driveline Business Unit in November 2021 and subsequently became President & Chief Operating Officer in August 2025. He earned a Bachelor of Business Administration, a Master of Science in Finance, and a Master's in Accounting from Walsh College.

Terri Kemp, Senior Vice President & Chief of Staff

Terri Kemp serves as the Senior Vice President & Chief of Staff for Dauch (formerly American Axle & Manufacturing). Her appointment to this role was effective in August 2025.

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• Transition to Electric Vehicles (EVs) and Reliance on Internal Combustion Engines (ICE): American Axle & Manufacturing Holdings, Inc., which now operates as Dauch Corporation, is in a transition phase as the automotive industry shifts towards electric vehicles. The company’s historical reliance on internal combustion engine (ICE) technologies, despite also supporting electric and hybrid vehicles, exposes it to risks associated with the uncertain adoption rate of EVs, which can impact forecasting production volumes and profitability.
• Customer Concentration: The company is heavily dependent on sales to a few major automotive manufacturers, primarily General Motors (GM), Stellantis (formerly FCA), and Ford. Sales to GM alone constituted a significant portion of its consolidated net sales in past years (e.g., 42% in 2024). A reduction in sales to these key customers or a shift in their vehicle production strategies could materially and adversely affect Dauch's financial condition.
• High Debt and Integration Risks from Dowlais Merger: Dauch has historically faced challenges related to high debt. The recent merger with UK-based Dowlais Group, while intended for growth and diversification, introduces substantial integration risks, potential unanticipated liabilities, and an increase in debt levels. This merger could lead to significant near-term free operating cash flow degradation and potential challenges in achieving expected synergies and managing increased leverage.

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The rapid and accelerating global transition from internal combustion engine (ICE) vehicles to battery electric vehicles (BEVs) represents an emerging threat. This shift threatens the company's established business lines that supply components for traditional ICE architectures. BEVs often feature simpler, more integrated drivetrains with fewer traditional parts, potentially reducing the demand for complex driveline components and specific metal-formed engine parts. This also opens the door for new specialized EV component suppliers or increased vertical integration by vehicle manufacturers, challenging the company's traditional role as a Tier 1 supplier.

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American Axle & Manufacturing Holdings, Inc. (DCH) operates in significant global markets for its driveline and metal forming technologies, primarily serving the automotive industry.

Addressable Markets:

• Automotive Driveline Systems: The global automotive driveline market was valued at approximately USD 474.82 billion in 2024 and is projected to reach USD 1221.78 billion by 2035. North America holds approximately 35% of the global market share, while Asia-Pacific accounts for about 25%.
• Electric & Hybrid Vehicle Driveline: The global market for electric and hybrid vehicle driveline systems was valued at USD 36.82 billion in 2023 and is projected to grow to USD 99.10 billion by 2031.
• Automotive Metal Forming: The global metal forming market for the automotive sector was valued at USD 340.1 billion in 2024 and is projected to reach USD 493.8 billion by 2035. Asia-Pacific is the largest consumer, accounting for 35% of global revenue, followed by North America, which holds approximately 35% of the global market share.
• Automotive Axles: The global automotive axle market size was valued at USD 66.23 billion in 2024 and is projected to reach USD 81.63 billion by 2033. The Asia Pacific segment dominated the global market with a 50% share in 2024.
• Automotive Drive Shafts: The global automotive drive shaft market was valued at USD 11.8 billion in 2025 and is expected to grow to USD 18.9 billion by 2035. Asia Pacific held the largest share, around 47% in 2025. North America also holds a significant share, estimated at 36.6% in 2025.
• Automotive Gears: The global automotive gears market size was valued at USD 42.04 billion in 2024 and is projected to grow to USD 57.39 billion by 2034. Asia-Pacific dominates this market with approximately 42% of the market share.

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Here are 3-5 expected drivers of future revenue growth for Dauch (DCH) over the next 2-3 years:

1. Combination with Dowlais: The recently completed combination with Dowlais is a significant driver, positioning American Axle & Manufacturing Holdings, Inc. as a premier global driveline and metal forming supplier with enhanced size and scale. The company's full-year 2026 financial targets, which include a partial year contribution from Dowlais, project sales in the range of $10.3 billion to $10.7 billion, a substantial increase from prior years, and anticipate synergy benefits of $50 million to $75 million, reaching a run rate of over $100 million by the end of the first year post-acquisition.
2. Growth in Electrification and Electric Drive Unit (EDU) Contracts: American Axle & Manufacturing is strategically investing in electrification, aligning with the broader automotive industry's transition. Continued success in securing electric drive unit contracts, particularly in China and with European OEMs, is identified as a critical indicator of the company's competitive positioning in the electric vehicle (EV) supply chain, signaling new product development and market expansion in the EV sector.
3. New Business Backlog and Key Program Volumes: Future revenue growth is expected from new business backlog and stronger volumes on key programs. For instance, Q1 2024 sales growth was primarily driven by a positive volume mix, including increased volumes for platforms such as GM's midsize truck (T1XX platform) and a Chery SUV in China. This indicates that securing and launching new programs with original equipment manufacturers (OEMs) and increasing production for existing successful programs will contribute to revenue growth.
4. Strategic Initiatives and Mix Shift: The company plans to accelerate targeted growth through strategic resource and capital allocation. This includes pursuing new market opportunities and continuing a positive mix shift with product line management. These initiatives aim to optimize the product portfolio and expand into new profitable segments, contributing to overall revenue growth.

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Share Repurchases

Share Issuance

• The number of common shares outstanding increased significantly from 117,581,028 as of February 11, 2025, to 236 million shares as of March 13, 2026. This substantial increase is related to the company's recent combination with Dowlais Group plc.
• In early March 2026, Dauch Corp awarded 79,764 restricted stock units to its President Driveline and SVP Terri Kemp.
• An officer, Markus Bannert, reported beneficial ownership of 146,008 shares as of February 2026, which included 92,054 shares tied to restricted stock units assumed in connection with the business combination with Dowlais Group plc.

Outbound Investments

• Dauch Corporation acquired Dowlais Group plc and its subsidiaries (GKN Automotive and GKN Powder Metallurgy) on February 3, 2026. This was announced as a recommended cash and share combination.
• American Axle & Manufacturing Holdings, Inc. completed the acquisition of Tekfor in 2023, which contributed to its sales for a five-month period.

Capital Expenditures

• Capital expenditures, net of asset sales, were $44.9 million in the first quarter of 2024.
• For the nine months ended September 30, 2025, capital expenditures, net of proceeds from the sale of property, plant and equipment and from government grants, amounted to $185.4 million.
• Higher capital expenditures in the full year 2023 contributed to a decrease in adjusted Free Cash Flow compared to 2022. The company anticipates maintaining capital expenditures at approximately 5% of sales.