• A specialized Bosch for fuel systems and engine components.
• A Denso for internal combustion engine and hybrid powertrain parts.

• Gasoline Direct Injection (GDI) Systems: These systems precisely deliver fuel directly into the combustion chamber of gasoline engines to enhance efficiency and reduce emissions.
• Diesel Fuel Injection Systems: These systems manage the precise delivery of fuel to diesel engines, optimizing performance, fuel economy, and emissions compliance.
• Aftermarket Parts and Solutions: A comprehensive portfolio of replacement parts, diagnostic tools, and technical support for fuel systems, engine management, and vehicle electronics across various applications.

Phinia (symbol: PHIN) primarily sells its products and solutions to other companies (B2B) rather than directly to individuals. The company operates in two main segments, Fuel Systems and Aftermarket, serving distinct categories of corporate customers.

While Phinia's SEC filings indicate that a relatively small number of customers account for a substantial portion of their net sales (e.g., their largest customer accounted for approximately 11% of consolidated net sales in 2023, and their top 5 customers accounted for approximately 35%), the company does not publicly name these specific major customers in its financial reports due to competitive reasons. Therefore, specific names and stock symbols of Phinia's major customers are not publicly available. However, their customer base can be described by the following categories of companies:

• Original Equipment Manufacturers (OEMs): These are global manufacturers of light vehicles, commercial vehicles (trucks and buses), and industrial equipment (such as construction, agriculture, and marine). Phinia supplies them with critical components like fuel injection systems (pumps, injectors, common rail systems), engine management, and powertrain components for new vehicle production. Typical customers in this category would include major global automotive groups, commercial vehicle manufacturers, and industrial engine producers.
• Aftermarket Distributors and Service Chains: This segment serves the global independent automotive aftermarket. Phinia provides a broad portfolio of replacement parts under brands like Delphi Technologies, including fuel injection, engine management, ignition, and rotating electrics products. These customers are typically large national and international distributors, wholesale chains, and independent workshops who then resell the parts to repair shops, garages, and other aftermarket participants. Examples of the types of companies in this category could include major automotive parts retailers (who also act as distributors) and dedicated wholesale distributors.

Given the company's disclosure practices, specific names and stock symbols of Phinia's major customers are not publicly available in their SEC filings or investor relations materials. The information provided describes the categories of companies that constitute Phinia's primary customer base.

Brady D. Ericson, President and Chief Executive Officer

Brady D. Ericson successfully led the spin-off of Phinia from BorgWarner in 2023. He believes that internal combustion engine (ICE) technologies will be crucial for future carbon neutrality, which is a driving force behind Phinia's establishment. Prior to his current role, Mr. Ericson served as President and General Manager of BorgWarner's Fuel Systems and Aftermarket Business, which primarily formed Phinia after the spin-off. He was an officer of BorgWarner from 2011 to 2023, holding positions as President and General Manager of three business units and as BorgWarner's Chief Strategy Officer. Earlier in his career, he held various sales and engineering roles with Honeywell (formerly AlliedSignal), Remy International, and Ford Motor Company. In 2025, Mr. Ericson joined the Board of Directors of Fastenal as an independent director and a member of their Audit Committee.

Chris Gropp, VP and Chief Financial Officer

Chris Gropp successfully established Phinia as a publicly traded company (NYSE: PHIN) in 2023, following its spin-off from BorgWarner. She joined BorgWarner in 2001, where she most recently served as Vice President of Finance for Fuel Systems and Aftermarket. During her 22-year tenure at BorgWarner, Ms. Gropp held positions of increasing responsibility, including Plant Controller, Commercial Controller, Finance Director, and Vice President of Finance for three of BorgWarner's businesses. Before joining BorgWarner, she worked as an auditor for KPMG and as Director, Finance/Controller for Pressac Inc. Ms. Gropp is a Certified Public Accountant.

Anna Di Beasi, VP and Chief Human Resource Officer

Anna Di Beasi was appointed as Phinia's VP and Chief Human Resources Officer in 2023. Previously, she served as Vice President, Global Human Resources for two BorgWarner businesses (Fuel Systems and Aftermarket) after joining the manufacturer in 2020. While at BorgWarner, she played a key role in leading the Delphi Technologies integration, a significant portion of which became Phinia. Ms. Di Beasi brings 25 years of HR experience from a diverse range of industries including steel, robotics, industrial automation, smart technologies, and electronic manufacturing.

Pedro Abreu, VP and Chief Strategy Officer

Pedro Abreu is responsible for defining and implementing Phinia's strategy, driving growth, and executing key business initiatives to ensure sustained success. Prior to his current role, he served as VP and General Manager for Asia Pacific at Phinia, and before the spin-off, at BorgWarner. Mr. Abreu joined BorgWarner in 2010 as Plant Controller for Portugal and subsequently served as Plant Manager in Viana, Portugal, Vigo, Spain, and Tulle, France. His career includes various finance and operations positions with increasing responsibility.

Chris Anderson, VP and Chief Technology Officer

Chris Anderson leads the product engineering function at Phinia and plays an external role in representing the company's technologies to the marketplace and investors. He joined Phinia in 2023 from BorgWarner, where he held the position of Vice President/General Manager for the Fuel Systems Europe Region. Mr. Anderson joined BorgWarner following its 2020 acquisition of Delphi.

The key risks to Phinia (symbol: PHIN) are primarily centered around its operational environment, strategic market positioning, and external economic factors.

1. Supply Chain Disruptions and Softening OEM Demand: Phinia faces significant challenges from ongoing supply chain bottlenecks and a general softening of demand from Original Equipment Manufacturers (OEMs). For example, in Q1 2025, net sales decreased by 7.8% year-over-year, largely due to supply chain disruptions and reduced OEM sales across all regions, including shortages of critical components like sensors and control systems. The company's reliance on just-in-time manufacturing exacerbates its vulnerability to these delays. Weaker volumes in both passenger and commercial vehicles have impacted Phinia's performance, although it has managed to secure some pricing despite these headwinds.
2. Reliance on Legacy Engine Technologies and the Pace of Transition to Alternative Fuels/EVs: Phinia's core business is heavily invested in fuel injection systems for conventional internal combustion engine (ICE) powertrains. While the company is actively pursuing new business in alternative fuel systems and has entered the aerospace propulsion sector, its future remains uncertain if the reliance on legacy engine technologies continues to outpace growth in alternative energy and aftermarket segments. A rapid acceleration in the adoption of electric vehicles (EVs) or other alternative propulsion systems could pose a significant long-term threat to its traditional revenue streams.
3. Geopolitical Tariffs and Macroeconomic Uncertainty: Geopolitical factors, particularly tariffs, have directly impacted Phinia's financial performance. For instance, non-exempt exports have faced tariffs, contributing to a reported $28 million EBITDA decline in Q1 2025. Broader macroeconomic uncertainty also affects OEM demand and global market conditions, creating an unpredictable operating environment that can influence sales and profitability.

The accelerating global transition of the automotive industry towards Battery Electric Vehicles (BEVs) and away from Internal Combustion Engines (ICE) and even traditional Hybrid Electric Vehicles (HEVs) poses a clear emerging threat. Phinia's core business is heavily reliant on the design, manufacture, and supply of fuel injection systems, starters, alternators, and other components primarily for combustion propulsion systems. As major automotive markets implement increasingly stringent emissions regulations and set timelines for phasing out new ICE vehicle sales, the long-term demand for Phinia's traditional product lines is directly threatened, mirroring the disruptive shift seen when new technologies fundamentally alter market demand for established products.

Phinia (PHIN) operates in several key addressable markets related to automotive components and services. The primary markets for their main products and services are as follows:

• Fuel Systems: The global automotive fuel system market was estimated at approximately USD 76.37 billion in 2024 and is projected to grow to about USD 106.69 billion by the end of 2034, with a compound annual growth rate (CAGR) of 3.4%. Another estimate places the global market at USD 63.25 billion in 2024, expected to reach USD 68.00 billion in 2025, and USD 114.02 billion by 2032, at a CAGR of 7.64%. For automotive fuel delivery systems, specifically, the global market is estimated at USD 10.6 billion in 2025 and is projected to reach USD 16.9 billion by 2035, growing at a CAGR of 4.8%.
• Electrical Systems (Alternators and Starter Motors): The global automotive alternator and starter motor market size was estimated at USD 31.18 billion in 2024 and is projected to reach USD 50.05 billion by 2033, growing at a CAGR of 5.6% from 2025 to 2033. Another source indicates the global market size was USD 32.71 billion in 2023 and is anticipated to exceed USD 50.81 billion by 2033, with a CAGR of 4.50% from 2023 to 2033.
• Aftermarket Parts and Solutions: The global automotive aftermarket industry size was estimated at USD 468.91 billion in 2024 and is projected to reach USD 589.01 billion by 2030, growing at a CAGR of 3.8% from 2025 to 2030. Another assessment valued the global automotive aftermarket industry at USD 430.51 billion in 2024, with a projection to grow from USD 443.12 billion in 2025 to USD 565.73 billion by 2032, showing a CAGR of 3.6%. The global aftermarket automotive parts market is estimated to be valued at USD 502.61 billion in 2025 and is expected to reach USD 756.25 billion by 2032, exhibiting a CAGR of 6.0%.

Phinia (symbol: PHIN) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and market opportunities:

1. Growth in the Aftermarket Business: Phinia's aftermarket segment consistently demonstrates strength and is anticipated to provide stable and recurring revenue. This business benefits from an expanding global vehicle population, increasing demand for maintenance, test equipment, and vehicle diagnostics solutions, which Phinia aims to capitalize on by expanding its aftermarket network and product coverage.
2. Expansion into New End Markets: The company is actively diversifying its revenue streams by strategically expanding beyond its traditional light vehicle focus into industrial applications. Key areas of expansion include the aerospace and defense sectors, as well as various off-highway applications such as agriculture, construction, and marine. This diversification is intended to mitigate risks associated with specific industries and contribute to mid-to-high single-digit revenue growth by the end of the decade.
3. Development and Launch of New Products and Technologies: Phinia is heavily investing in research and development to bring innovative solutions to market, particularly in advanced injection systems and alternative fuel technologies. This includes advancements in Gasoline Direct Injection (GDi) systems, as well as solutions for hydrogen, ethanol, and natural gas applications, which support the transition to lower-carbon and zero-carbon mobility. These new products are expected to drive growth, with launches anticipated in regions like China.
4. Strategic Acquisitions: Recent strategic acquisitions, such as that of Swedish Electromagnet Invest AB (SEM), are expected to contribute directly to revenue growth and enhance Phinia's technological capabilities. The SEM acquisition, for example, is projected to generate approximately $50 million in annual revenue and strengthen Phinia's offerings in ignition and control technologies for alternative fuels, particularly for off-highway applications.
5. Market Share Gains and New Business Wins: Despite potential softness in certain vehicle markets and an anticipated decline in overall engine production, Phinia is focused on securing new business with Original Equipment Manufacturers (OEMs) and increasing its content per vehicle. The company has demonstrated an ability to win new business across multiple geographies and segments (e.g., fuel systems for leading OEMs and next-generation canister technology for hybrid light commercial vehicles), which is crucial for offsetting market headwinds and driving long-term revenue growth.

Share Repurchases

• In August 2023, Phinia's Board of Directors authorized a $150 million share repurchase program.
• The company's Board of Directors increased the share repurchase program by an additional $250 million in August 2024, bringing the total available for repurchase to approximately $263 million.
• Through June 30, 2025, Phinia had repurchased $376 million worth of shares, representing over 18.5% of its outstanding shares since the spin-off.

Share Issuance

• Phinia common stock was initially issued to BorgWarner shareholders at a 5-to-1 ratio during its spin-off in July 2023.

Inbound Investments

• No significant inbound investments by third-parties in Phinia were reported during this period.

Outbound Investments

• In Q3 2025, Phinia completed the acquisition of Swedish Electromagnet Invest AB (SEM) for approximately $47 million.
• SEM is a provider of advanced natural gas, hydrogen, and alternative fuel ignition systems.

Capital Expenditures

• Capital expenditures in 2024 totaled $105 million, primarily used for investments in new machinery and equipment for new program launches.
• For the nine months ended September 30, 2024, capital expenditures amounted to $84 million, which was 3.3% of sales.
• Phinia focuses its capital investments on supporting sustainable profitable growth, including developing alternative fuel technologies and electronic systems capabilities.