Equibles

6-K

MAGNA INTERNATIONAL INC (MGA)

6-K 2022-04-29 For: 2022-04-29
View Original
Added on April 11, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer Pursuant toRule 13a-16 or

15d-16 under the Securities Exchange Act of 1934

For the month of April 2022

Commission File Number    001-11444

MAGNA INTERNATIONAL INC.
(Exact Name of Registrant as specified in its Charter)
337 Magna Drive, Aurora, Ontario, Canada L4G 7K1
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(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F [ ]         Form 40-F [X]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _______

Note:  Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _______

Note:  Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date:   April 29, 2022 MAGNA INTERNATIONAL INC. (Registrant)<br><br> <br><br> <br><br><br><br> <br><br> By: /s/ “Bassem Shakeel”<br><br> Bassem A. Shakeel,<br><br> Vice-President and Corporate Secretary

EXHIBITS

Exhibit 99.1 Q1 2022 Financial Review
Exhibit 99.2 Q1 2022 Earnings Presentation slides (April 29, 2022)
Exhibit 99.3 Q1 2022 Earnings Call Transcript (April 29, 2022)

Exhibit 99.1

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

(United States dollars in millions, except per share figures) (Unaudited)

Prepared in accordance with U.S. GAAP

2020 2021 2022
Note 1st Q 2nd Q 3rd Q 4th Q TOTAL 1st Q 2nd Q 3rd Q 4th Q TOTAL 1st Q
VEHICLE VOLUME STATISTICS (in millions)
North American vehicle volumes (including Mexico) 3.777 1.241 3.945 4.040 13.003 3.751 3.213 2.921 3.247 13.132 3.592
European vehicle volumes:
Western Europe 2.905 1.171 2.613 3.407 10.096 3.046 2.444 1.785 2.393 9.668 2.608
Eastern Europe 1.794 0.912 1.663 1.989 6.358 1.843 1.642 1.187 1.619 6.291 1.508
Total Europe 4.699 2.083 4.276 5.396 16.454 4.889 4.086 2.972 4.012 15.959 4.116
Asia volumes 8.239 8.387 10.823 13.723 41.172 11.549 10.394 9.688 12.283 43.914 11.149
China volumes 3.218 5.833 6.255 8.090 23.396 6.037 5.705 5.465 7.394 24.601 6.200
Magna Steyr vehicle assembly volumes 0.031 0.017 0.027 0.035 0.110 0.040 0.030 0.023 0.033 0.126 0.025
AVERAGE FOREIGN EXCHANGE RATES
1 Canadian dollar equals U.S. dollars 0.745 0.722 0.751 0.767 0.746 0.790 0.814 0.794 0.794 0.798 0.790
1 Euro equals U.S. dollars 1.102 1.101 1.170 1.192 1.141 1.205 1.206 1.178 1.144 1.183 1.123
1 Chinese renminbi equals U.S. dollars 0.143 0.141 0.145 0.151 0.145 0.154 0.155 0.155 0.156 0.155 0.158
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Sales:
Body Exteriors & Structures 3,676 1,623 3,858 4,393 13,550 4,025 3,647 3,185 3,620 14,477 4,077
Power & Vision 2,523 1,298 2,722 3,179 9,722 3,156 2,881 2,501 2,804 11,342 3,046
Seating Systems 1,261 524 1,280 1,390 4,455 1,303 1,166 1,123 1,299 4,891 1,376
Complete Vehicles 1,321 933 1,402 1,759 5,415 1,850 1,490 1,255 1,511 6,106 1,275
Corporate & Other (124) (85) (133) (153) (495) (155) (150) (145) (124) (574) (132)
Sales 8,657 4,293 9,129 10,568 32,647 10,179 9,034 7,919 9,110 36,242 9,642
Costs and expenses:
Cost of goods sold 7,567 4,206 7,681 8,753 28,207 8,662 7,728 6,885 7,822 31,097 8,400
Selling, general and administrative 381 378 380 448 1,587 430 419 454 414 1,717 386
Equity income (30) (25) (44) (90) (189) (47) (44) (34) (23) (148) (20)
EBITDA 1 739 (266) 1,112 1,457 3,042 1,134 931 614 897 3,576 876
Depreciation and amortization 336 334 334 362 1,366 364 374 385 389 1,512 369
EBIT 2 403 (600) 778 1,095 1,676 770 557 229 508 2,064 507
Interest expense, net 17 21 26 22 86 23 11 22 22 78 26
Operating income (loss) 1 386 (621) 752 1,073 1,590 747 546 207 486 1,986 481
Impairment charges - - 337 - 337 - - - - - -
Other expense (income) - 168 (21) 100 247 (58) 6 180 (90) 38 61
Other expense (income), net 1 - 168 316 100 584 (58) 6 180 (90) 38 61
Income (loss) from operations before income taxes 386 (789) 436 973 1,006 805 540 27 576 1,948 420
Income tax expense (benefit) 134 (137) 109 223 329 183 104 10 98 395 41
Net income (loss) 252 (652) 327 750 677 622 436 17 478 1,553 379
(Income) loss attributable to non-controlling interests 1 9 5 78 (12) 80 (7) (12) (6) (14) (39) (15)
Net income (loss) attributable to Magna International Inc. 261 (647) 405 738 757 615 424 11 464 1,514 364
Adjusted net income (loss) attributable to Magna International Inc. 1 261 (511) 585 851 1,186 566 426 170 391 1,553 383
Diluted earnings (loss) per share:
Diluted $      0.86 $     (2.17) $      1.35 $      2.45 $      2.52 $      2.03 $      1.40 $      0.04 $      1.54 $      5.00 $      1.22
Adjusted Diluted $      0.86 $     (1.71) $      1.95 $      2.83 $      3.95 $      1.86 $      1.40 $      0.56 $      1.30 $      5.13 $      1.28
Weighted average number of Common Shares outstanding
during the year (in millions): 302.7 298.4 299.4 300.9 300.4 303.6 303.6 302.6 301.5 302.8 298.1
PROFITABILITY RATIOS
Selling, general and administrative /Sales 4.4% 8.8% 4.2% 4.2% 4.9% 4.2% 4.6% 5.7% 4.5% 4.7% 4.0%
EBITDA /Sales 8.5% -6.2% 12.2% 13.8% 9.3% 11.1% 10.3% 7.8% 9.8% 9.9% 9.1%
EBIT /Sales 4.7% -14.0% 8.5% 10.4% 5.1% 7.6% 6.2% 2.9% 5.6% 5.7% 5.3%
Operating income(loss) /Sales 4.5% -14.5% 8.2% 10.2% 4.9% 7.3% 6.0% 2.6% 5.3% 5.5% 5.0%
Effective tax rate
Reported 34.7% 17.4% 25.0% 22.9% 32.7% 22.7% 19.3% 37.0% 17.0% 20.3% 9.8%
Excluding Other expense (income), net of taxes 34.7% 16.9% 22.6% 19.6% 25.7% 23.3% 19.8% 15.0% 16.7% 19.8% 17.3%
Q1 2022 Financial Review of Magna International Inc. Page 1 of 6 Prepared as at 4/28/2022
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FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

CONSOLIDATED BALANCE SHEETS

(United States dollars in millions) (Unaudited)

2020 2021 2022
1st Q 2nd Q 3rd Q 4th Q 1st Q 2nd Q 3rd Q 4th Q 1st Q
FUNDS EMPLOYED
Current assets:
Accounts receivable 5,684 5,253 6,618 6,394 7,176 6,531 6,082 6,307 7,006
Inventories 3,531 3,503 3,509 3,444 3,645 3,999 4,150 3,969 4,258
Prepaid expenses and other 234 216 196 260 290 294 247 278 310
9,449 8,972 10,323 10,098 11,111 10,824 10,479 10,554 11,574
Current liabilities:
Accounts payable 5,635 4,243 5,808 6,266 6,787 6,248 5,914 6,465 6,845
Accrued salaries and wages 807 691 851 815 897 912 893 851 879
Other accrued liabilities 1,921 2,058 2,246 2,254 2,298 2,186 2,070 2,156 2,123
Income taxes payable (receivable) 18 (87) (69) 38 109 123 125 200 190
8,381 6,905 8,836 9,373 10,091 9,469 9,002 9,672 10,037
Working capital 1,068 2,067 1,487 725 1,020 1,355 1,477 882 1,537
Investments 1,336 1,336 1,143 947 960 1,124 1,455 1,593 1,487
Fixed assets, net 7,948 7,860 7,898 8,475 8,305 8,297 8,166 8,293 8,090
Goodwill, other assets and intangible assets 3,340 3,362 3,423 3,539 3,614 3,632 3,530 3,577 3,544
Operating lease right-of-use assets 1,788 1,777 1,787 1,906 1,869 1,854 1,731 1,700 1,667
Funds employed 15,480 16,402 15,738 15,592 15,768 16,262 16,359 16,045 16,325
FINANCING
Straight debt:
Cash and cash equivalents (1,146) (533) (1,498) (3,268) (3,464) (3,426) (2,748) (2,948) (1,996)
Short-term borrowings - 188 - - - - - - -
Long-term debt due within one year 93 150 98 129 137 117 101 455 127
Long-term debt 3,021 3,771 3,832 3,973 3,935 3,941 3,908 3,538 3,501
Current portion of operating lease liabilities 218 221 226 241 244 278 269 274 276
Operating lease liabilities 1,586 1,577 1,582 1,656 1,613 1,563 1,438 1,406 1,369
3,772 5,374 4,240 2,731 2,465 2,473 2,968 2,725 3,277
Long-term employee benefit liabilities 659 675 696 729 733 743 716 700 686
Other long-term liabilities 420 390 305 332 414 482 466 376 374
Deferred tax liabilities, net 87 10 87 80 104 124 40 19 (51)
1,166 1,075 1,088 1,141 1,251 1,349 1,222 1,095 1,009
Shareholders' equity 10,542 9,953 10,410 11,720 12,052 12,440 12,169 12,225 12,039
15,480 16,402 15,738 15,592 15,768 16,262 16,359 16,045 16,325
ASSET UTILIZATION RATIOS
Days in accounts receivable 59.1 110.1 65.2 54.5 63.4 65.1 69.1 62.3 65.4
Days in accounts payable 67.0 90.8 68.1 64.4 70.5 72.8 77.3 74.4 73.3
Inventory turnover - cost of sales 8.6 4.8 8.8 10.2 9.5 7.7 6.6 7.9 7.9
Working capital turnover 32.4 8.3 24.6 58.3 39.9 26.7 21.4 41.3 25.1
Total asset turnover 2.2 1.0 2.3 2.7 2.6 2.2 1.9 2.3 2.4
CAPITAL STRUCTURE
Straight debt 24.4% 32.8% 26.9% 17.5% 15.6% 15.2% 18.1% 17.0% 20.1%
Long-term employee benefit liabilities, other long-term
liabilities & deferred tax liabilities, net 7.5% 6.6% 6.9% 7.3% 7.9% 8.3% 7.5% 6.8% 6.2%
Shareholders' equity 68.1% 60.7% 66.1% 75.2% 76.4% 76.5% 74.4% 76.2% 73.7%
100.1% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Debt to total capitalization 31.8% 37.2% 35.5% 33.9% 33.0% 32.2% 32.0% 31.7% 30.5%
ANNUALIZED RETURNS
Return on assets (EBIT/assets employed) 10.4% -14.6% 19.8% 28.1% 19.5% 13.7% 5.6% 12.7% 12.4%
Return on equity (Net income attributable to Magna
International Inc. / Average shareholders' equity) 9.6% -25.3% 15.9% 26.7% 20.7% 13.8% 0.4% 15.2% 12.0%
Adjusted Return on equity (Adjusted Net income attributable
to Magna International Inc. / Average shareholders' equity) 9.6% -19.9% 23.0% 30.8% 19.0% 13.9% 5.5% 12.8% 12.6%
Q1 2022 Financial Review of Magna International Inc. Page 2 of 6 Prepared as at 4/28/2022
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FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(United States dollars in millions) (Unaudited)

2020 2021 2022
Cash provided from (used for): Note 1st Q 2nd Q 3rd Q 4th Q TOTAL 1st Q 2nd Q 3rd Q 4th Q TOTAL 1st Q
Operating activities
Net income (loss) 252 (652) 327 750 677 622 436 17 478 1,553 379
Items not involving current cash flows (i) 344 335 749 548 1,976 349 341 515 371 1,576 370
(i) 596 (317) 1,076 1,298 2,653 971 777 532 849 3,129 749
Changes in operating assets and liabilities (i) 43 (915) 536 961 625 (310) (249) (132) 502 (189) (569)
Cash provided from (used for) operating activities 639 (1,232) 1,612 2,259 3,278 661 528 400 1,351 2,940 180
Investment activities
Fixed asset additions (203) (169) (213) (560) (1,145) (212) (277) (334) (549) (1,372) (238)
Increase in equity method investment - - - - - - - (454) (63) (517) -
Increase in investments, other assets and intangible assets (93) (72) (68) (98) (331) (104) (93) (101) (105) (403) (64)
Funding provided on sale of business 1 (e) - - - - - - - (41) - (41) 6
Increase in public and private equity investments (100) (2) (12) (18) (132) (3) (17) (3) (45) (68) (2)
Settlement of long-term receivable from non-consolidated joint venture - - - - - 50 - - - 50 -
Proceeds from disposition 23 11 14 69 117 19 20 10 32 81 23
Business combinations (7) - - 98 91 39 (21) - (31) (13) -
Cash (used for) provided from investment activities (380) (232) (279) (509) (1,400) (211) (388) (923) (761) (2,283) (275)
Financing activities
Net issues (repayments) of debt (6) 962 (246) (27) 683 (126) (33) (13) 5 (167) (328)
Common Shares issued on exercise of stock options 1 1 15 64 81 83 50 3 10 146 4
Repurchase of Common Shares (201) - (2) - (203) (162) (99) (5) (251) (517) (383)
Tax withholdings on vesting of equity awards (10) - - (3) (13) (12) - - (1) (13) (14)
Contributions to subsidiaries by non-controlling interests - - - 18 18 - - - 8 8 -
Dividends paid to non-controlling interests (3) (3) - (12) (18) - (8) (2) (39) (49) -
Dividends paid (121) (116) (115) (115) (467) (130) (127) (130) (127) (514) (133)
Cash provided from (used for) financing activities (340) 844 (348) (75) 81 (347) (217) (147) (395) (1,106) (854)
Effect of exchange rate changes on cash, cash equivalents
and restricted cash equivalents (52) 9 (15) 81 23 (13) 39 (8) 5 23 (3)
Net increase (decrease) in cash, cash equivalents
and restricted cash equivalents during the period (133) (611) 970 1,756 1,982 90 (38) (678) 200 (426) (952)
Cash, cash equivalents and restricted cash equivalents,
beginning of period 3 1,392 1,259 648 1,618 1,392 3,374 3,464 3,426 2,748 3,374 2,948
Cash, cash equivalents and restricted cash equivalents,
end of period 1,259 648 1,618 3,374 3,374 3,464 3,426 2,748 2,948 2,948 1,996

(i) Certain amounts in prior periods have been reclassified to conform with current period presentation.

Q1 2022 Financial Review of Magna International Inc. Page 3 of 6 Prepared as at 4/28/2022

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

(United States dollars in millions, except per share figures) (Unaudited)

This Analyst should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021.

Note 1: NON-GAAP MEASURES

The Company presents Operating income, EBIT (Earnings before interest and taxes) and EBITDA (Earnings before interest, taxes and depreciation and amortization) before Other expense (income),net. The Company also presents Adjusted Net Income (Net Income before Other expense (income),net , net of tax and excluding significant income tax valuation allowance adjustments), Adjusted Diluted Earnings per Share, Adjusted EBIT and Adjusted EBIT as a percentage of sales, Return on Invested Capital and Return on Equity. The Company calculates Adjusted Debt as total debt adjusted to include pension and lease liabilities and Adjusted EBITDA as earnings before, interest, net, taxes, depreciation and amortization adjusted to add back interest income, certain pension costs and operating lease expense. The Company presents these financial figures because such measures are widely used by analysts and investors in evaluating the operating performance of the Company. However, such measures do not have any standardized meaning under U.S. generally accepted accounting principles and may not be comparable to the calculation of similar measures by other companies.

Other expense (income), net consists of:

2020 2021 2022
1st Q 2nd Q 3rd Q 4th Q TOTAL 1st Q 2nd Q 3rd Q 4th Q TOTAL 1st Q
Net (gains) losses on investments [a] - - (21) (11) (32) (33) (38) 81 (8) 2 61
Impairments and loss on sale of equity-accounted investments [b] - - 337 10 347 - - - - - -
Restructuring and impairments [c] - 168 - 101 269 15 44 24 18 101 -
Gain on business combinations [d] - - - - - (40) - - - (40) -
Net (gains) losses on the sale of business [e] - - - - - - - 75 - 75 -
Merger Agreement Termination Fee [f] - - - - - - - - (100) (100) -
- 168 316 100 584 (58) 6 180 (90) 38 61
[a] Net (gains) losses on investments
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During every quarter, in Corporate, the Company records gains and losses related to the revaluation of its public and private equity investments and certain public company warrants. In addition, in 2020, the Company recorded a non-cash impairment charge of $2 million on its private equity investment.

[b] Impairments and loss on sale of equity-accounted investments

In the fourth quarter of 2020, the Company recorded a $10 million loss in Power & Vision on the sale of its 50% interest in Dongfeng Getrag Transmission Co. Ltd.

In Power & Vision, during the third quarters of 2020, the Company recorded impairment charges of $337 million on equity accounted investments.

[c] Restructuring and impairments

COVID-19 Restructuring and Impairments:

In response to the impact that COVID-19 was expected to have on vehicle production volumes over the short to medium term, the Company initiated and/or accelerated the timing of restructuring plans to right-size its business. These restructuring actions included plant closures and workforce reductions. As a result, in the second quarter of 2020, the Company recorded COVID-19 related restructuring and impairment charges of $115 million in Power & Vision, $37 million in Body Exteriors & Structures, and $16 million in Seating, respectively.

Impairments:

The Company recorded impairments in the fourth quarter of 2020 in the amount of $57 million in Body Exteriors & Structures.

Brazil Closures:

In the fourth quarter of 2020, in connection with the announced plant closures by Ford Motor Co. in Brazil, the Company made the decision to accelerate the closure and/or restructuring of two facilities in Brazil that supply these plants by recording restructuring and impairments in the amount of $8 million in Body Exteriors & Structures, and $15 million in Seating, respectively.

India Closures:

In the third quarter of 2021,the Company recorded restructuring and impairment charges of $8 million in our Body Exteriors & Structures segment, and $4 million in our Seating Systems segment, primarily related to Ford Motor Company's recently announced plan to exit India.

Other Restructuring:

2020 2021 2022
1st Q 2nd Q 3rd Q 4th Q TOTAL 1st Q 2nd Q 3rd Q 4th Q TOTAL 1st Q
Power & Vision - - - - - 15 44 4 4 67 -
Body Exteriors & Structures - - - 21 21 - - 8 - 8 -
Seating Systems - - - - - - - - 14 14 -
- - - 21 21 15 44 12 18 89 -
Q1 2022 Financial Review of Magna International Inc. Page 4 of 6 Prepared as at 4/28/2022
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[a] Gain on business combinations
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In Seating Systems, during the first quarter of 2021, the Company recognized a $22 million gain on the on the change in basis of accounting for its previously held equity method investments. In Power & Vision, substantially all of the assets of the Company's European joint venture with Ford Motor Company, Getrag Ford Transmission GmbH, were distributed to either Ford or the Company, which resulted in the Company recording a gain of $18 million.

[b] Net (gains) losses on the sale of business

During the third quarter of 2021, the Company sold three Body Exteriors & Structures operations in Germany. Under the terms of the arrangement, the Company provided the buyer with $41 million of funding, subject to working capital adjustments, resulting in a loss on disposal of $75 million [$75 million after tax].

[c] Merger Agreement Termination Fee

In the fourth quarter of 2021, Veoneer, Inc. (“Veoneer”) terminated its merger agreement with Magna. In connection with the termination of the merger agreement, Veoneer paid the Company a termination fee which, net of the Company’s associated transaction costs, amounted to $100 million.

The following table reconciles Net (loss) income attributable to Magna International Inc.to Adjusted net income attributable to Magna International Inc.:

2020 2021 2022
1st Q 2nd Q 3rd Q 4th Q TOTAL 1st Q 2nd Q 3rd Q 4th Q TOTAL 1st Q
Net income (loss) attributable to Magna International Inc. 261 (647) 405 738 757 615 424 11 464 1,514 364
Exclude:
Net (gains) losses on investments - - (20) (7) (27) (24) (29) 64 (2) 9 48
Impairments and loss on sale of equity-accounted investments [i] - - 200 19 219 - - - - - -
Restructuring and impairments - 136 - 101 237 15 31 20 17 83 -
Gain on business combinations - - - - - (40) - - - (40) -
Net (gains) losses on the sale of business - - - - - - - 75 - 75 -
Merger Agreement Termination Fee - - - - - - - - (75) (75) -
Adjustments to Deferred Tax Valuation Allowance [ii] - - - - - - - - (13) (13) (29)
Adjusted net income (loss) attributable to Magna International Inc. 261 (511) 585 851 1,186 566 426 170 391 1,553 383
Diluted earnings (loss) per share $      0.86 $     (2.17) $      1.35 $      2.45 $      2.52 $      2.03 $      1.40 $      0.04 $      1.54 $      5.00 $      1.22
Exclude:
Net (gains) losses on investments - - (0.07) (0.02) (0.09) (0.08) (0.10) 0.21 (0.01) 0.03 0.16
Impairments and loss on sale of equity-accounted investments [i] - - 0.67 0.06 0.73 - - - - - -
Restructuring and impairments - 0.46 - 0.34 0.79 0.05 0.10 0.06 0.06 0.27 -
Gain on business combinations - - - - - (0.14) - - - (0.13) -
Net (gains) losses on the sale of business - - - - - - - 0.25 - 0.25 -
Merger Agreement Termination Fee - - - - - - - - (0.25) (0.25) -
Adjustments to Deferred Tax Valuation Allowance [ii] - - - - - - - - (0.04) (0.04) (0.10)
Adjusted diluted earnings (loss) per share $      0.86 $     (1.71) $      1.95 $      2.84 $      3.95 $      1.86 $      1.40 $      0.56 $      1.30 $      5.13 $      1.28
[i] Impairment charges
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Impairment charges relating to the Company's equity accounted investment for 2020<br>include $75 million attributable to non-controlling interest.
[ii] Adjustments to Deferred Tax Valuation Allowance
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In the fourth quarter of 2021 and first quarter of 2022, the Company recorded<br>adjustments to the valuation allowance against our deferred tax assets in certain European countries and North America. The net effect<br>of these adjustments is a reduction in income tax expense of $13 million and $29 million, respectively.
Q1 2022 Financial Review of Magna International Inc. Page 5 of 6 Prepared as at 4/28/2022
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Note 2: SEGMENTED INFORMATION

2020 2021 2022
1st Q 2nd Q 3rd Q 4th Q TOTAL 1st Q 2nd Q 3rd Q 4th Q TOTAL 1st Q
Body Exteriors & Structures
Sales 3,676 1,623 3,858 4,393 13,550 4,025 3,647 3,185 3,620 14,477 4,077
Adjusted EBIT 199 (315) 390 543 817 327 227 98 168 820 229
Adjusted EBIT as a percentage of sales 5.4% -19.4% 10.1% 12.4% 6.0% 8.1% 6.2% 3.1% 4.6% 5.7% 5.6%
Power & Vision
Sales 2,523 1,298 2,722 3,179 9,722 3,156 2,881 2,501 2,804 11,342 3,046
Adjusted EBIT 135 (226) 227 359 495 297 203 67 171 738 154
Adjusted EBIT as a percentage of sales 5.4% -17.4% 8.3% 11.3% 5.1% 9.4% 7.0% 2.7% 6.1% 6.5% 5.1%
Seating Systems
Sales 1,261 524 1,280 1,390 4,455 1,303 1,166 1,123 1,299 4,891 1,376
Adjusted EBIT 40 (84) 66 85 107 55 26 22 49 152 49
Adjusted EBIT as a percentage of sales 3.2% -16.0% 5.2% 6.1% 2.4% 4.2% 2.2% 2.0% 3.8% 3.1% 3.6%
Complete Vehicles
Sales 1,321 933 1,402 1,759 5,415 1,850 1,490 1,255 1,511 6,106 1,275
Adjusted EBIT 50 44 70 110 274 80 79 30 98 287 50
Adjusted EBIT as a percentage of sales 3.8% 4.7% 5.0% 6.3% 5.1% 4.3% 5.3% 2.4% 6.5% 4.7% 3.9%
Corporate and other
Intercompany fees (124) (85) (133) (153) (495) (155) (150) (145) (124) (574) (132)
Adjusted EBIT (21) (19) 25 (2) (17) 11 22 12 22 67 25
Total
Sales 8,657 4,293 9,129 10,568 32,647 10,179 9,034 7,919 9,110 36,242 9,642
Adjusted EBIT 403 (600) 778 1,095 1,676 770 557 229 508 2,064 507
Adjusted EBIT as a percentage of sales 4.7% -14.0% 8.5% 10.4% 5.1% 7.6% 6.2% 2.9% 5.6% 5.7% 5.3%

Note 3: CASH, CASH EQUIVALENTS AND RESTRICTED CASHEQUIVALENTS

A reconciliation of Cash and cash equivalents and Restricted cash equivalents (included in prepaid expenses) to Total cash, cash equivalents and restricted cash equivalents is as follows:

2020 2021 2022
1st Q 2nd Q 3rd Q 4th Q 1st Q 2nd Q 3rd Q 4th Q 1st Q
Cash and cash equivalents (1,146) (533) (1,498) (3,268) (3,464) (3,426) (2,748) (2,948) (1,996)
Restricted cash equivalents included in prepaid expenses (113) (115) (120) (106) - - - - -
Total cash, cash equivalents and restricted cash equivalents (1,259) (648) (1,618) (3,374) (3,464) (3,426) (2,748) (2,948) (1,996)
Q1 2022 Financial Review of Magna International Inc. Page 6 of 6 Prepared as at 4/28/2022
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Exhibit 99.2

Q1 2022 Results April 29, 2022

Forward Looking Statements Q1 - 2022 RESULTS 2 Certain statements in this document constitute "forward - looking information" or "forward - looking statements" (collectively, "for ward - looking statements"). Any such forward - looking statements are intended to provide information about management's current ex pectations and plans and may not be appropriate for other purposes. Forward - looking statements may include financial and other projections, as well as statements regarding our future plans, strategic objectives or economic performance, or the ass ump tions underlying any of the foregoing, and other statements that are not recitations of historical fact. We use words such as "m ay", "would", "could", "should", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "aim", "forecast", "o utl ook", "project", "estimate", "target" and similar expressions suggesting future outcomes or events to identify forward - looking stateme nts. The following table identifies the material forward - looking statements contained in this document, together with the materi al potential risks that we currently believe could cause actual results to differ materially from such forward - looking statement s. Readers should also consider all of the risk factors which follow below the table: Material Forward - Looking Statement Material Potential Risks Related to Applicable Forward - Looking Statement Economic Impacts of Russian Invasion of Ukraine  Disruption of production in Russia  Lower industry production volumes and lower Magna sales  Higher energy, commodity, transportation/logistics and other input costs  Potential disruption of energy supply to Western European operations  Disruption of supply chains, including potential worsening of semiconductor chip shortage  Increasing cybersecurity threats  Potential asset impairment charges  Expropriation risks Impact of the global semiconductor shortage  Risks related to OEM actions in response to the semiconductor chip shortage such as unplanned shutdowns of production lines and/or plants ; reductions in OEM vehicle production plans ; and changes to OEM product mix . These risks include :  Lower sales  Production inefficiencies due to production lines being stopped/restarted unexpectedly based on OEMs' production priorities  Premium freight costs to expedite shipments ; and/or other unrecoverable costs  Skilled labour attraction/retention  Price increases from sub - suppliers that have been negatively impacted by production inefficiencies, premium freight costs and/or other costs related to the semiconductor chip shortage Impact of energy shortages  Risks related to production shutdowns due to energy shortages/rationing . These risks include :  Lower sales  Higher energy costs  Premium freight costs to expedite shipments ; and/or other unrecoverable costs  Price increases from sub - suppliers that have been negatively impacted by  Production inefficiencies, premium freight costs and/or other costs related to production shutdowns resulting from energy rationing Impact of supply chain disruptions  Impact of COVID - 19 Inflationary price increases  Commodity cost volatility  Increase in our cost structure as a result of inability to offset inflationary price increases through continuous improvement actions, price increases, adjustments to our own operations or otherwise  Price increases or surcharges from sub - suppliers in connection with inflationary pressures they face  Skilled labour attraction/retention Impact of COVID - 19  Risks related to mandatory stay - at - home orders/lockdowns, including in parts of China, which could impact vehicle sales, vehicle production and our own production  Economic impact of COVID - 19 on consumer confidence Light Vehicle Production  Light vehicle sales levels  Supply disruptions, including as a result of the current semiconductor chip shortage, COVID - 19 related shutdowns, and/or Russia’s invasion of Ukraine  Production allocation decisions by OEMs Total Sales Segment Sales  Mandatory COVID - 19 lockdowns/stay - at - home orders, including in certain parts of China, could impact vehicle sales, vehicle production and our own production  Economic impact of COVID - 19 and/or Russia’s invasion of Ukraine on consumer confidence  Supply disruptions, including as a result of a semiconductor chip shortage, COVID - 19 related shutdowns, and/or Russia’s invasion of Ukraine  Elevated levels of inflation  Regional energy shortages and price increases  Concentration of sales with six customers  Shifts in market shares among vehicles or vehicle segments  Shifts in consumer “take rates” for products we sell Adjusted EBIT Margin Net Income Attributable to Magna  Same risks as for Total Sales and Segment Sales above  Operational underperformance  Higher costs incurred to mitigate the risk of supply disruptions, including : materials price increases ; higher - priced substitute supplies ; premium freight costs to expedite shipments ; production inefficiencies due to production lines being stopped/restarted unexpectedly based on customers’ production schedules ; and price increases from sub - suppliers that have been negatively impacted by production inefficiencies  Price concessions  Commodity cost volatility  Higher labour costs  Tax risks Equity Income  Same risks as Adjusted EBIT Margin and Net Income Attributable to Magna  Risks related to conducting business through joint ventures Free Cash Flow  Same risks as for Total Sales/Segment Sales, and Adjusted EBIT Margin/ Net Income Attributable to Magna above

Forward Looking Statements (cont.) Q1 - 2022 RESULTS 3 Forward - looking statements are based on information currently available to us and are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, a s w ell as other factors we believe are appropriate in the circumstances. While we believe we have a reasonable basis for making any such forward - looking statements, they are not a guaran tee of future performance or outcomes. In addition to the factors in the table above, whether actual results and developments co nform to our expectations and predictions is subject to a number of risks, assumptions and uncertainties, many of which are beyond our control, and the effects of which can be di ffi cult to predict, including, without limitation: Risks Related to the Automotive Industry  economic cyclicality;  regional production volume declines;  intense competition;  potential restrictions on free trade;  trade disputes/tariffs; Customer and Supplier Related Risks  concentration of sales with six customers;  emergence of potentially disruptive Electric Vehicle OEMs, including risks related to limited revenues/operating history of new OEM entrants;  OEM consolidation and cooperation;  shifts in market shares among vehicles or vehicle segments;  shifts in consumer "take rates" for products we sell;  dependence on outsourcing;  quarterly sales fluctuations;  potential loss of any material purchase orders;  a deterioration in the financial condition of our supply base; Manufacturing/Operational Risks  risks arising from Russia’s invasion of Ukraine and compliance with the sanctions the regime imposed in response;  impact of the semiconductor chip shortages on OEM production volumes and on the efficiency of our operations;  risks related to COVID - 19;  supply disruptions and higher costs to mitigate such disruptions;  regional energy shortages and price increases;  skilled labour attraction/retention;  product and new facility launch risks;  operational underperformance;  restructuring costs;  impairment charges;  labour disruptions;  climate change risks;  leadership succession; IT Security/Cybersecurity Risk  IT/Cybersecurity breach;  Product Cybersecurity breach;   Pricing Risks  Inflationary pressures;  pricing risks between time of quote and award of new business;  price concessions;  commodity cost volatility;  declines in scrap steel/aluminum prices; Warranty/Recall Risks  costs related to repair or replacement of defective products, including due to a recall;  warranty or recall costs that exceed warranty provision or insurance coverage limits;  product liability claims;  Acquisition Risks  competition for strategic acquisition targets;  inherent merger and acquisition risks;  acquisition integration risk; Other Business Risks  risks related to conducting business through joint ventures;  our ability to consistently develop and commercialize innovative products or processes;  intellectual property risks;  our changing business risk profile as a result of increased investment in electrification and autonomous/assisted driving, including: higher R&D and engineering costs, and challenges in quoting for profitable returns on products for which we may not have significant quoting experience;  risks of conducting business in foreign markets;  fluctuations in relative currency values;  tax risks;  reduced financial flexibility as a result of an economic shock;  changes in credit ratings assigned to us; Legal, Regulatory and Other Risks  antitrust risk;  legal claims and/or regulatory actions against us; and  changes in laws and regulations, including those related to vehicle emissions or made as a result of the COVID - 19 pandemic. In evaluating forward - looking statements or forward - looking information, we caution readers not to place undue reliance on any f orward - looking statement. Additionally, readers should specifically consider the various factors which could cause actual events or results to differ materially from those indicated by such forward - looking statements, including the risks, assumptions and uncertainties above which are:  discussed under the “Industry Trends and Risks” heading of our Management’s Discussion and Analysis; and  set out in our Annual Information Form filed with securities commissions in Canada, our annual report on Form 40 - F filed with th e United States Securities and Exchange Commission, and subsequent filings. Readers should also consider discussion of our risk mitigation activities with respect to certain risk factors, which can be als o found in our Annual Information Form.

4 Reminders All amounts are in U.S. Dollars Today's discussion excludes the impact of other expense (income), net ("Unusual Items") "Organic", in the context of sales movements, means "excluding the impact of foreign exchange, acquisitions and divestitures" Q1 - 2022 RESULTS

Key Messages – Q1 2022 Q1 - 2022 RESULTS 5 Q1 outperformance in continued difficult industry environment – focusing on operational excellence, cost controls and customer recoveries 1. Organic sales outgrew weighted light vehicle production 2. Lowered outlook based on reduced industry production assumptions, foreign currency translation and higher input costs 3. Strategic portfolio positions us for sales growth over market and strong free cash flow as market recovers 4.

Current Market Dynamics Q1 - 2022 RESULTS 6 Headwinds Ongoing supply constraints (incl. semiconductor chips) Economic impacts of Russia’s invasion of Ukraine Higher input costs COVID - 19 lock downs in China Tailwinds Continued low dealer inventory levels Strong underlying auto demand Megatrends driving growth opportunities

CONSOLIDATED SALES $9.6B Weighted GoM 1 - 5% Q1 2022 Performance Highlights Q1 - 2022 RESULTS 7 ADJUSTED EBIT MARGIN % 5.3% - 230 bps OTHER HIGHLIGHTS Paid out $133M in dividends ADJUSTED DILUTED EPS $1.28 - 31% FREE CASH FLOW 2 ($99M) Repurchased 5.8m shares for $383M 1 Weighted Growth over Market ( GoM ) compares organic sales growth (%) to vehicle production change (%) after applying Magna geographic sales weighting, excludi ng Complete Vehicles, to regional production 2 Free Cash Flow is Cash from Operating Activities plus proceeds from normal course dispositions of fixed and other assets plus se ttlement of long - term receivable from a non - consolidated joint venture minus capital spending minus investment in other assets +5% Early redemption of Senior Debt

Updated 2022 Outlook – Key Factors Q1 - 2022 RESULTS 8 • Lowered global light vehicle production (“GLVP”) assumptions ̶ +3% year over year versus +6% in February outlook ̶ Europe production down 2.1M units ▪ 0.9M Russia – assumes no production for global OEMs ▪ 1.2M in Rest of Europe ̶ North America production down 500K units ̶ China production up 200K units, down 400K Q2 - Q4 • Lower sales expectations due to lower GLVP assumptions and lower euro - US$ • Assumed higher net input costs impacting margin by ~$290M

Customer and Industry Recognition Q1 - 2022 RESULTS 9 Magna wins multiple GM supplier of the year awards for 2021 Multiple Magna innovations identified as finalists for the 2022 Automotive News PACE Awards

2022 Investor Event – May 10, 2022 • Update on go - forward strategy execution • On - road driving experiences and interactive displays showcasing new technologies • Location: M1 Concourse in Pontiac, Michigan Q1 - 2022 RESULTS 10

Q1 2022 Financial Results Q1 - 2022 RESULTS 11 Key Factors • Lower global light vehicle production ( - ) • Lower assembly volumes ( - ) • Foreign currency translation: $311M ( - ) • Divestitures, net of acquisitions: $64M ( - ) • Customer price concessions ( - ) • Launch of new programs (+) • Price increases to recover higher input costs (+) Q1'22 Production Global - 7% North America - 4% Europe - 16% China +3% Magna Weighted - 7% Consolidated Sales ($Billions) - 5% $10.2 $9.6 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 Q1'21 Q1'22 Weighted GoM 1 +5% 1 Weighted Growth over Market ( GoM ) compares organic sales growth (%) to vehicle production change (%) after applying Magna geographic sales weighting, excluding Complete Vehicles, to regional production

Q1 2022 Financial Results Q1 - 2022 RESULTS 12 Adjusted effective tax rate of 17.3% vs 23.3% in Q1, 2021: • Net favourable adjustments related to changes in tax laws • Favourable adjustments from temporal fx • Higher favourable impact from R&D credits Adjusted Net Income Attributable to Magna of $383M, down $183M Equity Income ( - 27M) • Electrification spending ( - ) • Reduced earnings on lower sales at other equity - accounted entities ( - ) Adjusted EBIT & Margin ($Millions) - 34% Adjusted EPS ($) - 31% $1.86 $1.28 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8 2 Q1'21 Q1'22 $770 $507 7.6% 5.3% 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0 100 200 300 400 500 600 700 800 900 Q1'21 Q1'22 Most Significant Factor • Higher input costs ( - ) Other Items • Inefficiencies and other costs at certain underperforming facilities ( - ) • Higher electrification spending ( - ) • Lower equity income ( - ) • Net favourable commercial items (+) • Lower launch costs (+) • Lower employee profit sharing and incentive comp (+) • Lower net ADAS application engineering costs (+)

Q1 2022 Cash Flow and Investment Activities Q1 - 2022 RESULTS 13 Free Cash Flow 1 ($Millions) $414 ($99) 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 -$250 -$50 $150 $350 $550 $750 $950 Q1'21 Q1'22 OTHER USES OF CASH Net Repayment of Debt $328M Public and Private Equity Investments $2M Repurchase of Common Shares $383M Dividends ($0.45/share) $133M Cash from Operations Before Changes in Operating Assets & Liabilities $749M Changes in Operating Assets & Liabilities ($569M) Cash from Operations $180M Fixed Asset Additions ($238M) Increase in Investments, Other Assets and Intangible Assets ($64M) Proceeds from Dispositions $23M Free Cash Flow 1 ($99M) 1 Free Cash Flow (FCF) is Cash from Operating Activities plus proceeds from normal course dispositions of fixed and other asset s p lus settlement of long - term receivable from a non - consolidated joint venture minus capital spending minus investment in other assets

Continued Financial Flexibility Q1 - 2022 RESULTS 14 ($M) Estimated Future LTD Principal Repayments (12/31/21) ($M) $455 $692 $771 $651 $3 $1,437 2022 2023 2024 2025 2026 Thereafter LEVERAGE RATIO (LTM, 03/31/22) Adjusted Debt $5,471 Adjusted EBITDA $3,529 Adjusted Debt / Adjusted EBITDA 1.55 TOTAL LIQUIDITY (03/31/22) Cash $1,996 Available Term & Operating Lines of Credit $3,539 Total Liquidity $5,535 Investment - grade ratings from Moody’s, S&P, DBRS

Financial Outlook – Key Assumptions Q1 - 2022 RESULTS 15 2021 FEBRUARY 2022 APRIL 2022 Light Vehicle Production (millions of units) • North America 13.1 15.2 14.7 • Europe 16.0 18.5 16.4 • China 24.6 24.2 24.4 Foreign Exchange Rates • 1 CDN dollar equals USD 0.798 0.800 0.790 • 1 EURO equals USD 1.183 1.130 1.091 • 1 RMB equals USD 0.155 0.157 0.157 Changed from previous Outlook

2022 Outlook Q1 - 2022 RESULTS 16 2021 FEBRUARY 2022 APRIL 2022 Sales: • Body Exteriors & Structures 14.5 16.2 – 16.8 15.8 – 16.4 • Power & Vision 11.3 11.9 – 12.3 11.6 – 12.0 • Seating Systems 4.9 5.4 – 5.7 5.2 – 5.5 • Complete Vehicles 6.1 5.8 – 6.1 5.2 – 5.5 Total Sales 36.2 38.8 – 40.4 37.3 – 38.9 Adjusted EBIT Margin % 1 5.7% 6.0% – 6.4% 5.0% - 5.4% Equity Income 148M 70M – 100M 70M – 100M Interest Expense 78M ~80M ~90M Income Tax Rate 2 19.8% ~21% ~21% Net Income Attributable to Magna 3 1.553 1.7 – 1.9 1.3 – 1.5 Capital Spending 1.4 ~1.8 ~1.8 1 Adjusted EBIT Margin is the ratio of Adjusted EBIT to Total Sales 2 The Income Tax Rate has been calculated using Adjusted EBIT and is based on current tax legislation 3 Net Income Attributable to Magna represents Net Income excluding Other expense (income), net ($Billions, unless otherwise noted) Changed from previous Outlook

Free Cash Flow 1 Expectations Q1 - 2022 RESULTS 17 2022 ($Billions) 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 $1.1 - $1.3 $0.7 - $0.9  February 2022 Outlook  April 2022 Outlook 1 Free Cash Flow is Cash from Operating Activities plus proceeds from normal course dispositions of fixed and other assets plus se ttlement of long - term receivable from a non - consolidated joint venture minus capital spending minus investment in other assets

In Summary Q1 - 2022 RESULTS 18 • Focusing on Operational Excellence, Cost Controls and Customer Recoveries • Ongoing Investments to Drive Future Growth • Positioned for Growth and Free Cash Flow Generation as Markets Recover Q1 Outperformance Despite Industry Headwinds

Appendix – Q1 2022 Results Q1 - 2022 RESULTS 19

Magna in Russia Q1 - 2022 RESULTS 20 • 2021 sales of $371 million (~1% of total sales) ̶ Substantively to Hyundai and Volkswagen • ~2,000 employees in 6 facilities • $440 million on balance sheet as at March 31, 2022 ̶ $160 million in net assets ̶ $280 million in deferred cumulative translation losses • Operations remain substantially idled

Q1 2022 Reconciliation of Reported Results 21 REPORTED OTHER EXPENSE, NET EXCL. OTHER EXPENSE, NET Income Before Income Taxes $ 420 $ 61 $ 481 % of Sales 4.4% 5.0% Income Tax Expense $ 41 $ 42 $ 83 % of Pretax 9.8 % 17.3% Income Attributable to Non - Controlling Interests $ (15) $ - $ (15) Net Income Attributable to Magna $ 364 $ 19 $ 383 Earnings Per Share $ 1.22 $ 0.06 $ 1.28 Excluding Other Expense (Income), Net $Millions – except for share figures Q1 - 2022 RESULTS

Q1 2021 Reconciliation of Reported Results 22 REPORTED OTHER INCOME, NET EXCL. OTHER INCOME, NET Income Before Income Taxes $ 805 $ (58) $ 747 % of Sales 7.9% 7.3% Income Tax Expense $ 183 $ (9) $ 174 % of Pretax 22.7% 23.3% Income Attributable to Non - Controlling Interests $ (7) $ - $ (7) Net Income Attributable to Magna $ 615 $ (49) $ 566 Earnings Per Share $ 2.03 $ (0.17) $ 1.86 Excluding Other Expense (Income), Net $Millions – except for share figures Q1 - 2022 RESULTS

Sales Performance vs Market 23 REPORTED ORGANIC 1 PERFORMANCE VS WEIGHTED GLOBAL PRODUCTION (Weighted GoM) Body Exteriors & Structures 1% 6% 13% Power & Vision (3%) (2%) 5% Seating Systems 6% 10% 17% Complete Vehicles (31%) (26%) (19%) TOTAL SALES (5%) (2%) 5% Unweighted Production Growth (7%) Weighted Production Growth 2 (7%) 1 Organic Sales represents sales excluding acquisitions net of divestitures and FX movements 2 Calculated by applying Magna geographic sales weighting, excluding Complete Vehicles, to regional production Q1 - 2022 RESULTS Q1 2022 vs Q1 2021

Q1 - 2022 RESULTS 24 Geographic Sales  Q1 2021  Q1 2022 NORTH AMERICA $4.6B $4.9B PRODUCTION (4%) EUROPE $4.7B $3.7B PRODUCTION (16%) ASIA $924M $1,040M PRODUCTION (3%) (China 3%) REST OF WORLD $99M $100M S.A. PRODUCTION (11%) Q1 2022 vs Q1 2021

2022 Segment Adjusted EBIT Margin Q1 - 2022 RESULTS 25  2021  February 2022 Outlook  April 2022 Outlook BODY EXTERIORS & STRUCTURES 5.7% 8.1 - 8.6% 6.0 - 6.5% SEATING SYSTEMS 3.1% 3.9 - 4.4% 3.4 - 3.9% POWER & VISION 6.5% 5.0 - 5.5% 4.5 - 5.0% COMPLETE VEHICLES 4.7% 3.4 - 3.9% 3.4 - 3.9%

Capital Allocation Principles Q1 - 2022 RESULTS 26 Disciplined, Profitable Approach to Growth Remains a Foundational Principle Q1 2022 Maintain Strong Balance Sheet • Preserve liquidity and high investment grade credit ratings - Adj. debt / Adj. EBITDA ratio between 1.0 - 1.5x LTM 3/31/22 1.55x • Maintain flexibility to invest for growth Invest for Growth • Organic and inorganic opportunities Fixed asset additions Other investments Public + Private Equity Inv. $ 238M $ 64M $ 2M • Innovation Return Capital to Shareholders • Continued dividend growth over time $ 133M • Repurchase shares with excess liquidity $ 383M

2024 Financial Outlook 1 Q1 - 2022 RESULTS 27 1 Forward - looking financial information for 2024 is based on outlook information and assumptions provided in our press release da ted February 11, 2022, and has not been updated ​ 2 Adjusted EBIT Margin is the ratio of Adjusted EBIT to Total Sales ASSUMPTIONS Light Vehicle Production (millions of units) • North America 17.5 • Europe 21.2 • China 29.0 Foreign Exchange Rates • 1 CDN dollar equals USD 0.800 • 1 EURO equals USD 1.130 • 1 RMB equals USD 0.157 $ Billions, Unless Otherwise Noted Sales • Body Exteriors & Structures $19.6 – $20.6 • Power & Vision $14.3 – $14.9 • Seating Systems $6.2 – $6.6 • Complete Vehicles $5.0 – $5.5 Total Sales $44.6 – $47.1 • Adjusted EBIT Margin % 2 8.1% – 8.6% • Equity Income $170M – $215M

Segment Financial Performance Q1 - 2022 RESULTS 28 • Higher input costs ( - ) • Inefficiencies & other costs at certain underperforming facilities ( - ) • Commercial settlements (+) • Divestitures, net of acquisitions (+) • Launch of new programs (+) • Price increases to recover higher input costs (+) • Lower global light vehicle production ( - ) • Divestitures, net of acquisitions: $97M ( - ) • Foreign currency translation: $80M (+) • Customer price concessions ( - ) $4.0 $4.1 Q1'21 Q1'22 Sales ($Billions) +1% Adjusted EBIT & Margin ($Millions) - 30% $327 $229 8.1% 5.6% 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0 50 100 150 200 250 300 350 Q1'21 Q1'22 BODY EXTERIORS & STRUCTURES

• Lower global light vehicle production ( - ) • Foreign currency translation: $92M ( - ) • Net customer price concessions ( - ) • Launch of new programs (+) • Acquisition: $37M (+) Segment Financial Performance Q1 - 2022 RESULTS 29 • Higher input costs ( - ) • Higher electrification spending ( - ) • Lower equity income ( - ) • Inefficiencies at certain underperforming facilities ( - ) • Reduced earnings on lower sales ( - ) • Commercial settlements (+) • Lower net ADAS application engineering costs (+) • Lower launch costs (+) POWER & VISION $3.2 $3.0 Q1'21 Q1'22 $297 $154 9.4% 5.1% 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0 50 100 150 200 250 300 350 Q1'21 Q1'22 Sales ($Billions) - 3% Adjusted EBIT & Margin ($Millions) - 48%

• Launch of new programs (+) • Lower global light vehicle production ( - ) • Foreign currency translation: $54M ( - ) • Net customer price concessions ( - ) Segment Financial Performance Q1 - 2022 RESULTS 30 • Higher input costs ( - ) • Earnings on higher sales (+) • Lower launch costs (+) • Commercial settlements (+) SEATING $1.3 $1.4 Q1'21 Q1'22 $55 $49 4.2% 3.6% 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 Q1'21 Q1'22 Sales ($Billions) +6% Adjusted EBIT & Margin ($Millions) - 11%

• Lower vehicle assembly volumes ( - 15.4K units) • Weaker euro: $92M ( - ) • Favourable program mix (+) Segment Financial Performance Q1 - 2022 RESULTS 31 • Reduced earnings on lower assembly volumes, net of contractual fixed cost recoveries on certain programs ( - ) • Higher energy costs ( - ) • Lower employee profit sharing & incentive comp (+) • Higher margins on engineering programs (+) COMPLETE VEHICLES $1.9 $1.3 Q1'21 Q1'22 $80 $50 4.3% 3.9% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 10 20 30 40 50 60 70 80 90 Q1'21 Q1'22 Sales ($Billions) - 31% Adjusted EBIT & Margin ($Millions) - 38%

END

Exhibit 99.3

REFINITIV STREETEVENTS EDITED TRANSCRIPT MG.TO - Q1 2022 Magna International Inc Earnings Call EVENT DATE/TIME: APRIL 29, 2022 / 12:00PM GMT REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

APRIL 29, 2022 / 12:00PM, MG.TO - Q1 2022 Magna International Inc Earnings Call CORPORATE PARTICIPANTS Louis Tonelli Magna International Inc. - VP of IR Patrick W. D. McCann Magna International Inc. - Executive VP & CFO Seetarama Swamy Kotagiri Magna International Inc. - CEO & Director Vincent Joseph Galifi Magna International Inc. - President CONFERENCE CALL PARTICIPANTS Brian Arthur Johnson Barclays Bank PLC, Research Division - MD & Senior Equity Analyst Christopher Patrick McNally Evercore ISI Institutional Equities, Research Division - Senior MD Colin M. Langan Wells Fargo Securities, LLC, Research Division - Senior Equity Analyst Dan Meir Levy Crédit Suisse AG, Research Division - Director & Senior Equity Research Analyst Itay Michaeli Citigroup Inc., Research Division - Director & Global Head of Autos Sector James Albert Picariello BNP Paribas Exane, Research Division - Research Analyst John Joseph Murphy BofA Securities, Research Division - MD and Lead United States Auto Analyst Joseph Robert Spak RBC Capital Markets, Research Division - Autos and Leisure Analyst Mark Neville Scotiabank Global Banking and Markets, Research Division - Analyst Michael W. Glen Raymond James Ltd., Research Division - Equity Research Analyst Peter Sklar BMO Capital Markets Equity Research - Analyst Shreyas Patil Wolfe Research, LLC - Research Analyst PRESENTATION Operator Greetings, everyone, and welcome to the Q 1 2022 Results Call . (Operator Instructions) Please note, today's call is being recorded, Friday, April 29 , 2022 . It is now with pleasure that I turn today's presentation over to Mr . Louis Tonelli, Vice President, Investor Relations . Please go ahead, sir . Louis Tonelli - Magna International Inc . - VP of IR Thanks, Bridget . Hello, everyone, and welcome to our conference call covering our Q 1 ' 22 results . Joining me today are Swamy Kotagiri, Vince Galifi and Pat McCann . Yesterday, our Board of Directors met and approved our financial results for Q 1 2022 . We issued a press release this morning outlining our results . You find the press release, today's conference call webcast, the slide presentations to go along with the call and our updated quarterly financial review all in the Investor Relations section of our website at magna . com . Before we get started, just as a reminder, the discussion today may contain forward - looking information or forward - looking statements within the meaning of applicable securities legislation . Such statements involve certain risks, assumptions and uncertainties, which may cause the company's actual or future results and performance to be materially different from those expressed or implied in these statements . Please refer to today's press release for a complete description of our safe harbor disclaimer . Please also refer to the reminder slide included in today's deck related to our commentary today . And with that, I'll pass it over to Swamy . 2 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Seetarama Swamy Kotagiri - Magna International Inc . - CEO & Director Thank you, Louis . Good morning, everyone . Let me start by saying that our thoughts go out to all those that are suffering as a result of the situation in Ukraine . Although we don't have facilities in Ukraine, we have the privilege of working with thousands of Ukrainian colleagues in our Magna operations around the world as well as those at our facilities in Russia who share the same values of human rights, diversity and inclusion . We continue to operate under very difficult industry conditions, facing additional challenges that began this past quarter . Under the circumstances, we are pleased that our results outperformed our expectations . We continue to focus on operational excellence, cost controls and customer recoveries to mitigate the pressures we are facing . Our organic sales outgrew light vehicle production in the quarter . As a result of the worsening geopolitical and macroeconomic environment, we have lowered our outlook for 2022 , reflecting reduced vehicle production assumptions, weaker expected currencies relative to the U . S . dollar and an expected further increase in input costs . As we look past this short - term turmoil, we continue to win business, and our portfolio positions us to continue driving sales growth over market as well as strong free cash flow generation . I'll briefly cover the current dynamics impacting the industry . We started the year anticipating continued supply constraints, particularly in semiconductors . We are expecting the constraints to remain throughout ' 22 , but improve in the second half of the year relative to the first . Russia's invasion of Ukraine and measures taken by G 7 countries in response had cascading economic effects . Substantially, all vehicle production in Russia has been idled . The industry is experiencing additional supply chain challenges, resulting in vehicle production suspensions, particularly in Europe . Global economic uncertainty has increased and input costs already at elevated levels have risen further . In addition, China's Zero COVID policy in the face of rising cases have resulted in lockdowns in certain regions, impacting industry sales and production in the country . In terms of tailwinds, dealer vehicle inventories remain low, underlying auto demand is relatively strong and constrained by the tight supply and the industry megatrends, like electrification and driver assistance, continue to drive new business and growth opportunities for well - positioned suppliers . Our first quarter earnings came in better than our expectations, reflecting our focus on operations, even as the industry environment worsened as the quarter progressed . Relative to the first quarter of 2021 , consolidated sales were $ 9 . 6 billion, down 5 % compared to a 7 % decline in global light vehicle production . On an organic basis, sales were only down 2 % , representing 5 % growth over market . EBIT margin declined 230 basis points to 5 . 3 % substantially as a result of higher input costs . Our adjusted EPS fell to $ 1 . 28 for the quarter . And fresh cash flow was negative $ 99 million in Q 1 . During the quarter, we repurchased 5 . 8 million shares using $ 383 million in cash, paid out another $ 113 million to shareholders in the form of dividends and used cash to redeem our senior Canadian debt . Pat will take you through the details of our revised ' 22 outlook later, but let me take you through the broad strokes . Our global vehicle production assumptions have been lowered, and we now expect an overall vehicle production increase of about 3 % in 2022 compared to about 6 % in our initial outlook in February . We have reduced our European vehicle production assumptions by 2 . 1 million units, of which 0 . 9 million is in Russia . At this point, we are assuming that the global OEMs will not produce in Russia for the remainder of ' 22 . We have also reduced our vehicle production assumptions in North America and China for the balance of the year relative to our previous outlook . The impact of lower sales due to the lower production assumptions, together with assumed higher net input costs, has resulted in the lowering of our outlook for sales and earnings in ' 22 . Despite our lowered outlook, we are continuing to invest for our future in the form of engineering and capital to support future growth . This is our life blood, and we have the balance sheet and cash flow to support these ongoing investments that will benefit Magna well into the future . Before passing the call over to Pat, I want to highlight 2 recognitions received by Magna, which I'm very proud of . We recently earned 6 2021 General Motors Supplier of the Year awards, the only supplier to achieve this in a single year, and we have done it in each of the past 3 years . GM also selected Magna to receive 2 overdrive awards for launch excellence and accelerating innovation . In addition, 4 Magna technologies have been named as finalists for the 2022 Automotive News PACE Awards . The 4 innovations, 2 for products and 2 for processes, are the most received by APRIL 29, 2022 / 12:00PM, MG.TO - Q1 2022 Magna International Inc Earnings Call 3 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

any company this year . We were also named as a finalist for a PACE pilot award . These recognitions reflect our ongoing focus on bringing innovations and operational excellence to our customers, both of which should contribute to our continued strong competitive position in the industry . Finally, we are hosting an investor event on May 10 at the M 1 racetrack in Pontiac, Michigan . We will provide an update on progress in our go - forward strategy that was outlined last year . We will have on - road driving experiences and interactive displays of our latest technologies . You will have the opportunity to catch up with Magna's senior leaders, our first opportunity to do this live since 2020 . I look forward to seeing many of you there for this great event . With that, I will hand it over to Pat to take you through the specifics on our financials . Pat? Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO Thank you, Swamy, and good morning, everyone . First, I'll start with a detailed review of the quarter . I would like to reiterate Swamy's sentiment . We are facing tremendous industry headwinds, and our operations have done a great job managing through the challenges . Once the challenges subside, we should be well positioned to drive higher margins and free cash flow . Global vehicle production declined 7 % in the quarter, primarily as a result of 16 % lower volumes in Europe . Our consolidated sales were $ 9 . 6 billion, down 5 % from the first quarter of 2021 . The decrease was primarily due to lower global vehicle production and lower assembly volumes, the impact of foreign currency translation, net divestitures and customer price concessions . These were partially offset by the launch of new programs and price increases to recover certain higher input costs . On an organic basis, our sales fell 2 % year - over - year for a 5 % growth over market for the first quarter . Adjusted EBIT was $ 507 million, and adjusted EBIT margin declined 230 basis points to 5 . 3 % , a strong result considering what we are facing . This compares to 7 . 6 % in Q 1 2021 . The lower EBIT percent in the quarter was substantially due to higher input costs . Other items that negatively impacted EBIT percent were inefficiencies and other costs at certain underperforming divisions, higher electrification spending and lower equity income . These items were essentially offset by favorable commercial items, lower launch costs, employee profit sharing and incentive compensation costs and lower ADAS application engineering spend . Equity income was down $ 27 million year - over - year to $ 20 million in the quarter . The decline reflects increased electrification spending in our LG JV and reduced earnings on lower sales and other equity - accounted entities . Our adjusted effective income tax rate came in at 17 . 3 % , in line with our Q 1 expectations, but lower than Q 1 last year . Net income attributable to Magna was $ 383 million compared to $ 566 million in Q 1 2021 , reflecting lower EBIT and higher interest expense and minority interest, partially offset by the lower tax rate . Diluted EPS was $ 1 . 28 compared to $ 1 . 86 last year . The decrease is the result of lower net income, partially offset by a lower number of shares outstanding . The lower number of shares outstanding primarily reflects the impact of share repurchases during and subsequent to Q 1 2021 . I will now review our cash flows and investment activities . During the first quarter of 2022 , we generated $ 749 million in cash from operations before changes in working capital and invested $ 569 million in operating assets and liabilities . Investment activities in the quarter included $ 238 million in fixed assets, a $ 64 million increase in investments, other assets and intangibles, and $ 2 million in public and private equity investments . Overall, free cash flow was negative $ 99 million in Q 1 . We also repurchased $ 383 million of our common shares, paid $ 133 million in dividends and early redeemed our Canadian bonds . At the end of the first quarter, our adjusted EBIT to adjusted EBITDA was 1 . 55 x, and our liquidity remains strong at $ 5 . 5 billion, including almost $ 2 billion in cash . Next, I will cover our outlook . As Swamy covered earlier, our outlook reflects lower expected vehicle production in both North America and Europe . Our assumption for production in China is higher than our previous expectations for 2022 , but lower for the balance of the year . We assume exchange rates in our outlook will approximate recent rates, therefore, we now expect a weaker euro and Canadian dollar for 2022 relative to our previous outlook . We have reduced our ranges for segment and consolidated sales, largely reflecting lower production assumptions and the decline in the euro . We lowered our adjusted EBIT margin to a range of 5 . 0 % to 5 . 4 % . Interest expense has increased to approximately $ 90 million from approximately $ 80 million previously, reflecting lower cash balances in different regions of the world . Net income attributable to Magna has been reduced, reflecting lower sales, lower margin, and higher interest expense . And our equity income, tax rate and capital spending expectations are unchanged from our outlook from February . APRIL 29, 2022 / 12:00PM, MG.TO - Q1 2022 Magna International Inc Earnings Call 4 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. 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Largely as a result of expected lower earnings in our revised outlook, we have reduced our free cash flow projections to a range of $ 700 million to $ 900 million compared to $ 1 . 1 billion to $ 1 . 3 billion previously . In summary, considering significant ongoing industry headwinds, we are pleased with our Q 1 outperformance . We are deeply focused on operational excellence, cost controls and customer recoveries to mitigate the impacts of an increasingly challenging environment . Our balance sheet and cash flow allow us to make ongoing investments to drive future growth, and our portfolio positions us for growth in free cash flow as the market ultimately recovers in the future . We hope to see many of you in May at our investor event at Pontiac . Thank you for your attention . We would be happy to answer your questions . QUESTIONS AND ANSWERS Operator (Operator Instructions) And our first question comes from the line of John Murphy of Bank of America . John Joseph Murphy - BofA Securities, Research Division - MD and Lead United States Auto Analyst Just a first question that wasn't mentioned in the outlook or in the course of the first quarter results as sort of the volatility in schedules . And I know you're kind of implicitly have this in your guidance and in your discussion . I was just curious if you could talk about how much pressure that created in the quarter? If you see any stabilization in schedules going forward, and how important that is obviously, to the remainder of this year? Seetarama Swamy Kotagiri - Magna International Inc . - CEO & Director John, we are still continuing to see some uncertainties . But as we mentioned, the sales were higher than what we had expected or planned . So that is a positive sign . But it's not still as stable, the releases and how we are able to process them is creating a little bit of stress in the system . But with the operating systems that we have and processes we have in place, we are able to address the needs . So I think the expedited freight is a big issue because of these uncertainties that have cost in the schedules . So hopefully, now as we go forward, we hope to see a little bit of stability in the second half . But I think it's still something that we are monitoring very closely, and we are not over the hill yet . John Joseph Murphy - BofA Securities, Research Division - MD and Lead United States Auto Analyst And do you get the sense that there might be some building of inventories in the channel to the automakers, where they're ordering, but maybe not producing? I'm just curious if you're seeing anything like that? Seetarama Swamy Kotagiri - Magna International Inc . - CEO & Director John, it's difficult to say, yes . But I -- at this point, I don't see a lot of build yet because there is so much pent - up demand . And if you look at the dealer lots and what's available, I think it's still far from being -- starting to fill the pipeline of the inventory . John Joseph Murphy - BofA Securities, Research Division - MD and Lead United States Auto Analyst Okay . And then just a second question on Slide 11 and 12 . You highlighted price increases to recover higher input costs and then favorable commercial terms in the quarter . It seems like the automakers are becoming more receptive to these discussions given the very high levels of inflation on raws as well as other input costs . I'm just curious if your conversations are changing there? And when you talk about that $ 290 million of higher input costs in your outlook, is that net or gross of these discussions? APRIL 29, 2022 / 12:00PM, MG.TO - Q1 2022 Magna International Inc Earnings Call 5 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Seetarama Swamy Kotagiri - Magna International Inc . - CEO & Director Yes . I think, John, what we're talking about is net, as we mentioned, the numbers . The discussions with the customers are ongoing, and it's a various forms of discussions in terms of whether it is the freight, whether it's the commodity, whether it's various things that we are seeing, and the discussions are at various levels and a lot of transparency and a lot of objective data . Our target is to close all the positions that are open today . I don't know, Pat, if you want to add some specifics to that? Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO I don't think I have much to add, Swamy . John, just to be clear, the $ 290 million is on a net basis, and that would be incremental to the $ 275 million we would have spoken to in February . John Joseph Murphy - BofA Securities, Research Division - MD and Lead United States Auto Analyst Got you . Okay . And then just lastly, I mean, obviously, there's a lot of noise and a lot of stuff going on here in the short run . I'm just curious how booking activity is going as far as you're quoting? Is there any push out or delay in the discussions? Or is it sort of more normal course there on bookings? Seetarama Swamy Kotagiri - Magna International Inc . - CEO & Director John, I think it's difficult to say . Over the year, it changes so significantly, but I would say, if I look at what we generally target for the year and what we look, I would say we have made good progress for the first quarter . John Joseph Murphy - BofA Securities, Research Division - MD and Lead United States Auto Analyst Okay . And then maybe if I could sneak 1 more in . The 2024 outlook doesn't look like it changed at all . I mean somebody -- you can argue that because of the near - term volume pressure, you might see some upside in ' 23 and ' 24 as there's pent - up demand that's released or (inaudible) released around the world . But conversely, you could argue that input costs are up . I mean, how are you guys thinking about that 2024 outlook? Or is it something that you have not stated -- put a new pin in? Just curious what your thoughts are there . Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO John, it's Pat again . So I think it's the latter . We still haven't put a pin in our 2024 . So our process is unchanged from prior years where we provide the current year and 3 - year outlook . Our internal processes mirror that in the sense that we focus on a rolling 12 - month forecast . So we haven't updated ' 24 at this point . Operator Our next question comes from the line of Itay Michaeli of Citi . Itay Michaeli - Citigroup Inc . , Research Division - Director & Global Head of Autos Sector I wanted to go back to the $ 290 million net input costs and maybe hoping you could talk about how you plan on recovering that over the next few years? And particularly, the question is I'm curious kind of what you're getting in new contracts? Maybe is the content per vehicle higher on APRIL 29, 2022 / 12:00PM, MG.TO - Q1 2022 Magna International Inc Earnings Call 6 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

replacement contracts and new bookings to reflect go - forward higher input costs and inflation, or kind of maybe other ways that you plan on recovering that over time? Patrick W. D. McCann - Magna International Inc. - Executive VP & CFO Sorry, go ahead Swamy, I can take... Seetarama Swamy Kotagiri - Magna International Inc. - CEO & Director Sorry, Pat... Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO Sorry, go ahead, Swamy, I was going to spot first off, just -- and Swamy you could jump in on the customer side . So Itay, it is when we think about the $ 290 million, really, that's being driven in the short term really by higher energy utility, including freight type costs . That's what's driving the bulk of that increase . When you turn to what we're doing on the quoting side, our view has been to take advantage of customer programs where they have been available . I think with the changing environment, we are evaluating all options, including expanded customer programs or hedging strategies . Itay Michaeli - Citigroup Inc . , Research Division - Director & Global Head of Autos Sector Great . Perfect . And then just 2 other follow - ups . One, I was hoping you could talk to maybe the cadence of margins for the rest of the year, how you think about that? And also for CapEx, look kind of low in Q 1 relative to your full year guidance . Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO On the first question, Itay, I was - - we don't specifically give guidance on a quarterly basis . We provide annual guidance . That being said, my expectation would be that the first half of the year, we should be feeling the decrementals from the higher input costs higher in the first half relative to the second half . And it's a factor of the -- it's not necessarily a linear calculation whether it's 2021 or 2022 . On the second part of your question on the capital . I think the capitals tends to be lighter in the first quarter . So what we do see as the year progresses . And there's a disproportionate number of launches that happened in the back half of the year . So the capital, historically, and our expectations will continue to be that it's back -- its rear ended . Operator Our next question comes from the line of Peter Sklar of BMO Capital Markets . Peter Sklar - BMO Capital Markets Equity Research - Analyst Pat, sorry, I'm still a little confused on the $ 290 million of net input costs . Is that -- I thought the comparable number when you released the initial guidance was $ 190 million, and therefore, that's up $ 100 million . Is that correct or not correct? APRIL 29, 2022 / 12:00PM, MG.TO - Q1 2022 Magna International Inc Earnings Call 7 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO If we -- yes, sorry, Peter . So when we released in February, our guidance included $ 275 million total of year - over - year, let's call it, inflation costs . Of the $ 275 million, $ 190 million related to commodity type costs, whether it's oil, steel, resin . So that was the $ 190 million that we had referred to . What we're seeing now is an incremental above the $ 275 million, another $ 290 million . So full year, we're talking in the range of $ 565 million 2021 to 2022 impact of higher input costs, whether it's labor . And, Peter, just to be clear on the incremental $ 290 million, the majority of that increase relates to utilities, energy, primarily in Europe, and we also have freight, which we are getting surcharges related to higher input costs on their end . Peter Sklar - BMO Capital Markets Equity Research - Analyst Okay . That's clear now . My next question, on the normal course issuer bid, if I did my math correctly, you bought back about 2 % of the stock during the quarter . Your debt - to - EBITDA ratio is at 1 . 55 , which is slightly through, I think, the high end of your -- of the range where you like to be, albeit on a very low denominator given where global vehicle production volumes are . And -- but you're through the high end of the range, and I noticed your -- like with the revised 2022 guidance, your free cash flow estimates are coming down . So what should we expect on the NCIB going forward? Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO I think our capital allocation strategies haven't changed, Peter . We're going to continue down the path of investing in our business, and where we do have cash that's available for share buybacks, we're going to continue down that path . Specifically, for this year, we are slightly above at 1 . 55 . I think the one thing that should be considered is that we do have excess cash sitting on our balance sheet that's available for you . So it's more than an EBITDA play . We -- at 1 . 55 , we do have excess cash . If you think about our cash balances, we're probably in the range of slightly under $ 1 billion needed to run our business, which means we do have excess cash to fund either further investments, but also NCIB . Peter Sklar - BMO Capital Markets Equity Research - Analyst Okay . And then just my last question is in the write - up when you're talking about the quarter being a little bit above your expectation, I believe, you're -- in the earnings, you said one of the reasons was higher commercial items . I wasn't too sure . I don't think, I've heard you use that expression before . Is that price adjustments from customers? Or what are commercial items? Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO I wouldn't -- and Swamy jump in . But when we talk about commercial items, I think that's -- I think we've used it in the past primarily in the MD&A going back . And, Peter, they're not regular course price increases . These are -- these tend to be onetime in nature . They might be out of period . We might be settling something related to ' 21 . Sometimes they go in our favor, sometimes they go against us . And really what happened this quarter, we did have some -- which is good news . We had some positive settlements . And when you compare that to last year, we had a couple that went against us . So net - net, we were up . Louis Tonelli - Magna International Inc . - VP of IR I mean, with the onetime in nature, but they are fairly . they do have them from a the time, it's not uncommon that we have these favorable or unfavorable . Operator And our next question comes from the line of Chris McNally of Evercore . APRIL 29, 2022 / 12:00PM, MG.TO - Q1 2022 Magna International Inc Earnings Call 8 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Christopher Patrick McNally - Evercore ISI Institutional Equities, Research Division - Senior MD Apologies, I'm going to beat the dead horse and go back to the $ 290 million . Given that we see that the reduction in guide is largest in body, I had assumed that maybe it could be a timing difference and some of the raw material pressure could be coming in steel . But it seems like the comment just made was the majority of the $ 290 million was utilities, energy, freight in Europe . So could you just talk about why body would be hit the most? Is that specifically because of the amount of production and facilities for body in Europe? And then I can ask a follow - up after that . Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO I think I'm not going to get down into the specifics . So you're correct, Chris, in the sense that it wasn't really a steel - driven issue . And that's primarily because we do have a lot of customer programs related to our steel buy . When you think about the energy cost in Europe, the BES group would be disproportionately hit in the sense that they are huge energy consumers . When you think about our footprint, in particular, our body and chassis group, has a significant footprint in Germany, Austria . So there is a little bit of a disproportionate hit given the sense that they are heavy energy users, in particular, in Europe . The other piece, when you look at the BES group, we spoke briefly about our operations in Russia, and we disclosed that we had $ 371 million of sales in our Russia operations . And we've removed -- effectively, what we've done is we have 0 sales for Russia on a go - forward basis for 2022 . And Russia disproportionately hits our BES segment as well . Christopher Patrick McNally - Evercore ISI Institutional Equities, Research Division - Senior MD Okay . So actually -- so I would divide that into 2 . So essentially, we'll take some large hit from Russia theoretically . It's not -- it's onetime until you can actually physically close the facility, so it could be just ballpark over $ 100 million . So that's a big number for body . But then just to go back on the energy cost ... Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO Sorry, Chris . Sorry, Chris . Christopher Patrick McNally - Evercore ISI Institutional Equities, Research Division - Senior MD Yes. Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO Sorry, Chris, sorry, I don't want to catch off . I just want to be clear on the Russia piece . We haven't taken any impairment charges related to our Russian operations, so we still have amount recorded on our balance sheet . What I was referring to on the BES segment was our outlook in February assumed sales in the range of $ 400 million for consolidated Magna and profitability of those operations . Our current outlook assumes 0 sales on a go - forward basis and a cash burn in those operations . So on a delta basis, we have a deterioration primarily in our BES segment related to Russia . Christopher Patrick McNally - Evercore ISI Institutional Equities, Research Division - Senior MD Yes . No, absolutely . And I was just doing the mental math of taking 400 x 30 % plus and getting over $ 100 million of EBIT . I think we're on the same page there . Just to back though to the energy, I know you're not going to give a number, but lots of other industrials, other suppliers have talked about energy costs as a percentage of revenue maybe being about 1 % of revenue and a lot of their contracts being sort of fixed on the energy side . So the amount that floats with things like [nat - gas] is only about 25 % . I'm just curious, that's still a very large number that $ 290 million . So I'm curious is expedited freight from your Tier 2 s? Is that a big number, too? Because I'm just trying to make my own estimates for $ 290 million when you think about just energy cost . It's a really big number . APRIL 29, 2022 / 12:00PM, MG.TO - Q1 2022 Magna International Inc Earnings Call 9 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO Yes . Yes . So to be clear, on the $ 290 million, that includes multiple items . It's going to include some leakage on other items, whether it's purchase components . There is a little bit of labor in that number . In the case of energy, that is the bigger portion of it . I would say it's higher than 50 % . When we think about our energy costs, it's really hard to give a number of what the energy would be as a percentage of sales . It really fluctuates from process to process . Historically, energy hasn't been an issue for us . It's been a fairly stable market . Obviously, the energy costs have been driven by Russia's invasion of Ukraine, and what we're seeing in Europe . We have gone into the market to hedge a portion of our buy to secure supply . And we're going to have to see how this plays out, Chris . Louis Tonelli - Magna International Inc . - VP of IR But some of the things like additional commodity related to Tier 2 s, that some of that's energy as well . Our customers -- our suppliers are having energy issues or freight is energy as well as some of the -- in some ways, they're tied to energy, but they're not necessarily tied to our sales . They tried other companies' businesses and it's come through to charges on us . Operator Our next question comes from the line of Mark Neville of Scotia Capital . Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst Maybe not maybe just putting aside the $ 290 million just sort of costs in general, I'm just curious sort of when you think about the cost inflation you're facing, so what you think is more structural? If you think there's any longer - term sort of implication for margin and maybe some of the things you can do to offset some of those costs? Seetarama Swamy Kotagiri - Magna International Inc . - CEO & Director Mark, part of it is obviously continuous improvement, looking at the cost structure, which we did in the last 2 years and as we continue to look at that operationally . Again, I think Pat touched on it . As we look at the new codes, you start reflecting the new economics and, in some cases, mechanisms that reflect today's reality, to derisk as much as possible . On the other side, we kind of also have to look at inflation, which was pretty stable and modest in our mature markets . That's not so as we look at it . So that goes to some of the discussions that are ongoing with our customers . Difficult to kind of predict the timing, but it's an ongoing discussions with all OEMs to see how we can look at different ways to address the costs that we are seeing . I would say, structurally, there is -- it won't be substantially different other than how the commodities or the labor market might set a new baseline, and that we have to see going forward in the next years to come . Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst Yes, right . I guess, on the $ 565 million for the year, -- can you maybe rank order -- again, I appreciate the $ 290 million it sounds like energy break, but could you maybe rank order that -- the components of that $ 565 million? Louis Tonelli - Magna International Inc . - VP of IR I mean, turnabout the first $ 275 million, we said a good chunk of that was commodity and labor on top of that and a bunch of loan so right . And then I think that to $ 20 million I'm not sure I look in the total cloud 65 . We have looked at that way, but those are the question that's it . Okay . APRIL 29, 2022 / 12:00PM, MG.TO - Q1 2022 Magna International Inc Earnings Call 10 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst Maybe just to follow up . I think it was Peter's question on the NCIB . Just if I'm reading it correctly, the 1 . 55 or the 1 . 5 , it's not a hard stop . There's -- we should expect some buyback actually this year, correct? Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO Mark, I think -- like we -- I don't think we really guide on where we're going to be on our NCIB . We work within our framework . It's a strategy on capital allocation that hasn't changed in many years where if there is an opportunity to grow the business at an appropriate value, we're going to do that first . And where we do have excess liquidity, we are going to use that cash, if appropriate, to continue NCIBs . Louis Tonelli - Magna International Inc . - VP of IR Yes . That's how we've always done it, and we're doing the same now . We don't really kind of forecast whether our outlook is for or share buybacks . Vincent Joseph Galifi - Magna International Inc . - President Sorry, Mark, it's Vince . Let me just add to that, Pat, if you don't mind . I've been in the room here, I'm trying to say something . And Pat, I think you did a great job . So keep it up . Mark, I think when you look at the -- our capital structure, there's a point in time, you've got a quarter, so you look at it and you get what past the number was [ 1 . 55 ], and you got cash on the balance sheet . But the approach that we've been taking for years is really look at our business plan and look at our outlook, and we're looking at the current year, we're looking over the next couple of years . We look at how that changes as a result of macroeconomic events has talked and Swamy talked a lot about input costs and volumes . And you kind of address the course issue bid on that basis, and you try to look at it, and if you're doing buybacks and what we've done historically is hat do that over the course of the year and not try to bundle it in 1 quarter . So I think the right way to think about it is that we've got a long - term strategy will be in and out of the market . It will be impacted by certainly what we see opportunities are, but we're kind of looking at capital structure and what's the right structure to have, not making sure we have the right amount of liquidity, not too much liquidity . And then to the extent we have excess liquidity approach to market . So it's much broader at a point in time, Mark . Operator Our next question comes from the line of Dan Levy of Credit Suisse . Dan Meir Levy - Crédit Suisse AG, Research Division - Director & Senior Equity Research Analyst I think, on margin, we know there's obviously cost inflation is a big driver here, but we also know that there is a relatively low level of production and a number of production inefficiencies . So maybe you can give us a sense of just backing out the production -- backing out the cost inflation, what would the underlying margin structure look like . I don't know if that $ 290 million is an inclusive number or if there's other numbers as well that are labor? You mentioned it's just utilities and energy . I don't know if labor is something incremental . And if we assume that cost inflation doesn't go away, but that an improved production level comes and more stable production, maybe you can give us a flavor of what your earnings power is with higher volume even in the face of higher cost inflation . Is there a potential for significant improvement with higher LVP even if inflation is what it is and it doesn't get any better? APRIL 29, 2022 / 12:00PM, MG.TO - Q1 2022 Magna International Inc Earnings Call 11 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO Dan, it's Pat, I'll start with this, and Louis and Swamy can jump in . When we think about the first quarter and we look at the deterioration in profitability from Q 1 last year to Q 1 this year . The vast majority, basically, all of it relates to inflation type items . So you get a sense of operating . We're still operating, I would say, efficiently . I think Q 1 of last year was a strong quarter . The semi issues really start to accelerate during the year with a stop start . So I would say, operationally, I think that's our comments that we had a strong quarter operationally that, despite some of the stop starts, we did have a strong quarter . If we fast forward that into the -- our full year outlook, with the additional [ $ 590 million], we are seeing -- subject to the sales declines we're seeing our decrementals in line with our expectations . So my view would be as volumes come back, my expectation would be that we're able to flex back up at appropriate incremental margins . Dan Meir Levy - Crédit Suisse AG, Research Division - Director & Senior Equity Research Analyst Okay . So the incremental margin on the recovery would be similar to what you've talked about in the past, which is, I think, something like in the low 20 % range . Is that correct? Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO That's -- it varies by segment, Dan, but historically, that's what we've seen ex stop - start type issues . Dan Meir Levy - Crédit Suisse AG, Research Division - Director & Senior Equity Research Analyst Great . And then as a follow - up, you've guided to -- it sounds like you're maintaining your guidance to -- for annual engineering expense related to mega trends, which makes sense . But I just want to confirm that within this, that everything is intact or that there's pieces that are maybe a bit more discretionary and that you're pushing out? Maybe you could just give us a sense of in this environment where you have higher inflation, how you think about the megatrend spending? Is it just the plan is what it is, it's not going to change? Or are there more discretionary elements that are being reprioritized? Seetarama Swamy Kotagiri - Magna International Inc . - CEO & Director Dan, I think when we look at most of the engineering spend, whether it is core, that means you're looking at a platform or looking at technology for the future, which we continue to, if you look at application engineering, that means it's programs that we have, and we are working towards the launch . But in either case, whether it is under the -- given economic conditions or not, we have a very rigorous process to hit milestones and performance targets for the project to say, are we getting there . So we have that, call it, gates in place, and we continue to look at that . But obviously, under given circumstances, we look at all tactical efficiency matters to see how we can tighten as much as possible . But at the same time, like we said, we are talking about the next 3 , 5 , 7 years . So we are very cautious not to take away anything for that to build our future . So I would say we are on the path to continue with the right amount of vigilance to look at the tactical items . Dan Meir Levy - Crédit Suisse AG, Research Division - Director & Senior Equity Research Analyst Great . And then sorry, just a clarification on the earlier points on the cost inflation . I just want to confirm . Is the $ 290 million an exhaustive number? Or is there -- are there other pieces of inflation that are not included there, most notably on the labor front? APRIL 29, 2022 / 12:00PM, MG.TO - Q1 2022 Magna International Inc Earnings Call 12 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO Dan, the $ 290 million captures virtually everything . There might be a little bit of leakage, but it's -- that's our inflation increase . Seetarama Swamy Kotagiri - Magna International Inc . - CEO & Director That's our assumption . Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO That's our assumption . Operator Our next question comes from the line of Joseph Spak of RBC . Joseph Robert Spak - RBC Capital Markets, Research Division - Autos and Leisure Analyst I guess I just want to go back to some of the discussion on recoveries . I just want to be clear, is it your going assumption that inflation, as it relates to energy, logistics, et cetera, that is going to be more difficult to recover from your customers than straight commodity inflation? Seetarama Swamy Kotagiri - Magna International Inc . - CEO & Director Joseph, I think there's 2 aspects . One, we are talking about recoveries on codes that are already there today based on agreements and so on . So those are the ongoing discussions that we are targeting to close . But as I mentioned before, if you're looking at future programs, then we look to reflect the new economics and figure out what are the different ways to derisk further, whether it's hedging strategies or beyond customer programs and other mechanisms . Joseph Robert Spak - RBC Capital Markets, Research Division - Autos and Leisure Analyst Okay . And then just on China . I know you mentioned it sounds like that was really the first quarter event, you've lowered it for the rest of the year . Does that contemplate potential disruptions beyond what we've already seen from the shutdowns in China? Like is there a little bit of a sort of hedging factor there for sort of the unknown unknowns that might arise from the shutdowns we've seen to date? Louis Tonelli - Magna International Inc . - VP of IR Well, when you're forecasting, it's always at a point in time, the best information that you have . So I don't know exactly how the handicap exactly what is in there . It definitely reflects some reduction related to the COVID shutdowns, whether we had everything to today's date, really hard to say, honestly, but definitely implicitly, bringing it down, reflecting the shutdown of the information that we know at this point in time . Joseph Robert Spak - RBC Capital Markets, Research Division - Autos and Leisure Analyst Okay . So the lower for the balance of the year is basically for what we've seen announced or forecasted today? APRIL 29, 2022 / 12:00PM, MG.TO - Q1 2022 Magna International Inc Earnings Call 13 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Louis Tonelli - Magna International Inc. - VP of IR Right. Joseph Robert Spak - RBC Capital Markets, Research Division - Autos and Leisure Analyst Okay . And I guess, just finally, just on Russia . I know you sort of didn't take any write - downs there . I mean what -- what would you need to see to write off Russia? Or what are maybe -- what are some of the options with those assets? Seetarama Swamy Kotagiri - Magna International Inc . - CEO & Director Yes . Like I said, the operations are pretty much substantially idled, and Pat talked about some of the numbers . What we have on the balance sheet and what we had as annual revenue and so on . As you can imagine, it's a pretty complex matter with so many elements in terms of government requirements and limitations and how do we honor sanctions that are in place . And most importantly, I think, we're looking at what the customers are guiding and how they're going to look at going forward . Keeping in mind also what's the best way to safeguard the employees in Russia . So there's a bunch of complex factors here, Joseph, but for 2022 , our assumption is that there is no sales or no production from the OEMs there, but we have to kind of wait to watch and see and hopefully give an update as we move forward . Operator And our next question comes from the line of Colin Langan of Wells Fargo . Colin M. Langan - Wells Fargo Securities, LLC, Research Division - Senior Equity Analyst Just sorry if I missed this . The [ $ 565 ] million, how much was actually in Q 1 ? And any color on the cadence of how that headwind rolls out? Does it have easier comps in the second half? Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO Colin, we're not going to get into specific cadence by quarter . We do give an annual guidance . But on a year - over - year basis, in Q 1 , if you -- given that the entire reduction in profitability relates to inflation type items . So you can do the math and that's going to work out to in the range of $ 200 million plus, which -- when you back off that from the [ $ 565 ] million, so you have in the range of $ 350 million left . It's not going to be a linear calculation because we did have rising inflation costs throughout 2021 . So what we are going to expect, I would say, just broadly, would be that the inflation impacts will be heavier weighted towards the first half of the year compared to the second half of the year . Colin M. Langan - Wells Fargo Securities, LLC, Research Division - Senior Equity Analyst Okay. Louis Tonelli - Magna International Inc . - VP of IR And given that we had an escalation towards the end of the first quarter. So you're going to see that impact hitting us in the second quarter fully. APRIL 29, 2022 / 12:00PM, MG.TO - Q1 2022 Magna International Inc Earnings Call 14 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Colin M . Langan - Wells Fargo Securities, LLC, Research Division - Senior Equity Analyst So you did 5 . 3 % margins in the first quarter, but the guidance for the year is 5 % to 5 . 4 % , so not much of a change . Volume for the market is supposed to improve in the second half . The inflationary factors are moderating in the second half . So why not margin improvement in the second half with those benefits? What's offsetting that? Seetarama Swamy Kotagiri - Magna International Inc . - CEO & Director If you look at some of the impacts that we're seeing in first quarter kind of started towards the end of the first quarter . So before we start seeing an upswing, hopefully, on the second half of the year, I think there is -- the second quarter still to reckon with all that's happening, I would say . Louis Tonelli - Magna International Inc . - VP of IR Yes, Yes, second half should be better . So the second quarter, (inaudible) first . Colin M . Langan - Wells Fargo Securities, LLC, Research Division - Senior Equity Analyst Okay . And then just you're slightly below IHS now . What are you seeing that's making you more cautious? And any color, in particular, on the semiconductor supply from your visibility? I mean seems like it's still holding in for improving in the second half . Do you see anything different? Seetarama Swamy Kotagiri - Magna International Inc . - CEO & Director Yes . I think we started the year assuming continued constraints on the semiconductor supply . We still think -- the constraints will stay throughout ' 22 but definitely improve in the second half of the year relative to the first, right? I think we can reasonably say that, although we are expecting improvement going forward, the level of progression we were expecting has slipped a little . And there's really no slack in the supply chain, so any small disruption can put the production behind . Again, so it's something that we have to still continue, and we do continue to monitor it carefully . And there have been a few disruptions . If you see the earthquake in Japan, the zero COVID policy in China and so on . So the conditions are still pretty fluid . Louis Tonelli - Magna International Inc . - VP of IR Yes . And on the volume side, I don't think we're very far off . But I think Russia, our view on Russia versus IHS aren't quite aligned . So I think that's part of the difference . Operator And our next question comes from the line of James Picariello of BNP Paribas Exane . James Albert Picariello - BNP Paribas Exane, Research Division - Research Analyst Within complete vehicles, just curious how Steyr is managing the current supply chain environment? Is the storyline very similar to other OEMs with respect to semi supply challenges and all the mitigation efforts put in place over the last 2 years? APRIL 29, 2022 / 12:00PM, MG.TO - Q1 2022 Magna International Inc Earnings Call 15 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Seetarama Swamy Kotagiri - Magna International Inc . - CEO & Director Yes . James . I don't think there would be any different, like we are putting the full vehicle assembly operation there, but we work where we are responsible to look at the logistics and the supply chain and also working with the OEMs in this case . So I would say it's no different than what we are doing with the rest of the product lines . James Albert Picariello - BNP Paribas Exane, Research Division - Research Analyst So is there an element of the sourcing running through the OEM and indirectly reaching you guys? Or I don't know if that's what you were trying to get at? Seetarama Swamy Kotagiri - Magna International Inc . - CEO & Director Yes . In some of the cases, the OEMs actually manage -- the chips are some of the products that they would be buying and passing it through to our complete vehicle assembly . James Albert Picariello - BNP Paribas Exane, Research Division - Research Analyst Got it . Okay . So if most OEMs are saying second half improvement, there's no reason to think that Steyr wouldn't also be in the same cap? Understood . Seetarama Swamy Kotagiri - Magna International Inc . - CEO & Director So it's not -- I would say it's not specific to Steyr only . It is to all our product lines because we have various touch points with the customers as we deal with them . Steyr happens to be from a complete vehicle assembly perspective . James Albert Picariello - BNP Paribas Exane, Research Division - Research Analyst Yes, that makes sense . And then just on electrification, you have 2 full quarters now of the LG powertrain JV fully operational . Is there any update to the JV's prospects, the trajectory -- the 50 % CAGR trajectory just based on what both sides you bring to the table, in 3 months, it will be a 1 - year anniversary somehow . Seetarama Swamy Kotagiri - Magna International Inc . - CEO & Director Yes . I would say we are still on track and on line to reiterate the 50 % CAGR that we talked about . But James, I would still say it's pretty early, right? This was done with the intent of a long - term strategy . But yes, we're still on track for the 50 % that we talked about in the outlook period . Operator Our next question comes from the line of Rod Lache of Wolfe Research . Shreyas Patil - Wolfe Research, LLC - Research Analyst This is Shreyas Patil on for Rod . I just wanted to come back to the question on the energy spend . If I looked at your sustainability report from 2020 , which was the last one I was able to find, I believe in there, you mentioned that your global electricity spend was something like $ 314 million . So if I'm doing the math on the incremental $ 290 million, and I think you mentioned about 50 % was tied to energy . That's $ 145 million . I mean is it right to say, therefore, that your energy spend is up something like 50 % ? Or is that not the right baseline? APRIL 29, 2022 / 12:00PM, MG.TO - Q1 2022 Magna International Inc Earnings Call 16 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO Yes . Maybe I think it's a very good analysis . When we're talking about energy costs, what we've included in that number includes energy charges that are being passed through to us in the form of surcharges from our sub - suppliers . So our -- the baseline on the -- that we're using on the electricity side makes sense . What we're also including in that number would be nat - gas, oil, basically, and surcharges . So we do have much more increases rather than just electricity included in that number you mentioned . Shreyas Patil - Wolfe Research, LLC - Research Analyst Okay . Understood . Seetarama Swamy Kotagiri - Magna International Inc . - CEO & Director I think important and also you've got to look at the sales that you might have had in 2020 versus the sales we are having now could be different and also just not electricity, but gas and others, like Pat mentioned . Shreyas Patil - Wolfe Research, LLC - Research Analyst Okay . Understood . And then just to clarify on the lost revenue in Russia, I mean, is there -- is it right that we should be assuming kind of like a typical decremental margin on that? Or would it be more so because the plants are completely idle at this point? I just wanted to clarify that . Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO We're not going to comment specifically on 1 country, to be honest . It's -- the decremental, we have $ 400 million of sales . I think Chris's back - the - envelope calculation probably wasn't far off from earlier . But it's not a normal situation, but I wouldn't say it's material -- materially going to be different one way up or down . Operator And our next question comes from the line of Brian Johnson of Barclays . Brian Arthur Johnson - Barclays Bank PLC, Research Division - MD & Senior Equity Analyst Yes . I want to talk -- I don't want to get into the 290 and plus and minuses, but more want to get your discussion of the managerial processes that you're pursuing to make sure that the offsets because you did say the $ 290 million was a net number . And I'm really kind of thinking about 3 levels of Magna, just given how solid an operator you've been over the years . First, how, given your profit setter goals at the plant manager levels, do those individuals get involved in those discussions . Two, given the OEMs will be serving will be served by multiple of your plans across multiple of our product lines, how does that come up the segment? And in particular, that Vince and (inaudible) getting involved in those discussions . Are you writing like a program management office around inflationary input costs? And then third, when you talk about the contracts going forward, we did have 1 supplier earlier who had extensive operations in Brazil, talked about perhaps going to the South American model of just indexing everything, wages, freight, food in the cafeteria and then sitting down with OEMs on a monthly basis and getting recoveries . And when you talk about new contract forms going forward, would there be any movement to embedding Cola type increases across a variety of factors? APRIL 29, 2022 / 12:00PM, MG.TO - Q1 2022 Magna International Inc Earnings Call 17 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Seetarama Swamy Kotagiri - Magna International Inc . - CEO & Director Brian, great question . If you look at some of the operational activities that you talked about, from a plant or division level, obviously, there is a inherent tactical focus on an everyday basis . As we continue to work through the uncertainties that we're all talking about, each of the product line has that highly focused approach from a what's happening at every division and what does it mean to their product line . But it just doesn't stop there like we did in -- over the last 2 years, when there is an industry - wide variable like we're talking, whether it's commodity or freight or inflation, we as a management team, with all the group leadership and Magna leadership, go through this on a monthly basis at the minimum . And if there is some other topics that do come up, the senior leaders take a Magna - wide approach so that there is lessons learned and how we share across . Now talking about the coding, obviously, you cannot do a black and white, turn the switch on and off, but we continue our discussions with customers at various levels are almost on a daily basis and their ongoing discussions there . I would say they're open and transparent . Some of them are tough, and we bring the data in the rationale, and we will continue to stay focused on it to close all the items that we have . Going forward, though, I think I've said this a couple of times today, we will try to reflect the new economics in our primary markets in North America and Europe, inflation has been stable and modest for a long time as an example . But now it's high, and we have had some success in securing recoveries related to inflation, including with some of our global customers . Now that's a little bit different in the environment in these primary markets . We are looking at different arrangements going forward to see how we can recover the increased costs . So it's a mix of things . They're tactical and every day plus the strategic view of how to incorporate some of these in the framework going forward . Operator And our final question comes from the line of Michael Glen of Raymond James . Michael W. Glen - Raymond James Ltd., Research Division - Equity Research Analyst Just on the overall margin reduction, can you just give a characterization how much of the decrease related to your European business versus your North American business? Patrick W. D. McCann - Magna International Inc. - Executive VP & CFO Mike, it's Pat . I wouldn't say we don't report on a geographic basis to be fair . So I think the analysis we focus on reflects the way we're managing the business, which is by our product categories . And I think that's fully reflected in the in the numbers . Louis Tonelli - Magna International Inc. - VP of IR Volumes are down pretty significantly in Europe, and a lot of the energy is Europe related . So there's -- it's hard to quantify that impact . There's a fair chunk of it . I think that's a European impact . Michael W. Glen - Raymond James Ltd., Research Division - Equity Research Analyst Okay . And then just overall, can you characterize like in terms of what you're seeing communicated from your customers in Europe versus your customers in North America, just how different are the environments and the outlook progressing? APRIL 29, 2022 / 12:00PM, MG.TO - Q1 2022 Magna International Inc Earnings Call 18 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Patrick W. D. McCann - Magna International Inc. - Executive VP & CFO Sorry, Mike, in what sense what do you mean exactly, sorry? Michael W. Glen - Raymond James Ltd., Research Division - Equity Research Analyst Like how bad is Europe relative to North America? Patrick W . D . McCann - Magna International Inc . - Executive VP & CFO I think our outlook from February to where we are today, I would say Europe is struggling more than North America more broadly on an industry, not necessarily just a Magna issue . So if you think of the -- the most significant impact that's happened in the quarter is obviously the invasion of Ukraine . And Western Europe -- so when you think about volume guidance in Europe broadly, we've taken out 100 % of volumes in Russia for our customers for the balance of 2022 . So that's a Russia -- that's a European impact . The second disproportionate impact that's happening with Europe versus North America is the supply chain issues, primarily on product coming out of Ukraine disproportionately hits our European customers as well . So you'll see that's the second hit to volumes that we've taken in Europe relative to North America . We did take volumes down somewhat in North America, but to a much lesser extent . The third piece, I would say, on the input side is the input costs are disproportionately hitting Europe, primarily on the energy side . And again, that's driven to a great extent by the energy -- Western Europe -- Germany and Austria, in particular, relying on their energy from Russia . Operator And there are no further questions in the queue . Mr . Kotagiri, I'll now turn the call back to you . Please continue . Seetarama Swamy Kotagiri - Magna International Inc . - CEO & Director Thanks, everyone, for listening in to say the least challenging times, but we remain focused on managing the aspects under our control and investing to position us for the future . Enjoy the rest of the day, and hope to see most of you on May 10 . Thank you . Operator And that does conclude today's presentation . We do thank you for your participation and ask that you please disconnect your lines . Have a great rest of the day and a great weekend, everyone . DISCLAIMER Refinitiv reserves the right to make changes to documents, content, or other information on this web site without obligation to notify any person of such changes . In the conference calls upon which Event Transcripts are based, companies may make projections or other forward - looking statements regarding a variety of items . Such forward - looking statements are based upon current expectations and involve risks and uncertainties . Actual results may differ materially from those stated in any forward - looking statement based on a number of important factors and risks, which are more specifically identified in the companies' most recent SEC filings . Although the companies may indicate and believe that the assumptions underlying the forward - looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the forward - looking statements will be realized . THE INFORMATION CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS . IN NO WAY DOES REFINITIV OR THE APPLICABLE COMPANY ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY EVENT TRANSCRIPT . USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S CONFERENCE CALL ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS . © 2022 , Refinitiv . All Rights Reserved . APRIL 29, 2022 / 12:00PM, MG.TO - Q1 2022 Magna International Inc Earnings Call 19 REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us ©2022 Refinitiv. All rights reserved. Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

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