On this page of StockholderLetter.com we present the latest annual shareholder letter from AMERICAN AXLE & MANUFACTURING HOLDINGS INC — ticker symbol AXL. Reading current and past AXL letters to shareholders can bring important insights into the investment thesis.
ANNUAL REPORT 2025 A
ABOUT US Dauch Corporation (formerly American Axle & Manufacturing Holdings, Inc.) is a premier Driveline and Metal Forming supplier serving the global automotive industry with a powertrain-agnostic product portfolio supporting electric, hybrid and internal combustion vehicles that is headquartered in Detroit, Michigan. As a result of the acquisition of Dowlais Group plc and its subsidiaries GKN Automotive and GKN Powder Metallurgy in early 2026, the company now has operations that span 24 countries and more than 175 locations. Visit www.dauch.com to learn more. A
2025 FINANCIAL HIGHLIGHTS $5.8B SALES $743M ADJUSTED EBITDA* $412M CASH PROVIDED BY OPERATING ACTIVITIES DEAR SHAREHOLDERS: 2025 has been a very memorable year as we began a journey to transform American Axle & Manufacturing Holdings, Inc. (AAM) to be bigger, better and stronger through our acquisition of Dowlais Group PLC (Dowlais), which we closed on February 3, 2026. In addition, we simultaneously remained focused on performance as we navigated the shifts in global trade policy and consumer powertrain preferences. We focused on managing factors under our control and relying on our resilient and proven business model that emphasizes operational excellence, disciplined cost control, quality, technology leadership and a predominantly region-forregion manufacturing footprint. As a result, Adjusted EBITDA margin improved significantly compared to the previous year. AAM concluded 2025 with $5.8 billion in sales, $743 million in Adjusted EBITDA and generated operating cash flow of $412 million. * Adjusted EBITDA is a non-GAAP measure. Refer to section entitled Reconciliation of Non-GAAP and GAAP Information in our Form 10-K included in this Annual Report for the definition and reconciliation. A
At AAM, we continue to look to the future and take necessary steps for long-term profitable growth. In early 2025, we announced our acquisition of Dowlais and its subsidiaries, GKN Automotive and GKN Powder Metallurgy. Dowlais market leading product portfolio in sideshafts and sinter metals is highly complementary to AAM s strength in beam axles and forging products. With the closing of the acquisition, we have created a global Tier 1 Driveline and Metal Forming supplier with tremendous product breadth and depth, as well as significant size and scale to support our customers globally and better navigate market volatility. From a diversification standpoint, the combination is expected to benefit greatly from a more balanced customer mix and geographic presence. This is led by our North America large truck and SUV driveline systems and our global sideshaft products. The acquisition is creating a more resilient company supported by $300 million in expected synergies and robust cash-flow-generation potential. From a market perspective, AAM managed through last year s trade and emissions policy changes and supported our customers as they satisfy shifting consumer demand. That stated, the current policy landscape supports internal combustion engine (ICE) longevity in North America, especially with full-size trucks. Scout Traveler SUV A This is a positive for AAM, and given the backdrop, we have seen volume extensions on multiple programs that we support as original equipment manufacturers (OEMs) evaluate their respective long-range capital, plant loading and product plans. Upon policy stabilization, we anticipate enhanced quoting activity on new programs in the coming years. We continued to win numerous component programs throughout 2025, received many inquiries about potential component onshoring to the U.S. due to trade policies, and captured a signature win to supply front electric drives and rear electric beam axles for Scout Motors much-anticipated launch of the all-new Scout Traveler SUV and Scout Terra truck. Our longer-term view is that ICE, Hybrid and Electric propulsion systems will coexist for many years with differing adoption rates by segment and by region, and we have an agnostic product portfolio to support these powertrains.
At AAM, we understand that sustainability is especially important, and our success depends on a strong connection to the environment and to our Associates. Environmentally, AAM has multiple global commitments that support key areas such as net-zero emissions, renewable energy and zero waste-to-landfill. In addition, AAM s focus on talent attraction, development and retention includes efforts such as Associate Resource Groups (ARGs), which are based on shared experiences, characteristics or backgrounds. These groups are designed to promote a sense of inclusion, provide support, enhance career development and contribute personal growth inside and outside of AAM. Year over year, we strive to make a positive impact in the communities we serve across the globe and look forward to sharing additional information with you when we publish our 2025 Sustainability Report in the Spring of 2026. With this new chapter, we changed our name to Dauch Corporation ( Dauch ) on January 26, 2026. Additionally, we started trading under the ticker symbol DCH on both the New York and London Stock Exchanges in early February 2026. The new name represents clarity, confidence, and a commitment to performance with a legacy of leadership that has helped shape engineering and manufacturing in the automotive industry. It represents a responsibility to our stakeholders, a dedication to operational excellence, and a willingness to take bold steps as we strive to exceed today s standards and capitalize on tomorrow s potential. That stated, we are eager to get to work for you, our shareholders, and further build upon the strong legacies of AAM and Dowlais and now unified under the Dauch brand. As we enter 2026, our aim is to build sustained long-term shareholder value evident by our transformational Dowlais acquisition. As we focus on the integration of the two companies, the excitement is building around synergy potential and what AAM can be in the next several years. We will take the best of Dowlais and AAM and further cement our foundation based on technology leadership, operational excellence and quality. THANK YOU FOR YOUR CONTINUED SUPPORT AND PARTNERSHIP, A We are Built to Perform. DAVID C. DAUCH Chairman & Chief Executive Officer
 • shareholder letter icon 3/19/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/23/2023 AXL Stockholder Letter
 • stockholder letter icon 3/21/2024 AXL Stockholder Letter
 • stockholder letter icon 3/20/2025 AXL Stockholder Letter
 • stockholder letter icon More "Miscellaneous" Category Stockholder Letters
 • Benford's Law Stocks icon AXL Benford's Law Stock Score = 99


AXL Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT 2025
A

ABOUT US
Dauch Corporation (formerly American Axle & Manufacturing Holdings, Inc.) is a premier
Driveline and Metal Forming supplier serving the global automotive industry with a
powertrain-agnostic product portfolio supporting electric, hybrid and internal combustion
vehicles that is headquartered in Detroit, Michigan. As a result of the acquisition of Dowlais
Group plc and its subsidiaries     GKN Automotive and GKN Powder Metallurgy     in early 2026,
the company now has operations that span 24 countries and more than 175 locations.
Visit www.dauch.com to learn more.
A

2025 FINANCIAL
HIGHLIGHTS
$5.8B
SALES
$743M
ADJUSTED EBITDA*
$412M
CASH PROVIDED BY
OPERATING ACTIVITIES
DEAR SHAREHOLDERS:
2025 has been a very memorable year as we began a journey to
transform American Axle & Manufacturing Holdings, Inc. (AAM) to
be bigger, better and stronger through our acquisition of Dowlais
Group PLC (Dowlais), which we closed on February 3, 2026. In
addition, we simultaneously remained focused on performance
as we navigated the shifts in global trade policy and consumer
powertrain preferences. We focused on managing factors under
our control and relying on our resilient and proven business model
that emphasizes operational excellence, disciplined cost control,
quality, technology leadership and a predominantly region-forregion manufacturing footprint. As a result, Adjusted EBITDA
margin improved significantly compared to the previous year. AAM
concluded 2025 with $5.8 billion in sales, $743 million in Adjusted
EBITDA and generated operating cash flow of $412 million.
* Adjusted EBITDA is a non-GAAP measure. Refer to section entitled    Reconciliation of
Non-GAAP and GAAP Information    in our Form 10-K included in this Annual Report for the
definition and reconciliation.
A

At AAM, we continue to look to the future and take necessary
steps for long-term profitable growth. In early 2025, we
announced our acquisition of Dowlais and its subsidiaries,
GKN Automotive and GKN Powder Metallurgy. Dowlais    market
leading product portfolio in sideshafts and sinter metals is
highly complementary to AAM   s strength in beam axles and
forging products. With the closing of the acquisition, we have
created a global Tier 1 Driveline and Metal Forming supplier with
tremendous product breadth and depth, as well as significant
size and scale to support our customers globally and better
navigate market volatility. From a diversification standpoint, the
combination is expected to benefit greatly from a more balanced
customer mix and geographic presence. This is led by our North
America large truck and SUV driveline systems and our global
sideshaft products. The acquisition is creating a more resilient
company supported by $300 million in expected synergies and
robust cash-flow-generation potential.
From a market perspective, AAM managed through last
year   s trade and emissions policy changes and supported
our customers as they satisfy shifting consumer demand.
That stated, the current policy landscape supports internal
combustion engine (ICE) longevity in North America, especially
with full-size trucks.
Scout   Traveler    SUV
A
This is a positive for AAM, and given the backdrop, we have
seen volume extensions on multiple programs that we support
as original equipment manufacturers (OEMs) evaluate their
respective long-range capital, plant loading and product plans.
Upon policy stabilization, we anticipate enhanced quoting
activity on new programs in the coming years. We continued
to win numerous component programs throughout 2025,
received many inquiries about potential component onshoring
to the U.S. due to trade policies, and captured a signature win
to supply front electric drives and rear electric beam axles for
Scout Motors    much-anticipated launch of the all-new Scout  
Traveler    SUV and Scout   Terra    truck. Our longer-term view
is that ICE, Hybrid and Electric propulsion systems will coexist
for many years with differing adoption rates by segment and
by region, and we have an agnostic product portfolio to support
these powertrains.

At AAM, we understand that sustainability is especially
important, and our success depends on a strong connection to
the environment and to our Associates. Environmentally, AAM
has multiple global commitments that support key areas such as
net-zero emissions, renewable energy and zero waste-to-landfill.
In addition, AAM   s focus on talent attraction, development and
retention includes efforts such as Associate Resource Groups
(ARGs), which are based on shared experiences, characteristics
or backgrounds. These groups are designed to promote a sense
of inclusion, provide support, enhance career development and
contribute personal growth inside and outside of AAM. Year over
year, we strive to make a positive impact in the communities we
serve across the globe and look forward to sharing additional
information with you when we publish our 2025 Sustainability
Report in the Spring of 2026.
With this new chapter, we changed our name to Dauch
Corporation (   Dauch   ) on January 26, 2026. Additionally, we
started trading under the ticker symbol    DCH    on both the New
York and London Stock Exchanges in early February 2026. The
new name represents clarity, confidence, and a commitment to
performance with a legacy of leadership that has helped shape
engineering and manufacturing in the automotive industry. It
represents a responsibility to our stakeholders, a dedication
to operational excellence, and a willingness to take bold steps
as we strive to exceed today   s standards and capitalize on
tomorrow   s potential. That stated, we are eager to get to work for
you, our shareholders, and further build upon the strong legacies
of AAM and Dowlais and now unified under the Dauch brand.
As we enter 2026, our aim is to build sustained long-term
shareholder value evident by our transformational Dowlais
acquisition. As we focus on the integration of the two companies,
the excitement is building around synergy potential and what
AAM can be in the next several years. We will take the best of
Dowlais and AAM and further cement our foundation based on
technology leadership, operational excellence and quality.
THANK YOU FOR YOUR CONTINUED SUPPORT AND PARTNERSHIP,
A
We are Built to Perform.
DAVID C. DAUCH
Chairman & Chief Executive Officer


shareholder letter icon 3/19/2026 Letter Continued (Full PDF)
 

AXL Stockholder/Shareholder Letter (AMERICAN AXLE & MANUFACTURING HOLDINGS INC) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.