First Quarter 2022 Earnings Presentation

Thursday, May 5, 2022

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Non-GAAP Financial Measures

In this presentation, certain non-GAAP financial measures may be used. Except as otherwise disclosed herein, reconciliations of non-GAAP financial measures to the most directly comparable
GAAP financial measure may be found at the end of this presentation. Additional information is available at www.horizonglobal.com.
1. The Company’s management utilizes Adjusted EBITDA as the key measure of company and segment performance and for planning and forecasting purposes, as management believes this measure is most
reflective of the operational profitability or loss of the Company and its operating segments and provides management and investors with information to evaluate the operating performance of its business and is
representative of its performance used to measure certain of its financial covenants. Adjusted EBITDA should not be considered a substitute for results prepared in accordance with U.S. GAAP and should not be
considered an alternative to net income attributable to Horizon Global, which is the most directly comparable financial measure to Adjusted EBITDA that is prepared in accordance with U.S. GAAP. Adjusted
EBITDA, as determined and measured by Horizon Global, should also not be compared to similarly titled measures reported by other companies. The Company also uses operating income (loss) to measure
stand alone segment performance. Adjusted EBITDA is defined as net income (loss) attributable to Horizon Global before interest expense, income taxes, depreciation and amortization, and before certain items,
as applicable, such as severance, restructuring, relocation and related business disruption costs, gains (losses) on debt extinguishment, impairment of goodwill and other intangibles, non-cash stock
compensation, certain product liability and litigation claims, acquisition and integration costs, gains (losses) on business divestitures and other assets, debt issuance costs, board transition support and non-cash
unrealized foreign currency remeasurement costs.
2. "Adjusted EBITDA Margin" defined as Adjusted EBITDA as a percentage of net sales.
3. We evaluate results in our operations on both an as reported basis and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in
foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results, consistent with how we evaluate our performance.
Constant currency revenue results are calculated by translating current period revenue in local currency using the prior period’s currency conversion rate. This non-GAAP measure has limitations as an analytical
tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP. Our use of this term may vary from the use of similarly-titled measures by other issuers due
to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation.
4. "Working Capital" defined as "total current assets" excluding "cash, cash equivalents and restricted cash", less "total current liabilities" excluding "current maturities, long-term debt" and "short-term operating
lease liabilities".
5. "Cash and Availability" refers to "cash and cash equivalents" and amounts of cash accessible but undrawn from credit facilities.
6. "Free Cash Flow" defined as "net cash provided by (used for) operating activities for continuing operations" less "capital expenditures".
7. “Gross Profit Margin” refers to “gross profit” as a percentage of “net sales”.
8. "Net Leverage Ratio" (or net debt to Consolidated EBITDA) is a non-GAAP measure of the use of debt. Net leverage ratio is determined as "gross debt" less "cash and cash equivalents" (limited by certain
restrictions given under the Company's term loan credit agreement) as a percentage of Consolidated EBITDA.
9. "Consolidated EBITDA" defined as “Consolidated EBITDA” in the Company's term loan agreement, is a comparable measure to how the Company assesses performance. The definition of Consolidated EBITDA
limits the amount of non-recurring expenses or costs including restructuring, moving and severance that can be excluded to $10 million in any cumulative four fiscal quarter period. Similarly, the definition limits
the amount of fees, costs and expenses incurred in connection with any proposed asset sale, offering of equity interests or any indebtedness, lender agent fees, and fees in connection with the maintenance
and/or forgiveness of the PPP Loan, in aggregate, that can be excluded to $8 million in any cumulative four fiscal quarter period.

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Forward-Looking Statements
This presentation may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking
statements speak only as of the date they are made and give our current expectations or forecasts of future events. These forward-looking statements
can be identified by the use of forward-looking words, such as “may,” “could,” “should,” “estimate,” “project,” “forecast,” “intend,” “expect,” “anticipate,”
“believe,” “target,” “plan” or other comparable words, or by discussions of strategy that may involve risks and uncertainties. These forward-looking
statements are subject to numerous assumptions, risks and uncertainties which could materially affect our business, financial condition or future results
including, but not limited to, risks and uncertainties with respect to: the impact of the COVID-19 pandemic on the Company’s business, results of
operations, financial condition and liquidity, including, without limitation, supply chain and logistics issues and inflationary pressures; liabilities and
restrictions imposed by the Company’s debt instruments, including the Company’s ability to comply with the applicable financial covenants related
thereto; market demand; competitive factors; supply constraints and shipping disruptions; material, logistics and energy costs, including the increased
material costs resulting from the COVID-19 pandemic; inflation and deflation rates; the impact the conflict between Russia and Ukraine has on our
business, financial condition or future results, including the duration and scope of such conflict, its impact on disruptions and inefficiencies in our supply
chain and our ability to procure certain raw materials; technology factors; litigation; government and regulatory actions including the impact of any tariffs,
quotas, or surcharges; the Company’s accounting policies; future trends; general economic and currency conditions; various conditions specific to the
Company’s business and industry; the success of the Company’s action plan, including the actual amount of savings and timing thereof; the success of
the Company’s business improvement initiatives in Europe-Africa, including the amount of savings and timing thereof; the Company’s exposure to
product liability claims from customers and end users, and the costs associated therewith; factors affecting the Company’s business that are outside of
its control, including natural disasters, pandemics, including the current COVID-19 pandemic, accidents and governmental actions; and other risks that
are discussed in Part I, Item 1A, “Risk Factors.” in the Company’s Annual Report on Form 10-K for the twelve months ended December 31, 2021. The
risks described in the Company’s Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently
known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations
or cash flows. The cautionary statements set forth above should be considered in connection with any subsequent written or oral forward-looking
statements that we or persons acting on our behalf may issue. We caution readers not to place undue reliance on forward-looking statements, which
speak only as of the date of this presentation. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or
how they may affect the Company. We do not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly
any revisions to any forward-looking statement to reflect events or circumstances after the date of this presentation or to reflect the occurrence of
unanticipated events, except as otherwise required by law.

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Company Snapshot
Mission: Engage our employees, connect with our users, and create shareholder value
Vision: Empowering people to LIVE, WORK, PLAY
COMPANY
Horizon Global is the leading designer, manufacturer and
distributor of a wide variety of high-quality, custom-
engineered towing, trailering, cargo management and other
related accessory products in North America and Europe.
Serving aftermarket, OEMs, retailers, dealer networks and
the end consumer as the category leader in the automotive,
leisure and agricultural market segments.
PRODUCTS LOCATIONS
Horizon Global is a market leader in the following Horizon Global’s corporate headquarters is located
product categories: Receiver Hitches, Towing in Plymouth, MI. The company has 3,800 employees
Accessories, Heavy Duty Towing, Brake Controllers across 13 countries.
and Wiring, T-Connectors, Cargo Management,
Jacks, Winches, Couplers, Trailer Accessories, and
Lighting.
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Overview
Consolidated
 Q1 2022 Net sales of $180.9 million, down $18.3 million from Q1 2021
 Q1 2022 Gross profit of $20.2 million, down $20.4 million from Q1 2021
 Q1 2022 Gross profit margin of 11.2% compared to Q1 2021 gross profit margin of 20.4%
 Q1 2022 Adjusted EBITDA of $(6.6) million, a decrease of $19.3 million from Q1 2021
 Q1 2022 Adjusted EBITDA Margin of (3.7)% compared to Q1 2021 Adjusted EBITDA Margin of 6.4%

Americas
 Net sales down $(7.9) million, including volume impact of ~$(21.6) million, partially offset with pricing recoveries of $12.6 million
 Delayed sales of ~$20.0 million on higher margin non-OE booked orders due to material availability
 Strong open order book of $58.7 million at end of Q1 2022
 Material costs increased $18.5 million from Q1 2021, including 134.0% increase in freight
 Continue to achieve pricing recoveries with full run rate recognition on one- to two-quarter lag and to be realized in 2022
 Input costs down from 2H 2021 peaks
 Inventory growth of $41.7 million from Q1 2021; positioned to meet seasonal needs, as well as optimize working capital and unlock free cash flow in 2H 2022

Europe-Africa
 Net sales down $(10.5) million, including volume impact of ~$(11.1) million and unfavorable currency translation of $(5.7) million, partially offset with pricing
recoveries of $6.5 million
 Sudden cancellations in customer production schedules, driven by interruption of supply of wire harnesses from Ukraine and semiconductor shortages,
impacting both volumes and margin performance unfavorably
 Material costs increased $5.3 million, driven by 29% steel cost increase
 Offset by commercial pricing recoveries of $6.5 million; continued recoveries expected in 2022

Continued Supply Chain Constraints, OEM Production Disruption and

Slower Start to Aftermarket Season Impacted Q1 2022

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Consolidated Net Sales and Adjusted EBITDA Performance Q1 2022 vs Q1 2019 – Q1 2021

$(6.6) Million Q1 2022 Adjusted EBITDA

(3.7)% Adjusted EBITDA Margin

Q1 2022 Negative Performance Driven By:

Volume / Mix ~$14.0 Million Adjusted EBITDA

• Return to Seasonal Order Patterns for Non-OE Channels
• Continued Supply Chain Constraints and Elevated Material Costs
• Sudden OE Customer Interruptions

Pricing Recovery ~$5.0 Million Adjusted EBITDA

• Lag in Pricing Recognition

Performance Impacted by Supply Chain Constraints, OEM Production Disruption and

Slower Start to Aftermarket Season

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Horizon Europe-Africa Customer Disruptions

Global Semiconductor Shortage Q1 2022 Supply Chain

Constraints Impacting Volumes
and Margins

• Peak of 17 customer assembly

plants with some production
disruption attributable to Ukraine war
and semiconductor shortages
• Europe-Africa Q1 2022 net sales
negatively impacted by ~$9.0 million;
Adjusted EBITDA negatively
impacted by ~$3.0 million
• Unpredictable Europe-Africa
Russia-Ukraine War customer ordering patterns
aggravated by inability to fully flex
production costs

Sudden Customer Production Disruptions Resulting in Negative Performance Impact

Majority of Customer Facilities Back Online with Demand Levels Expected to Increase Throughout 2022
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Average Quarterly Cost of Steel

Q1 2022 North American Steel

Costs Softening
• Impact on performance generally
on a one- to two-quarter lag
• Steel costs in North America
expected to remain stabilized at a
lower cost through 2022 as
compared to 2021 peaks

Moderation in Steel Price Inflation, Coupled with Pricing Recovery,

Expected to Positively Impact Performance Throughout 2022
CRU & MEPS price per ton data based on steel indices used in Horizon Americas and Horizon Europe-Africa, respectively

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Horizon Americas Freight Costs Q1 2022 Average Freight Costs Favorable

vs 2H 2021 Spikes
• Impact on performance generally on a one-
quarter lag
• Rebalancing efforts with alternative port
implementation has led to positive results in
container costs and transit times
• Significant decrease in diversions through Q1
2022

2022 Average Freight Costs

Softening Compared to 2H 2021 Peak
• Average container rates in Q1 2022 increased by
134% over Q1 2021 due to global constraints
persisting
• Base container rates projected to remain around
current Q1 levels throughout 2022
• Executed first phase of port rebalance strategy
and reduced diversions

Americas Average Freight Costs Expected to Remain Favorable to 2H 2021 Peak,

Expected to Positively Impact Performance Throughout 2022
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Inventories and Net Sales Americas and Europe-Africa Q1 2021 Through Q1 2022

• Non-OE pricing implemented; cost recovery generally on a one- to two-

• Americas inventory at Q1 2022 increased over Q1 2021 due to return to
quarter lag
seasonal order patterns impacting higher margin non-OE products
• OE negotiations ongoing; expect to realize recovery throughout 2022
• Inventory levels to taper off during selling season through heightened
• Americas Q1 2022 net sales throttled by ~$20.0 million due to material
sales and reduced purchases
availability and return to seasonal ordering patterns
• Strong position to support seasonal customer demand resulting in
• Europe-Africa Q1 2022 net sales negatively impacted by supply chain
positive impact on working capital in 2H 2022
constraints and customer production disruptions of ~$9.0 million

Anticipated Q2-Q3 Seasonal Demand Expected to Result in Reduction of Inventory Throughout 2022

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Consolidated Financial Performance – Q1 2022

(Unaudited - dollars in millions)

Net Sales Gross Profit Margin Adjusted EBITDA

Adjusted EBITDA Margin

6.4% (3.7)%

(920) bps vs Q1 2021

(9.2)% vs Q1 2021
Supply chain headwinds and (1010) bps Adjusted EBITDA Margin
Supply chain constraints negatively
commodity pricing pressures driving vs Q1 2021
impacted net sales
performance

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Segment Performance – Q1 2022

(Unaudited - dollars in millions)

Americas Europe-Africa
Net Sales Adjusted EBITDA Net Sales Adjusted EBITDA

Adjusted EBITDA Margin 11.7% (2.2)% Adjusted EBITDA Margin 6.0% 1.9%

(7.2)% Net Sales vs Q1 2021 (11.7)% Net Sales vs Q1 2021

Seasonal Shift of Higher Margin Non-OE OE Disruptions Resulting in Lower Volumes
Impacting Performance and Negative Operational Performance
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Working Capital, Liquidity and Free Cash Flow

(Unaudited - dollars in millions)

Working Capital Cash & Availability Free Cash Flow

$63.4

$47.4
$39.2

Working Capital and Free Cash Flow Impacted by Return to Seasonal Order Patterns,
Unfavorable Material Costs and Supply Constraints of Critical Components
Current Inventory Levels Sufficient to Meet Anticipated Seasonal Demand
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Gross Debt Capital Structure

(Unaudited - dollars in millions)

February 2022 Financing

Senior Term Loan Amendment -

$35.0 million Proceeds From
Existing Delayed Draw Term
Loan Facility

Preferred Share Commitment

Letter For Up to $40.0 million
Series B Preferred Stock;
Remains Unissued

Financing In Place To Repay Convertible Notes At July 1, 2022 Maturity

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Summary and Looking Ahead

Continued Supply Chain Constraints and Sudden Customer Interruptions
 OE volumes down in Q1 2022 due to supply chain disruptions (e.g., semiconductors) and Russia-Ukraine war
 Market recovery for global OEM production projected with margin improvement opportunities for remainder of 2022

Return to Seasonal Order Patterns

 Non-OE ordering patterns shifting to historical seasonality
 Favorable volume impact expected during selling season due to aftermarket, retail and e-commerce channel concentration
 Strong open order book of $58.7 million remained at end of Q1 2022
 Procurement realignment ongoing due to shift in season
 Inventory reduction expected throughout 2022 via meeting customer demand with current inventory position

Upcoming Pricing Recovery from Lag in Recognition

 Non-OE Pricing actions implemented in 2021 and 2022; recovery lagging one- to two-quarters with full run rate recognition expected in 2022
 OE negotiations ongoing; expect to realize recovery throughout 2022 with favorable response from many customers
 Continue to proactively address pricing vs inflationary metrics
 Material costs softened in Q1 2022 vs 2H 2021 peak with recognition on one- to two-quarter lag

Actions and Opportunities for Remainder of 2022

 New Europe-Africa executive leadership appointments completed in 2022
 Revised organizational processes and procedures to provide greater forward visibility and forecast accuracy
 Further enhancements to be implemented integral to ERP and third-party logistics introductions in Q3 2022
 Operational flexing to monetize inventory position and optimize working capital levels
 Leverage strong inventory position for continued market penetration
 Accelerate and expand strategic sourcing actions to mitigate supply chain constraints

Supply Chain Constraints Remain

Forward OEM Production Forecasts and Expected Return to Aftermarket Seasonality
Present Opportunities for Remainder of 2022
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Q&A
FIRST QUARTER 2022 EARNINGS

Appendix
FIRST QUARTER 2022 EARNINGS

Condensed Consolidated Statements of Operations

(Unaudited - dollars in thousands, except share and per share amounts) Three Months Ended
March 31,
2022 2021
Net sales $ 180,860 $ 199,190
Cost of sales (160,650) (158,630)
Gross profit 20,210 40,560
Selling, general and administrative expenses (33,770) (33,780)
Operating (loss) profit (13,560) 6,780
Interest expense (7,670) (7,050)
Loss on debt extinguishment of Replacement Term Loan — (11,650)
Other expense, net (5,490) (2,230)
Loss before income tax (26,720) (14,150)
Income tax expense (230) (1,000)
Net loss (26,950) (15,150)
Less: Net loss attributable to noncontrolling interest (270) (340)
Net loss attributable to Horizon Global $ (26,680) $ (14,810)
Net loss per share:
Basic $ (0.98) $ (0.55)
Diluted $ (0.98) $ (0.55)

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Condensed Consolidated Balance Sheets

(dollars in thousands) March 31, 2022 December 31, 2021
Assets (unaudited)
Current assets:
Cash and cash equivalents $ 29,660 $ 11,780
Restricted cash 5,470 5,490
Receivables, net 95,570 80,720
Inventories 178,840 162,830
Prepaid expenses and other current assets 15,180 12,340
Total current assets 324,720 273,160
Property and equipment, net 72,600 71,610
Operating lease right-of-use assets 37,300 37,810
Other intangibles, net 46,860 48,910
Deferred income taxes 1,750 1,750
Other assets 5,270 5,680
Total assets $ 488,500 $ 438,920
Liabilities and Shareholders' Equity
Current liabilities:
Short-term borrowings and current maturities, long-term debt $ 3,670 $ 3,780
Accounts payable 128,710 102,190
Short-term operating lease liabilities 11,210 11,010
Accrued liabilities 49,680 44,870
Total current liabilities 193,270 161,850
Gross long-term debt 339,970 297,070
Unamortized debt issuance costs and discount (27,830) (26,520)
Long-term debt 312,140 270,550
Deferred income taxes 1,650 1,920
Long-term operating lease liabilities 34,290 35,930
Other long-term liabilities 8,800 8,920
Total liabilities 550,150 479,170
Total Horizon Global shareholders' deficit (54,820) (33,690)
Noncontrolling interest (6,830) (6,560)
Total shareholders' deficit (61,650) (40,250)
Total liabilities and shareholders' deficit $ 488,500 $ 438,920

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Condensed Consolidated Statements of Cash Flow

(Unaudited - dollars in thousands) Three Months Ended March 31,
2022 2021
Cash Flows from Operating Activities:
Net loss $ (26,950) $ (15,150)

Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation 3,350 4,200
Amortization of intangible assets 1,270 1,300
Amortization of original issuance discount and debt issuance costs 2,870 2,810
Deferred income taxes (200) 470
Non-cash compensation expense 1,250 860
Loss on debt extinguishment of Replacement Term Loan — 11,650
Paid-in-kind interest — 650
Increase in receivables (16,250) (26,870)
Increase in inventories (17,000) (20,950)
Increase in prepaid expenses and other assets (2,710) (940)
Increase in accounts payable and accrued liabilities 33,350 23,120
Other, net 2,690 600
Net cash used for operating activities (18,330) (18,250)
Cash Flows from Investing Activities:
Capital expenditures (5,000) (3,360)
Net cash used for investing activities (5,000) (3,360)
Continued on Next Slide

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Condensed Consolidated Statements of Cash Flow

(Unaudited - dollars in thousands) Three Months Ended March 31,
Continued from Previous Slide 2022 2021
Cash Flows from Financing Activities:
Proceeds from borrowings on credit facilities $ 1,040 $ 1,530
Repayments of borrowings on credit facilities (1,930) (720)
Proceeds from Senior Term Loan, net of issuance costs 30,900 75,300
Repayments of borrowings on Replacement Term Loan, including transaction fees — (94,940)
Proceeds from Revolving Credit Facility, net of issuance costs 9,170 4,450
Proceeds from issuance of common stock warrants 3,040 16,300
Proceeds from exercise of common stock warrants — 420
Other, net (720) (650)
Net cash provided by financing activities 41,500 1,690
Effect of exchange rate changes on cash, cash equivalents and restricted cash (310) (510)
Cash, Cash Equivalents and Restricted Cash:
Increase (decrease) for the period 17,860 (20,430)
At beginning of period 17,270 50,690
At end of period $ 35,130 $ 30,260
Supplemental disclosure of cash flow information:
Cash paid for interest $ 5,280 $ 7,270
Cash paid for taxes, net of refunds $ 390 $ 530

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Free Cash Flow

(Unaudited - dollars in thousands) 2022
Three Months Ended
March 31
Cash Flows from Operating Activities:
Net cash used for operating activities from continuing operations (18,330)
Cash Flows from Investing Activities:
Capital expenditures (5,000)
Free Cash Flow (23,330)

(Unaudited - dollars in thousands) 2021

Three Months Ended
March 31
Cash Flows from Operating Activities:
Net cash used for operating activities from continuing operations (18,250)
Cash Flows from Investing Activities:
Capital expenditures (3,360)
Free Cash Flow (21,610)

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Segment Adjusted EBITDA – Q1 2019 and Q1 2020

(Unaudited - dollars in thousands) Three Months Ended March 31, 2019 Three Months Ended March 31, 2020
Horizon Horizon Europe- Horizon Horizon Europe-
Americas Africa Corporate Consolidated Americas Africa Corporate Consolidated
Net sales $ 177,670 $ 163,250

Net loss attributable to Horizon Global $ (25,100) $ (16,740)

Net loss attributable to noncontrolling interest (520) (290)
Net loss $ (25,620) $ (17,030)
Interest expense 10,830 8,190
Income tax benefit (270) (10)
Depreciation and amortization 5,210 5,060
EBITDA $ 30 $ (4,640) $ (5,240) $ (9,850) $ 4,940 $ (1,090) $ (7,640) $ (3,790)
Net loss attributable to noncontrolling interest — 520 — 520 — 290 — 290
(Income) loss from discontinued operations, net of tax — — (3,780) (3,780) — — 500 500
Severance 80 (20) — 60 530 20 (10) 540
Restructuring, relocation and related business disruption costs 770 (1,400) — (630) 890 — 110 1,000
Non-cash stock compensation — — 370 370 — — 420 420
Loss (gain) on business divestitures and other assets 530 3,630 — 4,160 360 (180) — 180
Broad transition support — — 690 690 — — — —
Product liability and litigation claims — 4,320 — 4,320 — 1,510 — 1,510
Debt issuance costs — — 1,740 1,740 — — 750 750
Unrealized foreign currency remeasurement costs (230) 1,240 330 1,340 (600) 1,750 380 1,530
Other 210 (110) (100) — — — — —
Adjusted EBITDA $ 1,390 $ 3,540 $ (5,990) $ (1,060) $ 6,120 $ 2,300 $ (5,490) $ 2,930

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Segment Adjusted EBITDA – Q1 2021 and Q1 2022

(Unaudited - dollars in thousands) Three months ended March 31, 2021 Three months ended March 31, 2022
Horizon Horizon Horizon Horizon
Americas Europe-Africa Corporate Consolidated Americas Europe-Africa Corporate Consolidated
Net sales $ 199,190 $ 180,860

Net loss attributable to Horizon Global $ (14,810) $ (26,680)

Net loss attributable to noncontrolling interest (340) (270)
Net loss $ (15,150) $ (26,950)
Interest expense 7,050 7,670
Income tax expense 1,000 230
Depreciation and amortization 5,500 4,620
EBITDA $ 13,200 $ 3,790 $ (18,590) $ (1,600) $ (2,830) $ 610 $ (12,210) $ (14,430)
Net loss attributable to noncontrolling interest — 340 — 340 — 270 — 270
Severance — — — — — — (20) (20)
Restructuring, relocation and related business disruption costs (860) (70) — (930) 60 20 (20) 60
Loss on debt extinguishment — — 11,650 11,650
Non-cash stock compensation — — 860 860 — — 1,250 1,250
Loss (gain) on business divestitures and other assets 240 — — 240 250 (60) 3,160 3,350
Debt issuance costs — — — — — — 1,570 1,570
Unrealized foreign currency remeasurement costs 270 1,290 530 2,090 270 650 410 1,330
Adjusted EBITDA $ 12,850 $ 5,350 $ (5,550) $ 12,650 $ (2,250) $ 1,490 $ (5,860) $ (6,620)

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Consolidated EBITDA
(Unaudited - dollars in thousands) Three Months Ended March 31, Last Twelve Months Ended March 31,
2022 2021 Change 2022 2021 Change
Net loss attributable to Horizon Global $ (26,680) $ (14,810) $ (11,870) $ (43,590) $ (34,630) $ (8,960)
Net loss attributable to noncontrolling interest (270) (340) 70 (1,330) (1,470) 140
Net loss $ (26,950) $ (15,150) $ (11,800) $ (44,920) $ (36,100) $ (8,820)
Interest expense 7,670 7,050 620 28,590 30,540 (1,950)
Income tax expense (benefit) 230 1,000 (770) (930) (570) (360)
Depreciation and amortization 4,620 5,500 (880) 21,120 23,350 (2,230)
EBITDA $ (14,430) $ (1,600) $ (12,830) $ 3,860 $ 17,220 $ (13,360)
Net loss attributable to noncontrolling interest 270 340 (70) 1,330 1,470 (140)
EBITDA attributable to Horizon Global $ (14,160) $ (1,260) $ (12,900) $ 5,190 $ 18,690 $ (13,500)
Adjustments pursuant to Senior Term Loan Agreement:
Losses on sale of receivables 250 230 20 980 1,350 (370)
Debt extinguishment losses — 11,650 (11,650) — 11,650 (11,650)
Non-cash equity grant expenses 1,250 860 390 3,910 3,440 470
Other non-cash expenses or losses (gains) 4,440 2,130 2,310 9,050 (210) 9,260
Lender agent related professional fees, costs, and expenses(a) 10 10 — 180 280 (100)
Non-recurring expenses or costs(b) 1,590 (950) 2,540 3,160 950 2,210
Non-cash losses on asset sales — — — 1,470 20 1,450
Debt extinguishment gains — — — (7,530) — (7,530)
Other — (20) 20 (10) (40) 30
Adjusted EBITDA $ (6,620) $ 12,650 $ (19,270) $ 16,400 $ 36,130 $ (19,730)
Non-recurring expense limitation (a) (b) N/A N/A N/A N/A N/A 6,640
Other — 20 (20) 10 40 (30)
Consolidated EBITDA $ (6,620) $ 12,670 $ (19,290) $ 16,410 $ 36,170 $ (13,120)
(a) Fees, costs and expenses incurred in connection with any proposed asset sale, offering of equity interests or any indebtedness, lender agent fees, and fees in connection with the maintenance and/or
forgiveness of the PPP Loan are not to, in aggregate, exceed $8 million in adjustments in determining Consolidated EBITDA in any four fiscal quarter period.
(b) Non-recurring expenses or costs including restructuring, moving and severance are not to, in aggregate, exceed $10 million in adjustments in determining Consolidated EBITDA in any four fiscal quarter
period.

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Constant Currency Reconciliation

(Unaudited)

The following table reconciles revenue growth to constant currency revenue for the same measure:

Three Months Ended March 31, 2022

Horizon
Horizon Americas Europe-Africa Consolidated
Revenue growth as reported (7.2)% (11.7)% (9.2)%
Less: currency impact —% (6.4)% (2.8)%
Revenue growth at constant currency (7.2)% (5.3)% (6.4)%

We evaluate growth in our operations on both an as reported and a constant currency basis. The constant currency presentation, which
is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant
currency information provides valuable supplemental information regarding our growth, consistent with how we evaluate our
performance. Constant currency revenue results are calculated by translating current year revenue in local currency using the prior
year's currency conversion rate. This non-GAAP measure has limitations as an analytical tool and should not be considered in isolation
or as a substitute for an analysis of our results as reported under GAAP. Our use of this term may vary from the use of similarly-titled
measures by other issuers due to the potential inconsistencies in the method of calculation and differences due to items subject to
interpretation.

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HORIZON GLOBAL

47912 Halyard Rd
Suite 100
Plymouth, MI 48170

OUR EMAIL OUR PHONE OUR WEBSITE

IR@horizonglobal.com +1 (734) 656-3000 http://horizonglobal.com/

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