Dana completed the divestiture of its Off-Highway business on January 1, 2026, receiving initial cash proceeds of $2,664 million, focusing on core on-highway markets. The company realigned its operating segments in Q1 2025, integrating Power Technologies into Light Vehicle and Commercial Vehicle segments to streamline operations. Cost reduction initiatives announced in Q4 2024 are expected to deliver $325 million in annualized savings through 2026, with $260 million realized by 2025 and an additional $65 million in 2026. Net cash proceeds from the Off-Highway divestiture were used to pay down debt, including purchasing and redeeming senior notes totaling $867 million and repaying a $225 million Term A Facility in January 2026. Dana's board approved a $1,000 million capital return program to shareholders through share repurchases and/or special dividends through 2027, which was later increased and extended to $2,000 million through 2030. Through January 31, 2026, $750 million was spent to repurchase 37,943,413 shares under the approved program. Net sales for 2025 were $7,500 million, a decrease of $234 million (3%) from $7,734 million in 2024, primarily due to lower production volumes in North America and lower electric-vehicle product orders in Europe and Asia Pacific. Gross margin improved significantly to 8.0% in 2025 from 4.9% in 2024, driven by cost reduction initiatives, higher material cost savings, and operational efficiencies. Adjusted EBITDA for 2025 was $610 million, up from $395 million in 2024, reflecting improved operational performance. Net loss from continuing operations improved to $(53) million in 2025 from $(342) million in 2024. Adjusted Free Cash Flow increased to $331 million in 2025 from $81 million in 2024. An impairment charge of $16 million was recorded in Q4 2025 related to electric vehicle programs cancelled or experiencing precipitous volume declines. The company sold its 48% ownership interest in Axles India Limited for $43 million, recognizing a $19 million pre-tax gain, and sold its interest in Switch Mobility Limited for $10 million, recognizing an $8 million pre-tax loss. Dana's 2026 outlook projects sales of $7,300 million to $7,700 million, adjusted EBITDA of $750 million to $850 million (10.7% margin at midpoint), and adjusted free cash flow of $250 million to $350 million. Sales backlog of net new business for 2026-2028 is $750 million, with $200 million expected in 2026, $300 million in 2027, and $250 million in 2028.