DCH · 10-K filed 13 Feb 2026 · year to 31 Dec 2025

Dauch

20 named things its latest annual report says its results depend on, each in the company's own words. 12 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Ford Motor Company

earns from · approximately 15% of our consolidated net sales in 2025named as a risk

Sales to Ford accounted for approximately 15% of our consolidated net sales in 2025, 13% in 2024, and 12% in 2023, and sales to Stellantis were approximately 13% of our consolidated net sales in both 2025 and 2024, and 16% in 2023.Risk factors (Item 1A)

Also named by AN, GTX, UHAL/B

Stellantis N.V.

earns from · approximately 13% of our consolidated net sales in 2025named as a risk

Sales to Stellantis were approximately 13% of our consolidated net sales in 2025, 13% in 2024, and 16% in 2023.Business (Item 1)

Also named by ALSN, CMI, GTX

General Motors Company (GM)

earns from · approximately 44% of our consolidated net sales in 2025named as a risk

Sales to GM were approximately 44% of our consolidated net sales in 2025, 42% in 2024, and 39% in 2023.Risk factors (Item 1A)

Also named by ALSN, MP

Scout Motors

earns from

During 2025, we announced a new business award 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.Business (Item 1)

Partners and platforms

London Stock Exchange

named as a risk

The trading prices of our shares of common stock on these two exchanges may, at times, differ due to these and other factors.Risk factors (Item 1A)

Also named by IP

Other companies

Dowlais Group plc

approximately $1.7 billionnamed as a risk

Pursuant to the Business Combination, Dowlais shareholders received for each Dowlais ordinary share: 0.0881 shares of new Company common stock and 43 pence per share in cash (approximately $0.59 per share as of the closing date), resulting in the issuance of approximately 117 million shares (and an increase in authorized shares from 150 million to 375 million shares) and a total purchase price of approximately $1.7 billion.Business (Item 1)

Collective bargaining agreement at largest U.S. facility

approximately 76%named as a risk

There can be no assurance that future negotiations with labor unions, including those related to the 2026 expiration of the collective bargaining agreement with the labor union representing certain of our associates at our largest U.S. facility, will be resolved favorably or that we, our customers or suppliers will not experience a work stoppage or disruption that could have a material adverse impact on our results of operations and financial condition.Risk factors (Item 1A)

Senior Secured Credit Facilities

approximately $5.4 billion of indebtednessnamed as a risk

On a combined company basis, together with Dowlais as of the closing date of the Business Combination, we have approximately $5.4 billion of indebtedness, excluding a minimum of approximately $1.5 billion of undrawn commitments under our revolving credit facility.Risk factors (Item 1A)

United Auto Workers (UAW)

named as a risk

Additionally, recent labor agreements between the UAW and our three largest customers were ratified and resulted in significant compensation increases for the UAW associates.Risk factors (Item 1A)

Also named by BWA, DE, F, GM, HWM, LEA, OSK

Competitors

Chinese OEMs

competes withnamed as a risk

Further, our revenues, operating results and financial condition could also be adversely impacted if we fail to establish relationships with, and win new business from, these new Chinese OEMs, both within China and in other markets.Risk factors (Item 1A)

Places

Guanajuato Manufacturing Complex, Mexico

concentrated innamed as a risk

GMC represents a significant portion of our net sales, profitability and cash flow from operations and we expect GMC to continue to represent a substantial portion of these metrics for the foreseeable future.Risk factors (Item 1A)

Commodities and inputs

Euro

exposed to its price · €175.0 million

At December 31, 2025 and December 31, 2024, we had a notional amount outstanding under the fixed-to-fixed cross-currency swap of €175.0 million, which was equivalent to $205.5 million and $181.2 million, respectively.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Pound sterling

exposed to its price · £571.0 million

At December 31, 2025, we had a notional amount outstanding under the Business Combination Derivative of £571.0 million, which was equivalent to approximately $769 million.Market risk (Item 7A)

Also named by BEN, CPRT, DASH, DOV

Steel

exposed to its pricenamed as a risk

We may experience volatility, whether from inflation or otherwise, in the cost or availability of raw materials used in production, including steel, aluminum and other metallic materials, and resources used in electronic components, or in the cost or availability of utilities and natural resources used in our operations, such as electricity, water and natural gas.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Aluminum

exposed to its pricenamed as a risk

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Mexican peso

exposed to its pricenamed as a risk

A significant disruption to our GMC operations, as a result of changes in customer sourcing strategies, trade agreements between Mexico and other jurisdictions, including the expected 2026 review of the United States-Mexico-Canada Agreement (USMCA), tariffs, compliance with customs regulations, exchange rate fluctuations between the U.S. dollar and the Mexican peso, tax law changes, changes to our operating structure in Mexico, labor disputes or shortages, logistical constraints, natural disasters, availability of natural resources or utilities, pandemic or epidemic illness, or otherwise, could have a material adverse impact on our results of operations and financial condition.Risk factors (Item 1A)

Also named by AYI, AZO, BAX, CCK, CDRE, CP, EZPW, FCFS and 14 more

Laws and programs

OECD Pillar Two

subject to · 15%named as a risk

As a result of the uncertainty, OECD Pillar Two could have a material impact on our effective tax rate and result in higher cash tax liabilities depending on which countries enact minimum tax legislation and in what manner.Risk factors (Item 1A)

Also named by APO, BAM, BAX, BF/B, CHRW, COHR, CPNG, CRM and 45 more

United States-Mexico-Canada Agreement (USMCA)

subject tonamed as a risk

The further implementation or expansion of tariffs, as well as retaliatory actions and other changes to existing trade agreements, such as the 2026 review of the USMCA, or changes in international trade relations, could have a material adverse impact on our results of operations, cash flows and financial condition, or the results of operations, cash flows and financial condition of our suppliers, our customers and their suppliers.Risk factors (Item 1A)

Also named by AYI, BMI, BWA, CLF, CMI, CP, CW, DE and 29 more

U.S. tariffs on automotive parts and vehicles

subject tonamed as a risk

In addition, in 2025 the U.S. government implemented tariffs and increased certain existing tariffs on various products including assembled vehicles and automotive parts and components imported into the U.S., and there is considerable uncertainty around the extent, timing and duration of these tariffs.Risk factors (Item 1A)

Sarbanes-Oxley Act Section 404

subject tonamed as a risk

In particular, Dowlais has identified certain matters which would have been characterized as material weaknesses in Dowlais’ internal control over financial reporting that would have required disclosure pursuant to the Sarbanes-Oxley Act had Dowlais been required to report on internal control over financial reporting at the relevant time.Risk factors (Item 1A)