FOR IMMEDIATE RELEASE

Matthew Meyer, Chief Accounting Officer

Horizon Global Corporation

(734) 656-3000

mmeyer@horizonglobal.com

HORIZON GLOBAL REPORTS FINANCIAL RESULTS FOR THIRD QUARTER 2022

Third Quarter Summary

▪Strategic alternatives process ongoing with objective to maximize shareholder value

▪Focus on margin improvement through commercial actions, key business initiatives and cost structure optimization

▪Net sales of $149.0 million

•$47.5 million decrease from third quarter of 2021

▪Gross profit of $16.7 million

•$22.1 million decrease from third quarter of 2021

▪Gross profit margin(4) decreased to 11.2% from 19.7% in third quarter of 2021

▪Net loss of $25.7 million

•$22.9 million deterioration from third quarter of 2021

▪Adjusted EBITDA(1) of $(5.9) million

•$18.9 million decrease from third quarter of 2021

Plymouth, Michigan, November 9, 2022 — Horizon Global Corporation (NYSE: HZN), one of the leading manufacturers of branded towing and trailering equipment, today reported financial results for the third quarter of 2022.

“In August, we announced that we would be undertaking a broad review of strategic alternatives, with the ultimate objective being to maximize shareholder value,” stated Terry Gohl, Horizon Global’s President and Chief Executive Officer. “This could result in a sale of some or all of the company. This process is ongoing and we will provide an update when appropriate.”

Gohl continued, “The third quarter was marked with continued softness in our higher margin non-OE sales channels. This was a result of market factors and elevated inventory levels at certain of our large customers. The resulting volume underperformance and unfavorable sales mix significantly impacted our margins for the quarter. This is a disappointing result, but we are not standing still. Despite market headwinds, we are taking aggressive actions to improve margin performance and position the business for profitable growth.”

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2022 Third Quarter Segment Results

Horizon Americas. Net sales decreased $36.6 million, or 31.6%, to $79.2 million when compared to the third quarter of 2021. This decrease was primarily driven by a $20.5 million reduction in the aftermarket sales channel and a combined $15.6 million decrease in the retail and e-commerce sales channel attributable to lower sales volumes as we experienced softening market demand coupled with customers using existing inventories to satisfy consumer demand. Customer pricing recoveries partially offset the unfavorable impacts of lower sales volumes. Gross profit decreased $17.5 million, driven by lower net sales and a significant mix shift from higher margin to lower margin sales channels, coupled with a continuation of elevated manufacturing input costs, primarily increased material inflation. Adjusted EBITDA(1) was $(1.4) million, as compared to $14.5 million for the third quarter of 2021, primarily due to unfavorable gross profit.

Horizon Europe-Africa. Net sales decreased $10.9 million, or 13.6%, to $69.8 million when compared to the third quarter of 2021. This decrease was primarily driven by a $7.7 million reduction in the aftermarket sales channel and a $6.3 million decrease in the automotive OES sales channel, which were attributable to lower sales volumes. Net sales were also negatively impacted by $11.5 million of unfavorable currency translation. Customer pricing recoveries partially offset the unfavorable impacts of lower sales volumes and currency translation. Gross profit decreased $4.6 million, driven by lower net sales and a mix shift from higher margin to lower margin sales channels, coupled with increased material costs and operational inefficiencies. Adjusted EBITDA(1) was $(0.2) million, as compared to $3.4 million for the third quarter of 2021, primarily due to unfavorable gross profit.

Balance Sheet and Liquidity. Cash and Availability(2) was $17.5 million, a decrease of $21.7 million compared to December 31, 2021. Working Capital(3) was $99.9 million, a decrease of $8.9 million compared to December 31, 2021. Gross debt plus redeemable preferred stock increased $51.0 million to $351.9 million compared to December 31, 2021, primarily reflecting the Company’s issuance of $41.0 million of redeemable preferred stock during 2022, coupled with additional borrowings on the Company’s Revolving Credit Facility.

Summary

“We are determined to unlock the value of our innovative products and iconic brands,” Gohl stated. “A primary focus is to shift our sales mix to higher margin non-OE channels. As market headwinds ease and our customers destock their inventory, we believe we are well positioned to serve these more profitable channels. Further, we are taking aggressive action to optimize our cost structure, including our global footprint. The transformation of our Brasov, Romania facility has been met with strong customer acceptance and new business awards, and we intend to apply the principles of this transformation to other geographies. Importantly, these actions, along with many others being executed throughout our organization, are aligned with our long-term double-digit margin target.”

Conference Call Details

Horizon Global will host a conference call regarding third quarter 2022 earnings on Wednesday, November 9, 2022 at 8:30 a.m. Eastern Time. The conference call will be hosted by Horizon Global's President and Chief Executive Officer, Terry Gohl, and James Zhou, Chief Financial Officer. Participants on the call are asked to register five to ten minutes prior to the scheduled start time by dialing (844) 825-9786 and from outside the U.S. at (412) 902-4185. Please ask to be joined into the Horizon Global call, using the conference identification number 10172174.

The third quarter 2022 results and supplemental materials, including a presentation in PDF format, will be distributed before the market opens on November 9, 2022 and will be available on the Company’s website at www.horizonglobal.com prior to the start of the call.

The conference call will be webcast simultaneously and in its entirety through the Horizon Global website. Shareholders, media representatives and others may participate in the webcast by registering through the investor relations section on the Company’s website.

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A replay of the call will be available on Horizon Global’s website or by phone by dialing (877) 344-7529 and from outside the U.S. at (412) 317-0088. Please use the conference identification number 6916805. The telephone replay will be available approximately two hours after the end of the call and continue through November 23, 2022.

About Horizon Global

Headquartered in Plymouth, Michigan, Horizon Global is a 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. The Company serves OEMs, retailers, dealer networks and the end consumer as the category leader in the automotive, leisure and agricultural market segments. Horizon provides its customers with outstanding products and services that reflect the Company's commitment to market leadership, innovation and operational excellence. The Company’s mission is to utilize forward-thinking technology to develop and deliver premium products for our customers, engage with our employees and realize value creation for our shareholders.

Horizon Global is home to some of the world’s most recognized brands in the towing and trailering industry, including: Draw-Tite, Reese, Westfalia, BULLDOG, Fulton and Tekonsha. Horizon Global has approximately 3,500 employees.

For more information, please visit www.horizonglobal.com.

Forward-Looking Statements

This release 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 outcome of the Company’s review of strategic alternatives; 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; interest rate volatility; liabilities and restrictions imposed by the Company’s debt instruments, including the Company’s ability to comply with the applicable financial covenants related thereto or obtain any necessary amendments or waivers with respect to such financial covenants; 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, as well as on our energy supply in Europe; 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, including recessionary conditions and volatile interest rates; 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 and severe weather conditions (including those caused by climate change), global health pandemics, accidents and governmental actions; our ability to regain and remain in compliance with the New York Stock Exchange’s (“NYSE”) continued listing requirements; our ability to continue as a going concern; 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

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undue reliance on forward-looking statements, which speak only as of the date of this release. 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 thisrelease or to reflect the occurrence of unanticipated events, except as otherwise required by law.

(1)	Please refer to “Company and Business Segment Financial Information” which details certain costs, expense, other charges, that are included in the determination of net income attributable to Horizon Global under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results. 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.
(2)	"Cash and Availability" refers to “cash and cash equivalents” and amounts of cash accessible but undrawn from credit facilities.
(3)	“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".
(4)	“Gross Profit Margin” refers to “gross profit” as a percentage of “net sales”.

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Horizon Global Corporation

Condensed Consolidated Statements of Operations

(unaudited - dollars in thousands, except per share data)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net sales	$	148,970	$	196,540	$	511,050	$	617,850
Cost of sales	(132,320)		(157,780)		(453,470)		(491,240)
Gross profit	16,650		38,760		57,580		126,610
Selling, general and administrative expenses	(25,270)		(32,430)		(90,070)		(102,170)
Operating (loss) profit	(8,620)		6,330		(32,490)		24,440
Interest expense	(10,230)		(6,970)		(26,210)		(21,000)
Loss on debt extinguishment of Replacement Term Loan	—		—		—		(11,650)
Other expense, net	(5,760)		(1,720)		(14,610)		(5,940)
Loss before income tax	(24,610)		(2,360)		(73,310)		(14,150)
Income tax expense	(1,070)		(410)		(1,750)		(2,810)
Net loss	(25,680)		(2,770)		(75,060)		(16,960)
Less: Net loss attributable to noncontrolling interest	(220)		(300)		(720)		(970)
Net loss attributable to Horizon Global	$	(25,460)	$	(2,470)	$	(74,340)	$	(15,990)
Net loss per share:
Basic	$	(0.92)	$	(0.09)	$	(2.70)	$	(0.59)
Diluted	$	(0.92)	$	(0.09)	$	(2.70)	$	(0.59)

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Horizon Global Corporation

Condensed Consolidated Balance Sheets

(dollars in thousands)

	September 30, 2022		December 31, 2021
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	7,760	$	11,780
Restricted cash	5,380		5,490
Receivables, net	75,600		80,720
Inventories	155,600		162,830
Prepaid expenses and other current assets	17,080		12,340
Total current assets	261,420		273,160
Property and equipment, net	66,200		71,610
Operating lease right-of-use assets	34,360		37,810
Other intangibles, net	41,410		48,910
Deferred income taxes	1,520		1,750
Other assets	5,140		5,680
Total assets	$	410,050	$	438,920
Liabilities and Shareholders' Deficit
Current liabilities:
Short-term borrowings and current maturities, long-term debt	$	74,450	$	3,780
Accounts payable	106,730		102,190
Short-term operating lease liabilities	10,600		11,010
Accrued liabilities	41,660		44,870
Total current liabilities	233,440		161,850
Gross long-term debt	235,110		297,070
Unamortized debt issuance costs and discount	(26,020)		(26,520)
Long-term debt	209,090		270,550
Redeemable preferred stock, $0.01 par: Authorized 100,000,000 shares; Issued and outstanding: 41,000 and 0 shares at September 30, 2022 and December 31, 2021, respectively	42,320		—
Deferred income taxes	1,800		1,920
Long-term operating lease liabilities	30,680		35,930
Other long-term liabilities	8,390		8,920
Total liabilities	525,720		479,170
Total Horizon Global shareholders' deficit	(108,400)		(33,690)
Noncontrolling interest	(7,270)		(6,560)
Total shareholders' deficit	(115,670)		(40,250)
Total liabilities and shareholders' deficit	$	410,050	$	438,920

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Horizon Global Corporation

Condensed Consolidated Statements of Cash Flows

(unaudited - dollars in thousands)

	Nine Months Ended September 30,
	2022		2021
Cash Flows from Operating Activities:
Net loss	$	(75,060)	$	(16,960)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation	9,980		11,710
Amortization of intangible assets	3,260		4,220
Amortization of original issuance discount and debt issuance costs	7,560		8,010
Deferred income taxes	290		730
Non-cash compensation (income) expense	(420)		2,590
Paid-in-kind dividends and interest	1,170		650
Redeemable preferred stock redemption costs	160		—
Loss on debt extinguishment of Replacement Term Loan	—		11,650
Increase in receivables	(4,120)		(12,360)
Increase in inventories	(160)		(52,700)
Increase in prepaid expenses and other assets	(5,890)		(1,910)
Increase in accounts payable and accrued liabilities	18,070		11,820
Other, net	8,140		1,910
Net cash used for operating activities	(37,020)		(30,640)
Cash Flows from Investing Activities:
Capital expenditures	(12,020)		(14,730)
Other, net	30		20
Net cash used for investing activities	(11,990)		(14,710)
Cash Flows from Financing Activities:
Proceeds from Revolving Credit Facility, net of issuance costs	24,510		28,680
Repayments of borrowings on Revolving Credit Facility	(12,160)		(8,000)
Proceeds from Senior Term Loan, net of issuance costs	118,200		75,300
Repayments of borrowings on Replacement Term Loan, including transaction fees	—		(94,940)
Repayments of borrowings on Convertible Notes	(85,000)		—
Proceeds from borrowings on credit facilities	2,230		2,870
Repayments of borrowings on credit facilities	(3,460)		(1,960)
Proceeds from issuance of common stock warrants	3,040		16,300
Proceeds from exercise of common stock warrants	—		420
Other, net	(930)		(650)
Net cash provided by financing activities	46,430		18,020
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,550)		(510)
Cash, Cash Equivalents and Restricted Cash:
Decrease for the period	(4,130)		(27,840)
At beginning of period	17,270		50,690
At end of period	$	13,140	$	22,850
Supplemental disclosure of cash flow information:
Cash paid for interest	$	17,110	$	16,130
Cash paid for taxes, net of refunds	$	1,190	$	2,010

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Appendix I

Horizon Global Corporation

Company and Business Segment Financial Information

(Unaudited - dollars in thousands)

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, further discussed in the Liquidity and Capital Resources section below. 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 profit (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 extinguishment of debt, 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.

Adjusted EBITDA for our operating segments for the three months ended September 30, 2022 and 2021 is as follows:

	Three Months Ended September 30, 2022								Three Months Ended September 30, 2021								Variance
	Horizon Americas		Horizon Europe-Africa		Corporate		Consolidated		Horizon Americas		Horizon Europe-Africa		Corporate		Consolidated		Consolidated
	(dollars in thousands)								(dollars in thousands)
Net loss attributable to Horizon Global							$	(25,460)							$	(2,470)	$	(22,990)
Net loss attributable to noncontrolling interest							(220)								(300)		80
Net loss							$	(25,680)							$	(2,770)	$	(22,910)
Interest expense							10,230								6,970		3,260
Income tax expense							1,070								410		660
Depreciation and amortization							4,300								5,210		(910)
EBITDA	$	(2,610)	$	(4,490)	$	(2,980)	$	(10,080)	$	14,050	$	2,030	$	(6,260)	$	9,820	$	(19,900)
Net loss attributable to noncontrolling interest	—		220		—		220		—		300		—		300		(80)
Severance	200		40		10		250		50		—		—		50		200
Restructuring, relocation and related business disruption costs	90		20		220		330		60		30		10		100		230
Non-cash stock compensation	—		—		(2,470)		(2,470)		—		—		880		880		(3,350)
Loss (gain) on business divestitures and other assets	580		20		(30)		570		300		10		10		320		250
Debt issuance costs	—		—		—		—		—		70		100		170		(170)
Unrealized foreign currency remeasurement costs	370		3,950		920		5,240		(10)		950		400		1,340		3,900
Adjusted EBITDA	$	(1,370)	$	(240)	$	(4,330)	$	(5,940)	$	14,450	$	3,390	$	(4,860)	$	12,980	$	(18,920)

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Segment Information

Financial information for our operating segments for the three months ended September 30, 2022 and 2021 is as follows:

	Three Months Ended September 30,				Change
	2022		2021		$		%
	(dollars in thousands)
Net Sales
Horizon Americas	$	79,220	$	115,850	$	(36,630)	(31.6	%)
Horizon Europe-Africa	69,750		80,690		(10,940)		(13.6	%)
Total	$	148,970	$	196,540	$	(47,570)	(24.2	%)
Gross Profit
Horizon Americas	$	11,780	$	29,310	$	(17,530)	(59.8	%)
Horizon Europe-Africa	4,870		9,450		(4,580)		(48.5	%)
Total	$	16,650	$	38,760	$	(22,110)	(57.0	%)
Operating (Loss) Profit
Horizon Americas	$	(3,500)	$	12,400	$	(15,900)	(128.2	%)
Horizon Europe-Africa	(2,940)		(150)		(2,790)		(1,860.0	%)
Corporate	(2,180)		(5,920)		3,740		63.2	%
Total	$	(8,620)	$	6,330	$	(14,950)	(236.2	%)
Adjusted EBITDA
Horizon Americas	$	(1,370)	$	14,450	$	(15,820)	(109.5	%)
Horizon Europe-Africa	(240)		3,390		(3,630)		(107.1	%)
Corporate	(4,330)		(4,860)		530		10.9	%
Total	$	(5,940)	$	12,980	$	(18,920)	(145.8	%)

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Appendix II

Horizon Global Corporation

Reconciliation of Reported Revenue Growth

to Constant Currency Basis

(Unaudited)

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.

	Three Months Ended September 30, 2022
	Horizon Americas		Horizon Europe-Africa		Consolidated
Revenue growth as reported	(31.6)	%	(13.6)	%	(24.2)	%
Less: currency impact	—	%	(14.2)	%	(5.8)	%
Revenue growth at constant currency	(31.6)	%	0.6	%	(18.4)	%

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