Adient PLC (ADNT) 2026 Q2 法說會逐字稿

Welcome to Adient's second quarter earnings. (Operator Instructions) I'd like to inform all participants that today's call is being recorded. If you have any objections, you may disconnect at this time.

歡迎參加 Adient 第二季財報電話會議。（接線員指示）我想提醒所有與會者，今天的電話會議將被錄音。如有任何異議，您可於此時中斷連線。

I will now turn the call over to Linda Conrad. Thank you. You may begin.

我現在把電話交給 Linda Conrad。謝謝。您可以開始了。

Thank you, Denise. Good morning, everyone, and thank you for joining us. The press release and presentation slides for the call today have been posted to the Investors section of our website at adient.com.

謝謝你，Denise。各位早安，感謝大家加入我們。今天電話會議的新聞稿與簡報投影片已發布於我們網站 adient.com 的「投資人」專區。

This morning, I'm joined by Jerome Dorlack, Adient's President and Chief Executive Officer; and Mark Oswald, our Executive Vice President and Chief Financial Officer. On today's call, Jerome will provide an update on the business. Mark will then review our second quarter financial results and our outlook for the remainder of our fiscal year. After our prepared remarks, we will open the call to your questions.

今天早上與我一同出席的有 Adient 總裁暨執行長 Jerome Dorlack，以及執行副總裁暨財務長 Mark Oswald。在今天的電話會議中，Jerome 將提供業務最新進展；接著 Mark 將回顧我們第二季財務結果以及本會計年度剩餘期間的展望。在我們的準備發言之後，我們將開放提問。

Before I turn the call over to Jerome and Mark, there are a few items I'd like to cover. First, today's conference call will include forward-looking statements. These statements are based on the environment as we see it today, and therefore, involve risks and uncertainties. I would caution you that our actual results could differ materially from these forward-looking statements made on the call. Please refer to slide 2 of the presentation for our complete safe harbor statement.

在我把電話交給 Jerome 和 Mark 之前，有幾點我想先說明。首先，今天的電話會議將包含前瞻性陳述。這些陳述係基於我們目前所見的環境，因此涉及風險與不確定性。我提醒各位，我們的實際結果可能與本次電話會議中的前瞻性陳述有重大差異。請參閱簡報第 2 頁以取得完整的安全港聲明。

In addition to the financial results presented on a GAAP basis, we will be discussing non-GAAP information that we believe is useful in evaluating the company's operating performance. Reconciliations for these non-GAAP measures to the closest GAAP equivalent can be found in the appendix of our full earnings release.

除以 GAAP 基礎呈現的財務結果外，我們也將討論我們認為有助於評估公司營運表現的非 GAAP 資訊。這些非 GAAP 指標與最接近 GAAP 對應項目的調節表，載於完整財報新聞稿的附錄中。

And with that, it is my pleasure to turn the call over to Jerome.

那麼，我很高興把電話交給 Jerome。

Thanks, Linda. Good morning, everyone, and thank you for joining us to review our second quarter results. Today, we will focus on the quarter's solid performance and provide an update to our fiscal year 2026 outlook.

謝謝，Linda。各位早安，感謝大家加入我們，一同回顧第二季業績。今天我們將聚焦本季穩健的表現，並更新我們對 2026 會計年度的展望。

Overall, Q2 results came in line with our expectations, reflecting typical seasonality in China and some temporary production inefficiencies on a few key programs. Despite that, revenue was up 7% year-over-year, driven largely by FX tailwinds with underlying growth in both the Americas and Asia. Adjusted EBITDA was down modestly year-over-year, reflecting temporary mix, launch costs and customer-driven inefficiencies, partially offset by favorable FX and SG&A.

整體而言，第二季結果符合我們的預期，反映中國的典型季節性，以及少數關鍵專案的暫時性生產效率不彰。儘管如此，營收年增 7%，主要受惠於匯率順風，同時美洲與亞洲的基本面成長亦帶來支撐。調整後 EBITDA 年減幅度不大，主要反映暫時性的產品組合影響、導入成本以及客戶因素造成的效率不彰，部分由有利匯率與 SG&A 抵銷。

Free cash flow in Q2 reflected the normal seasonality of the second quarter, and we ended the quarter with a cash balance of $831 million and $1.6 billion of liquidity. Given normal cash flow seasonality and the increased geopolitical uncertainty, we paused stock repurchases during the quarter, consistent with our approach last year.

第二季自由現金流反映第二季的正常季節性，我們在季末的現金餘額為 8.31 億美元，流動性為 16 億美元。鑑於正常的現金流季節性以及地緣政治不確定性升高，我們在本季暫停庫藏股回購，與去年做法一致。

Turning to growth. We continue to aggressively pursue new business in all regions. In the Americas, more OEMs are announcing their intention to onshore production in the United States. We are working with our customers to capitalize on these opportunities as their plans materialize. We have also won significant conquest programs in South America and China.

接著談成長。我們持續在各區域積極爭取新業務。在美洲，愈來愈多 OEM 宣布有意將生產回流至美國。我們正與客戶合作，隨著其計畫逐步落地，把握這些機會。我們也在南美與中國贏得重要的搶單（conquest）專案。

And in China, our growth over market remained strong despite the overall production volume challenges in the region.

在中國，儘管該地區整體產量面臨挑戰，我們相對於市場的成長仍維持強勁。

Finally, as we look beyond the quarter to the full year, based on what we know today, we are increasing our guidance modestly for revenue, adjusted EBITDA and free cash flow. Favorable volumes and strong business performance are being muted by $35 million of expected input cost headwinds, which Mark will outline further in his remarks.

最後，從本季放眼全年，基於我們目前所掌握的資訊，我們小幅上調 2026 會計年度的營收、調整後 EBITDA 與自由現金流指引。有利的產量與強勁的業務表現，部分被預期 3,500 萬美元的投入成本逆風所抵銷，Mark 將在稍後發言中進一步說明。

Turning now to slide 5. While I just noted that Adient is raising guidance slightly for fiscal year 2026, we acknowledge that the overall macro environment remains volatile. The ongoing geopolitical conflicts, elevated energy and commodity costs, trade policy uncertainty and shifting consumer sentiment continue to influence the industry.

現在請看投影片第 5 頁。雖然我剛提到 Adient 將 2026 會計年度指引小幅上調，但我們也承認整體總體環境仍然波動。持續的地緣政治衝突、偏高的能源與大宗商品成本、貿易政策不確定性，以及消費者情緒的變化，仍持續影響產業。

While nobody can predict what will happen for the remainder of the fiscal year, what differentiates Adient in this environment is our operating model. We combine strong commercial discipline and pricing mechanisms with exceptional operational execution, flexing labor, controlling costs and launching flawlessly, supported by a strong balance sheet with ample liquidity.

雖然沒有人能預測本會計年度剩餘期間會發生什麼事，但在此環境下讓 Adient 脫穎而出的，是我們的營運模式。我們結合嚴謹的商務紀律與定價機制，以及卓越的營運執行力：彈性調整人力、控管成本、無瑕疵地完成導入，同時以具備充足流動性的強健資產負債表作為支撐。

That allows us to execute at a high level even amid production volatility and supply chain challenges.

這使我們即使面對產量波動與供應鏈挑戰，仍能維持高水準執行。

Despite these external headwinds, our year-to-date results reinforce our ability to execute. We continue to drive positive business performance despite temporary disruptions and customer-driven inefficiencies. We continue to outpace the market in China as expected. And we maintain margin discipline across regions, while preserving a strong and flexible capital structure. This is how we manage what's within our control and why we continue to deliver on our commitments and maximize long-term shareholder value.

儘管有這些外部逆風，我們年初至今的結果再次證明我們的執行能力。即便面臨暫時性干擾與客戶因素造成的效率不彰，我們仍持續推動正向的業務表現；我們如預期在中國持續跑贏市場；我們在各區域維持毛利／利潤率紀律，同時保有強健且具彈性的資本結構。這就是我們管理可控事項的方式，也正因如此，我們持續履行承諾並最大化長期股東價值。

Before I get into the regional update, I want to recognize our global team's exceptional performance year-to-date. We have received over 60 awards in the last two quarters, comprised of recognition from our customers, industry organizations and independent quality assessors across the globe, a testament to our operational excellence and the trust our customers place in Adient.

在我進入各區域更新之前，我想肯定我們全球團隊年初至今的卓越表現。過去兩個季度我們已獲得超過 60 項獎項，包含來自客戶、產業組織與全球各地獨立品質評估機構的肯定，這證明了我們的營運卓越，以及客戶對 Adient 的信任。

In addition to these noteworthy accomplishments, Adient continues to be recognized as an employer of choice in the regions we do business, validating our commitment to our people and enabling us to attract and retain top talent worldwide, which strengthens our ability to execute. These recognitions validate that our strategy is working. We are winning with customers, investing in our people and delivering the consistent quality that builds long-term partnerships and shareholder value.

除了這些值得一提的成就外，Adient 也持續在我們營運的各地區被評為首選雇主，印證我們對員工的承諾，並使我們能在全球吸引與留任頂尖人才，進一步強化我們的執行能力。這些肯定證明我們的策略正在奏效：我們在客戶端持續勝出、投資於人才，並交付能建立長期合作關係與股東價值的一致品質。

Now, let's talk a bit more about the regions on slide 6. While our business is global, each of our regional businesses is impacted by unique market dynamics, and each is facing its own set of opportunities and challenges. In the Americas, we are navigating a complex and dynamic environment, driven in part by tariff policies, which are manageable at current rates but continue to be fluid.

現在讓我們更深入談談投影片第 6 頁的各區域。雖然我們的業務遍及全球，但各區域業務受到獨特的市場動態影響，也各自面臨不同的機會與挑戰。在美洲，我們正因應複雜且動態的環境，其中部分由關稅政策所驅動；在目前稅率下仍屬可控，但政策仍持續變動。

Onshoring and growth remain a key focal point for the Americas team, especially as onshoring momentum continues. In addition, the teams are driving margin improvements through our continuous improvement programs, automation and optimizing our manufacturing footprint.

回流生產（onshoring）與成長仍是美洲團隊的重點，尤其在回流動能持續之際。此外，團隊也透過持續改善計畫、自動化以及最佳化製造據點布局來推動利潤率改善。

The team is also focused on launch execution for multiple programs, including the Kia Telluride, Rivian R2 and the Toyota RAV4.

團隊也聚焦於多個專案的導入執行，包括 Kia Telluride、Rivian R2 與 Toyota RAV4。

In EMEA, market uncertainty and overcapacity persist and continue to impact not just Adient, but the overall industry. Our team continues to rise to these challenges. We are pursuing and winning new and replacement business and continue to strengthen our supplier-of-choice status in the region. Operationally, the European team is driving favorable business performance through commercial execution, cost discipline and restructuring actions that more than offset the current volume headwinds, all while successfully executing more than 30 launches so far this year.

在 EMEA，市場不確定性與產能過剩仍然存在，並持續影響不僅是 Adient，也影響整體產業。我們的團隊持續迎戰這些挑戰。我們正爭取並贏得新的與替換型業務，並持續強化我們在該地區「首選供應商」的地位。在營運面，歐洲團隊透過商務執行、成本紀律與重整措施推動有利的業務表現，這些作為不僅抵銷目前的產量逆風，同時今年迄今也成功執行超過 30 個導入。

Turning to Asia. The market dynamics with shorter vehicle development cycles and innovation are a key differentiator. As we will highlight in a few slides, our Asia team continues to commercialize innovation products, which our customers are excited to invest in. Despite industry pressures in China, we continue to outperform the market through launches with local OEMs, which now represent about 70% of our wins. Our world-class JV structure further strengthens our local presence and expands our market.

接著看亞洲。較短的車輛開發週期與創新所帶來的市場動態，是關鍵差異化因素。正如我們在接下來幾頁將強調的，我們的亞洲團隊持續將創新產品商業化，客戶也很樂於投入。儘管中國面臨產業壓力，我們仍透過與本土 OEM 的導入持續跑贏市場；本土 OEM 現在約占我們贏得專案的 70%。我們世界級的合資（JV）架構也進一步強化在地布局並擴大市場。

Beyond China, Asia outside of China is also positioned for above-market growth in the second half of this year as new launches ramp. While we do expect some manageable margin compression, the region is expected to remain accretive to Adient's EBITDA and cash generation.

除中國以外，亞洲其他地區也隨著新專案導入放量，預期在今年下半年實現高於市場的成長。雖然我們預期會有一些可控的利潤率壓縮，但該地區預期仍將對 Adient 的 EBITDA 與現金創造帶來正向貢獻。

While each region is distinct, what ultimately defines Adient is that we operate as one unified company. Across every region, our teams are aligned around the common purpose, serving our customers, supporting our employees and delivering value for our shareholders. We do that through disciplined execution, seamless collaboration across borders, a strong culture of integrity and the ability to adapt quickly as conditions change. Turning to slide 7. This page highlights how our growth strategy has continued to gain momentum.

雖然各區域各有不同，但最終定義 Adient 的，是我們作為一家統一的公司運作。在每個區域，我們的團隊都圍繞共同使命保持一致：服務客戶、支持員工並為股東創造價值。我們透過嚴謹的執行、跨境無縫協作、強調誠信的企業文化，以及在情勢變化時快速調整的能力來做到這一點。接著看投影片第 7 頁。本頁重點說明我們的成長策略如何持續累積動能。

In the Americas, onshoring and conquest wins continue to drive meaningful volume gains. This quarter, we secured roughly 200,000 incremental units from the Chevrolet Equinox US onshoring and conquest win, along with approximately 180,000 units from Volkswagen conquest programs in South America.

在美洲，回流生產與搶單（conquest）勝利持續帶來顯著的產量增長。本季，我們透過 Chevrolet Equinox 在美國回流生產與搶單勝利，取得約 20 萬台的新增單位；同時也透過 Volkswagen 在南美的搶單專案取得約 18 萬台。

These wins reflect the strength of our footprint and our ability to execute reliably as customers regionalize production. That momentum is showing up in our forward book as well. FY27 booked business has increased to about $400 million and FY28 to roughly $630 million, representing close to 700,000 incremental vehicles and market share gain. Importantly, that figure reflects what we booked to date. Onshoring trends continue, and we remain in active discussion with global OEMs on additional opportunities that extend beyond what's captured here.

這些勝利反映我們據點布局的優勢，以及在客戶推動生產區域化時，我們可靠執行的能力。這股動能也反映在我們的前瞻訂單簿中。FY27 已簽約業務增加至約 4 億美元，FY28 約 6.3 億美元，代表接近 70 萬輛的新增車輛量與市占提升。重要的是，該數字反映的是我們截至目前已簽約的成果。回流生產趨勢仍在延續，我們也正與全球 OEM 就更多機會進行積極討論，這些機會尚未完全反映在此。

We continue to see ourselves as a net beneficiary of customer onshoring.

我們持續認為自己是客戶回流本土（onshoring）的淨受益者。

In Asia, our team has done an exceptional job of competing and winning in a highly dynamic market. As I mentioned in the last slide, approximately 70% of our new business wins in China are with local OEMs, reflecting strong customer relationships, faster development cycles and Adient's ability to localize engineering and execute at scale. That execution is translating into above-market growth with China up 10% in Q2 versus a declining industry. Taken together, this reinforces the momentum we're building across regions as onshoring, conquest and localized execution continues to expand our growth runway.

在亞洲，我們的團隊在高度動態的市場中展現了卓越的競爭與勝出能力。如同我在上一張投影片提到的，我們在中國的新業務得標中，約 70% 來自本土 OEM，反映出強健的客戶關係、更快的開發週期，以及 Adient 在地化工程並以規模化執行的能力。這樣的執行正轉化為優於市場的成長：在產業下滑的情況下，中國於第二季（Q2）仍成長 10%。綜合而言，這進一步強化了我們在各區域所建立的動能，因為回流本土、搶單（conquest）與在地化執行持續擴大我們的成長跑道。

Moving to the next slide. After the quarter-end, we announced the completion of a tuck-in acquisition that expands our foam manufacturing footprint in the Americas. We acquired a foam production plant in Romulus, Michigan, which supports multiple OEM seating programs, expanding our Americas foam network to 10 plants and 30 plants globally.

接著看下一張投影片。於季末之後，我們宣布完成一項補強式（tuck-in）併購，擴大我們在美洲的泡棉製造版圖。我們收購了位於密西根州羅慕勒斯（Romulus）的泡棉生產工廠，該廠支援多個 OEM 座椅專案，使我們在美洲的泡棉工廠網絡擴增至 10 座，全球則達 30 座。

This is a strategic core business move that strengthens our vertical integration capabilities and helps improve supply assurance and responsiveness for our customers. Our focus is on a smooth integration with uninterrupted service, and we see opportunities over time from logistics advantages, operational flexibility and productivity improvements.

這是一項策略性的核心業務舉措，可強化我們的垂直整合能力，並協助提升對客戶的供應保障與回應速度。我們的重點是順利整合並確保服務不中斷；同時，我們也看到隨時間推進可望受益於物流優勢、營運彈性與生產力提升的機會。

This targeted acquisition strengthens Adient's operational model by further improving control over critical inputs, lowering execution risk and supporting more resilient margins. We are thrilled to welcome the Romulus employees to Adient and are excited about the capabilities and commitment they bring to our organization.

這項精準的併購透過進一步提升對關鍵投入的掌控、降低執行風險，並支持更具韌性的利潤率，從而強化 Adient 的營運模式。我們非常高興歡迎羅慕勒斯的員工加入 Adient，也對他們為組織帶來的能力與承諾感到振奮。

Moving on to slide 9. I want to spend a moment and talk about our recent launches and the new business wins because these are important proof points on how Adient is growing. These wins aren't about volume alone. They reflect higher content, more complex seating systems and deeper integration with our customers across the regions. In the Americas, Adient continues to be a net beneficiary of customer onshoring trends.

接著看第 9 張投影片。我想花點時間談談我們近期的量產導入（launch）與新業務得標，因為這些是 Adient 成長方式的重要佐證。這些得標不僅僅是量的增加；它們反映了更高的單車內容價值、更複雜的座椅系統，以及我們在各區域與客戶更深度的整合。在美洲，Adient 持續是客戶回流本土趨勢的淨受益者。

We are happy to announce the recent conquest win with the Chevrolet Equinox, highlighting once again our world-class footprint, consistent operational execution and strong customer partnerships reinforce our supplier-of-choice status.

我們很高興宣布近期在雪佛蘭 Equinox 上的搶單（conquest）得標，再次凸顯我們世界級的據點布局、一貫的營運執行力與強健的客戶夥伴關係，進一步鞏固我們作為首選供應商（supplier-of-choice）的地位。

We also recently won conquest business on several Volkswagen platforms in South America. This is strategically important growth for Adient as it deepens our footprint with a major global OEM, strengthens our regional manufacturing relevance and positions us for sustained revenue growth and incremental opportunities in the market over the coming years.

我們近期也在南美洲多個福斯（Volkswagen）平台上贏得搶單業務。這對 Adient 而言是具策略意義的成長，因為它加深了我們與主要全球 OEM 的布局，強化我們在區域製造端的關聯性，並使我們在未來數年具備可持續的營收成長與市場增量機會。

In EMEA, program wins such as the new Porsche SUV and recent launch of the Citroen C4 demonstrate continued momentum with leading global OEMs. Importantly, these wins reflect disciplined, selective growth, where we are prioritizing programs that align with our operational strengths, higher value content and improved earning resilience in the region.

在歐洲、中東與非洲（EMEA），例如全新保時捷 SUV 專案，以及近期雪鐵龍 C4 的量產導入，展現了我們與領先全球 OEM 的持續動能。重要的是，這些得標反映出我們有紀律、具選擇性的成長策略：優先聚焦於與我們營運優勢相符、具更高價值內容，並能提升該區域獲利韌性的專案。

In Asia, growth is being driven by domestic OEMs and EV platforms, including Xpeng, Leapmotor and Changan, where we are delivering advanced comfort features, high adjustability and multivariant seating architectures, often with Adient-led engineering development in region. Importantly, many of these awards involve premium comfort content, higher complexity and greater value per vehicle.

在亞洲，成長主要由本土 OEM 與電動車（EV）平台帶動，包括小鵬（Xpeng）、零跑（Leapmotor）與長安（Changan）。我們在這些平台上提供先進舒適功能、高度可調性與多變體座椅架構，且經常由 Adient 在區域內主導工程開發。重要的是，許多獲獎專案包含高階舒適內容、更高複雜度，以及更高的單車價值。

When you look at this slide, I think it's important to step back and look at the balance of our growth portfolio. On one hand, programs like the Chevrolet Equinox represent disciplined growth on high-volume onshore ICE platforms, where Adient is winning complete seat content, taking share through conquest and leveraging our market-leading North American footprint, delivering strong execution and solid cash generation. At the same time, launches like the Rivian R2 and Leapmotor D19 position us on next-generation EV platforms, where higher complexity, tighter integration and engineering-led execution support higher content per vehicle and stronger higher-quality earnings over time.

當你看這張投影片時，我認為重要的是退一步檢視我們成長組合的平衡。一方面，像雪佛蘭 Equinox 這類專案代表我們在高產量、回流本土的燃油車（ICE）平台上進行有紀律的成長；Adient 贏得完整座椅內容，透過搶單取得市占，並運用我們在北美市場領先的據點布局，帶來強勁執行與穩健的現金創造。另一方面，像 Rivian R2 與零跑 D19 的量產導入，讓我們站上下一代 EV 平台；在這些平台上，更高的複雜度、更緊密的整合與工程主導的執行，支撐更高的單車內容價值，並隨時間推進帶來更強、更高品質的獲利。

Together, these programs demonstrate that we're not making an either or choice between legacy and next-gen. We're deliberately building a portfolio that balances scale and cash flow today with complexity-driven higher-quality earnings tomorrow. That balance is exactly what underpins the sustainability of our results and our confidence in the long-term outlook. Overall, this slide reinforces why Adient continues to be the supplier of choice, winning across regions, technologies and vehicle segments, while executing complex launches at scale.

綜合而言，這些專案顯示我們並非在傳統與次世代之間做非此即彼的選擇；我們是在有意識地打造一個組合，兼顧當下的規模與現金流，以及未來由複雜度驅動的更高品質獲利。這樣的平衡正是支撐我們成果可持續性與對長期展望信心的基礎。整體來看，這張投影片強化了為何 Adient 持續是首選供應商：我們在各區域、各項技術與各車型級距中持續得標，同時能以規模化方式執行複雜的量產導入。

Turning to slide 10. I want to highlight two recent innovation milestones that underscore how Adient continues to turn technology leadership and realize commercial execution. Most recently, we achieved an industry-first launch of our StepJoy foot massage system on the NIO ES9. This is a key example of how we're expanding seating comfort beyond traditional lumbar and back applications, while maintaining compact packaging, cost efficiency and automotive-grade reliability. Importantly, this is not a concept.

接著看第 10 張投影片。我想強調兩項近期的創新里程碑，凸顯 Adient 如何持續將技術領先轉化並落實商業化執行。最近，我們在蔚來（NIO）ES9 上達成業界首發的 StepJoy 足部按摩系統量產導入。這是我們將座椅舒適性擴展至傳統腰靠與背部應用之外的關鍵例證，同時仍維持緊湊的封裝、成本效率與車規等級可靠性。重要的是，這不是概念展示。

It is in production today, validating our ability to industrialize differentiated comfort solutions at scale.

它目前已在量產中，驗證了我們具備將差異化舒適解決方案以規模化方式工業化落地的能力。

In parallel, we're advancing our mechanical massage portfolio with ProForce Massage Flow, which builds on our already validated ProForce platform. ProForce Massage significantly expands massage coverage and gives customers the ability to offer premium seating experience, providing differentiation over traditional highly commoditized massage offerings offered by our competitors.

同時，我們也以 ProForce Massage Flow 推進機械式按摩產品組合，該方案建立在我們已驗證的 ProForce 平台之上。ProForce Massage 大幅擴展按摩覆蓋範圍，並讓客戶能提供高階座椅體驗，相較於競爭對手所提供、已高度商品化的傳統按摩方案，具備更強的差異化。

The modular design and production validation allows this technology to be deployed across multiple seat architectures and vehicle segments within an OEM, enhancing scalability, and is already scheduled for production on 2 C-OEM models. The ProForce system is differentiated from what our competitors offer. Together, these launches demonstrate how we're leveraging innovation to drive higher content per vehicle, deepen OEM relationships and support higher-quality earnings over time.

其模組化設計與量產驗證，使這項技術可在同一 OEM 的多種座椅架構與車型級距中部署，提升可擴展性，且已排定在 2 款中國 OEM（C-OEM）車型上量產。ProForce 系統與競爭對手的方案有所區隔。綜合而言，這些量產導入展現我們如何運用創新提升單車內容價值、加深與 OEM 的關係，並隨時間推進支持更高品質的獲利。

This is how innovation plays into Adient's operating model, disciplined, scalable, differentiated and commercially focused to help our customers enhance their overall in-vehicle experience.

這就是創新如何融入 Adient 的營運模式：有紀律、可擴展、具差異化且以商業化為導向，協助客戶提升整體車內體驗。

Before turning this over to Mark, I want to pause here on slide 11 because this slide really connects the dots between our operating model and what it delivered this quarter. We speak a good deal about operational excellence, profitable growth, innovation and being a supplier of choice, but these are not abstract concepts.

在交棒給 Mark 之前，我想在第 11 張投影片稍作停留，因為這張投影片真正把我們的營運模式與本季交付的成果串聯起來。我們經常談到營運卓越、獲利性成長、創新以及成為首選供應商，但這些並非抽象概念。

They are the foundation that allows us to execute consistently, especially in an environment like this one. In the second quarter, that execution showed up in very tangible ways. We delivered multiple complex launches as planned, continued to convert supplier-of-choice recognition into conquest and onshoring wins, and advanced innovation programs that are already in production and generating value for our customers.

它們是讓我們能夠持續穩定執行的基礎，尤其是在像目前這樣的環境中。第二季，我們的執行以非常具體的方式展現：我們按計畫完成多項複雜的量產導入，持續將首選供應商的認可轉化為搶單與回流本土的得標，並推進已在量產、且正為客戶創造價值的創新專案。

We also strengthened our footprint and reduced execution risk through a targeted tuck-in acquisition. Our teams have received more than 60 customer and industry awards across the region over the past 2 quarters, reflecting Adient's day-to-day execution and quality, launch performance, responsiveness and employee satisfaction.

我們也透過一項精準的補強式（tuck-in）併購強化據點布局並降低執行風險。過去兩個季度，我們的團隊在各區域獲得超過 60 項客戶與產業獎項，反映 Adient 的日常執行與品質、量產導入表現、回應速度以及員工滿意度。

This recognition is translating directly into outcomes, key talent retention, deeper customer trust, conquest and onshoring wins, and the ability to launch more complex, higher-content programs consistently. That external validation reinforces why our operating model continues to scale in a challenging environment. These proof points are the direct result of how we run the business every day, and they're what gives us the confidence in our ability to convert performance into cash flow generation and sustainable value creation going forward.

這些肯定正直接轉化為成果：關鍵人才留任、更深的客戶信任、搶單與回流本土的得標，以及持續穩定導入更複雜、更高內容價值專案的能力。這些外部驗證強化了為何我們的營運模式在充滿挑戰的環境中仍能持續擴展。這些佐證點是我們每天經營業務方式的直接結果，也正是讓我們對未來將績效轉化為現金流創造與可持續價值創造的能力充滿信心的原因。

Now, I'd like to turn it over to Mark to walk you through the financials.

現在，我想把時間交給 Mark，請他帶各位看財務表現。

Thanks, Jerome. Let's turn to financials on slide 13. Adhering to our typical format, the page shows our reported results on the left side and our adjusted results on the right side. As a reminder, the prior period included a onetime noncash goodwill impairment charge of $333 million related to the EMEA goodwill impairment, which impacted our GAAP reported results in Q2 of fiscal year '25 and affects the year-over-year comparability. My comments will focus on the adjusted results, which exclude special items that we view as either onetime in nature or otherwise not reflective of the underlying performance of the business.

謝謝你，Jerome。讓我們看第 13 張投影片的財務表現。依照我們一貫的呈現方式，頁面左側為報告（reported）結果，右側為調整後（adjusted）結果。提醒一下，前一期間包含一筆一次性、非現金的商譽減損費用 3.33 億美元，與 EMEA 商譽減損相關，該項目影響了 2025 會計年度第二季（Q2）的 GAAP 報告結果，並影響年對年可比性。我的評論將聚焦於調整後結果，該結果排除我們視為一次性或不反映業務基本面表現的特殊項目。

Full details of these adjustments are included in the appendix of the presentation for reference.

這些調整的完整細節已收錄於簡報附錄中，供參考。

Moving to the right side, high level for the quarter. Sales for the quarter were $3.9 billion, up 7% year-over-year, reflecting favorable FX, solid volumes and strong underlying business performance. Adjusted EBITDA was $223 million. While this was down year-over-year, the comparison reflects the impact of near-term customer-driven production inefficiencies and increased launch expense as we continue to invest in future growth. Equity income was lower year-on-year as a result of lower volumes with certain of our customers in China.

看右側，先就本季做高層次說明。本季銷售額為 39 億美元，年增 7%，反映匯率有利、出貨量穩健，以及強勁的基本業務表現。調整後 EBITDA 為 2.23 億美元。雖然年對年下降，但比較基礎反映了短期由客戶驅動的生產效率不彰影響，以及我們持續投資未來成長所帶來的量產導入費用增加。權益法投資收益年對年較低，原因是我們在中國部分客戶的出貨量下降。

Adjusted net income was $41 million or $0.52 per share.

調整後淨利為 4,100 萬美元，或每股 0.52 美元。

Let's dig a bit deeper into the quarter, beginning with revenue on slide 14. I'll go through the next few slides relatively quickly as details for the results are included on the slides, allowing sufficient time for Q&A. We reported consolidated sales of $3.9 billion in the quarter, which was an increase of $254 million compared to the same period last year, primarily reflecting better FX tailwinds, along with favorable volume and pricing.

讓我們更深入看看本季表現，先從第 14 張投影片的營收開始。接下來幾張投影片我會相對快速帶過，因為結果細節已包含在投影片中，以便保留充足時間進行問答。我們本季合併銷售額為 39 億美元，較去年同期增加 2.54 億美元，主要反映更有利的匯率順風，並伴隨出貨量與定價的正面影響。

On the right side of the page, we are presenting regional performance on a trailing 12-month basis. This view helps normalize seasonality and timing effects inherent to our operating model and provides a clear picture of the underlying trends. In the Americas, we are seeing growth of 5%, outperforming a flat market, primarily driven by Adient's customer profile, pricing and new vehicle launches. In EMEA, sales have trailed the market, reflecting customer volume and mix and deliberate portfolio actions such as the recent closure of our Saarlouis Ford plant.

在頁面右側，我們以過去12個月（TTM）為基礎呈現各區域的表現。此視角有助於消除我們營運模式中固有的季節性與時點影響，並清楚呈現基本趨勢。在美洲，我們看到5%的成長，優於持平的市場，主要受惠於Adient的客戶組合、定價以及新車款上市。在EMEA，銷售落後於市場，反映客戶出貨量與產品組合，以及我們刻意進行的投資組合調整行動，例如近期關閉我們位於薩爾路易（Saarlouis）的福特工廠。

For China, while the trailing 12-month view is influenced by earlier-period softness, recent performance has notably been stronger. This quarter, sales in China grew at double digits, while the overall market declined, building on first quarter's significant outperformance. We expect this trend to continue over the next several quarters based on our book of business and launch schedule.

就中國而言，雖然過去12個月的視角仍受到前期疲弱的影響，但近期表現明顯更強勁。本季中國銷售以雙位數成長，而整體市場下滑，延續第一季顯著優於市場的表現。我們預期，基於我們的在手訂單（book of business）與上市時程，這一趨勢將在未來數季持續。

Unconsolidated revenue declined year-over-year, reflecting planned program exits in Europe and lower volumes in China.

未合併營收年減，反映歐洲計畫性專案退出，以及中國出貨量較低。

Turning to Q2 EBITDA performance. Adjusted EBITDA of $223 million included approximately $8 million of temporary customer-driven production inefficiencies, which we expect to recover in future periods, and $11 million of launch expense, which supports future growth in our expanding program portfolio. Excluding these items, Adient's underlying business performance remains solid, reflecting the strength of our operating model and the continued focus our teams have on operational excellence and delivering on our full year commitments.

接著看第二季EBITDA表現。調整後EBITDA為2.23億美元，其中包含約800萬美元由客戶因素驅動的暫時性生產效率不彰（我們預期未來期間可回收），以及1,100萬美元的導入（launch）費用，用以支持我們擴大中的專案組合之未來成長。排除上述項目後，Adient的基本業務表現仍然穩健，反映我們營運模式的韌性，以及團隊持續專注於卓越營運並履行全年承諾。

As shown on the chart, volume and mix was an approximate $18 million headwind, mainly driven by the shift to China OEMs versus foreign manufacturers in China, which, as mentioned previously, will result in margin compression that we view as manageable, plus a variety of higher volumes on lower-margin platforms in North America in Q2. As in prior quarters, we've provided detailed segment-level performance slides in the appendix of the presentation for your review, but I'll briefly summarize each region at a high level.

如圖表所示，出貨量與產品組合帶來約1,800萬美元的不利影響，主要來自中國市場由外資車廠轉向中國本土OEM的結構性轉移；如先前所述，這將造成毛利率壓縮，但我們認為可控。此外，第二季北美在部分低毛利平台的出貨量增加亦造成影響。與前幾季相同，我們在簡報附錄提供了更細的分部層級表現投影片供您參考，但我將先以較高層次簡要總結各區域。

In the Americas, we had a solid underlying business performance, reflecting strong execution and program momentum. Results for the quarter were partially impacted by mix, temporary production inefficiencies and launch costs to support the region's future growth. In EMEA, the team continued to focus on driving positive business performance despite a challenging macro environment. And along with FX tailwinds, this helped mitigate the ongoing mix headwinds in the region. In Asia, results were impacted by equity income, the timing of commercial negotiations and planned increases in launch as the region invests in new programs and growth.

在美洲，我們的基本業務表現穩健，反映強勁的執行力與專案動能。本季結果部分受到產品組合、暫時性生產效率不彰，以及為支持區域未來成長而發生的導入成本影響。在EMEA，儘管宏觀環境具挑戰，團隊仍持續專注於推動正向的業務表現；再加上匯率順風，有助於抵銷該區域持續的產品組合逆風。在亞洲，結果受到權益法投資收益、商務談判時點，以及因區域投資新專案與成長而計畫性增加導入活動的影響。

Equity income was unfavorable year-on-year, primarily reflecting lower volumes in our China joint ventures.

權益法投資收益較去年同期不利，主要反映我們在中國合資企業的出貨量較低。

Moving on, let me flip to our cash, liquidity and capital structure on slides 16 and 17. Starting with cash on slide 16. For the quarter, the company generated $8 million of free cash flow, defined as operating cash flow less CapEx. In addition to the typical seasonality of our business, second quarter cash flow benefited from approximately $90 million of timing-related items, specifically related to a commercial agreement and a hedging transaction. Both items will reverse and become outflows in the third quarter.

接下來，讓我翻到第16與第17頁，說明我們的現金、流動性與資本結構。先看第16頁的現金。本季公司產生800萬美元自由現金流，定義為營業現金流減資本支出（CapEx）。除了一般的季節性因素外，第二季現金流亦受惠於約9,000萬美元的時點性項目，具體與一項商務協議及一筆避險交易相關。這兩項將在第三季反轉並成為現金流出。

On a year-to-date basis, free cash flow totaled $23 million and included the benefit of the same $90 million timing effect just mentioned. Excluding this impact, year-on-year cash flow performance reflects favorable working capital fluctuations, driven by typical period-to-period swings, lower cash restructuring outflows in Europe, timing of dividend payments, and an increase in cash spending, supporting Adient's growth initiatives and automation spend.

年初至今自由現金流合計2,300萬美元，亦包含前述同一筆9,000萬美元的時點效應。排除此影響後，與去年同期相比的現金流表現反映：營運資金波動有利（主要由典型的期間間擺動所致）、歐洲現金重整支出較低、股利支付時點，以及為支持Adient成長計畫與自動化投入而增加的現金支出。

Important to point out, last quarter, we highlighted a nonrecurring tax settlement in a certain jurisdiction that increased our tax, cash tax forecast for fiscal year '26. That settlement was paid out in our second quarter. Despite the expected $90 million outflow in the third quarter, we continue to expect strong free cash flow in the second half of the year, consistent with our historical seasonality, and remain confident in delivering on our free cash flow commitment.

需要特別指出的是，上季我們提到在某一司法管轄區的一筆一次性稅務和解，推升了我們對2026會計年度的稅負與現金稅預測。該和解已於第二季支付。儘管第三季預期將有9,000萬美元的現金流出，我們仍預期下半年自由現金流將維持強勁，符合我們歷史季節性表現，並對達成自由現金流承諾保持信心。

Turning to our balance sheet on slide 17. Adient continues to maintain a strong and flexible capital structure. As of March 31, we had a total liquidity of approximately $1.8 billion, consisting of $831 million of cash on hand and $957 million of undrawn revolver capacity. Again, worth mentioning, the $90 million, which benefited second quarter free cash flow, was also included in the March 31 cash balance. I would also point out, Adient did draw on our ABL during the quarter due to typical seasonality and normal working capital fluctuations for our business.

再看第17頁的資產負債表。Adient持續維持強健且具彈性的資本結構。截至3月31日，我們總流動性約18億美元，包括8.31億美元手頭現金與9.57億美元未動用的循環信貸額度（revolver）。同樣值得一提的是，第二季自由現金流受惠的9,000萬美元亦包含在3月31日的現金餘額中。我也要指出，Adient在本季因業務的典型季節性與正常的營運資金波動而動用ABL（資產擔保貸款）。

The ABL was fully repaid within the quarter.

該ABL已於本季內全數償還。

On a trailing 12-month basis, our net leverage was 1.8 times, which remains comfortably within our targeted range of 1.5 times to 2 times, reflecting both disciplined capital management and the underlying earnings power of the business. Importantly, we have no near-term debt maturities, providing us with significant financial flexibility as we navigate a dynamic operating and macro environment. Overall, the capital structure remains strong and flexible.

以過去12個月（TTM）計算，我們的淨槓桿為1.8倍，仍舒適地落在我們目標區間1.5倍至2倍之內，反映嚴謹的資本管理與業務的基本獲利能力。重要的是，我們近期沒有到期債務，讓我們在因應多變的營運與宏觀環境時具備顯著的財務彈性。整體而言，資本結構仍然強健且具彈性。

Turning now to our expectations as we move from the first half into the second half of fiscal year 2026. The first half of fiscal 2026 delivered solid business performance that was in line with our internal expectations despite a challenging operating environment. We remain focused on what was within our control, maintained discipline in execution and cost management, and exited the first half with a solid cash position and a healthy balance sheet.

接著談我們從2026會計年度上半年邁入下半年的展望。2026會計年度上半年在具挑戰的營運環境下仍交出穩健的業務表現，符合我們內部預期。我們持續聚焦可控事項，在執行與成本管理上保持紀律，並以穩健的現金部位與健康的資產負債表結束上半年。

As we look to the second half of fiscal year '26, we currently anticipate approximately $35 million of input cost headwinds. Approximately $25 million is related to Middle East conflict through higher chemical and freight costs, and additional $10 million is driven by higher costs as a result of the LyondellBasell chemical supply disruption. This $35 million of higher input costs is expected to be more than offset with the benefits from volume and the acceleration of business performance. The team remains focused on driving business performance and generating cash.

展望2026會計年度下半年，我們目前預期投入成本將有約3,500萬美元的逆風。其中約2,500萬美元與中東衝突導致化學品與運輸成本上升相關，另有1,000萬美元則來自LyondellBasell化學品供應中斷所造成的成本上升。預期這3,500萬美元的投入成本增加，將可被出貨量帶來的效益以及業務表現加速改善所抵銷並有餘。團隊仍專注於推動業務表現與創造現金。

Turning to our updated outlook for fiscal 2026. Based on our performance year-to-date, improved customer production schedules, we are modestly increasing full year guidance for revenue, adjusted EBITDA and free cash flow. We now expect consolidated revenue of approximately $14.8 billion, up from our prior outlook of approximately $14.6 billion, reflecting solid first half performance, updated near-term customer production schedules and the latest S&P Global production assumptions.

接著說明我們更新後的2026會計年度展望。基於年初至今的表現以及客戶生產排程改善，我們小幅上調全年營收、調整後EBITDA與自由現金流指引。我們目前預期合併營收約148億美元，高於先前約146億美元的展望，反映上半年穩健表現、更新後的短期客戶生產排程，以及最新的S&P Global產量假設。

Adjusted EBITDA is expected to be approximately $885 million, up from our prior guidance of $880 million, reflecting the impact of higher revenues and increased business performance, which are helping to offset the $35 million of anticipated higher input costs.

調整後EBITDA預期約8.85億美元，高於先前指引的8.80億美元，反映較高營收與業務表現提升的影響，這些有助於抵銷預期3,500萬美元的投入成本上升。

As a result of these updates, we now expect free cash flow of approximately $130 million, up from $125 million previously. This improvement reflects the pull-through of incremental adjusted EBITDA and continued focus on working capital discipline and cash generation. Cash taxes are still expected of approximately $125 million, no change from prior guidance. CapEx also remains unchanged at approximately $300 million.

因此，更新後我們預期自由現金流約1.30億美元，高於先前的1.25億美元。此改善反映調整後EBITDA增量的帶動效應，以及持續專注於營運資金紀律與現金創造。現金稅仍預期約1.25億美元，與先前指引一致。資本支出（CapEx）亦維持不變，約3.00億美元。

We have included a simple adjusted EBITDA bridge within the materials on Slide 20 that illustrates the components of our revised guidance.

我們在第20頁的資料中加入了一個簡單的調整後EBITDA橋接表，說明修訂後指引的構成要素。

Before wrapping up, I want to spend a moment on slide 21 because this page speaks to the durability and trajectory of our cash generation. As we've discussed, the $130 million of free cash flow expected this year reflects several elevated and transitional cash uses that are not structural to the business.

在結束前，我想花點時間談第21頁，因為這一頁說明了我們現金創造能力的耐久性與走勢。如我們所討論，今年預期的1.30億美元自由現金流，反映了數項偏高且過渡性的現金用途，這些並非業務的結構性項目。

As these items normalize, we expect materially stronger EBITDA to free cash flow conversion. Capital expenditures are expected to remain at about $300 million, supporting growth, innovation, operational excellence, while remaining aligned with our long-term capital allocation framework. Restructuring cash flows are expected to normalize as European actions progress.

隨著這些項目回歸常態，我們預期EBITDA轉換為自由現金流的能力將顯著提升。資本支出預期維持約3.00億美元，用以支持成長、創新與卓越營運，同時仍與我們長期資本配置框架一致。隨著歐洲相關行動推進，重整現金流預期也將正常化。

Similarly, interest expense is expected to ease with opportunistic repricings and voluntary debt paydown. And finally, cash taxes are expected to revert to a more normalized level following this year's nonrecurring settlement payment.

同樣地，利息費用預期將因把握機會的重新定價以及自願性償還債務而趨緩。最後，現金稅預期將在今年一次性和解付款後回到較正常的水準。

Taken together, these actions clearly outline the path to a structurally higher free cash flow profile. Longer term, as business performance and volume continue to scale and calls for cash remain relatively stable, we believe Adient is well positioned to generate materially stronger free cash flow, supporting disciplined and balanced capital allocation, driving enhanced shareholder value.

綜合而言，這些行動清楚勾勒出通往結構性更高自由現金流輪廓的路徑。長期來看，隨著業務表現與出貨量持續擴大，而現金需求相對穩定，我們相信Adient具備產生顯著更強自由現金流的良好定位，支持有紀律且均衡的資本配置，並提升股東價值。

With that, let's move to the question-and-answer portion of the call. Operator, can we have our first question, please?

那麼，接下來我們進入本次電話會議的問答環節。接線員，請問可以先請第一位提問者嗎？

(Operator Instructions)

（接線員指示）

Colin Langan, Wells Fargo.

Colin Langan，富國銀行（Wells Fargo）。

Oh, great. Thanks for taking my questions. Any color on why the revenue increase? I mean, we've seen S&P actually lowered numbers, at least on the calendar year. Anything in particular that's driving that? Is that just a geographic mix, certain platform mix?

喔，太好了。謝謝讓我提問。關於營收上調的原因，有沒有更多說明？我的意思是，我們看到標普（S&P）其實下調了數字，至少就曆年而言。是有什麼特別因素在推動嗎？是地理區域組合、特定平台組合之類的原因嗎？

Yeah. Colin, I'd say it's a combination of, one, you have to adjust that we're on the September 30 fiscal year, right? Obviously, we're two quarters through. Third quarter, we have pretty good visibility now based on production call-offs, right? And then, it's, as you indicated, it's based on geographic mix, it's customer platforms that we're exposed to, et cetera.

是的。Colin，我會說這是幾個因素的組合。第一，你得調整一下我們的會計年度是截至 9 月 30 日，對吧？很明顯我們現在已經走過兩個季度。第三季度，基於生產拉貨（call-offs），我們現在的能見度相當不錯。然後，如你所說，這也取決於地理區域組合、我們所曝險的客戶平台等等。

Okay. And any color on the onshore bidding? I mean, you seem to have won a pretty large chunk of that so far. Has this been sort of a short-term action wave and then more actions will come in a few years? Or is this actually still even early days for some of the onshoring opportunities, and we'll see the larger numbers coming as more stuff gets bid and onshored?

了解。那關於在岸（onshore）投標方面，有沒有更多說明？我的意思是，你們到目前為止似乎拿下了相當大的一部分。這會不會只是短期的一波行動，然後幾年後才會有更多動作？還是說，對某些回流在岸（onshoring）的機會而言其實仍是早期階段，隨著更多項目開始投標並回流在岸，之後會看到更大的數字？

Yeah. I think we're, in terms of the discussions with the customers, I think they're still very active, still very dynamic. At the point where we're at now, I think a lot of them are waiting to see how the USMCA negotiations and discussions go. Once there is clarity on how that shapes up and what the rules in terms of content, how long that agreement will be, whether it will be an annual evergreen or another seven-year bilateral or trilateral, whatever that shapes up to be, I think that will then free up the next wave of onshoring discussions.

是的。我認為就與客戶的討論而言，仍然非常活躍、也非常動態。以我們目前所處的階段來看，我覺得很多客戶都在觀望 USMCA 的談判與討論會如何發展。一旦對其走向更清楚——包括內容規則、協議期限、是每年自動延續（evergreen）還是另一個七年期的雙邊或三邊協議，最終會是什麼樣子——我認為那將會釋放下一波回流在岸的討論。

I think what's important though and how you think about Adient and how we're positioned, and we've presented figures on this in the past, among seating suppliers, we have the best footprint to be able to capitalize on this. We have more JIT facilities than anyone, than any other seating supplier in the US. From a geographic standpoint, we're best positioned to be able to capitalize on this. We have the capacity to be able to do it. And then, because of our leading modularity, ModuTec, and capabilities, and now with the foaming acquisition, we have the capital ready to be able to deploy the footprint to be able to deploy it and the customer relationships to be able to capitalize on this.

不過我認為重要的是，從 Adient 的角度以及我們的定位來看——我們過去也展示過相關數據——在座椅供應商之中，我們擁有最好的據點布局，能夠把握這個機會。我們在美國的 JIT（即時供應）工廠數量比任何人、比任何其他座椅供應商都多。從地理位置來看，我們的定位最有利於把握這個趨勢。我們也具備相應產能可以執行。此外，憑藉我們在模組化（ModuTec）與能力方面的領先地位，再加上現在的發泡業務收購，我們已準備好資本，可用於部署產能布局，也具備客戶關係來把握這個機會。

And I think we still feel pretty strongly we'll be a net beneficiary of onshoring.

而且我們仍然相當有信心，我們將會是回流在岸的淨受益者。

Nathan Jones, Stifel.

Nathan Jones，Stifel。

This is Andres Loret de Mola on for Nathan Jones. Just on margins, the decline of 70 bps, can you maybe give a little bit more color on the temporary customer-driven costs? And are they recoverable later on?

我是代 Nathan Jones 提問的 Andres Loret de Mola。關於毛利率（或利潤率），下滑了 70 個基點，你能否再多說明一下那些由客戶驅動的暫時性成本？之後有機會回收嗎？

Yeah. So good question. So yes, if you look at that 70 bps, I'd say 60 bps is really related to mix. And as I indicated in my prepared remarks, a lot of that mix was, obviously, we were very transparent that as we continue to shift and pivot to the Chinese local manufacturers there, there's going to be margin compression. That's the majority of that.

可以。這是個好問題。是的，如果你看那 70 個基點，我會說其中 60 個基點其實與組合（mix）有關。正如我在事先準備的發言中提到的，這些組合變化主要是——我們也很透明地說明——隨著我們持續轉向並聚焦中國本土製造商，利潤率會受到擠壓。這是其中的主要部分。

There was also some, I'd say, higher-volume, lower-margin business in the Americas that we saw for the quarter. We do view the mix shift over in China to be very manageable. We've indicated that's going to be falling up somewhere around 100 basis points when we get through the year. So one quarter does not make a trend. We have a pretty good line of sight in terms of what launches are coming on, where production is heading over there.

另外，在美洲地區，本季度我們也看到一些我會稱之為「量較大但毛利較低」的業務。至於中國那邊的組合轉移，我們認為是非常可控的。我們也指出，等到全年走完，影響大概會落在約 100 個基點左右。所以單一季度不代表趨勢。我們對那邊接下來有哪些新案（launch）要上線、產量走向如何，都有相當清楚的能見度。

Same thing with the Americas just in terms of where we see the volumes heading over there in the next couple of quarters.

美洲也是一樣，就我們看到未來幾個季度那邊的量會怎麼走而言。

Got it. That's helpful. And then, just on the split domestic versus foreign OEMs in China, I mean, can you guys, I know you said 70% launches with local OEMs. Can you provide a kind of breakdown of what that mix is now and sort of what you expect for 2026?

了解，這很有幫助。接著關於中國市場中，國內 OEM 與外資 OEM 的占比，你們能否提供目前的組合拆分，以及對 2026 年的預期？我知道你們說有 70% 的新案是本土 OEM。

Yeah. So last year, we ended 2025, we were somewhere just north of 60-40 mix over there. And so, as we continue to win, and we indicated last year, our 2025 wins was also skewed about 70% local Chinese to 30% foreign. So, as we continue to launch this year, that's going to be trending from, call it, that low-60% to that 70% mark over the course of the next 12 months or so.

可以。去年我們在 2025 年結束時，那邊的組合大概是略高於 60/40。隨著我們持續拿下訂單，而且我們去年也提到，我們 2025 年的贏單也大約是 70% 中國本土、30% 外資。因此，隨著我們今年持續量產導入（launch），在接下來約 12 個月左右，這個比例會從大約 60% 出頭逐步走向 70% 左右。

Yeah. And I think as we indicated in the prepared remarks today, our bookings this year are mirroring that same bookings rate, so 70% domestic, 30% transplant for the win rate. So if you look at our forward roll-on, we would expect our roll-on to continue to drive mirroring that 70% domestic, 30% transplant, so continuing a very aggressive roll-on business and rotation into the domestic OEM.

是的。而且正如我們今天在事先準備的發言中提到的，我們今年的接單（bookings）也呈現相同的接單率，也就是贏單率為 70% 國內、30% 外資移植（transplant）。所以如果你看我們往前的滾動導入（forward roll-on），我們預期也會持續反映這個 70% 國內、30% 外資移植的結構，持續非常積極地導入業務並輪轉到國內 OEM。

And it really is leveraged by our world-class joint venture footprint that we have there, working with our joint venture partners and really the way we operate our business in China for China with local Chinese leadership, local Chinese management and leveraging our technology. And that's why we talked a lot today about technology, bringing technology to scale there, and it's not commoditized technology.

而這確實是仰賴我們在當地世界級的合資（joint venture）布局：與合資夥伴合作，以及我們在中國「為中國」的營運方式——由本地中國領導團隊、本地中國管理層來經營，同時運用我們的技術。這也是為什麼我們今天談了很多技術，把技術在當地規模化，而且那不是商品化（commoditized）的技術。

It is leading-edge technology there that allows our customers to be able to price for value, price for the customer in that region through the products we deliver there.

那是領先的前沿技術，能讓我們的客戶在該區域，透過我們交付的產品做到「以價值定價」、以符合該區域客戶需求的方式定價。

Joe Spak, UBS.

Joe Spak，瑞銀（UBS）。

Mark, I want to go back to your comments on normalized free cash flow. And I want to sort of bridge that a little bit to sort of next year as well. And I realize like you're not going to guide '27 now and a lot can happen between now and then. But you are talking about $400 million on the backlog. So even if we assume 10% incremental margin, that's like $40 million in EBITDA.

Mark，我想回到你對「常態化自由現金流」的評論，並把它稍微連結到明年。我知道你們現在不會提供 2027 年的指引，而且中間也可能發生很多事。但你提到積壓訂單（backlog）有 4 億美元。所以即便我們假設 10% 的增量利潤率，那也大概是 4,000 萬美元的 EBITDA。

The recoveries from the Middle East is another $25 million. The supply disruption is another $10 million. You have business performance. There's the $100 million in free cash flow timing items you mentioned in '26. So I guess what I'm getting at is, it seems like based on what we know now, and I know things can change, it seems like free cash flow could be up over $200 million next year.

中東的回收款（recoveries）另外有 2,500 萬美元。供應中斷（supply disruption）另外有 1,000 萬美元。還有營運表現改善。你也提到 2026 年有 1 億美元的自由現金流時點項目（timing items）。所以我想說的是，看起來以我們目前所知——我知道事情可能會變——明年的自由現金流似乎可能會增加超過 2 億美元。

I'm just wondering if we're thinking about that correctly, if there's any other offsets we should be thinking about? And if we do see that, I know you said you paused the buyback activity for uncertainty, but why wouldn't you sort of try to maybe get ahead of what seems like a pretty good inflection of cash flow and buy back the stock when it's at relatively attractive valuations?

我想確認我們這樣想是否正確，是否還有其他需要考慮的抵銷因素？另外，如果真的會看到那樣的情況，我知道你說因不確定性而暫停回購，但為什麼不嘗試提前布局——在看起來現金流將出現相當不錯的拐點之際、且股價估值相對具吸引力時——回購股票呢？

Yeah. Great questions, Joe. I think you're thinking about the buckets the right way. Clearly, there's going to be revenue growth that we've been very transparent in mentioning. So obviously, that will convert.

是的。問題很好，Joe。我認為你對各個「桶」（bucket）的思考方式是對的。很明顯，我們一直很透明地提到營收會成長，所以這些當然會轉化（convert）過來。

If I look at my calls from cash, as I indicated, those will be relatively stable to improving, right, as my cash taxes trends back to its normalized level. Restructuring, now, again, restructuring over time will trend back to its normal level in Europe. We obviously still have to look to see the European landscape over there. I don't think anybody is expecting that to get much better over there, right? So we have to see what our customers do with their programs, what that means for our restructuring.

如果我看現金流的各項因素，如我所說，這些會相對穩定到改善，對吧？因為我的現金稅（cash taxes）會回到常態化水準。重整（restructuring）方面，同樣地，重整支出隨時間會回到歐洲的正常水準。我們當然仍需觀察歐洲那邊的環境。我想沒有人預期那邊會好轉太多，對吧？所以我們得看客戶對其專案會怎麼做、那對我們的重整意味著什麼。

But all in all, that will trend back down to its normalized level.

但總體而言，這會回落到其常態化水準。

Interest expense, as I indicated, we're opportunistic with repricing like we've been doing with the Term Loan B as we basically do some voluntary debt paydown because we do recognize that the disciplined capital allocation policy includes not only share buybacks, but also debt paydown, right, inorganic growth opportunities as we demonstrated this past quarter with the Woodbridge business. Yes, I think you're right. I think the cash definitely trends higher. So I think you're thinking about that in the right way, Joe.

利息費用方面，如我所說，我們會把握機會進行重新定價（repricing），就像我們對 B 期定期貸款（Term Loan B）所做的那樣；同時我們也會進行一些自願性償債（voluntary debt paydown），因為我們確實認知到，嚴謹的資本配置政策不僅包含股票回購，也包含償債，對吧？以及外延式成長機會（inorganic growth opportunities），正如我們在本季度透過 Woodbridge 業務所展現的。是的，我認為你說得對，我認為現金確實會走高。所以我覺得你這樣思考是正確的，Joe。

In terms of why not get in front of it earlier and we hit the pause button this year on the share repurchases, as I indicated, we got into Q2, because of normal seasonality and working capital needs, we actually did draw on the ABL, right? So we drew $150 million that will be called out in our Q this afternoon when we release that. When we paid that back, clearly, the war in the Middle East, it started, it escalated. We started to see chemical prices increase. We had the supplier right.

就為什麼不更早先行因應、以及我們今年按下暫停鍵停止股票回購而言，如我所指出的，我們進入第二季後，因為正常的季節性與營運資金需求，我們確實動用了 ABL（資產擔保循環信貸），對吧？因此我們提取了 1.5 億美元，今天下午我們發布 Q（季度報告）時會在其中說明。當我們把那筆款項償還後，很明顯地，中東戰事開始、並且升級。我們開始看到化學品價格上漲。我們也有供應商方面的情況，對吧。

So there was greater uncertainty. So it was prudent for us to do that as we went through Q2.

因此不確定性更高。所以我們在第二季期間這麼做是審慎之舉。

As we go through the balance of the year and we go into next year, there's really been no change in our capital allocation policy. We still expect to be good stewards of capital. We'll still be balanced with our allocation policy right. So, no change from that perspective.

隨著我們走完今年剩餘時間並進入明年，我們的資本配置政策其實沒有任何改變。我們仍然期望成為資本的良好管理者。我們仍會在配置政策上保持平衡，對吧？所以從這個角度來看，沒有變化。

I guess, the second question, just I want to go back to China. Again, on the one hand, you're talking about 70% of the wins in China is domestic. That's coinciding with margin degradation in the region, which I know you said you can expect, and I think the slides had a comment about how it's manageable. But can you just help us like level set like, because it's sort of tied up within the, what you show for APAC. I know some of the China business is unconsolidated.

我想第二個問題，我只是想回到中國。再說一次，一方面你提到在中國的贏單有 70% 是本土（國內）業務。這同時也與該區域的利潤率下滑相吻合；我知道你說這是可以預期的，而且我想投影片也提到這是可控的。但你能否幫我們把基準釐清一下：因為它某種程度上被包在你們對亞太（APAC）的呈現裡。我知道部分中國業務是未合併的。

Like, where are we now? What level does that backlog really come on at from a margin perspective? And like where can we see margins going? I think you've been very clear, and we can appreciate that, that's going to be a margin headwind. But what's sort of the steady-state level for that business?

例如，我們現在處於什麼狀態？那個在手訂單（backlog）從利潤率角度看，實際上會以什麼水準落地？以及利潤率可能走向哪裡？我想你一直講得很清楚，我們也能理解，那會是利潤率的逆風。但那項業務的穩態水準大概會是什麼？

I think as we go through the balance of this year, as I indicated, do I still expect us to be down about 100 bps in 2026? Absolutely. As we continue to win new business over in that region, the team has been working very hard just in terms of, again, using automation over there, right? They're basically being sourced, the whole seating, whether it's trim, foam, JIT, right, metals, right, which continues to help out the overall earnings profile of that business over there, right? So the team is working hard to continue to maintain it at 100 basis point degradation.

我認為在今年剩餘時間，如我所指出的，我是否仍預期到 2026 年我們大約會下降 100 個基點（bps）？絕對是。隨著我們在該區域持續贏得新業務，團隊一直非常努力，尤其是在那邊導入自動化，對吧？他們基本上在採購端把整個座椅相關（不論是飾件 trim、泡棉 foam、JIT（即時供應）、金屬件 metals 等）整合起來，這也持續有助於那邊業務的整體獲利輪廓，對吧？所以團隊正努力把降幅維持在 100 個基點的惡化程度。

We view that as manageable. As we get into 2027 and start to finalize 2027, and we'll be back out with that. But again, I think that 100 basis points is probably good for your modeling at this point.

我們認為這是可控的。等到我們進入 2027 年並開始把 2027 年的情況定案時，我們會再對外更新。但同樣地，我認為目前用 100 個基點來做你們的模型假設大概是合理的。

Mike Ward with Citigroup.

花旗集團（Citigroup）的 Mike Ward。

Mark, maybe just to follow up a little bit on what Joe was asking. On the excess cost, the $25 million, $35 million, does that, if you're able to recover it by the end of this year, does that provide some upside to your current forecast?

Mark，也許就 Joe 剛才問的再追問一下。關於超額成本 2,500 萬到 3,500 萬美元，如果你們能在今年底前把它回收回來，這是否會對你們目前的預測帶來一些上行空間？

Yes. So again, Mike, if you think about chemicals in particular, right, we have pass-through agreements and escalators with our customers, right? Those typically come on at a 2-quarter lag, right? So third quarter, I'm not expecting any recoveries. Am I going to start getting some of those recoveries in the fourth quarter?

會的。所以再說一次，Mike，如果你特別看化學品這一塊，對吧？我們與客戶之間有轉嫁（pass-through）協議以及價格調整條款（escalators），對吧？這些通常會有兩個季度的落後期，對吧？所以第三季我不預期會有任何回收。我會不會在第四季開始拿到部分回收？

Absolutely. Will some of that bleed into '27? Yes. Some of the, what I'd say, customer production inefficiencies, right, we called that out. Is the Americas team going to go back and work with our customers to try and recoup some of that in the back half of this year?

絕對會。有些會不會延續到 2027 年？會。至於我們所說的部分客戶端生產效率不佳（customer production inefficiencies），對吧，我們也點出來了。美洲團隊會不會回去與客戶合作，嘗試在今年下半年把其中一些追回來？

Yes, there will be tough commercial negotiations. So could there be some upside, Mike? Possibly. But again, tell me when the war in the Middle East is going to end, tell me what oil prices are going to do, tell me how fast LyondellBasell can get their facility up and operating, right? So those, we're trying to balance what I'd say is the risk for the balance of the year versus, as you indicate, some opportunities for the balance of the year.

會的，這會是艱難的商務談判。所以會不會有一些上行空間，Mike？有可能。但再說一次，你告訴我中東戰爭什麼時候結束，你告訴我油價會怎麼走，你告訴我 LyondellBasell 能多快讓他們的設施恢復並投入運轉，對吧？所以我們正在平衡我所說的今年剩餘時間的風險，與你所提到的今年剩餘時間的一些機會。

That's why we came out with the $885 million guide. That's our best 50-50 look right now in terms of where we think the year is going to end.

這也是為什麼我們給出 8.85 億美元的指引。就目前而言，這是我們對今年最好的 50-50 判斷，關於我們認為全年最終會落在什麼位置。

Makes sense. And maybe, Jerome, on more of a strategic standpoint, I mean, the trim acquisition, in North America, what type of level of vertical integration do you have for a typical seat?

了解。也許 Jerome，從更策略的角度來看，我是指北美的飾件（trim）收購案，對於一個典型座椅，你們的垂直整合程度大概到什麼水準？

Yeah. So the Woodbridge plant is a foaming plant for us. If you look at our business in North America, I mean, on an average contract, given our customer mix and our customer platform mix, especially when we talk about the large truck platform that we acquired, it would have been two quarters ago when we went from just having the JIT and foam, we acquired JIT, trim and foam on that, we will be well over 80%, probably 85% vertically integrated on our business in North America. It is a very, very healthy level now in our North America business. And when I say vertically integrated, I speak about JIT, trim and foam.

是的。所以 Woodbridge 工廠對我們而言是一座發泡（foaming）工廠。如果你看我們在北美的業務，我是說，在一個平均合約上，考量我們的客戶組合與平台組合，特別是當我們談到我們收購的大型卡車平台時——那應該是兩個季度前——我們從原本只有 JIT 和泡棉，變成在那個平台上我們收購了 JIT、飾件（trim）與泡棉（foam），我們在北美業務的垂直整合程度將遠超過 80%，可能達到 85%。目前在北美業務中，這是一個非常、非常健康的水準。而當我說垂直整合時，我指的是 JIT、飾件（trim）與泡棉（foam）。

We've talked a lot about the metals business and trying to look at the metals business and wind out some of our non-healthy metals business. So we've been, I think, very transparent on that. But on the JIT, trim and foam level, it's a very healthy level of vertical integration now in the Americas business. And it's one of the reasons why you've seen the Americas business really have a, I think, nice progression on the margin expansion and the cash flow progression as well.

我們也談了很多金屬件（metals）業務，並嘗試檢視金屬件業務、把一些不健康的金屬件業務逐步退出。所以我想我們在這方面一直非常透明。但就 JIT、飾件（trim）與泡棉（foam）的層面而言，美洲業務現在的垂直整合程度非常健康。這也是你們看到美洲業務在利潤率擴張、以及現金流改善上都有不錯進展的原因之一。

Emmanuel Rosner, Wolfe Research.

Wolfe Research 的 Emmanuel Rosner。

I was hoping to first follow up a little bit on the commodities outlook. I know obviously, a lot of moving parts between the disruption and the conflict. But at least in terms of the disruption piece, do you have good visibility in terms of the supply? Is it really just a question of higher pricing and basically recoveries coming with a lag? Or is there also, I guess, what sort of visibility do you have in terms of essentially ensuring supply?

我希望先追問一下大宗商品的展望。我知道顯然有很多變動因素，包含供應中斷與衝突。但至少就供應中斷這一塊而言，你們對供應端是否有很好的能見度？這真的只是價格上升、以及回收會有落後期的問題嗎？還是說，你們在確保供應方面的能見度大概到什麼程度？

And then, what does that look like into 2027?

然後，這在 2027 年會是什麼樣子？

Yeah, I think you have to, I think, Emmanuel, you have to break it down into two pieces. I think you have to break down the LyondellBasell issue and then maybe break down the Middle East/Strait of Hormuz issue. So on LyondellBasell, I think our team in the Americas, with our customer group, has done a very good job of working through alternative means of supply and securing alternate supply chains. So I think we have good line of sight, alternative chemicals supplied, validation underway with our customers. I think we've been able to tie that off.

是的，我認為你必須——我想 Emmanuel，你必須把它拆成兩個部分。我認為你必須把 LyondellBasell 的問題拆開來看，然後再把中東／荷姆茲海峽（Strait of Hormuz）的問題拆開來看。就 LyondellBasell 而言，我認為我們美洲團隊與客戶團隊在替代供應方式、以及確保替代供應鏈方面做得非常好。所以我認為我們有很好的可視性：替代化學品供應已到位，並且正與客戶進行驗證。我認為我們已經把這件事處理妥當。

On the Strait of Hormuz, at the moment, I think we have line of visibility as much as anyone in the industry can have when it comes to supply. I'll go back to Mark's comments. I don't think we can sit here today and be any better forecasters or prognosticators that would say, if it remains the way it is, I can't tell you what's going to happen in 3 months, 5 months, 6 months or anything along those lines. I don't know that I can give you a better answer than anyone else can on that topic, Emmanuel, nor should we really be doing that.

至於荷姆茲海峽，目前我認為我們在供應方面的能見度，和產業內任何人能做到的差不多。我回到 Mark 的評論。我不認為我們今天坐在這裡，就能成為更好的預測者或預言家，去說如果情勢維持現狀，我無法告訴你 3 個月、5 個月、6 個月後會發生什麼或諸如此類。我不確定我能在這個議題上給你比其他人更好的答案，Emmanuel，而且我們也不應該真的去做那樣的預測。

So again, on LyondellBasell, I think we've done a very good job working with our teams. I think we're supplied. We have supply secured. On Strait of Hormuz, I don't think we're in any better condition or any worse of a condition than anyone else in the industry on that topic.

所以再說一次，就 LyondellBasell 而言，我認為我們與團隊合作做得非常好。我認為我們有供應，我們已確保供應。至於荷姆茲海峽，我不認為在這個議題上，我們的處境會比產業內其他人更好或更差。

That's helpful. And then, one follow-up on the normalized free cash flow. So obviously, a decent piece of it would be normalization of restructuring spending. It doesn't seem like 2027 would necessarily be the year, first, with potential restructuring needs in Europe. I guess, what would need to happen to be able to sort of like lower this restructuring need?

這很有幫助。接著再追問一個關於常態化自由現金流（normalized free cash flow）的问题。顯然其中相當一部分會來自重整／重組支出（restructuring spending）的常態化。但看起來 2027 年未必會是那一年，首先，因為歐洲可能仍有重整需求。我想問的是，需要發生什麼情況，才有可能把這種重整需求降低？

It just feels like in Europe, there's maybe some structural industry trends that would require ongoing restructuring for longer.

只是感覺在歐洲，可能存在一些結構性的產業趨勢，會要求更長時間持續進行重整。

I think it's too early to say, Emmanuel, whether 2027 is normalized or not normalized, whether there's a tail-off or not a tail-off. I think we're very much in active discussions with a couple of key customers around the key, a couple of key JIT manufacturing sites right now and what the future of those sites will be. So it's just, it's too early to say what '27 and even '28 look like at this point.

我認為現在還太早，Emmanuel，去判斷 2027 年是否已正常化、是否未正常化，是否會出現趨緩或不會趨緩。我認為我們目前正與幾家關鍵客戶就幾個關鍵的 JIT 製造據點進行積極討論，探討這些據點未來會如何發展。所以就目前而言，現在還太早去說明 2027 年、甚至 2028 年會是什麼樣子。

In terms of what needs to happen in Europe, I think there needs to be stabilization within the European theater on industry volumes and capacity rationalization across not only the JIT landscape and the seating landscape, but also our customers' manufacturing landscape. And I think there's still announcements coming out at our customers, where they're trying to repurpose their manufacturing facilities. You've seen announcements around that. And with that, that opens up opportunities for us to be able to service them in different ways than maybe we would traditionally do. And it's some of those discussions that we're in with them.

就歐洲需要發生什麼而言，我認為歐洲市場需要在產業產量與產能合理化方面趨於穩定，這不僅涵蓋 JIT 版圖與座椅版圖，也包括我們客戶自身的製造版圖。我認為客戶端仍會有一些公告，因為他們正嘗試重新定位其製造設施。你們也已看到相關公告。而隨之而來的是，這會為我們帶來機會，使我們能以不同於傳統的方式為他們提供服務。我們目前正在與他們進行的，正是其中一些討論。

So I think it's too early to say what our '27 restructuring looks like, whether it tapers off or it doesn't, and the same would go for '28.

所以我認為現在還太早去說明我們 2027 年的重整會是什麼樣子，會不會逐步收斂，以及 2028 年也是同樣的道理。

Dan Levy, Barclays.

Dan Levy，巴克萊。

Your second half guidance, you're basically saying that you're offsetting the weaker half-over-half revenue and the onset of some of these commodity costs with better business performance, which you've done a really good job putting up. Maybe you could just remind us sort of like what's hitting now?

你們對下半年的指引，基本上是在說：你們會用更好的營運表現來抵消上下半年相比較弱的營收，以及部分大宗商品成本開始上升的影響，而你們在這方面確實做得非常好。也許你們可以提醒我們一下，現在到底有哪些因素正在衝擊？

And then, you've broadly talked about a number of different work streams in terms of restructuring, balance-in, balance-out, labor efficiency. Maybe just give us a sense where you are on your journey on business because it's been so good for so long. And what else is sort of the next front here on continuing to drive those benefits as opposed to sort of clearing out already the low-hanging fruit?

另外，你們也廣泛談到多條不同的工作主軸，包括重整、balance-in、balance-out、勞動效率等。能否請你們讓我們了解一下，你們在提升營運表現這段旅程目前走到哪裡了？因為你們長期以來表現都非常好。接下來要持續推動這些效益的「下一個戰場」是什麼，而不是只是把已經很容易摘取的低垂果實先清掉？

Yeah, Dan, maybe I'll start on what we see first half, second half, and Jerome can comment just in terms of certain of the automation, which is going to contribute to the efficiencies and business performance. But you're absolutely right. When I look at first half, second half, sales are going to be down slightly where we called out $35 million of higher input costs. But I've also got the benefit of lower launch costs in the second half of the year. I've got better business performance.

好的，Dan，也許我先談談我們對上半年、下半年的看法；至於自動化等將如何貢獻效率與營運表現，Jerome 也可以補充。不過你說得完全正確。當我看上半年與下半年時，營收會略為下滑，我們也提到有 3,500 萬美元的投入成本上升。但同時，我也會受惠於下半年較低的導入（launch）成本，並且營運表現會更好。

As we indicated, business performance starts to accelerate, whether that's through the lower launch costs, my ops waste, my C&I efficiencies that the plant builds as I go through the second half of the year, right? Some of the, what I'd say, frictional costs that hit in Q2 with the customers, we'd expect that to subside as we go through Q3, Q4. So it's really the acceleration of business performance that really gives me comfort in terms of confidence in what I think I can do in second half versus first half despite the lower levels of buying.

如我們所指出的，營運表現會開始加速，不論是來自較低的導入成本、我們的營運浪費（ops waste）、以及我在下半年推進過程中工廠逐步建立的 C&I 效率，對吧？另外，我會說，第二季因客戶而產生的一些摩擦性成本，我們預期在第三季、第四季會逐步消退。因此，正是營運表現的加速，讓我對下半年相較上半年能做到什麼更有把握與信心，儘管採購量水準較低。

Yeah. And then, to your, second part of your question, what is the, I'll use my words, the next frontier of driving business performance? We've talked a lot about automation starting to flow in. And even this year, if you look at the capital expenditures that we're putting into the business, that step-up year-over-year in automation, that will start to pay dividends as we get into '27 and '28.

是的。至於你問題的第二部分：用我的話來說，推動營運表現的「下一個前沿」是什麼？我們已談了很多自動化開始逐步導入。即使在今年，如果你看我們投入業務的資本支出，年對年在自動化方面的投入是增加的；當我們進入 2027 年與 2028 年時，這些投入將開始帶來回報。

And we're really leading the industry in terms of some of the automation we're doing in our foaming business, some of the automation we're putting into our metals business, our trim business, and then, on the JIT side of it, what we've been able to do with our modularity.

而且就我們在發泡業務所做的一些自動化、在金屬業務與飾件（trim）業務所導入的一些自動化，以及在 JIT 端我們透過模組化所能做到的事情而言，我們確實在業界處於領先地位。

The feedback we get from our customers is your modularity offerings are leading edge. It's one of the reasons we've been able to conquest and expand our backlog in the JIT side is through our modularity offerings. With that, we're not only able to offer more competitive pricing to our customers, but it also leads to some of this margin expansion story, better roll-on, roll-off into the business.

我們從客戶那裡得到的回饋是：你們的模組化產品方案是領先的。這也是我們能在 JIT 端攻城略地並擴大在手訂單（backlog）的原因之一，正是透過我們的模組化方案。藉此，我們不僅能向客戶提供更具競爭力的價格，也帶動了這個毛利率擴張的故事，使業務導入與退出（roll-on、roll-off）更為順暢。

And so, when you look at the restructuring coming in, in Europe starting to pay dividends, but then also modularity, better roll-on, roll-off and then the automation piece of it, that's really where we see this then starting to fuel some of the additional margin expansion that we'll see in the Americas and in our European business going forward and that sustainability piece.

因此，當你看到歐洲的重整開始帶來效益，再加上模組化、更好的 roll-on、roll-off，以及自動化這一塊，這正是我們認為將進一步推動未來在美洲與歐洲業務的額外毛利率擴張，以及那個可持續性（sustainability）部分的來源。

And then, just coming back to some of the questions that we had earlier in the call around Asia and China in particular. I think it is worth continuing to highlight that even though there will be margin compression on the Asia side, or the Asia Pacific business, as revenues grow there, even with that margin compression, it will still be cash-accretive, margin-accretive and still expanding cash flows for Adient overall. I think it's always important to keep that in mind.

另外，回到我們在電話會議較早時針對亞洲、特別是中國所提出的一些問題。我認為值得持續強調的是：即使隨著當地營收成長，亞洲端或亞太業務的毛利率會受到擠壓，但即便如此，它仍將對現金流有正向貢獻、對整體毛利率有正向貢獻，並且仍會擴大 Adient 整體的現金流。我認為這點始終很重要，請大家記住。

Great. As a follow-up, I wanted to just, I asked a similar question on the last earnings call, but I think it just gets to a broader theme on where we are on market share dynamics in the seating market and more specifically within North America because one of your competitors has talked about sort of a growing pipeline and traction on awards. So can you just give us a sense, broad strokes, what we are seeing on market share dynamics? Is there sort of a consolidation within yourselves and another one of your competitors away from the rest of the field?

很好。作為追問，我想再問一下：我在上一通財報電話會議也問過類似問題，但我認為這反映了一個更大的主題，也就是我們在座椅市場的市占動態，尤其是在北美，因為你們的一位競爭對手提到他們的案源管線正在成長，且在得標方面有進展。你們能否從較宏觀的角度，讓我們了解目前看到的市占動態？是否出現某種情況：你們與另一位競爭對手相對於其他業者，正在形成某種程度的集中？

Yeah. I think that that's a fair way to characterize it. I think if we look at where the wins are occurring, where some of the market share is coming from and how that pie is shaping up, I think based on the competitive offering that we're able to bring forward, our modularity solutions, the technology that we're able to put in place, I think the pie continues to shrink into those who are able to bring the most competitive offerings forward, who have the balance sheet to be able to do it, who are able to deploy the capital and who are the suppliers of choice into their customers. And I think Adient is certainly one of those, if not the preeminent one in the space.

是的。我認為這樣的描述是合理的。我想如果我們看勝出（wins）發生在哪裡、市占從哪裡移轉而來，以及整個市場版圖如何成形，我認為基於我們能提出的具競爭力的方案、我們的模組化解決方案、以及我們能落地的技術，我認為市場的「餅」會持續向那些能提出最具競爭力方案、具備足夠資產負債表實力、能夠部署資本、並且成為客戶首選供應商的業者集中。我認為 Adient 肯定是其中之一，甚至可說是該領域最具代表性的業者。

And I think with that, we're at the bottom of the, or I guess, the midpoint of the hour. I just want to close the call by first thanking all of the 70,000 Adient employees around the world for your commitment to making the company what it is, and then thank all of our customers for your continued support to the business and to the company, and then thank all of our owners and shareholders for your ongoing support. Thank you very much, everybody.

我想在這個時間點，我們也差不多到整點的一半了。我想以幾點來結束今天的電話會議：首先，感謝全球 70,000 名 Adient 員工，謝謝你們致力於讓公司成為今天的樣子；接著，感謝所有客戶持續支持我們的業務與公司；最後，感謝所有公司所有人與股東持續的支持。非常感謝各位。

Thank you.

謝謝。

Thank you. And in closing, I want to thank you once again for your interest in Adient. If you have any follow-up questions, please feel free to reach out to me. With that, operator, we can close the call.

謝謝。最後，我想再次感謝各位對 Adient 的關注。如果你們有任何後續問題，歡迎隨時與我聯繫。那麼，接線員，我們可以結束電話會議了。

Thank you. That does conclude today's conference. We thank you for your participation. Have a wonderful day. And at this time, you may disconnect your lines.

謝謝。今天的電話會議到此結束。感謝各位的參與。祝各位有美好的一天。此時各位可以掛斷電話線。