AGCO Corp (AGCO) 2025 Q2 法說會逐字稿

Good day, and welcome to the AGCO second quarter 2025 earnings call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 AGCO 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Greg Peterson, AGCO Head of Investor Relations.

現在我想將會議交給 AGCO 投資者關係主管 Greg Peterson。

Thanks, and good morning. Welcome to those of you joining us for AGCO's Second Quarter 2025 Earnings Call. We will refer to a slide presentation this morning that's posted on our website at www.agcocorp.com. The non-GAAP measures used in the slide presentation are reconciled to GAAP measures in the appendix of that presentation.

謝謝，早安。歡迎各位參加 AGCO 2025 年第二季財報電話會議。我們將參考今天上午發佈在我們網站 www.agcocorp.com 上的一份幻燈片簡報。幻燈片簡報中使用的非公認會計準則 (Non-GAAP) 指標已與該簡報附錄中的公認會計準則 (GAAP) 指標進行了對帳。

We will make forward-looking statements this morning, including statements about our strategic plans and initiatives as well as our financial impacts. We'll discuss demand, product development and capital expenditure plans and timing of those plans and our expectations concerning the costs and benefits of those plans and timing of those benefits. We'll also cover future revenue, crop production, farm income, production levels, price levels, margins, earnings, operating income, cash flow, engineering expense, tax rates and other financial metrics.

我們將於今天上午發表前瞻性聲明，包括有關我們的策略計劃和舉措以及我們的財務影響的聲明。我們將討論需求、產品開發和資本支出計劃以及這些計劃的時間安排，以及我們對這些計劃的成本和收益以及這些收益的時間表的預期。我們還將介紹未來收入、農作物產量、農場收入、生產水準、價格水準、利潤率、收益、營業收入、現金流、工程費用、稅率和其他財務指標。

All of these are subject to the risks that could cause actual results to differ materially from those suggested by the statements. These risks include, but are not limited to, adverse developments in the agricultural industry, supply chain disruption, inflation, tariffs, weather, commodity prices, changes in product demand, interruptions in the supply of parts and products, the possible failure by us to develop new and improved products on time, including premium technology and smart farming solutions within budget and with the expected performance and price benefits, difficulties in integrating the PTx Trimble business in a manner that produces the expected financial results, introduction of new or improved products by our competitors and reduction in pricing by them, the war in the Ukraine, difficulties in integrating acquired businesses and in completing expansion and modernization plans on time and in a manner that produces the expected financial results, and adverse changes in foreign financial and foreign exchange markets.

所有這些都存在風險，可能導致實際結果與聲明中暗示的結果有重大差異。這些風險包括但不限於農業產業的不利發展、供應鏈中斷、通貨膨脹、關稅、天氣、商品價格、產品需求變化、零件和產品供應中斷、我們可能無法按時開發新的和改進的產品，包括在預算內並具有預期性能和價格優勢的高端技術和智能農業解決方案、難以以產生預期財務結果的方式整合 PTx Trimble業務、我們的競爭對手推出新的或改進的產品並降低價格、烏克蘭戰爭、難以整合收購的業務並按時以產生預期財務結果的方式完成擴張和現代化計劃、以及國外金融和外匯市場的不利變化。

Actual results could differ materially from those suggested in these statements. Further information concerning these and other risks is included in AGCO's filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2024, and subsequent Form 10-Q filings. AGCO disclaims any obligation to update any forward-looking statements, except as required by law. We'll make a replay of this call available on our website later today.

實際結果可能與這些聲明中所建議的結果有重大差異。有關這些風險和其他風險的更多資訊包含在 AGCO 向美國證券交易委員會提交的文件中，包括截至 2024 年 12 月 31 日的 10-K 表格以及後續的 10-Q 表格。除非法律要求，否則 AGCO 不承擔更新任何前瞻性聲明的義務。我們將在今天晚些時候在我們的網站上提供此通話的重播。

On the call with me this morning is Eric Hansotia, our Chairman, President and Chief Executive Officer; and Damon Audia, Senior Vice President and Chief Financial Officer.

今天早上與我一起通話的是我們的董事長、總裁兼執行長 Eric Hansotia 和高級副總裁兼財務長 Damon Audia。

With that, Eric, please go ahead.

好了，埃里克，請繼續。

Thanks, Greg, and good morning to everyone joining us today. We delivered solid second quarter results, driven by disciplined execution in areas within our control despite a challenging global agricultural landscape. Weak farmer economics and delayed purchasing decisions across several regions heavily influenced the uncertainty in global trade that impacted demand.

謝謝，格雷格，今天參加我們的所有人早安。儘管全球農業情況充滿挑戰，但我們在第二季度取得了穩健的業績，這得益於我們在可控範圍內的嚴格執行。多個地區農民經濟狀況疲軟以及採購決策延遲嚴重影響了全球貿易的不確定性，進而影響了需求。

Net sales totaled over $2.6 billion, down approximately 19% year-over-year or 11% excluding the Grain & Protein business we divested last year. This decline reflected continued softness in North America and Western Europe, coupled with our ongoing impact from reducing dealer inventories in several parts of the world. Despite the uncertain near-term outlook, we remain focused on executing our strategy, supporting our dealers and customers and investing in technologies that will fuel long-term growth. We are closely monitoring evolving tariff policies in the U.S. and in other parts of the world.

淨銷售額總計超過 26 億美元，年減約 19%，若不包括去年剝離的穀物和蛋白質業務，則下降 11%。這一下降反映了北美和西歐市場持續疲軟，以及我們在全球多個地區減少經銷商庫存的持續影響。儘管近期前景不明朗，我們仍專注於執行我們的策略，支持我們的經銷商和客戶，並投資於能夠推動長期成長的技術。我們正在密切關注美國和世界其他地區不斷變化的關稅政策。

As I said last quarter, we will try to limit the effects on farmers by trying to minimize increases through supplier discussions and other supply chain adjustments. We will implement price increases where appropriate and feasible. For the quarter, consolidated operating margins were 6.2% on a reported basis and 8.3% on an adjusted basis, reflecting strong decremental margins in the mid-teens. This performance highlights excellent global execution by our teams who continue to deliver on our sales strategy and with a richer mix of products in several parts of the world, while simultaneously executing on our ongoing restructuring plans.

正如我上個季度所說，我們將嘗試透過與供應商討論和其他供應鏈調整來盡量減少價格上漲，從而限制對農民的影響。我們將在適當且可行的情況下提高價格。本季度，合併營業利潤率為報告基礎 6.2%，調整後基礎 8.3%，反映出中期利潤率的強勁下降。這項業績凸顯了我們團隊出色的全球執行力，他們繼續執行我們的銷售策略，並在世界多個地區提供更豐富的產品組合，同時執行我們正在進行的重組計劃。

Notably, we achieved these margins despite a 16% reduction in production hours compared to quarter 2 2024 as we are diligent in our efforts to align dealer inventories as quickly as possible. We made meaningful progress in reducing both company and dealer inventories. This discipline is reflected in our working capital improvements and free cash flow generation during the first half of the year, which was up nearly $400 million compared to the same period in 2024.

值得注意的是，儘管與 2024 年第二季相比生產時間減少了 16%，但我們仍然實現了這些利潤率，因為我們努力盡快調整經銷商庫存。我們在減少公司和經銷商庫存方面取得了重大進展。這項紀律體現在我們上半年營運資本的改善和自由現金流的產生上，與 2024 年同期相比增加了近 4 億美元。

In Europe, sentiment has been moving more positive for much of the past year. Granted, that improvement trend has paused in the last 2 months. As AGCO's largest and most critical region, Europe continues to provide better demand stability, strong consistent operating margins and helps dampen the impact of U.S. trade policy on our financials.

在歐洲，在過去一年的大部分時間裡，市場情緒一直變得更加積極。誠然，這種改善趨勢在過去兩個月已經暫停。作為愛科集團最大、最關鍵的地區，歐洲持續提供更好的需求穩定性、強勁一致的營業利潤率，並有助於減輕美國貿易政策對我們財務的影響。

In North America, farmer sentiment remains cautious. Although government aid is expected to support higher net farm income, tight margins persist due to elevated input costs and reduced export demand. The uncertainty for farmers on several fronts has continued to weigh on the willingness to update their equipment. However, North America ag barometers continue to show relatively strong sentiment. On a more positive note, South America farmers are poised to expand their global share in key commodities over the next year, supported by favorable trade policies.

在北美，農民情緒依然謹慎。儘管預計政府援助將支持提高農場淨收入，但由於投入成本上升和出口需求減少，利潤率仍然較低。農民在多個方面面臨的不確定性持續影響他們更新設備的意願。然而，北美農業晴雨表繼續顯示出相對強勁的情緒。從積極的方面來看，在有利的貿易政策的支持下，南美農民預計將在未來一年擴大其在全球主要商品中的份額。

Despite the near-term uncertainty in some markets, we continue to believe that 2025 will be the trough for the ag industry with modestly higher demand in 2026 in all regions. Global tractor sales were the lowest last month of any time in the past 15 years, which supports our view of trough conditions.

儘管某些市場短期內存在不確定性，但我們仍然相信，2025 年將成為農業產業的低谷，2026 年所有地區的需求都將略有增加。上個月全球拖拉機銷售量是過去 15 年來的最低水平，這支持了我們對低谷狀況的看法。

Turning to a couple of AGCO-specific items. We recently announced the resolution with TAFE on all outstanding commercial, governance and shareholding matters. This outcome was made possible through close collaboration with Sudarshan Venu, son of TAFE's Chairman and Managing Director. This agreement was a very positive step forward for AGCO and its shareholders. This agreement paves the way for a more shareholder-friendly capital allocation strategy including the new $1 billion share repurchase program that Damon will discuss shortly. AGCO's Board and management remain fully committed to our farmer first strategy, which we believe will enhance customers' outcomes drive operational success and deliver strong returns for shareholders.

轉向幾個 AGCO 特定的項目。我們最近與 TAFE 宣布了就所有未決的商業、治理和股權問題達成的解決方案。這項成果得益於與 TAFE 董事長兼董事總經理的兒子 Sudarshan Venu 的密切合作。該協議對於 AGCO 及其股東而言是向前邁出的非常積極的一步。該協議為更有利於股東的資本配置策略鋪平了道路，其中包括達蒙即將討論的新的 10 億美元股票回購計劃。AGCO 董事會和管理層仍然全力致力於我們的「農民優先」策略，我們相信該策略將提高客戶的成果、推動營運成功並為股東帶來豐厚的回報。

Slide 4 provides an overview of industry unit retail sales by region for the first half of 2025. The global farm equipment market continues to face significant headwinds with North America and Western Europe experiencing the most pronounced declines. However, Brazil is showing early signs of recovery, supported by favorable trade dynamics coupled with the fact that they were the first of our major markets to experience the downturn.

投影片 4 概述了 2025 年上半年各地區的行業單位零售額。全球農業設備市場持續面臨巨大阻力，其中北美和西歐的下滑最為明顯。然而，巴西正顯示出復甦的早期跡象，這得益於有利的貿易動態，加上巴西是我們主要市場中第一個經歷經濟衰退的國家。

North America tractor sales declined 13% year-over-year, with consistent softness across the horsepower categories. Higher horsepower segment saw steeper declines in recent months, reflecting ongoing uncertainty around grain export demand and persistently high input costs. These pressures are expected to continue weighing on demand particularly for large equipment.

北美拖拉機銷量年減 13%，各馬力類別的銷量均表現疲軟。近幾個月來，高馬力產品領域大幅下滑，反映出糧食出口需求持續存在不確定性，且投入成本持續居高不下。預計這些壓力將繼續影響需求，特別是大型設備的需求。

In Western Europe, tractor sales fell 12% in the first half of 2025 compared to the same period last year. This decline reflects more cautious farmer sentiment driven by policy uncertainty and softening commodity prices. We are now in the fourth year of industry decline, which is longer than the typical European market downturns of past cycles.

在西歐，2025年上半年拖拉機銷售量與去年同期相比下降了12%。這種下降反映出，受政策不確定性和大宗商品價格走軟的影響，農民情緒更加謹慎。目前，我們正處於產業衰退的第四年，比過去幾個週期中典型的歐洲市場衰退持續時間更長。

Turning to Brazil. Tractor sales rose 6% in the first half of 2025 led by demand in lower horsepower categories. While the U.S. continues to face reduced access to key export markets, Brazil is well positioned to expand shipments to China, which could support a faster recovery. Despite record soybean harvest and a favorable trade condition, demand for larger equipment remains subdued due to the weaker crop prices. That said, we are seeing early signs of recovery in the broader ag machinery market and expect continued improvement in Brazilian industry demand through the remainder of 2025.

轉向巴西。2025 年上半年拖拉機銷量成長 6%，主要原因是低馬力類別的需求成長。儘管美國繼續面臨進入主要出口市場減少的風險，但巴西已準備好擴大對中國的出口，這可能有助於加速經濟復甦。儘管大豆產量創歷史新高且貿易條件良好，但由於農作物價格疲軟，對大型設備的需求仍然低迷。話雖如此，我們看到了更廣泛的農業機械市場復甦的早期跡象，並預計到 2025 年剩餘時間巴西的工業需求將繼續改善。

And for combined sales, we saw declines across all 3 markets: North America, Western Europe and Brazil, with North America experiencing the sharpest drop at 33% year-over-year. Despite these near-term normal industry challenges, AGCO remains well positioned for the long term. Structural tailwinds, including global population growth, rising protein consumption and increased demand for clean energy solutions like sustainable aviation fuel and vegetable oil-based B-cell continue to support our outlook. Although geopolitical trade actions may shift the source of green supply, they do not constrain the global demand for grain. Our evolving precision ag technology stack with a focus on retrofitting almost any brand provides a differentiated competitive edge, helping farmers improve yields and meet the world's growing food needs.

就綜合銷售額而言，北美、西歐和巴西這三個市場均下滑，其中北美的降幅最大，較去年同期下降 33%。儘管近期產業面臨這些正常挑戰，愛科集團仍處於長期有利地位。結構性順風，包括全球人口增長、蛋白質消費量增加以及對可持續航空燃料和基於植物油的 B 細胞等清潔能源解決方案的需求增加，繼續支持我們的前景。儘管地緣政治貿易行動可能會改變綠色供應的來源，但不會限制全球對糧食的需求。我們不斷發展的精準農業技術堆疊專注於改造幾乎所有品牌，提供差異化的競爭優勢，幫助農民提高產量並滿足世界日益增長的糧食需求。

Slide 5 outlines AGCO's factory production hours. To ensure year-over-year comparability, we've excluded grain and protein production hours from the 2024 baseline. Quarter 2 production hours were down approximately 16% compared to quarter 2, 2024. Regionally, production was down in Europe, up in South America and down over 50% in North America where we are hyper focused on reducing dealer inventories.

投影片 5 概述了 AGCO 的工廠生產時間。為了確保同比可比性，我們從 2024 年基線中排除了穀物和蛋白質的生產時間。與 2024 年第二季相比，第二季的生產時間下降了約 16%。從地區來看，歐洲的產量下降，南美的產量上升，而北美的產量下降了 50% 以上，我們高度重視減少經銷商庫存。

Looking ahead, we still expect full year 2025 production to be 15% to 20% lower than the 2024 levels. For the balance of the year, we will effectively be producing in line with retail demand in most parts of the world with the exception of North America, where we will continue to significantly underproduce as we continue to rightsize our dealer inventories. Reducing dealer inventory remains a top priority in light of soft market demand and elevated inventory levels. We're in good shape for the second half of 2025 in Europe and South America and further work is needed in North America.

展望未來，我們仍預期 2025 年全年產量將比 2024 年的水準低 15% 至 20%。在今年餘下的時間裡，我們將有效地按照世界大部分地區的零售需求進行生產，但北美除外，由於我們繼續調整經銷商庫存規模，我們將繼續大幅減少產量。鑑於市場需求疲軟和庫存水準上升，減少經銷商庫存仍然是首要任務。我們對 2025 年下半年在歐洲和南美洲的前景看好，但需要在北美做進一步的努力。

Looking at a regional inventory breakdown. In Europe, dealer inventory remains just under 4 months of supply, in line with our target. Fendt is below this average while Massey Ferguson and Valtra are slightly above. Overall, Europe's near target inventory levels are a big positive given AGCO's significant exposure to the region and its stability.

查看區域庫存細目。在歐洲，經銷商庫存仍略低於 4 個月的供應量，符合我們的目標。Fendt 低於這個平均水平，而 Massey Ferguson 和 Valtra 則略高於這個平均水平。總體而言，鑑於愛科集團在該地區的重要業務及其穩定性，歐洲接近目標的庫存水準是一個很大的利好。

Looking to South America, we made good progress, reducing dealer inventory to around 3 months of supply with units down around 3% and months of supply down almost 1 month from March 31. We are now at our target level. And in North America, dealer inventory units declined approximately 10% from quarter 1, 2025, driven by significant production cuts. However, inventory remains elevated at around 9 months of supply above our 6-month target given the lower outlook. Given the continued challenging outlook, we expect to underproduce relative to retail demand for the balance of the year in North America.

在南美，我們取得了良好的進展，將經銷商庫存減少到約 3 個月的供應量，單位數下降約 3%，供應月數從 3 月 31 日開始下降了近 1 個月。我們現在已經達到目標水準了。在北美，由於產量大幅削減，經銷商庫存單位較 2025 年第一季下降了約 10%。不過，考慮到較低的前景，庫存仍然高出我們 6 個月的目標約 9 個月的供應量。鑑於前景持續充滿挑戰，我們預計今年北美的產量將低於零售需求。

Slide 6 highlights AGCO's 3 high-margin growth levers, which are central to our strategy to achieve mid-cycle operating margins of 14% to 15% by 2029, while also outgrowing the industry by 4% to 5% annually. These initiatives reflect AGCO's transformation into a more resilient, higher performing company, one that is not only targeting stronger mid-cycle margins but also delivering higher highs and higher lows across the business cycle, which we are clearly demonstrating in these past couple of years.

投影片 6 重點介紹了 AGCO 的 3 個高利潤成長槓桿，這些槓桿對於我們的策略至關重要，即到 2029 年實現 14% 至 15% 的中期營業利潤率，同時每年超過行業 4% 至 5% 的成長。這些舉措反映了愛科集團向更具彈性、業績更高的公司轉型，該公司不僅瞄準更高的中期利潤率，而且在整個商業週期中實現更高的高點和更高的低點，這一點我們在過去幾年中得到了清晰的展示。

To reiterate the 2029 growth lever targets we shared at our Analyst Meeting last December. Number one, our Fendt globalization and full line expansion centers on scaling the Fendt brand across North America and South America with combined revenues expected to reach $1.7 billion by 2029. Number two, our Precision Ag growth. For that, we are targeting $2 billion in global Precision Ag revenues driven by our retrofit first strategy and the integration of advanced digital capabilities that enhance farmer productivity and profitability.

重申我們在去年 12 月分析師會議上分享的 2029 年成長槓桿目標。首先，我們的 Fendt 全球化和全線擴張中心是擴大 Fendt 品牌在北美和南美的規模，預計到 2029 年總收入將達到 17 億美元。第二，我們的精準農業成長。為此，我們設定的目標是透過改造優先策略和先進數位功能的整合，實現全球精準農業收入 20 億美元，進而提高農民的生產力和獲利能力。

And third is our global parts expansion. We aim to expand our Global Parts business to $2.3 billion with a focus on increasing the market share of genuine AGCO parts and improving service penetration, leveraging our farmer core strategy. These 3 levers are designed to drive sustainable high-margin growth and position AGCO to deliver superior returns through the cycle. AGCO's continued strong investment in R&D has earned recognition from leading global organizations, reinforcing our commitment to innovation and our Farmer First strategy.

第三是我們的全球零件擴張。我們的目標是將全球零件業務擴大到 23 億美元，重點是增加 AGCO 原廠零件的市場份額並提高服務滲透率，並利用我們的農民核心策略。這三個槓桿旨在推動可持續的高利潤成長，並使 AGCO 能夠在整個週期中提供卓越的回報。AGCO 在研發方面持續的大力投資贏得了全球領先組織的認可，強化了我們對創新的承諾和「農民優先」策略。

Slide 7 highlights 2 award-winning technologies that exemplify this approach, each designed to enhance farmer profitability through improved efficiency, yield and ease of use. PTx OutRun is the world's only autonomous harvesting solution and was recently honored with a 2025 World Changing Ideas Award from Fast Company. It is the first commercially available autonomous retrofit green card system designed to help farmers maximize yield and address the global labor shortage.

投影片 7 重點介紹了體現這種方法的兩項獲獎技術，每一項技術都旨在透過提高效率、產量和易用性來提高農民的獲利能力。PTx OutRun 是世界上唯一的自主收割解決方案，最近榮獲 Fast Company 頒發的「2025 年改變世界創意獎」。這是第一個商業化的自主改造綠卡系統，旨在幫助農民最大限度地提高產量並解決全球勞動力短缺問題。

The OutRun kit enables autonomous grain cut operation and is currently compatible with competitive tractors with Fendt compatibility coming in 2026. This breakthrough represents a major leap forward in harvest efficiency and smart farming. On the equipment side, you have heard me say before that Fendt is the best of the best, and the Fendt 620 Vario is another example. It continues to set new benchmarks in performance and efficiency. It achieved the absolute best-in-class fuel efficiency in the DLG power mix test recording the lowest diesel consumption in the 165 to 240-horsepower category. Thanks to its VarioDrive transmission and Fendt low engine speed concept, the 620 Vario delivers unmatched efficiency and performance.

OutRun 套件可實現自動穀物收割操作，目前可與競爭性拖拉機相容，並將於 2026 年與 Fendt 相容。這項突破代表著收穫效率和智慧農業的重大飛躍。在設備方面，您之前曾聽我說過，Fendt 是最好的，而 Fendt 620 Vario 就是另一個例子。它繼續在性能和效率方面樹立新的標竿。它在 DLG 動力組合測試中實現了絕對最佳的同類燃油效率，在 165 至 240 馬力級別中創下了最低的柴油消耗記錄。由於採用 VarioDrive 變速箱和 Fendt 低引擎轉速概念，620 Vario 可提供無與倫比的效率和性能。

Prophy Magazine also pays the tractor for its exceptional field and road capabilities. These achievements are just a couple of the examples that reflect AGCO's commitment to delivering smart, farmer first solutions that drive profitability, sustainability and ease of use.

Prophy Magazine 也對該款拖拉機出色的田間和道路性能進行了報導。這些成就只是體現愛科集團致力於提供智慧、農民優先解決方案的幾個例子，這些解決方案可提高獲利能力、永續性和易用性。

I'd like to take a moment to recognize and thank the teams behind these innovations. Their efforts are helping AGCO fulfill its vision of being as farmers trusted partner for industry-leading smart farming solutions.

我想花點時間來認識並感謝這些創新背後的團隊。他們的努力正在幫助 AGCO 實現其願景，即成為農民信賴的行業領先智慧農業解決方案合作夥伴。

On Slide 8, you can see the details of our 2025 tech base in Germany. We're looking forward to showing off our PTx portfolio and how it will solve farmers' problems in late September. The key delivering better customer outcomes for our farmers is our Precision Ag business. The performance of our PTx business is improving across many areas. We've been hitting our financial and operational forecast consistently over the last few quarters. Our margins, although at trough levels are improving. We are seeing strong growth in channel sign-ups of dealers and are growing strongly throughout the world.

在第 8 張投影片上，您可以看到我們 2025 年德國技術基地的詳細資訊。我們期待在九月下旬展示我們的 PTx 產品組合以及它將如何解決農民的問題。為我們的農民帶來更好的客戶成果的關鍵是我們的精準農業業務。我們的 PTx 業務的表現在許多領域都在改善。過去幾個季度，我們一直在持續實現財務和營運預測。我們的利潤率雖然處於低谷，但正在提高。我們看到經銷商的通路註冊量正在強勁成長，並且在全球呈現強勁成長動能。

The conversion to PTx Trimble guidance receivers on AGCO Machinery is almost complete. And our innovation engine is firing with the team on track to exceed more than 10 innovations in 2025, well ahead of plan. We hope you will join us and look forward to seeing you bear on a handsome and upclose experience.

AGCO Machinery 向 PTx Trimble 導航接收器的轉換已接近完成。我們的創新引擎正在全力運轉，團隊預計在 2025 年實現超過 10 項創新，遠遠超出計畫。我們希望您能加入我們，並期待與您一起體驗英俊而近距離的體驗。

Now I'll hand it over to Damon to walk you through some of our financial results from the quarter.

現在我將把時間交給達蒙，讓他向大家介紹我們本季的一些財務表現。

Thank you, Eric, and good morning, everyone. Slide 9 provides an overview of regional net sales performance for the second quarter and first half of 2025. Net sales were down approximately 15% in the second quarter compared to the second quarter of 2024 when excluding the positive impact of currency translation. For comparison purposes, the impact of the divestiture of the grain and protein business, which was approximately $290 million in Q2 of 2024 has been excluded.

謝謝你，艾瑞克，大家早安。投影片 9 概述了 2025 年第二季和上半年的區域淨銷售額業績。剔除貨幣換算的正面影響，第二季淨銷售額與 2024 年第二季相比下降了約 15%。為了進行比較，我們排除了 2024 年第二季剝離穀物和蛋白質業務的影響，該業務的剝離金額約為 2.9 億美元。

By region, the Europe Middle East segment reported sales down roughly 11% in the quarter compared to the same period in 2024, excluding the impact of favorable currency translation. Lower sales across most of Western European markets were partially offset by growth in Eastern Europe and Scandinavia. Declines were largest in the high horsepower tractors and combines.

按地區劃分，歐洲中東地區本季銷售額與 2024 年同期相比下降約 11%，不包括有利的貨幣換算的影響。西歐大部分市場銷售額的下降被東歐和斯堪的納維亞半島的銷售額成長部分抵消。降幅最大的是大馬力拖拉機和聯合收割機。

South American net sales decreased approximately 5%, excluding the impact of favorable currency translation. Underproduction of retail demand drove most of the decrease. Lower sales of mid-range tractors, planters and sprayers accounted for most of the decline.

不計有利的貨幣換算的影響，南美淨銷售額下降約5%。零售需求生產不足是造成大部分下降的原因。中階拖拉機、播種機和噴霧器銷量下降是造成銷量下降的主要原因。

Net sales in the North American region decreased approximately 32%, excluding the impact of unfavorable currency translation. Softer industry sales and underproduction of end market demand contributed to lower sales. The most significant sales declines occurred in the high-horsepower tractors, sprayers and hay equipment.

不計不利貨幣換算的影響，北美地區的淨銷售額下降了約32%。產業銷售疲軟和終端市場需求不足導致銷售額下降。銷量下降最明顯的是大馬力拖拉機、噴霧器和乾草設備。

Net sales in Asia Pacific and Africa decreased 6%, excluding favorable currency translation impacts due to weaker end market demand and lower production volumes. Lower sales in Australia and China drove most of the decline. Finally, consolidated replacement part sales were approximately $503 million in the second quarter, up 3% year-over-year on a reported basis and down approximately 1% when excluding the impact of favorable currency translation.

亞太和非洲地區的淨銷售額下降了 6%，不包括由於終端市場需求減弱和產量下降而產生的有利的貨幣轉換影響。澳洲和中國的銷售額下降是造成這一下滑的主要原因。最後，第二季綜合替換零件銷售額約為 5.03 億美元，以報告基礎計算年增 3%，若不包括有利的貨幣換算影響則下降約 1%。

Turning to Slide 10. The second quarter adjusted operating margin was 8.3%, a 200 basis points decline compared to the second quarter of 2024, but about 100 basis points better than our forecast. The weak industry conditions are resulting in significantly higher costs related to factory under absorption and higher discounts. However, our SG&A expense reduction program is helping to offset some of these volume-related pressures in helping us deliver a more profitable business in the trough year, as Eric mentioned.

翻到幻燈片 10。第二季調整後的營業利潤率為 8.3%，與 2024 年第二季相比下降了 200 個基點，但比我們的預測好出了約 100 個基點。產業狀況疲軟導致工廠吸收相關成本大幅增加以及折扣增加。然而，正如 Eric 所提到的，我們的銷售、一般和行政費用削減計劃有助於抵消部分與銷售相關的壓力，從而幫助我們在低谷年實現更盈利的業務。

The multiphase program is designed to reduce structural costs, streamline our workforce and enhance global efficiencies by better leveraging AI, automation and global centers of excellence, while delivering better outcome for our farmers. By region, the Europe Middle East segment income from operations decreased approximately $34 million, while operating margins remain resilient at just under 15%. The decrease in income from operations was primarily a result of lower sales and production volumes and higher warranty costs.

這個多階段計畫旨在透過更好地利用人工智慧、自動化和全球卓越中心來降低結構性成本、精簡勞動力並提高全球效率，同時為我們的農民帶來更好的結果。按地區劃分，歐洲中東地區營業收入減少約 3,400 萬美元，但營業利潤率仍維持在略低於 15% 的水平。營業收入的減少主要是由於銷售量和產量下降以及保固成本增加。

North American income from operations in the quarter decreased approximately $58 million year-over-year, and operating margins were negative in the second quarter. Lower sales from weak market conditions and significantly lower production hours were the primary drivers for the lower operating margins year-over-year.

本季北美營業收入年減約 5,800 萬美元，第二季營業利潤率為負。市場疲軟導致的銷售額下降以及生產時間大幅減少是導致營業利潤率較去年同期下降的主要原因。

Operating income in South America increased approximately $17 million in Q2 of 2025 versus Q2 of 2024, and operating margins improved in the quarter to nearly 8%. This increase was primarily a result of improved factory efficiency and product mix. Income from operations in our Asia Pacific/Africa segment decreased approximately $1 million due to lower sales and production volumes.

2025 年第二季度，南美地區的營業收入與 2024 年第二季度相比增加了約 1,700 萬美元，本季營業利潤率提高至近 8%。這一成長主要得益於工廠效率和產品結構的改善。由於銷售量和產量下降，我們亞太/非洲部門的營業收入減少了約 100 萬美元。

Slide 11 shows our free cash flow year-to-date. As a reminder, free cash flow represents cash provided by or used in operating activities less capital expenditures. Free cash flow conversion is defined as free cash flow divided by adjusted net income. Through June of 2025, we generated $63 million of free cash flow, approximately $390 million more than the same period in 2024, when we had net cash outflows of almost $330 million. This improvement was primarily driven by better working capital performance and approximately $100 million lower capital expenditures year-over-year.

幻燈片 11 顯示了我們今年迄今為止的自由現金流。提醒一下，自由現金流代表經營活動提供或使用的現金減去資本支出。自由現金流轉換定義為自由現金流除以調整後的淨收入。截至 2025 年 6 月，我們產生了 6,300 萬美元的自由現金流，比 2024 年同期多出約 3.9 億美元，當時我們的淨現金流出量接近 3.3 億美元。這項改善主要得益於營運資本表現的改善以及年比減少約 1 億美元的資本支出。

For the full year, we continue to expect free cash flow to be within our targeted range of 75% to 100% of adjusted net income. Our capital allocation priorities remain unchanged, reinvesting in the business, repaying debt to maintain our investment-grade credit ratings and returning capital to our shareholders. However, following the TAFE settlement, our Board of Directors approved a new $1 billion share repurchase program recognizing this is as a preferred method of capital return for many of our shareholders versus the special variable dividends we had issued over the last several years.

就全年而言，我們繼續預期自由現金流將在調整後淨收入的 75% 至 100% 的目標範圍內。我們的資本配置重點保持不變，即對業務進行再投資、償還債務以維持我們的投資等級信用評級並向股東返還資本。然而，在 TAFE 和解之後，我們的董事會批准了一項新的 10 億美元股票回購計劃，承認與過去幾年我們發放的特殊浮動股息相比，這是許多股東首選的資本回報方式。

In addition to the repurchase program, we also recently declared our regular quarterly dividend of $0.29 per share. We remain focused on deploying capital in the most effective ways to drive long-term value for our shareholders, and we are excited given the increased flexibility related to the share repurchases.

除了回購計畫外，我們最近還宣布派發每股 0.29 美元的常規季度股息。我們仍然專注於以最有效的方式部署資本，為股東創造長期價值，我們對與股票回購相關的靈活性的提高感到興奮。

Slide 12 highlights our current 2025 market outlook for our 3 major regions. We've made modest adjustments to the forecast for North America and Western Europe compared to the expectations shared on our first quarter call. In North America, we continue to expect significantly lower demand in 2025 versus 2024. While net farm income forecast have improved due to government support, elevated input costs and uncertainty around export demands are pressuring margins and causing farmers to delay equipment purchases. We now expect the small tractor segment to decline approximately 5% compared to our prior outlook of down 0% to 5%, and we maintain our expectations for the large ag segment to be down 25% to 30% year-over-year.

投影片 12 重點介紹了我們目前對三大主要地區 2025 年市場的展望。與第一季電話會議的預期相比，我們對北美和西歐的預測做了適度調整。在北美，我們預計 2025 年的需求將比 2024 年大幅下降。雖然由於政府的支持，農場淨收入預測有所改善，但投入成本上升和出口需求的不確定性正在給利潤帶來壓力，並導致農民推遲購買設備。我們現在預計小型拖拉機市場的銷量將下降約 5%，而我們先前預測的下降幅度為 0% 至 5%，並且我們維持對大型農業市場的預期，即同比下降 25% 至 30%。

In Western Europe, we now anticipate industry demand to decline approximately 5% to 10% versus our previous forecast of around 5%. Persistent rainfall and unfavorable growing conditions have continued to weigh on wheat production across key markets. Combined with lower commodity prices and elevated input costs, this is putting further pressure on farm income and leading us to revise our outlook.

在西歐，我們現在預計產業需求將下降約 5% 至 10%，而我們先前的預測是下降約 5%。持續的降雨和不利的生長條件繼續對主要市場的小麥生產造成壓力。再加上大宗商品價格下跌和投入成本上升，這給農場收入帶來了進一步的壓力，並促使我們修改前景預測。

Our outlook for Brazil remains unchanged at flat to up 5%. Strong soybean yields in the Midwest and favorable trade dynamics continue to support farm optimism and retail demand for tractors.

我們對巴西的預測保持不變，為持平至成長 5%。中西部地區大豆產量強勁以及有利的貿易動態繼續支撐農場樂觀情緒和拖拉機的零售需求。

Slide 13 highlights the primary assumptions underlying our current 2025 outlook. We continue to anticipate 2025 global industry demand to be approximately 85% of mid-cycle. Our sales outlook was increased modestly due to foreign exchange and still include market share gains and pricing in the 1% range. Based on the year-to-date weakening of the U.S. dollar, we now expect around a 2% favorable foreign currency impact in 2025, revised up from our prior expectations of no impact.

投影片 13 重點介紹了我們目前 2025 年展望的主要假設。我們持續預測 2025 年全球產業需求將達到中期週期的 85% 左右。由於外匯因素，我們的銷售預期略有上調，並且仍包括市場份額的增長和 1% 左右的定價。基於今年迄今美元的疲軟，我們目前預計 2025 年外匯影響將達到 2% 左右，較先前無影響的預期上調。

Tariffs continue to create significant demand uncertainty and increased cost for us. Our current full year guidance reflects the tariffs currently in effect across our global markets, along with our anticipated mitigation plans through cost or pricing actions. That said, the potential for retaliatory measures or additional U.S. tariffs could influence our outlook. We are currently monitoring these developments and remain nimble in our approach. We will update our guidance as needed if the situation evolves.

關稅繼續給我們帶來巨大的需求不確定性並增加成本。我們目前的全年指引反映了目前在全球市場實施的關稅，以及我們透過成本或定價行動預期的緩解計畫。儘管如此，美國採取報復措施或徵收額外關稅的可能性可能會影響我們的前景。我們目前正在監測這些事態發展，並保持靈活的態度。如果情況發生變化，我們將根據需要更新我們的指導。

Engineering expenses are expected to remain approximately flat compared to 2024. With the continued need to reduce dealer inventories in the North American market, production hours are expected to continue to be down between 15% to 20% in 2025, as Eric mentioned earlier. These reductions were heavily concentrated in the first half of the year with more moderate adjustments expected in the second half, mainly in North America.

與 2024 年相比，工程費用預計將保持基本持平。由於北美市場需要持續減少經銷商庫存，正如Eric先前提到的，預計到2025年生產時間將持續下降15%至20%。這些削減主要集中在上半年，預計下半年將出現更溫和的調整，主要在北美。

Despite ongoing geopolitical trade conflicts and uncertainty affecting our farmers around the world, we've revised our expected adjusted operating margin to approximately 7.5%, reflecting the upper end of our prior guidance range. This outlook remains achievable based on our demand outlook as well as the structural cost changes and cost initiatives implemented across the business. We continue to view 2025 as the bottom of the trough. With our current margin projections approximately 350 basis points above AGCO's performance at the last trough in 2016. Lastly, our effective tax rate for 2025 is anticipated to be approximately 35%.

儘管持續的地緣政治貿易衝突和不確定性影響著我們在世界各地的農民，我們仍將預期的調整後營業利潤率修正至約 7.5%，這反映了我們先前指導範圍的上限。根據我們的需求展望以及整個業務實施的結構性成本變化和成本舉措，這一前景仍然可以實現。我們仍然認為 2025 年是谷底。根據我們目前的利潤率預測，該利潤率比 2016 年愛科上次低谷時的表現高出約 350 個基點。最後，我們預計 2025 年的有效稅率約為 35%。

Turning to Slide 14 for our current 2025 outlook. We've raised our full year net sales forecast to approximately $9.8 billion, up from $9.6 billion previously, reflecting the current market environment and the continued weakening of the U.S. dollar. Our 2025 earnings per share target has also been revised upward to a range of $4.75 to $5 compared to the prior range of $4 to $4.50. These estimates reflect the projected impacts of tariffs in place as of July 31, including the recently announced EU tariff of 15%, along with our planned mitigation actions. Any changes to existing tariffs or additional trade measures could affect this outlook.

請翻到第 14 張投影片，了解我們目前的 2025 年展望。我們將全年淨銷售額預測從先前的 96 億美元上調至約 98 億美元，這反映了當前的市場環境和美元的持續疲軟。我們2025年每股盈餘目標也已上調至4.75美元至5美元，先前的區間為4美元至4.50美元。這些預估反映了截至7月31日生效的關稅（包括近期宣布的歐盟15%關稅）的預期影響，以及我們計劃採取的減稅措施。現有關稅或額外貿易措施的任何變更都可能影響這一前景。

Based on our demand outlook, we've lowered our capital expenditures to approximately $350 million, down from the $375 million communicated in Q1 earnings call and compared to the $393 million in 2024. This level of investment still keeps AGCO well positioned to respond to future demand inflections.

根據我們的需求預測，我們已將資本支出降至約 3.5 億美元，低於第一季財報電話會議上所述的 3.75 億美元，而 2024 年則為 3.93 億美元。這種投資水準仍使 AGCO 能夠很好地應對未來的需求變化。

Our free cash flow conversion target remains unchanged at 75% to 100% of adjusted net income, supported by continued focus on working capital management throughout 2025. As Eric said, halfway through the year, we are pleased with our performance in this very challenging trough year. Our teams around the world have navigated dynamic environments, grown share and remain intensely focused on reducing dealer inventories without compromising the needs of the farmers.

我們的自由現金流轉換目標保持不變，仍為調整後淨收入的 75% 至 100%，並在整個 2025 年繼續專注於營運資本管理。正如Eric所說，今年已經過去一半了，我們對自己在這個極具挑戰性的低谷年中的表現感到滿意。我們遍布全球的團隊已經適應了動態環境，擴大了市場份額，並始終高度重視減少經銷商庫存，同時又不損害農民的需求。

With our improved outlook for 2025, we view our current performance as another data point as to how we've structurally improved the profitability of our business regardless of where we are in the cycle. Lastly, our Q3 2025 net sales are expected to be approximately $2.5 billion. If you were to exclude grain and protein sales from Q3 2024, our sales would be up roughly 7% on a like-for-like basis. We anticipate Q3 earnings per share to be in the range of $1.20 to $1.25, up significantly from Q3 of 2024.

隨著我們對 2025 年前景的改善，我們將當前的表現視為另一個數據點，表明無論我們處於週期的哪個階段，我們都能從結構上提高業務的盈利能力。最後，我們預計 2025 年第三季的淨銷售額約為 25 億美元。如果將 2024 年第三季的穀物和蛋白質銷售額排除在外，我們的銷售額將年增約 7%。我們預計第三季每股收益將在 1.20 美元至 1.25 美元之間，較 2024 年第三季大幅成長。

With that, I'll turn the call over to the operator to begin the Q&A.

說完這些，我將把電話轉給接線生開始問答。

(Operator Instructions)

（操作員指示）

Tami Zakaria with JPMorgan.

摩根大通的塔米·扎卡里亞 (Tami Zakaria)。

Hey, good morning, very nice quarter. My first question is on the updated operating margin guide. Just wanted to make sure I understood what's implied. So if all regions except North America, is going to produce to retail demand. Shouldn't operating margin sequentially get better versus 2Q for the rest of the year? Basically, I'm trying to understand what's implied in that 7.5% and what that means for 3Q and 4Q versus 2Q?

嘿，早上好，這是一個非常好的季度。我的第一個問題是關於更新後的營業利潤率指南。只是想確保我理解了其中的含義。因此，如果除北美以外的所有地區都將根據零售需求進行生產。今年剩餘時間的營業利潤率不應該比第二季度有所提高嗎？基本上，我想了解 7.5% 的含義以及這對第三季和第四季相對於第二季意味著什麼？

Yeah, I think, Tami, there is a seasonality to our business. As you remember, Q2 is one of our stronger quarters. So Q3 will be a seasonally lower quarter and then Q4 will pick back up. So if I think about the back half of the year, the way I would frame the operating margins is probably around 7.5% in Q3, given that lower seasonality, lower production and then a stronger quarter, a little bit over 9% to get you to that 7.5% for the full year that we have.

是的，塔米，我認為我們的業務具有季節性。正如您所記得的，第二季度是我們表現較好的季度之一。因此，第三季度將是季節性較低的季度，然後第四季將回升。因此，如果我考慮下半年的情況，考慮到季節性因素較少、產量較低以及隨後的季度表現較強，我認為第三季度的營業利潤率可能在 7.5% 左右，略高於 9%，這樣全年的營業利潤率就能達到 7.5%。

Understood. That's helpful color. And then I think I heard Eric mentioned in the prepared remarks that demand for next year would be modestly higher in all regions. I just wanted to understand, do you have order books open for next year? What gives you the confidence or what underpins the expectation that demand could actually be higher in all regions next year?

明白了。這是很有幫助的顏色。然後我想我聽到艾瑞克在準備好的演講中提到，明年所有地區的需求都會略有上升。我只是想了解一下，你們有明年的訂單嗎？是什麼讓您有信心或預期明年所有地區的需求實際上都會更高？

Yeah, we have our order books open, but they're not reaching into 2026 right now. Really what drove that comment, Tami, is that we've got our data scientists have built a forecasting model, and it looks at all different variables of farmer sentiment, crop prices, inventory levels, a number of things. I think there's like 200 variables, and they signed waiting on those variables based on their likelihood of predicting the future. That model is what we use to guide our expectations of the market demand, and it's pointing up in all of the regions for 2026. And it's been highly accurate so far in 2025.

是的，我們已經開放了訂單簿，但目前還沒有到 2026 年。塔米，真正促使我發表這一評論的是我們的數據科學家已經建立了一個預測模型，該模型可以考慮農民情緒、農作物價格、庫存水平等各種變量。我認為大概有 200 個變量，他們根據預測未來的可能性簽署了等待這些變量的協議。我們用這個模型來指導我們對市場需求的預期，並且它預測到 2026 年所有地區的市場需求都會上升。到 2025 年為止，它的預測一直非常準確。

Now can things change between now and then with the tariff policies and things like that? Sure. But with our best estimate of what we think will happen and the world is not certain yet, but it's getting a little more certain these days, that's why we made the forecast we did. And it lines up with a lot of what the rest of the industry is saying, whether it's machinery or other parts of ag. They're saying 2025 is the trough at the very bottom and expectations will move up, that's backed by like the sentiment indicators in Europe were seen barometer and the Purdue Index in North America, farmer sentiment index and both of those are up strongly over the last several months

那麼，從現在到那時，關稅政策等情況會改變嗎？當然。但是，即使我們對將要發生的事情做出了最好的估計，世界仍然不確定，但這些天來情況已經變得更加確定了，這就是我們做出預測的原因。這與業內其他部分的說法一致，無論是機械業還是農業的其他部分。他們說 2025 年是最低谷，預期將會上升，這得到了歐洲情緒指標、北美普渡指數和農民情緒指數的支持，這兩個指標在過去幾個月都強勁上漲

Super helpful.

超有幫助。

Thank you. You're welcome.

謝謝。不客氣。

Stephen Volkmann with Jefferies.

傑富瑞 (Jefferies) 的 Stephen Volkmann。

Great, good morning, everybody. Eric, I know your comments around sort of precision ag, and I'm curious whether you think the adoption that you're seeing now, albeit in a weak market, is that actually ahead of your expectations? Have you changed your view of kind of the slope of that adoption line going forward?

太好了，大家早安。艾瑞克，我知道您對精準農業的評論，我很好奇，您是否認為儘管市場疲軟，但您現在看到的採用情況是否真的超出了您的預期？您是否改變了對未來採用線斜率的看法？

No, I'd say it's really coming out according to plan. We're hitting our -- the PTx group overall, which is our overall tech business is hitting our forecast every month this year. So it's delivering to plan, I wouldn't say we're raising our plan at this stage.

不，我想說它確實按照計劃進行。我們正在實現我們的目標——整個 PTx 集團，也就是我們的整體技術業務，今年每個月都達到了我們的預期。所以這是按計劃進行的，我不會說我們在這個階段正在提高我們的計劃。

We're just delivering to it. It's a combination of the innovation flywheel. That's going really well. I've been running this business now for the last 6 months and spending a lot of time with our engineers, with our salespeople, with the whole organization at the different sites out in the field. And so we've gotten to be really close to it.

我們只是在向它運送貨物。它是創新飛輪的組合。一切進展順利。我經營這項業務已有 6 個月了，花了很多時間與我們的工程師、銷售人員以及整個組織在現場的不同地點進行交流。因此我們已經非常接近它了。

innovation engine and the flywheel kicking out new innovations each year. We're ahead of schedule on that. And then the other half is establishing the channel. And we've got multiple paths to market. We have OEM partners. We kept all of those and we're looking to grow them, setting up our AGCO dealers to be PTx dealers and then this full-line tech channel, and all of those, I'd say, are going according to plan. So happy with the business in a much better year this year than last.

創新引擎和飛輪每年都會推出新的創新。我們在這方面已經提前完成了。另一半是建立管道。我們有多種進入市場的途徑。我們有 OEM 合作夥伴。我們保留了所有這些，並希望擴大它們，將我們的 AGCO 經銷商設置為 PTx 經銷商，然後是這個全系列技術管道，我想說，所有這些都在按計劃進行。我很高興今年的生意比去年好得多。

Great. Okay. Great. And then just a follow-up unrelated, I guess, but your TAFE agreement, I certainly understand your ability to buy back shares there. But is there kind of more to it there than you think we should keep in mind?

偉大的。好的。偉大的。然後我想這只是一個無關的後續問題，但是您的 TAFE 協議，我當然了解您在那裡回購股票的能力。但是，這裡面是否還有比您認為我們應該記住的更多的事情呢？

Well, I think this is a huge win for AGCO and its shareholders. This -- this agreement is very, very robust. It allows the 2 companies to part ways and go their own way. We can cash out of our ownership stake in TAFE that brings in $260 million in cash. It removes the TAFE member from the AGCO board. It allows us to be very, very focused on the core of our strategy. It's the last piece in the overall structural changes we made.

嗯，我認為這對 AGCO 及其股東來說是一個巨大的勝利。這個協議非常非常穩健。這使得兩家公司可以分道揚鑣，走自己的路。我們可以從 TAFE 的所有權股份中套現 2.6 億美元現金。它將 TAFE 成員從 AGCO 董事會中除名。它使我們能夠非常非常專注於我們的策略核心。這是我們進行的整體結構變革的最後一部分。

We exited Grain & Protein. We brought in PTx Trimble to form the overall PTx business. We've now resolved all of the tape issues that were a big distraction that's now behind us. We are in full implementation mode on reimagine and we've full implementation it on FarmerCore.

我們退出了穀物和蛋白質。我們引進了 PTx Trimble 來組建整體 PTx 業務。現在我們已經解決了所有曾經困擾我們的磁帶問題，但這些問題已經過去了。我們正處於重新構想的全面實施模式，並且已在 FarmerCore 上全面實施它。

Those are the 5 pieces we've been wanting to establish to structurally get the AGCO we wanted to get. Now we've got it. We can focus on right at the core of our business to be super innovative and farmer focused, and we've minimized a lot of our distraction. So high focus, low distraction. We think it's a great outcome for our management team and and our shareholders.

這些是我們一直想要建立的 5 個部分，以從結構上獲得我們想要的 AGCO。現在我們明白了。我們可以專注於業務的核心，進行超級創新並以農民為中心，我們已經最大限度地減少了很多幹擾。因此，注意力高度集中，注意力分散。我們認為這對我們的管理團隊和股東來說是一個很好的結果。

Super.

極好的。

Thank you.

謝謝。

Tim Thein with Raymond James.

提姆泰因 (Tim Thein) 和雷蒙德詹姆斯 (Raymond James)。

Great. Eric, just to continue on that line of thought there. Just in terms of capital allocation, with the, call it, I guess, about $600 million of proceeds between the TAFE proceeds as well as the, call it, $300 million to $350 million of free cash flow. Just how you're thinking about capital allocation and specifically kind of the buyback cadence relative to that new authorization? I know there's other things that we have leveraged and other things to balance, but maybe just maybe some high-level thoughts as to how you're thinking about the timing of that buyback program?

偉大的。艾瑞克，我只是想繼續這個思路。就資本配置而言，我猜，TAFE 收益中大約有 6 億美元的收益，以及 3 億至 3.5 億美元的自由現金流。您如何考慮資本配置以及與新授權相關的回購節奏？我知道我們還利用了其他東西，還需平衡其他東西，但也許只是一些關於您如何考慮回購計劃時機的高層次想法？

Yeah, Actually, I'm glad you raised that. I should have answered, Steve. I should have inserted that into Steve's question. But there's -- the size of this business wasn't so huge, but what it unlocks is I've talked about the focus, I talked about distraction, but it also gets us on the path of what almost all of our investors have been asking for, for the last 5 years. As I met with investors, they'd say, we much prefer share buybacks than this special variable dividend. But that's all we could do for this period because of the framework that was there, we had a shareholder concentration with traffic. Now that's gone. That's behind us.

是的，實際上我很高興你提出這個問題。我應該回答，史蒂夫。我應該把它插入史蒂夫的問題中。但是，這個業務的規模並不是那麼大，但它所釋放的是我所談論的重點，我所談論的分心，但它也讓我們走上了幾乎所有投資者在過去 5 年裡一直要求的道路。當我與投資者會面時，他們會說，我們更喜歡股票回購而不是這種特殊的浮動股息。但由於現有的框架，我們在這段時間內所能做的就是這些，股東的注意力都集中在流量上。現在一切都消失了。那已經是過去的事了。

And so we're now free to operate the way our investors would want us to. So as Damon talked about in his comments, our priority is supporting the operating needs of the company through capital and R&D investments, then looking at opportunistic M&A. But now we can move in that share buyback opportunity and you raised 2 of the topics and we're looking at some others to be able to get our free cash back to investors in the form of share buybacks. That's move way up the list, we know that investors want that more than this special variable dividend. So that's going to be our primary vehicle going forward after our operating needs are met.

因此，我們現在可以自由地按照投資者希望的方式運作。正如達蒙在評論中所說，我們的首要任務是透過資本和研發投資來支持公司的營運需求，然後尋找機會進行併購。但現在我們可以利用股票回購的機會，您提出了兩個主題，我們正在研究其他一些主題，以便能夠以股票回購的形式將我們的免費現金回饋給投資者。這在清單中排名靠前，我們知道投資者比這種特殊的浮動股息更想要它。因此，在滿足我們的營運需求後，這將成為我們未來的主要工具。

We'll -- we don't have specific timing in terms of -- that was the other part of your question. It's really going to be contingent on when those cash flows become available. When we get the money in, then we can talk about how we get it back to shareholders. We're not wanting to get out in front of our headlights on this.

我們 - 我們沒有具體的時間 - 這是你問題的另一部分。這實際上取決於這些現金流何時可用。當我們拿到錢後，我們就可以討論如何將其回饋給股東。我們不想在這件事上出乎意料。

Okay. Understood. And then maybe just on the topic of production hours, and you highlighted several times how the status of inventory reduction in North America where that's heading. But I'm just curious, are the -- what you've seen and what you are seeing in the dealers are commenting in terms of the early order patterns in North America. Is that informing you at all in terms of how you're thinking about 4Q production outlook. Maybe just thought on that.

好的。明白了。然後也許只是關於生產時間的話題，您多次強調了北美庫存減少的現狀以及未來方向。但我只是好奇，您所看到的以及經銷商對北美早期訂單模式的評論。這是否能讓您了解您對第四季生產前景的看法？也許只是想到這一點。

Thank You.

謝謝。

You bet, early order programs for AGCO don't really start until the middle of August. So we'll learn more here soon. When I -- when we talk to dealers, we were just out visiting some dealers here recently, there's cautious optimism.

確實，AGCO 的早期訂單計劃實際上要到 8 月中旬才開始。因此我們很快就會在這裡了解更多。當我——當我們與經銷商交談時，我們最近剛拜訪了這裡的一些經銷商，他們表現出謹慎樂觀的態度。

I was just with a group of farmers and dealers last week, and it matches the sentiment indicator from PDUFA in North America, and that is that -- they believe that this -- essentially the tariff situation and uncertainty will get resolved. And then ultimately, the administration cares a lot about farmers and we'll figure out a way that it's positive for farmers.

上週我剛與一群農民和經銷商見面，這與北美 PDUFA 的情緒指標相符，那就是 - 他們相信 - 關稅情況和不確定性基本上會得到解決。最終，政府非常關心農民，我們會找到對農民有利的方法。

And so there's some cautiousness in the market today, but they don't expect that to last forever. And so as the playing field gets more clear, I think that will unlock confidence. The market wants to be able to buy -- we want to come off the bottom. And the fleet age is getting older and older now for about two years. There are -- for the new technology they want to get in the market. They just want a lot more certainty.

因此，目前市場存在一些謹慎情緒，但他們預計這種情況不會永遠持續下去。因此，隨著競爭環境變得更加清晰，我認為這將會增強信心。市場希望能夠買入——我們希望走出低谷。而且現在船隊的船齡越來越老，大概有兩年了。他們希望將新技術推向市場。他們只是想要更多的確定性。

Understood.

明白了。

Thank you.

謝謝。

Jamie Cook with Truist.

Jamie Cook 與 Truist 合作。

Hi, good morning, and nice quarter. I guess two questions. One, there's a lot of debate on 2026 and the market outlook. But I guess I'm more interested in the factors that AGCO can control to grow earnings next year. So assuming a flat market, Eric or Damon, what do you think the biggest buckets are in terms of your ability to grow earnings, whether it's restructuring repo, producing in line with retail just your confidence level there that if the market is flat next year, it still implies that AGCO's earnings are trough in 2025 and growing?

嗨，早上好，祝您生活愉快。我想問兩個問題。一是，關於2026年和市場前景存在著許多爭論。但我想我更感興趣的是 AGCO 可以控制哪些因素來增加明年的收益。因此，假設市場平穩，埃里克或達蒙，您認為在增加收益的能力方面，最大的挑戰是什麼，無論是重組回購，還是按照零售額進行生產，您的信心水平是，如果明年市場平穩，這仍然意味著 AGCO 的收益在 2025 年達到谷底並繼續增長？

And then I guess my second question, just given the excess inventory that we have in North America, understanding you're underproducing that, that's what drove the losses in the first half of the year. Just what are you assuming in the back half of the year for North America, like when do the losses stop?

然後我想我的第二個問題是，考慮到我們在北美擁有的過剩庫存，了解到你們的產量不足，這就是導致上半年虧損的原因。您對今年下半年北美市場的情況有何預期？什麼時候虧損會停止？

Thank you.

謝謝。

Yeah, Sure, Jamie. So for 2026, again, using the assumptions that you outlined, I think the 2 biggest drivers that would enhance the margins in 2026. One would be the underproduction lapping that next year, again, as we're already starting to produce to retail in South America and in Europe, as Eric alluded to, we're working hard to get North America. I've said in some of my comments in the prior quarters, today, we have about over 1% headwind related to this under-absorption embedded in our margins. So if we were simply producing the retail, I think you're looking at sort of that sort of level flowing back into the system. So that would be the top one.

是的，當然，傑米。因此，對於 2026 年，再次使用您概述的假設，我認為有兩個最大的驅動因素將提高 2026 年的利潤率。一個是明年產量不足的問題，正如 Eric 所提到的那樣，由於我們已經開始在南美和歐洲生產零售產品，因此我們正在努力進入北美市場。我在前幾個季度的一些評論中說過，今天，我們面臨著與利潤率中吸收不足有關的約 1% 以上的不利因素。因此，如果我們只是生產零售產品，我想您會看到這種水平的回流到系統中。所以那將會是最重要的一個。

The second one the restructuring actions. Again, we've said, by the end of this year, we should be run rating somewhere in that $100 million to $125 million range. We've said there's about an incremental $60 million this year. So I'll get a little bit more next year. And I've also identified that $75 million that I would run rate by the end of next year, some of that will be incremental to the P&L in 2026 as well.

第二是重組行動。我們再次表示，到今年年底，我們的營業額應該在 1 億美元至 1.25 億美元的範圍內。我們說過，今年的增量約為 6000 萬美元。所以明年我會得到更多一點。我還確定了明年年底前將達到的 7,500 萬美元，其中一部分也將計入 2026 年的損益表。

So you're going to get a little bit of '25 rolling into '26 and the '26 execution starting sort of mid-year -- so I think those are the 2 big variables. I'm not going to speculate on what we do with repurchases, as Eric alluded to, we're eager to jump into that. But how much we do and how fast we go, I would say, would be upside to what we do from the core operations.

因此，你將會看到 25 年的一些變化延續到 26 年，而 26 年的執行將在年中開始 - 所以我認為這是兩個大變數。我不會猜測我們會如何處理回購，正如艾瑞克所提到的，我們渴望參與其中。但我想說，我們能做多少、進展有多快，都與我們核心業務的進展有關。

Kristen Owen with Oppenheimer & Company.

奧本海默公司的克莉絲汀歐文。

Hi, good morning. Thank you for taking the question. I just want to follow up on the cadence of the production hours in the second half of the year because it looks like you're now anticipating that your production will be roughly flat in 3Q and maybe down a little bit more than what the original production outlook was for the year. So I'm trying to square that with your operating margin outlook that you provided in the first question. And I think the most helpful way of asking this is, can you give us a little bit of color where that margin cadence is for, say, Europe relative to South America, North America for the rest of the year?

嗨，早安。感謝您回答這個問題。我只是想追蹤今年下半年的生產時間節奏，因為看起來您現在預計第三季的產量將大致持平，甚至可能比最初對今年產量的預測下降得更多一些。因此，我試圖將其與您在第一個問題中提供的營業利潤率前景相一致。我認為提出這個問題最有幫助的方式是，您能否提供我們一些細節，例如今年剩餘時間內歐洲相對於南美、北美的利潤節奏如何？

Yeah, Sure, Kristen. And maybe I'll try to weave in Jamie's second question is we didn't get to answer her North American, once I'll try to weave that in as well. I think when you look at the production hours Q3 and Q4, you got to remember last year, this is sort of in a year-over-year comparison. You may remember last year, we took an elongated shutdown in Europe given what we were trying to do with dealer inventory there. And then we sort of moved production back up in Europe in the fourth quarter.

是的，當然，克里斯汀。也許我會嘗試編織傑米的第二個問題是我們沒有回答她的北美問題，一旦我也會嘗試編織這一點。我認為，當您查看第三季度和第四季度的生產時間時，您必須記住去年的情況，這是一種同比比較。您可能還記得，去年，由於我們要處理歐洲經銷商的庫存，我們在歐洲的工廠停工了很長時間。然後我們在第四季將生產轉移回歐洲。

So when we're looking at the Q3 production, what you're seeing is Europe actually being up sort of, I'll call it, call it low teens. North America will be down over 50%, and then you'll have some improvement in South America in Q3, and then because of that, what I did last year in Europe, and I move into Q4, again, I'm still expecting North American down a lot, but South but Europe will actually likely be down a little bit, just again, given more of the year-over-year comparisons. So that's sort of why you're seeing the change in the production hours here between Q3 and Q4 versus our last assumption.

因此，當我們查看第三季的產量時，您會看到歐洲的產量實際上有所上升，我稱之為低十幾歲的產量。北美的銷售額將下降 50% 以上，而南美的銷售額在第三季度會有所改善，因此，就像我去年在歐洲所做的那樣，進入第四季度，我仍然預計北美的銷售額會大幅下降，但南美和歐洲的銷售額實際上可能會下降一點，這只是考慮到同比變化。所以這就是為什麼你會看到第三季和第四季之間的生產時間與我們上次的假設有所不同。

When I look at the margins here, again, for Europe, I think we're looking probably something relatively similar to Q2. So as I think about Q3, probably right in that same range. And then as we get the higher volume as we see in our fourth quarter, we would see the European margins pick up a couple of percent from the Q3 level. So again, more of that sales driven margin in Q4.

當我再次查看歐洲的利潤率時，我認為我們看到的可能與第二季相對相似。所以當我想到第三季時，可能就在同一範圍內。隨著第四季銷量的增加，我們會看到歐洲利潤率比第三季上升幾個百分點。因此，第四季的銷售額將進一步推動利潤率的提高。

For North America, as I alluded to, with the production being down over 50% in Q3 and probably down over 50%, again in Q4 as we look to rightsize dealer inventory, we still see that position in a loss. We still see the North American margins being negative. And again, given the Q2 is a strong seasonal quarter for them as we move into Q3 and Q4, which are lower revenue quarters, I would say that those losses could be right around 10%, 11% range, if not a little bit more, depending on the ultimate sales

對於北美，正如我所提到的，第三季產量下降了 50% 以上，第四季產量可能再次下降 50% 以上，當我們尋求調整經銷商庫存規模時，我們仍然認為該狀況處於虧損狀態。我們仍然看到北美的利潤率為負。再次，考慮到第二季度對他們來說是一個強勁的季節性季度，隨著我們進入第三季度和第四季度，這兩個季度的收入較低，我認為這些損失可能在 10%、11% 左右，甚至更多，這取決於最終的銷售額

Okay. That is incredibly helpful. And then my follow-up question, just tying back to your comments on parts sales and just servicing the existing fleet, both with the aftermarket technology and parts and services. Just can you expand on what's helping support that? And any color that you can provide on how that's impacted PTx Trimble sales in the quarter?

好的。這非常有幫助。然後是我的後續問題，只是回到您對零件銷售的評論，並為現有車隊提供服務，包括售後技術以及零件和服務。您能否詳細說明一下有哪些因素有助於支持這一點？您能否詳細說明這對本季 PTx Trimble 銷售有何影響？

Thank you.

謝謝。

Yeah, I mean, I'll touch on some of the general things of what we're seeing with parts and then maybe I'll ask Eric to elaborate a little bit on FarmerCore which has been a catalyst for here in North America. But I think overall parts sales has been relatively resilient.

是的，我的意思是，我會談談我們在零件方面看到的一些一般情況，然後我可能會請 Eric 詳細說明一下 FarmerCore，它是北美的一個催化劑。但我認為整體零件銷售相對來說還是有彈性的。

As I said in my comments, it was up around 3% when you look at the quarter year-over-year. I'd say it's a little bit following the regional pattern where Europe has continued to do quite well. South America is recovering. North America was a little bit more of a challenged market.

正如我在評論中所說，從同比來看，本季度增長了約 3%。我想說的是，這有點遵循歐洲持續表現良好的區域模式。南美洲正在復甦。北美市場面臨的挑戰更大一些。

Again, I think as Eric talked about his comments, we're seeing a lot of hesitation. I think there's some optimism for the future, but at least right now, given the uncertainty, I'd say our geographic waiting parts has been a little bit more challenged in North America.

再次，我認為當埃里克談到他的評論時，我們看到了很多猶豫。我認為人們對未來抱持一些樂觀態度，但至少現在，考慮到不確定性，我想說我們在北美的地理等待部分面臨更大的挑戰。

But what we are seeing in the penetration rate relative to FarmerCore is giving us that optimism that as these markets start to stabilize as farmers get more comfortable, we definitely see the opportunity for parts to continue that annual growth that we've seen. But maybe I'll let Eric touch about -- touch on FarmerCore and how that's contributing to parts as well.

但我們看到的相對於 FarmerCore 的滲透率讓我們感到樂觀，隨著這些市場隨著農民變得更加舒適而開始穩定，我們肯定看到部分地區有機會繼續保持我們所看到的年度增長。但也許我會讓 Eric 談談 FarmerCore 以及它對各個部分的貢獻。

Yeah, there's a few elements of FarmerCore. If you remember, that's our strategy to -- instead of the farmer having to come to a brick-and-mortar store where the farmer comes to the business, in this case, FarmerCore means we're going to -- the business is going to come to the farmer. So digital tools like online configurator to configure the machine or e-commerce. E-commerce is allowing our parts sales to grow significantly. It's one of our fastest-growing businesses right now. Oftentimes, the farmer is looking for a part off ours.

是的，FarmerCore 有幾個元素。如果你還記得的話，這就是我們的策略——農民不必來到實體店，而是自己去找生意，在這種情況下，FarmerCore 意味著我們要——生意會來到農民面前。因此，可以使用線上配置器等數位工具來配置機器或電子商務。電子商務使我們的零件銷售額大幅成長。這是我們目前成長最快的業務之一。很多時候，農民都在尋找我們的一部分。

When they look for a part, they're buying a bigger order than they would have if they would have just gone into the store because we can do recommendations and things like that. So it's not only more convenient, but it's also capturing more of the farmer wallet. We're using AI chatbots to assist dealers with spare parts inquiries and make that job a lot easier and more accurate for the farmer.

當他們尋找零件時，他們會購買比直接去商店更大的訂單，因為我們可以提供建議和類似的東西。因此，它不僅更加方便，而且還能吸引更多農民的注意。我們正在使用人工智慧聊天機器人協助經銷商進行備件查詢，使農民的工作變得更加輕鬆和準確。

And so there's a lot of activities going on relative to parts directly, but then overall FarmerCore, we've put in place 25 -- our dealers have put in place 25 new store formats last year and on track to do that again this year. We've implemented over 140 of those new service trucks that we've shown you before, where the work comes out to the farm and all the work that gets done on the farm.

因此，有許多與零件直接相關的活動正在進行，但總體而言，FarmerCore，我們已經建立了 25 個——我們的經銷商去年已經建立了 25 種新的商店形式，並且今年有望再次這樣做。我們已經部署了 140 多輛之前向您展示過的新服務卡車，用於運送農場內的所有工作。

So all of these feed together, whether it's the digital tools, the new ways of interacting, there different footprint of our dealers, all to be way more convenient than most farmer-focused distribution network in the industry, and that helps with parts sales because it's -- on the one hand, it's more convenient and it captures more of the farmer's wallet. So we're continuing to believe that's the right strategy for the farmer and helps grow AGCO's high-margin business.

因此，所有這些結合在一起，無論是數位工具、新的互動方式，還是我們經銷商的不同足跡，都比業內大多數以農民為中心的分銷網絡更加便捷，這有助於零件銷售，因為——一方面，它更方便，而且能吸引更多農民的注意力。因此，我們仍然相信這對農民來說是正確的策略，並有助於成長 AGCO 的高利潤業務。

Mig Dobre with RW Baird.

Mig Dobre 和 RW Baird。

Hey guys, this is Peter Kellumcari, and I'm from Mig this morning. Thank you for taking our questions. A two part question here on share gains. First part, is there any way to quantify what's embedded in the full year guide for 25 from that share gains component? And second, is there any color that you might be able to provide on what you're seeing with shares specifically on Fent in North America? Just thinking US tariffs are obviously a factor with the product, which I assume means might be priced a bit higher on a relative basis to some other machines in the marketplace compared to where they were at in a tariff-free environment. So correct me if I'm wrong on that last point, but yeah, any way to quantify the share gains component of the guide and then any color on the scent rollout in North America would be helpful.

大家好，我是 Peter Kellumcari，今天早上我從 Mig 來。感謝您回答我們的問題。關於股票收益，這裡有兩個問題。第一部分，有沒有辦法量化 25 年全年指南中包含的份額收益部分？其次，您能否具體介紹一下芬特在北美的股價表現？只是想想美國關稅顯然是影響該產品的一個因素，我認為這意味著與在免關稅環境下相比，該產品的價格相對於市場上其他一些機器的價格可能會高一點。所以，如果我在最後一點上錯了，請糾正我，但是是的，任何量化指南的份額收益部分的方法，以及任何關於北美香水推出的顏色都會有所幫助。

Yeah, So Peter, we don't really break down share specifically by brand or by region. I can tell you we are -- if we look at our three different brands, the teams have done very well in gaining share in all of the regions. Again, if you remember last year, Fendt had an exceptionally strong year, gained a lot of share, and they've done very well year-to-date holding that in Europe, Massey and Valtra also gaining South America, the team has done really well across the brands gaining share. And in North America here, again, the industry is down quite a bit. But when you look at the actual share for several of the different Fendt products, we're actually seeing the share tick up year-to-date.

是的，彼得，我們實際上並沒有按品牌或地區具體細分份額。我可以告訴你，如果我們看看我們的三個不同的品牌，我們的團隊在所有地區的市場份額都表現得非常好。再說一次，如果你還記得去年，芬特 (Fendt) 表現異常強勁，獲得了很多份額，今年迄今為止，他們在歐洲的表現也非常好，梅西 (Massey) 和瓦爾特拉 (Valtra) 也在南美取得了進展，該團隊在各個品牌中都表現得非常出色，獲得了越來越多的份額。而在北美，該產業再次大幅下滑。但當你查看幾種不同 Fendt 產品的實際份額時，我們實際上看到今年迄今為止的份額有所上升。

Now again, you raised a great question that as we think about the implementation of these tariffs, how will that affect our pricing strategy relative to the competition. Again, you heard from Eric, Fendt is the best of the best. We know that it delivers better fuel efficiency, better performance of the farmers, but we've got to make sure that, that value relative to the alternative fits what the farmer needs. And I think that's what we're going to work through here.

現在，您再次提出了一個很好的問題，當我們考慮實施這些關稅時，這將如何影響我們相對於競爭對手的定價策略。再說一次，艾瑞克說過，芬特是最好的。我們知道它可以提高燃油效率，提高農民的收益，但我們必須確保相對於替代品的價值符合農民的需求。我認為這就是我們要解決的問題。

We have announced some price increases in North America related to parts related to PTx and for our model year '26 branch. But again, we're going to see how this unfolds over the next 6 months and make sure that we continue our strategy of growing Fendt because we know farmers in North America deserve the best of the best, and that's what Fendt offers them, and we want to make sure that they have that available.

我們宣布北美地區與 PTx 相關的零件以及 26 年車型相關的部分價格上調。但是，我們將再次觀察未來 6 個月的情況，並確保我們繼續實施芬特 (Fendt) 的成長策略，因為我們知道北美的農民應該得到最好的產品，這就是芬特 (Fendt) 為他們提供的，我們希望確保他們能夠獲得這些。

And let me just build on that a little bit. Everything you said is spot on. I want to talk about the pricing strategy of AGCO, and I think of our competitors based on what we can see and hear from them, there's 2 separate topics. They're not tidier. One topic is how much cost comes into the company because of tariffs on certain products coming from certain countries into new markets?

讓我在此基礎上再進一步闡述。您說的一切都完全正確。我想談談 AGCO 的定價策略，根據我們所看到和聽到的對我們的競爭對手的看法，有兩個不同的主題。它們並不整潔。其中一個主題是，由於對來自某些國家的特定產品徵收關稅，會為公司帶來多少成本？

We gather all that up and so do our competitors. Separately is, how do we put -- how do we manage those costs. So my point here is, just because a certain product is incurring a tariff, it doesn't mean that we put price on that product the same way. We manage price separate from cost. And so we could have certain products -- all of our competitors and us have certain products that are going to be more expensive in markets, whether they came from Indonesia or Japan or India or Germany wherever, or Brazil.

我們收集了所有這些，我們的競爭對手也是如此。另外，我們如何管理這些成本。所以我的觀點是，僅僅因為某種產品徵收關稅，並不意味著我們以同樣的方式對該產品定價。我們將價格與成本分開管理。因此，我們的某些產品——我們和所有競爭對手的某些產品在市場上的價格都會更高，無論它們來自印尼、日本、印度、德國還是巴西。

So -- but we're all seeing now where do we put the price. It could be some in North America. It could be in other markets. It could be on the products that got tariff, it could be on all products. It most often is not just on the products that incurred the tariff because you want to keep the overall portfolio in balance with the rest of the market. So it's much more of a spreading across the whole portfolio and the whole globe versus just where the tariffs were incurred.

所以——但我們現在都在看我們應該把價格定在哪裡。北美可能有一些。它可能在其他市場。它可能針對徵收關稅的產品，也可能針對所有產品。通常，不僅僅是針對產生關稅的產品，因為您希望保持整體產品組合與市場其他部分保持平衡。因此，關稅的蔓延範圍不僅限於產生關稅的地方，而是整個產品組合和全球。

And was there a follow up to your question?

您的問題還有後續嗎？

No, that was super helpful color, guys. Thank You.

不，夥計們，那是非常有用的顏色。謝謝。

Kyle Menges with Citigroup.

花旗集團的 Kyle Menges。

Thanks for taking the question. I don't think you guys actually quantified the change in tariff impact in the EPS guide. So I guess that would be helpful. Just just how that influenced the change in the EPS guide. And then just now that we have an EU trade deal, any update on how you're feeling about production footprint and pricing you might need to take to offset tariffs?

感謝您回答這個問題。我認為你們實際上並沒有量化 EPS 指南中關稅影響的變化。所以我想這會有幫助的。這對 EPS 指南的變化有何影響？現在我們已經達成了一項歐盟貿易協議，您對生產足跡和可能需要採取的定價措施有何看法，以抵消關稅？

Sure, Kyle. So if I think about the change in our guide, which was $4 to $4.50, now $4.75 to $5. I guess the way I would walk that changes, we beat Q2 by around $0.30, the FX that we've now moved to a 2% positive is around a $0.45 positive.

當然，凱爾。因此，如果我考慮我們的指南的變化，從 4 美元到 4.50 美元，到 4.75 美元到 5 美元。我想我會採取這樣的方式改變，我們比第二季度高出約 0.30 美元，我們現在已轉向 2% 正值的外匯約為 0.45 美元正值。

We've weakened the industries in Europe and in North America, small ag, I would say that's about a $0.25 headwind. The incremental tariff costs, I remember at the end of the first quarter, I quantified the net tariff cost at around $0.30 to us from an EPS standpoint, that's now around $0.45.

我們削弱了歐洲和北美的工業，小型農業，我想說這是大約 0.25 美元的逆風。增量關稅成本，我記得在第一季末，從每股收益的角度來看，我將淨關稅成本量化為約 0.30 美元，現在約為 0.45 美元。

So an incremental $0.15 headwind. And then we have some other positives in the numbers that get us to the $4.75 to the $5. The $0.15 incremental related to tariffs is really driven by 2 things. One is as we've gotten better clarity with certain tariffs of EU at 15%, what we're seeing with Indonesia, Japan, some of the places that we import these -- our products, we've rolled those through. So that's been a negative.

因此逆風增量為 0.15 美元。然後，我們在數字中發現了一些其他的正面因素，使比率達到 4.75 美元到 5 美元。與關稅相關的 0.15 美元增量實際上是由兩件事驅動的。一是，我們對歐盟 15% 的某些關稅有了更清晰的了解，我們看到印尼、日本以及我們進口這些產品的一些地方也實施了這些關稅——我們的產品，我們已經將這些關稅納入其中。所以這是負面的。

The other headwind is as we have announced some pricing actions. As I mentioned on a prior question, we've announced pricing actions for parts for PTx as well as for our equipment group, some of that pricing is going in a little bit later than what we had originally anticipated. And so there's more of a delay of that pricing dropping to the bottom line. And those two together are creating a little bit more of an EPS headwind related to the tariffs, as I said, to the extent of around $0.15.

另一個不利因素是我們宣布了一些定價行動。正如我在之前的問題中提到的，我們已經宣布了 PTx 以及設備組零件的定價行動，其中一些定價比我們最初預期的要晚一些。因此，價格下降到底線的時間會更長。正如我所說，這兩項因素加在一起對與關稅相關的每股收益造成了一點阻力，阻力位約為 0.15 美元。

As it relates to the overall pricing, I think Eric just touched on some of the comments, now that we have clarity on how the EU tariffs are going to affect our production, we'll see how that compares to the competitive landscape relative to the value proposition that we offer the farmers and we'll adjust accordingly.

至於整體定價，我認為 Eric 剛才談到了一些評論，現在我們已經清楚歐盟關稅將如何影響我們的生產，我們將看看這與我們向農民提供的價值主張的競爭格局相比如何，並做出相應調整。

From a production standpoint, again, we do review our production footprint on a regular basis as we think about our volume growth, as we think about our long-term share and where we're going to be making or selling those products, we always step back and say, is there a lower cost alternative for us to service the farmers the right way.

從生產的角度來看，我們確實會定期審查我們的生產足跡，當我們考慮產量增長時，當我們考慮我們的長期份額以及我們將在哪裡生產或銷售這些產品時，我們總是退一步思考，是否有一種成本更低的替代方案可以讓我們以正確的方式為農民提供服務。

Now that we're getting some more clarity on this, we'll revisit this as we do on a regular basis. I don't anticipate any sort of near-term changes given the market environment, given the demand. But it's something we're going to make sure that we're constantly assessing to keep our costs as low as possible.

現在我們對此有了更清晰的認識，我們將像往常一樣重新審視這個問題。考慮到市場環境和需求，我預計短期內不會發生任何變化。但我們會確保不斷評估這一點，以盡可能降低成本。

Very helpful. And then I guess another question on the production hours and just kind of trying to square that with some of the other comments you guys made. I mean the guidance for production hours for the year was unchanged. But did bring down industry retail outlook for North America and Europe a little bit. Then I guess, squaring that with some of the inventory comments.

非常有幫助。然後我想問的另一個問題是關於生產時間，只是想將其與你們提出的其他一些評論相一致。我的意思是，今年的生產小時數指導沒有變化。但確實稍微降低了北美和歐洲的產業零售前景。然後我猜，將其與一些庫存評論進行比較。

It sounds like just quarter-over-quarter, no change to Europe, dealer inventory. South America, I guess, you reduced by a couple of months, but that North America inventory sounds like actually increased by 0.5 month sequentially. So maybe just trying to square no change to production hours with some of those other comments in guidance?

聽起來就像是與上一季相比，歐洲經銷商庫存沒有變化。我猜，南美的庫存減少了幾個月，但北美的庫存聽起來實際上比上一季增加了 0.5 個月。那麼也許只是試圖將生產時間不變與指導中的其他一些評論相協調？

Yeah. So again, remember, our inventory outlook is a 12-month forward look in the low horsepower change, we really don't make much of that. That's third-party produced products that we buy. And so that's not going to have a big driver on our production hours. And then when I look at the change in Europe, I would say, again, relatively modest tweak and what you saw us change in Europe is sort of offset here by the sort of an increased level of production cuts in North America. So it's sort of a netting of what we're seeing to keep our -- to stay within the 15% to 20% range.

是的。所以，再次提醒您，我們的庫存展望是針對低馬力變化的 12 個月的前瞻性預測，我們對此並不十分重視。這是我們購買的第三方生產的產品。所以這不會對我們的生產時間產生很大的影響。然後，當我看到歐洲的變化時，我會說，再次，相對溫和的調整，你看到我們在歐洲發生的變化在某種程度上被北美產量削減水平的增加所抵消。因此，這是我們所看到的保持的一種淨額——保持在 15% 到 20% 的範圍內。

Helpful. Thank you guys.

很有幫助。謝謝你們。

Steven Fisher with UBS.

瑞銀的史蒂文·費雪。

Thanks very much. You mentioned the, obviously the $0.30 beat in the quarter. Can you just bridge or break that down over to the the key drivers were there. And then the second question is, if you could just give your perspectives on the potential changes to the ag policy in Europe and how influential these policies might be, relative to just kind of core fundamentals.

非常感謝。您提到，本季顯然超出了 0.30 美元。您能否簡單地將其分解或解釋為其中的關鍵驅動因素？第二個問題是，您能否談談對歐洲農業政策潛在變化的看法，以及這些政策相對於核心基本面可能產生的影響。

Thank you.

謝謝。

Yeah, I think Steve, at the high level, highest level, the beat was heavily driven by by slightly better volumes across most of the regions and a little bit better mix, that was the the vast majority of the beat and then cost savings came in a little bit better, but I would say the vast majority was the the overall volume. And then on the policy or do you want to take that one? Sure.

是的，我認為史蒂夫，在高層、最高水平上，節拍很大程度上是由大多數地區的銷量略好一些和更好的組合所驅動的，這是節拍的絕大部分，然後成本節約也稍微好一些，但我想說絕大部分是整體銷量。然後關於政策或你想採取那個政策？當然。

We keep our eyes on that real closely.

我們對此保持密切關注。

That's just a proposal. It's not a policy yet, and the farm groups are all pushing back pretty strongly. If you look at what happened on diesel tax or on some of the regulations that were proposed for some of the green deal in Europe, farmers pushed back pretty hard and then there's a balancing point that was found on all of those. I think that's going to happen again here. So this is a starting point of the discussion. There'll be a lot of negotiations and challenge back and forth, and I think we'll end up in a reasonable place in the end, but we'll have to see where all that shakes out. It's too early to tell.

這只是一個提議。這還不算是一項政策，農場團體都強烈反對。如果你看看柴油稅或歐洲綠色協議中提出的一些法規的情況，你會發現農民的反抗相當強烈，而所有這些都找到了一個平衡點。我認為這種事還會在這裡再次發生。這是討論的起點。將會有許多的談判和挑戰，我認為我們最終會達成一個合理的結果，但我們必須看看這一切會如何發展。現在下結論還為時過早。

Perfect. Thanks very much.

完美的。非常感謝。

This concludes our question and answer session. I would like to turn the conference back over to Eric and Soia for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Eric 和 Soia 來做結束語。

Thank you for joining us today and for the thoughtful questions throughout the call. AgO continues to make meaningful progress in our transformation journey, building on the momentum we established in 2024, particularly with the launch and expansion of our PTX Precision agg platform. But it's really, that's a big part of our five-piece puzzle, grain and protein out, PTX tremble in to build PTX, the tafe issue resolved.

感謝您今天的參與以及在整個通話過程中提出的深思熟慮的問題。AgO 在我們的轉型之旅中繼續取得有意義的進展，借助我們在 2024 年建立的勢頭，特別是推出和擴展我們的 PTX Precision agg 平台。但這確實是我們五塊拼圖中很重要的一部分，穀物和蛋白質消失，PTX 顫抖著融入建造 PTX，tafe 問題得到解決。

Reimagined project leveraging AI is in full implementation and Farmer Core is in full implementation.

利用人工智慧的重新構想專案正在全面實施，Farmer Core 也正在全面實施。

These all together allow us to have the AO that we've been wanting, gives us more focus as a leadership team, less distraction, all able to accelerate our our execution.

所有這些都讓我們擁有了一直想要的 AO，讓我們作為領導團隊更加專注，減少干擾，所有這些都能夠加速我們的執行。

We already delivered solid performance in the 2nd quarter, despite ongoing global trade uncertainty and soft industry demand.

儘管全球貿易不確定性持續存在且行業需求疲軟，但我們在第二季度已經取得了穩健的業績。

We made further strides in cost reduction and inventory management, both of which remain key priorities for the remainder of the year. Those are in our control and we're hyperfocused on executing.

我們在降低成本和庫存管理方面取得了進一步的進展，這兩項仍然是今年剩餘時間的重點。這些都在我們的掌控之中，我們高度專注於執行。

Our long-term success is anchored in the execution of our farmer first strategy. The entire organization is passionate about this, and our dealers and farmers appreciate it. We remain focused on growing our margin rich businesses that we've talked about from the beginning, globalizing Fent, parts and services, and precision agg, while maintaining discipline cost management.

我們的長期成功取決於農民優先策略的實施。整個組織對此都充滿熱情，我們的經銷商和農民也對此表示讚賞。我們將繼續專注於發展我們從一開始就談到的利潤豐厚的業務，全球化芬特、零件和服務以及精密聚合，同時保持嚴格的成本管理。

To close, our updated financial outlook reflects our confidence in the strategy and the strength of our global team. Even in a challenging environment, we are investing in the future, gaining share and executing with agility. That is why we announced the $1 billion share buyback, the largest in our company history. We are bullish on the future of Agco. To our shareholders, thank you for your continued support. We look forward to building long-term value and advancing our farmer first strategy. Have a great day.

最後，我們更新的財務前景反映了我們對策略和全球團隊實力的信心。即使在充滿挑戰的環境中，我們仍在投資未來、獲得市場份額並靈活執行。這就是我們宣布 10 億美元股票回購計畫的原因，也是我們公司史上規模最大的一次股票回購。我們對愛科的未來充滿信心。對於我們的股東，感謝你們一直以來的支持。我們期待創造長期價值並推進我們的農民優先策略。祝你有美好的一天。

Thank you for joining the AGO Earnings call. The call has concluded. Have a nice day.

感謝您參加 AGO 收益電話會議。通話已結束。祝你今天過得愉快。

Good day and welcome to the AGO 2nd quarter 2025 earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0. After today's presentation, there will be an opportunity to ask questions. In consideration of time. Please limit yourself to one question and one follow up. To ask a question, you may press then one on your touchtone phone. To withdraw your question, please press 2. Please note this event is being recorded. I would now like to turn the conference over to Greg Peterson, Agaco, head of investor relations.

大家好，歡迎參加 AGO 2025 年第二季財報電話會議。所有參與者將處於只聽模式。如果您需要協助，請按星號鍵然後按 0 向會議專家發出信號。今天的演講結束後，將有機會提問。考慮到時間。請限制自己只問一個問題並進行一次跟進。若要提問，您可以按按鍵電話上的 1。若要撤回您的問題，請按 2。請注意，此事件正在被記錄。現在，我想將會議交給 Agaco 的投資人關係主管 Greg Peterson。

Thanks, saying, good morning. Welcome to those of you joining us for AGCO's 2nd quarter 2025 earnings call. We will refer to a slide presentation this morning that's posted on our website at www.Agcocorp.com. The non-gap measures used in the slide presentation are reconciled to GAAP measures in the appendix of that presentation.

謝謝，說聲早安。歡迎各位參加 AGCO 2025 年第二季財報電話會議。我們將參考今天早上發佈在我們網站 www.Agcocorp.com 上的幻燈片簡報。幻燈片簡報中使用的非缺口指標已與該簡報附錄中的 GAAP 指標進行了調整。

We will make forward-looking statements this morning, including statements about our strategic plans and initiatives, as well as our financial impacts. We'll discuss demand, product development, and capital expenditure plans and timing of those plans and our expectations concerning the costs and benefits of those plans and timing of those benefits. We'll also cover future revenue, crop production, farm income, production levels, price levels, margins, earnings, operating income, cash flow, engineering expense, tax rates, and other financial metrics. All of these are subject to the risks that could cause actual results to differ materially from those suggested by the statements. These risks include but are not limited to adverse developments. In the agricultural industry, supply chain disruption, inflation tariffs, weather, commodity prices, changes in product demand, interruptions in the supply of parts and products, the possible failure by us to develop new and improved products on time, including premium technology and smart farming solutions within budget and with the expected performance and price benefits.

我們將於今天上午發表前瞻性聲明，包括有關我們的策略計劃和舉措以及我們的財務影響的聲明。我們將討論需求、產品開發和資本支出計劃以及這些計劃的時間安排，以及我們對這些計劃的成本和收益以及這些收益的時間表的預期。我們還將介紹未來收入、農作物產量、農場收入、生產水準、價格水準、利潤率、收益、營業收入、現金流、工程費用、稅率和其他財務指標。所有這些都存在風險，可能導致實際結果與聲明中暗示的結果有重大差異。這些風險包括但不限於不利的發展。在農業產業，供應鏈中斷、通貨膨脹關稅、天氣、商品價格、產品需求變化、零件和產品供應中斷，我們可能無法按時開發新的和改進的產品，包括在預算內、具有預期的性能和價格優勢的高端技術和智慧農業解決方案。

Difficulties in integrating the PTXur business in a manner that produces the expected financial results, introduction of new or improved products by our competitors, and reduction in pricing by them to warn the Ukraine, difficulties in integrating acquired businesses, and in completing expansion and modernization plans on time and in a manner that produces the expected financial results.

難以以產生預期財務結果的方式整合 PTXur 業務，我們的競爭對手推出新的或改進的產品，並降低價格以警告烏克蘭，難以整合收購的業務，並且難以按時以產生預期財務結果的方式完成擴張和現代化計劃。

And adverse changes in foreign financial and foreign exchange markets. Actual results could differ materially from those suggested in these statements. Further information concerning these and other risks is included in ACCA's filings with the Securities and Exchange Commission, including its form 10k.

以及國外金融、外匯市場發生不利變化。實際結果可能與這些聲明中所建議的結果有重大差異。有關這些風險和其他風險的更多資訊包含在 ACCA 向美國證券交易委員會提交的文件中，包括其 10k 表格。

For the year ended December 31, 2024, and subsequent Form 10Q filings. ACO disclaims any obligation to update any forwardlooking statements except as required by law.

截至 2024 年 12 月 31 日的年度及後續 10Q 表格申報。除法律要求外，ACO 不承擔更新任何前瞻性聲明的義務。

We'll make a replay of this call available on our website later today.

我們將在今天晚些時候在我們的網站上提供此通話的重播。

On the call with me this morning is Eric Haoia, our Chairman, President and Chief Executive Officer, and Damon Audia, senior Vice President and Chief Financial Officer. With that, Eric, please go ahead.

今天早上與我一起通話的有我們的董事長、總裁兼執行長 Eric Haoia 和高級副總裁兼財務長 Damon Audia。好了，埃里克，請繼續。

Thanks, Greg, and good morning to everyone joining us today. We delivered solid 2nd quarter results driven by disciplined execution in areas within our control, despite a challenging global agricultural landscape.

謝謝，格雷格，今天參加我們的所有人早安。儘管全球農業情況充滿挑戰，但我們在可控範圍內的嚴格執行推動下，在第二季度取得了穩健的業績。

Weak farmer economics and delayed purchasing decisions across several regions heavily influenced the uncertainty in global trade that impacted demand.

多個地區農民經濟狀況疲軟以及採購決策延遲嚴重影響了全球貿易的不確定性，進而影響了需求。

Net sales totaled over $2.6 billion down approximately 19% year over year, or 11%, excluding the grain and protein business we divested last year.

淨銷售額總計超過 26 億美元，年減約 19%，降幅為 11%，其中不包括我們去年剝離的穀物和蛋白質業務。

This decline reflected continued softness in North America and Western Europe, coupled with our ongoing impact from reducing dealer inventories in several parts of the world.

這一下降反映了北美和西歐市場持續疲軟，以及我們在全球多個地區減少經銷商庫存的持續影響。

Despite the uncertain near-term outlook, we remain focused on executing our strategy, supporting our dealers and customers, and investing in technologies that will fuel long-term growth.

儘管近期前景不明朗，我們仍專注於執行我們的策略，支持我們的經銷商和客戶，並投資於能夠推動長期成長的技術。

We are closely monitoring evolving tariff policies in the US and in other parts of the world.

我們正在密切關注美國和世界其他地區不斷變化的關稅政策。

As I said last quarter, we will TRY to limit the effects on farmers by trying to minimize increases to supplier discussions and other supply chain adjustments. We will implement price increases where appropriate and feasible.

正如我上個季度所說，我們將盡力透過盡量減少供應商討論和其他供應鏈調整的增加來限制對農民的影響。我們將在適當且可行的情況下提高價格。

For the quarter, consolidated operating margins were 6.2% on a reported basis and 8.3% on an adjusted basis, reflecting strong decremental margins in the mid-teens.

本季度，合併營業利潤率為報告基礎 6.2%，調整後基礎 8.3%，反映出中期利潤率的強勁下降。

This performance highlights excellent global execution by our teams, who continue to deliver on our sales strategy and with a richer mix of products in several parts of the world, while simultaneously executing on our ongoing restructuring plans.

這項業績凸顯了我們團隊出色的全球執行力，他們繼續執行我們的銷售策略，並在世界多個地區提供更豐富的產品組合，同時執行我們正在進行的重組計劃。

Notably, we achieved these margins despite a 16% reduction in production hours compared to quarter to 2024, as we are diligent in our efforts to align dealer inventories as quickly as possible.

值得注意的是，儘管與 2024 年第一季相比生產時間減少了 16%，但我們仍然實現了這些利潤率，因為我們努力盡快調整經銷商庫存。

We made meaningful progress in reducing both company and dealer inventories.

我們在減少公司和經銷商庫存方面取得了重大進展。

This discipline is reflected in our working capital improvements and free cash flow generation during the first half of the year, which was up nearly $400 million compared to the same period in 2024.

這項紀律體現在我們上半年營運資本的改善和自由現金流的產生上，與 2024 年同期相比增加了近 4 億美元。

In Europe, sentiment has been moving more positive for much of the past year.

在歐洲，在過去一年的大部分時間裡，市場情緒一直變得更加積極。

Granted, that improvement trend has paused in the last two months.

誠然，這種改善趨勢在過去兩個月已經暫停。

As AO's largest and most critical region, Europe continues to provide better demand stability, strong consistent operating margins, and helps dampen the impact of US trade policy on our financials.

作為AO最大、最關鍵的地區，歐洲持續提供更好的需求穩定性、強勁一致的營業利潤率，並有助於減輕美國貿易政策對我們財務的影響。

In North America, farmer sentiment remains cautious.

在北美，農民情緒依然謹慎。

Although government aid is expected to support higher net farm income, tight margins persist due to elevated input costs and reduced export demand.

儘管預計政府援助將支持提高農場淨收入，但由於投入成本上升和出口需求減少，利潤率仍然較低。

The uncertainty for farmers on several fronts has continued to weigh on the willingness to update their equipment. However, North America ag barometers continue to show relatively strong sentiment.

農民在多個方面面臨的不確定性持續影響他們更新設備的意願。然而，北美農業晴雨表繼續顯示出相對強勁的情緒。

On a more positive note, South American farmers are poised to expand their global share in key commodities over the next year, supported by favorable trade policies.

從積極的方面來看，在有利的貿易政策的支持下，南美農民預計將在未來一年擴大其在全球主要商品中的份額。

Despite the near-term uncertainty in some markets, we continue to believe that 2025 will be the trough for the egg industry with modestly higher demand in 2026 in all regions. Global tractor sales were the lowest last month of any time in the past 15 years, which supports our view of trough conditions.

儘管某些市場短期內存在不確定性，但我們仍然相信，2025 年將成為雞蛋產業的低谷，2026 年所有地區的需求都將略有上升。上個月全球拖拉機銷售量是過去 15 年來的最低水平，這支持了我們對低谷狀況的看法。

Turning to a couple AGO-specific items, we recently announced the resolution with Tafe on all outstanding commercial, governance and shareholding matters. This outcome was made possible through close collaboration with Sudarshan Venu, son of Taffe's Chairman and managing director.

談到幾個與 AGO 相關的特定事項，我們最近宣布了與 Tafe 就所有未決的商業、治理和股權問題達成的解決方案。這項成果得益於與 Taffe 董事長兼董事總經理的兒子 Sudarshan Venu 的密切合作。

This agreement was a very positive step forward for AGO and its shareholders.

該協議對於 AGO 及其股東而言是一個非常積極的進步。

This agreement paves the way for a more shareholder friendly capital allocation strategy, including the new $1 billion share repurchase program that Damon will discuss shortly.

該協議為更有利於股東的資本配置策略鋪平了道路，其中包括達蒙即將討論的新的 10 億美元股票回購計劃。

AgO's board and management remain fully committed to our farmer first strategy, which we believe will enhance customers' outcomes, drive operational success, and deliver strong returns for shareholders.

AgO 董事會和管理層仍然全力致力於我們的農民優先策略，我們相信該策略將提高客戶的成果、推動營運成功並為股東帶來豐厚的回報。

Slide 4 provides an overview of industry unit retail sales by region for the first half of 2025.

投影片 4 概述了 2025 年上半年各地區的行業單位零售額。

The global farm equipment market continues to face significant headwinds, with North America and Western Europe experiencing the most pronounced declines. However, Brazil is showing early signs of recovery, supported by favorable trade dynamics coupled with the fact that they were the first of our major markets to experience the downturn.

全球農業設備市場持續面臨巨大阻力，其中北美和西歐的下滑最為明顯。然而，巴西正顯示出復甦的早期跡象，這得益於有利的貿易動態，加上巴西是我們主要市場中第一個經歷經濟衰退的國家。

North America tractor sales declined 13% year over year, with consistent softness across the horsepower categories.

北美拖拉機銷量年減 13%，各馬力類別的銷量均表現疲軟。

Higher horsepower segments saw steeper declines in recent months, reflecting ongoing uncertainty around grain export demand and persistently high input costs.

近幾個月來，馬力較大的產品系列大幅下滑，反映出糧食出口需求持續存在不確定性，且投入成本持續居高不下。

These pressures are expected to continue weighing on demand, particularly for large equipment.

預計這些壓力將繼續影響需求，特別是大型設備的需求。

In Western Europe, tractor sales fell 12% in the first half of 2025 compared to the same period last year.

在西歐，2025年上半年拖拉機銷售量與去年同期相比下降了12%。

This decline reflects more cautious farmer sentiment, driven by policy uncertainty and softening commodity prices.

這種下降反映出，受政策不確定性和大宗商品價格疲軟的影響，農民情緒更加謹慎。

We are now in the 4th year of industry decline, which is longer than the typical European market downturns of past cycles.

目前，我們正處於產業衰退的第四年，比過去幾個週期中典型的歐洲市場衰退持續時間更長。

Turning to Brazil, tractor sales rose 6% in the first half of 202,025, led by demand in lower horsepower categories.

談到巴西，上半年拖拉機銷量成長 6%，達 202,025 輛，主要原因是低馬力類別的需求。

While the US continues to face reduced access to key export markets, Brazil is well positioned to expand shipments to China, which could support a faster recovery.

儘管美國繼續面臨進入主要出口市場減少的風險，但巴西已準備好擴大對中國的出口，這可能有助於加速經濟復甦。

Despite record soybean harvests and a favorable trade condition, demand for larger equipment remains subdued due to the weaker crop prices.

儘管大豆收成創紀錄且貿易條件良好，但由於農作物價格疲軟，對大型設備的需求仍然低迷。

That said, we are seeing early signs of recovery in the broader A machinery market and expect continued improvement in Brazilian industry demand through the remainder of 2025.

話雖如此，我們看到了更廣泛的 A 機械市場復甦的早期跡象，並預計到 2025 年剩餘時間巴西的工業需求將繼續改善。

And for combine sales, we saw declines across all three markets, North America, Western Europe, and Brazil, with North America experiencing the sharpest drop at 33% year over year.

就綜合銷售額而言，北美、西歐和巴西三個市場均下滑，其中北美市場降幅最大，較去年同期下降 33%。

Despite these near term normal industry challenges, Agco remains well positioned for the long term.

儘管短期內產業面臨這些正常挑戰，愛科集團仍處於長期有利地位。

Structural tailwinds including global population growth, rising protein consumption, and increased demand for clean energy solutions like sustainable aviation fuel and vegetable oil-based diesel, continue to support our outlook.

全球人口成長、蛋白質消費量增加以及對可持續航空燃料和植物油基柴油等清潔能源解決方案的需求增加等結構性順風繼續支持我們的前景。

Although geopolitical trade actions may shift the source of grain supply, they do not constrain the global demand for grain.

儘管地緣政治貿易行動可能會改變糧食供應來源，但不會限制全球對糧食的需求。

Our evolving precision egg techno technology stack with a focus on retrofitting almost any brand, provides a differentiated competitive edge, helping farmers improve yields and meet the world's growing food needs.

我們不斷發展的精準雞蛋技術堆疊專注於改造幾乎所有品牌，提供差異化的競爭優勢，幫助農民提高產量並滿足世界日益增長的糧食需求。

Slide 5 outlines AGO's factory production hours.

投影片 5 概述了 AGO 工廠的生產時間。

To ensure year over year comparability, we've excluded grain and protein production hours from the 2024 baseline.

為了確保逐年可比，我們從 2024 年基線中排除了穀物和蛋白質的生產時間。

Quarter 2 production hours were down approximately 16% compared to quarter 2, 2024.

與 2024 年第二季相比，第二季的生產時間下降了約 16%。

Regionally, production was down in Europe, up in South America, and down over 50% in North America, where we are hyperfocused on reducing dealer inventories.

從地區來看，歐洲的產量下降，南美的產量上升，而北美的產量下降了 50% 以上，我們非常重視減少經銷商的庫存。

Looking ahead, we still expect full year 2025 production to be 15% to 20% lower than the 2024 levels.

展望未來，我們仍預期 2025 年全年產量將比 2024 年的水準低 15% 至 20%。

For the balance of the year, we will effectively be producing in line with retail demand in most parts of the world, with the exception of North America, where we will continue to significantly underproduce as we continue to right-size our dealer inventories.

在今年餘下的時間裡，我們將有效地按照世界大部分地區的零售需求進行生產，但北美除外，由於我們繼續調整經銷商庫存規模，我們將繼續大幅減少產量。

Reducing dealer inventory remains a top priority in light of soft market demand and elevated inventory levels. We're in good shape for the second half of 2025 in Europe and South America.

鑑於市場需求疲軟和庫存水準上升，減少經銷商庫存仍然是首要任務。我們對 2025 年下半年歐洲和南美的前景看好。

And further work is needed in North America.

北美還需要進一步的工作。

Looking at a regional inventory breakdown. In Europe, dealer inventory remains just under 4 months of supply, in line with our target. Fent is below this average, while Massey Ferguson Volter are slightly above.

查看區域庫存細目。在歐洲，經銷商庫存仍略低於 4 個月的供應量，符合我們的目標。Fent 低於這個平均水平，而 Massey Ferguson Volter 則略高於這個平均水平。

Overall, Europe's near target inventory levels are a big positive given AGCO's significant exposure to the region and its stability.

總體而言，鑑於愛科集團在該地區的重要業務及其穩定性，歐洲接近目標的庫存水準是一個很大的利好。

Looking to South America, we made good progress, reducing dealer inventory to around 3 months of supply, with units down around 3% and months of supply down almost 1 month from March 31st. We're now at our target level.

放眼南美，我們取得了良好的進展，將經銷商庫存減少到約 3 個月的供應量，單位數量下降約 3%，供應月份自 3 月 31 日起下降近 1 個月。我們現在已經達到目標水準了。

And in North America, dealer inventory units declined approximately 10% from quarter 1, 2025, driven by significant production cuts. However, inventory remains elevated at around 9 months of supply, above our 6 month target, given a lower outlook.

在北美，由於產量大幅削減，經銷商庫存單位較 2025 年第一季下降了約 10%。然而，鑑於較低的前景，庫存仍保持在約 9 個月的供應量水平，高於我們的 6 個月目標。

Given the continued challenging outlook, we expect to underproduce relative to retail demand for the balance of the year in North America.

鑑於前景持續充滿挑戰，我們預計今年北美的產量將低於零售需求。

Slide 6 highlights AGCO's three high margin growth levels, which are central to our strategy to achieve mid-cycle operating margins of 14% to 15% by 2029, while also outgrowing the industry by 4 to 5% annually.

投影片 6 重點介紹了 AGCO 的三個高利潤率成長水平，這對於我們的策略至關重要，即到 2029 年實現 14% 至 15% 的中期營業利潤率，同時每年超過該行業 4% 至 5% 的增長。

These initiatives reflect AGO's transformation into a more resilient, higher performing company, one that is not only targeting stronger mid-cycle margins, but also delivering higher highs and higher lows across the business cycle.

這些舉措反映了 AGO 向更具彈性、業績更高的公司轉型，該公司不僅瞄準更高的中期利潤率，而且在整個商業週期中實現更高的高點和更高的低點。

Which we are clearly demonstrating these past couple of years.

過去幾年我們已經清楚證明了這一點。

To reiterate the 2029 growth leverage targets we shared at our analyst meeting last December.

重申我們在去年 12 月分析師會議上分享的 2029 年成長槓桿目標。

Number one, our Fent globalization and fullland expansion centers on scaling the Fent brand across North America and South America, with combined revenues expected to reach 1.7 billion by 2029.

第一，我們的芬特全球化和全境擴張集中在擴大芬特品牌在北美和南美的規模，預計到 2029 年總收入將達到 17 億美元。

Number 2, our precision ag growth. For that, we are targeting $2 billion in global precision ag revenues driven by our retrofit first strategy and the integration of advanced digital capabilities that enhance farmer productivity and profitability.

第二，我們的精準農業成長。為此，我們設定的目標是透過改造優先策略和先進數位功能的整合，實現全球精準農業收入 20 億美元，進而提高農民的生產力和獲利能力。

And third is our global parts expansion. We aim to expand our global parts business to $2.3 billion with a focus on increasing the market share of genuine agro parts and improving service penetration, leveraging our farmer core strategy.

第三是我們的全球零件擴張。我們的目標是將全球零件業務擴大到 23 億美元，重點是增加原廠農業零件的市場份額並提高服務滲透率，利用我們的農民核心策略。

These 3 levers are designed to drive sustainable, high margin growth and position echo to deliver superior returns through the cycle.

這三個槓桿旨在推動可持續的高利潤成長和定位迴響，以在整個週期中提供卓越的回報。

AGCO's continued strong investment in R&D has earned recognition from leading global organizations, reinforcing our commitment to innovation and our farmer first strategy.

AGCO 在研發方面持續的大力投資贏得了全球領先組織的認可，強化了我們對創新的承諾和「農民優先」策略。

Slide 7 highlights two award-winning technologies that exemplify this approach, each designed to enhance farmer profitability through improved efficiency, yield, and ease of use.

投影片 7 重點介紹了體現這種方法的兩項獲獎技術，每一項技術都旨在透過提高效率、產量和易用性來提高農民的獲利能力。

PTX Outrun is the world's only autonomous harvesting solution and was recently honored with a 2025 World Changing Ideas Award from Fast Company.

PTX Outrun 是世界上唯一的自主收割解決方案，最近榮獲 Fast Company 頒發的「2025 年改變世界創意獎」。

It is the first commercially available autonomous retrofit green card system designed to help farmers maximize yield and address the global labor shortage.

這是第一個商業化的自主改造綠卡系統，旨在幫助農民最大限度地提高產量並解決全球勞動力短缺問題。

The outrun kit enables autonomous green card operation and is currently compatible with competitive tractors, with fent compatibility coming in 2026.

Outrun 套件可實現自主綠卡操作，目前與競爭性拖拉機相容，並將於 2026 年實現 Fent 相容性。

This breakthrough represents a major leap forward in harvest efficiency and smart farming.

這項突破代表著收穫效率和智慧農業的重大飛躍。

On the equipment side, you've heard me say before that Fent is the best of the best.

在設備方面，您之前聽我說過，Fent 是最好的。

And the fence 620 vireo is another example.

而柵欄 620 綠鵑則是另一個例子。

It continues to set new benchmarks in performance and efficiency.

它繼續在性能和效率方面樹立新的標竿。

It achieved the absolute best in class fuel efficiency in the DLG power mix test, recording the lowest diesel consumption in the 165 to 240 horsepower category.

它在 DLG 動力組合測試中實現了同類最佳的燃油效率，並創下了 165 至 240 馬力類別中最低的柴油消耗量。

Thanks to its very drive transmission and ent low engine speed concept, the 620 Vero delivers unmatched efficiency and performance.

由於其強大的傳動系統和低引擎轉速概念，620 Vero 可提供無與倫比的效率和性能。

Trophy magazine also praised the tractor for its exceptional field and road capabilities.

《Trophy》雜誌也稱讚了這款拖拉機出色的田間和公路性能。

These achievements are just a couple of the examples that reflect AgO's commitment to delivering smart farmer first solutions that drive profitability, sustainability, and ease of use. I'd like to take a moment to recognize and thank the teams behind these innovations. Their efforts are helping Eco fulfill its vision of being a farmer's trusted partner for industry-leading smart farming solutions.

這些成就只是體現 AgO 致力於提供智慧農民優先解決方案的幾個例子，這些解決方案可提高獲利能力、永續性和易用性。我想花點時間來認識並感謝這些創新背後的團隊。他們的努力正在幫助 Eco 實現其願景，即成為農民信賴的合作夥伴，提供業界領先的智慧農業解決方案。

And flight 8, you can see the details of our 2025 tech days in Germany.

在第 8 航班上，您可以看到我們 2025 年德國科技日的詳細資訊。

We're looking forward to showing off our PTX portfolio and how it will solve farmers' problems in late September.

我們期待在九月下旬展示我們的 PTX 產品組合以及它將如何解決農民的問題。

The key to delivering better customer outcomes for our farmers is our precision agg business. The performance of our PTX business is improving across many areas.

為我們的農民提供更好的客戶結果的關鍵是我們的精準農業業務。我們的 PTX 業務的表現在許多領域都在改善。

We've been hitting our financial and operational forecasts consistently over the last few quarters. Our margins, although at trough levels, are improving.

過去幾個季度，我們一直在持續實現財務和營運預測。我們的利潤率雖然處於低谷，但正在提高。

We are seeing strong growth in channel signups of dealers and are growing strongly throughout the world.

我們看到經銷商的通路註冊量強勁成長，並且在全球呈現強勁成長動能。

The conversion to PTX tremble guidance receivers on echo machinery is almost complete.

回波機器上 PTX 震動引導接收器的轉換已接近完成。

And our innovation engine is firing, with the team on track to exceed more than 10 innovations in 2025, well ahead of plan.

我們的創新引擎正在加速運轉，團隊預計在 2025 年實現超過 10 項創新，遠遠超出計畫。

We hope you will join us and look forward to seeing you there on a hands-on and up close experience.

我們希望您能加入我們，並期待在那裡親身體驗並與您見面。

Now I'll hand it over to Damon to walk you through some of our financial results from the quarter.

現在我將把時間交給達蒙，讓他向大家介紹我們本季的一些財務表現。

Thank you, Eric, and good morning, everyone. Slide 9 provides an overview of regional net sales performance for the 2nd quarter and first half of 2025.

謝謝你，艾瑞克，大家早安。投影片 9 概述了 2025 年第二季和上半年的區域淨銷售額業績。

Net sales were down approximately 15% in the second quarter compared to the second quarter of 2024 when exclu excluding the.

與 2024 年第二季相比，第二季淨銷售額下降了約 15%。