Autoliv Inc (ALV) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Autoliv, Inc. second-quarter 2025 financial results conference call and webcast. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Autoliv, Inc. 2025 年第二季財務業績電話會議和網路廣播。（操作員指示）

Please note that today's conference is being recorded. I would now like to turn the conference over to your speaker, Mr. Anders Trapp Vice, President of Investor Relations. Please go ahead, sir.

請注意，今天的會議正在錄音。現在，我想將會議交給發言人、投資者關係副總裁安德斯·特拉普先生。先生，請繼續。

Thank you, Raph. Welcome, everyone, to our second quarter 2025 earnings call. On this call, we have our President and Chief Executive Officer, Mikael Bratt; our Chief Financial Officer, Fredrik Westin; and me, Anders Trapp, VP, Investor Relations.

謝謝你，拉斐爾。歡迎大家參加我們的 2025 年第二季財報電話會議。參加這次電話會議的有我們的總裁兼執行長 Mikael Bratt、財務長 Fredrik Westin 以及我，投資者關係副總裁 Anders Trapp。

During today's earnings call, we will cover several key topics, including our record sales and earnings for the second quarter an update on the market development and tariffs that are affecting the automotive industry as well as how our strong balance sheet and asset returns provide financial resilience and the support for a continued high level of shareholder returns. Following the presentation, we will be available to answer your questions. As usual, the slides are available on autoliv.com.

在今天的財報電話會議上，我們將討論幾個關鍵主題，包括我們第二季度創紀錄的銷售額和收益、影響汽車行業的市場發展和關稅的最新情況，以及我們強勁的資產負債表和資產回報如何提供財務彈性和對持續高水平股東回報的支持。演示結束後，我們將回答您的問題。像往常一樣，這些幻燈片可以在 autoliv.com 上找到。

Turning to the next slide. We have the Safe Harbor statement, which is an integrated part of this presentation and includes the Q&A that follows. During the presentation, we will reference non-US GAAP measures. The reconciliations of historical use GAAP to non-use GAAP measures are disclosed in our quarterly earnings release available on autoliv.com and in the 10-Q that will be filed with the SEC.

翻到下一張投影片。我們有安全港聲明，它是本簡報的組成部分，包括隨後的問答。在演示過程中，我們將參考非美國公認會計準則 (GAAP) 指標。歷史使用 GAAP 與非使用 GAAP 指標的對帳資訊已在 autoliv.com 上發布的季度收益報告中以及將向美國證券交易委員會 (SEC) 提交的 10-Q 報告中披露。

Lastly, I should mention that this call is intended to conclude at 3:00 PM Central European Time. So please follow a limit of two questions per person. I now hand it over to our CEO, Mikael Bratt.

最後，我要指出的是，本次電話會議預計將於歐洲中部時間下午 3:00 結束。因此，請限制每個人只問兩個問題。現在我將其交給我們的執行長 Mikael Bratt。

Thank you, Anders. Looking on the next slide. I am proud to present a record second quarter, highlighting our company's resilience and strong market position. Fueled by strong customer relationships and our culture of continuous improvement. This achievement made a solid foundation for the rest of the year.

謝謝你，安德斯。請看下一張投影片。我很自豪地宣布第二季度創下了紀錄，彰顯了我們公司的韌性和強大的市場地位。得益於牢固的客戶關係和持續改進的文化。這項成績為今年下半年的順利完成打下了堅實的基礎。

However, we remain cautious about the rest of the year as we navigate the complexities of tariffs and other challenging economic factors. It is encouraging that we, based on light vehicle production data from July, outperformed global light vehicle production despite continued significant headwinds from mix shifts.

然而，由於我們面臨關稅的複雜性和其他具有挑戰性的經濟因素，我們對今年剩餘時間的表現仍持謹慎態度。令人鼓舞的是，根據 7 月的輕型車生產數據，儘管產品組合變化持續帶來巨大阻力，但我們的產量仍超過全球輕型車產量。

In China, we saw a clear improvement with the gap between our sales growth and light vehicle production growth narrowing compared to the previous quarters. This positive development was driven by recent product launches with Chinese OEMs.

在中國，我們看到了明顯的改善，與前幾季相比，我們的銷售成長和輕型汽車產量成長之間的差距正在縮小。這一積極發展是由中國原始設備製造商近期推出的產品所推動的。

Notably, our sales in June outpaced the growth of the Chinese light vehicle production and we expect this positive trend to continue through the remainder of the year. We significantly improved our operating profit and operating margin compared to a year ago. This strong performance was primarily driven by well-executed activities to improve efficiency and costs.

值得注意的是，我們六月的銷售量超過了中國輕型汽車產量的成長，我們預計這一積極趨勢將持續到今年剩餘時間。與一年前相比，我們的營業利潤和營業利潤率大幅提高。這一強勁表現主要得益於為提高效率和降低成本而進行的良好活動。

We successfully recovered approximately 80% of the tariff costs incurred during the second quarter and expect to recover most of the remaining portion later this year. The combination of not yet recovered tariffs and the dilutive effect of the recovered portion resulted in a negative impact of approximately 35 basis points on our operating margin in the quarter.

我們成功收回了第二季產生的約 80% 的關稅成本，並預計在今年稍後收回大部分剩餘部分。尚未收回的關稅和收回部分的稀釋效應相結合，對我們本季的營業利潤率產生了約 35 個基點的負面影響。

We also achieved record earnings per share for the second quarter. Over the past five years, we have more than tripled our earnings per share, mainly driven by strong net profit growth, but also supported by a reduced share count. Our cash flow remained strong despite higher receivables driven by lost sales and tariff compensations late in the quarter.

我們第二季的每股盈餘也創下了歷史新高。在過去五年中，我們的每股盈餘成長了兩倍多，這主要得益於強勁的淨利潤成長，同時也受到股票數量減少的支持。儘管本季末因銷售損失和關稅補償導致應收帳款增加，但我們的現金流依然強勁。

Our solid performance, combined with a healthy debt leverage ratio supports continuous strong shareholder return. We remain committed to our ambition of achieving USD300 million to USD500 million annually in stock repurchases as outlined during our Capital Markets Day in June. Additionally, we are increasing our third quarter dividend to $0.85 per share, reflecting our confidence in our continued financial strength and long-term value creation.

我們穩健的業績加上健康的債務槓桿率支持了股東持續強勁的回報。我們仍然致力於實現每年 3 億至 5 億美元的股票回購目標，正如我們在 6 月的資本市場日中所概述的那樣。此外，我們將第三季股利提高至每股 0.85 美元，這反映了我們對持續財務實力和長期價值創造的信心。

Looking now on the next slide. Second quarter sales increased by 4% year-over-year, driven by strong outperformance relative to light vehicle production in several regions, along with favorable currency effects and tariff-related compensations.

現在看下一張投影片。第二季銷售額年增 4%，得益於多個地區輕型汽車產量的強勁成長，以及有利的貨幣效應和關稅相關補償。

This growth was partly off by an unfavorable regional and customer mix. The adjusted operating income for Q2 increased by 14% to USD251 million from USD221 million last year. The adjusted operating margin was 9.3%, 80 basis points better than in the same quarter last year.

這種成長在一定程度上受到不利的地區和客戶結構的影響。第二季調整後的營業收入從去年的2.21億美元成長14%至2.51億美元。調整後的營業利益率為 9.3%，比去年同期高出 80 個基點。

Operating cash flow was a solid USD277 million despite temporary working capital buildup from higher sales and tariff compensations. Looking now on to the next slide. We continue to generate broad-based improvements.

儘管銷售額和關稅補償增加導致營運資本暫時增加，但經營現金流仍穩定地達到了 2.77 億美元。現在請看下一張投影片。我們將繼續實現廣泛的改進。

Our positive direct labor productivity trend continues as we reduced our direct production personnel by 3,200 year-over-year. This is supported by the implementation of our strategic initiatives, including automation and digitalization.

我們的直接勞動生產力繼續保持積極趨勢，因為我們的直接生產人員比去年同期減少了 3,200 人。這得歸功於我們實施的自動化和數位化等策略性措施。

Our gross margin was 18.5%, an increase of 30 basis points year-over-year. The improvement was mainly the result of direct labor efficiency and headcount reductions. As a result of our structural efficiency initiatives, the positive trend for RG&E continued. Combined with the increased gross margin, this led to 80 basis points improvement in adjusted operating margin.

我們的毛利率為18.5%，年增30個基點。這項改善主要歸功於直接勞動力效率的提高和員工數量的減少。由於我們採取了結構效率舉措，RG&E 的正面趨勢得以延續。加上毛利率的提高，這導致調整後的營業利潤率提高了 80 個基點。

Looking now on the market development in the second quarter on the next slide. According to S&P Global data from July, global light vehicle production for the second quarter increased 270 basis points exceeding the expectations from the beginning of the quarter by 200 basis points, supported by the scrapping and replacement subsidy policy, we continue to see strong growth for domestic OEMs in China, while light vehicle production and higher CPV markets in North America and Western Europe declined by around 3% each.

下一張投影片展示了第二季的市場發展。根據標普全球7月份數據，第二季度全球輕型車產量環比增長270個基點，超出季度初預期200個基點，在報廢汽車置換補貼政策的支持下，中國本土整車廠持續保持強勁增長，而北美和西歐的輕型車產量和高端乘用車市場則分別下降了3%左右。

This resulted in an unfavorable regional light vehicle production mix of around 2.5 percentage points in the quarter, a significant negative impact on our overall outperformance. In the quarter, we did see call-off volatility continuing to improve year-over-year. and sequentially from the first quarter. We will talk about the market development more in detail in the -- later in the presentation.

這導致本季區域輕型汽車產量結構不利，下降了約 2.5 個百分點，對我們的整體優異表現產生了重大負面影響。在本季度，我們確實看到取消波動性同比繼續改善，並且與第一季相比有所改善。我們將在後面的演示中更詳細地討論市場發展。

Looking now on our sales growth in more detail on the next slide. Our consolidated net sales were over USD2.7 billion, the highest for the second quarter so far. It was almost $110 million higher than last year, driven by price, volume, positive currency translation effects and $27 million from tariff-related compensation.

下一張投影片將更詳細地介紹我們的銷售成長情況。我們的綜合淨銷售額超過 27 億美元，為第二季迄今的最高水準。受價格、銷售、積極的貨幣轉換效應以及 2700 萬美元的關稅相關補償的推動，這一數字比去年高出近 1.1 億美元。

Excluding currencies, our organic sales grew by more than 3%, including tariff cost compensations. China accounted for 18% of our group sales. Asia, excluding China, accounted for 19%, Americas were 33% and Europe for slightly more than 30%. We outlined our organic sales growth compared to night we production on the next slide.

不計貨幣因素，包括關稅成本補償，我們的有機銷售額成長了 3% 以上。中國占我們集團銷售額的18%。中國以外的亞洲佔19%，美洲佔33%，歐洲略高於30%。我們在下一張幻燈片中概述了與夜間生產相比的有機銷售成長。

Our quarterly sales were robust and slightly exceeded our expectations, driven by strong performance across most regions, particularly in Europe and India. Based on light vehicle production data from July, we outperformed light vehicle production in all regions except Japan and China, fueled by product launches and tariff compensations.

我們的季度銷售額表現強勁，略微超出了我們的預期，這得益於大多數地區（尤其是歐洲和印度）的強勁表現。根據7月的輕型汽車產量數據，受產品發布和關稅補償的推動，我們的輕型汽車產量超過了除日本和中國以外的所有地區。

In Japan, we were negatively affected by an unfavorable light vehicle production mix resulting from last year's production stop at Daihatsu due to homologation issues. Nevertheless, we outperformed the market by over 2 percentage points in the first half of the year.

在日本，由於大發去年因認證問題而停產，導致輕型汽車生產結構不利，對我們產生了負面影響。儘管如此，我們上半年的表現仍比市場高出2個百分點以上。

In China, our sales to domestic OEMs grew more than 16% aligned with the LVP growth. Our growth for the global customers in China was 2 percentage points higher than their light vehicle production. While the ongoing light vehicle production mix shift continued to impact our overall performance in China, we saw a clear improvement with the gap between our sales and light vehicle production narrowing compared to the past three quarters.

在中國，我們對國內 OEM 的銷售額成長超過 16%，與 LVP 的成長保持一致。我們在中國為全球客戶帶來的成長比他們的輕型汽車產量高出2個百分點。雖然輕型汽車生產結構的變化繼續影響著我們在中國的整體業績，但與過去三個季度相比，我們的銷售和輕型汽車產量之間的差距正在縮小，這已取得明顯改善。

On the next slide, we show some key model launches. As shown on this slide, the second quarter of 2025 saw a high number of new launches, primarily in Asia, including China. While some of these new launches in China remain undisclosed here, due to confidentiality, they reflect a strong momentum for Autoliv in this important market. The models displayed here feature out of with content provision from close to USD100 to over USD500.

在下一張投影片中，我們展示了一些關鍵的模型發布。正如這張投影片所示，2025 年第二季新上市數量眾多，主要在包括中國在內的亞洲。雖然由於保密原因，部分在中國推出的新產品尚未披露，但它們反映了奧托立夫在這個重要市場的強勁發展勢頭。這裡展示的模型功能豐富，內容提供價格從接近 100 美元到 500 美元以上。

We are also pleased to have launched seatbelt on 2G small Japanese vehicles known as K-cars. This is a meaningful step forward as Autoliv has historically had limited exposure to this segment in Japan. In terms of out-of-lease sales potential, the [S09] from Shanghai and the Honda new midsized electrical crossover, AP7 are the most significant. Higher CPV is driven by front center airbags on six of these vehicles as well as the airbags. Now looking on the next slide.

我們也很高興能夠在第二代日本小型車（即 K-car）上推出安全帶。這是一個有意義的進步，因為奧托立夫在日本的這個領域歷來涉足有限。就租賃期滿後的銷售潛力而言，上海的 [S09] 和本田新款中型電動跨界車 AP7 最為顯著。其中六輛車的 CPV 更高，這得益於前部中央安全氣囊以及氣囊。現在看下一張投影片。

I will now hand over to Fredrik.

現在我將把麥克風交給 Fredrik。

Thank you, Mikael. I will talk about the financials more in detail now on the next few slides. So if we turn to the next slide. This slide highlights our key figures for the second quarter of 2025 compared to the second quarter of 2024. Our net sales were approximately $2.7 billion, representing a 4% year-over-year increase.

謝謝你，米凱爾。我將在接下來的幾張投影片中更詳細地討論財務狀況。因此，如果我們翻到下一張投影片。這張投影片重點介紹了 2025 年第二季與 2024 年第二季相比的關鍵數據。我們的淨銷售額約為 27 億美元，年增 4%。

Gross profit increased by $27 million, and the gross margin increased by 30 basis points. The adjusted operating income increased from $221 million to $251 million, and the adjusted operating margin increased by 80 basis points to 9.3%.

毛利增加2700萬美元，毛利率增加30個基點。調整後的營業收入從 2.21 億美元增至 2.51 億美元，調整後的營業利潤率增加 80 個基點至 9.3%。

The adjusted earnings per share diluted increased by $0.33 where the main drivers were $0.27 from higher operating income and $0.10 from lower number of shares. Our adjusted return on capital employed was a solid 24% and our adjusted return on equity was 28%. We paid a dividend of $0.70 per share in the quarter and we purchased shares for USD51 million and retired 0.5 million shares.

調整後每股收益（攤薄後）增加了 0.33 美元，主要原因是營業收入增加 0.27 美元，以及股數減少 0.10 美元。我們的調整後資本使用報酬率為 24%，調整後股本報酬率為 28%。我們在本季支付了每股 0.70 美元的股息，並以 5,100 萬美元的價格回購了股票，並註銷了 50 萬股。

Looking now on the adjusted operating income bridge on the next slide. In the second quarter of 2025, our adjusted operating income increased by $30 million. Operations contributed with $35 million, mainly from higher organic sales and by execution of operational improvement plans supported by better call-off volatility.

現在來看看下一張投影片中的調整後營業收入橋。2025年第二季度，我們的調整後營業收入增加了3,000萬美元。營運貢獻了 3500 萬美元，主要來自更高的有機銷售額以及在更好的取消波動性支持下實施的營運改善計劃。

The net currency effect was $12 million positive, mainly from revaluation effects. The impact from raw materials was around $4 million negative. Out of period cost compensation was $6 million lower than last year. The combination of unrecovered tariffs and the dilutive effect of the recovered portion resulted in a negative impact of approximately 35 basis points on our operating margin in the quarter.

淨貨幣效應為正 1200 萬美元，主要來自重估效應。原料造成的負面影響約400萬美元。期外成本補償比去年減少了 600 萬美元。未收回的關稅和收回部分的稀釋效應相結合，對我們本季的營業利潤率產生了約 35 個基點的負面影響。

Looking now at the cash flow on the next slide. Operating cash flow for the second quarter of 2025 totaled $277 million, a decrease of $63 million compared to the same period last year despite a $29 million increase in net income.

現在來看看下一張投影片上的現金流。2025 年第二季的經營現金流總計 2.77 億美元，儘管淨收入增加了 2,900 萬美元，但與去年同期相比減少了 6,300 萬美元。

The decline was primarily driven by higher receivables, reflecting strong sales and tariff compensations toward the end of the quarter. Capital expenditures net decreased by $32 million. Capital expenditures net in relation to sales was 4.2% versus 5.6% a year earlier.

下降的主要原因是應收帳款增加，反映了本季末強勁的銷售和關稅補償。資本支出淨減少3,200萬美元。資本支出淨額佔銷售額的 4.2%，去年同期為 5.6%。

The lower level of capital expenditures net is mainly related to lower footprint CapEx in Europe and Americas and less capacity expansion in Asia. The free operating cash flow was $163 million compared to $194 million in the same period the prior year as the lower operating cash flow was partly offset by lower CapEx.

資本支出淨額較低主要與歐洲和美洲的足跡資本支出較低以及亞洲的產能擴張較少有關。自由經營現金流為 1.63 億美元，而去年同期為 1.94 億美元，因為較低的營運現金流部分被較低的資本支出所抵銷。

The cash conversion in the last 12 months, defined as free operating cash flow in relation to our net income was around 65%, somewhat below our target of 80%. Now looking at our trade working capital development on the next slide.

過去 12 個月的現金轉換率（定義為與我們的淨收入相關的自由經營現金流）約為 65%，略低於我們的 80% 的目標。現在來看看下一張投影片中的貿易營運資本發展。

Our trade working capital increased by $185 million compared to the prior year where the drivers were $251 million in higher accounts receivables and $21 million in higher inventories, partly mitigated by $87 million in higher accounts payables.

與前一年相比，我們的貿易營運資本增加了 1.85 億美元，其驅動因素是應收帳款增加 2.51 億美元和庫存增加 2,100 萬美元，但應付帳款增加 8,700 萬美元部分抵消了這一增長。

In relation to sales, the trade working capital increased from 11.2% to 12.5%. We view the increase in trade working capital as temporary as our multiyear improvement program continues to deliver results. Additionally, enhanced customer call of accuracy can enable a more efficient inventory management.

相對於銷售額，貿易營運資本從 11.2% 增加到 12.5%。我們認為貿易營運資本的增加只是暫時的，因為我們多年的改進計劃仍在繼續取得成果。此外，提高客戶呼叫準確性可以實現更有效率的庫存管理。

Now looking on our debt leverage ratio development on the next slide. Autoliv has consistently prioritized maintaining a balanced leverage ratio reflecting our prudent financial management and commitment to a strong balance sheet.

現在來看看下一張投影片中的債務槓桿率發展。奧托立夫始終將維持平衡的槓桿率放在首位，這反映了我們審慎的財務管理和對強勁資產負債表的承諾。

This approach has enabled the company to navigate economic fluctuations, invest in innovation and continue to deliver value to stakeholders over time. In the quarter, we refinanced a SEK3 billion loan from Swedish Export Credit Corporation with a new one-year SEK2 billion loan.

這種方法使公司能夠應對經濟波動、投資創新並持續為利害關係人創造價值。本季度，我們為瑞典出口信貸公司提供的 30 億瑞典克朗貸款進行了再融資，獲得了一筆為期一年、為期 20 億瑞典克朗的新貸款。

Leverage ratio remained strong at 1.3 times, well below our target limit of 1.5 times and has remained stable compared to both the end of the first quarter and the same period last year. This comes returning USD550 million to shareholders over the past 12 months. Our net debt decreased by $31 million while the 12 months trailing adjusted EBITDA increased by $34 million in the quarter.

槓桿率維持在1.3倍的強勁水平，遠低於我們1.5倍的目標限度，與第一季末和去年同期相比保持穩定。過去 12 個月內，該公司已向股東返還 5.5 億美元。我們的淨債務減少了 3,100 萬美元，而本季 12 個月調整後的 EBITDA 增加了 3,400 萬美元。

Now looking at the tariff situation on the next slide. We are closely maturing the evolving tariff situation. Thanks to our well-diversified customer portfolio and strong manufacturing footprint across the US MCA region, we are well positioned to navigate these challenges. Customers and duties have long been a part of doing business even before the current wave of tariffs.

現在來看看下一張投影片中的關稅狀況。我們正在密切關注不斷變化的關稅情況。由於我們擁有多元化的客戶組合和遍布美國 MCA 地區的強大製造足跡，我們完全有能力應對這些挑戰。即使在當前關稅浪潮出現之前，客戶和關稅早已成為商業運作的一部分。

Last year, we paid approximately USD100 million in such costs on a global level, and they are reflected in the sales price. Currently, we estimate that our total gross exposure to tariffs could roughly double to around $200 million. However, we are actively engaging with our customers to mitigate the impact through measures such as adjusting shipping points enhancing USMCA compliance and exploring compensation mechanisms.

去年我們在全球範圍內支付了大約1億美元的此類成本，這些成本反映在了銷售價格中。目前，我們估計，我們的關稅總風險敞口可能會增加一倍左右，達到 2 億美元左右。但是，我們正在積極與客戶合作，透過調整裝運點、加強對 USMCA 的遵守以及探索補償機制等措施來減輕影響。

In the second quarter, due to timing, customer compensation booked during the quarter covered approximately 80% of the tariffs paid. Most of the remaining charges are expected to be recovered later in the year.

第二季度，由於時間安排原因，本季預訂的客戶賠償金約佔已付關稅的 80%。預計大部分剩餘費用將在今年稍後收回。

Despite the uncertainty, we continue to believe that the net effect on our adjusted operating income for 2025 would be around 20 basis points on our operating margin due to the dilution effect. We remain vigilant, particularly in assessing how these developments may influence end customer demand in the US.

儘管存在不確定性，但我們仍然相信，由於稀釋效應，對我們 2025 年調整後營業收入的淨影響將對我們的營業利潤率造成約 20 個基點的影響。我們保持警惕，特別是在評估這些發展可能如何影響美國最終客戶的需求時。

With that, I hand it back to you, Mikael.

說完這些，我就把權力交還給你了，麥可。

Thank you, Fredrik. On to the next slide. The outlook for global light vehicle production in 2025 continues to be uncertain with regional variations influenced by tariffs, slowing economic growth and other factors. S&P now forecast global light vehicle production to grow by 0.4% in 2025, following growth of over 3% in the first half of the year. However, their outlook for the second half has weakened considerably with light vehicle production now expected to decline by more than 2%.

謝謝你，弗雷德里克。轉到下一張投影片。2025 年全球輕型汽車產量前景仍不確定，地區差異受到關稅、經濟成長放緩和其他因素的影響。標準普爾目前預測，2025 年全球輕型車產量將成長 0.4%，而今年上半年的增幅已超過 3%。然而，他們對下半年的前景預測已大大減弱，預計輕型車產量將下降 2% 以上。

In North America, the production outlook has been significantly downgraded due to the trade risks and higher vehicle prices from import tariffs, especially for the fourth quarter. This reduction is likely to affect vehicles produced in Mexico and Canada more severely.

在北美，由於貿易風險和進口關稅導致的汽車價格上漲，生產前景已大幅下調，尤其是第四季。此次減產可能會對墨西哥和加拿大生產的汽車產生更嚴重的影響。

In Europe, production in the first half of the year continued to exceed expectations, leading to the overall upgrade by S&P's full year forecast. However, the outlook for the second half of 2025 remains unchanged as S&P expects inventory reductions to take effect after a strong first half of production versus production versus rather subdued vehicle sales.

歐洲方面，上半年產量持續超出預期，帶動標普整體上調全年產量預測。不過，2025 年下半年的前景保持不變，因為標準普爾預計，在上半年生產強勁之後，庫存減少將會生效，而汽車銷售則會較為低迷。

China is also growing, driven by government policies supporting the new energy vehicle market and relaxed outdoor loan policies. Japan and South Korea are potentially facing declines due to the impact of lower exports to the US. Overall, while some regions are still expecting growth, the global auto industry remains cautious, navigating the complexities of tariffs and other economic factors.

在政府支持新能源汽車市場和放寬戶外貸款政策的推動下，中國也在成長。受對美出口下降的影響，日本和韓國可能面臨下滑。總體而言，儘管一些地區仍預期成長，但全球汽車產業仍保持謹慎，以應對關稅和其他經濟因素的複雜影響。

Now looking on our way forward on the next slide. At our Capital Markets Day in June, we outlined our strategic road map for sustainable growth and long-term value creation. We emphasized our medium- and long-term growth opportunities, particularly through deepening partnerships with leading global and Chinese OEMs positioning Autoliv as the clear market leader also in the future.

現在讓我們來看看下一張投影片的進度。在六月的資本市場日上，我們概述了可持續成長和長期價值創造的策略路線圖。我們強調中長期成長機會，特別是透過深化與全球和中國領先原始設備製造商的合作夥伴關係，使奧托立夫在未來也成為明顯的市場領導者。

We showcased innovations across our core safety systems, airbags, seatbelts and steering wins, as well as new mobility safety solutions. Global growth outlook for automotive safety overall is supported by light vehicle production growth, driven by positive GDP trends in emerging markets and by continued increases in safety content per vehicle.

我們展示了核心安全系統、安全氣囊、安全帶和轉向系統以及新的行動安全解決方案的創新。全球汽車安全整體成長前景受到輕型汽車產量成長的支持，而這受到新興市場 GDP 成長趨勢的推動，以及每輛車安全含量的持續提高。

Our strong performance culture is driven by clear key behaviors to us, a clear mandate and expectations end-to-end, continuous improvement mindset, partnerships across the value chain, both with customers and suppliers. Operationally, we demonstrated progress that contributes to improved profitability, especially through productivity improvements, automation and digitalization, footprint optimization and commercial excellence.

我們強大的績效文化由明確的關鍵行為、端到端的明確授權和期望、持續改進的心態以及與客戶和供應商的整個價值鏈的合作夥伴關係所驅動。在營運方面，我們取得了有助於提高獲利能力的進展，尤其是透過提高生產力、自動化和數位化、優化足跡和商業卓越。

We reaffirmed our commitment to strong shareholder return with an ambition of USD300 million to USD500 million in annual stock repurchases and maintaining a healthy leverage ratio not above 1.5 times. Now looking on the business outlook on the next slide. We expect the second half of 2025 to be challenging for the automotive industry with lower light vehicle production year-over-year.

我們重申了對強勁股東回報的承諾，目標是每年回購 3 億至 5 億美元的股票，並維持不超過 1.5 倍的健康槓桿率。現在來看看下一張投影片上的業務前景。我們預計 2025 年下半年汽車產業將面臨挑戰，輕型汽車產量將年減。

However, our ongoing focus on efficiency is expected to further enhance our profitability. We anticipate a significant improvement in our sales performance in China. Additionally, our strong cash conversion and solid balance sheet provide financial resilience and a robust foundation for maintaining higher shareholder -- high shareholder returns. We successfully navigated the new tariff environment in the first half of the year. This gives us confidence that it is possible to continue on that course, but there is significant uncertainty.

然而，我們持續關注效率有望進一步提高我們的獲利能力。我們預計在中國的銷售業績將大幅提升。此外，我們強大的現金轉換能力和穩健的資產負債表提供了財務彈性，並為維持更高的股東回報奠定了堅實的基礎。我們成功應對了上半年新的關稅環境。這使我們相信可以繼續走這條路，但也存在著很大的不確定性。

Contrary to the past three years, we do not anticipate the gradual quarter-by-quarter adjusted operating margin increase as the inflation environment differs from recent years. We expect cadence more in line with our historic normal seasonality with the fourth quarter anticipated to be the strongest of the year, while the third quarter anticipated to be the weakest quarter in the year. Notably, global light vehicle production is expected to drop by 1 million units or nearly 5% in Q3, making the weakest quarter of the year.

與過去三年相反，由於通膨環境與近年來不同，我們預期調整後的營業利潤率不會逐季逐步成長。我們預計節奏將更符合我們歷史正常的季節性，預計第四季度將是今年最強勁的季度，而預計第三季度將是今年最疲軟的季度。值得注意的是，預計第三季全球輕型汽車產量將下降100萬輛，降幅近5%，成為今年以來產量最疲軟的季度。

Turning to the next slide. This slide shows our full year 2025 guidance, which excludes effects from capacity alignment and trust-related matters and is based on no material changes to tariffs or trade restrictions that are in effect as of July 10, 2025, as well as no significant changes in the macroeconomic environment or changes in customer call or volatility or significant supply chain disruptions.

翻到下一張投影片。此投影片展示了我們 2025 年全年的指導，該指導不包括產能調整和信任相關事項的影響，並且基於截至 2025 年 7 月 10 日生效的關稅或貿易限制沒有重大變化，以及宏觀經濟環境沒有發生重大變化或客戶呼叫或波動性或重大供應鏈中斷的變化。

Based on the strong first half year performance and the impact from tariff compensation, we expect our 2025 organic sales to grow around 3%, we expect an adjusted operating margin of around 10% to 10.5%. Operating cash flow is expected to be around USD1.2 billion. Our positive cash flow and strong balance sheet supports our continued commitment to a high level of shareholder returns.

基於上半年強勁的業績和關稅補償的影響，我們預計 2025 年有機銷售額將成長 3% 左右，調整後的營業利潤率預計將達到 10% 至 10.5% 左右。預計經營現金流約12億美元。我們的正現金流和強勁的資產負債表支持我們繼續致力於高水準的股東回報。

Our full year guidance is based on a global light vehicle production decline of around negative 0.5%, a tax rate of around 28% and that the net currency translation effects on sales will be around 0. We are monitoring the situation closely and we are prepared to be as agile as we can to adjust to any changes. Looking on the next slide. This concludes our formal comments for today's earnings call, and we would like to open the line for questions from analysts and investors. And I will now hand it back to Raff.

我們的全年指引是基於全球輕型汽車產量下降約 0.5%、稅率約 28% 以及淨貨幣換算對銷售額的影響約為 0。我們正在密切關注局勢，並準備盡可能靈活地適應任何變化。請看下一張投影片。這是我們對今天的收益電話會議的正式評論，我們想開放熱線來回答分析師和投資者的問題。現在我將把它交還給拉夫。

(Operator Instructions)

（操作員指示）

Tom Narayan, RBC.

加拿大皇家銀行的湯姆·納拉揚。

Oh yes, thank you for taking my question. I have two. The first one is on the China domestic performance. I think in your prepared remarks, you said that you performed with the market in the second quarter, but then June, it looks like you outpaced the market.

哦，是的，感謝您回答我的問題。我有兩個。第一個是關於中國國內的表現。我認為在您準備好的發言中，您說過您在第二季度的表現與市場同步，但到了 6 月份，看起來您的表現卻超越了市場。

Just curious how we should think about the progression here. Is that something that you think continues to outpace the market? Or is this specific to June? I know you mentioned this Dyna was potentially helping drive your expectation for improvement in H2. So that's my first question. I have a follow-up.

只是好奇我們應該如何看待這裡的進展。您認為這會繼續超越市場嗎？還是這僅限於六月？我知道您提到 Dyna 可能會幫助您實現對 H2 改進的期望。這是我的第一個問題。我有一個後續問題。

Okay. Thank you. Yes, I think what we're trying to say here with our description of the development in China is that we are progressing in line with what we have indicated before that through the growth of our business with the Chinese OEMs, we are closing the gap that we have seen over the last couple of quarters here.

好的。謝謝。是的，我想我們在這裡描述中國的發展情況時想要表達的是，我們正在按照我們之前所說的那樣取得進展，透過與中國原始設備製造商的業務增長，我們正在縮小過去幾個季度看到的差距。

And I would say that towards the end of the quarter, we saw this, I would say, turning the corner here and starting to catch up the underperformance that we have seen over the last three quarters here. So we feel that we are on the right track, and we expect this to continue and that we should be in an outperformance situation in China for -- towards the end of this year.

我想說，在本季度末，我們看到了這一點，我想說，這裡的拐點已經出現，並開始彌補過去三個季度所看到的表現不佳的情況。因此，我們認為我們正走在正確的軌道上，我們預計這種情況將持續下去，到今年年底，我們在中國的表現將優於其他市場。

Okay. And my second one might be a somewhat naive question, so apologies. There's a slide that has product volumes. I think it has like knee airbags down 9% versus [LVP] size up 8%. My sense is this just might be lumpy based on mix is just seeing what a kind of seen.

好的。我的第二個問題可能有點幼稚，所以請原諒。有一張顯示產品數量的投影片。我認為它的膝部安全氣囊減少了 9%，而 [LVP] 尺寸增加了 8%。我的感覺是，這可能只是基於混合而產生的塊狀現象，只是看到了一種所見。

Just curious how that works, why there would be such a big swing that is a function of launch activity and mix dynamics?

只是好奇這是如何運作的，為什麼會有如此大的波動，這是發射活動和混合動態的函數？

Yes, it is that. So even if it is one of these product categories, the sales price can still be quite different. So yes, it is the mix effect within there that kind of sometimes look disconnected from the sales development of -- if you then take airbags combined or seatbelts combined.

是的，就是那樣。所以即使是這些產品類別之一，銷售價格仍然可能有很大差異。所以是的，這是其中的混合效應，有時看起來與銷售發展脫節——如果你將安全氣囊或安全帶結合。

Got it thank you. I'll share it over.

明白了，謝謝。我會分享它。

Colin Langan, Wells Fargo.

富國銀行的科林·蘭根。

Oh great, thanks for taking my questions. Just to follow up on the tariff commentary. I mean, you recovered most of it in Q1. Any reason why only 80% actually, you had a few more months. It was actually pretty impressive in Q1, you got so much recovered any reason why it's a little slower in Q2. And just to be clear, you still expect by the end of the year to get 100% of all your tariff costs. I mean -- or is it going to be a little bit of a lag that gets recovered into next year?

哦，太好了，感謝您回答我的問題。只是為了跟進關稅評論。我的意思是，你在第一季恢復了大部分。為什麼實際上只有 80%，你還有幾個月的時間。事實上，Q1 的表現相當令人印象深刻，恢復得如此之多，這不禁讓人懷疑 Q2 的表現是否稍慢一些。需要明確的是，您仍然希望在年底前獲得 100% 的所有關稅成本。我的意思是——或者說，這會有一點滯後，直到明年才能恢復？

No, I think, I mean, as you said, I mean, we had some tariffs hitting us in the first quarter here, but it was really in March that started. And then, of course, we have a full quarter here now with yes, high level. And as we are accruing this every day when we ship the products, of course, when you get towards the end of the quarter and the closing, you have some outstandings that are still in negotiation mode. So it's a pure timing effect. And that's why we feel confident that we will regain that towards the end and next quarter here.

不，我想，我的意思是，正如你所說，我們在第一季受到了一些關稅的影響，但實際上它是在三月開始的。當然，我們現在有一個完整的季度，是的，水平很高。由於我們每天運送產品時都會累積這些款項，所以，當接近季度末和收盤時，您會發現一些未結款項仍處於談判模式。所以這純粹是一種時間效應。這就是為什麼我們有信心在年底和下個季度重新獲得這一目標。

So it's a pure, I would say, a calendar question here in my mind here. So -- of course, Q1 lower amount, less of an impact, Q2 bigger. And with the pace we have on a day-to-day operations here, we have the timing towards the end of the quarter. So pretty straightforward in that regard.

所以我想說，在我看來，這是一個純粹的日曆問題。所以——當然，第一季的金額較低，影響較小，第二季的金額較大。按照我們日常營運的節奏，我們在本季末就有時間了。從這個方面來說非常簡單。

Okay. Got it. And then just as we think about the guidance, the margin guide is unchanged, FX a little bit better, I would assume, on a percent basis, that doesn't affect the margin usually FX converts to an average margin. You also highlight the raw material costs. Is that worse? Any quantification of how much worse that is? And are there -- or what is the offset to kind of keep the percent margin guidance in check?

好的。知道了。然後，正如我們考慮指導一樣，保證金指南保持不變，外匯稍微好一點，我認為，以百分比為基礎，這不會影響保證金，通常外匯會轉換為平均保證金。您也強調了原料成本。那還更糟嗎？有沒有量化數據顯示情況有多糟？是否存在—或者說有什麼抵銷措施可以控制百分比利潤指導？

Yeah. So on the guidance, the impact of tariffs, if that was your first part of the question. So that's the main reason for the increase in the organic growth from 2% to 3%. So that is the tariff component there that we expect to be able to pass on to the customer and then the impact of that on our top line. And then we expect a 20 basis point dilution effect on the full year from tariffs, which is a combination of just the pure dilution effect that we have the compensation on the sales line, but you have no EBIT effect from it.

是的。因此，關於指導，關稅的影響，如果這是您問題的第一部分。這就是有機成長率從 2% 上升到 3% 的主要原因。因此，我們期望能夠將關稅部分轉嫁給客戶，然後對我們的收入產生影響。然後，我們預計關稅會對全年產生 20 個基點的稀釋效應，這只是我們在銷售線上獲得補償的純稀釋效應的組合，但不會對 EBIT 產生影響。

So that's one part of the dilution effect, but we also expect that there will always be at the quarter end, some costs that we need to absorb first before we can pass it on to the customer. And then on your raw material question, we actually expect that raw materials have improved. We see that the raw material situation has improved slightly versus Q1, so that we now expect a headwind of close to $20 million which is then a drop from around $40 million that we were expecting after the first quarter. But it has slightly improved actually for this year.

這是稀釋效應的一部分，但我們也預期在季度末總會有一些成本需要我們先吸收，然後才能轉嫁給客戶。關於您的原材料問題，我們實際上預計原材料會有所改善。我們看到原材料狀況與第一季相比略有改善，因此我們現在預計逆風將接近 2000 萬美元，這比我們第一季後預計的約 4000 萬美元有所下降。但今年的情況實際上略有改善。

Okay, yeah, that's very helpful. All right, thanks for taking my questions. Okay.

好的，是的，這非常有幫助。好的，感謝您回答我的問題。好的。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

Hi, thank you for taking our questions. I wanted to -- first of all, I want to come back on the margin I know you're looking for 3Q to be weakest. Can you just maybe walk us through the main drivers of that relative to the second quarter?

您好，感謝您回答我們的問題。我想——首先，我想回到利潤率上，我知道你認為第三季是最弱的。您能否向我們介紹相對於第二季而言的主要驅動因素？

Yeah. It's basically the volume that we already mentioned during the presentation. If you look at S&P Global, that indicates a roughly 1 million unit drop between Q2 and Q3. which is not so different from the typical seasonality. Q3 is typically the weakest LDP quarter.

是的。這基本上就是我們在演示過程中已經提到的數量。如果你看標準普爾全球指數，你會發現第二季和第三季之間大約下降了 100 萬台，這與典型的季節性沒有太大區別。第三季通常是自民黨表現最疲軟的季度。

And then we still continue to expect that the fourth quarter will be the strongest quarter, both in terms of volumes but also then with the regular seasonality that we have higher engineering income in the fourth quarter. So more return to the more traditional seasonality that we had pre inflation.

我們仍然預計第四季度將是表現最強勁的季度，不僅從銷售來看，而且從常規季節性來看，第四季度我們的工程收入也會更高。因此，我們更回歸到通貨膨脹之前的更傳統的季節性。

Understood. Understood. And just more generally, we've seen reports that some of the big OEMs are trying to be a bit more stringent on some of the terms with the suppliers. Have you seen any of that come up in your discussions or at least potentially any impact of that happening later in the year?

明白了。明白了。更普遍的是，我們看到有報導稱，一些大型原始設備製造商正試圖對與供應商的一些條款採取更嚴格的規定。您在討論中是否看到這些問題，或者至少看到這些問題可能在今年稍後產生的影響？

I think, I mean the terms and condition is, I would say, a regular business to go through and it's a negotiation around those also. So I wouldn't like to point out that as a specific topic here. I think it's a natural part of us interacting with our customers here. So it's a negotiation around that as well.

我認為，條款和條件是正常的業務往來，也是圍繞這些條款和條件的談判。所以我不想在這裡指出這是一個特定的主題。我認為這是我們與客戶互動的自然組成部分。所以這也是圍繞這一問題的談判。

Great, thank you.

太好了，謝謝。

Emmanuel Rosner, Wolfe Research.

伊曼紐爾·羅斯納（Emmanuel Rosner），沃爾夫研究公司。

Just on tariffs again. Just a quick one of maybe housekeeping or clarification. Would it be your expectation that in the third quarter, you will, therefore, overrecover tariffs, so like you'll have the 20% under recovery from Q2 and then the full Q3 tariffs or that every single quarter will likely have a little bit of a lag, and therefore, you could also end the year not fully recover?

再次討論關稅。可能只是簡單的整理或澄清一下。您是否預計在第三季度，您會過度恢復關稅，比如說，您會從第二季度恢復 20% 的關稅，然後在第三季度恢復全部關稅，或者每個季度都可能會有一點滯後，因此，到年底您可能也無法完全恢復？

Yeah. I think and as Fredrik already mentioned here when it comes to the full year here that we expect, of course, there will be some calendar effects there that you have spillover, so to speak, from what is not in a timely fashion, being able to conclude before you close the books. So I mean, the size of it, I wouldn't like to speculate. But of course, you had some calendar effect there as well.

是的。我認為，正如弗雷德里克 (Fredrik) 已經提到的那樣，當談到我們預計的全年情況時，當然會有一些日曆效應，可以說，這些效應是由於沒有及時完成而產生的，無法在結帳前得出結論。所以我的意思是，我不想猜測它的規模。但當然，那裡也有一些日曆效應。

I guess that's also true from a quarter point of view as you don't expect to overrecover?

我想從季度角度來看這也是正確的，因為您不希望出現過度復甦？

No, no, no. That's my point. So I mean, every closing in the quarter, I mean, be it Q3, Q2 or Q4, ultimately, you have this time effect, yes.

不，不，不。這就是我的觀點。所以我的意思是，每個季度的結束，無論是第三季、第二季還是第四季度，最終都會有這種時間效應，是的。

Understood. And then I guess longer term, so you had your Capital Markets Day recently, 12% margin is still very much the target. Holistically, how much of the drivers to get there are things that are generally under your control in terms of headcount reduction, efficiencies, automation, et cetera? And how much of it is really things that would require essentially a more stable market or different industry conditions?

明白了。然後我想從長期來看，所以你最近度過了資本市場日，12％的保證金仍然是目標。從整體來看，在裁員、提高效率、自動化等方面，有多少驅動因素是您可以控制的？其中有多少是真正需要更穩定的市場或不同的產業條件的事情？

Yeah, I think we have tried to frame it here, I mean, around the stable and reasonable EBIT level here, and we took about $85 million here and call us stability back to pre-pandemic here. So I mean, that's still valid for sure. But as you can see here in the quarter here, we are delivering well on what is in our control. And I think that's really our focus here to make sure that we have good traction on our different levers that we have identified for our within our own control speed.

是的，我認為我們已經嘗試在這裡建立框架，我的意思是，圍繞著穩定合理的息稅前利潤水平，我們在這裡花費了大約 8500 萬美元，並稱我們的穩定回到了疫情之前的狀態。所以我的意思是，這肯定仍然有效。但正如您在本季度所看到的，我們正在很好地履行我們所控制的職責。我認為這確實是我們的重點，以確保我們在我們自己可控速度範圍內確定的不同槓桿上擁有良好的牽引力。

Got it. Thank you.

知道了。謝謝。

Hampus Engellau, Handelsbanken.

Hampus Engellau，德國商業銀行。

Thank you very much. Two questions from me. Just some clarification on China. How -- given the price competition we see there among the domestic OEMs, has that, in any way, changed your pricing situation has become tougher for you guys in terms of negotiations? That's my first question. Second question is, is India, if you maybe could update us on the situation in maybe market share?

非常感謝。我有兩個問題。只是對中國做一些澄清。鑑於我們看到的國內 OEM 之間的價格競爭，這是否在某種程度上改變了你們的定價狀況，使得你們的談判變得更加艱難？這是我的第一個問題。第二個問題是，您能否向我們介紹印度的市佔率狀況？

And also how much contribution of growth you had from India this year?

今年印度對貴公司的成長貢獻有多大？

Hampus, I can start with China and then Fredrik can jump in on India there. But I mean, I mean, first, I mean, as you know, I mean, automotive industry is very focused on cost and has always been. And I think we have shown that we have the capability to be price competitive wherever we are operating also in China where we are the market leader in the China local market.

Hampus，我可以從中國開始，然後 Fredrik 可以接著討論印度。但我的意思是，首先，正如你所知，汽車行業非常注重成本，而且一直如此。我認為我們已經證明，無論我們在哪裡開展業務，我們都有能力保持價格競爭力，在中國，我們也是中國本土市場的領導者。

What we have talked about here is the mix effects that we have been impacted by. But we are regaining that. So I would say, my view here and feeling here is that we are able to meet the cost pressure that you have in the China market and also elsewhere here. So hence, our focus here on continuing to drive efficiency and I would say, cost out in the whole system.

我們這裡討論的是我們所受到的混合效應。但我們正在恢復這一點。所以我想說，我的觀點和感覺是，我們能夠應對中國市場以及其他市場的成本壓力。因此，我們的重點是繼續提高效率，我想說，降低整個系統的成本。

And then answer on your question regarding India. So we have significantly outperformed the underlying LVP growth in the first half of the year. And we have around 60% market share in India. For the full year 2025, we expect that India will make up around 5% of our group sales. That's adding around, yes, $100 million top line.

然後回答你關於印度的問題。因此，我們上半年的表現明顯優於基礎的 LVP 成長。我們在印度擁有約60%的市佔率。到 2025 年全年，我們預計印度將占我們集團銷售額的 5% 左右。是的，這意味著總收入約為 1 億美元。

Super. Thank you very much.

極好的。非常感謝。

Vijay Rakesh, Mizuho.

瑞穗的 Vijay Rakesh。

Just a quick question. If you look at mobile [indiscernible] you mentioned second half might be some risk in the tariff and poolers. Do you still expect to see the same seasonality as you go into December for you guys given some of the overall market trends there on LVP? And I have a follow-up.

這只是一個簡單的問題。如果你看一下行動[音訊不清楚]，你提到下半年可能會在關稅和共享方面存在一些風險。考慮到 LVP 上的一些整體市場趨勢，您是否仍預計進入 12 月時還會出現相同的季節性？我還有一個後續問題。

Sorry, could you repeat that. The line was pretty bad.

抱歉，您能再說一次嗎？線路狀況非常糟糕。

Just given the second half risk in LVP with the pull-ins and tariffs, do you still expect the same seasonality in the December quarter for orderly?

考慮到 LVP 下半年的拉動和關稅風險，您是否仍預計 12 月季度的季節性將保持不變？

We do expect that the second half will be weaker in relation to the first half. I mean you saw LVP in the first half was up [3.1%] year-over-year. and S&P thinks or says it would be down 2.3% year-over-year. So yes, the impact on the end consumer has been limited in the first half and the expectations that, that will increase in the second half of the year. But then in terms of that impact on us is then as I explained before, that leads to a lower Q3 volume LVP by roughly $1 million sequentially quarter-over-quarter.

我們確實預期下半年的表現會比上半年弱。我的意思是，您看到上半年 LVP 年成長 [3.1%]。而標準普爾認為或表示它將年減 2.3%。是的，上半年對最終消費者的影響有限，預計下半年影響將會增加。但就對我們的影響而言，正如我之前解釋的那樣，這導致第三季的 LVP 交易量較上季下降約 100 萬美元。

And with that, we would expect the third quarter to be our weakest in the year in terms of profitability. And then the fourth quarter will have also due to seasonality, the highest support. And then on top of that, the regular cadence of the higher engineering income in the fourth quarter. I hope that answers your question.

因此，我們預計第三季將是今年獲利能力最弱的季度。然後，由於季節性因素，第四季也將獲得最高支援。除此之外，第四季工程收入也將維持正常的成長節奏。我希望這能回答你的問題。

Yeah, very good. And then on the EV versus I like what's the content on EV vehicles versus ice and, I guess what's the mix for you now E versus ice overall for the group sales? Thanks.

是的，非常好。然後，關於電動車與冰汽車，我喜歡電動車與冰汽車的內容，我想，對於您的集團銷售而言，電動車與冰汽車的整體組合是怎樣的？謝謝。

Yes. Yes. Very good. And then on the EV versus in, what's the patent on EV vehicles versus ice I guess what's the mix for you now EV versus [ice] overall for the group sales?

是的。是的。非常好。然後關於 EV 與 in，EV 汽車與 ice 的專利是什麼，我猜現在對於您來說 EV 與 [ice] 的整體集團銷售組合是怎樣的？

Michael Aspinall, Jefferies.

邁克爾·阿斯皮諾爾（Michael Aspinall），傑富瑞集團。

Thanks, Frederick and Anders. Just a kind of follow-up on tariffs. Can you give us some context to the competitive positioning of some of the other safety providers in terms of production in the US?

謝謝，弗雷德里克和安德斯。這只是對關稅的一種後續行動。您能否向我們介紹美國其他一些安全供應商在生產上的競爭定位？

No. I think we are well, I would say, well positioned to navigate through this. I think first of all, we are very regionalized. So the different regions or taking care of its own value chain to a very large extent. Of course, Americas is one region here.

不。我認為我們有能力，可以說有能力解決這個問題。我認為首先，我們非常區域化。因此，不同地區在很大程度上各自照顧著自己的價值鏈。當然，美洲是這裡的一個地區。

So for us, it's then primarily a question about the US, Mexico tariffs that is in place there. But also there, we have a very strong industrial footprint relative to, I would say, industry and competition here. with our five plants in Utah. And in all this, we're working with our customers, of course, to see how we can leverage and optimize our footprint in the best possible way there in the short term. So yes, I think we're in a good position there.

因此，對我們來說，這主要是一個有關美國、墨西哥現行關稅的問題。但我想說，相對於這裡的工業和競爭，我們在猶他州有五家工廠，擁有非常強大的工業影響力。當然，在這一切中，我們正在與客戶合作，以了解如何在短期內以最佳方式利用和優化我們的足跡。所以是的，我認為我們處於有利地位。

Okay. And then it's kind of a related question. Outside of the discussions you're obviously having with your customers about recovering tariffs. Is there any kind of -- has the conversation changed with your customers because I could imagine with that local footprint, I mean they may become to you, although they probably don't want to pay the tariffs and asking you to kind of help them with more volumes, say, for example?

好的。這是一個相關的問題。除了您顯然正在與客戶進行的有關恢復關稅的討論之外。有沒有什麼——與客戶的對話發生了變化，因為我可以想像，有了當地的足跡，他們可能會向你尋求幫助，儘管他們可能不想支付關稅，但會要求你幫助他們增加銷量，比如說？

Yeah, I think, I mean, of course, we are working with them, as I mentioned here, to find the solution both activities short term that can limit the impact there. But I mean, long term, we can do a lot of things here. But I think what we need to do and have in order to take next steps here is to have clarity on how tariffs actually will play out here. I mean, at what level and that they are there for foreseeable future. I mean, nothing is forever here, but we need to have some until further notice, at least in place sustainably in order to take any potential CapEx decisions in all that. But right now, it feels like we are some time away from that point.

是的，我認為，當然，正如我在這裡提到的，我們正在與他們合作，尋找短期解決方案，以限制其影響。但我的意思是，從長遠來看，我們可以在這裡做很多事情。但我認為，為了採取下一步措施，我們需要做的就是明確關稅實際上將如何發揮作用。我的意思是，它們處於什麼水平，以及在可預見的未來它們會存在嗎？我的意思是，沒有什麼是永恆的，但我們需要在另行通知之前保留一些，至少要可持續地保留，以便在所有方面做出任何潛在的資本支出決策。但現在感覺我們距離那個點還有一段時間。

Matthias Holmberg, DNB Carnegie.

Matthias Holmberg，DNB 卡內基。

Thank you. Just a quick follow-up on the 10% to 10.5% margin guidance in the context of the 20 bps tariff dilution. Should we think of the underlying performance absorbing this tariff headwind? In other words, that there is some underlying improvement -- and that the tariff drag is what's effectively holding back what would be a very small upgrade. I'm just trying to understand how best to frame the guidance in relation to this impact?

謝謝。在 20 個基點的關稅稀釋背景下，我們只是對 10% 至 10.5% 的利潤率指導進行了快速跟進。我們是否應該考慮用潛在的績效來吸收這種關稅逆風？換句話說，存在一些潛在的改善──而關稅拖累才是真正阻礙原本很小的升級的因素。我只是想了解如何最好地制定與這種影響相關的指導？

No. I think -- I mean, you're absolutely right. The tariff impact that Fredrik mentioned before is included in our guidance, and we are working, as I said, here very hard to improve and take out costs, et cetera, to manage the headwind that we see then this is definitely a headwind that we have to absorb within the guidance here.

不。我認為——我的意思是，你完全正確。弗雷德里克之前提到的關稅影響已包含在我們的指導中，正如我所說，我們正在努力改進和降低成本等，以應對我們看到的逆風，這絕對是我們必須在指導範圍內吸收的逆風。

Oh yeah, thank you.

噢，是的，謝謝。

Agnieszka Vilela, Nordea.

阿格涅什卡‧維萊拉 (Agnieszka Vilela)，北歐銀行。

Perfect. I have two questions. So starting with the capital distribution, at the CMD, you said that you have the ambition to return $300 million to $500 million through buybacks. But now you're running at about $50 million buyback per quarter in the last two quarters. So can you tell us what is the reason behind a somewhat smaller buyback base? And also, what should we expect for the remainder of the year?

完美的。我有兩個問題。因此，從資本分配開始，在 CMD，您說過您有志於透過回購返還 3 億至 5 億美元。但現在過去兩季的回購金額約為每季 5,000 萬美元。那麼，您能告訴我們回購規模較小背後的原因是什麼嗎？那麼，我們對今年剩餘時間的走勢有何期待？

I mean, first of all, we are fully quitted to what we have stated there to have around $300 million to $500 million in annual repurchase level. So that's correct. Then of course, we can't guide on how and when that will be distributed and so on. But that's still the whole. So I think, I mean, why has it only been 50 per quarter so far.

我的意思是，首先，我們完全實現了我們所說的每年回購水準約為 3 億至 5 億美元。這是正確的。當然，我們無法指導如何以及何時分配等等。但這仍然是整體。所以我想，為什麼到目前為止每季只有 50 個。

I would say, I mean, it's a discussion we have here internally on how -- what level to place ourselves. And I mean, it has been quite a volatile first half year here, and I think some prudence is always good when you enter into a period here. So nothing dramatic in that. It's just a part of the overall assessment from time to time, but what our commitment still holds absolutely.

我想說，我的意思是，這是我們內部就如何將自己置於什麼水平進行的討論。我的意思是，今年上半年的情況相當動盪，我認為，進入這個時期時，謹慎一些總是好的。所以這沒什麼特別的。這只是不時進行的整體評估的一部分，但我們的承諾仍然絕對有效。

Great. And then the second question, I guess it's to Fredrik. Currencies supported your EBIT in the quarter with $13 million assuming the current currency rates, could you help us understand what impact could we expect for H2 when you look at the translation and transaction effects for you?

偉大的。第二個問題，我想是問 Fredrik 的。假設當前匯率為 1300 萬美元，貨幣支持了您本季的息稅前利潤，您能否幫助我們了解，當您查看翻譯和交易對您產生的影響時，我們對 H2 會產生什麼影響？

So the -- as we indicated, the main positive effect we had was revaluation effect from the balance sheet through the P&L. That was around $7 million, the transactional FX impact was around $3 million positive. And then the translation effect was around $2 million positive in the quarter. And the main currency pairs that impacted this was the mix -- on the positive side was the Mexican peso versus the US dollar on a year-over-year basis and also the euro against the Turkish lira.

因此，正如我們所指出的，我們產生的主要正面影響是從資產負債表到損益表的重估效應。這大約是 700 萬美元，交易外匯影響約為 300 萬美元。本季的翻譯效果約為 200 萬美元。對此產生影響的主要貨幣對是——積極的一面是墨西哥比索兌美元的同比上漲以及歐元兌土耳其里拉的上漲。

So those were the two most favorable currency pairings for us or their movements. And then this was offset on the negative side by the peso against the euro. -- as we import our denominated products into Mexico and then also the appreciation of the SEK against the US dollar was a negative hit for us. And the only thing I can say on the guidance is that we expect that the translation effect for the full year will be around zero.

因此，對於我們或他們的走勢而言，這是最有利的兩種貨幣組合。然後，這被比索兌歐元的負面走勢所抵消——因為我們將計價產品進口到墨西哥，而瑞典克朗兌美元的升值也對我們造成了負面影響。關於該指引，我唯一能說的是，我們預計全年的翻譯效應將為零左右。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

Thank you. Thanks for taking the question. First question is just on the pricing dynamics because if we look at the bridge, you are still getting implied positive year-over-year pricing. So Wondering if you could talk to the ongoing trajectory of pricing and how that is, if any way, impacted by your ongoing tariff negotiations?

謝謝。感謝您回答這個問題。第一個問題只是關於定價動態，因為如果我們看一下橋樑，你仍然可以獲得隱含的年比正定價。所以想知道您是否可以談談當前的定價走勢，以及它是否受到您正在進行的關稅談判的影響？

I think, I mean, the pricing -- I mean, of course, we continue with our price negotiations when it comes to the tariffs, no doubt about that. And that's what we have talked a lot about today here. Then of course, we still have some inflationary impacts even though significantly smaller than what we have seen in the past years, but it's still over and above what we have as normal.

我認為，我的意思是，定價——我的意思是，當然，當談到關稅時，我們會繼續進行價格談判，這是毫無疑問的。這就是我們今天在這裡討論的內容。當然，我們仍然受到一些通膨影響，儘管與過去幾年相比要小得多，但仍然超出了正常水平。

So that dynamic there. And then, of course, we get new price points when we have new products and new businesses there. But other than that, it's still the same dynamics here when it comes to expectation of a price down of the 2% to 4% that we have had historically here on running programs. So no change when it comes to, I would say, the model and the dynamics there.

那裡有這樣的動態。當然，當我們有新產品和新業務時，我們就會獲得新的價格點。但除此之外，當談到價格下降 2% 至 4% 的預期時，這裡的動態仍然是一樣的，就像我們歷史上運行程式時所經歷的那樣。所以我想說，就模型和動態而言，沒有改變。

Yes, yes. Second question is around the GOM dynamics. And specifically, I think we've seen strong GOM in Americas and Europe. But in Americas specifically, we do have tariffs, I think there is some question on launch activity going forward. There's clearly a question on EV uptake.

是的，是的。第二個問題是關於 GOM 動態的。具體來說，我認為我們已經看到美洲和歐洲的強勁 GOM。但具體到美洲，我們確實有關稅，我認為未來的啟動活動存在一些問題。顯然，人們對電動車的普及率有疑問。

So maybe you can remind us to what extent your GOM in Americas has been impacted by has been driven by EVs? And to what extent any slowdowns in launch activity, EV uptake could impact GOM for you in the second half and into 2026?

那麼也許您可以提醒我們，美洲的墨西哥灣在多大程度上受到了電動車的影響？新車發布活動和電動車普及率的放緩將在多大程度上影響下半年以及 2026 年的 GOM？

I would say in America, the EV component has not been significant. It's very minor. So I don't see that impacting our position at all actually relates.

我想說，在美國，電動車的成分並不重要。這是非常小的事情。因此，我認為這對我們的地位沒有任何影響。

And tariffs, any other launches that are at risk because of tariffs for you?

還有關稅，還有其他產品發表會因為關稅而面臨風險嗎？

I think, I mean, the tariffs as such, of course, is a part of creating uncertainty about the outlook here when it comes to people willing to invest in affordability and those kind of questions. And of course, I think you can see, and we have seen that that the activities for us for new models is pushed out in time.

我認為，我的意思是，當人們願意為負擔能力和諸如此類的問題進行投資時，關稅本身當然會給前景帶來不確定性。當然，我想您可以看到，我們已經看到，我們針對新車型的活動已經及時推出。

And as we indicated also we see a little bit lower numbers than expected and more in line with last year here. So I think in short, the uncertainty in general and of course, tariff important part of that is creating uncertainty in how we invest with new models, et cetera. So we see more of the existing models running longer and new models being pulled out in time in general regardless if it's EV or not.

正如我們所指出的，我們看到的數字比預期略低，與去年的數字基本一致。所以我認為，簡而言之，整體的不確定性，當然還有關稅的重要部分，造成了我們如何利用新模式進行投資等方面的不確定性。因此，我們看到現有車型的運行時間越來越長，而新車型通常會及時推出，無論是否為電動車。

[Karlt, ABGlier question]

[Karlt，ABGlier 問題]

Thank you. Good afternoon. Just a question on the comments regarding an expectation of getting into outperformance in China during the second half. I understand this is full -- fully including both the effect of volume, but despite the negative mix headwinds. So the question is if you expect this outperformance for how long do you think that the mix will still be a headwind?

謝謝。午安.我只是想問一下關於下半年中國經濟表現優異的預期的評論。我理解這是完全的——完全包括了音量的影響，但儘管有負面的混合阻力。所以問題是，如果您預期這種優異表現會持續多久，您認為這種組合仍將是一種阻力嗎？

I mean, that's very difficult to have a very clear answer on. I think so far we have seen, of course, that you have the low-end vehicles, if we call them that being the main driver of the volume in China so far. I think it goes hand-in-hand also a little bit with the overall economic situation as such.

我的意思是，這個問題很難有一個明確的答案。我認為到目前為止我們已經看到，低端汽車（如果我們稱其為低端汽車）是迄今為止中國汽車銷量的主要驅動力。我認為這也與整體經濟情勢有一定關聯。

But I think the important thing here is that we are gaining market share with that segment where we maybe have been a little bit underrepresented in the past, and that gap is closing, and we expect to outperform going forward. for can be discussed, but that depends on the more model mix effect, which is very hard to have a clear opinion about more speculation in that case.

但我認為這裡重要的是，我們正在獲得過去我們可能代表性不足的那個領域的市場份額，而且這個差距正在縮小，我們預計未來的表現會更好。可以討論，但這取決於更多的模型組合效應，在這種情況下很難對更多的猜測有明確的看法。

Understood. That was all from my side. Thank you

明白了。我這邊就說這麼多。謝謝

Thank you.

謝謝。

This concludes the question-and-answer session. I would like to hand back to Mr. Mikael Bratt for closing remarks.

問答環節到此結束。我想把發言時間交還給麥可·布拉特先生，請他做最後發言。

Thank you, Ralf. Before we conclude today's call, I want to emphasize our commitment to achieving our financial targets. Our focus remains on our structural cost reductions, innovation, quality, sustainability and on tariff mitigation efforts. Despite significant market challenges in key markets, we expect to continue to perform strongly. We remain vigilant about the risk associated with tariffs and geopolitical challenges, which could impact our cost structure and market dynamics.

謝謝你，拉爾夫。在我們結束今天的電話會議之前，我想強調我們對實現財務目標的承諾。我們的重點仍然是結構性成本削減、創新、品質、永續性和關稅減免措施。儘管主要市場面臨重大挑戰，我們仍有望持續保持強勁表現。我們對關稅和地緣政治挑戰相關的風險保持警惕，因為這些風險可能會影響我們的成本結構和市場動態。

Navigating these complexities as well as we did in the first half of the year will be instrumental in maintaining our momentum throughout the year. Finally, our products help save an estimate of 37,000 lives and reduced around 600,000 injuries last year, underscoring our vision of saving lives. Our third quarter call is scheduled for Friday, October 17, and 2025. Thank you for your attention, and until next time, stay safe.

像我們上半年那樣妥善處理這些複雜問題將有助於我們全年保持發展勢頭。最後，我們的產品去年幫助挽救了約 37,000 人的生命，並減少了約 60 萬起傷害，彰顯了我們拯救生命的願景。我們的第三季電話會議定於 2025 年 10 月 17 日星期五舉行。感謝您的關注，下次再見，注意安全。

This concludes today's conference call. Thank you all for participating. You may now disconnect your lines. Thank you.

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路了。謝謝。