Autoliv, Inc. (ALV) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Autoliv second quarter 2026 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您撥冗等候。歡迎參加 Autoliv 2026 年第二季財務業績電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Anders Trapp. Please go ahead.

現在我想把會議交給今天的講者 Anders Trapp。請開始。

Thank you, Anders. Welcome, everyone, to our second quarter 2026 earnings call. On this call, we have our President and Chief Executive Officer, Mikael Bratt; our Chief Financial Officer, Monika Grama and me, Anders Trapp, VP, Investor Relations.

謝謝你，Anders。各位好，歡迎參加我們 2026 年第二季財報電話會議。今天的會議由我們的總裁暨執行長 Mikael Bratt、財務長 Monika Grama，以及我本人 Anders Trapp（投資人關係副總裁）共同出席。

During today's earnings call, we will highlight several key areas, including our strong performance despite the challenged market environment. We will provide an update on our structural cost reduction initiatives in EMEA, an update on the latest market development and our full year guidance and the potential impact of ongoing political challenges. Following the presentation, we will be available to answer questions. As usual, the slides are available on autoliv.com.

在今天的財報電話會議中，我們將重點說明幾個關鍵領域，包括在充滿挑戰的市場環境下仍展現的強勁表現。我們也將更新我們在 EMEA 的結構性成本削減計畫、最新市場發展、全年指引，以及持續的政治挑戰可能帶來的影響。簡報結束後，我們將開放問答。如往常一樣，簡報投影片可於 autoliv.com 取得。

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 US GAAP to non-US 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 and also at the end of the presentation.

接著看下一張投影片。我們的安全港聲明是本簡報不可分割的一部分，也涵蓋隨後的問答內容。在簡報中，我們將引用非美國 GAAP 指標。歷史美國 GAAP 與非美國 GAAP 指標之調節表，已揭露於我們在 autoliv.com 發布的季度財報新聞稿，以及將向 SEC 提交的 10-Q 中，並亦附於簡報末尾。

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.

最後提醒，本次電話會議預計於中歐時間下午 3:00 結束。因此，請每位與會者以兩個問題為限。現在我把時間交給我們的執行長 Mikael Bratt。

Thank you, Anders. Looking on the next slide. We delivered a record second quarter, both for sales and adjusted operating income underscoring the resilience of our company and the strength of our market position, supported by strong customer partnerships and the relentless focus and continuous improvement. We have built a solid momentum for the rest of the year.

謝謝你，Anders。請看下一張投影片。我們交出創紀錄的第二季表現，無論是營收或調整後營業利益皆創新高，突顯公司韌性與強勁的市場地位；這得益於與客戶的緊密合作夥伴關係，以及我們對專注與持續改善的不懈追求。我們已為今年剩餘期間建立了穩健的動能。

During the quarter, we also navigated geopolitical development effectively mitigating the impact of tariffs supply chain disruptions and raw material cost volatility. And as you might have seen in the report, I will hear from us during this call, we had several positive and negative onetime items in the quarter.

本季我們也有效因應地緣政治發展，成功降低關稅、供應鏈中斷與原材料成本波動的影響。此外，如您在報告中可能已看到、也將在本次電話會議中聽到，我們本季有數項一次性正面與負面項目。

This includes a supplier settlement reversion from Q3 2025, an IEEPA refund government income in India, an impairment charge related to restructuring activities in Turkey and a reverse expected credit loss reserve. Combined, these items have virtually no impact on the adjusted operating margin and only a slight negative impact on the top line.

其中包括：自 2025 年第三季回轉的供應商和解項目、印度 IEEPA 退稅/政府收入、與土耳其重組活動相關的減損費用，以及預期信用損失準備的回轉。合計而言，這些項目對調整後營業利益率幾乎沒有影響，對營收僅有輕微的負面影響。

Our positive sales momentum in Asia continued during the quarter. In China, we once again outperformed light vehicle production, driven by strong growth with Chinese OEMs, where our sales outperformed by more than 40 percentage points. In India, we grew sales by 36% organically, reflecting mainly the spend of increased safety content in vehicles in India.

我們在亞洲的正向營收動能於本季持續。在中國，我們再次優於輕型車產量表現，主要受惠於與中國 OEM 的強勁成長，我們的銷售表現超出逾 40 個百分點。在印度，我們有機銷售成長 36%，主要反映印度車輛安全配置含量提升所帶動的支出增加。

Adjusted operating income and margin improvement improved despite raw material headwinds, particularly higher helium prices. The strong performance was primarily driven by higher sales and well-executed activities to improve efficiency and costs.

儘管原材料逆風（尤其是氦氣價格上漲），調整後營業利益與利潤率仍持續改善。這項強勁表現主要由更高的銷售，以及有效執行提升效率與降低成本的措施所驅動。

I am pleased that our cash flow improved in line with our expectations, resulting in record operating cash flow for the second quarter and supporting our ambitious shareholder return strategy. Despite repurchasing over 1.6 million shares for USD200 million and paying a dividend of USD64 million, our leverage ratio improved to 1.2 times.

我很高興我們的現金流如預期改善，第二季營業現金流創下新高，並支持我們積極的股東報酬策略。儘管我們回購超過 160 萬股、金額達 2 億美元，並支付 6,400 萬美元股利，我們的槓桿比率仍改善至 1.2 倍。

During the quarter, we announced additional structural cost initiatives which we will elaborate on in the next slide. Based on what we know today, we reiterate our full year 2026 guidance of flat organic sales with continued significant outperformance of light vehicle production in both China and India.

本季我們宣布了額外的結構性成本措施，下一張投影片將進一步說明。基於目前所掌握的資訊，我們重申 2026 年全年指引：有機銷售持平，並在中國與印度持續顯著優於輕型車產量表現。

We continue to expect an adjusted operating margin of around 10.5% to 11%. This is based on the assumption that global light vehicle production will decline by around 2.5% and that the gross headwind from raw materials is around USD110 million. I'm also proud that we signed strategic cooperation agreements with leading Chinese vehicle manufacturers, Great Wall Motor and XPENG.

我們仍預期調整後營業利益率約為 10.5% 至 11%。此預期基於以下假設：全球輕型車產量約下滑 2.5%，且原材料帶來的毛逆風約為 1.10 億美元。我也很自豪我們與中國領先車廠長城汽車與小鵬汽車（XPENG）簽署了策略合作協議。

These agreements mark important milestones in our strategy to expand with leading Chinese vehicle manufacturers and further demonstrate the competitiveness of our safety solutions. They strengthen our position as a trusted safety partner and creates a strong platform for sustainable long-term growth, both in China and globally as they expand their footprint.

這些協議是我們擴大與中國領先車廠合作策略的重要里程碑，也進一步展現我們安全解決方案的競爭力。它們強化我們作為值得信賴的安全合作夥伴之地位，並在其擴大全球布局之際，為我們在中國及全球的長期永續成長建立強大平台。

Looking now on our continued cost reduction activities on the next slide. To strengthen our competitiveness and support our financial targets, we are continuing our global structural cost reduction initiatives. As a part of this effort, we have decided to gradually discontinue our manufacturing operations in Turkey, which today produce steel wheels, airbags and seatbelts.

現在看下一張投影片，說明我們持續的成本削減行動。為強化競爭力並支持財務目標，我們持續推動全球結構性成本削減計畫。作為此努力的一部分，我們已決定逐步停止在土耳其的製造營運；該據點目前生產鋼製車輪、氣囊與安全帶。

Production will be transferred to our existing facilities across EMEA area, allowing us to optimize our manufacturing footprint while maintaining our ability to serve customers efficiently. This decision is expected to affect approximately 2,200 employees. The transition will take place over the coming years with a complete closure anticipated during the first half of 2028.

產能將轉移至我們在 EMEA 區域的既有廠區，使我們在維持高效率服務客戶能力的同時，優化製造版圖。此決策預計影響約 2,200 名員工。轉移將在未來數年內進行，預計於 2028 年上半年完成全面關閉。

From a financial perspective, we expect total restructuring charges of approximately USD142 million, of which USD90 million was recognized in the second quarter of 2026. Cash out is expected to be approximately USD129 million with a limited impact on our 2026 cash flow.

從財務角度來看，我們預期重組費用總額約為 1.42 億美元，其中 9,000 萬美元已於 2026 年第二季認列。現金支出預計約為 1.29 億美元，對我們 2026 年現金流的影響有限。

Importantly, this initiative is expected to generate annual pretax savings of approximately USD40 million. We benefits beginning to materialize in 2027 and reaching the full run rate in 2028. Overall, this action is an important step in improving our cost competitiveness and is supporting us in achieving our financial targets.

更重要的是，此計畫預期可帶來每年約 4,000 萬美元的稅前節省。效益預計自 2027 年開始逐步顯現，並於 2028 年達到完整的年化運行水準。整體而言，此舉是提升成本競爭力的重要一步，並支持我們達成財務目標。

Looking now on the next slide. Second quarter sales increased by approximately 3% year over year, driven by outperformance relative to light vehicle production, along with favorable currency effects, partly offset by lower tariff-related compensations.

現在看下一張投影片。第二季銷售年增約 3%，主要由相對於輕型車產量的優異表現及有利匯率效果所帶動，但部分被與關稅相關的補償減少所抵銷。

The adjusted operating income for Q2 increased by 7% to USD270 million. The adjusted operating margin was 9.6%, [30] basis points higher. Operating cash flow was a strong USD434 million, an increase of USD157 million. Looking on to the next slide. We continue to deliver broad-based improvements.

第二季調整後營業利益年增 7% 至 2.70 億美元。調整後營業利益率為 9.6%，提高了 [30] 個基點。營業現金流強勁達 4.34 億美元，增加 1.57 億美元。接著看下一張投影片。我們持續交出全面性的改善成果。

Our positive direct labor productivity trend continues. This is supported by the implementation of our strategic initiatives, including automation and digitalization.

我們正向的直接人工生產力趨勢持續。這得益於我們策略性措施的落實，包括自動化與數位化。

Gross profit increased by USD8 million, while the gross margin decreased by 30 basis points, mainly due to the reversion of a supplier settlement. The decline in gross margin from 18.5% to 18.2%, driven by a supplier compensation reversion and asset impairments related to the Turkey restructuring, which combined reduces gross margin by almost 80 basis points.

毛利增加800萬美元，而毛利率下降30個基點，主要由於供應商結算回轉。毛利率由18.5%降至18.2%，係受供應商補償回轉及與土耳其重組相關的資產減損所驅動，合計使毛利率降低近80個基點。

RD&E net increased year over year, primarily on negative currency translation effects, higher personnel costs and lower engineering income due to timing of specific customer development projects. SG&A decreased by USD7 million, mainly due to reverse estimate of credit loss reserves, partly offset by negative FX translation effects. In relation to sales, SG&A improved by 40 basis points to 4.9%.

RD&E淨額年增，主要因不利的匯率換算影響、較高的人員成本，以及因特定客戶開發專案時點因素導致工程收入較低。SG&A減少700萬美元，主要由於信用損失準備的估計回轉，部分被不利的外匯換算影響所抵銷。相對於銷售額，SG&A改善40個基點至4.9%。

Looking now on the market development in the second quarter on the next slide. According to S&P Global's July data, global light vehicle production declined by 0.3% in the second quarter, approximately basis points better than expected in April, stronger-than-expected performance in North and South America Europe, India and South Korea helped offset softer production levels in China.

現在看下一張投影片，說明第二季的市場發展。根據S&P Global 7月數據，第二季全球輕型車產量下降0.3%，較4月預期約好（以基點計）；北美與南美、歐洲、印度及南韓優於預期的表現，抵銷了中國較疲弱的產量水準。

The global regional LVP mix was approximately 60 basis points unfavorable in the quarter, primarily driven by stronger slightly reduction in lower content markets relative to other markets. During the quarter, volatility improved year over year, but declined slightly sequentially, driven by weaker development in China. We will talk about the market development more in detail later in the presentation.

本季全球各區域LVP組合約有60個基點的不利影響，主要由於相較其他市場，低含量市場的降幅略強所致。本季波動性較去年同期改善，但較前一季略為下降，主要受中國走弱所驅動。我們將在簡報後段更詳細討論市場發展。

Looking now on our sales growth in more detail on the next slide. Our consolidated quarterly net sales exceeded USD2.8 billion for the second time in our history. This was approximately USD90 million higher than in the prior year, primarily driven by positive currency translation effects of USD62 million.

現在看下一張投影片，更詳細說明我們的銷售成長。我們合併季度淨銷售額第二次在公司歷史上超過28億美元。較去年同期約增加9,000萬美元，主要由於正面的匯率換算影響6,200萬美元。

This benefit was partly offset by approximately USD5 million of lower tariff-related compensations, mainly due to an IEEPA-related refund of $9.6 million during the quarter. Excluding currencies, our organic sales grew USD27 million or by 1%, including negative tariff cost compensation.

此項利多部分被約500萬美元較低的關稅相關補償所抵銷，主要因本季收到與IEEPA相關的960萬美元退款。排除匯率因素後，我們的有機銷售增加2,700萬美元或1%，其中包含關稅成本補償為負的影響。

Based on the latest light vehicle production data from S&P Global, we outperformed the market by over 1 percentage points globally. Our outperformance was significant in Asia. In Asia, excluding China, we outperformed the market by 6 percentage points, driven by continued strong sales growth in India, where we outperformed by around 20 percentage points.

根據S&P Global最新的輕型車產量數據，我們在全球的表現較市場高出逾1個百分點。我們在亞洲的超越表現尤為顯著。在亞洲（不含中國），我們較市場高出6個百分點，主要受印度持續強勁的銷售成長帶動；在印度我們約高出20個百分點。

Japan and South Korea also contributed to the outlook. In China, we delivered outperformance of more than 7 percentage points, supported by strong sales growth with Chinese OEMs with production grew over 40 percentage points faster than light vehicle production. As a result, the Chinese OEMs accounted for 55% of our sales in China in the quarter compared to 40% last year.

日本與南韓也對展望有所貢獻。在中國，我們的表現超越市場逾7個百分點，受惠於與中國OEM的強勁銷售成長，其產量成長比輕型車產量快逾40個百分點。因此，本季中國OEM占我們在中國銷售的比重為55%，去年為40%。

The negative performance in the Americas can partly be attributed to lower tariff compensation following the IEEPA refund as well as an unfavorable mix driven by strong light vehicle production growth in lower content South American market. Globally, Chery, Suzuki, Nio, were the largest drivers of sales growth during the quarter. Despite the light vehicle production decline in China, China accounted for 19% of sales. Asia, excluding China, also accounted for 19%. Americas was 32% and EMEA was 30%.

美洲的負面表現部分可歸因於IEEPA退款後關稅補償較低，以及由於南美低含量市場輕型車產量強勁成長所導致的不利組合。全球而言，奇瑞、鈴木、蔚來是本季銷售成長的最大驅動因素。儘管中國輕型車產量下滑，中國仍占銷售的19%。亞洲（不含中國）亦占19%。美洲占32%，EMEA占30%。

Looking now on the next slide. The second quarter of 2026 saw a high number of new launches, primarily in China with both Chinese and other wells. These new China launches reflect strong momentum for Autoliv Middle East and on market. Higher CPV is driven by front center banks on many of these new (inaudible)

現在看下一張投影片。2026年第二季出現大量新車型導入，主要在中國，涵蓋中國品牌及其他品牌。這些中國的新導入反映Autoliv在中東及市場上的強勁動能。較高的CPV主要由於許多這些新車型採用前排中央氣囊。(聽不清楚)

In terms of Autoliv's sales potential, the Nio ES9 is the most significant in the quarter. For rest of 2026, we expect a high number of new product launches, mainly driven by Chinese OEMs, offsetting fewer launches in Americas and Europe. Let's continue with the next slide.

就Autoliv的銷售潛力而言，蔚來ES9是本季最重要的項目。對於2026年剩餘期間，我們預期仍將有大量新產品導入，主要由中國OEM帶動，並抵銷美洲與歐洲較少的導入。我們繼續看下一張投影片。

I will now hand over to Monika.

我現在把時間交給Monika。

Thank you, Mikael. I will talk about the financials more in details on the next slide. So turning to the next slide. This slide highlights our key figures for the second quarter of 2026 compared to the same quarter of 2025. Our net sales were $2.8 billion, representing a 3% increase.

謝謝你，Mikael。我將在下一張投影片更詳細說明財務表現。那麼請看下一張投影片。本頁重點呈現我們2026年第二季相較2025年同季的關鍵數據。我們的淨銷售額為28億美元，年增3%。

Gross profit increased by $8 million and gross margin decreased by 30 basis points. The drivers behind the gross profit improvement were mainly positive FX effects and lower cost for materials. This was partly offset by $13 million in costs for our supplier compensation reversal and $9 million in asset impairments related to the restructuring facility.

毛利增加800萬美元，毛利率下降30個基點。毛利改善的驅動因素主要為正面的外匯影響及材料成本降低。部分被供應商補償回轉成本1,300萬美元，以及與重組設施相關的資產減損900萬美元所抵銷。

The adjusted operating income increased from $251 million to $270 million and the adjusted operating margin increased from 9.3% to 9.6%. The reported operating income of $192 million or $78 million lower than the adjusted operating income, mainly due to higher capacity alignment activities.

調整後營業利益由2.51億美元增至2.70億美元，調整後營業利益率由9.3%升至9.6%。列報營業利益為1.92億美元，較調整後營業利益低7,800萬美元，主要由於較高的產能調整活動。

The adjusted earnings per share diluted increased by $0.23 to $2.43. The main drivers were $0.18 from higher operating income, $0.10 from lower number of outstanding shares during partly offset by $0.07 from higher factors.

調整後稀釋每股盈餘增加0.23美元至2.43美元。主要驅動因素為：營業利益較高貢獻0.18美元、流通在外股數較少貢獻0.10美元，部分被其他因素較高所造成的0.07美元所抵銷。

Our adjusted return on capital employed and adjusted return on equity were solid 25% and 28%, respectively. We repurchased shares of $200 million and paid a dividend of $0.87 per share. Looking now on the adjusted operating income bridge on the next slide.

我們的調整後投入資本報酬率與調整後股東權益報酬率分別穩健達25%與28%。我們回購2億美元股票，並支付每股0.87美元股利。現在看下一張投影片的調整後營業利益橋接分析。

In the second quarter of 2026, our adjusted operating income increased by $80 million. Operations contributed $61 million, primarily driven by higher organic sales and cost reductions supported by better all of stability. This was partly offset by $15 million in cost for our supplier compensation reversal, excluding $6 million of FX translation effect and the supplier compensation reversal, RD&E net and SG&A increased by $6 million, partly driven by $5 million lower RD&E reimbursement.

2026年第二季，我們的調整後營業利益增加8,000萬美元。營運貢獻6,100萬美元，主要由較高的有機銷售與成本降低所帶動，並受更佳的整體穩定性支持。部分被供應商補償回轉成本1,500萬美元所抵銷；排除600萬美元的匯率換算影響與供應商補償回轉後，RD&E淨額與SG&A增加600萬美元，部分因RD&E補償收入減少500萬美元所致。

During the quarter, we recovered approximately 83% of our US tariffs, excluding IEEPA-related recovery bringing our year-to-date recovery rate to 78%. The combination of unrecovered tariff and the dilutive effects of the recovered portion was around 20 basis points negative. However, compared to last year, it was a positive impact of around 15 basis points as the negative effect of last year was around 35 basis points.

本季我們回收約83%的美國關稅（不含與IEEPA相關的回收），使年初至今的回收率達78%。未回收關稅與已回收部分的稀釋效應合計約為負20個基點。然而，相較去年則為約正15個基點的影響，因去年負面影響約為35個基點。

Looking now at cash flow on the next slide. Operating cash flow for the second quarter was $434 million, an increase of $157 million. This change was primarily driven by a positive working capital impact of $240 million.

現在看下一張投影片的現金流。第二季營運現金流為4.34億美元，增加1.57億美元。此變動主要由營運資金帶來的正面影響2.40億美元所驅動。

The working capital contribution reflects a normalization following the first quarter increase, which was largely driven by the high sales level in March 2026 and several adverse onetime impacts. The improvement was primarily attributable to changes in accounts payable of $120 million, net receivables of $35 million and accrued severance and restructuring costs of $48 million.

營運資金貢獻反映在第一季增加之後的正常化，而第一季的增加主要是由 2026 年 3 月的高銷售水準以及數項不利的一次性影響所驅動。改善主要歸因於應付帳款變動 1.20 億美元、應收款項淨額變動 3,500 萬美元，以及應計資遣與重整成本變動 4,800 萬美元。

Free operating cash flow improved by $177 million to $340 million. Year-to-date operating cash flow increased by $4 million to $359 million, and free operating cash flow improved by $31 million to $178 million compared to the prior year. Capital expenditures net for the quarter decreased by $19 million. Capital expenditures net in relation to sales was 3.4% versus 4.2% year on year.

自由營運現金流增加 1.77 億美元至 3.40 億美元。年初至今營運現金流增加 400 萬美元至 3.59 億美元，且相較前一年，自由營運現金流改善 3,100 萬美元至 1.78 億美元。本季資本支出（淨額）減少 1,900 萬美元。資本支出（淨額）占銷售比為 3.4%，去年同期為 4.2%。

The lower level of capital expenditures net is mainly related to lower footprint optimization and less capacity expansion. The cash conversion for the last 12 months was 119% and exceeding our target of at least 80%.

資本支出（淨額）較低主要與較少的據點/版圖（footprint）最佳化以及較少的產能擴張有關。過去 12 個月的現金轉換率為 119%，高於我們至少 80% 的目標。

Now looking on our debt leverage on the next slide. Autoliv's balance leverage strategy reflects our prudent financial management, enabling resilience, innovation and sustain stakeholder value over time. Our leverage ratio improved from 1.3 to 1.2 times during the quarter despite shareholder returns totaling $264 million. Our net debt decreased by around $75 million in the quarter, while the 12-month trailing adjusted EBITDA increased by $33 million.

現在看下一張投影片的負債槓桿。Autoliv 的資產負債槓桿策略反映我們審慎的財務管理，使公司具備韌性、能夠創新，並隨時間維持利害關係人價值。儘管股東回饋合計 2.64 億美元，本季槓桿比率仍由 1.3 倍改善至 1.2 倍。本季淨負債約減少 7,500 萬美元，而過去 12 個月追溯（trailing）的調整後 EBITDA 增加 3,300 萬美元。

On to the next slide. I will now hand it back to Mikael.

接著看下一張投影片。我現在把時間交還給 Mikael。

Thank you, Monika. I will talk about the outlook for 2026, more in detail on the next few slides.

謝謝你，Monika。接下來幾張投影片我將更詳細說明 2026 年展望。

Turning to the next slide. Overall, S&P Global expects global light vehicle production to decline by 2.3% in 2026, representing an almost 2 percentage point downward revision from its general forecast. The downgrade is primarily driven by lower production expectations in China and Middle East, while many other markets continue to demonstrate notable demand resilience.

轉到下一張投影片。整體而言，S&P Global 預期 2026 年全球輕型車產量將下滑 2.3%，相較其一般預測下修近 2 個百分點。此次下修主要由中國與中東較低的產量預期所驅動，而其他許多市場仍展現顯著的需求韌性。

In Europe, light vehicle production is expected to decline by nearly 1% affecting on growing affordability challenges and increasing competition from Chinese imports. North America, S&P Global has survived outlook afford and now expects production to decline by only 1% in 2026.

在歐洲，輕型車產量預期將下滑近 1%，受到日益嚴峻的可負擔性挑戰以及來自中國進口車競爭加劇的影響。在北美，S&P Global 已調整其展望，現預期 2026 年產量僅下滑 1%。

The market continues to display resilience despite uncertainty related to the conflict in the Middle East and the higher fuel prices. S&P Global has lowered its outlook for China light vehicle production by 4 percentage points since January and now expect a 5% decline in 2026.

儘管與中東衝突及較高燃油價格相關的不確定性存在，市場仍持續展現韌性。S&P Global 自 1 月以來將中國輕型車產量展望下調 4 個百分點，現預期 2026 年將下滑 5%。

The weaker outlook reflects a challenging demand environment, driven by reduced government incentives, ongoing macroeconomic headwinds and increasingly cautious consumer sentiment despite continued strength in the vehicle export. S&P Global and revised light vehicle production outlook upward for both Japan and South Korea and now expect production to decline by only 1% and 2%, respectively.

較疲弱的展望反映需求環境具挑戰性，主因包括政府補貼減少、持續的總體經濟逆風，以及消費者情緒日益保守，儘管車輛出口仍維持強勁。S&P Global 已上修日本與南韓的輕型車產量展望，現分別預期 2026 年僅下滑 1% 與 2%。

The improved outlook reflects strengthening exports to the US and Europe, supported by robust demand for fuel-efficient hybrid electric vehicles. India's light vehicle production is expected to increase by 9%, driven by a reduction in purchase taxes on new vehicles, which benefit smaller and lower-priced models.

改善的展望反映對美國與歐洲的出口走強，並受惠於對省油的油電混合（hybrid）電動車的強勁需求支撐。印度輕型車產量預期將成長 9%，主要由新車購置稅下調所驅動，該措施有利於較小型與較低價位車款。

However, escalating political tension in the Persian Gulf continue to increase risks across the automotive value chain with potential implications for energy prices, consumer sentiment, supply chain stability raw material availability and overall industry volumes. Now looking at the second half year development on the next slide.

然而，波斯灣政治緊張情勢升高，持續增加汽車價值鏈各環節的風險，可能影響能源價格、消費者情緒、供應鏈穩定性、原物料供應，以及整體產業產量。接著在下一張投影片看下半年發展。

As we look ahead to the second half of the year, we remain focused on managing a dynamic external environment. We are closely monitoring the potential impact of geopolitical developments in and around Persian Gulf, which could affect supply chains, raw material costs and overall, vehicle demand.

展望下半年，我們仍專注於管理多變的外部環境。我們正密切關注波斯灣及其周邊地緣政治發展的潛在影響，這可能影響供應鏈、原物料成本以及整體車輛需求。

Our 2026 guidance currently assumes a gross raw material headwind of approximately USD110 million. And we continue to evaluate multiple scenarios as the situation evolves. Despite these challenges, we expect margin expansion to be supported by FX, engineering income and customer actualizations.

我們目前的 2026 年指引假設原物料毛逆風約為 1.10 億美元。隨著情勢演變，我們也持續評估多種情境。儘管面臨這些挑戰，我們預期匯率（FX）、工程收入以及客戶價格調整（actualizations）將支持利潤率擴張。

For the third quarter, we expect the adjusted operating margin to be similar to the first half year level. Importantly, customer compensation engineering income, other litigation initiatives are expected to be weighted towards the fourth quarter, resulting in a significant step-up in profitability in the fourth quarter.

對於第三季，我們預期調整後營業利益率將與上半年水準相近。重要的是，客戶補償、工程收入及其他訴訟相關措施預期將偏向在第四季認列，因而使第四季獲利能力顯著跳升。

Therefore, the earnings structure in 2026 is expected to be similar to that of 2023 and 2024, reflecting both the timing of anticipated compensations and a cyclical seasonal ramp-up in profitability and operating leverage. Now looking on the updated full year guidance on the next slide.

因此，2026 年的獲利結構預期將與 2023 年及 2024 年相似，反映預期補償入帳時點，以及獲利能力與營運槓桿在景氣循環與季節性上的逐步拉升。接著在下一張投影片看更新後的全年指引。

This slide shows our full year guidance, which excludes effects from capacity alignment and antitrust-related market. It is based on no material changes to tariffs or trade restrictions that are in effect as of July 9, as well as no significant changes in the macroeconomic environment or changes in customer fall of volatility or significant supply chain disruptions.

本投影片顯示我們的全年指引，其中不包含產能調整與反托拉斯相關市場的影響。該指引係基於截至 7 月 9 日已生效的關稅或貿易限制沒有重大變動，且總體經濟環境沒有顯著變化、客戶需求波動沒有重大變化，亦無重大供應鏈中斷。

We expect to outperform light vehicle production by around 2.5 percentage points as our organic sales is expected to be flat, while global light vehicle production is expected to decline by 2.5%. The net currency translation effects on sales is expected to be around 2.5% positive.

我們預期將較輕型車產量表現高出約 2.5 個百分點，因為我們的有機銷售預期持平，而全球輕型車產量預期下滑 2.5%。銷售的淨匯率換算影響預期約為正向 2.5%。

The guidance for adjusted operating margin is around 10.5% to 11%. Operating cash flow is expected to be around USD1.2 billion. And we expect CapEx to be below 5% of sales. Our positive cash flow strong balance sheet supports our continued commitment to a high level of shareholder returns. We expect a tax rate around 30%.

調整後營業利益率指引約為 10.5% 至 11%。營運現金流預期約為 12 億美元。我們預期資本支出（CapEx）將低於銷售的 5%。我們正向的現金流與強健的資產負債表，支持我們持續承諾維持高水準的股東回饋。我們預期稅率約為 30%。

Looking on to the next slide. This concludes our from an comments for today's earnings call, and we would like to open the line for questions from analysts and investors. I now hand it back to our operator, Sandra.

接著看下一張投影片。以上為我們今天法說會的準備發言內容，接下來我們想開放分析師與投資人提問。我現在把時間交還給主持人 Sandra。

(Operator Instructions) Colin Langan, Wells Fargo.

(接線員指示) Colin Langan，Wells Fargo。

Great. If I look at your comments about the cadence of margins, I think you had previously said it would be more linear. Now it sounds -- I think the math is something like you need a 15% margin in Q4 to get to the

很好。如果我看你們對利潤率節奏（cadence）的評論，我記得你們先前說會更線性。但現在聽起來——我想按數字推算，你們第四季需要約 15% 的利潤率才能達到

midpoint of your full year guidance. What changed and how maybe we should think about raw material costs? I think year to date, you had $26 million. Is that a similar number in Q3? And is all of that recovered in Q4? And is that why we have the -- is that a big driver of the Q4 spike is the recovery of that raw material in Q4?

全年指引的中位數。是什麼改變了？以及我們應該如何看待原物料成本？我想年初至今你們是 2,600 萬美元。第三季也是類似的數字嗎？而這些是否都會在第四季回收？這是否就是——第四季利潤率跳升的一個主要驅動因素，也就是第四季回收這些原物料成本？

Thank you. Good question there. I mean, as you said, I mean, when we started this year, our expectation was that we should see more of a, let's say, normal traditional sequence of how the quarter played out in the year. And now we're talking about the more back-end loaded.

謝謝。這是個好問題。我的意思是，正如你所說，當我們今年一開始時，我們的預期是，今年各季度的表現應該會更接近一個、可以說是正常傳統的節奏。而現在我們談的是更偏向後段集中的情況。

And the reason and why it's more back-end loaded is because we see the inflationary pressure here in the value chain as a result of the Persian Gulf. So I think what has changed is really the upward pressure on the cost side.

之所以、以及為什麼會更偏向後段集中，是因為我們看到價值鏈在這裡出現通膨壓力，這是波斯灣局勢所導致的結果。所以我認為改變的其實是成本端的上行壓力。

And for us, as you know, we don't buy raw materials directly. So it's to our supply chain, and we have time line there, but we also have, say, diluting effect of the high profit as well. But we need to get through and then enter into the negotiations with our customers here on price adjustments.

而對我們來說，如你所知，我們不會直接採購原材料。所以這會傳導到我們的供應鏈，我們在那裡有時間差，但同時也有、比如說，高獲利帶來的稀釋效果。但我們需要先度過這段時間，然後再與我們的客戶就價格調整展開談判。

So the way of working is very similar to what we saw, if you got during the inflationary year standpoint '23, '24 as we (inaudible) the year. So that is really the change compared to when we talked about before. And let me just say then also that, I mean, I feel very comfortable in how this tractor look like?

所以運作方式非常類似於我們在通膨年份所看到的情況——如果你回顧通膨的角度，'23、'24 年我們（聽不清）那一年。因此，這就是相較於我們之前討論時真正的變化。另外我也想說，我的意思是，我對這個走勢看起來如何感到非常放心？

Because I mean, first of all, we have highlighted before. Secondly, we are very focused around the different activities to secured the outcome here, meaning that it's a combination, of course, of our internal work here to drive efficiency and cost improvement in general and here we also, as we stated in the report, we have a good momentum in what we do there, and that's why we feel comfortable here to retain and maintain the full year guidance.

因為我的意思是，首先，我們之前已經強調過。其次，我們非常專注於不同的行動來確保這裡的結果，也就是說，這當然是我們內部推動效率與整體成本改善工作的組合；而且如我們在報告中所述，我們在這方面有很好的動能，這也是為什麼我們有信心維持全年指引不變。

And then in combination then with price discussions very happy the time (inaudible) and also here, I would say we have well-established routes also to manage that. So yes, I mean, we have here activities here to do and have confidence in our ability to work on that.

然後再結合與客戶的價格討論，我們也很高興時間點（聽不清），同時我會說，我們也有成熟的流程來管理這件事。所以是的，我的意思是，我們在這裡有一些工作要做，並且對我們處理這件事的能力有信心。

And we should expect almost 100% of the raw materials recovered? Just to clarify. Or is there still some exposure not for the year because of the timing?

那我們應該預期原材料幾乎 100% 都能回收（轉嫁/補償）嗎？只是想確認一下。還是因為時點的關係，今年仍然會有一些曝險？

No. I mean it's a combination of, let's call it, self-help, meaning that we need, of course, to do our bit here with making sure that we don't let through everything in -- from our suppliers. So we're working with our suppliers to make sure that we are as efficient as possible in this environment there.

不。我的意思是，這是一個組合，我們稱之為自助措施（self-help），也就是說，我們當然需要在這裡做好我們的部分，確保不會把供應商那邊的所有成本都照單全收、直接放行。所以我們正與供應商合作，確保在這樣的環境下我們能盡可能有效率。

And then we have also cost-out activities internally in the company and then the third leg is then the price adjustments with our customers here. So as you know, the price negotiations with the customers is also very detailed.

然後我們公司內部也有降本（cost-out）活動，第三個支柱就是與客戶進行價格調整。所以如你所知，與客戶的價格談判也非常細緻。

It's not a general percentage adjustment. It is really down to the component level here to see how the different components have been impacted by customers. So hence the lead time also. But there are several levers to work with how to offset the invention.

這不是一個整體百分比的調整。而是真的細到零組件層級，去看不同零組件如何受到成本影響。因此也就需要前置時間。但我們有多個槓桿可以用來抵消這些通膨。

Got it. And just last question. You lowered production from 1 to down 2.5. What is the offset? Is that better growth over market? And where are you seeing that better-than-expected growth that's offsetting the production weakness? Is that maybe a geographic mix helper?

了解。最後一個問題。你們把產量預期從 1 下調到 2.5。抵消因素是什麼？是高於市場的成長嗎？你們在哪裡看到超出預期的成長，足以抵消產量疲弱？這會不會是地理組合帶來的幫助？

No, I think, I mean, what we see here is, of course, is that we have a positive mix with how the market is developing. And we also have good growth with our Chinese customers here in India contributing here. So I think we are in the right places here to capture the growth that actually (inaudible).

不，我認為，我的意思是，我們在這裡看到的當然是，隨著市場發展，我們的組合是正面的。而且我們在印度這邊，來自中國客戶的業務也有不錯的成長並帶來貢獻。所以我認為我們處在正確的位置，能夠抓住實際的成長（聽不清）。

Emmanuel Rosner, Wolfe Research.

Emmanuel Rosner，Wolfe Research。

Great. One follow-up on the cadence, please. Are you expecting -- just to be clear, are you expecting most of the mitigating impact from the recoveries and from your own self-help to happen in the fourth quarter?

很好。關於節奏我再追問一下。你們是否預期——為了說清楚——大部分的緩解效果，來自回收（補償/轉嫁）以及你們自身的自助措施，會發生在第四季？

I'm just trying to understand the delta between what you're seeing for Q3 margins and then what maybe consensus expectations were, that's probably like $35 million delta? Like just curious if -- are these unmitigated headwinds in Q3 and then you get it all back in Q4?

我只是想理解一下，你們看到的第三季毛利率（或利潤率）與市場一致預期之間的差異，大概是 3,500 萬美元的差距？我只是好奇——第三季這些逆風是尚未被緩解的，然後第四季再全部補回來嗎？

No. I mean the majorities in Q4, I think that's how you should read it. I mean, of course, we are managing a part of it in the third quarter. But as a natural progression also if you look at the engineering income, it's mainly in the fourth quarter rather than in the third quarter. So I think that's financially.

不是。我的意思是，大部分會在第四季，我認為你應該這樣解讀。當然，我們在第三季也會管理其中一部分。但就自然的進程而言，如果你看工程收入（engineering income），主要是在第四季而不是第三季。所以我認為從財務上是這樣。

So it's really engineering income. It is also the higher customer compensation that we talk about here for the inflation. And I think also if you look at the sales provision, it's also for the remainder of the year also geared towards the fourth quarter. So net debt that's really the reason for that.

所以主要是工程收入。也包括我們在這裡談到的、針對通膨的較高客戶補償。而且我想如果你看銷售準備（sales provision），在今年剩餘期間也同樣更偏向第四季。所以淨負債——這就是原因。

Understood. And then can you give us a little bit more color around the IEEPA refund dynamics? I wasn't able to follow exactly to what extent it helped your EBIT in the quarter and what you expect on a full year basis?

了解。另外，你能否再多提供一些關於 IEEPA 退稅動態的細節？我沒能完全跟上它在本季對你們 EBIT 的幫助程度，以及你們對全年會如何預期？

So right now in the quarter, we got back around $12 million from the government, which we largely passed on to our customers around $9 million. So we retain a positive impact of $3 million in the net results.

所以就本季而言，我們從政府那裡拿回了大約 1,200 萬美元，我們其中大部分大約 900 萬美元轉給了客戶。因此我們在淨結果中保留了 300 萬美元的正面影響。

And as mentioned previously, we -- our aim is to recover the tariff or the net impact of the tariff year to date to a lot extent on year to go and to reach a similar recovery rates that we had in the prior year, which was around 5%.

如先前所提，我們——我們的目標是在今年剩餘期間，在很大程度上回收（補償）年初至今的關稅或關稅的淨影響，並達到與前一年相近的回收率，前一年大約是 5%。

Tom Narayan, RBC.

Tom Narayan，RBC。

I have a follow-up to Colin's question on the growth over market. I remember at the Investor Day in Sweden, we heard a story about how we're going to see good growth over market coming from a leasing content per vehicle, especially from emerging markets. You got calling for 2.5% growth over market this year.

我想延續 Colin 關於高於市場成長的問題。我記得在瑞典的投資人日，我們聽到一個說法：我們將看到高於市場的良好成長，來源是每輛車的租賃（leasing）內容/滲透率提升，特別是來自新興市場。你們今年預期高於市場成長 2.5%。

I know there are some offsets, right, notably, Americas in this past quarter was down 5%. So I just wanted to understand that a little bit more. I know in the report, there was a call out of South America, which had, I guess, lower content per vehicle and then on replacement vehicles. But does this mean that the growth in South America were happening in vehicles with no safety content?

我知道有一些抵消因素，對吧，尤其是美洲在上一季下滑了 5%。所以我只是想更了解這一點。我知道在報告中提到南美，我猜那裡每輛車的內容較低，且也與替換車（replacement vehicles）有關。但這是否意味著南美的成長發生在那些沒有安全配備內容的車款上？

I just want to understand why it would be down I know that's versus a very strong market level in South America, but if you have any safety content, I would think it would be up. So I just want to understand that better. And then I have a follow-up.

我只是想了解為什麼會下滑。我知道那是相對於南美非常強勁的市場水準，但如果你們有任何安全相關的內容，我原本會以為應該是上升。所以我只是想更好地理解這點。然後我還有一個追問。

Yes. I mean let me start. Because I mean, when we talk about the growth in the Capital Markets Day, you mentioned here, I mean, was really three significant buckets we talked about. One was LVP, 1% to 2%. It was then the content that's 1% to 2%.

是的。我的意思是，讓我先開始說明。因為我們在資本市場日談到成長時，你在這裡提到的，其實是我們談到的三個重要區塊。一個是 LVP，1% 到 2%。然後是內容（content），也是 1% 到 2%。

So I mean if you had a flat LVP, you had a content growth there of 1% to 2% on top of that. And what we're talking about now here is really that we see a market that is down with 2.5%, the LVP portion of it. And then, of course, we have a mix effect here connected to the content very much.

所以我的意思是，如果你的 LVP 持平，那麼在此基礎上內容會有 1% 到 2% 的成長。而我們現在在這裡談的是，我們看到市場下滑 2.5%，也就是其中的 LVP 部分。然後當然，我們這裡也有一個與內容高度相關的組合（mix）效應。

And what we talk about here is when South America is growing and US, if we stay in America, so to speak, and then simplify a little bit which is a high content, it's flat or even will be down. Of course, you have -- even if you have growth in South America content, it's not enough to offset what's going down in the high content markets.

我們在這裡談的是，當南美在成長，而美國——如果我們就「美洲」來說，並稍微簡化一下——這是一個高內容占比的市場，它持平甚至會下滑。當然，即使南美的內容有成長，也不足以抵消高內容占比市場的下滑。

So there, of course, you'll get a negative mix effect on the content side. So long story short, we definitely see that the content growth is there. And we see also how both, let's call it, the low content markets are growing in the content as well as the high content over time here. And when we talk about India specifically, it's very much so that is a content-driven growth that we see.

因此，在內容端你當然會得到一個負面的組合效應。簡而言之，我們確實看到內容成長是存在的。而且我們也看到，無論是所謂低內容占比市場的內容成長，還是高內容占比市場的內容成長，隨時間推進都在發生。當我們特別談到印度時，我們看到的非常明顯就是由內容驅動的成長。

I mean in the last two years, the content have grown sequentially with 20% two years in a row. So a strong growth there. So what we try to (inaudible) capital market definitely still not here. But of course you have a mix effect here that is not moving in the full potential here.

我的意思是，在過去兩年，內容連續兩年逐年成長 20%。所以那裡的成長很強勁。所以我們嘗試（聽不清）資本市場，確實仍然不在這裡。但當然你會有一個組合效應，使得這裡沒有完全發揮全部潛力。

Okay. Understood. And then my follow-up, I guess, what was, I guess, the rationale to move production from Turkey to EMEA? Was it cost saves coming from a plant maybe that wasn't as automated? Was it labor? I guess what was driving that decision?

好的。了解。那我的追問是，把生產從土耳其移到 EMEA 的理由是什麼？是因為節省成本，可能來自一座自動化程度沒那麼高的工廠嗎？是勞動力因素嗎？我想知道是什麼在驅動這個決策？

No. I think, I mean, we constantly review our global footprint. And here, we're talking about EMEA, where we have over the last couple of years, taken significant steps to consolidate our activities and optimize them as we move forward. And that's something we have done and we continue to do going forward also to make the work we have the most competitive setup.

不是。我想，我們會持續檢視我們的全球佈局。而在這裡，我們談的是 EMEA。過去幾年，我們已採取重大步驟來整併我們的活動並在未來推進時加以優化。這是我們已經做過、而且未來也會持續做的事情，以確保我們的營運配置最具競爭力。

And we saw here now that with the opportunity to continue to consolidate capacity into other sites in Europe. We have a strong business gains to do so, and you have seen the numbers and how the numbers here. And that was tough decision to take and painful for our quality in Turkey that have done a great job over the years.

而我們現在看到，有機會把產能進一步整併到歐洲的其他據點。我們這麼做有很強的商業理由，你也看到了相關數字以及這裡的數字表現。這是一個艱難的決定，對我們在土耳其的優秀團隊而言也很痛苦，他們多年來做得非常出色。

But we need, of course, to make sure that we maintain our competitiveness. So we are moving some to our Tunisian operations that is -- has been growing plant over the last couple of years here. And we're also moving into other sites of Europe and Romania, for example. So it's to continue to sharpen our position.

但我們當然需要確保維持競爭力。因此，我們會把部分產能移到突尼西亞的營運——那裡的工廠在過去幾年一直在成長。我們也會移到歐洲的其他據點，例如羅馬尼亞。這是為了持續強化我們的競爭地位。

Winnie Dong, Deutsche Bank.

Winnie Dong，德意志銀行。

I just wanted to follow up on your production assumption for the full year a little bit more. So now you're assuming 2.5% decline previously, you were at 1%. I think lately, it has actually improved all a little bit. So I just wanted to understand if there is a mixed situation that's going on? And if you can help us triangulate what you're seeing and if you're just truing up to what the market it's trending towards.

我想再追問一下你們對全年產量假設的部分。你們現在假設下滑 2.5%，先前是 1%。我認為最近其實有些許改善。所以我想了解是否有一些組合（mix）情況正在發生？以及你們能否協助我們推算你們看到的狀況，並說明你們是否只是把假設調整到與市場趨勢一致。

Yes. Yes. Thank you for your question. I think I mean SMB now is at minus 2.3%. We are at 2.5%. I would say that about the same level, it's marginal difference here. And I mean, the big move, you could say here is that we have seen more weakening deeper weakening in China than expected here.

是的。是的。謝謝你的問題。我想，SMB 現在是 -2.3%。我們是 -2.5%。我會說大致在同一水準，差異很小。而我想，這裡你可以說最大的變動是，我們看到中國的疲弱程度比預期更深。

To some extent, also the Middle East, but Middle East is still a very small part of the total picture. So I think it was less than 2% when you talk about Middle East, Africa here. So I mean it's really about the weakening in China, domestic sales there and the domestic operations. So that is the change that we talked about.

某種程度上，中東也是如此，但中東在整體版圖中仍然是非常小的一部分。所以我想，當你談到中東、非洲時，它的占比不到 2%。因此，主要還是中國的走弱，包含當地的國內銷售以及本地營運。所以這就是我們所談到的變化。

Okay. Okay. Got you. That's helpful. And you do have very good momentum happening in China. And I know it's difficult to delineate the strength between domestic, which is seeing a lot of weakness right now, but export is actually very, very strong. But is there like a general framework on how we can think about how much the exports is actually contributing to your outgrowth in China?

好的。好的。明白了。這很有幫助。而你們在中國確實有非常好的動能。我知道要區分強勁來源很困難：國內端目前很疲弱，但出口其實非常、非常強。但是否有一個大致的框架，讓我們可以理解出口到底對你們在中國的超額成長（outgrowth）貢獻了多少？

I think it's -- I mean it's not really -- I mean, for us, we -- it's all domestic, you could say, that we are delivering in there because we don't have separate value chains or separate setups, if it's an export vehicle or it's a domestic. So we don't really see that split from our perspective. So for us, it's all domestic sales to domestic plants.

我想這——我的意思是，對我們而言，其實不太——我們可以說，我們在那裡交付的全部都算是國內端，因為我們沒有針對出口車或國內車建立不同的價值鏈或不同的配置。所以從我們的角度，我們看不到那樣的拆分。因此對我們來說，都是對國內工廠的國內銷售。

But I mean you're absolutely correct here that the production level is holding up better than what the sales -- domestic sales to the end consumer would indicate. So -- so our operation is definitely supported by the exports here. And yes, I think we will see going forward here. But when we talk about the adjustments we just mentioned to the minus [2.5%]. It's the net effect of that, of course.

但我的意思是，你說得完全正確：產量水準的支撐力確實比終端消費者的國內銷售所顯示的要更好。所以——所以我們的營運確實受到出口的支撐。而是的，我想我們未來會看到這點。但當我們談到剛才提到的調整到負的[2.5%]。當然，這就是其淨效應。

Hampus Engellau, Handelsbanken.

Hampus Engellau，Handelsbanken。

One question for me. It's relegating to the Turkey production closure. But also going back to your capacity line and programs in Europe, for exactly updated, but that initially was about 8,000 people, and this is additional 2,200.

我這邊有一個問題。是關於土耳其生產關閉的事。另外回到你們在歐洲的產能調整與相關計畫，若我沒記錯，最初大約是8,000人，這次又額外增加2,200人。

I'm just trying to understand where are now in terms of headcount and how you see demand trending? Is this a part of the automization program that you have been running since 2019? Or is it also that you said that you need less capacity or have had more -- too much capacity. Interesting to hear your thoughts on these different parameters.

我只是想了解目前的人員編制（headcount）狀況，以及你們如何看待需求趨勢？這是否屬於你們自2019年以來一直在推動的自動化（automation）計畫的一部分？或者也如你們所說，是因為需要更少產能，或是之前產能過剩——產能太多了。很想聽聽你對這些不同因素的看法。

Thank you, Hampus. As I alluded to before, I mean, is a constant review of how to optimize your production facilities. And when -- it's not like we had overcapacity in Turkey, but we had an overcapacity in the whole system here where we saw opportunities to consolidate even further.

謝謝你，Hampus。如我先前提到的，我們會持續檢視如何最佳化生產設施。而且——並不是說我們在土耳其有產能過剩，但我們在整體系統層面確實存在產能過剩，因此我們看到有機會進一步整併。

And I mean, you're correct in the way to say that the optimization definitely contributes to our opportunity to put more into the existing plants or somewhere else. And when you drive the optimization. You can also create the flexibility we have talked about before, and we can also see that with an efficient automized and flexible setup the less square meter to produce the same amount.

而且你的說法沒錯，這些最佳化確實有助於我們把更多產量放到既有工廠或其他地方。當你推動最佳化時，也能創造我們之前談過的彈性；同時我們也看到，在高效率、自動化且具彈性的配置下，用更少的廠房面積（平方公尺）就能生產相同的數量。

So when you harvest that or to speak, you'll come to these decisions every now and then where you're actually looking at the complete site by the consolidating it in. So it's a way of harvesting the continuous improvement or also the step changes that we've seen as a result of new technology.

所以當你把這些成果「收割」出來（這麼說吧），你就會不時做出這類決策：實際上是從整個據點的角度出發，透過整併來處理。因此，這是一種把持續改善的成果、以及新技術帶來的階段性提升（step changes）加以落實的方式。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Just two follow-ups for me. Just for patent the margin guidance, just given the updated cadence for the year, is there any bias at this point or the lower half or upper half of your full year margin range?

我這邊有兩個追問。第一個是關於利潤率指引：考量今年節奏的最新變化，目前你們對全年利潤率區間，是偏向下半段還是上半段？

No. As you see here, we haven't expressed upper or lower end or any more precision than -- and what we have here, which is within range of around 10.5% to 11%. And I think if you ask me, which I think you do where we are not more here. It is really that we see with everything going on here that there is difficult to be more size than what we are with the intron here.

沒有。如你所見，我們並沒有表達偏向上緣或下緣，也沒有提供比目前更多的精確度——我們給的就是大約10.5%到11%的區間。而我想你問的是（我也理解你確實是在問）為什麼我們不再更精確一些。主要原因是，考量目前發生的各種情況，在現階段要比我們現在的表述更具體是很困難的。

And I think the interval here reflects the volatility in the markets, so to say, and uncertainty when it comes to the market in home and also the inflation pressure here, if it's -- it is this a long-term or if it's more of a short term thing? So what we see right now, this is the best judgment we can do now that we should be within that range.

我認為這個區間反映了市場的波動性，以及對於終端市場需求的高度不確定性，還有通膨壓力——例如這是長期現象，還是較短期的因素？因此就我們目前所見，這是我們此刻能做出的最佳判斷：我們應該會落在該區間內。

That's helpful. And as a quick follow-up, can you maybe comment on order intake trends in the quarter if you've seen any improvement there? And maybe how just like order in the last couple of years, just maybe impacts we should think about your growth over market in Americas and Europe, say, over the 12 to 24 months?

這很有幫助。再快速追問一下：你能否評論一下本季的接單（order intake）趨勢，是否看到任何改善？以及從過去幾年的接單來看，對於未來12到24個月你們在美洲與歐洲相對於市場的成長（growth over market），我們應該如何思考其影響？

Yes. I mean we don't disclose any details around the current order intake more than I can say that I feel comfortable that we have activities in that area that support depending on our market area, which is around [45%] as we have before. As always, you start out the year where you have a lot of indications that will be at a certain level.

可以。我們不會揭露目前接單的細節；我只能說，我對我們在這方面的活動量感到放心，這些活動能支撐我們在各市場區域的表現，與我們之前提到的大約[45%]相符。一如往常，年初時你會看到很多跡象顯示接單可能會落在某個水準。

And then as the year plays out, some things are being pushed out to the next year, meaning that the OEMs decides to delay the decisions and so on. And in this circumstances that we have right now with a lot of questions around the sentiment in the market, the driveline issues and so on that we saw taking place maybe 1 year, 1.5 years ago and some reshuffling in the model programs of space.

但隨著年度推進，有些事情會被延後到下一年，也就是OEM會決定延後決策等等。而在我們目前這種情況下，市場情緒存在許多疑問，再加上傳動系統（driveline）問題等——這些可能在1年前到1.5年前發生——以及車型專案（model programs）在規劃上的一些重新調整。

I would say to some extent that is partly still going on, but it is a reasonable activity every year when it comes to tenders that are out there. And so all in all, I think we are in good shape here to defend our market share. And I would say also activity level wise, it's a decent year from OEM perspective in terms of activities.

我會說在某種程度上，這些情況部分仍在持續，但每年在外部招標（tenders）方面出現一定程度的活動其實也很正常。總體而言，我認為我們目前狀態良好，足以捍衛我們的市占率。而且就活動量而言，從OEM的角度看，今年在專案活動方面算是相當不錯的一年。

Agnieszka Vilela, Nordea.

Agnieszka Vilela，Nordea。

I have two questions. starting with your growth of the Chinese OEMs. I mean, you have been very successful by increasing our sales towards them and you anal a new cooperation with XPENG and Great Wall. Overall, do you expect that the growing China mix in your sales will have neutral positive or negative impact on your group content per vehicle on your profitability?

我有兩個問題，先從你們在中國OEM的成長談起。你們透過提升對他們的銷售非常成功，並且也與小鵬（XPENG）和長城（Great Wall）建立了新的合作。整體而言，你們是否預期銷售中中國占比提升，對於每車集團內容價值（group content per vehicle）以及獲利能力會是中性、正面還是負面影響？

As you know, the profitability part, I can't go into the details here. And as we normally say, it's more platform program by a platform program than anything else. But in terms of our growth opportunities here, I don't know to see business is very important and great opportunity to secure our future growth here.

如你所知，獲利能力的部分我無法在這裡深入細節。而且我們通常也會說，這更多是以平台專案（platform program）為單位來看，而不是用其他方式一概而論。但就我們的成長機會而言，我認為中國業務非常重要，也是確保我們未來成長的絕佳機會。

As you've seen here, I mean, we have grown from 22% of our China sales in '22 to 65% China sales now in Q2. At the same time, as the China OEMs have taken their share of the light vehicle production from roughly 43% in '22 to 72% now in the second quarter of this year.

如你所見，我們對中國客戶的銷售占比已從2022年的22%成長到現在第二季的65%。同時，中國OEM在輕型車產量中的占比，也從2022年約43%提升到今年第二季的72%。

So the combination here of us increasing with them as well as say increasing their share of in contributes very positively, of course, to the growth, but also to securing our decision in China here as the market leader and also with the opportunities that may be in the future here also when the Chinese OEM is also moving out their footprint to support a more locally integrated in the different periods.

因此，我們與他們一同成長、再加上他們自身占比提升的組合，當然對成長非常正面；同時也有助於鞏固我們在中國作為市場領導者的地位。

But right now, you could say it's mainly an export-driven activity, which also supports us, of course, here in this. And in the quarter year out of the fastest-growing customers or Chinese OEMs. So it's very helpful, absolutely and important.

但就目前而言，你可以說這主要是出口驅動的活動，當然也在這方面支持了我們。而且在本季，我們的成長最快客戶中也包含中國OEM。所以這確實非常有幫助，也非常重要。

And I think also back to the agreements you referred to, it's, of course, also very interesting opportunities for us also when it comes to driving innovation here because many of these customers are very innovative in terms of the expectations on the future interiors and, I would say, more advanced products to solve more challenging decisions, et cetera. So very interesting from an innovation point of view as well.

我也想回到你提到的那些協議：對我們而言，這當然也是非常有趣的機會，尤其在推動創新方面，因為許多這類客戶對未來內裝（interiors）的期待非常創新；我會說，他們也期待更先進的產品來解決更具挑戰性的決策等等。因此從創新角度來看也非常有意思。

Perfect. And the second question, coming back to growth. Looking at your performance in H1, you outperformed the market by 2 percentage points. But just looking at what you guide for the full year, it looks like the outperformance can accelerate to 3 percentage points. Can you just give us any really and drivers behind this acceleration in our performance and growth?

很好。第二個問題回到成長。從你們上半年（H1）的表現來看，你們比市場高出2個百分點。但如果看你們對全年的指引，似乎這個超越幅度可能加速到3個百分點。你能否說明一下，推動你們表現與成長加速的主要原因與驅動因素是什麼？

Yes. I think FX is important it as well. And I think we have also talked here about before slightly positive effect coming from the mix here because before we talked about more of a flat neutral region mix for '26. And now we're looking at let's say, 40 basis points contribution coming from that as well. And then, of course, also you have some compensation activities here with our customers contributing a as well.

是的。我認為外匯（FX）也很重要。而且我想我們之前在這裡也談到過，組合（mix）帶來的略為正面影響，因為先前我們談的是 2026 年較為持平、中性的區域組合。而現在我們看到，假設也有約 40 個基點的貢獻來自於此。當然，此外你也會看到我們與客戶之間的一些補償活動，也有所貢獻。

Dan Levy, Barclays.

Dan Levy，巴克萊。

Wanted to go back to the question or the point of recovery payments. Can you maybe just put this in context of how the recovery payments that you're getting or the plan to get on raw materials, how that's at all related to the other rubber payments you'd have on other inflationary measures, whether it's you are linked.

我想回到關於回收款（recovery payments）這個問題或觀點。你能否把這放在脈絡中說明：你們正在取得或計畫取得的原材料回收款，與你們在其他通膨措施下可能會有的其他回收款之間，究竟有何關聯？不論是你們是否有連動機制。

And with automakers, you took a very good track record in the past of getting recoveries, but with automator, especially in North America, tighter on pricing, is that at all playing any role in the type of conversations you have in the magnitude of recoveries?

另外，與車廠合作方面，你們過去在取得回收款上有非常好的紀錄；但在車廠端，特別是北美，定價更趨緊縮，這是否在你們對話的方式或回收幅度上扮演任何角色？

Yes. I wouldn't say that there is any difference in the dialogue today compared to what in '25, '24, '23 here, it's never easy, and it has ever been. But once again, I think here, when it comes to the different buckets you're referring to here, I mean tariffs is pasta forward, I would say, because that's something you have to pay when you cross the border, and it's very easily quite to the value flows you have towards the customer now [232].

是的。我不會說今天的對話與 2025、2024、2023 年相比有任何不同；這從來不容易，也一直都是如此。但再一次，針對你提到的不同類別，我的意思是，關稅我會說是「即付即轉」（pass-through），因為那是你在跨境時必須支付的，而且很容易直接對應到你目前流向客戶的價值流[232]。

I mean because we are mainly talking about the tariffs between Mexico and the US here. With the 232, it will be almost optimized to no large extent when that is full impact. Engineering income is also something we're talking about here the part for the second half. That's also something that is a part of ordinary course of business as we have been for years, so nothing very far.

我的意思是，因為我們主要談的是墨西哥與美國之間的關稅。至於 232，在其全面影響時，幾乎會在很大程度上被最佳化到沒有太大影響。工程收入也是我們在這裡談到的、下半年的一部分。這同樣是我們多年來日常業務流程的一部分，所以沒有什麼非常特別。

And when it comes to deflation compensation here, we see that the combination here of course, that we need to do our part here together with our suppliers and our internal efficiency and then come to customers. So it's a mix of the three here. And once again, it's a very detailed in down to the component well and also here, we are and so back and establish routines there.

而談到通縮補償時，我們看到這裡的組合當然是：我們需要與供應商一起做好我們的部分、提升內部效率，然後再與客戶協商。所以這是三者的組合。再一次，這會非常細緻，會一路細到零組件層級；而且在這方面，我們也會回頭建立相關的作業流程。

So I would almost call it business as usual, but -- but maybe let's describe a little bit too simple. But we have a good way to deal with that part as well, and we are progressing as we speak here. And no change either improved or deteriorated in terms of our ability to do it.

所以我幾乎會稱之為一切照常（business as usual），但——但這樣說可能有點過於簡化。不過我們有一套很好的方式來處理這一塊，而且我們也正如你所見持續推進。在我們執行能力方面，沒有變得更好或更差的變化。

And as a follow-up, I wanted to ask about the strategic cooperation framework you signed with Great Wall and XPENG. Could you just help us understand if you're aiming to set up additional agreements with other automakers?

另外追問一下，我想問你們與長城汽車和小鵬簽署的策略合作框架。你能否協助我們理解，你們是否也希望與其他車廠建立更多類似協議？

And to what extent does this position you well as you start to look at potential sourcing opportunities for these automakers in Europe? Does that position you to the front as they start to give out awards?

以及，當你們開始評估這些車廠在歐洲的潛在採購機會時，這在多大程度上能讓你們處於有利位置？當他們開始發出定點（awards）時，這是否能讓你們站在更前面？

No. Of course, it's something that we constantly work with together with our customers, and we have had this type of agreements in the past also with others, which we also have, I think, communicated not that long ago.

不。當然，這是我們持續與客戶共同推進的事情；而且過去我們也曾與其他客戶簽過這類協議，我想我們不久前也有對外溝通過。

So they are important, I would say, are connected very much also to, first of all, the innovation opportunities here because it really means that we get very close to our customers here by working well in advance with new joint challenges here.

所以我會說它們很重要，也非常連結到——首先——創新機會，因為這確實意味著我們能透過提前合作、共同面對新的挑戰，而與客戶保持非常緊密的距離。

So as I said before here, this different seeking positions that is not traditional, but may come when you see autonomous vehicle increase eventually over time. But already today, comfort is a key factor for many OEMs, meaning that you should be able to sit more relaxed, lean back more than what the current setups allow you to do.

所以如我先前所說，這些不同的「尋位」並非傳統做法，但可能會在你看到自動駕駛車輛隨時間最終增加時出現。但即使在今天，舒適性對許多 OEM 來說也是關鍵因素，意思是你應該能更放鬆地坐著、更往後靠，而不只是目前配置所允許的程度。

So we call it the zero gravity seat, I think we have spoken about that also in a few times. It's an opportunity there. But further out you go, you could say with the ambitions that some of the OEMs have here in terms of creating new interesting vehicles here, you have to have more challenging solutions at the end of the day, which drives also content, I would say.

所以我們稱之為零重力座椅（zero gravity seat），我想我們也談過幾次。這是一個機會。但再往更遠看，你可以說，隨著一些 OEM 在打造新的、有趣的車款方面的企圖心，你最終需要更具挑戰性的解決方案，而這也會帶動內容價值（content），我會這麼說。

And it puts us up to be in the forefront on developing this new type of technologies that is needed in the future. So very, very interesting and great opportunity to support our customers in a good way.

而這也讓我們站在開發未來所需這類新技術的最前沿。所以這是非常、非常有趣且很好的機會，讓我們以良好的方式支持客戶。

All the time we have for questions today. I would now like to turn the conference back to Mikael Bratt for closing remarks.

今天的提問時間就到這裡。我現在想把電話會議交回給 Mikael Bratt 作結語。

Thank you Sandra. Let's look on the next slide here. Before we conclude today's call, I would like to highlight our new innovation center in Volgora, Sweden, which was inaugurated in June and represents an important investment in our future growth and technology.

謝謝你，Sandra。我們來看下一張投影片。在結束今天的電話會議之前，我想強調我們位於瑞典 Volgora 的新創新中心，該中心於 6 月落成啟用，代表我們對未來成長與技術的一項重要投資。

By bringing research, testing, prototyping and pilot production together in one location, the center will help accelerate innovation and shorten development cycles. The center also expands collaboration with industry, academia and society, creating a strong platform for future innovation.

透過把研發、測試、原型製作與試量產整合在同一地點，該中心將有助於加速創新並縮短開發週期。該中心也擴大了與產業、學術界與社會的合作，打造一個強而有力的未來創新平台。

We believe these investments will support long-term growth, enhance our competitive position and help us save even more lives in the years ahead. Finally, the third quarter call is scheduled for Friday, October 23, 2026. Thank you for your attention, and until next time, stay safe.

我們相信這些投資將支持長期成長、提升我們的競爭地位，並在未來幾年幫助我們拯救更多生命。最後，第三季電話會議預定於 2026 年 10 月 23 日（週五）舉行。感謝各位的關注，我們下次再會，請注意安全。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。