Axalta Coating Systems Ltd (AXTA) 2025 Q2 法說會逐字稿

Ladies and gentleman, thank you for standing by. Welcome to Axalta Coating Systems Q2 2025 earnings call. (Operator Instructions) Today's call is being recorded and a replay will be available through August 6. Those listening at today's call should please note that the information provided in the recording will not be updated and therefore may no longer be current.

女士們、先生們，感謝你們的支持。歡迎參加艾仕得塗料系統 2025 年第二季財報電話會議。（操作員指示）今天的通話正在錄音，重播將持續到 8 月 6 日。參加今天電話會議的聽眾請注意，錄音中提供的資訊將不會更新，因此可能不再是最新的。

I will now turn the call over to Colleen Lubic, Vice President of Investor Relations.

現在我將把電話轉給投資者關係副總裁科琳·盧比克 (Colleen Lubic)。

Please go ahead.

請繼續。

Good morning, everyone, and thank you for joining us to discuss Axalta's second quarter 2025 financial results. I'm Colleen Lubic, Vice President of Investor Relations. With me today are Chrishan Villavarayan, our CEO and President; and Cory Anderson, our Chief Financial Officer. We posted our second quarter 2021 financial results and earnings release this morning. You can find today's presentation and supporting materials on the Investor Relations section of our website at axalta.com, which we will be referring to on this call.

大家早安，感謝您加入我們討論艾仕得 2025 年第二季的財務表現。我是投資者關係副總裁科琳‧魯比克 (Colleen Lubic)。今天與我在一起的有我們的執行長兼總裁 Chrishan Villavarayan 和我們的財務長 Cory Anderson。我們今天上午發布了 2021 年第二季的財務業績和收益報告。您可以在我們網站 axalta.com 的投資者關係部分找到今天的簡報和支援資料，我們將在本次電話會議上參考這些資料。

Our remarks today in the slide presentation may include forward-looking statements reflecting our current views of future events and their potential impact on Axalta's performance. These statements involve risks and uncertainties and actual results may differ materially. We are under no obligation to update these statements.

我們今天在投影片簡報中的評論可能包括前瞻性陳述，反映了我們對未來事件的當前看法及其對艾仕得業績的潛在影響。這些聲明涉及風險和不確定性，實際結果可能存在重大差異。我們沒有義務更新這些聲明。

Our remarks and the slide presentation also contain various non-GAAP financial measures. We've included reconciliations of these non-GAAP financial measures to the most early comparable GAAP financial measures. Refer to our filings with the SEC for more information.

我們的評論和投影片簡報也包含各種非公認會計準則財務指標。我們將這些非 GAAP 財務指標與最早可比較的 GAAP 財務指標進行了對帳。請參閱我們向美國證券交易委員會提交的文件以了解更多資訊。

I would like to now turn the call over to Chris.

現在我想把電話轉給克里斯。

Thanks, Colleen, and good morning, everyone. Let's move to slide 3. We're proud to announce that we delivered a record quarter for adjusted EBITDA and adjusted diluted earnings per share in a challenging global market. I would like to personally thank our almost 13,000 employees for their dedication and outstanding performance this quarter. By all measures, we have done a tremendous job navigating the current landscape and managing the business.

謝謝，科琳，大家早安。讓我們轉到投影片 3。我們很自豪地宣布，在充滿挑戰的全球市場中，我們本季的調整後 EBITDA 和調整後每股攤薄收益創下了紀錄。我要親自感謝我們近 13,000 名員工本季的奉獻和出色表現。從各方面來看，我們在應對當前情況和管理業務方面都做得非常出色。

Net sales came in just over $1.3 billion in line with our guidance. Adjusted EBITDA was $292 million with margins exceeding 22%. This marks the fifth consecutive quarter that adjusted EBITDA margins have been at or above the 21% target outlined in our A plan. This was a noteworthy achievement given the significant volume pressures scoring Axalta's disciplined execution and sustained cost management.

淨銷售額略高於 13 億美元，符合我們的預期。調整後的 EBITDA 為 2.92 億美元，利潤率超過 22%。這是調整後的 EBITDA 利潤率連續第五個季度達到或超過我們 A 計劃中概述的 21% 的目標。鑑於巨大的銷售壓力要求艾仕得公司嚴格執行並持續進行成本管理，這是一個值得注意的成就。

We remain focused on creating shareholder value and plan to accelerate our capital deployment going forward. This quarter, we executed $65 million in share repurchases and expect to continue this pace throughout the remainder of the year.

我們仍然專注於創造股東價值，並計劃加快未來的資本部署。本季度，我們執行了 6,500 萬美元的股票回購，預計今年剩餘時間將繼續維持這一速度。

Our mobility segment continues to perform exceptionally well. We delivered 2% organic growth fueled by sustained strength in China and Latin America in addition to new business wins and favorable price-mix. Adjusted EBITDA margins were nearly 20%, a strong validation of the team's strategic and operational prowess and our ability to sustain profitable growth.

我們的行動領域持續表現優異。我們實現了 2% 的有機成長，這得益於中國和拉丁美洲的持續強勁成長以及新業務的勝利和有利的價格組合。調整後的 EBITDA 利潤率接近 20%，有力地證明了團隊的策略和營運實力以及我們維持獲利成長的能力。

Cash flow from operations increased 25% year year-over-year, which helped drive free cash flow to $101 million, a great result.

經營現金流年增 25%，推動自由現金流達到 1.01 億美元，這是一個非常好的結果。

With that, let's turn to slide 4. We continue to navigate what we believe to be temporary challenges affecting Refinish in North America. Claims reported through Q1 remain meaningfully lower in the United States and slightly down in Europe. Although collision statistics are paying for 2024, early insights from various states in the US and independent agencies indicate that collision frequency declined by only low single digits.

接下來，讓我們翻到投影片 4。我們將繼續應對我們認為影響北美 Refinish 的暫時挑戰。第一季報告的美國失業救濟申請人數仍明顯較低，歐洲的失業救濟申請人數略有下降。儘管 2024 年的碰撞統計數據有所改善，但美國各州和獨立機構的早期洞察表明，碰撞頻率僅下降了個位數。

This collision statistic is in line with our expectations. We believe that factors such as elevated repair costs, rising insurance premiums and broader inflationary pressures have discouraged consumers from seeking repairs resulting in pure claims despite steady or just slightly declining collision rates.

這一碰撞統計數據符合我們的預期。我們認為，維修成本上升、保險費上漲和通膨壓力加大等因素阻礙了消費者尋求維修，導致儘管碰撞率保持穩定或略有下降，但仍出現純粹的索賠。

In the second quarter, Refinish volumes were impacted by expected headwinds, including consumer pullback on repairs and elevated North American distributor inventories. Despite these pressures, we continue to gain share with 1,600 net new body shops year-to-date building on the more than 2,800 net wins in 2024. Net sales in the second quarter declined 6% year-over-year, but we saw nearly 2% growth from adjacencies and retail, supported by strong momentum in DIY channels and accessories.

第二季度，修補漆銷售量受到預期不利因素的影響，包括消費者減少維修以及北美經銷商庫存增加。儘管面臨這些壓力，我們的市場份額仍在不斷擴大，今年迄今為止，我們已淨增 1,600 家新車身修理廠，而到 2024 年，我們的淨增數量將超過 2,800 家。第二季淨銷售額年減 6%，但受 DIY 通路和配件強勁成長的支撐，鄰近市場和零售業務成長近 2%。

As we examine external data, we see signs of industry stabilization. Inflationary pressures are beginning to moderate, particularly in the areas like repair expenses and insurance premiums. Insurance premium inflation in the US appears to be abating and total repair costs only increased 1% in Q1 year-over-year.

當我們檢查外部數據時，我們看到了行業穩定的跡象。通膨壓力開始緩和，特別是在維修費用和保險費等領域。美國保費通膨似乎正在減弱，第一季總維修成本年增 1%。

One additional recent data point that is encouraging came from LexisNexis and indicates that nearly half of consumers are actively seeking lower insurance options by switching carriers many successfully updating significant reductions in their premiums. We have been through cycles before and have a strong track record of outperforming industry trends over the long term. We remain confident in our A planned strategy to strengthen our leadership in refinish and expand into adjacencies.

LexisNexis 最近發布的另一個令人鼓舞的數據表明，近一半的消費者正在透過更換保險公司積極尋求更低的保險選擇，其中許多人成功地大幅降低了保費。我們之前經歷過週期，並且擁有長期超越行業趨勢的良好記錄。我們對我們的計劃策略充滿信心，該策略旨在加強我們在修補領域的領導地位並擴展到鄰近地區。

We believe that consumer confidence will increase, leading to a more favorable repair environment. Our expansion into economy and customer centric innovations, such as the fast pure low energy system that reduces energy usage and boost time by 50%, combined with our customer relationships and advanced digital tools position us to win in today's environment and drive growth in 2026 and beyond.

我們相信消費者信心將會增強，進而帶來更有利的維修環境。我們向經濟和以客戶為中心的創新領域擴展，例如可減少能源使用和提升時間 50% 的快速純低能耗系統，結合我們的客戶關係和先進的數位工具，使我們能夠在當今環境中取勝並推動 2026 年及以後的成長。

Let's turn to slide 5. We remain focused on our A plan with excellent execution in the first six months of the year. Our operational excellence is now a strategic advantage, enabling us to manage with discipline, speed and agility. In the second quarter, we reinforced our commitment to achieving zero incidents by improving our safety record by an amazing 55% year-over-year. Our commitment to achieving zero incidents has never been greater and I'm very proud of the progress we're making towards this goal.

讓我們翻到幻燈片 5。我們繼續專注於我們的 A 計劃，並在今年上半年出色地執行了該計劃。我們卓越的營運現在是一種策略優勢，使我們能夠以紀律、速度和敏捷的方式進行管理。第二季度，我們的安全記錄年增了 55%，這讓我們更加堅定了實現零事故的承諾。我們對實現零事故的承諾從未如此堅定，我為我們在實現這一目標方面所取得的進展感到非常自豪。

Our disciplined focus on cost management drove a 6% year-over-year reduction in operating expenses. Since announced, our transformation initiative has driven approximately $40 million in cost savings. We've also taken decisive action to optimize our industrial footprint by closing three manufacturing plants in the last year. These actions have streamlined our operations and positioned us to convert on the upside once industry volumes rebound. I believe our results speak for themselves.

我們對成本管理的嚴格關注使營運費用年減了 6%。自宣布以來，我們的轉型計劃已節省了約 4000 萬美元的成本。我們也採取果斷行動，在去年關閉了三家製造工廠，以優化我們的工業足跡。這些舉措簡化了我們的運營，並使我們能夠在行業銷售反彈時實現盈利。我相信我們的結果不言而喻。

Our dedication to customer-focused innovation was again acknowledged this quarter. Axalta's NextJet was recognized as a 2025 Automotive News PACE Pilot Innovation to watch, and we were honored with Daimler Truck North America's Masters of Quality Supplier Award. These accolades validate our innovative approach to delivering differentiated customer outcomes.

本季度，我們致力於以客戶為中心的創新再次獲得認可。Axalta 的 NextJet 被評為 2025 年汽車新聞 PACE 試點創新值得關注，我們也榮獲戴姆勒北美卡車公司頒發的「品質大師供應商獎」。這些榮譽證明了我們能夠以創新的方式為客戶提供差異化成果。

Finally, we're consistently strengthening our financial position by maintaining total net leverage in line with our A plan targets while also capitalizing on opportunities to repurchase what we believe is undervalued Axalta's stock. These actions position us for sustained long-term value creation.

最後，我們透過保持總淨槓桿與我們的 A 計畫目標一致來不斷加強我們的財務狀況，同時利用機會回購我們認為被低估的 Axalta 股票。這些行動使我們能夠持續創造長期價值。

I will now turn the call over to Carl for a financial update.

我現在將把電話轉給卡爾，讓他報告一下財務最新情況。

Thank you, Chris, and good morning, everyone. Let's turn to slide 6. In the second quarter net sales totaled $1.3 billion, down approximately 3% year-over-year primarily due to lower volumes in Performance Coatings. This was partially offset by a positive foreign currency translation and contributions from CoverFlexx.

謝謝你，克里斯，大家早安。讓我們翻到第 6 張投影片。第二季淨銷售額總計 13 億美元，年減約 3%，主要原因是高性能塗料銷售下降。這被積極的外幣轉換和 CoverFlexx 的貢獻部分抵消。

Gross margin improved by 100 basis points, 35%, driven by favorable cost dynamics and operational efficiency. While income from operations declined by $12 million, this was largely due to restructuring-related costs, actions all aligned with the long-term strategy.

受有利的成本動態和營運效率的推動，毛利率提高了 100 個基點，即 35%。雖然營業收入下降了 1,200 萬美元，但這主要是由於重組相關成本，所有行動都符合長期策略。

We delivered adjusted EBITDA of $292 million, a company quarterly record, and up slightly versus the prior year. Adjusted EBITDA margin expanded by 90 basis points to 22.4%. Underscoring our ability to manage costs and drive profitability in a dynamic environment. Variable costs declined 2% year over year, slightly better than expectations.

我們實現了 2.92 億美元的調整後 EBITDA，創下了公司季度記錄，並且比去年略有成長。調整後的 EBITDA 利潤率擴大 90 個基點至 22.4%。強調我們在動態環境中管理成本和提高獲利能力的能力。變動成本較去年同期下降2%，略優於預期。

For the full year 2025, a raw material cost outlook remains unchanged, and we expect variable costs to remain approximately flat. SG&A expenses declined 2% and when excluding acquisitions and FX, the reduction year-on-year was nearly 6%, reflecting our focus on cost discipline.

對於 2025 年全年而言，原材料成本前景保持不變，我們預計變動成本將保持大致穩定。銷售、一般及行政費用下降了 2%，如果不包括收購和外匯，則同比下降近 6%，這反映了我們對成本控制的關注。

Adjusted diluted earnings per share rose 5% to $0.64, primarily driven by lower interest expense and lower shares outstanding as a result of our share repurchases during the quarter. Finally, cash provided by operating activities was $142 million, up 25% from a year ago, and free cash flow totaled $101 million, reinforcing our ability to consistently generate meaningful cash flow.

調整後每股攤薄收益增加 5% 至 0.64 美元，主要由於本季利息支出減少以及股票回購導致流通股減少。最後，經營活動提供的現金為 1.42 億美元，比去年同期成長 25%，自由現金流總計 1.01 億美元，增強了我們持續產生有意義的現金流的能力。

Moving to slide 7. Net sales for Performance Coatings declined 6% year-over-year to $836 million, driven primarily by lower volumes and unfavorable price mix, primarily in North America. These declines were partially offset by contributions from CoverFlexx and foreign currency translation benefits, primarily related to the appreciation of the Euro.

移至幻燈片 7。高性能塗料的淨銷售額較去年同期下降 6% 至 8.36 億美元，主要原因是銷量下降和價格組合不利，尤其是在北美。這些下降被 CoverFlexx 的貢獻和外幣折算收益（主要與歐元升值有關）部分抵消。

Refinished net sales decreased 6% to $514 million, with organic sales down high single digits due to volume declines related to industry softness and distributor inventory corrections impacting price mix year over year. The incremental contributions from CoverFlexx and foreign currency translation partially mitigated these declines.

修補淨銷售額下降 6% 至 5.14 億美元，有機銷售額下降高個位數，原因是行業疲軟導致銷量下降，分銷商庫存調整影響了價格組合。CoverFlexx 和外幣轉換的增量貢獻部分緩解了這些下降。

Price-mix was down mid-single-digits in the quarter as unfavorable mix in North America offset price benefits. Industrial net sales declined 6% year-over-year to $322 million primarily due to lower volume resulting from continued macro softness predominately in North America. Positive price mix in favorable foreign currency translations partially offset the impact from lower volumes.

由於北美不利的產品組合抵消了價格優勢，本季價格組合下降了中等個位數。工業淨銷售額較去年同期下降 6% 至 3.22 億美元，主要原因是北美等地宏觀經濟持續疲軟導致銷售下降。有利的外幣折算帶來的正面價格組合部分抵銷了銷售下降的影響。

In the second quarter, performance coatings delivered adjusted EBITDA of $200 million, yielding a margin of 23.8%. While results were impacted by lower North America volumes, one of our more profitable regions. Cost discipline and operational efficiencies help mitigate their fact.

第二季度，高性能塗料的調整後 EBITDA 為 2 億美元，利潤率為 23.8%。雖然業績受到北美銷量下降的影響，但北美是我們利潤較高的地區之一。成本控制和營運效率有助於緩解這一現實。

The team's ability to manage variable and operating costs effectively demonstrates why we expect to see improved earnings conversion when revenue inflects positively, which we anticipate to occur in the fourth quarter and into next year.

該團隊有效管理變動成本和營運成本的能力證明了為什麼我們預計當收入出現積極變化時盈利轉換率會提高，我們預計這種情況將在第四季度和明年發生。

Let's move to slide 8. Mobility Coatings second quarter net sales were $469 million, an increase of 1% from the prior year, with organic sales contributing approximately 2 percentage-points of growth. Light vehicle net sales were up 2% in the second quarter, driven by organic net sales growth in three out of the four regions, which more than offset anticipated declines in North America due to a decline in auto production and plant shutdowns within the region.

讓我們翻到第 8 張投影片。Mobility Coatings 第二季淨銷售額為 4.69 億美元，比上年成長 1%，其中有機銷售額貢獻了約 2 個百分點的成長。第二季輕型汽車淨銷售額成長 2%，這得益於四個地區中三個地區的有機淨銷售額成長，這超過了北美地區因汽車產量下降和工廠關閉而導致的預期下滑。

Price-mix was a low single-digit tailwind in the quarter, driven by selective pricing and favorable mix, primarily in Latin America. Commercial Vehicle net sales declined 4%, primarily due to volume headwinds related to expected declines in Class 8 production, which were down 17% in the second quarter from a year ago, partially offset by momentum in our Commercial Transportation Solutions. Positive price-mix was primarily driven by favorable product mix and pricing adjustments to offset foreign currency headwinds.

本季度，價格組合呈現低個位數成長，主要受選擇性定價和有利組合的推動，主要在拉丁美洲。商用車淨銷售額下降 4%，主要原因是與 8 級產量預期下降相關的銷售阻力，第二季 8 級產量較去年同期下降 17%，但被商用運輸解決方案的成長動能部分抵銷。積極的價格組合主要受到有利的產品組合和價格調整的推動，以抵消外匯不利因素。

During the quarter, Mobility Coatings reported a 35% increase in adjusted EBITDA year-over-year, reaching $92 million. Adjusted EBITDA margin expanded by 500 basis points compared to the prior year, nearing 20%. While the results had some onetime benefits relating to pricing true-ups, this is truly a fantastic result driven by the disciplined effort of the team helping to drive 11 consecutive quarters of year-on-year adjusted EBITDA margin expansion.

本季度，Mobility Coatings 報告調整後 EBITDA 年成長 35%，達到 9,200 萬美元。調整後的 EBITDA 利潤率較前一年擴大 500 個基點，接近 20%。雖然這一結果在價格調整方面有一些一次性的好處，但這確實是一個非常出色的結果，這得益於團隊的嚴謹努力，幫助推動了連續 11 個季度的調整後 EBITDA 利潤率同比增長。

Margin growth across both segments were primarily attributable to positive price-mix, lower variable costs and reduced operating expenses.

兩個部門的利潤率成長主要歸因於正面的價格組合、較低的變動成本和減少的營運費用。

Turning to slide 9. We continue to execute against our capital allocation priorities with discipline and focus. We generated $142 million in cash from operations in the second quarter. Notably, we repurchased $65 million of our shares and invested $45 million in capital expenditures aimed at boosting productivity and efficiency.

翻到第 9 張投影片。我們將繼續嚴格而專注地執行我們的資本配置優先事項。我們第二季的營運現金流為 1.42 億美元。值得注意的是，我們回購了價值 6,500 萬美元的股票，並投資了 4,500 萬美元的資本支出，旨在提高生產力和效率。

Our 2024 debt refinancing initiatives are already paying off. We reduced $5 million operating interest expense this quarter, a 10% improvement year-on-year. We are also on track to achieve the A Planned 2026 interest expense target of $180 million for the full year 2025, one year ahead of plan.

我們的 2024 年債務再融資計畫已開始取得成效。本季我們減少了 500 萬美元的營業利息支出，比去年同期減少了 10%。我們也有望實現 2025 年全年 1.8 億美元的 A 計畫 2026 年利息支出目標，比計畫提早一年。

Our total net leverage ratio remains at 2.5 times and consistent with our A Plan target range providing us with the flexibility to accelerate capital deployment, while maintaining a strong balance sheet. And we also expanded return on invested capital by 110 basis points from last year to 14.3%.

我們的總淨槓桿率保持在 2.5 倍，與我們的 A 計畫目標範圍一致，這為我們提供了加速資本部署的靈活性，同時保持了強勁的資產負債表。我們的投資資本報酬率也比去年提高了 110 個基點，達到 14.3%。

Let's turn to slide 10 for our view on the third quarter and 2025 guidance. Based on the latest industry indicators and consumer sentiment data, we now believe that the softer demand environment observed in the first half of the year will persist longer than anticipated. Our prior guidance that assumes a gradual easing of tariff-related uncertainty and a rebound in consumer confidence heading into the back half, particularly in North America. However, recent trends suggest that these improvements are not materializing at the pace we had anticipated.

讓我們翻到第 10 張投影片來了解我們對第三季和 2025 年指引的看法。根據最新的行業指標和消費者信心數據，我們現在認為，今年上半年觀察到的疲軟需求環境將持續比預期更長的時間。我們先前的預測是，下半年與關稅相關的不確定性將逐漸緩解，消費者信心將反彈，尤其是在北美。然而，最近的趨勢表明，這些改進並沒有按照我們預期的速度實現。

For the third quarter, we expect net sales to decline low single digits compared to last year in line with the second quarter. This outlook reflects positive price-mix year-over-year in three of our four end markets which will help offset expected volume softness, largely concentrated in Performance Coatings. We are assuming a sequential decline in light vehicle and Class 8 production levels consistent with third-party forecasts, partially offset by our new business wins in Brazil.

對於第三季度，我們預計淨銷售額將與去年第二季度相比下降個位數。這一前景反映了我們四個終端市場中的三個市場同比積極的價格組合，這將有助於抵消預期的銷量疲軟，主要集中在高性能塗料領域。我們假設輕型車輛和 8 級產量水準將持續下降，這與第三方預測一致，但巴西新業務的勝利將部分抵消這一下降。

Further Europe will step back similar to past seasonal trends with slight offset stemming from price mix benefits. We project adjusted EBITDA between $290 million and $300 million and adjusted diluted earnings per share in the range of $0.63 to $0.67. For the full year, net sales are now expected to be between $5.2 billion and $5.275 billion representing an approximately 1% decline at the midpoint versus a year ago.

此外，歐洲將出現與過去季節性趨勢類似的回落，但價格組合效益將帶來輕微的抵銷。我們預計調整後EBITDA將在2.9億美元至3億美元之間，調整後每股稀釋收益將介於0.63美元至0.67美元之間。全年淨銷售額目前預計在52億美元至52.75億美元之間，以中位數計算較去年同期下降約1%。

With this updated view, we are revising our full year earnings expectations. We expect adjusted EBITDA margins to remain around 22% or above, an expansion of approximately 80 basis points year-over-year at the midpoint. Our full year adjusted EBITDA is now expected to be in the range of $1.14 billion and $1.165 billion and adjusted diluted earnings per share will be in the range of $2.45 to $2.55 which is a 6% increase at the midpoint compared to last year.

根據這項更新的觀點，我們正在修改全年獲利預期。我們預計調整後的 EBITDA 利潤率將保持在 22% 左右或以上，以中間值計算，年增約 80 個基點。我們預計全年調整後的 EBITDA 將在 11.4 億美元至 11.65 億美元之間，調整後的每股攤薄收益將在 2.45 美元至 2.55 美元之間，與去年同期相比中位數增長 6%。

While we believe it's prudent to slightly adjust our guidance, 2025 financial performance to date reflects disciplined execution pricing resilience, strength of our commercial strategy and importantly, record results in both adjusted EBITDA and adjusted earnings per share. We remain fully committed to our A Plan objectives and our focus on creating value for our shareholders.

雖然我們認為稍微調整我們的指導是謹慎的，但迄今為止的 2025 年財務業績反映了嚴格的執行定價彈性、我們商業戰略的實力，以及重要的是，調整後的 EBITDA 和調整後每股收益均創下了紀錄。我們將繼續全力致力於我們的 A 計劃目標並致力於為股東創造價值。

I will now turn the call back over to Chris.

我現在將電話轉回給克里斯。

Thanks, Carl. Let's look at slide 11. We have great products, technologies and strong brands. We're executing our growth strategy by launching products our customers want, expanding in key geographies and growing our Refinish footprint. Our performance over the last two years that extended into this quarter reflects the strength of our diversified portfolio and strategic progress we are making across all end markets.

謝謝，卡爾。我們來看投影片 11。我們擁有優質的產品、技術和強大的品牌。我們正在實施我們的成長策略，推出客戶想要的產品，在主要地區擴張，並擴大我們的修補業務範圍。我們過去兩年延續到本季的表現反映了我們多元化投資組合的實力以及我們在所有終端市場取得的策略進展。

In light and commercial vehicles, we're continuing to gain traction in key growth regions while delivering meaningful innovation for our customers. In 2025, we're set to launch our next-generation waterborne base a breakthrough technology that is designed to enhance efficiency and expand color capability particularly for high chroma finishes that are increasing in demand.

在輕型車輛和商用車輛領域，我們繼續在關鍵成長地區獲得發展動力，同時為客戶提供有意義的創新。2025 年，我們將推出下一代水性塗料，這是一項突破性技術，旨在提高效率和擴展色彩能力，特別是針對需求不斷增長的高色度塗料。

Our NexJet Digital pain technology developed in collaboration with best-in-class partners like Dürr and Zar is another standout innovation. This masterless 2-tone application system is already being piloted with a top global OEM and is expected to deliver significant benefits to our customers. These are just two examples how we are creating tailored high-impact solutions that deepen customer partnerships and differentiate Axalta in the marketplace.

我們與 Dürr 和 Zar 等一流合作夥伴合作開發的 NexJet Digital 疼痛技術是另一個傑出的創新。這種無主雙色應用系統已在全球頂級 OEM 廠商中試用，預計將為我們的客戶帶來顯著的利益。這只是我們如何創建客製化的高影響力解決方案以深化客戶合作夥伴關係並使艾仕得在市場上脫穎而出的兩個例子。

In commercial vehicles, we remain focused on winning new business with buses and trailers while also expanding into underrepresented geographies within Asia and Latin America helping to further diversify and strengthen our mobility segment.

在商用車領域，我們仍然專注於贏得巴士和拖車的新業務，同時也擴展到亞洲和拉丁美洲代表性不足的地區，從而進一步多元化和加強我們的移動出行領域。

In Refinish, as I mentioned earlier, we have added nearly 1,600 net new body shops year-to-date in 2025 building on the momentum of over 2,800 wins in 2024. This growth reflects the strength of our commercial execution and the value of our offerings in the industry.

在修補漆領域，正如我之前提到的，在 2024 年超過 2,800 家維修店的基礎上，我們在 2025 年迄今新增了近 1,600 家車身修理廠。這一增長反映了我們商業執行的實力以及我們在行業中提供的產品的價值。

Looking ahead, we're expecting to roll out our Nimbus Digital Platform to 40,000 body shops in 2026. Nimbus connects all Axalta products and services into a cloud-based solution that empowers customers with data-driven insights designed to improve profitability and performance and it connects seamlessly with Axalta Iris, allowing it to offer a suite of best-in-class solutions to our MSO customers.

展望未來，我們預計在 2026 年將我們的 Nimbus 數位平台推廣到 40,000 家車身修理廠。Nimbus 將所有 Axalta 產品和服務連接到基於雲端的解決方案中，為客戶提供旨在提高盈利能力和性能的數據驅動洞察，並與 Axalta Iris 無縫連接，使其能夠為我們的 MSO 客戶提供一套一流的解決方案。

We believe in the strength of our Refinish business and intend to grow into adjacencies through strategic bolt-on M&A. Outside of collision repair, we're also making meaningful progress in retail and DIY channels supported by our accessories portfolio and business. We believe this will open new avenues for customer engagement and revenue diversification.

我們相信我們的修補業務的實力，並打算透過策略性附加併購向鄰近業務發展。除了碰撞修復之外，在配件組合和業務的支援下，我們在零售和 DIY 管道方面也取得了有意義的進展。我們相信這將為客戶參與和收入多樣化開闢新的途徑。

In 2025, we have seen over 500 basis points of growth from execution of our strategy and we expect strong growth trajectory in 2026 and beyond. In Industrial, we're on track to deliver some of Axalta's highest margins on record, driven by the targeted product and cost actions. This performance reflects the strength of the financial foundation we've built one that aligns with our A Plan strategy and gives us flexibility to pursue selective organic growth opportunities as they arise.

2025 年，我們的策略實施帶來了超過 500 個基點的成長，我們預計 2026 年及以後將呈現強勁的成長軌跡。在工業領域，在有針對性的產品和成本行動的推動下，我們有望實現艾仕得有史以來最高的利潤率。這一業績體現了我們建立的財務基礎的強大，這與我們的 A 計劃策略相一致，並使我們能夠靈活地追求出現的選擇性有機成長機會。

We believe our broad portfolio and differentiated technologies are well positioned to benefit from the future rebound in industrial activity and the shift towards electrification. We're seeing strong momentum in key platforms such as Wire Enamels, impregnating resins and powder coatings for high-efficiency motors, battery enclosures and energy systems. These solutions position us to deliver organic growth and reinforce Axalta's role as a trusted partner in delivering high-performance coatings across a wide range of industrial applications.

我們相信，我們廣泛的產品組合和差異化技術將受益於未來工業活動的反彈和向電氣化的轉變。我們看到，漆包線漆、浸漬樹脂和高效能馬達、電池外殼和能源系統的粉末塗料等關鍵平台呈現強勁發展勢頭。這些解決方案使我們能夠實現有機成長，並鞏固了艾仕得作為在廣泛的工業應用領域提供高性能塗料的值得信賴的合作夥伴的地位。

Within each of our businesses, we feel our results demonstrate our ability to execute well in any environment and pave the path to growth through excellent technology and long-standing customer relationships.

在我們的每項業務中，我們認為我們的業績證明了我們在任何環境下良好執行的能力，並透過卓越的技術和長期的客戶關係鋪平了成長之路。

This concludes our prepared remarks. Thank you for joining us today. Operator, please open the line for questions.

我們的準備好的演講到此結束。感謝您今天加入我們。接線員，請打開熱線以回答問題。

(Operator Instructions) Chris Parkinson, Wolfe Research.

（操作員指示）克里斯·帕金森，沃爾夫研究公司。

So -- US refinish market has been facing challenges for the last several quarters and there's a clear divergence between collision claims versus collision rates. Can you just give us kind of your current assessment to the best of your ability in terms of what you're hearing from the MSOs, what you're hearing from the distribution channel, including their own rationalization actions and just how we should be thinking about the setup for, let's say, into year-end and into 2026, just given we've already been in this scenario for the last three or so quarters.

因此，美國汽車修補市場在過去幾季一直面臨挑戰，碰撞索賠與碰撞率之間存在明顯差異。您能否根據您從 MSO 和分銷渠道聽到的信息，包括他們自己的合理化行動，以及我們應該如何考慮到年底和 2026 年的設置，盡您所能地給我們提供您目前的評估，因為在過去的三個季度左右我們已經處於這種情況了。

Sure, I'll take this one. So as I said in my prepared remarks, what we're seeing is accidents are still occurring. So -- and from -- what we did was we did a ton of research also, if you listen to our peers as well as our distribution partners. What we can see is accidents are down probably about 1% to 2% in terms of looking at pretty much all the states. But where you are seeing the disconnect, obviously is in claims.

當然，我要這個。正如我在準備好的演講中所說的那樣，我們看到事故仍在發生。所以——如果你聽聽我們的同行以及分銷合作夥伴的意見，你會發現我們也做了大量的研究。我們可以看到，從幾乎所有州的情況來看，事故發生率大概下降了 1% 到 2%。但你看到的脫節顯然是在索賠方面。

And this is really coming from as I said in the remarks where cost of insurances and certainly where repair costs have gone. And certainly, I think this is something that is -- we knew was coming. I would say, if you looked at the last, to your point, three quarters. But beyond that, if I looked at the last two years, we certainly have seen inflation both in insurance rates and certainly in the cost of repairs.

正如我在評論中所說的那樣，這實際上源於保險成本和維修成本的減少。當然，我認為這是我們知道會發生的事。我想說，如果你看最後的觀點，那就是四分之三。但除此之外，如果我回顧過去兩年，我們確實看到保險費率和維修成本都出現了通貨膨脹。

The good news is that we are seeing that abate. And I think as we looked at data coming into this quarter as well as if you look forward, even in terms of how we're driving our guide for Q3, you're certainly seeing -- what we're seeing is that this is starting to abate or at least stabilize. I'm starting to see insurance rates starting to flatline. And certainly because backlogs are also starting to come down from the time in terms of our MSO partners, what you can see is with backlog starting to come down from the pre-Covid levels.

好消息是，我們看到這種情況正在減弱。我認為，當我們查看本季度的數據以及展望未來時，甚至就我們如何推動第三季度的指導而言，您肯定會看到 - 我們看到的是這種情況開始減弱或至少穩定下來。我開始看到保險費率開始趨於平穩。當然，由於我們的 MSO 合作夥伴的積壓訂單也開始減少，您可以看到積壓訂單開始從疫情前的水平下降。

What we see is the opportunity for cost here at the repair shops also to abate. So I do believe that this marketplace will change. I do believe this is probably sometime in '26. So that's the perspective we have.

我們看到的是修理店的成本也有機會降低。所以我確實相信這個市場將會改變。我確實相信這可能是在 26 年的某個時候。這就是我們的觀點。

In terms of our distribution partners, they're facing some of the similar challenges we did. So coming into the quarter as well as, I would say, coming into the year, they were sitting on excess inventory. And if you look at how we approach the market in the US versus Europe. In Europe, we go to market with retail as well as distribution and we're certainly seeing less challenges there.

就我們的分銷合作夥伴而言，他們面臨著與我們類似的一些挑戰。因此，我想說，進入本季以及進入今年，他們的庫存過剩。如果你看看我們如何對待美國市場和歐洲市場。在歐洲，我們透過零售和分銷進入市場，我們在那裡遇到的挑戰肯定較少。

In North America, obviously, our distributors are doing the right thing and they're great partners, and they're essentially adjusting their inventory to reflect the current market conditions. I believe that usually takes a couple of quarters to sort out. So again, I believe that will also sort out into probably the early part of next year.

在北美，我們的經銷商顯然正在做正確的事情，他們是優秀的合作夥伴，他們基本上正在調整庫存以反映當前的市場狀況。我相信這通常需要幾個季度才能解決。所以，我相信這個問題可能在明年年初就會解決。

But at this point, the good news from our perspective is as we look at Q3, we see stabilization. And you can see that in our guide, we're essentially guiding for a record Q3, which essentially states that we believe there's some level of stabilization in the marketplace going forward.

但就目前而言，從我們的角度來看，好消息是，當我們展望第三季時，我們看到了穩定。您可以在我們的指南中看到，我們基本上預測第三季將創下紀錄，這基本上表明我們相信未來市場將達到一定程度的穩定。

Got it. Just as a quick follow-up. Chris, there's always been this undertone of cost improvement given an Axalta story, essentially dating back to the IPO. You seem fairly optimistic and your execution in fairness showed it this quarter, especially in mobility, but you seem fairly optimistic that the margin story and the productivity story and the manufacturing rationalizations are still in the early innings.

知道了。只是作為一個快速的後續行動。克里斯，艾仕得的故事中一直存在著成本改進的暗示，基本上可以追溯到首次公開發行 (IPO) 時期。您似乎相當樂觀，公平地說，您本季的執行情況也表明了這一點，特別是在移動領域，但您似乎相當樂觀地認為利潤率故事、生產力故事和製造合理化仍處於早期階段。

Can you just give us an update on your own thought process in terms of that cadence and how we should be thinking about that intermediate to long term? And whether or not your own presumption about long-term margins is better or worse from when you began to be CEO?

您能否向我們介紹一下您在該節奏方面的思考過程以及我們應該如何考慮中期和長期目標？以及，從您擔任執行長以來，您對長期利潤率的假設是變好還是變壞了？

That's a great question, Chris. I'd love to answer that. So -- we -- if you think about our A plan, we're just two years into an A plan so this is not two sessions of an A plan. We haven't done 6 years of this. We've done just two years of it.

克里斯，這個問題問得真好。我很樂意回答這個問題。所以——我們——如果你考慮一下我們的 A 計劃，我們才剛剛實施了兩年，所以這不是 A 計劃的兩個階段。我們已經有六年沒有這樣做了。我們只做了兩年。

And just looking at what the team has been able to accomplish in two years. You've got to put in perspective that from a cost standpoint, with all that we have driven, it's about $300 million. So it's just an enormous accomplishment and I look at it as the multitude of buckets what we've done in operational excellence, in terms of footprint and what we have done in productivity, what we have done with material performance across direct and indirect materials as well as then what we did with the transformation initiative.

看看這個團隊在兩年內的成就。你必須從成本角度考慮，我們所做的一切花費大約為 3 億美元。所以，這只是一項巨大的成就，我將其視為我們在卓越營運、足跡、生產力、直接和間接材料的材料性能以及轉型計劃方面所做的眾多工作。

And across all of those I mean just true kudos to the team. We're well ahead of plan across all of them material performance has been well ahead of plan for now six quarters. I look at transformation, we're ahead of plan. And then finally, I think we're in the early innings of our operational excellence plan because we've just done some plant optimization and we're just installing the capital to really get the productivity in place. So I see that as incremental opportunity.

而對於所有這些，我只想向團隊表達真正的敬意。我們所有的材料性能都遠遠超出了計劃，目前六個季度以來，我們的材料性能一直遠遠超出計劃。我看轉型，我們已經領先計劃。最後，我認為我們正處於卓越營運計劃的早期階段，因為我們剛剛完成了一些工廠優化，並且正在投入資金以真正實現生產力。所以我認為這是一個漸進的機會。

That said, Chris, I think the one thing is Axalta still has $3.5 billion to $4 billion of cost. We have $1 billion of labor and burden costs and we have $3 billion between direct and indirect materials. So there is still a large portion of cost that I believe that provides an opportunity and why I believe that is in the current marketplace, there is now excess capacity. I also see new capacities coming in for supply from a supply standpoint in Asia. So I do believe that there is still upside on material performance in the future.

話雖如此，克里斯，我認為艾仕得的成本仍有 35 億至 40 億美元。我們的勞動力和負擔成本為 10 億美元，直接和間接材料成本為 30 億美元。因此，我認為仍然有很大一部分成本提供了一個機會，而我認為這是因為在當前市場中，產能過剩。從供應角度來看，我還看到亞洲正在湧現新的供應產能。因此我確實相信未來材料性能仍有上升空間。

On top of that, everything that I see with AI and technology, what we can do to provide services will vastly improve. And the simplicity of that is even the Nimbus tool, how we access our customers in the Refinish space.

除此之外，我看到人工智慧和技術的發展，我們所提供的服務將會得到極大的改善。Nimbus 工具是如此簡單，讓我們能夠輕鬆接觸到 Refinish 領域的客戶。

Next year, we're going to put 40,000 Nimbus platforms across our body shops. That will provide us data on efficiency and productivity across our MSO customers as well as give them the ability to order online on our full suite of products that drives enormous levels of supply chain efficiency and sales efficiency. And then I think there's even more we could do with AI on our, let's call it, back office and customer service side.

明年，我們將在車身修理廠安裝 40,000 個 Nimbus 平台。這將為我們提供 MSO 客戶的效率和生產力數據，並使他們能夠在線上訂購我們的全套產品，從而大幅提高供應鏈效率和銷售效率。然後我認為我們可以在後台和客戶服務方面利用人工智慧做更多的事情。

So I do believe there's still a true story, and we're still in the early innings of our, let's call it, our operational performance story or our cost story. And I do believe there is still upside on our margin story, and I look forward to telling you about that in the next A plan.

所以我確實相信這仍然是一個真實的故事，我們仍然處於我們的早期階段，我們稱之為我們的營運績效故事或成本故事。我確實相信我們的利潤率仍有上升空間，我期待在下一個 A 計劃中告訴大家這一點。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

This is actually Josh Lesley on for Ghansham. I just wanted to go back. You guys gave a good chart in 1Q, just focusing on your organic net sales performance relative to industry volume performance. I wonder if you could just go through that specific to 2Q. Just talk about how Axalta performed amongst your business units relative to broader end market performance.

這實際上是 Ghansham 的 Josh Lesley。我只是想回去。你們在第一季給了一個很好的圖表，只專注於相對於產業銷售表現的有機淨銷售額表現。我想知道您是否可以具體介紹一下第二季的情況。只要談談艾仕得在您的業務部門中的表現相對於更廣泛的終端市場表現如何。

Yes. So from an organic perspective, you could see the top line we were down about 3%, obviously, from a consolidated basis across all of our markets. If I break it down by business, I would say, mobility continues to perform extremely well. So we were up in three of the four markets. And when I kind of look at just across mobility, which is more of a light vehicle story.

是的。因此，從有機角度來看，你可以看到，從我們所有市場的合併基礎來看，我們的營收顯然下降了約 3%。如果我按業務細分，我會說，行動性繼續表現得非常好。因此我們在四個市場中的三個市場都取得了成長。當我從移動性角度來看時，這更多的是一個輕型車輛的故事。

I think commercial vehicle that continues to be really a great story for Axalta. So if you look at Class 8, that market was down about 17% in the quarter year-on-year. And you could see we were down very low single digits in commercial vehicle. And that was really driven by just continued outperformance in our CTS business, as well as outperformance even within commercial trucks. So across the board, I think our mobility team continues to execute extremely well.

我認為商用車對於艾仕得來說將持續成為一個偉大的故事。因此，如果你看第 8 類，你會發現該市場本季年減了約 17%。您可以看到，我們的商用車銷售量下降了非常低的個位數。這實際上是由我們 CTS 業務的持續優異表現以及商用卡車的優異表現所推動的。因此，總體而言，我認為我們的行動團隊的表現仍然非常出色。

And the industrial business, we were down about 6% on a year-over-year basis. I think we're seeing that kind of in line with the markets that we participate in. And then the last one, if I look at really is what is happening in Refinish. Chris kind of articulated what's happening here in North America. But if I look at -- we continue to perform and outperform markets in Europe as well as in the rest of the world as well.

工業業務較去年同期下降約 6%。我認為我們看到的這種情況與我們參與的市場是一致的。最後一個，如果我看一下 Refinish 中真正發生的事情。克里斯清楚地描述了北美正在發生的事情。但如果我看一下——我們的表現繼續優於歐洲以及世界其他地區的市場。

So again, I think we're very excited for the performance in the quarter. And just as a continued reminder, this is a record EBITDA and record EPS quarter for Axalta in a pretty tough macro. And I think we're more excited about when revenue does inflect positively, that we will outperform quite dramatically.

因此，我認為我們對本季的表現感到非常興奮。再次提醒一下，在宏觀經濟狀況相當嚴峻的情況下，這是艾仕得創紀錄的 EBITDA 和 EPS 季度。我認為，當收入確實出現正面變化時，我們會更加興奮，因為我們的表現將會非常出色。

Okay. Great. That was super helpful. Maybe one more for me just focusing in on guidance. If I look at the implied adjusted EBITDA 4Q guidance for the remainder of the year implies a pretty healthy step-up on a year-over-year basis and 4Q.

好的。偉大的。這非常有幫助。對我來說也許還有更多，只是專注於指導。如果我看一下今年剩餘時間隱含的調整後 EBITDA 第四季度指引，就會發現與去年同期相比，第四季的 EBITDA 成長相當健康。

So just wondering if for modeling purposes, if there's anything we should keep in mind that's driving that step up or just any puts and takes there.

所以只是想知道，出於建模的目的，我們是否應該記住推動這一進步的任何事情，或者只是任何投入和收穫。

Yes. No. I mean, again, as we look at overall from a company perspective. We are we continue to execute. So we have -- there's continued opportunities we're seeing in cost actions. We are anticipating that don't forget in the fourth quarter. Mobility revenue will step up from where it's kind of running at in the third quarter. We're also seeing Refinish will begin to inflect a little positively as well, which will actually help the overall margin story and the EBITDA story for us.

是的。不。我的意思是，我們再從公司的角度來看整體狀況。我們將繼續執行。因此，我們在成本行動中看到了持續的機會。我們預計第四季不會忘記這一點。行動收入將比第三季增加。我們也看到 Refinish 也將開始出現一些正面的變化，這實際上將有助於我們的整體利潤率和 EBITDA 情況。

So as you could see in the guide, we did take it down slightly about $10 million for the year kind of at the midpoint or at the low end of the range. But I would say, given the performance that we just did in the first half of the year, we obviously are very committed to ensuring we deliver the guidance we set for us.

因此，正如您在指南中看到的那樣，我們確實將年度預算略微下調了約 1000 萬美元，處於中間值或低端。但我想說，鑑於我們今年上半年的業績，我們顯然非常致力於確保實現我們設定的指導方針。

John Roberts, Mizuho Securities.

瑞穗證券的約翰羅伯茲。

The US had a pull forward in auto sales in April into May and then sales cooled in June. How is that affecting new car production? And in the -- non-US MSCA compliant cars, are you seeing any positioning yet in Canada and Mexico in anticipation of kind of the tariff changes?

美國汽車銷量在 4 月至 5 月有所回升，但 6 月銷量下降。這對新車生產有何影響？對於不符合美國 MSCA 標準的汽車，您是否看到加拿大和墨西哥已經做好了應對關稅變化的準備？

Actually, for us, John, thanks for the question. The strong -- when I look at last quarter, US was actually a bit weaker because some of the customers that we had took some shutdowns. For us, the strength really came as it continues to from China and LatAm. China, the market was somewhat stable, but we continue to grow and outpace the market. And LatAm, obviously, with our new business wins was just a great, great story for us.

實際上，對我們來說，約翰，謝謝你提出這個問題。強勁—當我回顧上個季度時，美國實際上有點弱，因為我們的一些客戶關閉了業務。對我們來說，真正的力量來自於中國和拉丁美洲。中國市場相對穩定，但我們繼續成長並超越市場。顯然，我們在拉丁美洲取得的新業務勝利對我們來說是一個非常偉大的故事。

Another good story and Carl hit on this, three out of the four quarters -- or sorry, regions were up for us. And Europe was also good in terms of the market was stable, and we also outperformed the market slightly here. So those were three good news stories for us.

另一個好故事是卡爾講到的，四個季度中有三個——或者抱歉，是地區，對我們來說都是有利的。歐洲市場也表現良好，市場穩定，我們的表現也略優於市場。所以這對我們來說是三個好消息。

Specific to North America, in terms of pull forwards, we actually saw some of our customers down for a period in North America. So we do expect actually a little bit of a step up beyond just the normal shutdowns that we have in Q3. So my -- our objective is actually to see probably consistent volumes and to the point that Carl made, I think, on top of what we're seeing in light vehicle, I would say like vehicle is up, builds are up slightly from 89% to let's call it this 89.2% to 89.4%. We expect, I think, probably about a 1% to 2% increase based on our performance to the back end, a lot of it is which is coming from China and LatAm.

具體到北美，就拉動而言，我們實際上看到北美的一些客戶在一段時間內處於停滯狀態。因此，我們確實預計，除了第三季的正常停工之外，還會有進一步的措施。因此，我的目標實際上是看到可能一致的數量，正如卡爾所說的那樣，我認為，除了我們在輕型汽車方面看到的情況之外，我想說汽車數量正在上升，生產量從 89% 略微上升到 89.2% 到 89.4%。我認為，根據我們後端的表現，我們預計可能會有 1% 到 2% 的成長，其中很大一部分來自中國和拉丁美洲。

On top of that, and I know you didn't ask about this, but the commercial vehicle story, Carl gave you a perspective of Q3. But when we look at the full year, we're expecting the market to be down probably about 25% to 30%, but we will be up -- probably 1% or 2%. That's really driven by the fact that the team has just done an incredible job of really selling into the commercial transportation space. And just taking the downtrack volume from Class 8 and being able to quickly pivot and really do a good -- great story selling into the CTS space.

除此之外，我知道你沒有問到這個，但是關於商用車的故事，卡爾給了你關於第三季的看法。但當我們展望全年時，我們預計市場可能會下跌約 25% 至 30%，但我們可能會上漲 1% 或 2%。這實際上是因為該團隊在商業運輸領域做出了令人難以置信的銷售表現。只要從 Class 8 取得下行音量，就能快速旋轉，真正做好一個好故事——將精彩的故事賣到 CTS 空間。

Duffy Fischer, Goldman Sachs.

高盛的達菲費雪。

I was wondering if you could help size -- so you talk about 1,600 new body shop wins year-to-date, how does that compare to last year? What does that mean as far as kind of incremental revenue for you guys this year? Is there a load into that anniversaries and then roughly how long do you think you can keep this pace? It seems like a very big number relative to the number of body shops in the UCCS. So is there a half-life on this where you can do it for another year or two years?

我想知道您是否可以幫助估算一下規模——您說今年迄今為止新車身修理廠的訂單量為 1,600 家，與去年相比如何？這對你們今年的增量收入意味著什麼？這些週年紀念日的負擔是否很重？您認為您大概能保持這個節奏多久？相對於 UCCS 中的車身修理廠數量來說，這個數字似乎非常大。那麼，這個方法是否有一個半衰期，可以再撐一年或兩年？

Well, that's a great question. We've actually done 10,000 body shops over the last four years, Duffy. And if you look at it, I mean, we have normally average about 2,400 to 2600 a year, and that was what we had last year. So it's a great new story for the first half of the year and what we've accomplished to your point. And the really cool part about that is a significant amount of that.

嗯，這是一個很好的問題。達菲，在過去四年裡，我們實際上已經完成了 10,000 家車身修理廠的維修。如果你看一下，我的意思是，我們通常平均每年有大約 2,400 到 2600 個，這就是我們去年的數量。所以，對於您所說的而言，這是上半年的一個偉大的新故事，也是我們所取得的成就。而真正酷的部分是其中的大量內容。

We had a record number of mainstream and economy body shops in that, which was a great story because it aligns with the strategy. We wanted to get into mainstream and economy because it's only about 10% to 11% market share that we have here versus the premium space where we have over 40% market share.

我們擁有創紀錄數量的主流和經濟型車身修理廠，這是一個很棒的故事，因為它符合我們的策略。我們希望進入主流和經濟領域，因為我們在這裡只佔有 10% 到 11% 的市場份額，而在高端領域我們擁有超過 40% 的市場份額。

So it's actually been a great story for us because we've been able to pivot and grow into this area. And it aligns with the CoverFlexx acquisition. So it's been good. I truly believe, especially with the market share that we have in mainstream and economy. We have a pretty good runway ahead of us.

所以這對我們來說實際上是一個偉大的故事，因為我們已經能夠轉向並發展到這個領域。這與 CoverFlexx 收購一致。所以一切都很好。我確實相信，尤其是考慮到我們在主流和經濟領域所佔有的市場份額。我們的前方有一條相當不錯的跑道。

So we can continue at this space as I think about the back half of the year. And certainly, it's a step from where we have been but we've consistently delivered about 2,500 net body shops or 10,000 over the last four years.

因此，當我考慮今年下半年時，我們可以繼續在這個領域工作。當然，這是我們過去的進步，但在過去四年中，我們一直保持著約 2,500 個淨車身修理廠或 10,000 個淨車身修理廠的記錄。

Great. And then just a second one, how can you get investors comfortable? Because obviously, your Refinish numbers on the top line look a little bit weaker than your two US peers that have given us data, they're down low single digits and you're down high. How can you get people comfortable that there's not something structural happening there?-- that it is just a customer mix issue and that, that should mean revert?

偉大的。那麼第二個問題，如何讓投資人感到安心？因為很明顯，你們的修補漆業務的營收數字看起來比向我們提供數據的兩家美國同行要弱一些，他們的數字下降了個位數，而你們的數字下降了不少。您怎麼能讓人們放心，那裡沒有發生結構性問題？ ——這只是一個客戶組合問題，而這應該意味著恢復？

Yes, Duffy, as we look at this -- the quarter played out exactly as we were planning and what we shared with you and the investor community last quarter. So Chris talked there is destocking going on with one of our large customers. That will continue to play out probably through the -- through Q3 and maybe towards the end of the year. But overall, we continue to win in refinish. We are winning in North America, in EMEA and across the world.

是的，達菲，從我們的角度來看，本季的進展完全按照我們的計劃進行，也完全按照我們上個季度與您和投資者社區分享的內容進行。克里斯說，我們的一個大客戶正在削減庫存。這種情況可能會持續到第三季甚至年底。但總體而言，我們在修補方面繼續獲勝。我們在北美、歐洲、中東和非洲地區以及世界各地都取得了成功。

We are extremely bullish about our Refinish business as we move forward. I think this is temporary and every measure that we look at, Chris, kind of articulated some of the recent trends on costs and repair.

我們對我們的修補業務的未來發展非常樂觀。我認為這只是暫時的，我們看到的每一項措施，克里斯，都表達了成本和維修方面的一些最新趨勢。

One interesting perspective as well as we think about some of the reconditioning companies out there as well, we're seeing pretty significant increases in activity. And I think that usually tends to be a precursor for where the market is going to go in the future.

一個有趣的觀點是，當我們考慮一些修復公司時，我們看到它們的活動顯著增加。我認為這通常是未來市場走向的先兆。

So overall, I mean this is the number one question we get. I would just keep pointing out that even in the quarter that we just announced, Axalta had its best EBITDA and best earnings per share in the history of the company.

總的來說，這是我們收到的最多的問題。我只是想指出，即使在我們剛剛宣布的季度中，艾仕得也實現了公司歷史上最好的 EBITDA 和每股收益。

Maybe just adding to what Carl said. And I think we're referring to CarMax and Carvana and in reality, if you think about lease cars coming off two years ago, it was about 16%, I think, in 2022. In '24, it's 24% of cars are being leased. And the good news there is when lease cars get traded in, even if a consumer doesn't want to fix a ding, a dealer wants to fix that thing before that car is sold. And so we do believe that this market will inflect and change here in the future.

也許只是補充一下卡爾所說的話。我認為我們指的是 CarMax 和 Carvana，實際上，如果你想想兩年前出現的租賃車，我認為到 2022 年，這一比例約為 16%。24 年，24% 的汽車都是租賃的。好消息是，當租賃汽車進行交易時，即使消費者不想修理凹痕，經銷商也願意在汽車出售之前解決這個問題。因此我們確實相信這個市場未來將會轉變和改變。

Matthew Deo, Bank of America.

馬修·迪奧，美國銀行。

Question for me, I guess. So Plan A, obviously gone really well. Earnings are up, margins are up. end markets aren't cooperating. But I think generally, people agree, the Axalta House looks increasingly in order.

我想，這對我來說是一個問題。因此，計劃 A 顯然進展順利。收益上升，利潤上升，但終端市場不配合。但我認為，整體而言，人們都同意，艾仕得集團看起來越來越井然有序。

I know you kind of answered Parkinson's question a bit on more to do on the cost front. But I'm just thinking about -- it's kind of a rare opportunity where one of your larger peers is kind of finally looking inward. And so wondering why right now isn't a better time to make a play and do something a bit more structural with your portfolio here? Yes, I'll leave it there.

我知道您已經回答了帕金森的問題，在成本方面還有更多工作要做。但我只是在想——這是一個難得的機會，你的一個更大的同行終於開始向內看。那麼，您想知道為什麼現在不是採取行動並對投資組合進行一些更具結構性調整的更好時機嗎？是的，我就把它留在那裡。

Yes. So I think -- thanks for the question. First, the -- coming in, one thing that we wanted to do was certainly drive the margins to a point that we believed that we could get the businesses to. I think the first objective was to -- looking in the past two years, we wanted to make sure the foundation was at a strong point. And that was not in terms of one business, but it was across all three businesses.

是的。所以我認為——感謝您的提問。首先，我們想要做的一件事就是將利潤率提高到我們認為能夠實現的水平。我認為第一個目標是——回顧過去兩年，我們希望確保基礎穩固。這並不是針對某一項業務而言的，而是針對所有三項業務而言的。

And if I look at where margins have come, we've done 1,500 basis points of margin improvement even if we look at mobility and certainly over 1,000 if I look at where we've come in terms of Industrial. And the targets, to your point that we set on industrial, we set a target of 400 basis points improvement just less than two years ago, and they're going to be well north of that as we finish the year.

如果我看一下利潤率的變化，即使我們看一下流動性，我們的利潤率也提高了 1,500 個基點；如果我看一下工業方面的利潤率，我們的利潤率肯定提高了 1,000 多個基點。至於您提到的工業目標，我們在不到兩年前就設定了 400 個基點的改善目標，到今年年底，我們的工業成長率將遠遠超過這個目標。

But primarily, the objective was to set the foundation at a good place and then to make choices on if there were opportunities. I still think there is still a little bit more to be done on the cost side and the margin side. Even with the current marketplace, I would tell you that for us if I looked at the four metrics on the financial metrics that we had with the exception of obviously where we are with markets and sales, we will hit all the other four, A plan metrics a year ahead of plan or by the end of this year. And one of those other metrics that we have to hit is then $1.2 billion of EBITDA, which comes off 21% or 22%.

但主要目的是打好基礎，然後根據機會做出選擇。我仍然認為在成本方面和利潤方面還有很多工作要做。即使在當前的市場中，我可以告訴你，對於我們來說，如果我看一下我們擁有的四個財務指標，除了顯然我們的市場和銷售狀況之外，我們將提前一年或在今年年底達到其他四個計劃指標。我們必須達到的另一個指標是 12 億美元的 EBITDA，即 21% 或 22%。

And my plan is to make sure that we certainly hit that next year. And even with the current markets, I'm absolutely confident this team will certainly get there.

我的計劃是確保我們明年一定能實現這一目標。即使在目前的市場環境下，我也絕對相信這支團隊一定能夠成功。

So then to your question, what do we do next? And what we want to do is probably by February, spring of next year, we'll give a new plan, which will essentially walk us through where we're going through A 2029 or the next three years. And that will give you a perspective of what we want to do maybe with some of the portfolio as well as where we believe there's opportunities for growth because we want to pivot.

那麼對於你的問題，我們下一步該怎麼做？我們要做的是，大概在明年二月，也就是明年春天，我們會給出一個新的計劃，這個計劃基本上會引導我們完成 2029 年或未來三年的目標。這將讓您了解我們可能想對部分投資組合做些什麼，以及我們認為哪些方面有成長機會，因為我們想要轉型。

Axalta has one of the strongest margins in the coatings industry, and we believe we can take this platform and build on it and drive growth and also drive a little bit more margin. And I look forward to giving you that perspective in about six to nine months from now.

艾仕得是塗料行業利潤率最高的公司之一，我們相信我們可以利用這個平台，推動成長，同時提高利潤率。我期待著在大約六到九個月後向你們提供這個觀點。

Okay. And -- follow up, price in auto OEM was nicely positive on the quarter, and you mentioned kind of the onetime true-up. How are you able to do that in a world where, I guess, one of your peers is talking about index pricing lower? And is this -- should this carry through the next 12 months? Or is this just -- I mean, I assume versus just like a one quarter thing. Can we flesh this out a little bit?

好的。並且——後續，本季汽車 OEM 的價格表現良好，您提到了一次性調整。我想，當你的一位同行正在談論指數定價降低時，你如何能夠做到這一點？這是否應該持續接下來的 12 個月？或者這只是——我的意思是，我假設與四分之一的事情相比。我們可以稍微詳細地闡述一下嗎？

Yes, I wouldn't say it's a one quarter issue or Matt, as I look at it. There was -- we did call out there was some benefits. We called them onetime. But there -- if you look a little closer, there's about eight discrete actions that the team executed across every single region. And so yes, these will not repeat. That's why we kind of referenced that they're kind of onetime in nature.

是的，在我看來，我不會說這是四分之一的問題或馬特的問題。我們確實指出了存在一些好處。我們曾經打過電話給他們。但是——如果你仔細觀察，你會發現團隊在每個地區執行了大約八個獨立的行動。是的，這些不會重複。這就是為什麼我們提到它們本質上是一次性的。

But this isn't just one item. This is -- again, this was just a part of the execution story that we think as far as that came through in mobility, especially in what we're seeing in light vehicles. So I think as we look forward, the margin profile of the Mobility business, even if I was to strip out some of this benefit, we still did well over 18% EBITDA margins in the quarter. And as I look forward, from where we did last year, we're going to be well north of 17% for the full year for mobility. So great performance, price mix will be positive for the entire year. And again, it speaks to what we can do from Axalta, and that's what we can -- and we can execute. I think that's been proven every single quarter over the last two years, and that will continue as we move forward.

但這不僅僅是一件物品。再說一次，這只是我們認為的在移動性方面實現的執行故事的一部分，特別是我們在輕型車輛中看到的情況。因此，我認為，展望未來，即使我剔除部分收益，行動業務的利潤率狀況在本季仍能實現超過 18% 的 EBITDA 利潤率。展望未來，與去年相比，我們的全年行動出行成長率將遠高於 17%。如此出色的表現，價格組合對全年而言都將是利好。再次，它說明了我們可以透過 Axalta 做什麼，這就是我們能夠做到的——並且我們能夠執行的。我認為過去兩年的每個季度都證明了這一點，而且隨著我們繼續前進，這種情況還將繼續下去。

Josh Spector, UBS.

瑞銀的喬許·斯佩克特。

I just had two quick follow-ups. First related to kind of what you just talked about. When you talk about the pricing true-up in mobility it sounds like from your comments, there's a little bit of a onetime nature of that in the quarter. I guess, was there a point or two of pricing that's unique that may be helped by $5 million plus in the quarter that doesn't repeat? Or is that not correct?

我剛剛進行了兩次快速的跟進。首先與您剛才談到的內容有關。當您談到移動出行的定價調整時，從您的評論來看，本季的定價調整具有一次性的性質。我想，是否存在一兩個獨特的定價點，可能會因本季 500 萬美元以上的收入而得到幫助，而這種幫助不會重複？還是這不正確？

And then the other question was more around 4Q. I think Carl in your remarks, you talked about performance sales up year-over-year on fourth quarter. Just given some of the commentary around Refinish, maybe not improving until 2026, how do you have visibility on that?

另一個問題與第四季有關。我認為卡爾在您的演講中談到了第四季度業績銷售額同比增長。剛剛給了一些關於 Refinish 的評論，可能要到 2026 年才會有所改善，您對此有何看法？

Yes. Thanks, Josh. Yes, relative to the mobility pricing, as I just articulated, we have -- as I said, there is a very specific discrete actions that are across the board in every single region that the team executed on. And so I think some of those were onetime in nature but the rest of what they were able to do is more sustaining. So don't forget, we are ramping up new business in Brazil, which has definitely a positive impact in price mix.

是的。謝謝，喬希。是的，相對於行動定價，正如我剛才所說，我們有——正如我所說，團隊在每個地區都採取了非常具體的、全面的離散行動。因此我認為其中一些是一次性的，但他們所能做的其餘事情則更具持久性。所以別忘了，我們正在巴西拓展新業務，這肯定會對價格組合產生正面影響。

For light vehicle, we also have had some businesses that have been some -- that have shifted around in other parts of Latin America, that's also positive for price mix that will continue. So that's why I think if you look at that business, we're very confident in our ability to deliver well north of 17% margins for the full year.

對於輕型車輛，我們也有一些業務已經轉移到拉丁美洲的其他地區，這對價格組合的持續發展也有積極作用。所以我認為，如果你看一下這項業務，你會發現我們非常有信心能夠達到全年 17% 以上的利潤率。

And then as I look at the fourth quarter, Again, if you look at just -- we sometimes get caught up on the year-on-year comparisons on Refinish. But sequentially, if you just look at what Refinish has done Q1, Q2 and -- and that is in our guide for Q3, the revenue has been roughly flat.

然後，當我回顧第四季時，如果你再看一下——我們有時會陷入 Refinish 的同比比較中。但按順序來看，如果你只看 Refinish 第一季、第二季的表現——這也是我們對第三季的指導，那麼營收基本上持平。

And to Chris' point, that has been -- we're seeing some stability in that business. I think the year-on-year comps don't look as good. But if I look at a sequential basis, we're seeing that stability. And as we look into Q4 and what we're seeing, especially with the channels, with what we're seeing in EMEA that we do expect that to pick up. And so we have a high degree of confidence that, that will occur. And more importantly that will deliver on our guidance for the year.

正如克里斯所說，我們看到該業務有所穩定。我認為同比情況看起來不太好。但如果我看一下連續的基礎，我們就會看到這種穩定性。當我們展望第四季度以及我們所看到的情況時，特別是從通路來看，從我們在歐洲、中東和非洲地區看到的情況來看，我們確實預計這種情況會有所改善。因此，我們非常有信心，這將會發生。更重要的是，這將實現我們今年的指導。

Vincent Andrews, Morgan Stanley.

摩根士丹利的文森安德魯斯。

I wanted to ask about price in Performance Coatings or price mix, I should say, at least versus our forecast and I think what you said at 1Q, I think it came in a little bit lower than I think we're kind of talking about flattish maybe around 1Q, and it came in down 2%. So if you could talk about that a little bit. And then I have a follow-up.

我想問高性能塗料的價格或價格組合，我應該說，至少與我們的預測相比，我認為你在第一季度所說的價格略低於我們談論的在第一季度左右的持平水平，並且下降了 2%。所以你能稍微談論一下這個嗎？然後我有一個後續問題。

Sure. So I'll take this one. So the first thing is two reasons. The first one is, obviously, our strongest margin performance region is North America. So when North America is down as it was in the last quarter, you get a negative mix impact primarily because of the size of North America.

當然。所以我會選擇這個。所以第一件事有兩個原因。第一個顯然是我們利潤表現最強勁的地區是北美。因此，當北美像上一季那樣下滑時，你會受到負面的綜合影響，這主要是因為北美的規模。

It's not something that our performance in Europe, LatAm and Asia can offset, especially with the scale of the decline year-over-year comp on -- specific to North America. But the second reason was it's really our strategy. It's our growth story. If you really put it in perspective, where we wanted to grow was mainstream and economy.

這不是我們在歐洲、拉丁美洲和亞洲的業績能夠彌補的，尤其是考慮到北美地區同比下滑的幅度。但第二個原因是這確實是我們的策略。這是我們的成長故事。如果你認真地看待這個問題，我們想要發展的方向是主流和經濟。

And as I said, we had a record number of mainstream and economy body shop wins in Q2 with the highest in Axalta's near-term history here as far back as we can look. And so that was a great story of number of wins, but those are actually going to come in even probably in Q3 and Q4, but our performance to the mainstream and economy segment essentially means the mix -- the price point is lower.

正如我所說，我們在第二季度贏得了主流和經濟型車身修理廠的訂單，創下了艾仕得近期歷史上的最高紀錄。這是一個關於勝利的偉大故事，但這些勝利實際上甚至可能在第三季和第四季實現，但我們在主流和經濟領域的表現基本上意味著混合——價格點較低。

So it actually impacts us from a mix standpoint as we grow this. For us, obviously, from, let's call it, a Refinish margin perspective, the mix is negative. But for overall Axalta or for overall Performance Coatings margin, it's actually accretive because of the size of the scale of how it impacts us.

因此，當我們發展這項業務時，它實際上會從混合角度對我們產生影響。對我們來說，顯然，從修補利潤率的角度來看，這種組合是負面的。但對於整個艾仕得或整個高性能塗料的利潤率而言，它實際上是增值的，因為它對我們的影響規模很大。

Okay. And if I could just ask, if I think about the sort of value chain of Refinish. And I think about three things that we're talking about today. One, obviously, there's less claims coming from the consumer. You also mentioned that body shops still have backlogs, but that your distributor customers are destocking.

好的。我可以問一下，我是否考慮過 Refinish 的價值鏈。我想到了我們今天要討論的三件事。首先，顯然來自消費者的索賠減少了。您也提到車身修理廠仍有積壓訂單，但您的經銷商客戶正在減少庫存。

So I'm just trying to reconcile that situation because it would seem to me that the body shops having selling backlogs wouldn't so much be hurting your volumes and it also doesn't -- it just seems like there's a little tension between less claims still having a backlog and distributors do talking. So if you could help me connect that, I'd appreciate it.

因此，我只是試圖調和這種情況，因為在我看來，車身修理廠的銷售積壓不會對你們的銷量造成太大的損害，而且它也沒有——只是在索賠減少、積壓的銷售量減少和分銷商的談判之間存在一點緊張關係。因此，如果您能幫助我實現這一點，我將非常感激。

Sure. What I meant was backlogs are coming down. Backlogs were at a very high peak in front of body shops previously and that's been coming down and so with backlogs coming down it essentially means that body shops are having to find are being more cost competitive because backlogs are starting to come down from where they were two, three years ago coming out of the pandemic.

當然。我的意思是積壓訂單正在減少。以前，汽車修理廠的積壓訂單量非常高，而現在積壓訂單量一直在下降，因此，隨著積壓訂單量的下降，這實際上意味著汽車修理廠必須找到更具成本競爭力的方法，因為積壓訂單量已從兩三年前疫情結束後的水平開始下降。

So the reduction in backlog, as you could imagine, even if it's in auto or in commercial vehicle, essentially means that the body shops are becoming more cost competitive. So that's why that we're starting to see more abatement in, let's call it, repair costs.

因此，你可以想像，即使在汽車或商用車領域，積壓訂單的減少本質上意味著車身修理廠的成本競爭力正在增強。這就是為什麼我們開始看到維修成本的進一步減少。

So all of these three things are actually working in our favor for, let's call it, stabilization in what I believe the future cost will be and why Refinish will pick back up.

因此，這三件事實際上都對我們有利，我們可以稱之為穩定，我相信未來的成本將會穩定，這也是為什麼 Refinish 會回升的原因。

Michael Sison with Wells Fargo.

富國銀行的麥可·西森。

Just a quick one on -- you mentioned total repair costs are stabilizing. I'm just curious what -- is there sort of an average cost right now? And how does that compare with, let's say, several years ago. And does that number have to get to a certain point where folks can afford the cost analysis makes sense? And then maybe a follow-up would be, can you talk about the car park? I think it's pretty old. So does that impact the Refinish growth going forward?.

我只想簡單問一下——您提到總維修成本正在穩定。我只是好奇──現在的平均成本是多少？那麼與幾年前相比又如何呢？這個數字是否必須達到人們所能負擔的某個點，成本分析才有意義？然後也許接下來的問題是，您能談談停車場嗎？我認為它已經很舊了。那麼這會影響未來的修補漆成長嗎？

Sure. So I think on average would be something around $4,700. I think it's incredibly varied and all over the place depending on the type of accident. But I would say in terms of what we use as an average is about $4,700 to $5,000. I think if you put it in perspective, what we drive on drive for. If you think through that cost is coatings or what we provide happens to be about 4% of that cost. About 40% of that cost happens to be labor. And that is truly what is Axalta's value proposition for our customers.

當然。所以我認為平均價格大約是 4,700 美元。我認為它非常多樣化，並且根據事故類型的不同而各異。但我想說，就我們所使用的平均值而言，大約是 4,700 美元到 5,000 美元。我認為，如果你客觀地看待這個問題，我們所做的一切就是為了實現目標。如果你仔細想想，你會發現這些成本包括塗料，或者我們提供的產品，只佔總成本的 4% 左右。其中約 40% 的成本是勞動成本。這才是艾仕得真正為顧客提供的價值主張。

Everything that we do to save that 40% in a body shop is enormously important and drives, I think, why we've consistently been able to perform even under these challenging conditions, winning in this marketplace and winning 1,600 body shops at a higher ratio than what we have done through the last three to four years is primarily because we provide that efficiency and that ability to provide products that essentially whether it's reducing time in the body shop by 50% of the amount of coatings by 50% or the laboring input by about 10% to 20% makes a huge difference. So those are what's what we drive.

我們為節省車身修理廠 40% 的成本所做的一切都非常重要，我認為，這也是為什麼我們即使在這些充滿挑戰的條件下也能始終保持良好的業績，在市場上獲勝，並且以比過去三到四年更高的比例贏得 1,600 家車身修理廠的原因，主要是因為我們提供了塗裝50%，還是將勞動投入減少約 10% 到 20%，都會產生巨大的差異。這就是我們所追求的。

My expectation is that even though costs will be flatlining, everything that we can do to drive that performance and that efficiency will certainly help the body shop and keep us winning as I think about '26 and beyond.

我的預期是，儘管成本將保持平穩，但我們為推動業績和效率所做的一切努力必將對車身修理廠有所幫助，並讓我們在 26 年及以後繼續獲勝。

John McNulty, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 John McNulty。

So when you think about the 40,000 body shops that are going to have Nimbus and Iris technologies next year, how much does that add to the growth rate when you think about '26 versus '25.

因此，當您想到明年將有 40,000 家車身修理廠採用 Nimbus 和 Iris 技術時，當您考慮 26 年與 25 年相比時，這會給增長率帶來多大的影響。

Great question, John. Maybe I'll just give it to you in our performance without those tools this year. And really, if I think about what Nimbus provides is Nimbus gives us access to not only provide the efficiency tools and just lock those customers with us, but it also gives us the ability to sell adjacent products.

很好的問題，約翰。也許今年我就不會用那些工具在表演中把它給你。事實上，如果我考慮 Nimbus 提供的功能，Nimbus 不僅讓我們能夠提供效率工具並鎖定這些客戶，而且還讓我們能夠銷售相關產品。

And so it's our ability to sell parties sellers, everything else that is needed and improve our share of wallet with those customers. And a perfect example is without that tool this year, and with the numbers that you saw in our Q2 results, we've been able to drive about 200 basis points, 2% of our growth came from adjacencies in just this last quarter in this challenging marketplace.

因此，我們有能力向各方賣家銷售所需的一切，並提高我們在這些客戶中的份額。一個很好的例子是，今年沒有這個工具，但根據您在我們第二季度的業績中看到的數字，我們已經能夠推動約 200 個基點的增長，僅在上個季度，在這個充滿挑戰的市場中，我們的 2% 的增長就來自鄰接業務。

So whatever we did with our acquisitions plus, let's call it, what we're doing with such as you pull it's certainly helping as I think about this challenging marketplace. And what Nimbus will do is provide us the ability to provide that access faster as opposed to waiting for sales teams or waiting for a phone call, we can now have access into those body shops and essentially be able to tell when folks are out, we can also help them with efficiency tools and get them products faster and also start driving promotions through those tools.

因此，無論我們在收購方面做了什麼，或者我們稱之為，我們所做的事情，例如你所做的，當我考慮這個充滿挑戰的市場時，它肯定會有所幫助。Nimbus 的作用是讓我們能夠更快地提供訪問權限，而無需等待銷售團隊或等待電話，我們現在可以進入那些車身修理廠，基本上可以知道人們何時外出，我們還可以為他們提供效率工具，讓他們更快地獲得產品，還可以透過這些工具開始推動促銷。

So we see that as a great opportunity as I think about next year on the tool. And just going back and if you think about the four things that we established as Refinish pillars was supposed to be M&A, which was -- we did on Reco and CoverFlexx. And (technical difficulty) being a home run for us. We've gotten 600 body shops in Switzerland, which are premium customers that we've been able to sell, again, accessories on top of all the products, the coatings that we sell.

因此，當我考慮明年使用該工具時，我們認為這是一個很好的機會。回顧一下，如果你想想我們建立的四件作為 Refinish 支柱的事，那應該是併購，也就是我們在 Reco 和 CoverFlexx 上所做的。並且（技術難度）對我們來說是一支全壘打。我們在瑞士有 600 家汽車修理廠，他們都是優質客戶，我們除了銷售所有產品和塗料外，還向他們銷售配件。

Second one was adjacencies, adjacencies has been great and bringing that to the US and now partnering it with tools like Iris and Iris Mix helps us also push adjacent products through the digital tools. The third one was really getting into the economy segment, which has worked out just really well in terms of what we have done in terms of body shop wins, a perfect example, again, record order for mainstream and economy. And finally, the last one was what we're doing with pricing. And it's certainly also played out just as we wanted.

第二個是鄰接，鄰接非常棒，將其帶到美國，現在將其與 Iris 和 Iris Mix 等工具結合，有助於我們透過數位工具推廣相鄰產品。第三個是真正進入經濟領域，就我們在車身修理廠的勝利方面所做的工作而言，這確實取得了很好的效果，這是一個完美的例子，再次創下了主流和經濟的記錄。最後，最後一個是我們對定價的做法。而它確實也正如我們所希望的那樣發展。

Got it. Okay. And then question, you highlighted on the building the future slide about opportunities for M&A in both the Refinish and the industrial markets. I guess given the weakness that we've seen in those markets, are you seeing more opportunities coming to the market at this point in terms of a pipeline? Or are you seeing companies may be holding back saying, look, we're not selling on this level of earnings, we'd rather wait it out. I guess, how would you characterize the M&A market and pipeline? .

知道了。好的。然後問題是，您在構建未來幻燈片中強調了修補漆和工業市場中的併購機會。我想，考慮到我們在這些市場中看到的疲軟，您是否看到目前市場上出現了更多的機會？或者您是否看到公司可能有所保留，說，看，我們不會以這種盈利水平出售，我們寧願等待。我想，您如何描述併購市場和通路？。

Well, it's a great question. I'd probably step back and take that in two ways. The first one is part of it with Axalta is we want to make sure that we earn the right to grow. And so from an M&A standpoint, we wanted to make sure that even when we went through a down cycle which is obviously something that we're going through now, the acquisitions that we had made held and the core fundamental business was performing as well as it could.

嗯，這是一個很好的問題。我可能會退一步，從兩個方面來看這個問題。第一個部分是，我們與艾仕得合作的目的是確保我們贏得發展的權利。因此，從併購的角度來看，我們希望確保即使我們經歷了下行週期（顯然我們現在正在經歷這種情況），我們所做的收購也能維持下去，並且核心基本業務也能表現得盡可能好。

And certainly, our margins reflect that we can -- so that was one. And I would say the reason I'm giving you that is -- so I believe we're ready. But one thing is with where we're trading right now, I think our options right now would be to probably look at more share buybacks. So from our perspective, I think there's an option with -- for us to look at internally at how we view share buybacks. But that said, there are more bolt-on acquisitions or targets out there even in the current market. I think the current market has actually opened up more avenues for us.

當然，我們的利潤率反映出我們可以——這是其中之一。我想說我告訴你這個的原因是——所以我相信我們已經準備好了。但有一件事是，就我們目前的交易情況而言，我認為我們現在的選擇可能是考慮更多的股票回購。因此，從我們的角度來看，我認為我們可以選擇從內部審視如何看待股票回購。但話雖如此，即使在當前市場中，也存在更多的額外收購或目標。我認為當前的市場實際上為我們開闢了更多的途徑。

But at this point, as I think about the rest of the year, unless it's something that's hugely opportunistic that adds a real growth vector to our core strength, we'll probably be looking more at share buybacks through the rest of the year at the pace we've been doing it.

但此時此刻，當我思考今年剩餘時間的情況時，除非是某個極具機會性的事情，能夠為我們的核心實力增添真正的增長動力，否則我們可能會在今年剩餘時間裡按照我們目前的速度更多地考慮股票回購。

Alex Yefremov, KeyBanc.

亞歷克斯葉夫列莫夫 (Alex Yefremov)，KeyBanc。

Could you just comment on productivity (technical difficulty) around this year next year? Do you think it's about the same amount, a little higher, a little lower? What's your initial thought on '26?

您能否評論一下今年和明年的生產力（技術難度）？您認為這個數字是差不多，稍微高一點，還是稍微低一點？您對 '26 的最初想法是什麼？

Yes. Thanks, Alex. Yes, I think from a productivity perspective, we're going to be running around $20 million or so this year, our productivity. And if we get into '26 it should be running minimally at that same pace, but we would expect hopefully to do a little bit better than that. So this is the -- as Chris referenced earlier we're in the early innings of driving productivity into our plants.

是的。謝謝，亞歷克斯。是的，我認為從生產力角度來看，今年我們的生產力成本將達到 2,000 萬美元左右。如果我們進入 26 年，它應該以同樣的速度運行，但我們希望能做得更好一些。所以，正如克里斯之前提到的，我們正處於提高工廠生產力的早期階段。

That's not only sustainable that will continue to increase year-on-year. So we have pretty good visibility at this point, but at a minimum next year, it should be greater than $20 million.

這不僅是可持續的，而且還會逐年增加。因此，我們現在的預期是相當好的，但至少明年應該會超過 2000 萬美元。

And on the refinish, early performance segment, pricing side, you had a low single-digit negative number this quarter. I presume that whole mix can you just confirm that? And when do you think that number could go breakeven or positive?

在修補、早期性能部分和定價方面，本季出現了較低的個位數負數。我認為整個混合你能確認一下嗎？您認為什麼時候這個數字可以達到收支平衡或正值？

Yes. So yes, I think the pricing is still positive for Refinish. We're probably running about 2% increases on average for the year. And as we kind of look forward, we would expect kind of that price mix and Refinish probably will definitely be inflecting positively into next year. And there's a chance that we may even see that a little bit here in the fourth quarter.

是的。所以是的，我認為 Refinish 的定價仍然是正面的。我們今年的平均增幅大概在 2% 左右。當我們展望未來時，我們預計這種價格組合和修補可能肯定會在明年產生積極的影響。我們甚至有可能在第四季度看到這種情況。

Thank you, ladies and gentlemen. And this concludes our Q&A session as well as our conference call. Thank you for your participation, and you may now disconnect.

謝謝各位，女士們、先生們。我們的問答環節和電話會議到此結束。感謝您的參與，您現在可以斷開連接。