CNH Industrial NV (CNH) 2025 Q1 法說會逐字稿

Good morning, and welcome to the CNH 2025 first- quarter results conference call. (Operator Instructions) Thank you. I will now turn the call over to Jason Omerza, Vice President of Investor Relations. Please go ahead.

早安，歡迎參加 CNH 2025 第一季業績電話會議。（操作員指示）謝謝。現在我將電話轉交給投資人關係副總裁 Jason Omerza。請繼續。

Thank you, John, and good morning everyone. We would like to welcome you to the webcast and conference call for CNH Industrial's first-quarter results for the period ending March 30, 2025. This call is being broadcast live and is copyrighted by CNH. Any recording, transmission, or other use of any portion of this broadcast without the express written consent of CNH is strictly prohibited.

謝謝你，約翰，大家早安。歡迎您參加凱斯紐荷蘭工業集團截至 2025 年 3 月 30 日的第一季業績網路廣播與電話會議。本次電話會議正在現場直播，版權歸 CNH 所有。未經 CNH 明確書面同意，嚴禁錄製、傳輸或以其他方式使用本廣播的任何部分。

Hosting today's call are CNH CEO, Gerrit Marx; and CFO, Oddone Incisa. They will reference the material available for download from our website. Please note that any forward-looking statements that we make during today's call are subject to the risks and uncertainties mentioned in the Safe Harbor statement included in the presentation material.

主持今天電話會議的是 CNH 執行長 Gerrit Marx 和財務長 Oddone Incisa。他們將參考我們網站上可供下載的資料。請注意，我們在今天的電話會議中做出的任何前瞻性陳述都受到演示材料中包含的安全港聲明中提到的風險和不確定性的影響。

Additional information pertaining to factors that could cause actual results to differ materially is contained in the company's most recent Annual Report on Form 10-K, as well as other periodic reports and filings with the US Securities and Exchange Commission.

有關可能導致實際結果出現重大差異的因素的更多信息，包含在公司最新的 10-K 表年度報告以及向美國證券交易委員會提交的其他定期報告和文件中。

Our presentation includes certain non-GAAP financial measures. Additional information, including reconciliations, the most directly comparable US GAAP financial measures, is included in the presentation material.

我們的報告包含某些非公認會計準則財務指標。演示材料中包含了其他信息，包括對帳表、最直接可比較的美國 GAAP 財務指標。

I will now turn the call over to Gerrit.

現在我將把電話轉給 Gerrit。

Thank you, Jason, and good morning to everyone joining our call originating here from Oak Brook, Illinois. Before we begin, I want to address the recent announcement that Oddone will be stepping down from his role as Chief Financial Officer effective May 6, after more than five years as our CFO, safely navigating our path during COVID and the subsequent global recovery of our exciting industry all the way to this very face of our cyclical markets.

謝謝你，傑森，來自伊利諾伊州奧克布魯克的各位參加我們電話會議的各位早安。在我們開始之前，我想談談最近宣布的消息：奧多內將於 5 月 6 日起辭去首席財務官一職，他擔任我們的首席財務官五年多，在 COVID 期間以及隨後我們這個令人興奮的行業的全球復甦過程中，一直到我們面對週期性市場的這一階段，他都安全地引領著我們前進。

On behalf of the Board and the entire company, I want to extend my sincere thanks to Oddone for his outstanding leadership and unwavering dedication over his impressive 28-year career with CNH and related companies.

我謹代表董事會和整個公司，向奧多內在其為 CNH 及相關公司效力的 28 年輝煌職業生涯中所展現的傑出領導能力和堅定不移的奉獻精神表示最誠摯的感謝。

He has been a key force in leading and growing our financial services business first and then in shaping our financial strategy, and I wish him all the best for his future endeavors. We're also grateful that Oddone is working closely with us to ensure a seamless transition with his successor, Jim Nickolas, who joins us from Martin Marietta, a company that is a global leader in its space and shares some of our analyst coverage connected today.

他一直是領導和發展我們金融服務業務以及製定我們金融策略的關鍵力量，我祝福他未來一切順利。我們也非常感謝 Oddone 與我們密切合作，以確保與他的繼任者 Jim Nickolas 的無縫過渡，Jim Nickolas 來自 Martin Marietta，該公司是其領域的全球領導者，並分享了我們今天的一些分析師報告。

We are thrilled to welcome Jim to the team as CNH's incoming Chief Financial Officer. Jim brings a strong background of over 30 years of experience in corporate finance, M&A tax, investment banking, and business strategy. You will all get a chance to meet Jim in person and on stage when he presents at our Investor Day in New York next week alongside me and the other members of our global leadership team.

我們非常高興地歡迎 Jim 加入團隊並擔任 CNH 的新任財務長。吉姆在企業財務、併購稅務、投資銀行和商業策略方面擁有超過 30 年的豐富經驗。下週，吉姆將與我和我們全球領導團隊的其他成員一起出席在紐約舉行的投資者日活動，屆時大家將有機會在舞台上與他親自見面。

With that, let's look at the first quarter results where we kept production very low to reduce inventories while defending our defending our growing market shares. So in line with expectations, our financial results came in at a low point. We are focused on what we can control while the industry demand remains soft, and we do our homework on multiple commercial and operational fronts.

讓我們來看看第一季的業績，我們保持非常低的產量以減少庫存，同時捍衛我們不斷增長的市場份額。因此，正如預期的那樣，我們的財務表現處於低位。當行業需求保持疲軟時，我們專注於我們能夠控制的事情，並在多個商業和營運方面做好功課。

Our egg dealers continue to make meaningful progress in reducing their inventory with another $100 million reduction in the quarter, or about $1 billion lower since Q1 2024. Typically we and our dealers in the northern hemisphere build up inventories in the first quarter in preparation for the spring selling season.

我們的雞蛋經銷商在減少庫存方面繼續取得有意義的進展，本季又減少了 1 億美元，自 2024 年第一季以來減少了約 10 億美元。通常，我們和北半球的經銷商會在第一季建立庫存，為春季銷售季節做準備。

So while this decrease may seem modest when compared to the larger reduction we saw in Q4, this is actually great progress and right in line with where we expect retail deliveries to be in the coming months, defending our strong market shares in key segments. While some of the dealer inventory reductions, particularly the more aged and special purpose units, were supported by additional incentives in the quarter, we remain disciplined.

因此，雖然與第四季度的大幅降幅相比，這一降幅似乎不大，但這實際上是一個巨大的進步，與我們預期的未來幾個月零售交付量一致，捍衛了我們在關鍵領域的強大市場份額。雖然本季透過額外激勵措施減少了部分經銷商庫存，特別是較老舊和特殊用途的庫存，但我們仍保持紀律。

In balancing price and costs, particularly for our latest machines, price cost was favorable even with act pricing slightly lower year-over-year in the quarter as targeted, and we expect to have better pricing comparisons in the second half, which depends on how the various factors governing our end markets will play out. Construction price cost was nearly even.

在平衡價格和成本方面，特別是對於我們最新的機器，即使本季度的實際定價同比略有下降，價格成本仍然是有利的，我們預計下半年會有更好的價格比較，這取決於支配我們終端市場的各種因素將如何發揮作用。建設成本幾乎持平。

We launched a great new automated spraying solution for farmers, KIH Sensupply and New Holland IntelliSense using vision technology from Augmenta, the startup we acquired in 2023. This Sense & Act technology offers great flexibility with a range of spraying application options. And it is a very cost effective solution for farmers as it requires no annual subscriptions or pay acre fees, which drives efficiency and profitability using our world-class iron and precision technology.

我們利用 2023 年收購的新創公司 Augmenta 的視覺技術，為農民、KIH Sensupply 和 New Holland IntelliSense 推出了一款出色的新型自動噴灑解決方案。Sense & Act 技術為一系列噴塗應用選項提供了極大的靈活性。對於農民來說，這是一種非常經濟有效的解決方案，因為它不需要年度訂閱或支付土地費，而是利用我們世界一流的鐵和精密技術來提高效率和獲利能力。

Besides the addition of Jim as our new CFO, we also announced some other leadership changes. Luis Abreu as our Chief Information Officer; Francesco Tutino, as our Chief Human Resources Officer; and Cameron Batten as our Chief Communications Officer. Welcome to the CNH team.

除了任命吉姆擔任新任財務長之外，我們還宣布了一些其他領導層的變動。Luis Abreu 擔任我們的資訊長；Francesco Tutino 擔任我們的首席人力資源長；Cameron Batten 擔任我們的首席通訊官。歡迎加入 CNH 團隊。

Luis was promoted from our internal bench while Francesco has returned to CNH just as I did almost a year ago. Cameron joined us after growing roles in high tech and automotive players and is supporting our internal and external messaging as you will experience next week during our investor day.

路易斯 (Luis) 從我們的內部替補席上晉升，而弗朗西斯科 (Francesco) 則回到了 CNH，就像我大約一年前做的那樣。卡梅倫在高科技和汽車行業中擔任著越來越重要的職務後加入了我們，並支持我們的內部和外部信息傳遞，正如您在下週的投資者日活動中將體驗到的那樣。

We remain relentlessly focused on driving operational excellence across the company, advancing cutting edge technologies and deepening the execution of our cost saving initiatives. We are looking forward to going into more detail during our Investor Day next week.

我們始終堅持不懈地致力於推動整個公司的卓越營運、推進尖端技術並深化成本節約計畫的執行。我們期待在下週的投資者日上更詳細的討論。

We will review our mid-cycle 2030 profitability targets with you, well past the certainly relevant short-term impacts from global uncertainties around tariffs and of course the cyclicality of our business. CNH is long term oriented and focused on what doing on doing the right thing regardless of what we might face in the near term. We will always find the best choice that balances all stakeholder interests.

我們將與您一起回顧我們 2030 年中期獲利目標，遠遠超過全球關稅不確定性以及我們業務週期性帶來的短期影響。CNH 著眼於長遠，無論短期內面臨什麼，都專注於做正確的事情。我們始終會找到平衡所有利害關係人利益的最佳選擇。

The Q1 results reflect the expected and guided market headwinds and our decision to keep production low. I'm confident we are taking the right steps to navigate this period and position the business for the next cycle upturn and our long-term success.

第一季的業績反映了預期和引導的市場逆風以及我們保持低產量的決定。我相信，我們正在採取正確的措施來度過這段時期，並為下一輪經濟復甦和我們的長期成功做好準備。

Consolidated revenues for the first quarter were down 21% at $3.8 billion. Industrial adjusted EBIT was $101 million down 73% compared to last year, an EPS for the quarter was $0.10. While some commodity prices have improved year by year, farm incomes remain depressed and relevant boundary conditions are quite uncertain, which leads to soft softness in equipment demand.

第一季綜合營收下降 21% 至 38 億美元。工業調整後息稅前利潤（EBIT）為1.01億美元，較去年同期下降73%，本季每股盈餘（EPS）為0.10美元。儘管部分商品價格逐年上漲，農場收入仍低迷，相關邊界條件也存在較大不確定性，導致設備需求疲軟。

The adjustments to our manufacturing cadence, while painful, are necessary to position us to weather the equipment demand downturn in a healthy way that balances our various priorities, and they also provide an opportunity to improve and change our processes to come out stronger on the other side while our operations run at a slow pace.

調整我們的生產節奏雖然很痛苦，但卻是必要的，它使我們能夠以健康的方式度過設備需求下滑期，平衡我們的各項優先事項，同時也提供了一個機會來改進和改變我們的流程，使我們在運營緩慢的同時變得更加強大。

As expected, retail demand was slow in the quarter. Our production hours were down 26% when compared to Q1 2024, with agriculture down 27% versus 2024 and construction down 19%. For context, Q1 2025 production hours were down 41% versus Q1 2023, with ag down 43% and construction down 33%. Large egg was down 36% versus 2024 and 50% versus 2023. Small egg was down 12% versus 2024 and 29% versus 2023.

正如預期的那樣，本季零售需求放緩。與 2024 年第一季相比，我們的生產時間下降了 26%，其中農業生產時間下降了 27%，建築業生產時間下降了 19%。具體而言，2025 年第一季的生產小時數與 2023 年第一季相比下降了 41%，其中農業下降了 43%，建築業下降了 33%。大號蛋的銷量與 2024 年相比下降了 36%，與 2023 年相比下降了 50%。小蛋銷量較 2024 年下降 12%，較 2023 年下降 29%。

We are working very closely with our dealer network and supporting them with marketing actions and to reciprocal exchange of information to achieve lower healthy inventory levels while preparing for a great fresh model year 2026 line up to come very soon.

我們正在與我們的經銷商網路密切合作，並透過行銷活動和相互交換資訊為他們提供支持，以實現較低的健康庫存水平，同時為即將推出的 2026 年全新車型系列做好準備。

By staying close to the dealer network and focusing on market shares, we are well positioned to reach our year-end inventory targets. We are proud of the performance of our financial services segment that yielded sound results while facing the market slowdown and higher risk provisioning needs. This is an important strategic part of our business that provides our farmers and builders with access to competitive financing, even when the macro environment becomes more uncertain and less stable.

透過密切關注經銷商網路並關注市場份額，我們完全有能力實現年終庫存目標。我們為金融服務部門的表現感到自豪，該部門在面臨市場放緩和更高的風險撥備需求的情況下取得了良好的業績。這是我們業務的重要策略部分，即使在宏觀環境變得更加不確定和不穩定的情況下，它也能為我們的農民和建築商提供有競爭力的融資管道。

We are seeing once again the value of operating a captive financial services business in volatile times. Later on we will speak in greater detail about the current tariff discussions and actions, but let me say that we are obviously monitoring the situation very closely given the speed with which things are changing, and we have the team and resources in place to respond and act swiftly.

我們再次看到了在動盪時期經營專屬金融服務業務的價值。稍後我們將更詳細地談論當前的關稅討論和行動，但我要說的是，鑑於事態變化的速度，我們顯然正在密切關注局勢，並且我們擁有團隊和資源來迅速做出反應並採取行動。

As prior moments of profound change and challenge in our industry have shown, there are some thoughtful actions that can be taken immediately, while other more structural changes will require more certainty and visibility. We act on both sides effective today, and in alignment with our dealers, we implemented a modest price adjustment in North America for new orders while sharing the tariff cost impact with our supply base.

正如我們行業過去經歷的深刻變革和挑戰所表明的那樣，有些深思​​熟慮的行動可以立即採取，而其他更具結構性的變革則需要更多的確定性和可見性。我們從今天起採取雙贏的措施，並與我們的經銷商保持一致，對北美的新訂單實施了適度的價格調整，同時與我們的供應基地分擔關稅成本的影響。

We have been and always will be committed to the North American home of our global brands, and we see multiple ways to address the possible change of global trade, not only of commodities, but also of agriculture and construction equipment.

我們一直並將永遠致力於我們全球品牌的北美總部，並且我們看到了多種應對全球貿易可能變化的方法，不僅是大宗商品，還有農業和建築設備。

Historically, the equipment and market has been more resilient than other industries in terms of GDP contraction, but the uncertainty is not helping an already depressed market. Facing those challenges head on, I'm very proud of our team for continuing to execute in an effective, thoughtful, and calm way, keeping the long term picture and profound underlying drivers that define our business ecosystem in mind.

從歷史上看，設備和市場在GDP萎縮方面比其他行業更具彈性，但不確定性並沒有幫助已經低迷的市場。面對這些挑戰，我為我們的團隊感到非常自豪，他們繼續以有效、周到和冷靜的方式執行，並牢記定義我們商業生態系統的長遠前景和深遠的潛在驅動力。

With that, I will now turn the call over to Oddone to take us through the details of our financial results.

現在，我將把電話轉給奧多內 (Oddone)，讓他向我們詳細介紹我們的財務表現。

Thank you, Gerrit, and good morning, everyone. Before I dive in into prepared remarks, let me take a moment to express my gratitude to the colleagues and partners who have made the past 12 years and the CNH Global Executive Team so meaningful.

謝謝你，Gerrit，大家早安。在我開始準備演講之前，請允許我花一點時間向過去 12 年為凱斯紐荷蘭全球執行團隊做出貢獻的同事和合作夥伴表示感謝。

There's never a perfect time, but Gary and I concurred that this was the right moment for me to hand over my role. The CNH has transformed into a focus US listed industrial companies serving the demands of our farmers and builders.

雖然從來沒有一個完美的時機，但加里和我一致認為這是我移交職位的最佳時機。CNH 已轉型成為一家專注於滿足美國農民和建築商需求的美國上市工業公司。

It has been an honor to grow alongside such a special organization, and I'm proud of what we have accomplished together. Special thanks also to this very audience of analysts and investors. It has been a privilege working with you all. Last but not least, I'm very happy that with GM CNH has found an experienced, capable, and trusted person to bring things forward.

我很榮幸能夠與這樣一個特殊的組織一起成長，並為我們共同取得的成就感到自豪。也要特別感謝在座的分析師和投資人。能夠和你們一起工作是我的榮幸。最後但同樣重要的一點是，我很高興通用汽車 CNH 找到​​了一位經驗豐富、能力強、值得信賴的人來推動事情的發展。

Now to the financials. Fourth quarter industrial net sales were down 23% year-over-year to just below $3.2 billion. This decline was mainly due to lower shipment volumes, given the weak demand environment and a reduced production in both industrial segments.

現在談談財務狀況。第四季工業淨銷售額年減 23% 至略低於 32 億美元。下降的主要原因是需求環境疲軟以及兩個工業部門產量下降導致出貨量下降。

The net income decreased by two=third, also affected by a higher tax rate and lower financial service results. With adjusted diluted earnings per share down from $0.30 to $0.10. Q1 free cash flow for industrial activities was that $567 million outflow in line with the working capital seasonality for the first quarter.

淨收入減少了三分之二，也受到稅率上升和金融服務業績下降的影響。調整後每股攤薄收益從 0.30 美元降至 0.10 美元。第一季工業活動自由現金流為 5.67 億美元，與第一季營運資本季節性一致。

The cash absorption is significantly better compared to Q1 of 2024, mainly due to a more contained growth of finished goods and component inventories. In agriculture, net sales decreased 23% in the quarter with lower shipment across all regions, driven by lower industry demand and worth the stocking in 2025 compared to stocking in 2024.

與 2024 年第一季相比，現金吸收情況明顯好轉，主要原因是成品和零件庫存的成長更加有限。在農業領域，本季淨銷售額下降 23%，所有地區的出貨量均有所下降，這是由於產業需求下降，與 2024 年的庫存相比，2025 年的庫存有所下降。

Q1 gross margin was 20%, down 380 basis points year-over-year , driven mainly by the lower production volumes and unfavorable mix, partially offset by operational cost reductions. Volume and mix were clearly the largest driver for our performance. As Gerrit mentioned, pricing was slightly negative in the quarter as we increased our incentives for our dealers to retail age and used inventory.

第一季毛利率為 20%，年減 380 個基點，主要原因是產量下降和產品組合不利，但營運成本降低部分抵銷了這一影響。數量和組合顯然是我們業績的最大推動力。正如 Gerrit 所提到的，由於我們增加了對經銷商零售舊庫存和二手庫存的激勵，本季定價略有下降。

This was planned and full year pricing is forecast to be positive even before the moderate price adjustments that are effective as of today. Production costs were down more than pricing, keeping a positive price cost relationship even though quality costs still have a negative impact in the year-over-year comparison, which we expect to reverse in the coming quarters.

這是計劃好的，即使在今天生效的適度價格調整之前，預計全年價格仍將保持正值。生產成本的下降幅度超過定價，維持了正的價格成本關係，儘管品質成本在同比比較中仍然產生負面影響，但我們預計這種情況將在未來幾季得到扭轉。

R&D and G&A expenses for the quarter were lower than in Q1 2024, and reflecting the continuation of our efforts to contain costs in these environment. We continue to see softness in the Turkish market, which is shown in lower JV results in the other category. Adjusted EBIT margin for agriculture was 5.4%, which we expect to be the lowest profitability for any quarter this year.

本季的研發和一般及行政費用低於 2024 年第一季度，這反映了我們在這些環境下繼續努力控製成本。我們繼續看到土耳其市場的疲軟，這體現在其他類別的合資企業業績較低。農業部門的調整後息稅前利潤率為 5.4%，我們預計這將是今年各季度的最低獲利水準。

Moving to construction. Net sales for the first quarter were $591 million, down 22% year-over-year, driven by lower shipment volumes, mostly in North America. Gross margin for the first quarter was 14.9%, down 250 basis points compared to the first quarter of 2024, mostly driven by the lower volumes. SG&A and R&D expenses were both favorable year-over-year and first quarter adjusted EBIT margin was 2.4%.

轉向施工。第一季淨銷售額為 5.91 億美元，年減 22%，主要原因是出貨量下降（主要是北美地區）。第一季毛利率為 14.9%，與 2024 年第一季相比下降了 250 個基點，主要原因是銷量下降。銷售、一般及行政開支及研發開支年比均有改善，第一季調整後的息稅前利潤率為 2.4%。

On Financial Service, net income for the first quarter was $90 million. The year-over-year decrease was mainly driven by higher expected risk cost, higher taxes due to prior year one-off adjustments in Argentina, partially offset by favorable volumes across all regions except in EMEA. Retail originations in the first quarter were $2.4 billion, slightly down but flat on a constant currency basis, reflecting higher penetration rates in our lower equipment sales scenario.

金融服務方面，第一季淨收入為 9,000 萬美元。年比下降的主要原因是預期風險成本上升，以及阿根廷上年一次性調整導致的稅收增加，但除歐洲、中東和非洲地區以外，所有地區的銷量均出現良好增長，這部分抵消了這一影響。第一季零售額為 24 億美元，略有下降，但以固定匯率計算持平，反映出在我們較低的設備銷售額情境下滲透率較高。

The management portfolio ended the quarter at $28 billion. It is worth noting that within the total portfolio balance, the wholesale portfolio, which represents receivables is down $1.5 billion of constant currencies since March 2024. At the dealers have reduced their inventory adapting to the changed market conditions.

本季末管理投資組合價值為 280 億美元。值得注意的是，在總投資組合餘額中，代表應收帳款的批發投資組合自 2024 年 3 月以來按固定匯率計算下降了 15 億美元。經銷商已減少庫存以適應變化的市場條件。

Delinquencies are higher, with continued pressure in South America, particularly in Brazil and growing delinquencies in North America. This is in line with what we expect, while in a downturn, and we're focusing our effort on collections. Financial Services has its own predictable cycle in our industry.

拖欠率較高，南美（尤其是巴西）的壓力持續存在，北美的拖欠率也不斷上升。這符合我們的預期，在經濟低迷時期，我們正集中精力進行收款。在我們的產業中，金融服務有其自身可預測的週期。

Moving to our capital allocation priorities, which remains unchanged and jumping back to the shareholder returns. After the dividend proposal is approved at our Annual General Meeting of Shareholders on May 12, we expect to pay an annual dividend of $0.25 per share or over $300 million. We also expect the shareholders to reapprove and extend our outstanding share buyback authorization.

轉向我們的資本配置優先事項，這保持不變，並重新回到股東回報。在 5 月 12 日的年度股東大會上批准股息提案後，我們預計將支付每股 0.25 美元或超過 3 億美元的年度股息。我們也希望股東重新批准並延長我們未償還的股票回購授權。

Before I turn it back to Gerrit, I want to align how we source the machines that we sell in the US to frame our exposure to the announced import tariffs. The bar across the top of the slide shows the 2024 breakdown in dollar terms were machines sold in US came from. About two-third were manufactured in our US.

在我將主題轉回 Gerrit 之前，我想先了解我們在美國銷售的機器的採購方式，以了解我們對已宣布的進口關稅的影響。投影片頂部的長條圖顯示了 2024 年以美元計算的美國銷售機器的來源地細分。大約三分之二是在美國製造的。

plants and about one-third of the machines by value were imported from other countries. You can see the breakdown of those imports by origin on the right side of the slide.

大約三分之一的設備和機器（以價值計算）都是從其他國家進口的。您可以在幻燈片右側看到按來源劃分的進口明細。

The CNH supply chain footprint is designed to balance cost center of product excellence, local content and proximity to our key markets. As you can see in the pie chart, last year, our US plant sourced 70% of their components from US suppliers with about an additional 10% coming from Mexico and Canada. We have been working with our suppliers to ensure that we have USMCA, the quotation for those parts.

CNH 供應鏈佈局旨在平衡產品卓越性的成本中心、本地內容以及與我們主要市場的接近度。正如您在餅圖中所看到的，去年，我們美國工廠 70% 的零件來自美國供應商，另外約 10% 來自墨西哥和加拿大。我們一直在與供應商合作，以確保我們擁有 USMCA 以及這些零件的報價。

That leaves the remaining 20% of components sourced mainly from Europe and China. Also keep in mind that US plants export to other regions, mainly to APAC and EMEA.

剩下的20%的零件主要來自歐洲和中國。也要記住，美國工廠也出口到其他地區，主要是亞太地區和歐洲、中東和非洲地區。

We are proud of the significant production engineering capabilities in the US and CNH is committed to continuing to further enhance those capabilities in a thoughtful balance as a global engineering, production and sales company.

我們為美國強大的生產工程能力感到自豪，並且作為一家全球工程、生產和銷售公司，CNH 致力於繼續進一步增強這些能力。

With that, I will turn it back to Gerrit.

說完這些，我會把它交還給 Gerrit。

Thank you, Oddone, for that important context around the tariff exposure. To say that the past months evolving trade environment has been highly dynamic would be an understatement. But I have experienced that in CNH. We have the right teams and tools in place to turn challenges into opportunities to gain ground and claim our very own turf.

感謝 Oddone 提供有關關稅風險的重要資訊。說過去幾個月的貿易環境變化非常活躍，這還只是輕描淡寫。但我在 CNH 經歷過這種情況。我們擁有合適的團隊和工具，能夠將挑戰轉化為機遇，取得進展並佔領我們自己的地盤。

We are actively engaged in robust scenario planning around tariffs, while recognizing that long-term decision-making is difficult when the policies shift so rapidly. But we are viewing the tariff impact through several lenses and understanding impacts on our business, our suppliers, our network partners, our farmers, and our industry overall.

我們積極參與關稅的穩健情境規劃，同時也意識到，當政策變化如此之快時，長期決策將會很困難。但我們從多個角度看待關稅的影響，並了解其對我們的業務、供應商、網路合作夥伴、農民以及整個產業的影響。

A growing global population will have an even greater demand for not only commodities directly, but also indirectly through a shift towards more animal protein consumption. The mechanization and automation of our machines is imperative. And as the global number two player with the pronounced strength in harvesting, we are looking forward to those arising opportunities, particularly when the cycle turns again, as it always does.

全球人口的成長不僅對商品有直接更大的需求，而且透過轉向更多的動物性蛋白質消費，也會有間接的需求。我們的機器的機械化和自動化勢在必行。作為全球第二大、在收割領域擁有顯著實力的公司，我們期待這些新出現的機會，特別是當週期再次轉變時，就像往常一樣。

When we look the impact to CNH, there are a few points to keep in mind. We import planters from our factory in Saskatoon, Canada, and they are fully USMCA compliant. We're also working on getting all the paperwork in place for the very small number of tractors that come from our joint venture in Mexico. Also, 95% of steel directly purchased by our US plants come from American mills.

當我們觀察對 CNH 的影響時，有幾點需要記住。我們從位於加拿大薩斯卡通的工廠進口花盆，它們完全符合 USMCA 標準。我們也正在努力為來自墨西哥合資企業的極少數拖拉機做好所有文書工作。此外，我們美國工廠直接採購的鋼材95%都來自美國鋼廠。

We are currently producing at very low levels in the US given the industry demand, so the immediate tariff impact isn't the same as if we were at the peak of the industry. We have said before that we will need to look at price adjustments to mitigate tariff impacts that can't otherwise be offset through sourcing or other mechanisms.

考慮到行業需求，我們目前在美國的產量非常低，因此直接的關稅影響與我們處於行業巔峰時期時不同。我們之前曾說過，我們需要考慮價格調整，以減輕無法透過採購或其他機制抵消的關稅影響。

We want to balance that with being mindful of our farmers and builders and the modest price adjustment on model year 2024 products sold in North America expected to help offset the net tariff impact after supplier actions.

我們希望在兼顧農民和建築商的同時，對在北美銷售的 2024 款產品進行適度的價格調整，以期幫助抵消供應商採取行動後的淨關稅影響。

Existing presold retail orders will not be affected. That will bridge us to our model year 2026 pricing later this year, with which we expect as we regularly do to fully offset any net cost impact as we move into next year. Next, looking at the impact on our farmers. When tariffs 1.0 were implemented in 2018, we did see some shift in demand for food and feed commodities, which depressed their prices. That could happen again.

現有的預售零售訂單不會受到影響。這將使我們在今年稍後實現 2026 年車型的定價，我們預計這將完全抵消明年的任何淨成本影響，正如我們通常所做的那樣。接下來，看看對我們農民的影響。2018 年實施 1.0 版關稅時，我們確實看到食品和飼料商品的需求發生了一些變化，壓低了它們的價格。這種情況可能會再次發生。

Now US farmers do expect that if they are negatively impacted by the tariffs, there will be federal support payments to act as a buffer, and that has kept farmer sentiment relatively stable in the past. However, we do think that the continued macroeconomic uncertainty may drive a wait and see conservative approach to capital expenditure. Hence, we might only see more clearly after the summer, where and when demand is coming back.

現在美國農民確實預計，如果他們受到關稅的負面影響，會有聯邦政府的支持支付作為緩衝，這在過去一直使農民情緒保持相對穩定。然而，我們確實認為持續的宏觀經濟不確定性可能會導致對資本支出採取觀望保守的態度。因此，我們可能只有在夏季之後才能更清楚地看到需求何時何地回升。

At an industry level, the North American ag machinery market was already forecasted to reach cyclical trough levels in 2025 which implies that the demand levels should not get much lower. However, lower farm income or restricted access to financing could drive demand lower or drag out the cycle recovery. We will evaluate a narrower range of potential outcomes later this year.

從產業層面來看，北美農業機械市場預計將在 2025 年達到週期性低谷水平，這意味著需求水準不會下降太多。然而，農業收入下降或融資管道受限可能會導致需求下降或拖延週期復甦。我們將在今年稍後評估範圍較窄的潛在結果。

On the other hand, we may see a shift in commodity demand away from the US and towards other regions such as Brazil, like we saw with Tariffs 1.0. We are uniquely positioned to benefit from that kind of shift because CNH is the most geographically balanced of the major ag OEMs. Beyond this global rebalancing of commodity trade and farm equipment supply, please allow me to stress that we are confident that the US administration will define a support package that is not just short term, but also provides mid- to long-term certainty for our farmers in our lands of the United States of America.

另一方面，我們可能會看到大宗商品需求從美國轉向巴西等其他地區，就像關稅1.0時代一樣。我們擁有獨特的優勢，可以從這種轉變中受益，因為離岸人民幣（CNH）是主要農業原始設備製造商中地理分佈最均衡的。除了全球商品貿易和農業設備供應的再平衡之外，請容我強調，我們相信美國政府將制定一套不僅是短期的、而且還能為美國土地上的農民提供中長期確定性的支持方案。

With those considerations in mind, we wanted to walk you through two of the many possible scenarios that we may face as we frame how we are evolving our playbooks to manage through the market uncertainty. The full year 2025 guidance we issued last quarter obviously did not assume the significant global tariff implications that were announced on April 2 and the multiple reactions to them.

考慮到這些因素，我們想向您介紹我們在製定劇本以應對市場不確定性時可能面臨的眾多可能情況中的兩種。我們在上個季度發布的 2025 年全年指引顯然沒有考慮到 4 月 2 日宣布的重大全球關稅影響及其引發的多重反應。

On the far right of the slide, we outlined the major assumptions of our upper-end scenario. In that scenario, we assume that the current level of tariffs 25% on steel, 145% on China, 25% on Mexico and Canada for non-USMCA compliant products and 10% on other countries will continue for the remainder of the year. We assume no further demand erosion on already very low projected levels.

在投影片的最右邊，我們概述了高端情境的主要假設。在這種情況下，我們假設目前的關稅水準將在今年剩餘時間內持續下去：對鋼鐵徵收 25% 的關稅，對中國徵收 145% 的關稅，對墨西哥和加拿大不符合 USMCA 規定的產品徵收 25% 的關稅，對其他國家徵收 10% 的關稅。我們假設在已經非常低的預測水準上需求不會進一步下降。

The middle column outlines the lower-end scenario, which assumes that once the 90-day pause is over, the full level of tariffs announced on April 2 will kick in, which might be too pessimistic in light of reports of progressing bilateral discussions between the US and other governments on the subject.

中間一欄概述了較低端的情景，假設一旦 90 天的暫停期結束，4 月 2 日宣布的全部關稅將生效，但根據有關美國與其他國家政府就該問題進行雙邊討論的進展報告，這可能過於悲觀。

We have already -- we have also assumed that North America industry demand could fall another 5 percentage-points to the lowest historic levels since the early 2000s. So as we move forward with our revised forecast for the year, keep these assumptions in mind for the upper end and the lower end. They widen the range of outcomes. But hopefully, we have given you enough context to understand what is behind these ranges. We are not going into detail today on the portfolio of possible actions we are preparing to align CNH in a new reality.

我們已經——我們也假設北美工業需求可能再下降 5 個百分點，降至 21 世紀初以來的歷史最低點。因此，當我們繼續修訂今年的預測時，請記住這些上限和下限的假設。它們擴大了結果的範圍。但希望我們已經為您提供了足夠的背景信息，以便您了解這些範圍背後的含義。今天我們不會詳細討論我們為使 CNH 適應新現實而準備採取的一系列可能行動。

We will talk about those once the boundary conditions have stabilized and structural decisions are sensible to be taken. Now let's review our latest outlook for ag in 2025. Overall, we had expected the global industry demand to be down 5% to 10% from 2024. With the additional risk in North America that I outlined before, that could look like 10% to 15% down. We have widened the range of our sales forecast to account for additional pricing on one side, but also for potential industry demand drop on the other side.

一旦邊界條件穩定下來，結構性決策變得合理，我們就會討論這些問題。現在讓我們回顧一下2025年農業的最新展望。總體而言，我們預計全球產業需求將比 2024 年下降 5% 至 10%。加上我之前概述的北美額外風險，這一數字可能會下降 10% 至 15%。我們擴大了銷售預測範圍，一方面考慮了額外的定價，另一方面也考慮了潛在的產業需求下降。

We've also widened our ag EBIT margin forecast to between 7% and 9%, recognizing a partial absorption of the tariff impact to do right by our farmers and the potential that we may need to lower production even further, while staying on our path of inventory reductions and pricing discipline.

我們還將農業息稅前利潤率預測擴大至 7% 至 9% 之間，並承認部分吸收關稅影響是為了給農民帶來好處，我們可能需要進一步降低產量，同時繼續減少庫存和控制價格。

In construction, the new impacts that we have reflected are very similar to ag. It is important to point out, however, that construction as an industry is more tied to GDP growth than agriculture. We have widened the sales forecast range to down 4% to 15% and the EBIT margin range to 2% to 4% for 2025. We've had active discussions with potential strategic partners for our construction business. However, we have paused any decision on pathways until the current levels of uncertainty have settled and we get the full visibility on what lies ahead.

在建築業中，我們所反映出的新影響力與農業非常相似。然而，必須指出的是，建築業與 GDP 成長的連結比農業更為緊密。我們已將 2025 年的銷售額預測範圍擴大至下降 4% 至 15%，息稅前利潤率預測範圍擴大至 2% 至 4%。我們已經與建築業務的潛在策略夥伴進行了積極的討論。然而，我們暫停對任何路徑做出決定，直到當前的不確定性水平得到解決，並且我們能夠完全了解未來的情況。

Case construction line at the recent Bauma fair in Munich was very well received with new compact and large machines all equipped with digital functionalities and connected services. We feel very good about case constructions path ahead as we evolve its partnerships in this environment.

在最近的慕尼黑寶馬展上，Case 施工生產線受到了熱烈歡迎，新型緊湊型和大型機器均配備了數位功能和連網服務。隨著我們在這種環境下發展合作夥伴關係，我們對案例建設的未來發展感到非常樂觀。

Putting the two Industrial segments together, we forecast 2025 net sales 11% to 19% lower than 2024 with an industrial adjusted EBIT margin between 4.5% and 6.5%. We have taken the lower end of the free cash flow range a bit down, but we maintained the upper end on better working capital assumptions. So free cash flow is now forecasted to be between $100 million to $500 million in 2025, a definite positive recovery from 2024 when we took the swing in working capital on the back of deep production cuts by design.

將兩個工業部門合併起來，我們預測 2025 年的淨銷售額將比 2024 年低 11% 至 19%，工業調整後的息稅前利潤率將在 4.5% 至 6.5% 之間。我們將自由現金流範圍的下限略微降低了一些，但基於更好的營運資本假設，我們維持了上限。因此，現在預測 2025 年的自由現金流將在 1 億至 5 億美元之間，與 2024 年相比，這是一個明顯的積極復甦，當時我們在有計劃的大幅減產背景下對營運資本進行了調整。

With the dispersion of potential tariff outcomes, we have widened the EPS forecast to between $0.50 and $0.70. Looking at our priorities for the remainder of the year. We are navigating the regional demand trends to ensure that we are responsive to ongoing shifts in the market, especially as we are dealing with the rapidly changing trade environment. Q2 production slots for both agriculture and construction are already full with orders, and Q3 more than 50% booked with most products with some products already completely sold out.

由於潛在關稅結果的差異，我們將每股盈餘預測上調至0.50美元至0.70美元之間。以下是我們對今年剩餘時間的重點關注。我們正在研究區域需求趨勢，以確保我們能夠回應市場不斷發生的變化，特別是在應對快速變化的貿易環境時。第二季農業和建築業的生產時段都已滿訂單，第三季大多數產品的預訂量已超過 50%，有些產品已經完全售罄。

We, at CNH, are staying focused on mission-critical initiatives and not getting distracted by all the trade noise. Nothing about what is happening changes our long-term trajectory. Rather, it is a near-term obstacle that we will navigate. Our production levels will remain intentionally lower at least through the first half of the year as planned.

在 CNH，我們始終專注於關鍵任務計劃，不會被所有的貿易噪音所分散注意力。正在發生的事情不會改變我們的長期軌跡。相反，這是我們近期需要克服的障礙。按照計劃，我們的生產水準至少在上半年將保持較低水準。

After this period of observing and adjusting, we will move into aligning our production for the second half in tandem with the realities of the trade impacts. We made total quality a part of our mindset, driving quality in everything that we do. We will continue to invest in our products, and we continue to work on our manufacturing and sourcing efficiencies. You will see next week, what we have in store as we evolve the mid-cycle profitability of our company.

經過這段觀察和調整之後，我們將根據貿易影響的實際情況來調整下半年的生產。我們將全面品質作為我們思維方式的一部分，在我們所做的每一件事中追求品質。我們將繼續投資我們的產品，並繼續致力於提高我們的製造和採購效率。下週您將會看到，隨著我們公司中期盈利能力的提升，我們將會發生什麼。

At the Investor Day on May 8, our team will provide more insight into our product road map, precision technology, our go-to-market strategy and quality. We are really excited about it, and I hope that you are all planning to tune in.

在 5 月 8 日的投資者日上，我們的團隊將更深入地介紹我們的產品路線圖、精密技術、市場進入策略和品質。我們對此感到非常興奮，我希望你們都計劃收聽。

In conclusion, it's a difficult market today, but it's also something quite exciting. Change and transition always bear the greatest fruit for those who lean in, carefully weigh the options and then decisively pursue map pathways. We are monitoring the demand indicators closely and the overall macro environment.

總而言之，今天的市場很艱難，但也相當令人興奮。對於那些傾身向前、仔細權衡各種選擇並果斷追尋路線的人來說，改變和轉變總是會帶來最大的成果。我們正在密切監測需求指標和整體宏觀環境。

With our balanced global exposure, CNH is well positioned to navigate the current market and additional policy shifts. We remain committed to providing our farmers and builders with excellent quality products and services while continuing to improve and innovate our technology.

憑藉我們均衡的全球業務，CNH 能夠很好地應對當前市場和其他政策變化。我們始終致力於為我們的農民和建築商提供優質的產品和服務，同時不斷改進和創新我們的技術。

That concludes our prepared remarks, and we are ready for the Q&A.

我們的準備好的演講到此結束，我們現在準備進行問答。

Thank you, ladies and gentlemen. We will now begin the question-and-answer session of the call. (Operator Instructions)

謝謝各位，女士們、先生們。我們現在開始電話會議的問答環節。（操作員指示）

Angel Castillo, Morgan Stanley.

摩根士丹利的安吉爾‧卡斯蒂略 (Angel Castillo)。

Thanks and good morning everyone. Oddone, I just wanted to wish you all the best, and Jim also looking forward to working with you here at CNH as we did at MLM. But with that, just a quick question. I wanted to dig in a little bit more on the tariffs. Apologies if I missed this Gerrit, but just can you help us quantify exactly how much is kind of implied in terms of -- from an EPS perspective in terms of a headwind in kind of the low end and the high end. Another way of kind of saying like how much would be your EPS, if you hadn't included any incremental for tariffs?

謝謝大家，早安。Oddone，我只是想祝你一切順利，Jim 也期待著在 CNH 與你共事，就像我們在 MLM 一樣。但就此而言，這只是一個簡單的問題。我想更深入地探討一下關稅問題。如果我錯過了這個，Gerrit，我很抱歉，但是您能否幫助我們從 EPS 角度量化到底有多少隱含的逆風？換句話說，如果不包括任何關稅增量，您的每股盈餘會是多少？

Oddone here Angel, I would say that most of -- I mean all of the change in our guidance is due to the tariff scenarios, right? And we put that two scenarios because of the high level of uncertainty that we have here. So if you take the move of the midpoint, that's where we think that's the number that you need to take. And then depending on how things evolve, we will move on that range.

天使，這很奇怪，我想說的是，我們指導方針的所有變化都是由於關稅情景造成的，對嗎？由於我們面臨的不確定性很高，所以我們提出了這兩種情境。因此，如果您取中點的移動，我們認為這就是您需要取的數字。然後根據事態的發展，我們將在該範圍內採取行動。

Yeah, it look, profoundly, nothing has changed except for the tariffs. And we have thoughtfully widened our guidance range to 200 basis points in order to account for the scenarios that we see ahead and well we'll need to see what this is going to clear up over the course of the summer. But I think as Oddone said, it's also the move of the midpoint that you see as a possible impact from a certain tariff scenario.

是的，從深層來看，除了關稅之外，什麼都沒有改變。我們經過深思熟慮，將指導範圍擴大到 200 個基點，以考慮到我們預見的未來情景，我們需要看看整個夏季這些情況將如何明朗。但我認為，正如奧多內所說，中點的變動也可能受到某種關稅情境的影響。

Tim Thein, Raymond James.

提姆泰恩、雷蒙詹姆斯。

Hi, thank you. Good morning. Maybe just for my one question. If we could drill down a bit into the production cost within the ag business, the favorable, I think it was $39 million, just thinking how you're thinking about the spend on related to -- within that, the spend related to quality, I believe the expectation coming into the year was for that warranty spend to still be a year-over-year headwind to the first half. I guess, just how we're thinking about this cost outlook, taking the tariff discussion albeit an important one out of the equation, just how we're thinking about that kind of component between quality spend? And then just separately, your outlook from manufacturing costs. Thank you.

你好，謝謝。早安.也許只是我的一個問題。如果我們可以深入研究農業業務中的生產成本，我認為有利的一點是 3900 萬美元，只是想想你如何考慮與質量相關的支出 - 其中與質量相關的支出，我相信進入今年的預期是保修支出仍將是上半年同比的阻力。我想，我們是如何看待這個成本前景的，將關稅討論（儘管這是一個重要的討論）排除在外，我們是如何看待品質支出之間的這種組成部分的？然後單獨談談製造成本的前景。謝謝。

Yeah, you're right. I mean quality is still negative in the quarter, as we said in our prepared remarks. So we have reduction in production costs, which includes a charge -- an additional charge or additional delta to last year for quality. We expect to revert that in the coming quarters because last year, particularly in the second part of the year, we spent additional dollars on quality, which we expect not to repeat this year because we have improved the quality of the products coming out of the plants, and we have preventively cured some of the issues that we had.

是的，你說得對。我的意思是，正如我們在準備好的評論中所說的那樣，本季的品質仍然很差。因此，我們降低了生產成本，其中包括一項費用——額外的費用或與去年相比品質的額外差異。我們預計在未來幾個季度會恢復這種狀況，因為去年，特別是下半年，我們在質量方面投入了額外的資金，我們預計今年不會再發生這種情況，因為我們已經提高了工廠生產的產品的質量，並且我們已經預防性地解決了我們遇到的一些問題。

Yeah, and I think on the seasonality, we accelerated our accruals on quality in the second half of last year. So on a year-on-year basis -- year-over-year basis, in the first quarter, we are still on the quality side up, yet I can already tell you that we are seeing a much better quality leaving of today and there is much more to go after with our global quality teams now being laser-focused on making sure that what leaves our factories meets or exceeds customer expectations.

是的，我認為從季節性角度來看，我們在去年下半年加快了品質應計。因此，與去年同期相比，在第一季度，我們的品質仍然處於上升趨勢，但我可以告訴大家，我們今天看到的產品品質有了很大的提高，而且我們還有更多工作要做，我們的全球品質團隊現在正全心全意地確保出廠的產品能夠滿足或超過客戶的期望。

So we are on a very good path here. And as these quality accruals are trailing, we are still in Q1, we're still up year-over-year on that side. But despite that, cost of production is lower. So we see a good potential here in the second half of the year and as we enter into 2026

因此，我們目前正走在一條非常好的道路上。儘管這些品質應計項目落後，但我們仍處於第一季度，在這方面我們仍同比增長。但儘管如此，生產成本還是較低。因此，我們認為今年下半年以及進入 2026 年，這一市場潛力巨大。

Kristen Owen, Oppenheimer.

克里斯汀歐文，奧本海默。

Hi, good morning. Thank you for taking the question and in regards to Oddone, thank you for all the help over the years. I wanted to ask if you could elaborate here on some of the prepared remarks that you made about the price adjustments and sharing some of the costs with your suppliers, if you could just elaborate on that and perhaps address longer-term I wanted to ask you about the efforts you've undertaken on the procurement program over the last couple of years and how the tariff landscape might impact that ongoing effort? Thank you.

嗨，早安。感謝您回答這個問題，對於 Oddone，感謝您多年來給予的幫助。我想問您是否可以在這裡詳細說明您關於價格調整和與供應商分擔部分成本的一些準備好的評論，如果您可以詳細說明這一點並可能解決長期問題，我想問您關於過去幾年您在採購計劃上所做的努力以及關稅形勢將如何影響這項持續的努力？謝謝。

Thank you for the question. So look, the price adjustments we have implemented actually effective today, May 1, are moderate and low single digit. Balancing what we already see to come our way with the runout of model year 2025 that is in production for the second and the third quarter. So this is a moderate adjustment and then we'll see what it means to make machines in the fourth quarter, and that is predominantly the model year 2026, that will be shipped in Q4 and sold in Q4 and then starting from the beginning of 2026 onwards.

謝謝你的提問。因此，我們實施的價格調整實際上從今天（5 月 1 日）開始生效，是中等和低個位數的。平衡我們已經看到的情況與第二季和第三季投產的 2025 年車型的產量。因此，這是一個適度的調整，然後我們將看到這對第四季度製造機器意味著什麼，這主要是 2026 年的車型，將在第四季度發貨並在第四季度銷售，然後從 2026 年初開始。

So that is regular price adjustment on the back of, let's say, cost movements. And this is aligned with our network, and we don't consider that to be a major issue. On the sharing with suppliers, I mean, obviously, we are working very actively with our supply base on the impact from this tariff exposure from the exposure that is certain at this point, the 10% for everyone and obviously, also the exposure on China and certain materials like steel.

這就是根據成本變動而進行的定期價格調整。這與我們的網路一致，我們不認為這是一個大問題。關於與供應商分享，我的意思是，顯然，我們正在與我們的供應基地積極合作，應對這種關稅風險的影響，目前確定的風險是每個人的 10%，顯然，還有對中國和鋼鐵等某些材料的風險。

But that is, from our point of view, pretty logical to approach suppliers and that is also common in the industry to approach suppliers to have a sharing of those cost increases as we look through this phase of uncertainty, which will trigger, obviously, resourcing and probably also most likely relocation of certain production facilities of suppliers into countries with more favorable tariff exposure, including, obviously, the United States.

但從我們的角度來看，與供應商接洽是非常合乎邏輯的，而且在我們經歷這個不確定階段時，與供應商接洽以分擔這些成本增加也是業內常見的做法，這顯然會引發資源配置，而且很可能還會引發供應商將某些生產設施遷移到關稅更優惠的國家，其中顯然包括美國。

So these types of discussions are ongoing. Such relocations will take time. And I think sharing such cost with our supply base keeps both of us pretty alerted to get it done quickly. So that is our mindset that we deploy at this point.

因此，這些類型的討論仍在繼續。此類遷移需要時間。我認為與我們的供應基地分擔這樣的成本可以讓我們雙方都保持警惕，從而快速完成任務。這就是我們現在採取的思考方式。

And you mentioned the strategic sourcing program, which comes together quite nicely. And you see these -- the early results of both wave one and wave two coming through in our production cost, as I replied to in the first -- previous question, we are continuing that and obviously have a very close look at those sources and origins of components that we consider to resource to get to a better cost position in certain countries where the exposure is more elevated and higher.

您提到了戰略採購計劃，該計劃進展得非常順利。而且您可以看到，第一波和第二波的早期結果都體現在我們的生產成本中，正如我在第一個問題中回答的那樣，我們正在繼續這樣做，並且顯然會非常仔細地研究我們認為可以作為資源的零部件的來源和產地，以便在某些風險敞口更高的國家獲得更好的成本地位。

Obviously, those countries and those sources are probably less favorable to be considered in our strategic sourcing program. So it has an immediate impact and the teams are super -- well prepared to take the right choice in between the various options that we have. Because for every component that we resource or we have in the resource program, we have somewhere between four to six alternative suppliers from various different countries.

顯然，這些國家和這些來源可能不太適合在我們的策略採購計畫中考慮。因此，它具有直接的影響，團隊已經做好了充分的準備，可以在我們擁有的各種選擇中做出正確的選擇。因為對於我們所購買的或資源計劃中擁有的每個組件，我們都有來自不同國家的四到六個替代供應商。

So I think this tariff situation is going to impact decisions. But it's not going to slow us down by any way and doesn't deviate our attention to away from getting the best outcome and a better cost position for CNH.

所以我認為這種關稅情況將會影響決策。但它不會以任何方式減慢我們的速度，也不會分散我們對獲得最佳結果和 CNH 更好成本地位的注意力。

Tami Zakaria, JPMorgan.

摩根大通的塔米·扎卡里亞。

Hey, good morning, and farewell to Oddone, it was an honor to work with you. So question on the ag margin. I think I heard you say 1Q was going to be the low point -- so if you could provide some color on how to think about the cadence of ag segment margin as the year progresses 2Q to 4Q?

嘿，早上好，再見，Oddone，很榮幸能與您合作。所以對農業利潤率有疑問。我想我聽到您說過，第一季將是最低點——那麼您能否提供一些關於如何看待今年從第二季度到第四季度農業部門利潤率的變化節奏的信息？

Yeah, I mean, the first quarter is typically a low quarter, and this year we took, I mean by design we took production down significantly. We didn't produce that level of inventory and sales to our dealers that we typically do in the first quarter because we are assessing where demand is and we, as we discussed throughout last year, also we are assessing what is already available on the field.

是的，我的意思是，第一季通常是低迷的季度，而今年我們按照設計大幅降低了產量。我們在第一季沒有向經銷商提供通常水準的庫存和銷售，因為我們正在評估需求所在，而且正如我們去年全年討論的那樣，我們也在評估現場已有的庫存。

The second quarter will still be relatively low, and then our expectation is to have a second half, much more, much better, going back to the double digit profitability.

第二季的獲利水準仍然相對較低，但我們預計下半年的獲利水準會更好，獲利能力將恢復到兩位數。

Kyle Menges, Citigroup.

花旗集團的凱爾孟格斯 (Kyle Menges)。

Thank you. Just following up on that question. How should we be thinking about earnings in the second quarter? Or should we still be pretty confident in a seasonal step-up in earnings from the first quarter to the second quarter despite tariff impacts? And then -- how should we be thinking about possible outcomes for EPS in the second half?

謝謝。只是繼續回答這個問題。我們該如何看待第二季的收益？或者，儘管受到關稅影響，我們是否仍應非常有信心地認為第一季至第二季的獲利將出現季節性成長？那麼——我們該如何考慮下半年每股盈餘的可能結果？

And then just also more of a clarifying question on the price adjustments and when those might actually show up in the P&L just given production slots are full for the second quarter at 50% or so for the third quarter. Does that basically price adjustments don't show up at all in the second quarter than a little in the third and then more so in the fourth quarter. would be helpful to hear how to think about that. Thank you.

然後還有一個關於價格調整的澄清問題，以及這些調整何時會真正出現在損益表中，因為第二季的生產時段已經滿了，第三季的生產時段已經滿了 50% 左右。這是否意味著價格調整在第二季根本不會出現，而在第三季會出現一點，而在第四季會出現更多。聽聽您對此有何看法將會很有幫助。謝謝。

Maybe let me start from the price adjustment. They will likely show up when the product with higher cost will come in. And those price adjustments are specific for North America, right, and they start today. So they will come -- they will flow through the P&L at the same time where higher costs will flow through the P&L. And then we will have Gerrit talk about other price adjustments that we will have in the normal cycle at the end of the year for the model year 2026.

也許我應該從價格調整開始。當成本較高的產品上市時，他們很可能就會出現。這些價格調整是針對北美的，從今天開始。所以它們會出現──它們會流入損益表，同時更高的成本也會流入損益表。然後，我們將讓 Gerrit 談談我們將在年底正常週期內針對 2026 年車型進行的其他價格調整。

Then, of course, on the P&L, you don't only have the list price, but you also have the discounted incentives that we give. And we say that we have a higher level of incentives on the first -- we had a high level of incentive on the first quarter, and we are -- and those are moderating in the coming quarters.

當然，在損益表中，您不僅有標價，還可以獲得我們提供的折扣獎勵。我們說，我們在第一季提供了更高水準的激勵措施——我們在第一季提供了高水準的激勵措施，而且這些激勵措施在未來幾季會有所緩和。

And let me build on the actually make -- allow me to make the link to the imperative to reduce inventories further over the course of the year. I mean our machines have appreciated and priced quite a bit, and we keep increasing that net price in light of the current situation we are going through, but also the improved functionalities and the additional technology that we are engineering and loading into those machines.

讓我在此基礎上進一步闡述——請允許我將其與今年進一步減少庫存的必要性聯繫起來。我的意思是，我們的機器已經升值並且價格上漲了不少，而且考慮到我們目前所處的形勢，我們一直在提高淨價，同時還在改進功能以及我們在這些機器中設計和加載的附加技術。

Given that these machines on average, are getting more and more pricey, obviously, we need to be as an industry and so are we be very, very cautious when it comes to dealer inventories because these numbers carry interest and having our dealers at a low level of inventories is not only in itself let's say, healthy at times like these -- during times like these.

鑑於這些機器的平均價格越來越高，顯然，作為一個行業，我們需要在經銷商庫存方面非常非常謹慎，因為這些數字具有重要意義，並且讓我們的經銷商處於較低的庫存水平不僅本身是健康的，在這樣的時期 - 在這樣的時期。

But with increasing machine prices, I mean, lower inventories on the dealer side are needed to lower the financial exposure for them on the interest side. So I think this is why we are convinced that the choice we made driving inventories down while making thoughtful interventions on the price side vis-a-vis the global scenario is the right choice is the right trade-off.

但隨著機器價格的上漲，我的意思是，經銷商方面需要降低庫存，以降低他們在利息方面的財務風險。所以我認為這就是為什麼我們確信，我們做出的選擇，即降低庫存，同時針對全球形勢對價格方面進行深思熟慮的干預，是正確的選擇，是正確的權衡。

And we will keep adjusting that over the course of the year as we see clearer how this whole tariff exposure and global trade will unfold. So this is connected tariffs and -- or no, not tariffs, pricing of machines and inventory.

隨著我們更清楚地了解整個關稅風險和全球貿易將如何發展，我們將在今年繼續調整這項政策。所以這是相關關稅和——或者不是關稅，而是機器和庫存的定價。

Daniela Costa, Goldman Sachs.

高盛的丹妮拉·科斯塔 (Daniela Costa)。

Hi, good afternoon.

嗨，下午好。

Thank you for taking my questions. I actually wanted to ask on three, if possible at all, but very quick. You commented extensively very helpful data on the tariffs the impact on yourselves, wondering if you see your peers more or less similarly positioned or is sort of that is advantage of or an advantage in certain pockets. That's number one. I'll ask them one at a time.

感謝您回答我的問題。我實際上想問三個，如果可能的話，但要非常快。你們對關稅對你們自身的影響給出了非常有幫助的數據，想知道你們的同行是否也處於類似的境地，或者在某些領域是否具有優勢。這是第一點。我會一個一個問他們。

Hi Daniela. Well, look, we obviously have no insights into their real exposure of supply chain. So we don't know. So we can only look at where machines are made and from where they are shipped because that is public knowledge. So I think from a US point of view, I think we are pretty -- we are more or less exposed similar to the larger competitor in the United States when it comes to these tariffs while I think, obviously, being attached to the European production, predominantly, that is not exactly helpful at this point in time.

你好，丹妮拉。好吧，看，我們顯然不了解他們供應鏈的真實情況。所以我們不知道。因此，我們只能了解機器的製造地和運往哪裡，因為這是公開的知識。因此，我認為從美國的角度來看，我們在這些關稅方面或多或少與美國的大型競爭對手面臨類似的風險，而我認為，顯然，由於主要依賴歐洲生產，這在目前並沒有什麼幫助。

However, on the other side, European market, as we see it, is going to enter a lower decline phase in '25. And when we look at the early out of '26 than the United States. So being more exposed to a European market might provide lower volatility in the very near term, given the decline in the United States and a large cash crop, as we alluded to last time, which we see in the 30% minus range for large machines working in cash crop.

然而，另一方面，我們認為歐洲市場將在2025年進入低點下滑階段。當我們回顧 26 年代初美國的情況時，我們發現情況比美國更早。因此，考慮到美國經濟的衰退和大量經濟作物，更多地接觸歐洲市場可能會在短期內降低波動性，正如我們上次提到的那樣，我們看到在經濟作物中作業的大型機械的波動性在 30% 以下。

We need to see and by the way, the Harvesting segment in itself is slightly higher impacted than the Tractor segment in itself. So there are let's say, different exposures if you split tractors versus combines and then you look at regions, Europe versus US, but I consider this exposure to be pretty short term and that it will work out certainly over the next 12 to 18 months, but that is what I see at this point.

我們需要看到，順便說一下，收割部分本身受到的影響比拖拉機部分本身受到的影響略高。因此，如果你將拖拉機與聯合收割機區分，然後觀察歐洲與美國等地區，你會發現不同的風險敞口，但我認為這種風險敞口是相當短期的，而且肯定會在未來 12 到 18 個月內發揮作用，但這就是我目前所看到的。

We feel with our heavy machines, the big machines, the four-wheel drives, the sprayers, the magnums the combines all made in the United States for the United States, we feel very well positioned to keep track and be very close to our dealers and customers and farmers, providing them world-class equipment at competitive pricing.

我們認為，我們的重型機械、大型機械、四輪驅動機、噴霧器、聯合收割機均在美國製造，供美國使用，我們覺得自己能夠很好地跟踪並與我們的經銷商、客戶和農民保持密切聯繫，以具有競爭力的價格為他們提供世界一流的設備。

(Operator Instructions)

（操作員指示）

Mig Dobre, Baird

米格·多布雷，貝爾德

Thank you, good morning and I appreciate the helpful detail on tariffs. I guess the question that I'm looking to get at is your comment on dealer inventories. The $100 million destock was encouraging. Where do you see dealer inventories currently? Maybe globally, you can comment on that.

謝謝，早上好，我很感謝您提供有關關稅的有用詳細資訊。我想我要問的問題是您對經銷商庫存的評論。1億美元的去庫存措施令人鼓舞。您目前在哪裡看到經銷商庫存？也許從全球角度來說，你可以對此發表評論。

And I'm curious as well on construction, not just on ag, at what point in time do you think you're going to be rightsized given where current level of demand. Thank you.

我對建築業也很好奇，不只是農業，您認為在當前的需求水準下，什麼時候才能實現規模調整？謝謝。

Thanks for the question. Look, the way we look at it is always forward sales. This is the cadence of month of forward sales and 1 impact the big impact is also our projection of expected sales in the market that impacts that KPI. As per the prior call, we made an announcement that we are aiming at about $1 billion inventory reduction. We clocked $100 million in the first quarter, as I mentioned, which is a great accomplishment by our network and team given that usually from a seasonality point of view, the Q1 is up in inventory.

謝謝你的提問。你看，我們看待這個問題的方式始終是預期銷售。這是遠期銷售月份的節奏，最大的影響也是我們對影響該 KPI 的市場預期銷售的預測。根據先前的電話會議，我們宣布我們的目標是減少約 10 億美元的庫存。正如我所提到的，我們在第一季實現了 1 億美元的銷售額，這對我們的網路和團隊來說是一個偉大的成就，因為通常從季節性的角度來看，第一季的庫存會增加。

So having a net minus $100 million is, as you said, promising and quite encouraging. We'll continue to do -- to be on that path, and we will continue to keep production levels low in the second quarter, carefully observing how demand will evolve. We have not yet opened, obviously, our order books for the model year '26, which we will do over summer, and then we will start filling Q4 production with a new model year.

因此，正如您所說，淨虧損 1 億美元是令人振奮的，也是有希望的。我們將繼續這樣做——沿著這條道路前進，我們將在第二季度繼續保持低生產水平，仔細觀察需求將如何變化。顯然，我們尚未開始 26 款車型的訂單，我們將在夏季完成訂單，然後開始在第四季度生產新車型。

And I think in this overall mix of pace on retail and a careful very careful view on production speed and capacity. We believe that we will definitely continue on this path in the second quarter and the second half, somewhere in the second half we shall see our production pace in the line equal retail pace.

我認為，在零售速度和生產速度及產能的整體組合中，我們需要非常謹慎地看待生產速度和產能。我們相信，我們肯定會在第二季和下半年繼續沿著這條道路前進，在下半年的某個時候，我們將看到我們的生產速度與零售速度持平。

On a global level, yet this might look quite different by region. So as we mentioned before as well, I mean Brazil is now in the third year of a downturn. As we speak right now, there is the Agri show hosted in Brazil. Our team is there, super engaged, showing the latest of our product innovations. And we are engaging with farmers in Brazil as we speak right now, even closer during the Agri show.

從全球層面來看，但不同地區的情況可能截然不同。正如我們之前提到的，巴西目前正處於經濟衰退的第三年。就在我們說話的時候，巴西正在舉辦農業展。我們的團隊在那裡全神貫注地展示我們最新的產品創新。我們現在正在與巴西的農民進行交流，在農業展會期間交流更加密切。

And what we hear is a positive sentiment about what might come but this is not yet -- has not yet reached a level where it would trigger CapEx expenditures. So procurement of ag machines in Brazil have remained on a low level in the first quarter. Confidence levels are improving, and now it all comes down to what is going to be announced, let's say, fine in the global trade over the course of the summer and before the end of the year in order to bring back the confidence to the Brazilian farmers, and that should restart considerate equipment purchases in that region. And I think that is a market to come back.

我們聽到的是對可能發生的事情的正面情緒，但這還沒有達到觸發資本支出的水平。因此，第一季巴西農業機械採購量仍處於較低水準。信心水平正在提高，現在一切都取決於將要宣布什麼，比如說，在夏季和年底之前全球貿易表現良好，以恢復巴西農民的信心，並且應該重新啟動該地區的謹慎設備採購。我認為這是一個即將復甦的市場。

In Europe, we need to see. In Europe, there are these ongoing discussions around let's say, a piece in Ukraine, and that would obviously also impact the commodity production in the country. Once there is certainty, I think the production levels will keep coming up. And here, this is a supply of commodities. We'll also need to see what will the summer bring in terms of deals, bilateral trade deals and how well also other nations like China, in their deals with Brazil even further.

在歐洲，我們需要觀察。在歐洲，圍繞烏克蘭的某項事務正在進行討論，這顯然也會影響該國的商品生產。一旦確定了，我認為生產水準將會持續上升。這是商品的供應。我們還需要看看今年夏天會帶來哪些交易、雙邊貿易協議，以及中國等其他國家與巴西的進一步交易進度如何。

You know that soybean imports to China predominantly coming already from Brazil to a very large extent. And I think if there was a further shift away from soybean imports from the US into China, I think the only source for getting those in quantity is Brazil. However, their production level is already quite high. So we might see there some interesting dynamics on that end in global trade, and that will also drive our production decisions in the third and the fourth quarter by region.

你知道，中國進口的大豆很大一部分來自巴西。我認為，如果中國進一步減少從美國進口大豆，那麼唯一能大量獲得大豆的來源就是巴西。不過他們的製作水準已經相當高了。因此，我們可能會看到全球貿易中出現一些有趣的動態，這也將推動我們在第三季和第四季按地區做出的生產決策。

So -- but on a global level, I think we expect production pace to equal retail pace somewhere in the second quarter -- sorry, second half, so somewhere in the second half with the second quarter still being on a similar trend like the first quarter by design. As I mentioned in the prepared remarks, we keep production levels at this level, which is quite painful, but it is needed.

所以 - 但從全球層面來看，我認為我們預計生產速度將在第二季度的某個時候與零售速度持平 - 抱歉，是下半年，所以在下半年的某個時候，第二季度仍將與第一季呈現類似的趨勢。正如我在準備好的發言中提到的那樣，我們將生產水平保持在這個水平，這很痛苦，但這是必要的。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Hi, good morning. I guess my question, the dealer inventory color was helpful. Can you just speak to what you're seeing sort of by region on the pricing or the competitive landscape, whether that's gotten better. And then I guess just following on that, your commentary on tariffs. I'm wondering if that is could potentially help at all with dealer inventories, i.e., they want to buy the equipment on a lot because they're worried about tariffs, into what degree that could help support used pricing? Thank you.

嗨，早安。我想我的問題是經銷商庫存顏色有幫助的。您能否談談您所看到的各地區的定價或競爭格局是否有所改善？然後我想接下來就是您對關稅的評論。我想知道這是否會對經銷商庫存有任何幫助，也就是說，他們想大量購買設備，因為他們擔心關稅，這在多大程度上可以幫助支持二手定價？謝謝。

Well, I'll start from the second question. That is an effect you are describing that is called in several industries, prebuy effect. So when there's something coming that would pick up demand for certain products and commodities. I mean, we on low levels, again we do see good interest in our machines and a good retail pace, again, on low levels also in the United States. And here, we I would not speak about -- I wouldn't call it a prebuy effect.

好吧，我從第二個問題開始。您所描述的這種效應在多個行業中被稱為「預購效應」。因此，當某些事情發生時，對某些產品和商品的需求就會增加。我的意思是，在低水平上，我們再次看到人們對我們的機器產生了濃厚的興趣，而且零售速度也很好，同樣，在美國也是如此。在這裡，我不會談論——我不會稱之為預購效應。

I wouldn't call it a big wave, but I think there's a continued interest in the machines. And now that moderate price increases are coming and the model year 2026 is entering production in the fourth quarter. I think there might be a certain helpful demand coming towards used machines and machines in a lot, but that isn't a major -- it's not a major thing at this point. So we are not seeing it yet unfolding to a great extent.

我不會稱其為一股巨浪，但我認為人們對機器的興趣仍在持續。現在價格即將適度上漲，2026 年車型將於第四季投入生產。我認為二手機器和批量機器可能會有一定的有益需求，但這不是什麼大事——目前還不是什麼大事。所以我們還沒有看到它在很大程度上展開。

In terms of pricing and competition across the different regions, whether that something has changed. Well, look, we're keeping good demand in regions like Australia and New Zealand. Also in Europe, we see on a low level, we're going to -- we see good pace, good interest and that gives us confidence in the strength of our sector vis-a-vis GDP and that people need to eat.

就不同地區的定價和競爭而言，是否發生了一些變化。嗯，看，我們在澳洲和紐西蘭等地區保持著良好的需求。同樣在歐洲，我們看到處於低水平的經濟成長——我們看到了良好的步伐和良好的興趣，這讓我們對我們行業相對於 GDP 的實力充滿信心，而且人們需要吃飯。

The population is growing and our farmers need to produce even more efficiently the food for the world and the growing population. And with all of that, including a shift, as I mentioned, from a direct consumption, if you will, of carbohydrate-based products towards protein-based and more animal protein-based nutrition. We see overall an even slight acceleration of commodity consumption given that it takes quite a bit of soybean and corn in order to grow animal protein.

人口正在成長，我們的農民需要更有效率地生產糧食，以滿足世界和不斷增長的人口的需求。除此之外，正如我所提到的，還包括從直接消費碳水化合物產品轉向以蛋白質和更多動物蛋白質為基礎的營養。由於生產動物性蛋白質需要大量的大豆和玉米，我們總體上看到商品消費略有加速。

So there's an underlying shift and push in the direction of our industry in the long term. But at this very moment, I think we feel very competitive, competitively positioned in all regions vis-a-vis our other market participants, yet we have slight differences here and there, depending on how we source and where we make machines. But again, I mean we all start now in Q2 to adjust pricing. And with that, we will see how markets will react and also how the market in terms of volume will evolve over the next two or three quarters.

因此，從長遠來看，我們的行業方向將發生潛在的轉變和推動。但此時此刻，我認為我們感覺非常有競爭力，相對於其他市場參與者，我們在所有地區都具有競爭優勢，但我們在某些​​方面還是略有不同，這取決於我們的採購方式和機器製造地點。但我的意思是，我們現在都從第二季開始調整價格。由此，我們將看到市場將如何反應，以及未來兩、三個季度市場規模將如何發展。

David Raso, Evercore ISI.

大衛·拉索（David Raso），Evercore ISI。

Hi, thank you. Actually, a little more just a clarification. When you're saying pricing is hitting today, is that on new orders or any shipments from today onward?

你好，謝謝。實際上，只需稍微澄清一下。您說的價格是今天生效的，是指新訂單還是從今天起的任何發貨？

When the price increase that has become effective today is on new customer and new obviously, dealer orders. The customer orders that were placed prior to the announcement of the tariffs and prior to the effectiveness of the related increases in cost, those orders are protected, and we are not changing prices where customers have given us their definite order before the change happened in April. So we are having the effectiveness of this price increase is in Q2 and is in Q3 on dealer orders and on new customer orders coming in.

今天生效的價格上漲顯然是針對新客戶和新經銷商的訂單。在關稅公佈之前和相關成本增加生效之前下達的客戶訂單受到保護，對於在 4 月份價格變化發生之前已下達明確訂單的客戶，我們不會更改價格。因此，我們在第二季和第三季對經銷商訂單和新客戶訂單產生了影響。

Avi Jaroslawicz, UBS.

瑞銀的 Avi Jaroslawicz。

Hi, good morning. Thanks, guys. Just of the finished products that you're importing from overseas, how are you handling the price adjustments there? Are you just taking the baseline tariff or whatever the effective tariff rate is for that country. And applying that on as a surcharge or on the sticker price also within that bucket of products, are there any products that you think it just doesn't make economic sense due to competitive factors to continue offering with the tariffs that we have in place today.

嗨，早安。謝謝大家。就您從海外進口的成品而言，您如何處理那裡的價格調整？您只是採用基準關稅還是該國的有效關稅稅率？並將其作為附加費或標價應用於這類產品中，您是否認為，由於競爭因素，繼續按照我們目前實施的關稅提供某些產品在經濟上是沒有意義的？

All machines, all equipment that we import to the US still makes very much sense to be imported and to be made. The 10% flat on everybody does not change that. That attractiveness of the product. And the machines that we are -- mid-range tractors, for example, or light tractors that are coming from Europe, those machines, we are not applying flat the percentage and then call it price.

我們進口到美國的所有機器、所有設備仍然非常值得進口和製造。對每個人徵收 10% 的統一稅率並不會改變這一點。產品的吸引力。而對於我們的機器——例如中檔拖拉機或來自歐洲的輕型拖拉機，我們不會對這些機器採用固定的百分比，然後稱之為價格。

What we are doing, we thoughtfully go obviously through the bill of material, how these tariffs do apply to the various different aspects of the machine. We then thoughtfully go through the list of suppliers and the sources of supply seek for a reasonable sharing of those tariffs, and then remainder is rolled up into a price increase on the machine. On the retail price and the wholesale price and then eventually on the retail price here in the US.

我們正在做的是，仔細檢查物料清單，看看這些關稅如何適用於機器的各個不同方面。然後，我們仔細檢查供應商名單，並與供應源尋求合理分擔這些關稅，然後將剩餘部分計入機器的價格上漲。關於零售價和批發價，最後是關於美國的零售價。

So that is how it's done. But we also have a very thorough look at the inventory levels of those machines in the country. We -- when you look at our -- when we talk about our inventory or dealer inventory levels being still $900 million towards the end of the year, $900 million too high versus the expectations that we had at that moment in time. And those are confirmed for now. We have on the imported machines from Europe, rather higher inventory levels than on the locally made machines because the supply chain from Europe is obviously longer than from the US. So we have higher inventory levels on average when you look at midrange or smaller tractors across the board.

這就是它所做的。但我們也對該國這些機器的庫存水準進行了非常徹底的審查。我們——當你看到我們——當我們談論我們的庫存或經銷商庫存水平到年底仍然有 9 億美元時，與我們當時的預期相比，高出了 9 億美元。目前這些都已確認。我們從歐洲進口的機器的庫存水準比本地製造的機器高，因為歐洲的供應鏈明顯比美國的供應鏈還要長。因此，從中檔或小型拖拉機來看，我們的平均庫存水準較高。

And that means we are very carefully observing how this tariff situation will evolve, and we are pacing well imports from Europe to the US accelerating the inventory reduction on the one side, but also avoiding stocking up on units at higher prices too early. So it's -- it really goes machine by machine. And we look at inventory levels, where they are and how retail pays and retail interest for these machines materializes, and that will drive, let's say, the orders from our North American team towards the European team when it comes to midrange and small range tractors.

這意味著我們正在非常仔細地觀察關稅情況將如何發展，並且我們正在很好地控制從歐洲到美國的進口，一方面加速庫存減少，另一方面也避免過早以更高的價格囤積。所以它確實是一台機器一台台地運轉。我們將關注庫存水準、庫存位置以及零售商對這些機器的支付和零售興趣如何實現，這將推動我們的北美團隊向歐洲團隊訂購中檔和小型拖拉機。

And so it's a bit more sophisticated than a line in an excel sheet, but it's certainly it's carried out very thoughtfully by our teams in Europe and in the US, always with an eye on inventory levels.

因此，它比 Excel 表格中的一行要複雜一些，但我們在歐洲和美國的團隊確實非常認真地執行了這一操作，並始終關注庫存水準。

Ladies and gentlemen, that concludes today's question-and-answer session and today's conference call. We thank you for your participation today. You may now disconnect.

女士們、先生們，今天的問答環節和電話會議到此結束。我們感謝您今天的參與。您現在可以斷開連線。