Goodyear Tire & Rubber Co (GT) 2026 Q2 法說會逐字稿

Good morning, my name is Brittany and I will be your conference operator today. (Operator Instructions) Please note, this call may be recorded.

早安，我叫 Brittany，今天將擔任各位的電話會議接線員。（接線員指示）請注意，本通話可能會被錄音。

It is now my pleasure to turn the conference over to Ryan Reed, Vice President, Investor Relations.

現在我很榮幸將會議交給投資人關係副總裁 Ryan Reed。

Thank you and good morning, everyone. Welcome to our second-quarter 2026 earnings call. With me today are Mark Stewart, CEO and President; and Scott Deakin, Interim CFO.

謝謝，各位早安。歡迎參加我們 2026 年第二季財報電話會議。今天與我一同出席的有執行長兼總裁 Mark Stewart，以及代理財務長 Scott Deakin。

A couple notes before we get started. During this call, we'll make forward-looking statements and refer to non-GAAP financial measures. For more information on the most significant factors that could affect our future results and for reconciliations of non-GAAP measures, please refer to our presentation and our SEC filings. Our earnings materials can be found at investor.goodyear.com.

在開始之前先提醒幾點。在本次電話會議中，我們將發表前瞻性陳述，並提及非 GAAP 財務衡量指標。關於可能影響我們未來業績的最重要因素，以及非 GAAP 指標的調節表，請參閱我們的簡報與向 SEC 提交的文件。我們的財報相關資料可於 investor.goodyear.com 查閱。

With that, I'll hand the call over to Mark.

接下來，我把電話交給 Mark。

Thank you, Ryan, and good morning, everyone. We appreciate you joining in with us today. Before we get started, I'd like to recognize and thank all of our associates around the world. This past year has brought its share of challenges for our industry, and the stabilization we're seeing at Goodyear is a result of our team's focus, execution, and commitment to our customers. To all of our associates, thank you for all that you do.

謝謝你，Ryan，各位早安。感謝各位今天加入我們。在開始之前，我想先表揚並感謝我們遍布全球的所有同仁。過去一年我們的產業面臨不少挑戰，而固特異目前所見到的穩定，來自團隊對客戶的專注、執行力與承諾。致所有同仁，感謝你們所做的一切。

Now we'll look at our performance for the quarter, and I'd like to spend some time discussing the actions we're taking to strengthen our competitive position and how we're setting Goodyear up for long-term success.

接著我們將回顧本季表現，我也想花些時間說明我們為強化競爭地位所採取的行動，以及我們如何為固特異的長期成功奠定基礎。

Let's head into the quarter two recap. Overall, second quarter performance was in line with the expectations we shared on our last call with you. Our global tire volumes stepped up sequentially, and though some pockets continue to be weak, we saw more market stability overall in Q2 compared to Q1. Additionally, channel destocking moderated from the first quarter as sell-in more closely reflected customer sell-out.

我們先進入第二季回顧。整體而言，第二季表現符合我們在上次電話會議中與各位分享的預期。我們的全球輪胎銷量較前一季提升；雖然部分領域仍偏弱，但相較於第一季，我們在第二季看到整體市場更為穩定。此外，通路去庫存的幅度較第一季趨緩，因為出貨（sell-in）更貼近客戶端的銷售（sell-out）。

EMEA and Asia Pacific both improved financial performance over the prior year.

EMEA 與亞太地區的財務表現皆較去年同期改善。

Asia Pacific was again a really bright spot for us, achieving volume growth across both consumer and commercial, as well as OE and replacement businesses. Asia Pacific also delivered both revenue growth and margin expansion during the quarter.

亞太地區再次成為我們的一大亮點，在消費與商用市場，以及原廠配套（OE）與替換市場業務上都實現了銷量成長。亞太地區在本季也同時帶來營收成長與利潤率擴張。

Performance in the Americas remained challenging, driven by a competitive marketplace combined with soft consumer backdrop. However, as the channel destocking moderated, the region delivered sequential volume improvement in the quarter.

美洲地區的表現仍具挑戰，主要受到競爭激烈的市場環境以及疲弱的消費背景所影響。不過，隨著通路去庫存趨緩，該地區本季銷量較前一季改善。

As I reflect on the quarter operationally, two things stand out to me. First, all regions continued to increase the share of 18-inch and above rim sizes in their consumer portfolios. Across Goodyear, that mix increased 4 percentage points year over year, matching the fastest pace of expansion since we started disclosing the metric.

從營運角度回顧本季，有兩點特別值得注意。第一，各地區持續提高其消費產品組合中 18 吋及以上輪圈尺寸的占比。在固特異整體而言，該產品組合占比年增 4 個百分點，達到自我們開始揭露此指標以來最快的擴張速度。

Additionally, we grew OE volumes as well as market share in all regions during the quarter. This OE growth in particular stands out against a weak consumer OE production backdrop across the regions. The greater stability we're seeing across the business gives us confidence in the step-up in the SOI we expect to deliver in the second-half.

此外，本季我們在所有地區都提升了 OE 銷量與市占率。尤其是在各地區消費型 OE 產量疲弱的背景下，這項 OE 成長更顯突出。我們在整體業務上看到的更高穩定性，使我們對下半年預期可交付的 SOI 提升更具信心。

Thinking longer-term, it's clear to us that heightened competitive pressure isn't going away. This continues to validate the actions we're taking to strategically reposition our business and our priorities are very clear. We're working to strengthen our product portfolio, improve the competitiveness of our manufacturing footprint and enhance our go-to-market strategy. Let me expand on each of these areas.

從更長期來看，我們清楚競爭壓力升高不會消失。這也持續驗證我們正採取的策略性重塑行動，而我們的優先事項非常明確。我們正致力於強化產品組合、提升製造版圖的競爭力，並強化我們的市場進入（go-to-market）策略。我將逐一說明這些領域。

First on product portfolio. Over the past two years, we've made deliberate choices about where we believe Goodyear can contribute the greatest value within the marketplace. That means becoming more disciplined about retiring SKUs that do not generate acceptable returns. It means we're also continuing to invest in the products, brands, and innovation that differentiate Goodyear and align our offerings with the most attractive segments of the market.

首先是產品組合。過去兩年，我們有意識地做出選擇，聚焦於我們相信固特異在市場中能創造最大價值的領域。這意味著我們將更有紀律地淘汰無法帶來可接受報酬的 SKU。同時也意味著我們持續投資於能讓固特異脫穎而出的產品、品牌與創新，並使我們的供給更貼近市場中最具吸引力的區隔。

That strategy continues to take shape through our product pipeline. In Q2, we brought products to market in EMEA, including our Vector All-Season 4. This tire builds on our legacy of innovation in a category we helped pioneer nearly 50 years ago when we introduced the first all-season tire.

這項策略也持續透過我們的產品開發管線逐步成形。在第二季，我們在 EMEA 推出多項產品，包括 Vector All-Season 4。這款輪胎延續我們在該類別的創新傳統；近 50 年前我們推出第一款四季胎時，便是此類別的先驅之一。

We've also expanded our Cooper portfolio in EMEA, introducing new all-season and winter tires across passenger cars, SUVs, and light commercial vehicles, as well as new summer tires for passenger cars in the SUV segments. This is where Goodyear science really comes in. The same innovation tested in some of the world's toughest environments from commercial aviation and military aircraft to lunar missions and the racetrack helps deliver the tires and solutions customers trust.

我們也在 EMEA 擴充 Cooper 產品組合，針對乘用車、SUV 與輕型商用車推出新的四季胎與冬季胎，並在 SUV 細分市場推出乘用車用的新夏季胎。這正是固特異科技真正發揮作用之處。從商用航空與軍用飛機等全球最嚴苛的環境，到登月任務與賽道上測試的同樣創新，協助我們提供客戶信賴的輪胎與解決方案。

We're proud that differentiated capability is being recognized in the industry. One of the ways we know we're on the right track is through the recognition of our products that we continue to receive. For example, Auto Bild named Goodyear the top manufacturer of the year for summer tires. In a recent test, Tire Rack recognized Eagle F1 All-Season as the leading ultra-high performance all-season tire in the market.

我們很自豪這項差異化能力正獲得產業肯定。我們知道自己走在正確道路上的其中一個方式，就是我們持續獲得的產品獎項與認可。例如，Auto Bild 將固特異評選為年度最佳夏季胎製造商。在近期的一項測試中，Tire Rack 也將 Eagle F1 All-Season 評為市場上領先的超高性能四季胎。

Looking ahead, we remain focused on the fastest-growing, highest-value segments in the market, including ultra-high-performance tires, larger rim sizes of 18 and above, and strong product offerings in the all-weather and all-season segments.

展望未來，我們仍聚焦於市場中成長最快、價值最高的區隔，包括超高性能輪胎、18 吋及以上的大尺寸輪圈，以及在全天候與四季胎區隔中的強勢產品布局。

In fact, later this year, we have new Cooper products set to launch in the US and Canada and a new Goodyear product in Latin America to advance this strategy. Our new product introductions, coupled with continued portfolio optimization to eliminate the lower margin SKUs, demonstrates our commitment to investing in the products and segments where we can compete most effectively.

事實上，今年稍晚我們將在美國與加拿大推出新的 Cooper 產品，並在拉丁美洲推出新的固特異產品，以推進這項策略。我們的新產品上市，加上持續進行產品組合最佳化以淘汰低毛利 SKU，展現了我們致力於投資在我們最能有效競爭的產品與市場區隔。

As our portfolio evolves, our manufacturing footprint needs to evolve with it. The footprint actions we've taken over the last few years haven't solely been focused on reducing costs, they are a direct response to where we're headed. In our portfolio-driven manufacturing strategy, we're aligning our footprint with the segments we believe Goodyear can most effectively compete in, strategically producing the right products in the right facilities.

隨著產品組合演進，我們的製造版圖也必須隨之演進。過去幾年我們採取的版圖行動並不僅僅著眼於降低成本，而是對我們前進方向的直接回應。在以產品組合驅動的製造策略下，我們正使製造版圖與我們認為固特異最能有效競爭的區隔相一致，策略性地在合適的工廠生產合適的產品。

The decision to close our Fayetteville facility reflects this strategy. It's another step towards building a manufacturing network aligned with our portfolio and positions Goodyear to compete more effectively over the long-term. We expect production to wind down by the end of 2027 with volume transitioning to other facilities across the network that will improve utilizations, strengthen the competitiveness of our manufacturing footprint, and reduce structural costs to the Americas by $90 million in 2027 and $270 million thereafter.

關閉 Fayetteville 廠的決策正反映了這項策略。這是朝向建立與我們產品組合相匹配的製造網路的又一步，並使固特異在長期更具競爭力。我們預期將於 2027 年底前逐步停止生產，並把產量轉移至網路內其他工廠，以提升產能利用率、強化製造版圖競爭力，並在 2027 年為美洲地區降低 9,000 萬美元的結構性成本，之後每年降低 2.7 億美元。

As we continue to reshape our portfolio, it's essential that our manufacturing capacity evolves alongside it. We'll continue evaluating our footprint to ensure it remains aligned with our portfolio strategy. We're making targeted investments across our global manufacturing and supply chain network to strengthen critical capabilities. These investments will help us increase flexibility and resilience, improve efficiency, and better position Goodyear to meet customer demand in higher-value segments, including the 18-inch and above market.

隨著我們持續重塑產品組合，製造產能也必須同步演進，這一點至關重要。我們將持續評估製造版圖，以確保其與我們的產品組合策略保持一致。我們正針對全球製造與供應鏈網路進行有針對性的投資，以強化關鍵能力。這些投資將協助我們提升彈性與韌性、改善效率，並使固特異更能滿足高價值區隔（包括 18 吋及以上市場）的客戶需求。

At the same time, we're simplifying our network, expanding automation and improving utilization and productivity, all to strengthen our competitiveness, support financial performance and better serve demand in premium and high-value segments. Our goal is to have a manufacturing network that supports the long-term strategy by efficiently serving the growing demand in premium, high-value segments and positioning Goodyear to deliver stronger business performance over time, building a stronger portfolio and a more competitive manufacturing footprint is only part of the story.

同時，我們正在簡化我們的網路、擴大自動化並提升產能利用率與生產力，這一切都是為了強化競爭力、支撐財務表現，並更好地服務高端與高價值細分市場的需求。我們的目標是打造一個能支援長期策略的製造網路，以高效率滿足高端、高價值細分市場不斷成長的需求，並讓固特異能隨時間推進交出更強勁的業務表現；建立更強的產品組合與更具競爭力的製造版圖只是故事的一部分。

Our path to long-term value also depends on our ability to win with our customers and deliver the products and services they rely on every day. Central to that are our OE partners. When leading vehicle manufacturers choose our tires for their new vehicles, it expands our brand with millions of drivers, strengthens our competitive position, and creates a pipeline for replacement sales down the road. That's how a single OE win can become an important driver of sustainable value creation for many years to come.

我們通往長期價值的道路，也取決於我們贏得客戶並交付他們每天仰賴的產品與服務的能力。其中的核心是我們的原廠配套（OE）合作夥伴。當領先的車輛製造商為其新車選用我們的輪胎時，這會讓我們的品牌觸及數以百萬計的駕駛者、強化我們的競爭地位，並為未來的替換胎銷售建立管道。這就是單一一項OE勝出如何能在未來多年成為可持續價值創造的重要驅動力。

Additionally, we're continuing to strengthen how we compete across the replacement market through stronger channel partnerships and investments in digital capabilities, as well as tools that make it easier for customers to do business with Goodyear.

此外，我們也透過更強的通路夥伴關係與對數位能力的投資，以及讓客戶更容易與固特異往來的工具，持續強化我們在替換胎市場的競爭方式。

You've heard me talk about our focus on our portfolio, manufacturing footprint and go-to-market strategy. We see these priorities as deeply connected. Progress in one area creates lasting value if it's matched by progress in the others.

你們聽我談過我們對產品組合、製造版圖以及上市策略（go-to-market strategy）的聚焦。我們認為這些優先事項彼此緊密相連。某一領域的進展，只有在其他領域也同步推進時，才能創造持久價值。

Over the past two years, we've taken meaningful actions to strengthen Goodyear and build a more focused company. Through Goodyear Forward, we did what we said we were going to do. We strengthened our balance sheet, we increased our strategic focus and operating discipline, and implemented opportunities to create the greatest value.

在過去兩年，我們採取了具實質意義的行動來強化固特異，並打造一家更聚焦的公司。透過Goodyear Forward，我們做到了我們說要做的事。我們強化了資產負債表、提升了策略聚焦與營運紀律，並落實能創造最大價值的機會。

And that work continues today. As we look ahead, we're focused on delivering the financial performance expected of an industry leader by building a more competitive, more profitable, and more resilient Goodyear. You'll continue to see us making deliberate choices about where we invest, where we compete, how we allocate capital, and always with the objective of improving returns and building a stronger Goodyear.

而這項工作今天仍在持續。展望未來，我們專注於打造更具競爭力、更高獲利、也更具韌性的固特異，以交出符合產業領導者期待的財務表現。你們將持續看到我們在投資方向、競爭領域、資本配置上做出審慎選擇，並始終以提升報酬、打造更強大的固特異為目標。

The imperative is to ensure every major decision, from product development to manufacturing investments to sales execution, supports the same strategy, concentrating our resources behind the markets, products and opportunities where Goodyear can create the greatest long-term value.

當務之急是確保每一項重大決策——從產品開發到製造投資再到銷售執行——都支援同一套策略，把資源集中投入在固特異能創造最大長期價值的市場、產品與機會上。

Together, these efforts and results, along with our commitment to innovation, serve to differentiate us in the marketplace. From our role in supplying advanced lunar tires for the Pegasus LTV as part of NASA's Artemis program to creative collaborations like Toy Story 5 fitments with Porsche, we're bringing Goodyear science and technology to life in ways that capture attention and connect with customers. These moments do more than reinforce our brand. They show how we're leveraging our unique strengths to stand out in the marketplace.

綜合而言，這些努力與成果，加上我們對創新的承諾，使我們能在市場中脫穎而出。從我們在NASA阿提米絲（Artemis）計畫中，為Pegasus LTV供應先進月球輪胎的角色，到像與保時捷合作的《玩具總動員5》創意配胎合作，我們正以能吸引目光並與客戶連結的方式，讓固特異的科學與技術具體呈現。這些時刻不僅強化我們的品牌。它們也展現我們如何運用獨特優勢在市場中突顯差異。

Finally, I'd like to welcome Scott Deakin as our interim CFO. Scott brings a deep public company finance and operating experience. We're pleased to have him in the role and look forward to continuing to work closely with Scott.

最後，我想歡迎Scott Deakin擔任我們的臨時財務長（CFO）。Scott具備深厚的上市公司財務與營運經驗。我們很高興他擔任此職務，並期待持續與Scott密切合作。

I'll now turn the call over to Scott. Thank you.

接下來我把電話會議交給Scott。謝謝。

Thank you, Mark, and good morning, everyone. Since joining the company, I've had the opportunity to spend time with a good many of the team, up and down the organization.

謝謝你，Mark，各位早安。自加入公司以來，我有機會與團隊中相當多的成員相處交流，涵蓋組織上下各層級。

What stands out to me is the tight alignment and focus across Goodyear in addressing both the challenges and the opportunities ahead. The enthusiasm and urgency focused on continuous improvement and forward progress is compelling.

最令我印象深刻的是，固特異在面對未來的挑戰與機會時，展現出高度一致的對齊與聚焦。大家對持續改善與向前推進所展現的熱忱與急迫感，令人信服。

Now, turning to our results. I'll begin with our second quarter financial performance before discussing cash flow, the balance sheet, and our outlook.

現在來看我們的業績。我將先說明第二季的財務表現，接著討論現金流、資產負債表以及我們的展望。

Turning to the income statement on slide 6. Second quarter sales were $4.3 billion, down about 5% from last year, given lower volume and last year's divestitures of the chemicals business and the Dunlop brand, partially offset by price and mix improvements.

請看第6頁投影片的損益表。第二季銷售額為43億美元，較去年下降約5%，原因是銷量較低，以及去年出售化學品業務與Dunlop品牌；部分被價格與產品組合改善所抵銷。

Excluding the divestitures, sales were down about 1% organically. Unit volume declined 4%, driven by lower consumer replacement volume in the Americas and EMEA. Although tire unit volumes remain down year over year, we saw improvements compared to the first quarter, reflecting stabilizing industry demand and the benefit of lapping our product and SKU rationalization actions taken last year.

排除出售事項後，銷售額按有機口徑約下降1%。單位銷量下降4%，主要受美洲與EMEA（歐洲、中東及非洲）消費者替換胎銷量下滑所致。雖然輪胎單位銷量仍較去年同期下降，但相較第一季已有改善，反映產業需求趨於穩定，以及去年我們推動產品與SKU精簡措施在比較基期效應（lapping）下帶來的助益。

Gross margin decreased by 1 percentage point, primarily due to lower volumes and unfavorable fixed cost absorption. SG&A increased about 1.5%, which continued to be explained by the foreign exchange effects of the weaker US dollar on sales, particularly against the euro.

毛利率下降1個百分點，主要因銷量較低以及固定成本吸收不利。SG&A（銷售、一般及行政費用）增加約1.5%，主要仍可歸因於美元走弱對銷售的外匯影響，尤其是相對歐元。

Excluding currency, SG&A on a dollar basis was relatively flat. While consolidated, segment operating income was $36 million. Similar to the first quarter, one item to call out is our unusually high tax expense, which was driven by the regional mix of where earnings were generated during the quarter. After adjusting for significant items, including rationalizations and discrete tax items in the quarter, non-GAAP earnings per share was a loss of $0.61.

排除匯率因素後，以美元計的SG&A大致持平。合併口徑下，分部營業利益為3,600萬美元。與第一季類似，需要特別指出的是我們異常偏高的所得稅費用，這是由於本季獲利產生地區的組合所致。在調整重大項目（包括本季的精簡整併相關項目與一次性稅務項目）後，非GAAP每股盈餘為虧損0.61美元。

Turning to the segment operating income walk on slide 7. Our 2025 earnings base was lower by $44 million due to the sales of the chemical business and the Dunlop brand last year. After this change in scope, our 2025 segment operating income was $115 million. Lower tire unit volume and the associated pressure on factory utilization were a headwind of $132 million, driven principally by lower consumer replacement volume in the Americas.

請看第7頁投影片的分部營業利益變動分析。由於去年出售化學品業務與Dunlop品牌，我們2025年的獲利基礎減少了4,400萬美元。在此範圍變動後，我們2025年分部營業利益為1.15億美元。較低的輪胎單位銷量及其對工廠產能利用率的壓力，帶來1.32億美元的不利影響，主要由美洲消費者替換胎銷量下滑所驅動。

Price and mix versus raw materials was a benefit of $123 million. The continuing favorable contributions of Goodyear Forward accounted for $95 million of benefits during the quarter inflation was an unfavorable impact of $53 million tariffs were a headwind of $32 million and other operational costs were higher by $68 million. Finally, foreign currency and other were a combined headwind of $12 million.

相較原材料，價格與產品組合帶來1.23億美元的正面效益。Goodyear Forward持續帶來的有利貢獻在本季合計提供9,500萬美元的效益；通膨帶來5,300萬美元的不利影響；關稅帶來3,200萬美元的逆風；其他營運成本增加6,800萬美元。最後，外匯及其他合計帶來1,200萬美元的逆風。

Turning to slide 8, free cash flow was a use of $69 million in the quarter, improving $318 million compared to the prior year, driven by both more efficient working capital and lower CapEx. Net debt declined over $700 million versus a year ago. Reflecting debt repayment at the end of last year.

請看第8頁投影片，本季自由現金流為淨流出6,900萬美元，較去年同期改善3.18億美元，主要由更有效率的營運資金管理與較低的資本支出（CapEx）所帶動。相較一年前，淨負債下降超過7億美元。反映去年底的償債。

During the quarter, we successfully issued approximately $1 billion of senior notes. We intend to use those cash proceeds to repay our 2027 senior notes, thereby extending our debt maturity profile and further strengthening our liquidity position. This transaction provides the financial flexibility to continue executing the actions we've outlined. Including the manufacturing footprint optimization underway without being constrained by near-term maturities.

本季我們成功發行約10億美元的優先票據。我們計畫使用該等現金募集款償還2027年到期的優先票據，藉此延長債務到期結構並進一步強化流動性部位。這筆交易提供財務彈性，使我們能持續執行已概述的行動，包括正在進行的製造版圖最佳化，而不會受限於短期到期壓力。

We believe we've positioned the company with the liquidity and runway necessary to execute our strategy, and the team is aligned around continuing to strengthen the balance sheet as those improvements are realized.

我們相信，公司已具備執行策略所需的流動性與時間跑道；團隊也已對齊，將在這些改善逐步實現之際，持續強化資產負債表。

Moving to the SBU results on slide 10, Americas unit volume decreased 9%. Driven principally by lower US consumer replacement volume. As Mark discussed, we continue to prioritize our strategic decision to exit low-margin product lines. These actions primarily drove our volume decline during the quarter.

接著看第10頁投影片的SBU業績，美洲事業部單位銷量下降9%。主要是由於美國消費者替換胎銷量較低所致。如Mark所述，我們仍持續優先推動退出低毛利產品線的策略性決策。這些行動是本季銷量下滑的主要原因。

Specifically within the US consumer replacement industry, we saw the rate of destocking improve as both consumer sell-in volumes and sell-out volumes were down between 1% and 2% during the second quarter. While Goodyear's consumer replacement volumes were down during the quarter, OE volumes grew despite market softness as we achieved market share gains.

具體就美國消費者替換胎產業而言，去庫存速度有所改善，因為第二季消費者通路進貨量與終端銷售量皆下滑約1%至2%。雖然固特異本季消費者替換胎銷量下滑，但在市場疲弱的情況下，原廠配套（OE）銷量仍成長，因為我們取得市占率提升。

Commercial volume remained lower than last year driven by replacement. However, commercial OE volume grew in the mid-teens percent driven by rising freight rates and improving fleet confidence. Americas segment operating income was a loss of $10 million.

商用胎銷量仍低於去年，主要由替換胎所拖累。然而，商用原廠配套（OE）銷量在運價上升與車隊信心改善的帶動下，成長達十幾個百分點。美洲事業部營業利益為虧損1,000萬美元。

Reflecting the impact of lower volume, tariff costs and inflation, partly offset by price index versus RMOS, together with the continuing benefits of Goodyear forward savings. As Mark noted, we recently announced the closure of our Fayetteville, North Carolina facility. This action will improve the structure of the Americas business as it better aligns our footprint strategically with the markets where we intend to compete while also reducing our fixed cost base.

反映銷量下降、關稅成本與通膨的影響，部分由價格指數相對於RMOS的有利因素，以及固特異Forward節省方案的持續效益所抵銷。如Mark所提，我們近期宣布關閉北卡羅來納州費耶特維爾（Fayetteville）工廠。此舉將改善美洲業務結構，使我們的產能布局在策略上更貼近我們計畫競爭的市場，同時降低固定成本基礎。

We expect cash costs from this action of roughly $200 million, with approximately $40 million in 2026, $100 million in 2027, and the balance in 2028. We believe this action will sustainably improve Americas SOI by roughly $90 million in 2027 and about $270 million annually in 2028 and thereafter.

我們預期此行動的現金成本約為2億美元，其中約4,000萬美元在2026年、1億美元在2027年，其餘在2028年。我們相信，此行動將在2027年使美洲事業部SOI可持續改善約9,000萬美元，並在2028年及其後每年改善約2.7億美元。

Turning to slide 11. EMEA's second quarter unit volume decreased 2%. Consumer replacement volume declined, reflecting soft selling conditions in the region. Consumer OE, however, was a continued area of strength, but we achieved market share growth for the 10th consecutive quarter. Commercial volume saw improvement as well in both replacement and OE. Segment operating income in EMEA was a loss of $17 million in the quarter. When adjusted for the sales of the Dunlop brand, however, SOI improved by $20 million.

接著看第11頁。EMEA第二季單位銷量下降2%。消費者替換胎銷量下滑，反映該區域銷售環境疲弱。不過，消費者原廠配套（OE）仍是持續的強項，我們已連續第10季達成市占率成長。商用胎銷量在替換與OE兩個領域也都有所改善。EMEA事業部本季營業利益為虧損1,700萬美元。然而，若調整Dunlop品牌出售的影響，SOI改善2,000萬美元。

Turning to Asia Pacific on slide 12, second quarter unit volume increased 5.3%, driven by improved consumer volume across both OE and replacement. With particularly notable increases in Japan and China. Our Asia-Pacific OE growth stands out against the backdrop of a meaningful decline in the China OE market during the quarter. Growth in earnings was driven by strong execution in price and mix versus raw materials.

接著看第12頁的亞太區，第二季單位銷量成長5.3%，主要由消費者銷量改善所帶動，涵蓋OE與替換兩個市場。其中以日本與中國的增幅特別顯著。在本季中國OE市場明顯下滑的背景下，我們亞太區OE的成長表現尤為突出。獲利成長主要來自價格與組合相對於原物料的強勁執行。

Our price and mix actions and results reflected our focus on the premium segment of the market where we achieved growth of 500 basis points year over year in greater than 18-inch rim-sized tires as a percentage of total consumer sales. Segment operating income increased to $63 million or 12.7% to sales, expanding 330 basis points compared to the prior year.

我們的價格與組合措施及成果，反映我們聚焦高端市場；在消費者總銷售中，18吋以上輪圈尺寸輪胎的占比年增500個基點。事業部營業利益提升至6,300萬美元，或占銷售額12.7%，較去年擴大330個基點。

Now, turning to the third quarter outlook. First, the non-recurrence of earnings from previously divested businesses will reduce SOI by $57 million compared to the prior year. We expect global unit volumes on the remaining business to be roughly flat versus prior year as the Americas consumer replacement market continues to stabilize.

接著看第三季展望。首先，先前已出售業務的獲利不再重複發生，將使SOI較去年減少5,700萬美元。我們預期剩餘業務的全球單位銷量與去年大致持平，因為美洲消費者替換胎市場持續趨於穩定。

In addition. We expect higher unabsorbed fixed costs of $70 million, reflecting lower production during the second quarter. Price and mix, however, is expected to be a benefit of approximately $110 million, driven by the benefit of recent pricing actions and continued improvements in product mix. Raw material costs are expected to increase by approximately $20 million as higher commodity costs associated with the conflict in the Middle East.

此外。我們預期未吸收固定成本將增加7,000萬美元，反映第二季產量較低。不過，價格與組合預期將帶來約1.1億美元的正面效益，主要來自近期調價措施的效益以及產品組合持續改善。由於中東衝突相關的大宗商品成本上升，原物料成本預期將增加約2,000萬美元。

Begin flowing through our P&L consistent with our typical four to six month lag. Goodyear Forward is expected to deliver benefits of roughly $70 million in the third quarter. General inflation of roughly 3% is expected to increase costs by approximately $60 million. Other costs from transitory manufacturing expenses and operating costs above general inflation are expected to increase by $15 million.

並將依我們一貫約4至6個月的落後期，開始反映在損益表中。固特異Forward預期在第三季帶來約7,000萬美元的效益。約3%的一般通膨預期將使成本增加約6,000萬美元。其他成本（來自短期製造費用及高於一般通膨的營運成本）預期將增加1,500萬美元。

Tariff-related headwinds are expected to reduce to approximately $10 million during the third quarter. Other is expected to be a headwind of $20 million, primarily due to our non-ERT businesses and other miscellaneous costs.

與關稅相關的不利因素預期在第三季降至約1,000萬美元。其他項目預期為2,000萬美元的不利因素，主要來自我們的非ERT業務以及其他雜項成本。

Finally, on a non-operating basis, we do continue to expect tax expense to remain elevated relative to pretax income due to our current regional distribution of earnings. For the third quarter, we expect tax expense of roughly $50 million.

最後，在非營運層面，由於目前獲利的區域分布，我們仍預期稅費相對於稅前所得將維持偏高。第三季我們預期稅費約為5,000萬美元。

With that, we'll open the line for your questions.

接下來，我們開放提問。

(Operator Instructions) James Picariello, BNP Paribas.

（接線員指示）BNP Paribas的James Picariello。

Hi. Good morning, everybody, and welcome aboard, Scott, in your new role. Congrats. I want to first ask about replacement versus OE volume expectations for the third quarter, which I assume entails sustained OE growth likely at a lower rate and with less pronounced replacement declines, right, to get your total volumes flat year over year per the outlook? And then assuming I depending on whether I have that right and then just how you're thinking about the fourth quarter within both channels?

嗨。各位早安，也歡迎Scott在新職務上加入。恭喜。我想先問第三季替換胎相對於OE的銷量預期；依展望要做到總銷量年對年持平，我猜應該代表OE仍維持成長但增速可能較低，而替換胎的下滑幅度也會較不明顯，對嗎？另外，假設我理解正確（或不正確），你們對第四季在這兩個通路的看法又是如何？

In terms of the if we go from quarter one to quarter two, right, we saw a meaningful change in the volume, right? In the unit volume, it was down about 12% in quarter one as we shared that was broken into thirds, a third of it being our SKU rationalization to get out of those low-margin products.

就第一季到第二季的變化而言，我們看到銷量出現顯著改變，對吧？單位銷量第一季約下滑12%，如我們分享的，這可分成三個部分，其中三分之一來自我們的SKU精簡，以退出那些低毛利產品。

One-third of it was destocking coming into the year where we saw distribution with heavy loads of. Inventory to work through, and a third of it was the competitiveness and the crappy weather situation. In quarter two, we're down to 4%, right, on that. So meaningful change in terms of the volume there. And two-thirds of that was really around the low-end SKU rationalization. So in terms of we've seen meaningful sequential improvement in Q1 and Q2.

另外三分之一是年初的去庫存，當時我們看到通路端有大量庫存需要消化；還有三分之一是競爭力因素以及糟糕天氣的情況。第二季這個數字降到下滑4%，對吧。因此在銷量方面有顯著變化。而其中三分之二其實主要與低端SKU精簡有關。所以就我們所見，Q1到Q2呈現明顯的季對季改善。

Our outlook for the second-half is not not dependent on a sharp change in the market. It's the biggest improvement we've had has been in the Americas consumer replacement. Scott shared the strength we've got in Asia Pacific, right, both on the OE side as well as the replacement. In EMEA, we've got great traction with our Cooper going into the tier two marketplace to replace Dunlop. And then in the Americas, we've got a lot of great proof points in terms of things.

我們對下半年的展望並不依賴市場出現劇烈變化。我們最大的改善來自美洲消費者替換胎。Scott也分享了我們在亞太區的強勁表現，無論是OE端或替換端。在EMEA，我們的Cooper在第二層級市場（tier two）用以取代Dunlop方面取得很好的進展。而在美洲，我們也有許多很好的佐證點，顯示各項表現正在改善。

Really ticking up in quarter three in terms of those volumes. But to the Americas, again, the quarter volumes were impacted by weaker demand, that severe winter weather as we've talked about quarter one that's clearly not there now and the channel destocking. And we largely see that channel destocking behind us.

就第三季而言，這些銷量確實正在回升。但就美洲來看，本季銷量受到需求較弱、我們在第一季談到的嚴寒冬季天候（現在顯然已不再）以及通路去庫存的影響。而我們大致認為通路去庫存已經在我們身後了。

And we see also the anniversary or the lapping of a lot of our SKU rationalization from the. The first quarter and then finishing that up in quarter two. So the second-half is really a much better comp in terms of us having rationalized those low-end SKUs. To your point on OE.

我們也看到，我們許多 SKU 精簡（rationalization）措施的週年效應／滾動比較（lapping）也在發生。第一季，然後在第二季把它完成。因此，下半年在比較基期上會好很多，因為我們已經精簡了那些低階 SKU。回到你提到的 OE。

The growth that we've seen all around the world, right, three, four, and five percentage points year on year and the strength of our consumer OE, particularly as we look compared to our competitive set, right? We've been really excited about the growth in consumer OE that's setting us up right for the future, James, right, and all in the 18 and above premium rim sizes. And we're also on the commercial side, we're seeing. Some really positive trends there as things start to look up there.

我們在全球各地看到的成長，對吧？年增三、四、五個百分點，以及我們消費者 OE 的強勁表現，特別是相較於我們的競爭同業，對吧？我們對消費者 OE 的成長感到非常振奮，這讓我們為未來做好準備，James，對吧，而且都集中在 18 吋以上的高階輪圈尺寸。另外在商用端，我們也看到。那邊也出現一些非常正向的趨勢，因為情況開始好轉。

So that's great. I appreciate that color. And then, I mean, if we can you discuss the major bucketed items for the full year or speaking specifically to the fourth quarter either way, right? Like does overhead absorption finally turn the other way in the fourth quarter or not yet? How should we be thinking about price mix versus ROS? For the fourth quarter? And then any color you're willing to share on the non-raw methods inflation as well?

那很棒。謝謝你提供這些補充說明。接著，我是說，如果可以的話，你能否談談全年主要分項（bucketed items），或是更具體談第四季也可以，對吧？像是製造費用吸收（overhead absorption）在第四季是否終於會轉向改善，還是還沒？我們應該如何看待價格／組合（price mix）相對於 ROS？就第四季而言？另外，若你願意，也請分享一下非原物料項目的通膨（non-raw methods inflation）情況？

Sure. Thank you. I can speak to that. So if you take Mark's point just in terms of the volume dynamics, again, Q3, we guided a roughly flat for Q4. We'd. Expects maybe slightly better to that. If you really look at the starting point, 2025 SOI was about $1 billion. If you factor in the divestitures that we talked about, that gets us to about $800 million.

當然。謝謝。我可以回應。如果先接著 Mark 剛才關於量的動態來看，再次說明，Q3 我們指引 Q4 大致持平。我們。預期可能會略優於此。如果你看起點，2025 年 SOI 約為 10 億美元。若把我們提到的資產剝離（divestitures）納入，會降到約 8 億美元。

So then walking through the puts and takes from there, our take is that raw materials will be essentially neutral on a full year basis. Offsetting that price and mix should contribute more than $200 million. That's bucket one.

接著從這裡逐項說明增減因素（puts and takes），我們的看法是原物料在全年基礎上基本上會是中性。相對地，價格與組合（price and mix）應可貢獻超過 2 億美元。這是第一項。

Bucket two is Goodyear Forward benefits are expected to offset inflation and other cost increases, which puts us with the largest headwind overall is volumes and the resulting impact on fixed cost absorption. That together, ultimately, we believe is going to reduce SOI for the full year to the tune of about $350 million.

第二項是 Goodyear Forward 的效益預期可抵銷通膨與其他成本上升；因此整體最大的逆風是銷量，以及其對固定成本吸收（fixed cost absorption）的影響。兩者合計，我們相信將使全年 SOI 約減少 3.5 億美元。

And then again, on tariffs, we think the full-year impact of that, even though getting better over the course of the year into the second-half, is a full-year impact of about $50 million.

另外，關於關稅，我們認為全年影響約為 5,000 萬美元，儘管在一年當中、進入下半年後會逐步改善。

So James, just to reinforce, I mean, I think that everything that Scott just walked through lands us essentially in the same place as we can communicate at the outlook to you guys last time. And that's true of the volume outlook as well, right? I think last call, we talked about obviously a headwind in the first half turning into flat to slightly up in the second-half. And essentially, what we saw in Q2. Was fairly in line with our expectations. And so the second-half is really a continuation of that.

所以 James，再強調一次，我的意思是，我認為 Scott 剛才逐項說明的內容，基本上讓我們落在與上次向各位溝通展望時相同的位置。銷量展望也是如此，對吧？我想上次電話會議我們談到，上半年明顯是逆風，下半年轉為持平到小幅成長。而基本上，我們在 Q2 看到的。與我們的預期相當一致。因此，下半年就是延續這個走勢。

Understood. So yeah, the similar SOI for the full year of around $600 million, I believe, was where we all arrived at.

了解。所以，是的，我相信我們最後對全年 SOI 的共識大約在 6 億美元左右。

Yeah, I mean, I think it's, yeah, we're maybe a touch higher than that, but I think that's certainly in the ballpark. Yeah.

是的，我的意思是，我想，對，我們可能會略高一點，但我認為那個數字確實在合理範圍內。對。

Yeah. Okay. Thank you very much. Appreciate it.

是的。好的。非常感謝。感謝。

Thanks, James.

謝謝你，James。

James Mulholland, Deutsche Bank.

James Mulholland，德意志銀行。

Great. Thank you, and good morning, guys. This is probably a little bit more for you, Mark. I think it's fair to say that Goodyear Forward did generally what it was supposed to. But as is at least in part an externality, you've had almost 16 quarters straight of year-over-year volume reduction.

很好。謝謝，各位早安。這題可能比較是問你，Mark。我想可以說 Goodyear Forward 大致上達成了它原本應該達成的目標。但至少部分是外部因素影響，你們已經連續將近 16 個季度出現年對年銷量下滑。

So now you have fairly significant overcapacity. Overseas, you've closed a few plants and Fayetteville is probably a good start. But I was wondering if you could give us a sense as to what moves are next that you and the team are considering. So whether that's more plant closures, more asset sales, monetization of the retail business, which seems like an opportunity, just some high-level thoughts, if you wouldn't mind.

所以現在你們有相當顯著的產能過剩。海外方面，你們關了幾座工廠，而 Fayetteville 可能是個不錯的開始。但我想請你們談談，接下來你和團隊正在考慮哪些動作。例如是否會有更多關廠、更多資產出售、零售業務的變現（monetization）（看起來是個機會），或是一些高層次的想法，如果你不介意的話。

Yeah, sure thing. Just to recap again to Fayetteville, as Scott mentioned there, right, as we look out to really a year and a half, two years out, right, it's about a $270 million per year lift to the SOI, specifically in the Americas and globally for us. So it really is about matching supply with demand.

好的，當然。先回到 Fayetteville 再總結一下，如 Scott 剛才提到的，對吧，當我們往外看大約一年半到兩年後，對吧，這將使 SOI 每年提升約 2.7 億美元，特別是在美洲區以及我們的全球層面。所以這確實是在讓供給與需求相匹配。

We continue to do all of the things that we need to do in terms of, as we shared with you before, controlling the controllables. And again, on the Goodyear Forward, we clearly see we're going to trigger past $1.5 billion of savings in the coming couple of months here, which is great. We've embedded that into our DNA, and we continue to drive.

我們持續做所有該做的事；正如我們先前與各位分享的，聚焦在可控項（controlling the controllables）。再者，就 Goodyear Forward 而言，我們清楚看到在接下來幾個月內，節省金額將突破 15 億美元，這很棒。我們已把它內化成我們的 DNA，並持續推動。

As I shared about, it really is about our operating discipline, the cost focus, and so as we think about Fayetteville specifically, right, that's taking that capacity out that at peak was between 7 million and 8 million units, James, so it really is to balance that in terms of some of the headwinds that we saw here.

如我先前分享的，這真的關乎我們的營運紀律與成本聚焦；因此當我們特別談 Fayetteville 時，對吧，那是在移除那段產能——在高峰時介於 700 萬到 800 萬條（units），James——所以這確實是為了平衡我們在這裡看到的一些逆風。

In the first half and looking back over the last couple of years, right, around that unabsorbed fixed cost. Meanwhile, the manufacturing team is not standing still, right. We are continuing to modernize. We're more doing the modernization plans are fully being executed and continue to be, such as in Lawton that we've shared with you, Nappanee expansion, doing our digitalization of the plants to be able to be very tight in terms of our flexing of the plants, managing the inventory, as well as other expansions, such as in Americana in South America.

在上半年，以及回顧過去幾年，對吧，主要是那些未被吸收的固定成本。同時，製造團隊並沒有停下腳步，對吧。我們持續推動現代化。我們的現代化計畫正在全面執行且持續進行，例如我們先前與各位分享的 Lawton、Nappanee 擴產，推動工廠數位化，以便在產能彈性調整（flexing）、庫存管理上更精準，另外也有其他擴張，例如南美的 Americana。

We've also focused heavily in Dębica in Eastern Europe as we're now completing that second plant closure, which we announced right as I came on board between the Fulda and Firstovalda and getting our Sava A or that premium capacity moved over into Eastern Europe, which is a meaningful shift as well, so I feel very good about the investments that we're doing there and the restructuring activities that we're doing to make Goodyear more competitive.

我們也在東歐的 Dębica 投入很大心力，因為我們現在正在完成第二座工廠關閉——我上任時就已宣布——介於 Fulda 與 Firstovalda 之間，並把 Sava A（或那部分高階產能）移轉到東歐，這也是一個很有意義的轉移；因此我對我們在那裡進行的投資，以及我們為了讓 Goodyear 更具競爭力所做的重整活動，感到非常有信心。

Got it. Okay, that's quite helpful. Then I guess, Scott, welcome. This question is probably a bit more for you. Based on the walk that you gave us to the other James a few seconds ago, it sounds like probably for this year cash flow will be neutral or even some cash burn. Understanding, of course, then next year you have some expenses around the Fayetteville plant closure.

了解。好，這相當有幫助。那我想，Scott，歡迎。這個問題可能比較是問你的。根據你剛剛幾秒前帶我們回顧、向另一位 James 說明的內容，聽起來今年現金流可能會持平，甚至會有一些現金消耗。當然也理解，明年你們會有一些與費耶特維爾（Fayetteville）工廠關閉相關的費用。

Is it fair to think that next year might be another year of cash burn or you have at least a little bit of padding on the balance sheet from the debt raise? But I just want to get your thought on when we might start to see that turnaround.

那麼，認為明年可能又會是現金消耗的一年，或者你們至少因為舉債增資而在資產負債表上有一些緩衝，這樣想合理嗎？但我主要想聽聽你對於我們何時可能開始看到轉折的看法。

To your point, for fiscal 2026, we do expect it to be a burn year in the tune of about $200 million to $300 million. To your point, notable item in the mix being Fayetteville at about $100 million for the year, we would expect to have some continued burn into 2027 as well. But to your point, it will definitely start to moderate. And when you factor in Fayetteville's benefits of nearly $250 million in 2028. Clearly, benefits like that will start to flow through.

如你所說，對於 2026 財年，我們確實預期會是現金消耗的一年，規模大約在 2 億到 3 億美元。如你所提，組成中一個顯著項目是費耶特維爾，全年大約 1 億美元；我們也預期 2027 年仍會有一些持續的現金消耗。但如你所說，這肯定會開始趨於緩和。而當你把費耶特維爾在 2028 年接近 2.5 億美元的效益納入考量時，很明顯，這樣的效益將會開始反映出來。

Great. Thank you very much, guys.

很好。非常感謝，各位。

Rajit Gupta, JPMorgan.

Rajit Gupta，摩根大通（JPMorgan）。

Hey, thanks for taking my questions. Yash Beswala, sorry for Rajat Gupta. Maybe just wanted to ask on the raw materials piece until 2027, just given the six-month lag effect, the raw match spike that we're seeing right now should start hitting the P&L early next year as well. So just wanted to understand some underlying assumptions about what you're seeing on the ground today, maybe in the current spot rate, and how should we think about just the year-on-year headwind into for us next year?

嗨，謝謝回答我的問題。我是 Yash Beswala，代替 Rajat Gupta，不好意思。我想問一下原材料這塊到 2027 年的情況：考量到六個月的滯後效應，我們現在看到的原材料飆升應該也會在明年初開始反映到損益表上。所以想了解一下，你們對於目前現場所看到的情況、可能是當前即期價格（spot rate）的一些基本假設是什麼？以及我們應該如何看待明年對我們而言的年對年逆風？

So on the last call, on the first quarter call, the company talked about an expectation that raw materials were going to be headwind for the second-half to the tune of about $200 million.

在上一通電話會議、也就是第一季電話會議上，公司談到預期原材料在下半年將形成逆風，規模大約 2 億美元。

And to your point, while we've seen some slight improvements, clearly there's a lot of uncertainty that's still out there. And so accordingly, we haven't seen enough to really update or change our outlook around that $200 million.

如你所說，雖然我們看到一些小幅改善，但顯然外部仍有很多不確定性。因此，我們目前還沒有看到足夠的變化，能夠真正更新或改變我們對約 2 億美元這個展望的看法。

Why? Obviously, the points you raised, the lag effect dynamics, the supply chain dynamics, refinery economics, all those things are clearly a factor in that, and so we think that pushes us, and essentially those were already baked into the company's expectations that were conveyed in the first quarter, particularly related to the fourth quarter.

為什麼？很明顯，你提到的滯後效應動態、供應鏈動態、煉油經濟性等因素都會影響，因此我們認為這些因素會推動結果；而且本質上，這些因素在公司第一季所傳達的預期中就已經被納入考量，特別是與第四季相關的部分。

I will say to your point, as we start to look into 2027, clearly we were encouraged by the dynamics coming out of the Middle East and any stabilization there flowing quickly through to oil. And so we would start to see some benefit of that as we get into 2027. And then the other factor in consideration and all that is raw material indexes on that portion of our business where we have those, roughly about a third of the business. We would expect those to begin to reset higher as we move into 2027, and that's a benefit as well.

我會說，如你所提，當我們開始看向 2027 年時，我們確實受到中東局勢所帶來的動態所鼓舞；任何穩定都會很快傳導到油價。因此，隨著進入 2027 年，我們會開始看到一些相關的好處。另外一個需要納入考量的因素，是我們業務中約三分之一的部分採用原材料指數（raw material indexes）。我們預期這些指數在邁入 2027 年時會開始向上重設，這同樣也是一項利多。

Helpful. Thanks. Just wanted to ask another one on just the commercial vehicle side of things. So I just wanted to see, what are the underlying trends you're seeing in the month of July and August now across both the OE and replacement channels. We had some participants who were pointing to like seeing some early signs of recovery. You're after hitting the trough. So I wanted to understand, a little more on what you were seeing on that front.

很有幫助。謝謝。我還想再問一個關於商用車的問題。我想了解一下，你們在 7 月和 8 月目前在 OE（原廠配套）與替換（replacement）兩個通路看到的基本趨勢是什麼。我們有一些市場參與者指出似乎看到一些復甦的早期跡象。你們已經觸底之後。所以我想更深入了解你們在這方面看到的情況。

Sure, thanks. The overall fundamentals in the commercial market are looking better, right? There has been some decline, obviously, specifically in the Middle East in terms of the outlook for that. The rest is relatively flat or just slightly down as we look at some of the replacement cycles. On the OE front, as we shared with you in the last call, I think things were looking 200% up year on year. And where we're at today, we're seeing it about 100% up year on year in June.

當然，謝謝。商用市場的整體基本面看起來更好，對吧？確實有一些下滑，尤其是在中東，就其展望而言。其餘地區相對持平，或在我們觀察某些替換週期時僅略為下滑。在 OE 端，如同我們在上一通電話會議分享的，我認為年對年看起來成長約 200%。而以我們目前所見，6 月年對年約成長 100%。

Reminder, right, that's on a very low comp number, right, with the industry being the lowest it's been really in the history of that marketplace when we think about Class 8 truck business. But what we do see, the truck capacity tightening, freight rates are moving higher. We continue to see the purchasing manager index, that PMI.

提醒一下，對吧，這是建立在非常低的比較基期上；當我們看 Class 8 卡車市場時，整個產業處於該市場歷史上幾乎最低的水準。但我們確實看到卡車運能正在收緊，運價正在走高。我們也持續看到採購經理人指數，也就是 PMI。

Above 50 for the entire year, which gives some reasons to believe in acceleration and the manufacturing sector starting to pick up as well, right, which is absolutely key towards that overall freight activity picking up. That's helping that replacement business, retread business, et cetera.

全年都在 50 以上，這讓人有理由相信景氣正在加速、製造業也開始回升；而這對整體貨運活動回升是絕對關鍵的。這也在支撐替換市場、翻新胎（retread）業務等等。

So in quarter two, we saw our commercial OE shipments up for the first time in two years. So it's going to be, though, we have to remember. It's super depressed industry levels for commercial and it's going to need more than a year for it to get back to a mid-cycle level. Of production from the OE side.

因此在第二季，我們的商用 OE 出貨量在兩年來首次出現成長。不過，這會是——我們必須記得。商用產業水準仍然非常低迷，要回到中周期水準不會只需要一年。就 OE 端的產量而言。

But to the replacement to that point, right, the improvements in fleet profitability that's been seen in the market is really about capacity rationalization across the industry, which is elevated freight rates, carrier profitabilities, but net-net, the freight volumes are still down year on year. So but that's why, again, as we refer back to that PMI, that purchasing index above. 50 in manufacturing picking up, we think that's a really important step to us getting back on a better footing as an industry and specifically for Goodyear's part of that.

但回到替換市場那點，對吧，我們在市場上看到的車隊獲利改善，主要來自全產業的運能理性化，這推升了運價、提升了承運商獲利；但整體而言，貨運量仍然是年對年下滑。所以這也是為什麼——再回到我們提到的 PMI，那個採購指數在 50 以上、製造業回升——我們認為這是讓產業回到更穩健基礎、也特別是固特異（Goodyear）在其中回到更好位置的一個非常重要的步驟。

Thank you.

謝謝。

(Operator Instructions) John Healy, Northcoast Research.

（接線員指示）John Healy，Northcoast Research。

Yeah, thanks for taking the question. I wanted to go back and talk a little bit about the retail business here in the US. Mark, there's been a lot of M&A activity among retailers of late, some sizable type movements. I would love to get your thought just about how, and I know it came up briefly just a few minutes ago, but just how you view the retail asset.

是的，謝謝讓我提問。我想回到美國這邊的零售業務再談一下。Mark，最近零售商之間有很多併購活動，且有一些相當大型的交易動作。我很想聽聽你的看法：你如何看待——我知道幾分鐘前有稍微提到——你們如何看待這個零售資產。

Is it something that you feel Goodyear needs to be in for its long-term success? I know you're launching this week a revitalized new concept up in Detroit. So I would love for you to address the position you guys are in there. And as you look at some of these transactions that are going on in the marketplace, does that help hurt the restocking? Does that help hurt Goodyear's position, do you think, within the replacement category?

你是否認為這是固特異為了長期成功所必須參與的領域？我知道你們本週在底特律推出一個重新振興的新概念。所以我希望你能談談你們在那裡的定位。另外，當你看到市場上正在進行的這些交易時，你認為這對補庫（restocking）是有幫助還是有傷害？你覺得這對固特異在替換胎類別中的地位，是加分還是扣分？

Sure. Thanks, John. A couple of key points when it comes to retail. Let's start maybe with company-owned retail in the US., right? So we continue to march forward with really the turnaround or the improvement in the robustness of that business. And that business is performing better than it has in over two decades. So really pleased with that. Big shout out to our retail team.

好的。謝謝，John。談到零售，有幾個關鍵重點。我們先從美國的自營零售開始，對吧？因此，我們持續推進該業務的轉型，或說是韌性提升的改善。而且這項業務的表現比過去二十多年來任何時候都更好。所以我們對此非常滿意。也要特別感謝我們的零售團隊。

And the Americas team for just the improvements in that business, right? What I really enjoy about that business is it puts us. Direct consumer facing and gives us a direct flavor of what all of our customers are going through as they are working with the end consumer. So for me and throughout my career, it's been an important point to have some of that so that we can stay close to customer and consumer same time.

以及美洲團隊，因為他們讓這項業務持續改善，對吧？我很喜歡這項業務的一點是，它讓我們。直接面向消費者，並讓我們直接感受到所有客戶在與終端消費者互動時所經歷的一切。所以對我而言，且在我整個職涯中，保有這樣的一部分一直很重要，讓我們能同時貼近客戶與消費者。

To your point on the concept store, we're really excited about launching that next Friday, next Saturday.

就你提到的概念店而言，我們對於下週五、下週六的開幕感到非常興奮。

And it's really about a destination location, if you will, of car enthusiasts. And what better place to do that than in my former home of the Motor City to start that out, right? So where cars and coffee is just part of the DNA of Detroit life, right? So let's take something that maybe not the happiest purchase for everybody. We got the enthusiasts that love it and we've got other folks that just need to buy them. So we want to make it something that's special and fun. And again, it's about our.

這其實是要打造一個目的地式的據點，讓汽車愛好者聚集。而要做這件事，還有哪裡比我以前的家鄉「汽車城」更適合來作為起點呢，對吧？在底特律，「Cars and Coffee」就是生活DNA的一部分，對吧？所以我們想把一個對很多人而言可能不是最開心的購買。我們有熱愛它的愛好者，也有只是需要買車的人。因此我們希望把它做得特別又有趣。而且再次強調，這是關於我們的。

It's about performance, race to road. It really is about being consumer-centric, customer-centric, and we feel that this puts that on stage, if you will, in terms of additional learnings for us and bringing folks back to the brand. As I joined two and a half years ago, it was one of the things I shared with you guys. We had been out of the marketing and advertising business for too long. We had talked a lot about mixing up, but we hadn't actioned that.

這是關於性能，從賽道到公路（race to road）。這確實是以消費者為中心、以客戶為中心；我們覺得這能把這些呈現在舞台上，同時也讓我們獲得更多學習，並把人們帶回品牌。我在兩年半前加入時，這是我跟各位分享過的事情之一。我們離開行銷與廣告太久了。我們談了很多要改變，但一直沒有真正落地執行。

So in fact, we're back with the Steel commercial, we're back with Fast is in us, we are back in terms of winning at Tire Rack of having the number one high-performance tire in the marketplace and we are back when it comes to being much more consumer-centric and doing what we say we're going to do. So that was a long-winded version of feel pretty strongly that really pleased with our internal retail team. To your point, in the broader issue, right, we have a lot of channels that we participate in between our.

所以事實上，我們帶著 Steel 的廣告回來了，我們帶著「Fast is in us」回來了；我們也在 Tire Rack 上以市場第一的高性能輪胎勝出；而且在更以消費者為中心、說到做到這件事上，我們也回來了。所以講了這麼長一段，總之我很有感，也非常滿意我們內部的零售團隊。就你提到更廣泛的議題而言，對吧，我們參與很多通路，包含我們的。

Our large chains, our distribution, our smaller retail shops, our franchisees, et cetera. And there continues to be a lot of consolidation and PE activity. We have a very robust program called Velocity for our smaller dealers, that strong loyalty program where we combined our. Goodyear and Cooper programs, which had not been finished since the acquisition. We got that wrapped up.

我們的大型連鎖、經銷/配銷體系、較小的零售店、加盟商等等。而且市場上仍持續出現大量整併以及私募股權（PE）活動。我們針對小型經銷商有一個非常強健的計畫，叫做 Velocity，是一個強力的忠誠度計畫；我們把。Goodyear 與 Cooper 的計畫整合在一起，而這在併購後一直沒有完成。我們已經把這件事收尾完成了。

Great feedback. And it's about us being much more easy to work with and to understand where we're at and working with our customer base. And that's what's important to us. We're working through, as we have been, for my two and a half or three years before that as well with our sales teams directly with each of the channels and what their specific needs are.

回饋非常好。重點在於讓我們更容易合作、更容易理解我們目前的狀況，並與我們的客戶群一起運作。這對我們很重要。我們一直在推進這件事——在我這兩年半期間，以及在此之前大概三年也一樣——由我們的銷售團隊直接與各通路合作，了解各自的特定需求。

So very good about within this consolidation, we have done well with our share of business and getting the right portfolio screens for each of those customers based on their specific needs and where they're going in terms of the market and the market placement. While I share, we are rationalizing low-end SKUs we cannot make money on.

所以在這波整併之中，我們在業務份額上表現得很好，也為每一位客戶依其特定需求，以及他們在市場走向與市場定位上的方向，配置了合適的產品組合篩選（portfolio screens）。同時我也提到，我們正在精簡那些我們無法獲利的低階 SKU。

That are too long in the tooth. At the same time, we're making sure we have a refreshed or vitality, as we call it, a refreshed lineup all the way across. So we have a full portfolio and our power lines are fully vetted out for each of our customers. So they have a complete offering for every customer coming into their -- each consumer coming into each of our customer shops.

那些產品已經太老舊了。同時，我們也確保整體產品線全面更新——我們稱之為「活力」（vitality）——也就是全線都有更新的產品陣容。因此我們擁有完整的產品組合，而且我們的主力產品線（power lines）已針對每位客戶完整規劃與驗證。讓他們能對走進他們店裡的每一位消費者——也就是走進我們各客戶門市的每位消費者——提供完整的選擇。

That's very helpful. And just wanted to ask just the financial question on the rationalization line as well as some of the things you're going to be doing with Fayetteville. When you guys talk about rationalization, does that also include the dollars to reallocate. And retool wherever that capacity is going? And when you talk about the savings of $100 million or $270 million, does that include the start-up or transition costs that go into the facility where those volumes are moving to?

這很有幫助。我也想就精簡（rationalization）這一項，以及你們在 Fayetteville 將要做的一些事情，問一個財務面的問題。當你們談到精簡時，是否也包含要重新配置的資金。以及在產能轉移到的地方進行重新改造/換線（retool）的投入？另外，當你們談到節省 1 億美元或 2.7 億美元時，是否已包含產量移轉到其他廠區所需的啟動或轉換成本？

Yeah, absolutely, John. It includes any mold CapEx, it includes movement or recertification of product and getting the ramp-up curves, getting things to where last off, first off, same quality, same up times, and all of that is taken into account in those numbers that Scott shared with you earlier.

是的，完全包含，John。包含任何模具資本支出（mold CapEx），包含產品移轉或重新認證，以及爬坡曲線（ramp-up curves），把各項指標拉到位，確保最後下線、第一下線，品質一致、稼動率（up times）一致等等；Scott 先前跟你分享的那些數字都已把這些納入考量。

P&L and the balance sheet dynamics associated with that?

那相關的損益表（P&L）與資產負債表的動態也包含在內嗎？

Thank you.

謝謝。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Great, thanks. Good morning, everybody, and welcome, Scott. Maybe, Mark, your first question on with other portfolio rationalization and evolution in the SKUs and, of course, the go-to-market strategy, I'm just curious how we should think about.

很好，謝謝。各位早安，也歡迎你，Scott。Mark，關於你前面提到的產品組合精簡與 SKU 的演進，當然也包括上市策略（go-to-market strategy），我想了解我們應該如何看待。

The impact of overall volume going forward. It does seem like your second-half exit rate for volume positioned you maybe to grow global volume by low single-digit next year. I'm just going to make sure that we're thinking about that the right way, just given some of the changes in the portfolio and SKUs and, of course, to go-to-market as well.

未來整體出貨量（volume）的影響。看起來你們下半年量的退出率（exit rate）似乎讓你們有機會在明年讓全球出貨量以低個位數成長。我只是想確認我們這樣理解是否正確，考量到產品組合與 SKU 的一些變動，當然也包括上市策略。

Yeah, sure. As we shared with you before, right, last year, we had about 40% more new SKUs. And power lines into the marketplace than we've ever brought forward. Again, big shout out to our engineering and manufacturing team for making that happen.

好的，當然。如同我們之前分享的，去年我們推出的新 SKU。以及導入市場的主力產品線（power lines），比以往任何時候都多出約 40%。再次特別感謝我們的工程與製造團隊促成這件事。

Those are all flowing meaningfully into the market now, which again is part of those proof points as we think about the second-half and going into '27 as well. As a reminder, a lot of that greater than 18 and above and especially the new power lines where we have built out the power lines that were not complete in terms of a full portfolio for our customers, as I just shared with John.

這些產品現在都在市場上明顯地放量，這也再次成為我們在思考下半年以及邁向 2027 年時的部分佐證。提醒一下，其中很多是 18 吋以上的規格，尤其是新的主力產品線；我們把主力產品線補齊，讓客戶端能有完整的產品組合——就像我剛剛跟 John 分享的。

At the same time, those were literally Blank Space products where we were not participating in the market. Now those typically are tail SKUs, right? But meanwhile, all their tail SKUs, much more meaningful in terms of the revenue and the margin profile of those products.

同時，那些產品過去基本上是「空白地帶」（Blank Space）的產品，也就是我們原本沒有參與的市場。而這些通常是尾端 SKU（tail SKUs），對吧？但即便如此，這些尾端 SKU 在營收與毛利結構（margin profile）上其實更具意義。

Some of the ones that, as you well know and we've seen, right, in the numbers of rationalizing on the low end. Where we were participating in areas, quite frankly, for too long that we could not compete in nor convert that into the double-digit profitability that we're still marching towards. So long story short on it, we'll continue to optimize the portfolio. We have another big year of things coming out this year as well as next year, which fully builds out the portfolio in what we laid out in terms of the '18 and above.

其中一些，正如各位非常清楚、而且我們也在數據中看到的，對低端產品的精簡與合理化。坦白說，我們在某些領域參與了太久，但我們既無法在那裡競爭，也無法把它轉化為我們仍在邁進的兩位數獲利能力。所以長話短說，我們會持續優化產品組合。今年以及明年也還會有另一個大年，這將把我們所規劃的產品組合完整建構起來，符合我們所提出的「18 吋以上」方向。

At the same time, there are certain.

同時，也有某些。

Things that around the world, 18 and above or premium mix, we're really trying to moderate how we say that, because around the world, 18 and above is not necessarily it, right? In South America, it's more 16 and above. It's about premium market share, right? It's about premium products. So it means different things around the world for that, and we're doing that within each of the geographies on that.

在全球各地，關於 18 吋以上或高端組合，我們其實很努力在拿捏該怎麼表述，因為在全球範圍內，18 吋以上不一定就是唯一的標準，對吧？在南美洲，更多是 16 吋以上。重點在於高端市占，對吧？重點在於高端產品。因此，這在全球各地的意義不盡相同，而我們也會在各個地理區域內依此推進。

That's very helpful, Mark. And then as a follow-up on the financials, curious at a high level how to think about costs into 2027. If we assume normal course inflation of a couple hundred million, should we think of the $90 million Fayetteville savings as being incremental to normal cost offsets you would take to offset inflation, or do you need that $90 million to offset normal course inflation and other costs?

這非常有幫助，Mark。接著就財務面追問一下，想從高層次了解該如何看待到 2027 年的成本。如果我們假設正常通膨帶來的成本增加約數億美元，那麼 Fayetteville 的 9,000 萬美元節省，應該視為在你們為抵銷通膨而採取的正常成本對沖措施之外的增量？還是說你們需要這 9,000 萬美元來抵銷正常通膨以及其他成本？

Maybe I'll start and I'll turn it over to Scott on it, right? Yeah, absolutely. It's a meaningful part of our offsetting inflation headwinds going forward. But as I said, that is very much about balancing supply and demand in the areas of the market we want and need to participate in versus trying to be everything to everyone, right, and running.

也許我先開頭，然後把這題交給 Scott，對吧？好的，當然。這是我們未來抵銷通膨逆風的重要一部分。但如我所說，這很大程度上是在我們想要、也需要參與的市場領域中平衡供需，而不是試圖滿足所有人、什麼都做，對吧？並且去運行。

These larger volume low-end SKUs that are just running for a contribution margin, which makes no sense in the long-term to run that hard, right, for so little. So that's why to balance that. Meanwhile, within manufacturing and across the zone, right, it is embedded in our DNA from the Goodyear Forward, which really is about offsetting inflation with productivity.

這些大批量的低端 SKU，只是為了貢獻毛利（contribution margin）在跑，長期來看以那麼少的回報去那麼用力地跑，完全沒有意義，對吧？所以這就是為什麼要做這樣的平衡。同時，在製造端以及整個區域內，從「Goodyear Forward」開始，這種做法就已經融入我們的 DNA，而其核心就是用生產力提升來抵銷通膨。

And that doesn't mean only a closure scenario. It really is. Continuing to invest in the future for modernization, automation, improving waste, improving those things while continuing to have top-notch quality products that people want. And from that side then, we will, let me let Scott take it over on some numbers there.

而這並不只意味著關廠這一種情境。確實是。持續投資未來，包括現代化、自動化、改善浪費、改善這些事項，同時持續提供人們想要的頂尖品質產品。在這一端，我先把一些數字的部分交給 Scott 來說。

No, not numbers per se, but if you go back to my opening remarks at the beginning, one of the things certainly that I've noticed here is. Take Fayetteville, clearly that's a structural item. There was a question earlier about other kinds of things like that that the company is considering. Those are being evaluated.

不是說具體數字，但如果你回到我一開始的開場談話，我在這裡確實注意到的一件事是。以 Fayetteville 為例，很明顯那是一個結構性項目。先前也有人問到公司是否在考慮其他類似的事項。那些都正在評估中。

But really across the company, that continuous improvement mindset from SG&A all the way through manufacturing, the punch list of projects that people are actively working to address those productivity dynamics are absolutely part of. The mandate and the expectation that Mark and the team are driving down through the business. So clearly, that is the expectation.

但其實在整個公司範圍內，從 SG&A 一直到製造端，這種持續改善的思維，以及人員正積極推動的一系列專案清單，用來處理那些生產力動能，絕對都是。Mark 和團隊向下推動到整個業務的使命與期待的一部分。所以很清楚，這就是我們的期待。

And I would add to tell you, it really, it's that same clarity and focus on that controlling the controllables that continues, even though the official part of Goodyear Forward, again, we're going to go past 1.5 billion at this point, but every function, every region.

我也想補充，這其實就是同樣的清晰度與專注：控制可控因素，並且持續推進；即使 Goodyear Forward 的「正式」部分——再次強調，我們此刻將超過 15 億美元——但每個職能、每個區域。

Every PBU are driving that with a regular cadence that's been embedded as well of governance where we're holding ourselves accountable, whether it is delivery of the new products from engineering, whether it is offsetting inflation headwinds and finding ways to improve the overall cost and efficiency in manufacturing to our direct and indirect material cost and so forth. So work streams in all of those areas and the teams are absolutely. Laser focused on getting that done.

每個 PBU 都以固定節奏推動，並且也已嵌入一套治理機制，讓我們自我問責：不論是工程端新產品的交付，或是抵銷通膨逆風、尋找方法改善製造端的整體成本與效率，乃至於直接與間接材料成本等等。因此，在所有這些領域都有工作流，而團隊也絕對是。高度聚焦（laser focused）把這些完成。

That's all very helpful. Thank you.

這些都非常有幫助。謝謝。

Thank you. At this time, we've reached the end of our time for allotted questions. I will now turn the call back over to Mark Stewart for any final or closing remarks.

謝謝。此時，我們已到達本次提問時間的尾聲。我現在把電話會議交回給 Mark Stewart，請他做任何最後或結語發言。

Thank you, Brittany. Again, guys, we are laser focused on resources of the areas of Goodyear which can compete the most effectively to create value for our shareholders, value for our employees, and making sure we're doing products that are exciting. The actions that we're taking really are all meant to serve that strategy. Build the right portfolio, manufacture the products in the right footprint with the right cost structure, and win customers through our sales execution.

謝謝你，Brittany。各位，再次強調，我們高度聚焦（laser focused）把資源投入固特異中最具競爭力、能為股東創造價值、為員工創造價值的領域，同時確保我們做出令人興奮的產品。我們正在採取的行動，確實都是為了服務這個策略。建立正確的產品組合、在正確的製造佈局下以正確的成本結構生產產品，並透過我們的銷售執行來贏得客戶。

The priorities really reinforce one another. They position Goodyear to create stronger financial performance. And we're really encouraged by the evidence that strategy is taking hold, right? That higher mix of 18 and above products all around the world, the OE market share gains across every region that are setting us up for the replacement cycle two and three years out to have a robust pipeline of premium 18 and above products. And the wins that our teams are having in each of the marketplaces in terms of the performance. And again, our goal of being number one in tires and service.

這些優先事項彼此相互強化。它們讓固特異得以創造更強勁的財務表現。而我們也因為看到策略正在落地的證據而深受鼓舞，對吧？全球各地 18 吋以上產品的更高組合占比、各區域 OE（原廠配套）市占的提升，正為兩到三年後的替換週期奠定基礎，並建立強健的高端 18 吋以上產品管線。以及我們團隊在各個市場就表現面所取得的勝利。再次強調，我們的目標是成為輪胎與服務的第一名。

So thank you, guys, and thanks for joining today.

所以謝謝各位，也感謝今天的參與。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位撥冗與會並參與。各位現在可以掛線。