Garrett Motion Inc. (GTX) 2026 Q1 法說會逐字稿

Hello, my name is Cindy, and I will be your operator this morning. I would like to welcome everyone to the Garrett Motion first quarter 2026 financial results conference call. This call is being recorded, and a replay will be available later today.

大家好，我是 Cindy，今天上午將擔任各位的電話會議接線員。歡迎各位參加 Garrett Motion 2026 年第一季財務業績電話會議。本次電話會議將被錄音，並將於今日稍晚提供重播。

After the company’s presentation, there will be a Q&A session. I would now like to hand over the call to Cyril Grandjean, Garrett’s Vice President, Investor Relations and Treasurer.

在公司簡報結束後，將進行問答環節。現在我想把電話交給 Garrett 投資人關係副總裁兼財務主管（Treasurer）Cyril Grandjean。

Thank you, Cindy, and good day, everyone. We appreciate you joining us to review Garrett Motion’s first quarter 2026 financial results. Our presentation and press release are available on the investor relations section of our website.

謝謝你，Cindy，各位大家好。感謝各位加入我們，一同回顧 Garrett Motion 2026 年第一季財務業績。我們的簡報與新聞稿已發布於公司網站的投資人關係專區。

Today’s discussion includes forward-looking statements that involve risks and uncertainties. Please refer to our SEC filings, including our most recent annual report on Form 10-K, for a discussion of factors that could cause our results to differ materially from these forward-looking statements.

今天的討論包含前瞻性陳述，涉及風險與不確定性。請參閱我們向美國證券交易委員會（SEC）提交的文件，包括最新的 Form 10-K 年度報告，其中討論了可能導致實際結果與這些前瞻性陳述存在重大差異的因素。

Today’s presentation also includes certain non-GAAP metrics, which we use to help describe how we manage and operate our business. Please review the disclaimers on slide 2 of our presentation as the content of our call will be governed by this language.

今天的簡報亦包含若干非 GAAP 指標，我們使用這些指標以協助說明我們如何管理與營運業務。請查閱簡報第 2 頁的免責聲明，因為本次電話會議內容將受該等文字所規範。

With me today are Olivier Rabiller, our President and Chief Executive Officer; and Sean Deason, our Senior Vice President and Chief Financial Officer.

今天與我一同出席的有：總裁兼執行長 Olivier Rabiller，以及資深副總裁兼財務長 Sean Deason。

Olivier will begin by sharing highlights from a very strong quarter, both in terms of financial performance and strategic wins. Sean will then review our first quarter financial results and updated 2026 outlook. With that, I’ll turn the call over to Olivier.

Olivier 將先分享本季非常強勁的亮點，包括財務表現與策略性得標。接著 Sean 將回顧第一季財務結果與更新後的 2026 年展望。接下來我把電話交給 Olivier。

Thank you, Cyril, and thank you all for joining the call today. We started the year by delivering another very strong set of financial results in the first quarter, driven by growth in a muted industry and disciplined operational execution.

謝謝你，Cyril，也感謝各位今天加入電話會議。我們以第一季再度交出非常強勁的財務成果作為今年的開端，這主要受惠於在相對低迷的產業環境中仍能成長，以及嚴謹的營運執行。

Net sales for the first quarter were $985 million, up 6% at constant currency. We delivered growth across all verticals, including commercial vehicles and industrial.

第一季淨銷售額為 9.85 億美元，按固定匯率計成長 6%。我們在所有垂直領域均實現成長，包括商用車與工業領域。

Considering that light vehicle production was down in Q1, Garrett’s growth reflects share of demand gains in passenger vehicles as well as continued strong performance in commercial, off-highway, and industrial.

考量第一季輕型車產量下滑，Garrett 的成長反映出乘用車需求份額提升，以及在商用車、非道路（off-highway）與工業領域持續強勁的表現。

Through continued productivity actions and disciplined execution, we have been unable to convert this growth into a very solid operating performance. Adjusted EBIT was $151 million, and our adjusted EBIT margin was 15.3%.

透過持續的生產力提升行動與嚴謹執行，我們已能將這些成長轉化為非常穩健的營運表現。調整後 EBIT 為 1.51 億美元，調整後 EBIT 利潤率為 15.3%。

In addition, we generated an adjusted free cash flow of $49 million in the quarter. Together, these strong results support our decision to increase the upper range of our 2026 full-year outlook.

此外，本季我們產生 4,900 萬美元的調整後自由現金流。這些強勁成果共同支持我們決定上調 2026 年全年展望的上緣。

Lastly, we continue to allocate capital in line with our stated framework and our commitment to return capital to shareholders. During the first quarter, we maintained our share repurchase activity, buying back $87 million of common stock, and we also paid $16 million in quarterly dividends.

最後，我們持續依照既定的資本配置框架，以及回饋股東的承諾來配置資本。第一季我們維持庫藏股回購活動，回購 8,700 萬美元普通股，並支付 1,600 萬美元季度股利。

With that, let me now turn to slide 4 to share more on Garrett’s continued success across our differentiated technologies. Indeed, we continue to win across our turbo portfolio with multiple gasoline awards, including VNT Turbo for hybrids and range extended electric vehicle applications.

接下來請看第 4 頁，我將分享 Garrett 在差異化技術方面持續成功的更多內容。確實，我們在渦輪增壓產品組合上持續獲得多項汽油端訂單獎項，包括用於油電混合車與增程式電動車應用的 VNT 可變幾何渦輪。

At the same time, we kept on the successful trend we have seen in industrial as we secured additional wins, including for large power generation applications. Turning now to our zero-emission technologies.

同時，我們延續在工業領域所見的成功趨勢，取得更多得標，包括大型發電應用。接著轉到我們的零排放技術。

We have made solid progress in Q1 2026 as we secured our second commercial vehicle ePowertrain production award in China. We start our production plan again for 2027.

在 2026 年第一季，我們取得穩健進展，於中國拿下第二個商用車 ePowertrain（電動動力總成）量產訂單。我們的量產計畫將於 2027 年再次啟動。

We also won a major production award for our industrial cooling compressor with Tongfei in China, a leading supplier for battery energy storage system cooling solutions. Overall, I’m very pleased with our progress.

我們也與中國的 Tongfei 取得工業冷卻壓縮機的重要量產訂單；Tongfei 是電池儲能系統冷卻解決方案的領先供應商。整體而言，我對我們的進展非常滿意。

These wins demonstrate customer adoption of our differentiated technologies across a broad range of applications, supporting both off-road expansion and growth while continuing to deliver strong financial results.

這些得標顯示客戶在廣泛應用領域採用我們的差異化技術，支持非道路市場擴張與成長，同時持續交出強勁的財務成果。

I will now hand it over to Sean, who will talk you through our financial results and outlook.

接下來我把時間交給 Sean，由他帶各位回顧我們的財務結果與展望。

Thanks, Olivier. Good morning, everyone. I will begin my remarks on slide 5. As Olivier highlighted, we delivered strong financial performance in the first quarter. Our net sales were $985 million, driven by sequential growth across all verticals.

謝謝你，Olivier。各位早安。我將從第 5 頁開始。正如 Olivier 所強調，我們在第一季交出強勁的財務表現。淨銷售額為 9.85 億美元，受惠於所有垂直領域的連續性成長。

This was driven by share demand gains in diesel and gasoline applications, recovery of commercial vehicle volumes, and continued demand for industrial applications. We delivered $151 million of adjusted EBIT in the quarter, equating to a 15.3% margin.

成長動能來自柴油與汽油應用的需求份額提升、商用車銷量回升，以及工業應用需求持續。我們本季調整後 EBIT 為 1.51 億美元，相當於 15.3% 的利潤率。

This represents both a year-over-year and a sequential improvement driven by strong volume conversion and favorable foreign exchange. Finally, adjusted free cash flow was $49 million as the business continues to convert earnings into cash in line with expectations.

這反映出年對年與季對季皆有改善，主要由強勁的量增轉換（volume conversion）與有利的外匯所帶動。最後，調整後自由現金流為 4,900 萬美元，顯示公司持續如預期將獲利轉化為現金。

Moving to slide 6, we show our Q1 net sales bridge by product category as compared with the same period last year. In the quarter, net sales increased by $107 million versus the prior year, or 12% on a reported basis and 6% on a constant currency basis.

接著看第 6 頁，我們展示第一季按產品類別劃分、相較去年同期的淨銷售額橋接分析。本季淨銷售額較去年增加 1.07 億美元，按報告基礎成長 12%，按固定匯率基礎成長 6%。

Double-digit growth in commercial vehicle, industrial, and Aftermarket contributed significantly to the strong performance. We also benefited from continued gasoline share of demand gains and new launches in diesel.

商用車、工業與售後市場（Aftermarket）的兩位數成長，對強勁表現貢獻顯著。我們也受惠於汽油端需求份額持續提升，以及柴油新產品導入。

The sales growth occurred across all key regions. In North America, the key drivers of sales growth were off-highway, industrial, and Aftermarket. In Europe, we saw share of demand gains in light vehicle gasoline and diesel, as well as a recovery in off-highway applications.

銷售成長發生於所有主要區域。在北美，銷售成長的關鍵驅動因素為非道路、工業與售後市場。在歐洲，我們看到輕型車汽油與柴油的需求份額提升，以及非道路應用的復甦。

In China, growth was driven primarily by industrial and on-highway applications. Turning to slide 7, during the quarter, we generated $151 million in adjusted EBIT, representing a $20 million increase over the same period last year.

在中國，成長主要由工業與公路（on-highway）應用所帶動。接著看第 7 頁，本季我們產生 1.51 億美元的調整後 EBIT，較去年同期增加 2,000 萬美元。

Our margin rate of 15.3% reflects a 40 basis point improvement year-over-year, 20 basis points of which are due to favorable foreign exchange currency impacts, partially offset by tariff pass-throughs.

15.3% 的利潤率反映年對年提升 40 個基點，其中 20 個基點來自有利的外匯影響，但部分被關稅轉嫁（tariff pass-throughs）所抵銷。

The increase in adjusted EBIT was primarily driven by volume and favorable mix from our strong growth in commercial vehicle, industrial, and Aftermarket.

調整後 EBIT 的增加主要由銷量與有利的產品組合所驅動，源自我們在商用車、工業與售後市場的強勁成長。

In the quarter, year-over-year operating performance was slightly negative, largely as a result of timing and in line with our expectations as we begin to execute on our productivity measures.

本季年對年營運表現略為負向，主要由於時點因素所致，且符合我們在開始執行生產力措施時的預期。

We expect to generate positive operating performance through the balance of this year, continuing to benefit from sustained fixed cost actions and variable cost productivity. Turning now to slide 8, I’ll walk you through the adjusted EBIT to adjusted free cash flow bridge for the quarter.

我們預期在今年剩餘期間將產生正向的營運表現，並持續受惠於固定成本行動的延續，以及變動成本生產力提升。接著看第 8 頁，我將帶各位了解本季從調整後 EBIT 到調整後自由現金流的橋接分析。

We delivered positive adjusted free cash flow of $49 million, aligned with our full year expectations. The working capital used in the quarter was primarily driven by our strong sales and is expected to be recovered throughout the year.

我們實現 4,900 萬美元的正向調整後自由現金流，與全年預期一致。本季使用的營運資金主要由強勁銷售所驅動，預期將在全年逐步回收。

All other bridging items were also in line with expectations. Now moving to slide 9, we ended the quarter with a liquidity position of $772 million, consisting of $630 million in undrawn capacity from our revolving credit facility and $142 million in unrestricted cash.

其他所有橋接項目也都符合預期。接著看第 9 頁，本季末我們的流動性為 7.72 億美元，包括循環信用額度（revolving credit facility）中 6.30 億美元未動用額度，以及 1.42 億美元不受限制現金。

We have ample liquidity with no near-term debt maturities, and our net leverage ratio remains unchanged versus the prior quarter at 1.92 times.

我們擁有充足流動性，且短期內無到期債務；淨槓桿比率與前一季相比維持不變，為 1.92 倍。

Moving to slide 10, during the first quarter, we repurchased $87 million of common stock under our $250 million share repurchase program, further reducing our outstanding share count to approximately 188 million.

接著看第 10 頁，第一季我們在 2.50 億美元的股票回購計畫下回購 8,700 萬美元普通股，進一步將流通在外股數降至約 1.88 億股。

We continue to target returning approximately 75% of our adjusted free cash flow to shareholders over time through dividends and share repurchases, the latter of which will vary over time and depend on various factors, including macroeconomic and industry conditions.

我們仍以長期回饋股東為目標，透過股利與股票回購，將約 75% 的調整後自由現金流返還給股東；其中回購金額將隨時間變動，並取決於多項因素，包括總體經濟與產業狀況。

As mentioned by Olivier earlier, the board declared our quarterly dividend for the second quarter of $0.08 per share, which will be payable in June. I will now transition to slide 11 to discuss our 2026 outlook. Following our first quarter performance, we anticipate demand across all verticals to be strong through the first half of the year.

如 Olivier 先前提到的，董事會已宣告我們第二季每股 0.08 美元的季度股利，將於 6 月支付。我現在將切換到第 11 頁，討論我們對 2026 年的展望。根據第一季的表現，我們預期各垂直領域的需求在上半年都將維持強勁。

Although our industry assumptions remain unchanged versus our initial outlook, we expect to continue to benefit from share of demand gains in light vehicles, continued recovery in commercial vehicles, and growth of industrial applications, particularly for stationary power generation.

雖然我們對產業的假設相較於初始展望並未改變，但我們預期將持續受惠於輕型車的需求份額提升、商用車的持續復甦，以及工業應用的成長，尤其是定置式發電。

As a result, we’ve increased our high-end and midpoint outlook across all metrics to reflect this stronger performance to date. Given macroeconomic uncertainties and geopolitical events, we are maintaining the low end of our outlook range at this time.

因此，我們已上調所有指標的高端與中位數展望，以反映迄今更強勁的表現。鑑於總體經濟不確定性與地緣政治事件，我們目前維持展望區間的低端不變。

Our updated outlook implies the following midpoints. Net sales of $3.75 billion or 2% growth at constant currency, adjusted EBIT of $560 million, implying a 14.9% margin, and adjusted free cash flow of $415 million. With that, I will now turn back the call to Olivier for closing remarks.

我們更新後的展望中位數如下：淨銷售額 37.5 億美元，按固定匯率計為 2% 成長；調整後 EBIT 為 5.6 億美元，意味著 14.9% 的利潤率；調整後自由現金流為 4.15 億美元。接下來我把電話交回給 Olivier 作結語。

Thanks, Sean. Let’s now turn to slide 12. As we announced during our Q4 earnings call and in our subsequent press release, we will host our 2026 Technology and Investor Day in person in New York City on May 20.

謝謝，Sean。現在請看第 12 頁。如同我們在第四季財報電話會議及後續新聞稿中所宣布的，我們將於 5 月 20 日在紐約市以實體方式舉辦 2026 年技術與投資人日。

We will outline the next phase of the company’s strategic evolution, including progress across turbo, zero emission vehicle, and industrial technologies.

我們將說明公司策略演進的下一階段，包括渦輪、零排放車輛與工業技術等方面的進展。

Beyond the presentation, it is a fantastic opportunity to interact with management, see and touch new hardware, and better understand the way Garrett is expanding its technology differentiated portfolio, both in auto, commercial vehicle, and industrial.

除了簡報之外，這也是與管理團隊互動、親眼看到並親手觸摸新硬體、並更深入了解 Garrett 如何在汽車、商用車與工業領域擴展其具技術差異化的產品組合的絕佳機會。

Let me wrap this up on our final slide. We delivered a strong first quarter, driven by share of demand gains in gasoline turbo and growth in commercial vehicle, off-highway, and industrial. Adjusted EBIT reached $151 million, and we generated $49 million of adjusted free cash flow.

讓我在最後一頁做個總結。我們第一季表現強勁，主要由汽油渦輪的需求份額提升，以及商用車、非道路與工業的成長所帶動。調整後 EBIT 達到 1.51 億美元，並產生 4,900 萬美元的調整後自由現金流。

In zero emission technologies specifically, we secured our second series production award for commercial vehicle high speed ePowertrain, further validating the long-term potential of this technology.

在零排放技術方面，我們取得第二個商用車高速 ePowertrain 的量產專案授標，進一步驗證此技術的長期潛力。

In parallel, progress continues with our new industrial compressor offering as we secure the production award in battery energy storage systems.

同時，隨著我們在電池儲能系統取得量產授標，我們新的工業壓縮機產品也持續推進。

Alongside this operational and technology execution during the quarter, we returned more than $100 million to shareholders through share repurchases and dividends, reaffirming our commitment to disciplined capital allocation and shareholder return.

除本季的營運與技術執行外，我們也透過庫藏股回購與股利向股東返還超過 1 億美元，再次確認我們對嚴謹資本配置與股東報酬的承諾。

Lastly, based on the strong start of the year, we also raised our full year 2026 outlook, reflecting the strength of our execution and confidence in our trajectory. Thank you for your time, and now operator, we are ready to take on questions.

最後，基於今年強勁的開局，我們也上調了 2026 全年展望，反映我們執行力的強度以及對發展軌跡的信心。感謝各位撥冗，接下來請接線員，我們準備開始回答問題。

(Operator Instructions) Nathan Jones of Stifel.

（接線員指示）Stifel 的 Nathan Jones。

Good morning everyone. I’ll start with some questions on the oil free compressor side. I don’t know how much of that you wanna answer today and how much you wanna save for the analyst day next month. I’ll ask them.

各位早安。我先從無油壓縮機這一塊問幾個問題。我不確定你們今天想回答多少、又想保留多少到下個月的分析師日再談。我先把問題提出來。

Any updates that you can give us on the progress with shipping the first units to Trane? Any updates you can give us, I guess I’ll just ask a broad question. The interest levels that you’ve seen from other potential customers and how that’s progressing.

你們能否更新一下向 Trane 出貨首批機組的進度？另外也想請你們提供一些更新——我就問個比較廣泛的問題：你們從其他潛在客戶那邊看到的興趣程度，以及目前進展如何。

Indeed. I think we alluded to it to it a little bit last time because we are fresh from the big congress that’s happening every year in Vegas about air conditioning systems. Since then, we’ve confirmed a lot of inbounds from a lot of people in the industry.

確實。我想我們上次有稍微提到，因為我們剛從每年在拉斯維加斯舉辦、關於空調系統的大型展會回來。自那之後，我們已確認收到來自產業內許多人士的大量主動洽詢。

To your point, about shipping units, I mean, shipping the first unit for testing and everything will happen in the coming weeks already. And then what we said is that we would be in production from 2027.

就你提到的出貨而言，我是說，首台機組在未來幾週內就會出貨，用於測試等工作。然後我們也說過，將從 2027 年開始量產。

It’s on a fast pace. The win we just report, which is in different system, which is a battery energy storage system. You need a lot of cooling to cool these batteries. These batteries are supplied by the way, and these modules are supplied by the biggest battery makers in the world.

進度非常快。我們剛公布的這個案子屬於不同的系統，也就是電池儲能系統（BESS）。你需要大量冷卻來為這些電池降溫。順帶一提，這些電池與模組是由全球最大的電池製造商供應。

It’s a very important one as well because it validates that our technology is not only for the scope that we expressed last time, and the discussion we had about our agreement with Trane, but it’s ranging beyond that into some other applications.

這也非常重要，因為它驗證了我們的技術不僅適用於我們上次所描述的範疇，以及我們與 Trane 協議所討論的內容，而是延伸到其他應用領域。

We’ll share indeed more during the investor day, but a lot is happening, and you may have seen a lot of points, a lot of communications already from us, whether it’s on this BESS, whether it’s on our exhibition that we had in China at the leading show for air conditioning. All of that validates the interest that we see from the industry, broad industry that’s all involved into cooling.

我們確實會在投資人日分享更多，但目前有很多事情正在發生。你們可能也已看到我們發布了不少訊息與溝通，不論是這個 BESS 案子，或是我們在中國參加空調領域領先展會的展出。這些都驗證了我們從整個冷卻相關的廣泛產業中所看到的興趣。

Is there any update you can give us on? I know there’s some exclusivity with Trane on some products in some markets for some period of time. Is there any update you can give us on what that is? It’s certainly been a focus area from investors that we’ve spoken to.

你們能否提供任何更新？我知道在某些產品、某些市場、某段期間內，與 Trane 之間有一些排他性安排。你們能否更新一下那部分的情況？這確實是我們與投資人交流時的關注重點。

I’ve told you that we are having discussions, and by the way, we are announcing a new project with a new customer. That shows that we are talking to a broad industry scope with a broad industry applications.

我已經告訴過你，我們正在進行討論；而且順帶一提，我們也正在宣布與一位新客戶的新專案。這顯示我們正在與更廣泛的產業範疇、以及更廣泛的產業應用進行洽談。

More to come when we present all of that with real hardware and you can feel and touch it because it’s not PowerPoint, clearly not when we are all in New York.

等我們在紐約把實體硬體拿出來展示時，會有更多內容可以分享，你們也可以親手感受與觸摸，因為那不是 PowerPoint——當然不是，尤其是我們都在紐約的時候。

Clearly the interest goes beyond what we’ve announced with Trane. Although we are working extremely well with Trane, and we are cooperating very well. It goes beyond that.

很明顯，市場的興趣不僅限於我們與 Trane 已宣布的內容。雖然我們與 Trane 合作得非常好、協作也非常順暢，但確實不止於此。

Fair enough. Good to see another ePowertrain. Is there any details you can give us on that? I’m talking about the size of it, potential revenue out of it. I think you said start of production is 2027, just any color you can give us on the scale and scope of this award. Thanks.

了解。很高興看到又一個 ePowertrain 專案。你們能否提供一些細節？我指的是它的規模、可能帶來的營收。我想你們說過 2027 年開始量產；能否就這個授標的規模與範圍提供一些補充說明？謝謝。

The first point I would say it’s not exactly for the same application. The first application was heavy duty, so we are talking about trucks that are more on the medium duty size.

我想先說第一點：它並非完全相同的應用。第一個應用是重型車，因此這次我們談的是更偏中型的卡車。

We are extremely proud because it really reflects that even in the most competitive market in the world, that is China, when it comes to electric, our technology is really validated by customers as being a way to differentiate for themselves.

我們非常自豪，因為這確實反映出，即使在全球最具競爭性的市場——也就是中國的電動化市場——我們的技術仍被客戶驗證，認為能成為他們自身差異化的方式。

We’ve announced the first partnership with HanDe. HanDe is the biggest player of the industry when it comes to transmissions in China and the axles. That gives you a little bit of a scale. We’ll not share numbers today, but it’s a very significant win for the company, another one.

我們已宣布與 HanDe 的第一個合作夥伴關係。HanDe 是中國在變速箱與車橋領域最大的業者。這能讓你對規模有一些概念。我們今天不會分享具體數字，但這對公司而言是另一個非常重大的斬獲。

James Mulholland of Deutsche Bank.

德意志銀行的 James Mulholland。

Hi. Thanks for taking my questions, and good morning. I just want to double-click on your industrial sales for the year. Last year, you had guided to about $100 million in sales related to power gen with double-digit growth for this year.

你好，謝謝讓我提問，早安。我想更深入追問一下你們今年的工業銷售。去年你們指引約有 1 億美元與發電相關的銷售，並預期今年有雙位數成長。

Could you give us an update on that progress? Since double digits is a pretty wide range, would you be able to put a bit of a finer point on that?

你們能否更新一下進展？由於「雙位數」範圍很廣，你們是否能把這個說法再具體一些？

Yeah. With industrial, we entered sequentially, we saw it flat, but we expect that it is going to grow significantly. I believe we said low double digits. That’s where we would remain, in low double digits.

可以。在工業方面，按季來看我們看到持平，但我們預期它將顯著成長。我相信我們說的是低雙位數；我們仍維持在低雙位數的看法。

That’s very significant anyway. You see that when you look at the revenue growth bridge that we have into the financials that we published today, it is clear that there is a significant growth on commercial vehicle. Not everything is with industrial indeed, but a significant portion of it. Yes, it will keep on growing.

無論如何，那是非常重大的。你可以看到，當你查看我們在今天發布的財務資料中所呈現的營收成長橋接時，很清楚商用車有顯著成長。確實不全都來自工業領域，但其中有相當大一部分。是的，它會持續成長。

Oh, go ahead.

喔，你請繼續。

I’m just saying. We are very happy with it.

我只是想說，我們對此非常滿意。

Great. Since you brought up broader commercial vehicle, recognizing that North America is more off-highway and Europe is more indexed to Class 8. We’ve seen some trucking manufacturers come out with pretty good numbers on orders.

很好。既然你提到更廣泛的商用車，考量到北美較偏向非公路（off-highway），而歐洲則更偏向 Class 8。我們看到一些卡車製造商公布的訂單數字相當不錯。

Could you maybe unpack a bit of what you’re seeing in both of those geographies? Is there maybe a little bit of conservatism in that 1%-2% growth for the year?

你能否再多拆解一下你在這兩個地區看到的情況？你們對全年 1%–2% 的成長預期是否可能稍微偏保守？

Today, I will not relate. Today, commercial vehicle is, as you said, a little bit of a mix bag of several things. We have off-highway, you’ve seen that the off-highway industry is starting to recover.

今天我不會把它們直接連結起來。今天的商用車，如你所說，是由好幾個面向混合而成。我們有非公路市場；你也看到非公路產業正開始復甦。

There are some other people publishing results today that are our customers that can give you a hint about that recovery coming up. I would say beyond that. And we think that the recovery is probably once it starts, it will be for.

今天也有一些其他公司（我們的客戶）發布業績，能讓你對這波復甦有所提示。我想說的是除此之外，我們認為一旦復甦開始，可能會持續一段時間。

If there is no crisis, it will be for a longer period, because today, when you look at on-highway and off-highway, we are pretty much on the low point that we reached in 2024. The industry has not yet recovered that much from that. We are optimistic that this trend will continue.

如果沒有危機，它會持續更長時間，因為今天當你看公路（on-highway）與非公路（off-highway）市場，我們基本上正處於 2024 年觸及的低點。產業至今尚未從那個低點明顯復甦。我們樂觀認為這個趨勢會延續。

I would say the growth that we are seeing is not only driven by Europe on-highway, it’s also driven by a recovery that we are seeing on on-highway in China, which is probably more linked to share demand gains and a significant introduction of new products that we have on that in that region.

我會說，我們看到的成長不僅由歐洲的公路市場驅動，也來自我們在中國公路市場看到的復甦；這可能更與市占／需求份額提升，以及我們在該地區大量導入新產品有關。

Great. Thank you very much.

很好。非常感謝。

Your analysis is good. I’m just saying, I’m just adding China in the mix on top of the rest.

你的分析很好。我只是說，除了其他因素之外，把中國也納入這個組合一起看。

Jake Shull of BNP.

BNP 的 Jake Shull。

Hey, guys. First, profitability in the quarter finished towards the high end of your guidance range for the year. Could you just discuss some of the puts and takes that you see going forward?

嗨，各位。首先，本季獲利能力落在你們全年指引區間的高端。你們能否談談接下來你們看到的一些利多與利空因素？

The puts and takes for the full year outlook? Quite frankly, we are very pleased with what we see in Q1. Quite frankly, at this point in time, we have not seen a material impact of the consequences of the war in the Middle East on what we see in the company.

你是指全年展望的利多與利空因素嗎？坦白說，我們對 Q1 所看到的情況非常滿意。坦白說，就目前而言，我們尚未看到中東戰爭後果對公司所見情況造成實質影響。

We are very mindful that on the one hand, we have a very nice trajectory with organic growth that we highlighted in Q1. On the other hand, we are having a world out there that everybody is looking at and trying to understand where it goes.

我們非常清楚，一方面，我們在 Q1 強調的有機成長軌跡非常良好；另一方面，外部世界的局勢大家都在關注並試圖理解其走向。

One more time, we have not seen anything specific, but it would be in my view, a little bit too bullish just to give you an outlook that is disconnected from what’s happening around us.

再說一次，我們沒有看到任何具體情況，但在我看來，如果給出一個與周遭正在發生的事情脫節的展望，可能會顯得有點過度樂觀。

Thank you. Could you talk a little bit more about what’s driving some of your success in China? You guys have obviously, seen some pretty significant wins, both for your ePowertrain and e-compressor in the last few quarters.

謝謝。你能否再多談一些你們在中國成功的驅動因素？你們顯然在過去幾季拿下相當顯著的案子，包含 ePowertrain 與 e-compressor。

Specifically within the e-compressor, can you talk about if there’s any difference from your perspective for a liquid-cooled application like this battery storage system with Tongfei or air cooling, like a traditional HVAC? Thank you.

特別是在 e-compressor 方面，能否談談從你們的角度看，像與同飛（Tongfei）合作的這種電池儲能系統液冷應用，與傳統 HVAC 的風冷應用之間是否有任何差異？謝謝。

A few dynamics. The first point is to say that when it comes to specific applications that are linked to commercial vehicle electric mobility, think about ePowertrain for trucks, and think about the announcement that we did last quarter about cooling compressor for buses.

有幾個動態。第一點是，當談到與商用車電動化相關的特定應用時，例如卡車的 ePowertrain，以及我們上季宣布的、用於巴士的冷卻壓縮機。

China is indeed the biggest place in the world that committed to a very high number of electric trucks, and that drives a lot of development and a lot of demand from customers. When it comes to the specific point of battery energy storage system, you know that the two biggest battery makers in the world are in China.

中國確實是全球承諾導入大量電動卡車的最大市場，這帶動了大量開發，以及客戶端的強勁需求。至於電池儲能系統這個特定議題，你知道全球最大的兩家電池製造商都在中國。

Indeed, they are relying not only on global suppliers, but also on local fast-growing company to help them supply what they need in order to develop that battery business. Battery energy system storage that we have, the battery cooling that goes on that is clearly linked to that growth.

確實，他們不僅依賴全球供應商，也依賴本地快速成長的公司來協助供應其發展電池業務所需的產品。我們的電池儲能系統相關產品，其中的電池冷卻，顯然與這個成長直接相關。

Indeed, it’s happening in China, I would say, a little bit faster than anywhere else in the world, well, as a consequence of the two major players being in China. We should not think that all of that come from China.

確實，我會說這在中國發生得比世界其他地方更快，這也是因為兩大主要玩家都在中國。不過我們不應該認為這一切都來自中國。

It’s just that China usually works faster and is currently into a technology adoption pace that is higher than what we see in the rest of the world. Remember, the first award that we presented for cooling system was coming with Trane.

只是中國通常動作更快，目前的技術採用速度也高於我們在世界其他地方看到的。記得，我們最早公布的冷卻系統獲獎案是與 Trane 一起的。

Then, we are indeed working with many more customers around the world than Chinese when it comes to e-Powertrain, whether it’s for passenger vehicle and commercial vehicle. It’s just that the speed in China is just faster.

此外，在 e-Powertrain 方面，無論是乘用車或商用車，我們確實正與全球更多客戶合作，而不僅僅是中國客戶。只是中國的速度更快。

Hamed Khorsand of BWS Financial.

BWS Financial 的 Hamed Khorsand。

Hi. First off, these design wins that sparked this increase in sales, when did you win them, how are you positioned in design wins now for future quarters?

嗨。首先，這些帶動銷售成長的設計導入（design wins），你們是在什麼時候拿下的？目前你們在未來幾季的設計導入布局如何？

For the wins, we usually win businesses that are translating into volume about before we start production. I would say when you look at the trend we have, and we’ve been very consistent with that, where we say that on average, every year, we win about 50% of what’s available.

就這些案子而言，我們通常在開始量產之前就會拿下，並在之後轉化為出貨量。我會說，從我們一貫的趨勢來看，我們一直很一致地表示，平均每年我們大約能拿下市場上可競標機會的 50%。

We know that the math between the business win rate to the share of demand doesn’t go exactly one-to-one. We know that when we win constantly at that level, the share of demand of the company is increasing.

我們知道，業務得標率與需求份額（share of demand）之間的數學關係並非完全一比一。我們也知道，當我們持續以那樣的水準得標時，公司的需求份額就會提升。

This is exactly what’s happening. It was a little bit hidden, three, four years ago, because we were adding some other points that were affecting the top line at the same time when it comes to diesel going down.

這正是正在發生的事情。三、四年前這點有點被掩蓋，因為同一時間還有其他因素在影響營收，例如柴油業務下滑。

That we’re doing a massive rebalancing and transformation in this company, moving from revenue at the time of the spin-out that was about 42%, 43% diesel to what it is today, where it’s about the same amount on the gathering side and a significant portion of that into variable geometry.

我們正在公司內進行大規模的再平衡與轉型：從分拆（spin-out）時營收約有 42%、43% 來自柴油，轉變到今天的結構——在收集端（gathering side）約占相近比例，且其中相當一部分轉向可變幾何（variable geometry）。

That rebalancing has probably dampened a little bit the top line. Now, you see that coming, and it’s all driven by the success of the wins and the programs that we are on with customers. The trend continues.

這種再平衡可能在一定程度上抑制了營收表現。現在你看到它開始顯現，而這一切都由我們得標的成功，以及我們與客戶共同推進的專案所驅動。這個趨勢仍在延續。

My other question is, on zero emissions. Is it still too early to break it out as to what the composition of that is to total sales?

我另一個問題是關於零排放。現在是否仍然太早，還無法拆分其在總銷售中的組成？

If you are a little bit patient for a few weeks, you will know much more about it.

如果你願意再耐心等幾週，你就會更清楚了。

Very good. Thank you.

很好，謝謝。

But we will indeed disclose more information in three weeks.

我們確實會在三週後披露更多資訊。

The conference has now concluded. The question and answer session has concluded. Thank you for attending today’s presentation. You may now disconnect.

本次會議現在結束。問答環節已結束。感謝各位參加今天的簡報。您現在可以中斷連線。