Magna International Inc (MGA) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Lacey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Magna International second quarter 2025 results webcast.

您好，感謝您的支持。我叫萊西 (Lacey)，今天我將擔任您的會議主持人。現在，我歡迎大家收看麥格納國際2025年第二季業績網路直播。

(Operator Instructions)

（操作員指示）

I would now like to turn the conference over to Louis Tonelli, you may begin.

現在我想將會議交給 Louis Tonelli，你可以開始了。

Thanks, operator. Hello, everyone, and welcome to our conference call covering our second quarter 2025 results. Joining me today are Swamy Kotagiri and Pat McCann. Yesterday, our Board of Directors met and approved our financial results for the second quarter of 2025 and our updated outlook. We issued a press release this morning outlining our results.

謝謝，接線生。大家好，歡迎參加我們的電話會議，討論我們 2025 年第二季的業績。今天與我一起出席的還有 Swamy Kotagiri 和 Pat McCann。昨天，我們的董事會召開會議並批准了 2025 年第二季的財務表現和最新展望。我們今天早上發布了一份新聞稿，概述了我們的結果。

You'll find the press release, today's conference call webcast, the slide presentation to go along with the call, and our updated quarterly financial review all in the Investor Relations section of our website at magna.com.

您可以在我們網站 magna.com 的投資者關係部分找到新聞稿、今天的電話會議網絡直播、與電話會議配套的幻燈片演示以及我們更新的季度財務評論。

Before we get started, just as a reminder, the discussion today may contain forward-looking information or forward-looking statements within the meaning of applicable securities legislation. Such statements involve certain risks, assumptions and uncertainties, which may cause the company's actual or future results and performance to be materially different from those expressed or implied in these statements. Please refer to today's press release for a complete description of our safe harbor disclaimer. Please also refer to the reminder slide included in our presentation that relates to our commentary today.

在我們開始之前，需要提醒的是，今天的討論可能包含適用證券立法含義內的前瞻性資訊或前瞻性陳述。該等陳述涉及某些風險、假設和不確定性，可能導致公司的實際或未來結果和績效與這些陳述中表達或暗示的結果和績效有重大差異。請參閱今天的新聞稿，以了解我們的安全港免責聲明的完整描述。另請參閱我們簡報中與今天的評論相關的提醒幻燈片。

With that, I'll pass it over to Swamy.

說完這些，我就把它交給斯瓦米。

Thank you, Louis. Good morning, everyone. I hope you're all enjoying the summer so far, and I appreciate you joining our call today. So let's get started. I'm happy to share a few notable takeaways from the quarter that underscore our strong execution in spite of industry headwinds.

謝謝你，路易斯。大家早安。我希望你們都享受這個夏天，感謝你們今天參加我們的電話會議。那麼就讓我們開始吧。我很高興與大家分享本季的一些值得注意的收穫，這些收穫凸顯了我們儘管面臨行業逆風，但仍保持了強勁的執行力。

We are pleased with our strong Q2 results driven by consistent execution across our business and progress against our performance initiatives. I am proud of our team's focus and ongoing efforts.

我們對第二季的強勁業績感到滿意，這得益於我們整個業務的一致執行以及績效計劃的進展。我為我們團隊的專注和持續努力感到自豪。

Despite lower production in our two largest markets, North America and Europe, negatively impacting year-over-year sales, we delivered solid financial results and notable improvements from last year. Adjusted EBIT increased 1% and EBIT margin was 20 basis points better despite a 40 basis point negative impact from tariffs not yet recovered from customers. In addition, adjusted diluted EPS was up 7% and free cash flow improved by $178 million. Relative to our expectations, our results for the quarter were better, reflecting strong incremental margins on higher sales. We are also raising our outlook for the year.

儘管我們最大的兩個市場北美和歐洲的產量下降，對同比銷售額產生了負面影響，但我們仍然取得了穩健的財務業績，並且比去年有顯著的改善。儘管尚未從客戶收回的關稅產生了 40 個基點的負面影響，但調整後的息稅前利潤仍增長了 1%，息稅前利潤率提高了 20 個基點。此外，調整後的稀釋每股盈餘成長 7%，自由現金流增加 1.78 億美元。相對於我們的預期，本季的業績表現較好，反映出銷售額增加帶來的利潤率強勁成長。我們也上調了對今年的展望。

Stronger sales supported largely by foreign currency translation and also better-than-expected second quarter program mix. raising the low end of our adjusted EBIT margin range, despite lower expected vehicle production in North America as we realize on our cost-saving initiatives and an increase in adjusted net income attributable to Magna mainly reflecting higher expected adjusted EBIT on higher sales and a lower effective income tax rate.

銷售額的強勁成長主要得益於外幣折算以及好於預期的第二季專案組合。儘管由於我們實施了成本節約計劃，北美地區的汽車產量預期會有所下降，但調整後的息稅前利潤率區間的低端仍然有所提高，而歸屬於麥格納的調整後淨收入有所增加，這主要反映了銷售額增加、實際所得稅稅率降低導致的預期調整後息稅前利潤增加。

We continue to work closely with our customers to mitigate the impact of tariffs. Based on our actions taken and recent updates to tariff rates up to mid-July, we have lowered our estimated annualized tariff exposure to $200 million from $250 million when we reported in Q1. We have settled with multiple OEMs for substantially all of our 2025 net tariff exposure with them. and we are working with our other customers and suppliers to mitigate substantially all of our remaining exposure, including through recoveries. Lastly, we returned $137 million to shareholders in dividends in the second quarter, bringing our year-to-date return of capital to $324 million.

我們繼續與客戶密切合作，以減輕關稅的影響。根據我們採取的行動以及截至 7 月中旬的最新關稅稅率更新，我們已將預計的年度關稅風險敞口從第一季報告時的 2.5 億美元下調至 2 億美元。我們已經與多家 OEM 達成和解，解決了我們與它們之間幾乎所有的 2025 年淨關稅風險。而我們正在與其他客戶和供應商合作，以減輕我們剩餘的大部分風險，包括透過追償。最後，我們在第二季向股東返還了 1.37 億美元的股息，使我們年初至今的資本回報率達到 3.24 億美元。

We continue to assess industry conditions as well as the macroeconomic and trade environment and remain committed to our long-stated capital allocation strategy, including share repurchases once conditions become less uncertain.

我們將繼續評估產業狀況以及宏觀經濟和貿易環境，並繼續致力於我們長期以來的資本配置策略，包括在情況變得不那麼不確定時進行股票回購。

Under our normal course issuer bid initiated last November, they have purchased about 5.7 million shares to day, representing 2% of our shares outstanding. At Magna, we placed a premium on delivering innovation and high quality to our customers to differentiate ourselves in the industry, and we have enjoyed some success recently. In J.D. Power's 39th annual initial quality study, their platinum planned Quality Award was recently given to our complete vehicle assembly operation in Graz, Austria. The award acknowledges quality and precision in producing the BMW Z4.

按照我們去年 11 月啟動的正常發行人競標，他們迄今已購買了約 570 萬股，占我們已發行股票的 2%。在麥格納，我們重視向客戶提供創新和高品質，以在行業中脫穎而出，並且我們最近取得了一些成功。在 J.D. Power 第 39 屆年度初始品質研究中，我們位於奧地利格拉茨的整車組裝業務最近獲得了白金計劃品質獎。該獎項是對 BMW Z4 生產品質和精度的認可。

Based solely on defects and mile functions reported by customers, only one plant in the world receives this platinum distinction each year, making it an exceptionally rare and elite achievement.

僅根據客戶報告的缺陷和里程功能，世界上每年只有一家工廠獲得此白金殊榮，這使其成為一項極為罕見且卓越的成就。

We also earned the Volkswagen Group Award for 2025 and in the product category, recognizing Magna's technical ingenuity, flexibility and persistence in developing and launching an innovative battery cover for all-electric platform. Even during this period of uncertainty for our industry, we continue to execute to win new business and advanced automotive technologies. We were recently awarded a dedicated hybrid transmission program with a North American-based global OEM for PHEV models launching in 2028. We are also quoting a similar hybrid product with an additional global OEM. This Evolve is a testament to the building block and platform strategy that we have been speaking about for some time, demonstrating our ability to support our customers to bring power to the wheels across a wide range of powertrain configurations from ICE through different hybrid variants all the way to pure BEVs.

我們也獲得了大眾汽車集團 2025 年產品類別獎，以表彰麥格納在開發和推出全電動平台創新電池蓋方面的技術獨創性、靈活性和堅持不懈的精神。即使在我們行業面臨不確定的時期，我們仍會繼續努力贏得新業務和先進的汽車技術。我們最近與一家北美全球 OEM 簽訂了一項專用混合動力變速箱項目，用於 2028 年推出的 PHEV 車型。我們也向另一家全球 OEM 廠商報價類似的混合動力產品。這款 Evolve 證明了我們一段時間以來一直在談論的構建模組和平台策略，展示了我們有能力支持客戶透過從 ICE 到不同的混合動力車型再到純 BEV 等各種動力系統配置為車輪提供動力。

With the increased industry focus on hybrid technologies, we continue to add to our business in this area and we are advancing vehicle safety innovation with integrated interior sensing systems, including through our child presence detection technology which has been recognized recently with business awards from OEMs in Asia and North America. The industry continues to face a high degree of uncertainty as a result of the tariff and trade environment. Despite this uncertainty, we continue to execute against our plan as we have through a variety of challenges in recent years. In terms of recent updates impacting Magna, our estimate of annualized tariff exposure is reduced to approximately $200 million from approximately $250 million when we reported in Q1.

隨著業界對混合動力技術的關注度不斷提高，我們將繼續擴大該領域的業務，並透過整合內部感測系統來推進車輛安全創新，包括透過兒童存在檢測技術，該技術最近獲得了亞洲和北美原始設備製造商的商業獎項。由於關稅和貿易環境，該行業繼續面臨高度不確定性。儘管存在這種不確定性，我們仍將繼續執行我們的計劃，就像我們近年來克服各種挑戰一樣。就影響麥格納的最新情況而言，我們對年度關稅風險的估計從第一季報告時的約 2.5 億美元降至約 2 億美元。

We have settled with multiple OEMs for substantially all of our 2025 net tariff exposure with them. And in our current 2025 outlook, we expect a less than 10 basis point impact to our EBIT margin as well as a modest increase in working capital based on the timing of recoveries or expected tariff costs late in 2025. We remain highly focused on utilizing government remission programs where appropriate, continuing cost reduction programs already in place and being disciplined with capital spend, and working with our other customers and suppliers to mitigate substantially all of our remaining exposure, including through recoveries. Next, I'll cover our updated outlook. While the current environment makes forecasting more challenging than normal, we remain focused on what we can control and continue to adapt to an evolving situation.

我們已經與多家 OEM 達成和解，解決了我們與他們之間的幾乎所有 2025 年淨關稅風險。在我們目前的 2025 年展望中，我們預計息稅前利潤率將受到不到 10 個基點的影響，並且根據 2025 年末的回收時間或預期關稅成本，營運資本將適度增加。我們仍然高度重視在適當的情況下利用政府減免計劃，繼續實施已經到位的成本削減計劃，嚴格控制資本支出，並與其他客戶和供應商合作，以減輕我們剩餘的所有風險，包括透過回收。接下來，我將介紹我們的最新展望。儘管當前環境使得預測比平常更具挑戰性，但我們仍然專注於我們能夠控制的事情，並繼續適應不斷變化的情況。

Relative to our previous outlook, we have adjusted our North American production forecast to 14.7 million units. While this reflects a reduction of about 300,000 units, the majority of the adjustment relates to a refinement in backward-looking data around first quarter production. These changes help align our outlook with current market dynamics. We are holding Europe production unchanged. We are raising our China production to 30.8 million units, all of which relate to an adjustment to estimated Q1 production, and our Q2 production outperformance.

相對於我們先前的預測，我們已將北美產量預測調整為 1,470 萬輛。雖然這反映了約 30 萬輛的減少，但大部分調整與第一季產量回顧數據的細化有關。這些變化有助於使我們的展望與當前的市場動態保持一致。我們維持歐洲產量不變。我們將在中國的產量提高到 3,080 萬輛，所有這些都與第一季預計產量的調整以及我們第二季產量的優異表現有關。

We also assume exchange rates in our outlook with approximate recent rates.

我們也假設我們的展望中的匯率與最近的匯率大致相同。

We now expect a higher euro and slightly higher Canadian dollar and RMB for 2025 relative to our previous outlook. We increased our sales range as a result of foreign exchange translation due to the higher euro related to the US dollar as well as better-than-anticipated program mix, particularly this past quarter. We raised the low end of our adjusted EBIT margin range and now expect to be between 5.2% to 5.6%, reflecting our strong Q2 results supported by continued execution around our cost saving programs. Recall that we indicated over the past two reports that we expected approximately 40% of our EBIT to be generated in the first half of 2025.

與先前的預測相比，我們現在預計 2025 年歐元將走高，加幣和人民幣將略有走高。由於歐元兌美元匯率走高以及專案組合優於預期（尤其是上個季度），我們透過外匯換算擴大了銷售範圍。我們提高了調整後的息稅前利潤率範圍的低端，目前預計在 5.2% 至 5.6% 之間，這反映了我們在第二季度的強勁業績，這得益於我們持續執行的成本節約計劃。回想一下，我們在過去兩份報告中指出，我們預計約 40% 的息稅前利潤將在 2025 年上半年產生。

And we are forecast to end up slightly ahead of that. We also said we expected our 2025 earnings to be lowest in the first quarter of 2025 and to improve meaningfully in the second quarter, which we have also delivered on.

我們預計最終會略微領先於此。我們還表示，預計 2025 年的收益將在 2025 年第一季達到最低水平，並在第二季度實現顯著改善，我們也實現了這一目標。

Looking forward to H2 based on some timing updates and revised vehicle volumes, we now expect to generate approximately 35% of our full year EBIT in the fourth quarter of this year. The most significant margin driver sequentially from H1 to H2 are expected to be commercial recoveries, lower engineering spend, net tariff recoveries lower warranty expense and a step-up in the benefits from our operational excellence activities. We are excited about our progress in operational excellence. And while there is more work ahead, we continue to see additional potential upside to margin from these initiatives over time. We reduced our tax rate to approximately 25% and from approximately 26%, mainly due to favorable FX adjustments recognized for US GAAP purposes in Q2 and changes in our reserves for uncertain tax positions.

展望下半年，基於一些時間更新和修訂後的車輛數量，我們現在預計今年第四季將產生約 35% 的全年息稅前利潤。從上半年到下半年，最重要的利潤驅動因素預計是商業回收、工程支出降低、淨關稅回收、保固費用降低以及卓越營運活動帶來的收益提升。我們對在卓越營運方面取得的進步感到非常興奮。儘管未來還有更多工作要做，但隨著時間的推移，我們仍然看到這些舉措將為利潤帶來更多潛在的上升空間。我們將稅率從約 26% 降至約 25%，這主要歸因於第二季度根據美國 GAAP 確認的有利外匯調整以及不確定稅務狀況的準備金變化。

We modestly increased our net income attributable to Magna reflecting higher expected EBIT and the lower effective income tax rate. We are reducing our capital spending range by $100 million compared to our May outlook, reflecting our continuing efforts to defer or reduce capital wherever possible. Offsetting this CapEx reduction are modest increases in working capital related to tariffs and in other asset spending, resulting in an unchanged free cash flow range. Lastly, our interest expense range is unchanged from our last outlook. To summarize, we are confident in our outlook for the remainder of the year supported by strong Q2 execution and ongoing operational discipline despite ongoing industry challenges.

我們小幅增加了歸屬於麥格納的淨收入，反映了更高的預期息稅前利潤和更低的有效所得稅率。與 5 月的預期相比，我們將資本支出範圍減少了 1 億美元，這反映出我們繼續努力盡可能延後或減少資本。與關稅和其他資產支出相關的營運資本的適度增加抵消了資本支出的減少，導致自由現金流範圍保持不變。最後，我們的利息支出範圍與上次展望相比沒有變化。總而言之，儘管行業挑戰依然存在，但由於第二季度的強勁執行力和持續的營運紀律，我們對今年剩餘時間的前景充滿信心。

We remain on track to deliver the outlook shared in February which is a testament to strong execution throughout the organization.

我們仍有望實現二月提出的願景，這證明了整個組織的強大執行力。

With that, I pass the call over to Pat.

說完，我把電話轉給了帕特。

Thanks, Swamy, and good morning, everyone. As Swamy indicated, we delivered strong second quarter earnings, better year-over-year and ahead of our expectations. Comparing the second quarter of 2025 to the second quarter of 2024. Consolidated sales were $10.6 billion, down 3% compared to a 1% increase in global light vehicle production, which included 6% and 2% declines, respectively, in North America and Europe, our two largest markets. Despite the lower sales, adjusted EBIT was up 1% to $583 million and adjusted EBIT margin was 5.5% up 20 basis points year-over-year despite a 40 basis point negative impact from tariffs.

謝謝，斯瓦米，大家早安。正如斯瓦米所指出的，我們第二季的收益強勁，比去年同期更好，並且超出了我們的預期。將 2025 年第二季與 2024 年第二季進行比較。綜合銷售額為 106 億美元，下降 3%，而全球輕型汽車產量增加 1%，其中北美和歐洲（我們最大的兩個市場）分別下降 6% 和 2%。儘管銷售額下降，但調整後的息稅前利潤仍增長 1% 至 5.83 億美元，調整後的息稅前利潤率同比增長 20 個基點至 5.5%，儘管關稅產生了 40 個基點的負面影響。

Adjusted diluted EPS came in at $1.44, up 7% and free cash flow generated in the quarter was $301 million, up $178 million year-over-year and ahead of our expectations. Let me take you through some of the details. North American and European light vehicle production decreased 6% and 2%, respectively, and production in China increased 5%, leading to a 1% increase in global production. On a sales-weighted basis, light vehicle production declined 3% from Q2 2024. Our consolidated sales were $10.6 billion compared to $11 billion in the second quarter of 2024.

調整後稀釋每股盈餘為 1.44 美元，成長 7%，本季產生的自由現金流為 3.01 億美元，年成長 1.78 億美元，超出我們的預期。讓我向您介紹一些細節。北美和歐洲輕型汽車產量分別下降6%和2%，中國產量增加5%，帶動全球產量增加1%。以銷售加權計算，輕型汽車產量較 2024 年第二季下降 3%。我們的綜合銷售額為 106 億美元，而 2024 年第二季為 110 億美元。

On an organic basis, our sales decreased 4% year-over-year for a negative 1% growth over market in the quarter. The decline in our total sales largely reflects negative production mix from lower D3 production in North America, a decline in complete vehicle assembly volumes, including the end of production of the Jaguar E and IPAs in Graz, Austria; the end of production of certain other programs the divestiture of a controlling interest in our metal forming operations in India and normal course customer price givebacks.

從有機角度來看，本季我們的銷售額年減 4%，市場成長率為負 1%。我們總銷售額的下降很大程度上反映了北美 D3 產量下降帶來的負面生產結構，整車裝配量下降，包括奧地利格拉茨捷豹 E 和 IPA 生產的結束；某些其他項目的生產的結束，我們在印度的金屬成型業務的控股權的剝離，以及正常的客戶價格回饋。

These were partially offset by the launch of new programs, the favorable impact of changes in foreign exchange rates and customer price increases to recover certain higher production input costs. Adjusted EBIT was $583 million, and adjusted EBIT margin was 5.5%, up 20 basis points from Q2 2024 and largely due to our ongoing cost savings and efficiency initiatives. The higher EBIT percent in the quarter reflects positive 50 basis points from operational items reflecting operational excellence activities and lower launch costs, partially offset by higher new facility costs, positive 20 basis points related to higher equity income as a result of higher net favorable commercial items, higher earnings due to favorable product mix and higher sales and lower launch costs, all with respect to certain equity accounted investments and positive 10 basis points in net discrete items, including supply chain premiums incurred in 2024, and lower warranty and restructuring costs partially offset by lower net favorable commercial items.

但這些影響被新項目的啟動、外匯匯率變化的有利影響以及客戶提價以收回某些較高的生產投入成本所部分抵消。調整後的息稅前利潤為 5.83 億美元，調整後的息稅前利潤率為 5.5%，較 2024 年第二季上升 20 個基點，這主要歸功於我們持續的成本節約和效率舉措。本季度較高的息稅前利潤百分比反映了正的 50 個基點，這些基點來自體現卓越運營活動和較低發射成本的運營項目，但部分被較高的新設施成本所抵消；正的 20 個基點與較高的淨有利商業項目導致的股權收入較高的股權年發生的供應鏈溢價；較低的保固和重組成本，但部分被較低的淨有利商業項目所抵銷。

These were partially offset by negative 40 basis points for tariff costs incurred but not yet recovered from our customers, and volume and other items, which impact us by negative 20 basis points, largely reflecting reduced earnings on lower sales. Below the EBIT line, interest was modestly lower than last year. Our adjusted effective income tax rate came in at 20.5%, lower than Q2 of last year, primarily due to favorable FX adjustments recognized for US GAAP purposes and favorable changes in our reserves for uncertain tax positions, partially offset by lower nontaxable items, losses not benefited in Europe and a change in the mix of earnings. Net income was $407 million, $18 million higher than Q2 2024, mainly reflecting higher EBIT and lower income taxes.

這些影響被已發生但尚未從客戶處收回的關稅成本的-40個基點以及數量和其他項目的部分抵消，這些項目對我們產生了-20個基點的影響，主要反映了銷售額下降導致的收益減少。息稅前利潤 (EBIT) 線以下的利息比去年略低。我們的調整後有效所得稅率為 20.5%，低於去年第二季度，主要原因是根據美國公認會計準則確認的有利外匯調整以及不確定稅收狀況儲備的有利變化，但部分被較低的非應稅項目、歐洲未受益的損失以及收益結構的變化所抵消。淨收入為 4.07 億美元，比 2024 年第二季高出 1,800 萬美元，主要反映了更高的息稅前利潤和更低的所得稅。

Adjusted EPS was $1.44, 7% better than last year, reflecting higher net income and 2% fewer diluted shares outstanding.

調整後的每股盈餘為 1.44 美元，比去年同期成長 7%，反映出淨收入增加且流通在外的稀釋股票減少 2%。

The fewer shares outstanding largely reflects share repurchases in the fourth quarter of 2024 and first quarter of 2025. Turning to a review of our cash flows and investment activities. In the second quarter of 2025, we generated $762 million in cash from operations before changes in working capital and used $135 million in working capital. Investment activities in the quarter included $246 million for fixed assets and a $94 million increase in investments, other assets and intangibles. Overall, we generated free cash flow of $301 million in Q2, higher than we were forecasting and $178 million better than the second quarter of 2024.

流通股數量減少主要反映了 2024 年第四季和 2025 年第一季的股票回購。回顧我們的現金流和投資活動。2025 年第二季度，我們在營運資本變動前從營運中產生了 7.62 億美元的現金，並使用了 1.35 億美元的營運資本。本季的投資活動包括 2.46 億美元的固定資產投資以及 9,400 萬美元的投資、其他資產和無形資產增加。總體而言，我們在第二季產生了 3.01 億美元的自由現金流，高於我們的預測，比 2024 年第二季高出 1.78 億美元。

And we continue to return capital to shareholders, paying $137 million in dividends in Q2. Our balance sheet continues to be strong with investment-grade ratings from the major credit agencies. During the second quarter, we successfully raised EUR575 million and USD400 million in the form of senior notes, principally to repay $650 million of debt in September of this year. At the end of Q2, we had over $5 billion in liquidity, including about $1.5 billion in cash.

我們繼續向股東返還資本，第二季支付了 1.37 億美元的股息。我們的資產負債表繼續保持強勁，並獲得了主要信用機構的投資等級評級。第二季度，我們成功以優先票據的形式籌集了5.75億歐元和4億美元，主要用於償還今年9月的6.5億美元債務。截至第二季末，我們的流動資金超過 50 億美元，其中包括約 15 億美元現金。

Currently, our adjusted debt to adjusted EBITDA ratio is at 1.87, excluding excess cash held to repay debt coming due -- better than we had anticipated coming into the quarter and compared to our target ratio of between 1 times and 1.5 times. In summary, we delivered strong financial performance in the second quarter. which exceeded our expectations and showed meaningful improvements to the bottom line on a year-over-year basis. We have also updated our outlook to reflect this continued momentum, including higher sales supported by favorable foreign currency translation and better-than-anticipated program mix, particularly in Q2, raising the low end of our adjusted EBIT margin range and increasing adjusted net income, largely due to higher expected adjusted EBIT and lower effective income tax rate.

目前，我們的調整後債務與調整後 EBITDA 比率為 1.87，不包括為償還到期債務而持有的超額現金——好於我們本季度的預期，也高於我們 1 倍至 1.5 倍之間的目標比率。總而言之，我們在第二季度取得了強勁的財務業績，超出了我們的預期，並且與去年同期相比，盈利有了顯著改善。我們也更新了我們的展望以反映這一持續的勢頭，包括有利的外幣折算和好於預期的項目組合所支持的更高的銷售額，特別是在第二季度，提高了我們調整後的息稅前利潤率範圍的低端並增加了調整後的淨收入，這主要是由於預期調整後的息稅前利潤更高和有效所得稅稅率更低。

In addition, we are proactively working with our customers to mitigate tariff impacts. Our annualized direct tariff exposure has been reduced since last quarter. We have settled with multiple OEMs for substantively all of our 2025 net tariff exposure with them and we are working with our other customers and suppliers to mitigate substantively all of our remaining exposure, including through recoveries. Our operational excellence initiatives continue to contribute positively to margins despite a challenging industry backdrop, and we expect further contributions from these activities into 2026.

此外，我們正在積極與客戶合作，以減輕關稅的影響。自上個季度以來，我們的年度直接關稅風險已經降低。我們已與多家原始設備製造商達成和解，解決了我們與它們之間的所有 2025 年淨關稅風險，並且我們正在與其他客戶和供應商合作，以實質性地減輕我們剩餘的所有風險，包括透過追償。儘管業界面臨挑戰，但我們的卓越營運措施繼續為利潤率做出積極貢獻，我們預計這些活動將在 2026 年做出進一步貢獻。

Lastly, we returned $137 million to shareholders in the quarter in the form of dividends, and we continue to assess industry conditions as well as the macroeconomic and trade environment and remain committed to our long-stated capital allocation strategy including share repurchases once conditions become less uncertain. Thanks for your attention this morning. We'll be happy to take your questions.

最後，我們在本季以股息的形式向股東返還了 1.37 億美元，我們將繼續評估行業狀況以及宏觀經濟和貿易環境，並繼續致力於我們長期以來的資本配置策略，包括在情況變得不那麼不確定時回購股票。感謝您今天上午的關注。我們很樂意回答您的問題。

(Operator Instructions)

（操作員指示）

Tamy Chen, BMO Capital Markets.

Tamy Chen，BMO 資本市場。

Hi, good morning. Thanks for the question. First, I just want to confirm for the BES segment. Like were there any onetime items or really the strong margin result was largely just on the much better program mix?

嗨，早安。謝謝你的提問。首先，我只想確認一下 BES 部分。例如是否存在一次性項目，或者強勁的利潤結果實際上很大程度上只是因為更好的項目組合？

Tamy, I don't -- there was no real significant onetime result of the extraordinary. It really was being driven by operational excellence. And as you said, positive mix on a year-over-year basis. The only thing we did have last year, we did have a supplier issue at one facility down in Mexico, and that's behind us. So that's a little bit of the improvement in margin, but it's not significant.

塔米，我不認為──非凡之舉並沒有帶來真正重大的一次性成果。這確實是由卓越的營運推動的。正如您所說，與去年同期相比，成長呈現正態勢。去年我們唯一遇到的問題是墨西哥一家工廠的供應商出現了問題，但這個問題已經過去了。因此，利潤率有所提高，但並不顯著。

And then on tariffs, so thanks for the update on all of that. I just want to confirm, are you expecting to receive the recoveries for your this year tariff impact by Q4 of this year? And given you're saying already by this point, you've settled for a substantial exposure amount of this tariff impact. I'm wondering, like, have you been able to establish a more formal mechanism with your OEM customers to receive recoveries going forward at a more timely basis? Or will there still be quite lumpy?

然後是關於關稅，感謝您對所有這些的更新。我只是想確認一下，您是否預計在今年第四季收到今年關稅影響的補償款？鑑於您已經說過這一點，您已經承擔了該關稅影響的相當大一部分風險敞口。我想知道，您是否能夠與您的 OEM 客戶建立更正式的機制，以便更及時地獲得回收？還是還是會比較凹凸不平？

Good morning, Tamy. A few things. I think mitigation of tariffs, part of it is recoveries. Part of it is internal efforts to increase USMCA compliance, working through rebalancing and so on and so forth. We have signed agreements with a few customers, and there is framework in place to finish with the other customers. We have been focused on working through a mechanism rather than a lump sum payment.

早上好，塔米。有幾件事。我認為降低關稅是經濟復甦的一部分。其中一部分是透過內部努力來提高對 USMCA 的遵守程度，透過重新平衡等方式。我們已經與一些客戶簽署了協議，並且已經制定了與其他客戶完成協議的框架。我們一直致力於透過機製而不是一次性付款來開展工作。

So in short, to your question, we expect a cadence of recovery.

簡而言之，對於您的問題，我們期待復甦的節奏。

But with that said, I think still in Q4 we will have some tariffs coming in. It's a timing issue, but we feel comfortable with the outlook that we have given.

但話雖如此，我認為第四季我們仍會徵收一些關稅。這是一個時間問題，但我們對給予的展望感到滿意。

Got it. And last one here, sort of a two part, just on impact you since the tariffs come in. But first, we've seen some of your major customers increased production in their US class and the lower production are idle in their Canadian and Mexican plants. And just wondering, for those ones that have been announced, how they affected your assets in North America?

知道了。最後一個，分為兩部分，是關於關稅實施後對您的影響。但首先，我們看到你們的一些主要客戶增加了美國工廠的產量，而加拿大和墨西哥工廠的產量較低，處於閒置狀態。我只是想知道，對於那些已經宣布的舉措，它們對您在北美的資產有何影響？

Like is it a net negative for your Canadian Mexican plants? Or is it a bit of a wash and you're just shipping to those OEMs, US plants? And second, I'm wondering if the topic of reshoring now if it is coming up a bit more in your discussions with OEMs. Thank you.

這對您的加拿大墨西哥工廠來說是否會產生負面影響？或者這只是一個小小的改動，您只是將產品運送到那些 OEM 和美國工廠？其次，我想知道在您與原始設備製造商的討論中，回流的話題是否會被更多地提及。謝謝。

Yeah, Tamy, I think the discussions are definitely there to look at rebalancing based on the USMCA compliance and upcoming program planning. But the good thing is that we have the footprint in all three regions. So as far as the rebalancing of the production is concerned, we will be in a good position. But still, it's a variable to be addressed as the planning goes forward. The good thing is we have a seat at the table through the planning process with the OEMs.

是的，塔米，我認為討論肯定是基於 USMCA 合規性和即將推出的計劃來考慮重新平衡。但好消息是，我們在這三個地區都有業務。因此，就生產的再平衡而言，我們將處於有利地位。但在規劃推進過程中，這仍然是一個需要解決的變數。好消息是，我們在與 OEM 的規劃過程中擁有一席之地。

But with the tariffs on the rest of the world for if that changes or increases local production, it would be an opportunity for Magna.

但如果世界其他地區被徵收關稅，從而改變或增加當地產量，那麼對麥格納來說將是一個機會。

And I think the other thing to consider, Tamy, our sales in Canada are about $4.5 billion, and 70% of those sales are already coming into the US. So increased production in the US versus Canada really is impacting our Canadian ops at this point.

塔米，我認為還有一件事需要考慮，我們在加拿大的銷售額約為 45 億美元，其中 70% 的銷售額已經進入美國。因此，美國相對於加拿大的產量增加確實對我們目前的加拿大業務產生了影響。

And most of it is US anti-compliant that is the key thing right for us.

其中大部分都是美國反對的，這對我們來說是關鍵。

Right. Thank you.

正確的。謝謝。

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

Thank you for taking the the questions. I wanted to first ask about the step-up into the second half, and I appreciate the commentary about a number of drivers, the commercial recoveries, lower spend. But maybe you could just unpack of those items where you have clear line of sight versus where it's going to require a little bit more work. And then just as a follow-up to that, you're going to have a 6% margin in the second half. Is that the right jumping off point as we start to think about what 2026 will be?

感謝您回答這些問題。我想先詢問一下下半年的成長情況，我很欣賞一些驅動因素、商業復甦、支出減少的評論。但也許你可以在視線清晰的地方打開那些物品，而不是在需要多花點功夫的地方打開它們。然後作為後續行動，下半年你的利潤率將達到 6%。當我們開始思考 2026 年會怎樣時，這是正確的起點嗎？

A few points and Pat can add some. I think if you look at H1 to H2, I think part of it is the launch cadence that we talked about of new programs into the second half of '25 going into '26. I would say a large number of these programs are also coming with new economics. You mentioned the cadence of tariff recoveries, which had a negative impact in the first half. And as I said, with the framework agreements, the payments are coming in the second half of the year and usually on commercial recoveries based on our discussions, they tend to be back ended.

有幾點，Pat 可以補充一些。我認為，如果你看一下 H1 到 H2，我認為部分原因是我們談到的 2025 年下半年到 2026 年新專案的發布節奏。我想說，這些項目中的許多也伴隨著新經濟的出現。您提到了關稅恢復的節奏，這對上半年產生了負面影響。正如我所說，根據框架協議，付款將在下半年進行，並且通常根據我們的討論進行商業回收，它們往往會被追加。

Overall, I would say we have pretty good visibility on what we have included in the outlook. There's always some puts and takes, but we feel the visibility is pretty good. In terms of looking at it, we particularly mentioned as we did at the beginning of the year, that 40% of our earnings were coming in the first half. We were a little bit ahead of that. And for the cadence of the second half, I would say about I think we mentioned roughly 35% of our earnings will come in the fourth quarter, right?

整體而言，我想說我們對展望中所包含的內容有相當好的了解。總是會有一些得失，但我們覺得可見度相當不錯。從這個角度來看，我們特別提到，就像我們在年初所做的那樣，我們的 40% 的收入來自上半年。我們比那領先了一點。對於下半年的節奏，我想說，我想我們提到大約 35％ 的收益將來自第四季度，對嗎？

So that should give you that. Now we also talked a little bit of the operational activities taking traction which we have been working for years, and with the incremental volume that is starting to show the incremental flow through into our margins.

所以這應該能給你答案。現在，我們也談論了一些我們多年來一直致力於的營運活動，以及開始顯示流入我們利潤的增量的增量。

We talked about 150 basis points improvement in our margin from '24, '25. So 110 basis points of that is behind us on track to finish the remaining part this year. We also see a similar cadence of about 35 basis points going into '26. So all in all, if the volumes hold and the assumptions that we talked about in February stay, we feel pretty good about operationally of what's in our control, if nothing changes again right on the outside world, we feel pretty good about '26 outlook that we talked about in February.

我們談到了從 24 年到 25 年我們的利潤率將提高 150 個基點。因此，我們已經完成了其中的 110 個基點，預計今年將完成剩餘部分。我們也看到，進入 26 年，利率也將呈現類似的上升趨勢，約 35 個基點。總而言之，如果產量保持不變，並且我們在二月份談到的假設保持不變，那麼我們對我們能夠控制的運營情況感到非常滿意，如果外部世界沒有任何變化，那麼我們對我們在二月份談到的 26 年前景感到非常滿意。

Great. That's very helpful. As a follow-up, I wanted to ask about seating specifically. And first, maybe you could just address there is a fairly material implied ramp in Seating margins in the back half of the year. I know that first quarter was dragged by warranty, and we saw probably a more appropriate run rate in the second quarter, but you do have a big step up, I think, in most like implied 5% margin in the second half, which you haven't done in a while.

偉大的。這非常有幫助。作為後續問題，我想具體詢問座位問題。首先，也許您可以指出，今年下半年座位利潤率將出現相當大的隱含上升。我知道第一季受到保固的拖累，我們可能在第二季看到了更合適的運行率，但我認為你們確實有很大的進步，例如下半年隱含的 5% 的利潤率，這是你們有一段時間沒有做過的。

If you could just talk to that.

如果你能談談這個的話。

And then just broadly, do you feel comfortable that within the context of your broader ROIC target and how you're managing the portfolio that Seating is still earning in excess of its cost of capital and that this business still fits well within the type of return profile that's needed at Magna?

那麼從廣義上講，在更廣泛的 ROIC 目標和投資組合管理方面，您是否認為座椅業務的盈利仍然超過其資本成本，而這項業務仍然符合麥格納所需的回報類型？

Again, Dan, I think the more tactical question on Seating. You have to remember that there is a tariff impact in the first half of the year in seating, but with agreements in place, you will see the recoveries come in the second half. So that's something to consider. But as we look into the second half based on what we see in terms of users and volumes and so on and so forth, it looks pretty good. That's what we've included in the outlook.

丹，我再說一遍，我認為座位問題更具策略性。你必須記住，上半年座位數會受到關稅的影響，但隨著協議的達成，下半年就會出現復甦。所以這是需要考慮的事情。但當我們根據用戶、數量等情況展望下半年時，情況看起來相當不錯。這就是我們在展望中所包含的內容。

Pat, anything to add?

帕特，還有什麼要補充的嗎？

No. I think the you mentioned the tariff impact, it's disproportionately hitting our P&P segment and our Seating segment. So just the tariff impact alone on seating's in the range of about 60 basis points in the first half of the year. And the margin the warranty impact was about 110 basis points. So that's the bulk of the step up from H1 to H2, Dan.

不。我認為您提到的關稅影響對我們的 P&P 部門和座位部門造成了不成比例的打擊。因此，僅關稅一項就對上半年的座位數產生了約 60 個基點的影響。保固對利潤的影響約為 110 個基點。這就是從 H1 到 H2 的大部分提升，丹。

So and then to the second part of your question, look, we've always talked about looking at portfolio from the guiding principles. From a returns perspective, seating has been a good business. in terms of ROIC and definitely clears the bar for our financial metrics for returns. And we have seen the operational improvements that we've talked about. We are starting to see that going from year to year except for the warranty issue in the first quarter.

那麼，對於你問題的第二部分，看，我們一直在談論從指導原則來看投資組合。從回報角度來看，座椅業務在投資資本回報率 (ROIC) 方面表現良好，並且絕對符合我們財務回報指標的標準。我們已經看到了我們談到的營運改善。除了第一季的保固問題外，我們開始看到這種情況逐年發生。

We are seeing the path but again, like I said, we continue to look at the portfolio every year and be happy to assess.

我們正在看到道路，但就像我說的，我們每年都會繼續專注於投資組合，並樂於評估。

Great. Thank you.

偉大的。謝謝。

Chris McNally, Evercore ISI.

克里斯‧麥克納利 (Chris McNally)，Evercore ISI。

Good morning team. I apologize for being a little monotonous, but I'm going to follow Dan and Tamy's question but ask about the second half of the PND segment. Again, looking at the second half implied ramp versus the first half. I think what we're all trying to think about is volumes are going to be lower in the second half but there's a heavier tint here to international. You talked about swim some of the launches that you have. Could you just apply that to P&D because margins have been all over the place over the last year or two.

大家早安。抱歉，我的回答有點單調，但我將按照 Dan 和 Tamy 的問題詢問有關 PND 部分的後半部分。再次，與上半年相比，下半年隱含著上升趨勢。我認為我們都在考慮的是下半年的交易量將會下降，但國際影響會更大。您談到了您進行的一些游泳活動。您能否將其應用於 P&D，因為過去一兩年利潤率一直不穩定。

So I would love to know if there's a natural progression here that we can take into 2026?

所以我很想知道這裡面是否有一個可以延續到 2026 年的自然進程？

I would say the tariff comment applies to the P&E, Chris, definitely going from the first half to the second half. If you exclude that part of it, I think again, from a performance perspective, PNB is doing well. The cadence of Hodges I talked about is not specific to P&V, it's all across Magna, as you can imagine. So again, going back to the operational initiatives that are in place, we are starting to see the benefits coming through as we talk about it.

我想說關稅評論適用於 P&E，克里斯，肯定是從上半年到下半年。如果排除這部分，我再次認為，從業績角度來看，PNB 表現良好。我談到的霍奇斯的節奏並不特定於 P&V，你可以想像，它遍布整個麥格納。因此，再次回顧已經實施的營運舉措，我們在談論它時開始看到其帶來的好處。

Again, if you just go back to what I talked about the improvements in '24 '25, what is to be seen I would say we feel pretty good going into what we talked about in '26. Again, the big assumption is the volume staying and the assumption we have for '26 volumes is roughly in the same level as what we're talking about in '25.

再說一次，如果你回顧我在 24 年和 25 年談到的改進，那麼我會說，我們對 26 年談到的改進感到非常滿意。再次強調，最大的假設是交易量保持不變，我們對 26 年交易量的假設大致與我們在 25 年談論的水平相同。

That's great. So just wondering, maybe the best way to think about a base of growth for Powervision is really more think again about the full year rather than a second half versus first half. And then as we grow it in 2026, a lot of the actions, the better contracts, but then we need some volume to grow it at your typical incrementals, whatever that be 20% or greater. Is that a fair way to think use that full base, the full year base of roughly low 5s for PNB?

那太棒了。所以我只是想知道，也許思考 Powervision 成長基礎的最佳方式實際上是重新考慮全年，而不是下半年與上半年。然後，隨著我們在 2026 年實現增長，我們會採取很多行動，簽訂更好的合同，但我們需要一定的數量來以典型的增量實現增長，無論是 20% 還是更高。這樣考慮是否合理，使用整個基數，即 PNB 全年基數大約為 5 秒以下？

Chris, you some did better than I could have.

克里斯，你做得比我好。

Excellent. Thanks so much, team.

出色的。非常感謝，團隊。

Joe Spak with UBS.

瑞銀的 Joe Spak。

Thanks so much, everyone. I just want to dig into the 35% of EBIT in the fourth quarter comment again like we've seen obviously some lower schedules on some key programs in the third quarter. So is that really what's sort of driving that 3Q versus 4Q timing you're talking about? Or is it also recoveries? Or is there anything else you could provide on that split?

非常感謝大家。我只是想再次深入研究第四季度 35% 的息稅前利潤評論，就像我們明顯看到第三季度一些關鍵項目的進度安排較低一樣。那麼這就是您所說的第三季與第四季時間對比的真正原因嗎？還是也是恢復？或者關於這種分裂，您還能提供什麼其他資訊嗎？

I think, Joe, it's a combination of the two, right? So if we go back in history, the seasonality of our business is that Q3 tends to have lower sales with the shutdowns in North America and in Europe. So we're seeing some of that, which reflects your comment on the schedules for the next three months. The second part is the commercial recoveries as we've seen over the last couple of years have been more in the fourth quarter, and that's still what we're expecting across the board. What we've added this year to some of that volatility, I would say, is the recovery of tariffs.

喬，我認為這是兩者的結合，對嗎？因此，如果我們回顧歷史，我們業務的季節性是，由於北美和歐洲的停工，第三季的銷售額往往會較低。所以我們看到了其中的一些，這反映了您對未來三個月時間表的評論。第二部分是，正如我們在過去幾年所看到的，商業復甦在第四季度更加明顯，這仍然是我們全面預期的。我想說，今年我們增加了一些波動，即關稅的恢復。

And I don't want to -- I just want to emphasize, like the questions on PNB and seatings. As Swamy said, like the impacts just for Magna loan, we've expensed $55 million of tariffs in the first half of the year. That impact loan is about 25 basis points. Our expectation is to recover substantially all of that. So we have another swing of close to, say, 20 basis points going the other way in the second half of the year.

我不想——我只是想強調，例如關於 PNB 和座位的問題。正如斯瓦米所說，僅就麥格納貸款的影響而言，我們在今年上半年就花了 5500 萬美元的關稅。該筆影響貸款的利率約為 25 個基點。我們的期望是基本收回所有損失。因此，今年下半年我們又將出現一次接近 20 個基點的波動。

That's another driver of that H1 to H2 improvement.

這是 H1 至 H2 改善的另一個驅動因素。

And that's what we were saying. We have some agreements already signed with the customers and some in place that needs to be just signed, but that's the cadence.

這就是我們所說的。我們已經與客戶簽署了一些協議，還有一些協議需要簽署，但這就是節奏。

Yeah. I guess maybe to follow up on that. I know this gets super confusing because there's -- it's like you said, the timing issue. But if I take a face sort of what you said the margin impact was in the quarter, it sounds like maybe $40 million or so wasn't recovered, and you're sitting now 200 for the year, you said 10 basis point margin hit for the year. So that's like another $40 million, you're saying $40 million hit for the year.

是的。我想也許可以繼續跟進。我知道這會讓人非常困惑，因為──就像你說的，有時間問題。但是，如果我看一下您所說的本季度的利潤影響，聽起來好像有 4,000 萬美元左右沒有收回，而您今年的利潤率為 200 萬美元，您說今年的利潤率受到了 10 個基點的打擊。所以這就相當於另外 4000 萬美元，您說的是今年的損失是 4000 萬美元。

So I mean, I understand like what you get next quarter might not be for the tariffs in that quarter and everything, but overall, is what you're saying is like on a net basis, you don't expect that whatever the tariff hit is versus sort of the recoveries to be as big an issue in the back half versus this quarter. I know that's a convoluted question, hopefully you followed.

所以我的意思是，我明白你下個季度得到的結果可能不是該季度的關稅和其他因素造成的，但總的來說，你所說的是從淨值來看，你不會認為無論關稅衝擊與經濟復甦相比，在下半年與本季度相比會成為一個大問題。我知道這是一個複雜的問題，希望您能理解。

Yeah. No, I absolutely get it. And it's actually tariffs will be a pickup in the second half of the year as opposed to a headwind. Remember,.

是的。不，我完全明白。實際上，下半年關稅將會回升，而不是逆風。記住，。

You'll recover more than you actually incur.

您獲得的回報將比實際遭受的損失更多。

We're going to have a pickup in EBIT related to tariffs in the second half of the year, as Swamy said, based on the signed agreements to date plus the frameworks that are in place with most of our other customers.

正如斯瓦米所說，根據迄今為止簽署的協議以及與大多數其他客戶建立的框架，我們下半年與關稅相關的息稅前利潤將有所回升。

Maybe one last quick one. GM sort of had put out a release back bringing back some production to the US. It looks like you do have some facilities, including seating that support those production facilities, is that business you would look to sort of go after that you don't have today? Or how are you thinking about that opportunity?

也許是最後一個快速的。通用汽車已發佈公告，將部分生產轉移回美國。看起來你們確實有一些設施，包括支援這些生產設施的座椅，這是你們現在還沒有但想要繼續發展的業務嗎？或者您如何看待這個機會？

Yeah. I think there's many discussions ongoing, Joe, right? We have to look at one rebalancing as the OEMs are thinking about it. The other one is given our footprint of where we are as part of the overall rebalancing. And like I said, if there is other OEMs that are trying to increase their local production in the US, we've got to take all of that into account.

是的。我認為有很多討論正在進行中，喬，對嗎？我們必須考慮重新平衡，因為 OEM 正在考慮這個問題。另一個是，作為整體再平衡的一部分，我們所處的足跡。正如我所說的，如果有其他 OEM 試圖增加其在美國的本地產量，我們必須考慮到所有這些因素。

I would say if it's a rebalancing between Mexico and Canada, we are in a good place, but it won't be an upside to sales, but it helps us think through but if it's an increase in local production, we are in a better place to add further to what we have.

我想說，如果這是墨西哥和加拿大之間的重新平衡，我們處於一個很好的位置，但這不會對銷售有利，但它可以幫助我們思考，但如果這是當地產量的增加，我們處於一個更好的位置，可以進一步增加我們已有的產量。

The key thing for us right now where we are focused is on capital. and investments really, really focused to understand long term what the plan is before we go to anything in terms of investments. And the customers have been very collaborative and sharing the plants and working with us.

對我們來說，現在最關鍵的一點就是專注於資本和投資，在進行任何投資之前，我們真的非常注重了解長期計畫是什麼。客戶們也非常合作，與我們分享工廠並一起工作。

Thanks for that.

謝謝。

Tom Narayan with RBC.

加拿大皇家銀行的湯姆‧納拉揚 (Tom Narayan)。

Hey, thanks for thanks for taking the question. The first one, there's been some thought that, the tariff deals that are struck between the US and other countries, it seems to be the 15% level for Europe, Japan, Korea, but there could be a more favorable one for, Mexico, Canada. Given your program mix, just curious with a situation where volumes benefit in the North American OEMs versus European, Japanese, Korean, would that be a net positive for you or a net negative and then a follow up?

嘿，感謝您回答這個問題。第一個問題，有人認為，美國與其他國家達成的關稅協議，對歐洲、日本、韓國的稅率似乎是15%，但對墨西哥、加拿大的稅率可能會更優惠。鑑於您的計劃組合，我只是好奇北美 OEM 與歐洲、日本、韓國相比在產量方面有何優勢，這對您來說是淨利好還是淨利壞，然後再進行跟進？

Yeah, I think good morning, Tom. if you look at the net import from the Europe is roughly 800,000 units. I would say, $0.5 million of that are coming from BWW, Mercedes. But with that said, the total exports for these OEMs into US is about 10% or lesser.

是的，早上好，湯姆。如果你看一下來自歐洲的淨進口量大約是 80 萬台。我想說，其中 50 萬美元來自 BWW、梅賽德斯。但話雖如此，這些 OEM 對美國的總出口量約為 10% 或更少。

So that might have an impact in Europe sales, right, if you're supplying there. But on the other hand, as they think of localizing in US, as being part of the ecosystem would be an uptake hopefully there. And as I said before, if there are OEMs in North America, rebalancing between Canada, Mexico and US, we are at the table, we have the footprint, but that is just a matter of working through the planning process with them. So that remains to be seen. Since we have the footprint on all three areas or all three regions, I would say we're in a better place to address the planning changes as the OEMs serve going through.

因此，如果您在歐洲供貨，這可能會對歐洲的銷售產生影響。但另一方面，當他們考慮在美國進行在地化時，希望成為生態系統的一部分能夠發展。正如我之前所說，如果北美有原始設備製造商 (OEM)，在加拿大、墨西哥和美國之間重新平衡，我們就會參與其中，我們有足跡，但這只是與他們一起完成規劃過程的問題。所以這還有待觀察。由於我們在所有三個領域或所有三個地區都有業務，我想說，隨著 OEM 服務不斷進行，我們能夠更好地應對規劃變化。

Got it. And then another question on this H1, H2 dynamic. I know that the tariff dynamic, it's kind of like a double swing, right? So I get that it's a pretty big benefit to seating and T&D. But you also called out the commercial recoveries as something you've expected based on prior years.

知道了。然後是關於這個 H1、H2 動態的另一個問題。我知道關稅動態有點像是雙重波動，對吧？所以我知道這對座位和 T&D 來說是一個很大的優點。但您也表示，根據前幾年的情況，商業復甦是可以預料到的。

But is that just based on kind of what you'd expect this in prior years? Or is this actually stuff that's already been negotiated? Just how much confidence I guess, do you have in that you've already negotiated the tariffs with them with these OEMs, now the recoveries, just curious as to how confident you are in getting that?

但這僅僅是基於您對前幾年的預期嗎？或者這實際上是已經談判好的事情？我猜您有多大信心，因為您已經與這些 OEM 協商了關稅，現在又開始復甦了，我只是好奇您對實現這一目標有多大信心？

I think, Tom, when we talk about commercial recoveries, some of them are based on normal cadence that we have done over years, and it is part of the overall discussions in terms of LTAs and new programs and so on and so forth. Difficult to say finally that it's 100% or 0. But given where we stand with our discussions and looking historically, over the last, I don't know, decades of work, right. I think I would say we are very comfortable, and that's what we make a pretty good judgment. And that's what we include in the outlook.

湯姆，我認為，當我們談論商業復甦時，其中一些是基於我們多年來所做的正常節奏，它是長期協議和新計劃等方面整體討論的一部分。最後很難說是 100% 還是 0。但考慮到我們討論的現狀以及歷史回顧，回顧過去幾十年的工作，對吧。我想我會說我們非常舒服，這就是我們做出的相當好的判斷。這就是我們在展望中所包含的內容。

And just to be clear, Tom, these aren't placeholders. These are specific program-related commercial items that were in discussions with the customers already. So and I just want to right-set everybody as well, like implied or implied range for H2 of 2025 is in line with what we had in 2024 and in 2023. So the cadence is there. I think we have confidence, whether it's on the tariffs or the other commercial.

需要明確的是，湯姆，這些不是佔位符。這些是與特定計劃相關的商業項目，已與客戶進行了討論。因此，我也想向大家說明一下，2025 年下半年的隱含或隱含範圍與 2024 年和 2023 年的一致。所以節奏就在那裡。我認為我們有信心，無論是關稅還是其他商業方面。

So we have traction. So where we are, we haven't changed our second half of the year from our own expectations. So I think we're tracking to where we expect to be.

因此我們有吸引力。因此，就目前情況而言，我們並沒有改變對下半年的期望。所以我認為我們正在朝著我們預期的方向前進。

Actually, if I could, just a quick follow-up to Dan's question on the portfolio discussion. I think in the past, you said there was some macro uncertainty, right, with everything that's been happening. It feels like maybe that uncertainty is dissipating a little. As you examine the portfolio of the different businesses you have, would you say that the macro situation is now less of a hindrance in your evaluation or is that still a factor?

實際上，如果可以的話，我只是想快速跟進一下丹關於投資組合討論的問題。我認為，您說過，過去發生的一切事情都存在一些宏觀不確定性。感覺這種不確定性可能正在消散一些。當您審查您所擁有的不同業務的投資組合時，您是否認為宏觀形勢對您的評估的影響已經不再那麼大了，還是仍然是一個因素？

Yeah. Tom, I think the key word that you said is the macro fluidity. I think is a little unchanged. To me, it still remains very uncertain. Yes, there is visibility on things that we can control for sure, but a lot of other macroeconomic variables are still very fluid.

是的。湯姆，我認為你所說的關鍵字是宏觀流動性。我認為沒有什麼改變。對我來說，這仍然非常不確定。是的，我們確實可以控制一些事情，但許多其他宏觀經濟變數仍然非常不穩定。

So the uncertainty still prevails. With that said, we continue to look at the entire portfolio all the time. that volatility and uncertainty adds further complexity now to make any decisions.

因此不確定性仍然存在。話雖如此，我們始終會持續關注整個投資組合。波動性和不確定性現在進一步增加了做出任何決策的複雜性。

Got it. Thank you.

知道了。謝謝。

James Piccariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Hey, good morning everybody. Just wondering on your North America production outlook, right? If you could speak to the visibility into the third quarter because for North America, LVP to be down 5% this year. There's a rather dramatic falloff likely in the fourth quarter, right, if we just use IHS as a blueprint there. Is there anything you're seeing cautionary wise in the third quarter? Or is it just embedded conservatism for the fourth quarter?

嘿，大家早安。我只是想知道您對北美生產前景的看法，對嗎？如果您能談談第三季的可見性，因為對於北美來說，今年 LVP 將下降 5%。如果我們僅以 IHS 作為藍圖的話，第四季可能會出現相當劇烈的下滑。您對第三季有什麼警示嗎？或者這只是第四季根深蒂固的保守主義？

Good morning, James. I think as we look at it, when we if you go back into the last quarter when IHS was trying to model the impact of tariffs I think they decreased the North American volume significantly, and we kind of used what we knew from the releases and customer discussions and so on. And I think at that point, we were higher than what IHS was looking at. And that is kind of narrowed, download is converging now. If you look at H1 to H2, I would say H2 is a little bit softer than H1.

早安，詹姆斯。我認為，當我們回顧上個季度時，當 IHS 試圖模擬關稅的影響時，我認為它們顯著減少了北美的銷量，我們利用了從發布和客戶討論等中了解到的信息。我認為，在那個時候，我們的預期比 IHS 預期的要高。現在下載範圍已經縮小，正在趨於一致。如果你比較 H1 和 H2，我會說 H2 比 H1 稍微軟一點。

And our compared to our anticipated numbers, H1 came a little bit higher. I don't think H2 is significantly off. We have taken a little bit of a pull-forward effect. But beyond that, obviously, we are not taking any secondary or impacts of tariffs or other where sales of the vehicles might not be there or the OEMs might decide to pass on or increase. So those effects are not in place.

與我們的預期數字相比，H1 的數字略高一些。我認為 H2 並沒有太大的偏差。我們採取了一點前拉效應。但除此之外，顯然，我們不會考慮關稅或其他因素的任何次要影響，因為這些因素可能會導致汽車銷量下降，或者原始設備製造商可能會決定轉嫁或增加銷量。所以這些效果還沒有實現。

But otherwise, I think H2 is a little softer than H1, but we don't see a precipitous fall in...

但除此之外，我認為 H2 比 H1 稍微軟一些，但我們並沒有看到急劇下降...

And just to put data to Swamy's statements James. The first half of the year, we had 7 just under 7.5 million units, which leaves with our guidance about just over $7.2 million for the back half of the year and that's down slightly from what we expected in May when we gave the guidance and the $7.2 million is roughly in line with IHS.

只是為了將數據添加到斯瓦米的聲明中，詹姆斯。今年上半年，我們的銷量略低於 750 萬輛，這意味著下半年我們的預期銷售額將略高於 720 萬美元，這比我們 5 月給出的預期銷售額略有下降，720 萬美元與 IHS 的預測大致一致。

Understood. Okay. And then my follow-up on capital allocation. How are you thinking about buybacks in the second half if the year has progressed toward your updated outlook here? And then on the reduction to this year's CapEx now at 4% of sales, I believe your 2026 targets had captured the idea of lower year-over-year CapEx?

明白了。好的。然後是我對資本配置的後續關注。如果今年的進展符合您最新的展望，您如何考慮下半年的回購？然後，關於今年資本支出減少到銷售額的 4% 的情況，我相信您的 2026 年目標已經體現了同比資本支出下降的想法？

Can this still be the case? Or are certain investments getting pushed from this year to next?

還能這樣嗎？還是某些投資會從今年延後到明年？

Well, James, I think on the CapEx question, we typically thought about getting back to the low 4s, I would say, over collective years in terms of CapEx to sales ratio. Given all the discussions that are on, like I said, we are being very deliberate and looking at every dollar of investment that's going in. So that as a result of that, we've been able to reduce the range by $100 million, and we continue to look at it going forward. I think overall, going into 2026, the focus on capital investment will stay, and we are still focusing, I would say, in the 4% to low 4% CapEx to sales ratio.

嗯，詹姆斯，我認為在資本支出問題上，我們通常認為，就資本支出與銷售額的比率而言，在過去的幾年裡，我們會回到 4% 以下。考慮到正在進行的所有討論，正如我所說，我們正在非常謹慎地考慮每一筆投資。因此，我們得以將範圍縮小 1 億美元，並且我們將繼續關注此事。我認為總體而言，到 2026 年，我們仍將重點關注資本投資，並且我們仍將重點關注 4% 至 4% 以下的資本支出與銷售額比率。

On the capital allocation strategy, no change. I think our current focus is completely on capital discipline and free cash flow generation so we can return value to the shareholders. As we talked about, we bought about 5.7 million shares. We have an NCIB in place. Last time when we spoke, we talked about uncertainty being the reason for pause.

在資本配置策略上，沒有變動。我認為我們目前的重點完全放在資本紀律和自由現金流的產生上，以便我們能為股東帶來價值回報。正如我們所說的，我們購買了大約 570 萬股。我們有一個 NCIB。上次我們談話時，我們談到不確定性是暫停的原因。

Those conditions haven't changed yet. But if we see better visibility, we can act on the existing NCIB, and we still have time there.

這些情況尚未改變。但如果我們看到更好的可見性，我們可以對現有的 NCIB 採取行動，而且我們仍然有時間。

Thanks.

謝謝。

Emmanuel Rosner, Wolf Research.

埃馬紐埃爾·羅斯納（Emmanuel Rosner），沃爾夫研究公司。

Great. Just wanted to come back again to the first half to second half margin improvement. So I guess that's midpoint of your full year guidance, the revenue is probably not all that different in the first half to second half, but obviously, the margin would take a fairly meaningful step up. You mentioned commercial recovery, lower engineering spend, the tariff fees, warranty and then operational excellence. Some of the pieces you quantified on the tariff, for example, the $55 million in the first half.

偉大的。只是想再回顧上半年到下半年的利潤率改善。所以我猜這是您全年指導的中點，上半年和下半年的收入可能不會有太大差別，但顯然，利潤率將有相當大的提升。您提到了商業復甦、降低工程支出、關稅、保固以及卓越營運。您量化了關稅的一些部分，例如上半年的 5500 萬美元。

Can you just give us a sense specifically for this year or maybe based on history? How should we think about the magnitude of improvement of some of the other stuff, maybe based on what you've historically been able to achieve or anything that you're able to quantify this year, just curious how impactful some of these pockets could actually be because obviously, tariffs only gets you a small part of the way?

您能否具體針對今年的情況或根據歷史情況跟我們講一下？我們該如何看待其他一些方面改善的程度，也許是基於你們過去所取得的成就，或者今年你們能夠量化的任何事情，只是好奇這些方面實際上能有多大的影響，因為很明顯，關稅只能讓你實現一小部分目標？

Yes, we're not going to quantify. I mean, the items that we talked about are all impactful to us we wouldn't have talked about them. We're not going to get into that affecting how much is in each given you the tariff from at, but the rest are and it's implied in our guidance, but we're not going to break down the details.

是的，我們不會量化。我的意思是，我們談論的事情都對我們有影響，我們不會談論它們。我們不會深入討論這個問題，看看每個關稅的影響有多大，但其餘的都有，這在我們的指導中有所暗示，但我們不會分解細節。

But is it different than the, is there something that is more pronounced this year than historically? I understand the tariff is a new dynamic. But is there any -- are there any drivers this year where commercial recovery should be so much more loaded than in the second half than historical or the engineering spend or just anything compared to history would be helpful.

但與歷史上相比，今年的情況有什麼不同嗎？有什麼比歷史上今年的情況更明顯嗎？我知道關稅是一個新的動態。但是，今年是否存在任何驅動因素，使得商業復甦比下半年更加強勁，比歷史上任何工程支出或與歷史相比的任何事情都會有所幫助。

I think, Emmanuel, short answer there is no outlier or nothing that stands out in terms of the key buckets that Louis talked about, that would stand out this year compared to the previous history other than tariffs like the engineering spend CapEx and a few of those things are controllable and very visible line for us. So that's the reason why we are saying the others are discussions based on many other variables. So all in all, nothing significantly different than historical trend.

我認為，伊曼紐爾，簡而言之，就路易斯談到的關鍵方面而言，沒有什麼異常或突出的事情，除了關稅之外，今年與以往的歷史相比沒有什麼突出之處，比如工程支出資本支出，其中一些對我們來說是可控的，而且非常明顯。這就是我們說其他討論都是基於許多其他變數的原因。總而言之，與歷史趨勢沒有顯著差異。

And I think if you look at the segments that we disclosed what we had last year for our various segments, if you look at the back half and then you look at where we are given the range that we provided for the back half of this year, they're not really that far, they're pretty much of the same kind of ranges at the midpoint anyway. So it gives you some comfort that we've been there. We've been in this we've been able to do this recently.

我認為，如果您看一下我們披露的去年各個細分市場的業績，如果您看一下下半年，然後看看我們為今年下半年提供的範圍，您會發現它們之間的差距其實並不大，它們幾乎處於中點的相同範圍。因此，我們去過那裡會讓你感到些許安慰。我們最近一直在做這件事，並且能夠做到這一點。

Understood. And then just it's just a clarification, but I think you were trying to give a quantification of some of the operational excellence piece of the opportunity. Can you just go back over the math around that, the extra 40 basis points that you mentioned for this year and then into next year?

明白了。然後這只是一個澄清，但我認為你試圖對機會中的一些卓越營運部分進行量化。您能否重新計算一下您提到的今年和明年的額外 40 個基點？

Yeah. I mean there is a mix of many things. As we talk through it is material savings. It is purchasing initiatives with our own supply base it is reshoring, there is some vertical integration activities. And over the past few quarters are actually maybe 1.5 years, I've talked about specific initiatives on digitization and automation.

是的。我的意思是有很多東西混合在一起。正如我們所討論的，這是材料節省。這是我們利用自己的供應基地進行的採購計劃，是回流，是一些垂直整合活動。在過去幾個季度，實際上大概是一年半的時間裡，我已經談到了數位化和自動化的具體舉措。

We have started seeing the results yield with incremental volumes coming, the flow-through is much better, which is what we expect. And Emmanuel, so all of this continues. So it's difficult to say specifically each one. That's what we mean by operational excellence activities. Some of this is normal course, some of this is additive.

我們已經開始看到收益結果，隨著增量交易量的增加，流通情況要好得多，這正是我們所期望的。還有伊曼紐爾，所以這一切還在繼續。所以很難具體地說出每一個。這就是我們所說的卓越營運活動。其中有些是正常現象，有些則是附加現象。

And to sum it up, that was the 40 basis points, and we feel pretty comfortable hitting that in '25, and we also see a road map for a similar magnitude again in '26.

總而言之，這是 40 個基點，我們感覺在 25 年達到這一目標相當有信心，而且我們也看到了在 26 年再次達到類似幅度的路線圖。

Got it. Thank you.

知道了。謝謝。

Colin Langgan, Wells Fargo.

富國銀行的科林朗根 (Colin Langgan)。

Yeah, not to keep, thanks for taking my question. Not that you've asked the same point, but you've commented that margins first half to second half are seasonally stronger I think that might be true in recent history, but is that referring to just post COVID? Because I look at pre-COVID and it looks like margins historically actually fall and normally not because production is weaker. Do you make a to understanding the comments?

是的，不保留，感謝您回答我的問題。並不是說您問的是同樣的問題，而是您評論說上半年到下半年的利潤率會因季節性而更高，我認為這在近代歷史上可能是正確的，但這是否僅指 COVID 之後的情況？因為我觀察了疫情之前的情況，從歷史上看，利潤率實際上有所下降，而且通常不是因為產量較弱。您是否理解這些評論？

You're 100% accurate, Colin. So if you go back precoated, the seasonality would be you'd have strong Q1, Q2 would be your strongest quarter. Q3 will be our weakest quarter and Q4 would be right in the middle. What's changed since COVID and the chip crisis primarily has been the inflation in the system. Now we get layer on volatility in production volumes and now the tariffs and that's driving cost being incurred on January 1 of each year and recovery negotiations happening throughout the year and history is showing that most of those are closed in the second half of the year.

你說的 100% 準確，科林。因此，如果你回顧一下預塗情況，季節性將是你的第一季表現強勁，而第二季將是你最強勁的季度。第三季度將是我們最疲軟的一個季度，而第四季則處於中間位置。自新冠疫情和晶片危機以來，主要發生的變化是系統中的通貨膨脹。現在，產量和關稅都出現了層層波動，這導致每年 1 月 1 日的成本增加，復甦談判也貫穿全年，歷史表明，大多數談判都在下半年結束。

That's the biggest change.

這是最大的改變。

Got it. That makes sense. And then the guide does imply sales down about 1%. You said it's not too different than SMT on your forecast, but complete vehicles down and then if I look at North America and Europe, which are the largest of your markets, S&P has those down almost 9%. So are you expecting similar half declines?

知道了。這很有道理。然後該指南確實暗示銷售額下降了約 1%。您說這與您預測的 SMT 沒有太大區別，但整車銷量下降了，然後如果我看一下北美和歐洲（你們最大的市場），標準普爾顯示它們的銷量下降了近 9%。那麼，您是否預期會出現類似的下降趨勢？

And if that's the case, how are you only down one if some of your largest markets are down that much. Are there big launches hitting? Is there a mix impact that's helping in the second half?

如果情況確實如此，那麼如果一些最大的市場都下跌了那麼多，你怎麼會只下跌一個呢？有大型新品發表嗎？混合效應對下半年是否有幫助？

And there's also foreign exchange. But I think the other thing you have to consider is if you look at our volume projections, for the first half of the year and compare those to S&P, there is a difference between what we have. We have 7 -- we're showing just under 7.5 million units of production. They're showing a higher number. So that's going to factor into the math as well.

還有外匯。但我認為你必須考慮的另一件事是，如果你看我們上半年的交易量預測，並將其與標準普爾進行比較，你會發現兩者之間存在差異。我們有 7 個單位——我們的產量略低於 750 萬個單位。他們顯示的數字更高。所以這也將成為數學中的一個因素。

But there's foreign exchange positive, there's mix, there's launch. And then there's just some math going on between us and S&P.

但外匯市場呈現正態勢，有混合，有啟動。然後我們和標準普爾之間就進行了一些計算。

And just lastly, any update on the leverage target. I think you're 1.87. The target has been to get below 1.5. When is the time line for that?

最後，關於槓桿目標有任何更新嗎？我認為你的分數是1.87。目標是降到1.5以下。具體時間是什麼時候？

Yeah. We talked about getting back into the range that we've always talked about in 2026, and we are on track as we looked at in February and looked at it for the year going into '26, and we are very much on track to that.

是的。我們談到了在 2026 年回到我們一直在談論的範圍，而且正如我們在二月份所展望的那樣，對於進入 26 年的一年，我們正朝著這個目標前進，而且我們正朝著這個目標前進。

Got it. All right, thanks for checking my questions. Thank you.

知道了。好的，感謝您查看我的問題。謝謝。

Brian Morrison, TD Cohen.

布萊恩·莫里森，TD科恩。

Thanks very much. I appreciate the details on the flight plan to 2026 margins and confirming that you can get to the high 6s, maybe low 7%. But if I look back at the 2026 disclosure previously, the progress seems reasonable in each segment, except for Power & Vision. It seems to need the most acceleration to approach higher single digits. I know tariffs are weighing on in the first half of this year, but what needs to jump-start that segment margin performance and high level, how is being near now performing versus expectations?

非常感謝。我很欣賞有關 2026 年飛行計劃的詳細情況，並確認您可以達到 6% 以上的水平，甚至 7% 以下。但如果我回顧先前揭露的2026年數據，除Power＆Vision之外，每個細分市場的進展似乎都合理。似乎需要最大的加速度才能接近更高的個位數。我知道今年上半年關稅會造成壓力，但需要什麼來推動該部門的利潤率表現和高水平，目前的表現與預期相比如何？

Yeah. I think from a T&E perspective, you touched on the tariffs that is significant piece. And I think from launch cadence in terms of internaling spend in terms of operational performance, all are on track, going not just from first half to second half, but looking forward, again, volumes need to hold and other assumptions need to be there. From a VNA perspective, we are not looking at as much as banner itself. We're looking at the consolidated entity.

是的。我認為從差旅和費用的角度來看，您提到的關稅是重要的部分。我認為，從發布節奏、內部支出和營運績效來看，一切都在按計畫進行，不僅從上半年到下半年，而且展望未來，銷售需要維持，其他假設也需要存在。從 VNA 的角度來看，我們關注的不僅僅是橫幅本身。我們正在研究合併實體。

And we hit the synergies that we talked about, maybe slightly ahead. We continue to do the optimization in terms of resources and so on and so forth. So all in all, pretty good. The take rates and what's happening in the markets and architecture always will have an impact on it. But I would say the rationale is holding.

我們實現了我們談到的協同效應，甚至可能略有領先。我們繼續在資源等方面做優化。總的來說，非常好。接受率以及市場和架構中發生的事情總是會對其產生影響。但我想說，其理由是成立的。

Thank you.

謝謝。

Jonathan Goldman, Scotiabank.

加拿大豐業銀行的喬納森‧戈德曼。

Hi, good morning team. Thanks for taking my questions. Swamy, if we sit here today, like what's the confidence level in getting the North American production assumptions of $14.7 million do you think that's a reasonable level looking out to the rest of the year? I know you don't have a crystal ball, but just given all the tariff had lines out there and potential downside risks, how confident are you hitting that 14.7% number?

嗨，大家早安。感謝您回答我的問題。斯瓦米，如果我們今天坐在這裡，那麼對於北美 1470 萬美元的產量假設，您的信心水平是多少？您認為這對於今年剩餘時間來說是一個合理的水平嗎？我知道您沒有水晶球，但考慮到所有的關稅細則和潛在的下行風險，您有多大信心達到 14.7% 這個數字？

Jonathan, you talked about the crystal ball. So but that's what you're asking me to look into. Again, looking at releases, looking at or taking into consideration our discussions with the customers. I would say we are pretty comfortable unless there is a complete dynamic change in the pricing of the vehicles and what happens in the market. You look at the inventory levels, look at the data that's out there and the production today.

喬納森，你談到了水晶球。但這就是你要求我調查的事情。再次，查看發布，查看或考慮我們與客戶的討論。我想說，除非車輛定價和市場狀況發生徹底的動態變化，否則我們會非常放心。你查看庫存水平，查看現有的數據和今天的產量。

I would say I'm pretty confident with the numbers that we're talking about. Again, this is a little bit of crystal ball as...

我想說我對我們談論的數字非常有信心。再說一次，這是一個水晶球…

We've also, last couple of quarters, taken our numbers down in North America in each last two quarters, the numbers have exceeded what we expected. So we continue to kind of look at it and say, well, this may be some pull forward, but the numbers have been pretty good and sales seem to be pretty resilient even in July. So I think that gives us some confidence.

過去幾個季度，我們在北美的銷量每兩個季度都有所下降，但這些數字已經超出了我們的預期。因此，我們繼續觀察並說，好吧，這可能是一種推動，但數字已經相當不錯，即使在 7 月份，銷售似乎也相當有彈性。所以我認為這給了我們一些信心。

No, that's a fair point. Got it. And I guess another one may be looking out a bit longer term. Swamy has the outlook for EVs changed with all the rhetoric about renewables, energy and the new legislation passed in the US with some things we're thinking about in terms of adoption of EVs.

不，這是一個合理的觀點。知道了。我想另一個人可能會考慮更長遠的事情。隨著有關再生能源、能源的言論以及美國通過的新立法，斯瓦米對電動車的前景發生了改變，我們在電動車的採用方面也考慮了一些事情。

And if it's changed, how do you see that impact on your business, whether it's on the top line margins or maybe on the capital piece?

如果發生變化，您認為這會對您的業務產生什麼影響，是影響營業利潤率還是影響資本部分？

Yeah. Jonathan, we talked about EV take rates going back again five years, I just want to remind, we've been, I would say, conservative compared to the general outlook. And as we stand and look at the market today, it's even softer than that. But we still believe that is a long-term trend. But as I talked about in my prepared comments, the product portfolio is flexible to address the hybrid uptick that we are seeing and the continuing is mono.

是的。喬納森，我們討論了五年前的電動車普及率，我只是想提醒一下，與整體前景相比，我們一直比較保守。而當我們觀察今天的市場時，它甚至比那時還要疲軟。但我們仍然相信這是一個長期趨勢。但正如我在準備好的評論中談到的那樣，產品組合具有靈活性，可以應對我們所看到的混合上升趨勢，並且持續的是單一的。

I also want to point out that investment for our BES in terms of opportunities behind us. I talked about platform technologies on our PMV, also significantly behind us, right? So if the bans come forward, even at the current rate are a little bit higher. I would say it would be a tailwind, right? Because all the heavy lift is behind us.

我還想指出，我們為 BES 進行投資所面臨的機會。我在我們的 PMV 上談到了平台技術，這也落後了不少，對吧？因此，如果禁令出台，即使以目前的速度也會更高一些。我想說這會是順風，對嗎？因為所有繁重的工作都已過去。

Interesting. That's a good color. I'll get back in you. Thanks for taking my questions.

有趣的。這顏色不錯。我會回到你身邊。感謝您回答我的問題。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Good morning. Thank you very much for taking my questions. First is on the industry environment. hoping to better understand what Magna has seen in terms of award activity year-to-date? And how you'd characterize your expectation about the bookings environment going into 2H. I ask in part because some of the Tier 1s have talked about strength in areas like hybrid powertrains, digital cockpit. You mentioned some hybrid awards this morning, but we've also heard other Tier 1s say that the booking environment has been a bit difficult given some of the policy changes and tariff environment?

早安.非常感謝您回答我的問題。首先是關於產業環境。希望更了解麥格納今年迄今在獎項活動方面的進展？您對下半年的預訂環境有何預期？我之所以問這個問題，部分原因是一些一級供應商談到了混合動力系統、數位駕駛艙等領域的優勢。您今天早上提到了一些混合獎勵，但我們也聽到其他一級航空公司表示，由於一些政策變化和關稅環境，預訂環境有點困難？

Mark, short answer, we are seeing good cadence in terms of our overall expected bookings for 2025. Yes, there is program dynamics in terms of pushout cancellations and so on and so forth at and look where we stand as of now compared to the past years, we are seeing not a whole lot of change. We are in a good place in terms of hitting our numbers that we had put in our plan.

馬克，簡而言之，就 2025 年的整體預期預訂量而言，我們看到了良好的節奏。是的，在取消推遲等方面存在計劃動態，看看我們現在的狀況，與過去幾年相比，我們沒有看到太大的變化。從實現我們計劃中的數字來看，我們處於良好的狀態。

Second question and kind of following up on some of the prior questions around some of the changing policy dynamics, especially for US emissions policy and just better understanding in that effect Magna right? So we think about the potential for more ICE vehicles, increased hybrid mix, but lower BEVs. You just -- as you think the net of those effects, do you envision those being a net tailwind from Magna in your ability to outgrow the market or more offsetting?

第二個問題是跟進一些先前關於政策動態變化的問題，特別是美國的排放政策，以及對麥格納的影響的更好理解，對嗎？因此，我們考慮增加 ICE 汽車、混合動力車和 BEV 的潛力。您只是——當您思考這些影響的網絡時，您是否認為這些會成為麥格納對您超越市場或更多抵消能力的淨順風？

I think most of the policy impacts are secondary impacts, right, like the EV credits going away, and therefore, the consumers may be not buying as many EVs as an example. I think that might soften the BEV. But on the other hand, if it increases hybrid and ICE vehicle sales, then we are part of the equation there, right? That's what we are seeing currently and that continues. Our -- all our cost initiatives, all the work that we've done in terms of footprint consolidation and cost optimization, it will show through in the margins.

我認為大多數政策影響都是次要影響，例如電動車信貸的取消，因此消費者可能不會購買那麼多電動車。我認為這可能會軟化 BEV。但另一方面，如果它能增加混合動力汽車和內燃機汽車的銷量，那麼我們也是其中的一部分，對嗎？這就是我們目前所看到的情況，而這種情況還在繼續。我們所有的成本措施、我們在足跡整合和成本優化方面所做的所有工作都將在利潤中體現出來。

If the BEV come back, like I said before, a couple of questions before, the investment is behind us, and we would see that as a tailwind going forward.

如果 BEV 回歸，就像我之前提到的幾個問題一樣，投資已經到位，我們會將其視為未來的順風。

Just one last one for me. Just trying to understand the bridge of your revenue outlook from the last earnings call until today. I think the midpoint of the revenue outlook is now $400 million higher. You spoke about North America production being lower, China a bit higher. You also said FX is a is a tailwind.

對我來說，這只是最後一個。只是想了解從上次收益電話會議到今天的收入前景。我認為收入預期的中間值現在要高出 4 億美元。您說的是北美產量較低，中國產量稍高。您還說 FX 是順風。

So can you just talk a little bit more on the puts and takes? Maybe I missed it, but how much of an incremental tailwind is FX and maybe just other key puts and takes around your customer exposure growth over market, et cetera.

那麼，您能否再多談一下收益和利弊呢？也許我錯過了，但外匯對增量順風的影響有多大，也許只是圍繞客戶曝光度成長對市場影響的其他關鍵因素，等等。

I'd say, roughly half of this currency roughly half on is the net of pretty strong a better mix than we had anticipated, offset by lower volumes in North America. I think that would be the best way to break down that bridge.

我想說，大約一半的貨幣是相當強勁的淨貨幣，比我們預期的要好，但北美的貨幣交易量較低，抵消了這一影響。我認為這是打破這種障礙的最佳方法。

Michael Glen, Raymond James.

麥可格倫、雷蒙詹姆斯。

I just want to visit something we talked about more three-plus years ago with this idea of North American reshoring. How has the business case for have backed the Magnus Stire facility in North America evolved? Is this something that could happen at this point in time? Is it something that Magna consider it?

我只是想談談我們三年多前討論過的有關北美回流的想法。支持北美 Magnus Stire 工廠的商業案例如何發展？這是目前可能發生的事嗎？麥格納有考慮過這個問題嗎？

Michael, we've always said in terms of looking at complete vehicle assembly in North America is a decision based on a customer multiple programs, multiple life cycles for it to make sense. I think the those required assumptions remain the same. But given production capacities and how things are going, we don't see anything active right now, right?

邁克爾，我們一直說，從北美整車組裝的角度來看，這是一個基於客戶多個專案、多個生命週期的決定，這樣才有意義。我認為那些必要的假設保持不變。但考慮到生產能力和現狀，我們現在看不到任何活躍的跡象，對嗎？

So our criteria for looking at that hasn't changed. It is the same. It has to be multiple customers, multiple life cycles before we look at it, and there is nothing on the table as I speak today.

因此，我們看待這個問題的標準並沒有改變。是一樣的。在我們考慮這個問題之前，它必須有多個客戶、多個生命週期，而就在我今天講話時，還沒有任何可以討論的問題。

And then when I sit here and look at your production, your North American production outlook at $14.7 million, which for me is like it's a very low number, considering what we used to see. You have very low inventory levels. In the back row, there seems to be this creeping dynamic where the Detroit three are shifting towards or would like to shift towards a made-to-order type model. Like how do we think about all of this, especially like this dynamic with D3 moving to made to order, how does that impact Magna? And is it something that you're increasingly seeing?

然後，當我坐在這裡查看你們的產量時，你們在北美的產量預期為 1470 萬美元，考慮到我們過去看到的情況，對我來說，這是一個非常低的數字。您的庫存水準非常低。在後排，似乎存在著這種悄悄發生的動態，即底特律三巨頭正在轉向或希望轉向客製化車型。例如我們如何看待這一切，尤其是 D3 轉向客製化的這種動態，這對麥格納有何影響？這是您越來越常看到的現象嗎？

Yeah. I think from a volume perspective, right, we have to look at the data that we have in terms of programs and platforms have to base it on customer discussions and releases. So that's how we come up with a number in terms of the 14.7% as we stand to date. If the dynamics change there, and if that number increases, I hope you're right, it's going to be a tailwind for all of us. We are just basing it on the facts and the same method of calculation every time that we look at it.

是的。我認為從數量的角度來看，我們必須查看我們在程式方面擁有的數據，並且平台必須以客戶討論和發佈為基礎。這就是我們迄今為止得出的 14.7% 這一數字。如果那裡的動態發生變化，如果這個數字增加，我希望你是對的，這對我們所有人來說都是順風。我們只是以事實為依據，每次都採用相同的計算方法。

There is some amount of judgment, but it's again, it's based on a lot of data. In terms of your I think the word you used was, made to buy order. I don't know, made-to-order, I haven't seen a whole lot of that in terms of -- there is a complexity and vary introduction that the OEMs continue to talk about to simplify the complexity of manufacturing, sequencing and so on. And I think that's good for everyone. But even if it does go that way, I don't think from a product portfolio perspective that we have as Magna would mean a lot of change here.

雖然有一定的判斷，但同樣是基於大量的數據。就您而言，我認為您使用的詞是“按訂單生產”。我不知道，就定製而言，我還沒有看到很多這樣的情況——存在複雜性和多樣性的引入，原始設備製造商繼續談論簡化製造、排序等的複雜性。我認為這對每個人都有好處。但即使情況確實如此，我也不認為從麥格納的產品組合角度來看，這意味著很大的變化。

I guess that was the last question.

我想這是最後一個問題。

At this time, I would like to turn it back over to Swamy Kotagiri for closing remarks.

現在，我想將發言權交還給斯瓦米·科塔吉里 (Swamy Kotagiri)，請他作最後發言。

Thank you, operator. I jump the gun. But thanks for listening to everyone today. We continue to execute despite the high degree of uncertainty in the industry I have to reiterate that we remain focused on the many initiatives that are driving cost, launch and capital discipline, and we had solid free cash flow generation.

謝謝您，接線生。我搶先行動了。但感謝大家今天的聆聽。儘管行業存在高度不確定性，我們仍會繼續執行。我必須重申，我們仍然專注於推動成本、發布和資本紀律的眾多舉措，並且我們擁有穩健的自由現金流。

We plan to both get back within our target leverage ratio and are committed to our capital allocation strategy, and we remain highly confident in Magna's future. Thank you, and have a great day.

我們計劃重新回到目標槓桿率範圍內，並致力於我們的資本配置策略，我們對麥格納的未來仍然充滿信心。謝謝您，祝您有愉快的一天。

This concludes today's call. You may disconnect.

今天的電話會議到此結束。您可以斷開連線。