Magna International Inc (MGA) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen. And thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the Magna International third-quarter 2025 results webcast. (Operator Instructions)

女士們、先生們，早安。感謝大家的耐心等待。我叫凱爾文，今天我將擔任你們的會議接線生。此時此刻，我謹代表麥格納國際，歡迎大家參加2025年第三季業績網路直播。（操作說明）

I would now like to turn the call over to Louis Tonelli, Vice President of Investor Relations. Please go ahead.

現在我將把電話交給投資人關係副總裁路易斯‧託內利。請繼續。

Thanks, operator. Hello, everyone, and welcome to our conference call covering our third-quarter 2025 results. Joining me today are Swamy Kotagiri and Phil Fracassa, our CFO.

謝謝接線生。大家好，歡迎參加我們關於2025年第三季業績的電話會議。今天和我一起出席的有 Swamy Kotagiri 和我們的財務長 Phil Fracassa。

Yesterday, our Board of Directors met and approved our financial results for the third quarter of 2025 and our updated outlook. We issued a press release this morning outlining our results. 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.

昨天，我們的董事會召開會議，批准了我們 2025 年第三季的財務表現和更新後的展望。今天上午我們發布了一份新聞稿，概述了我們的研究結果。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、與電話會議一起播放的幻燈片演示文稿以及我們更新的季度財務回顧。

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.

在開始之前，提醒一下，今天的討論可能包含適用證券法意義上的前瞻性資訊或前瞻性陳述。此類聲明涉及某些風險、假設和不確定性，可能導致公司的實際或未來業績與這些聲明中明示或暗示的內容有重大差異。

Please refer to today's press release for a complete description of our Safe Harbor disclaimer. Please also refer to the reminder slides included in our presentation that relate to our commentary today.

有關我們的「安全港」免責聲明的完整說明，請參閱今天的新聞稿。請同時參閱我們簡報中包含的、與我們今天評論相關的提示幻燈片。

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

這樣，我就把麥克風交給斯瓦米了。

Thank you, Louis. Good morning, everyone. I appreciate you joining our call today. Let's get started.

謝謝你，路易斯。各位早安。感謝您今天參加我們的電話會議。我們開始吧。

I'm pleased to share a few key highlights from our strong third quarter. Our financial performance reflects continued solid execution across the business and meaningful progress on our performance improvement initiatives. Quarterly results exceeded expectations and showed year-over-year improvements.

我很高興與大家分享我們強勁的第三季的一些主要亮點。我們的財務表現反映了公司各部門持續穩健的執行力以及我們在業績改進計劃方面取得的顯著進展。季度業績超出預期，並實現了同比增長。

Sales grew 2%. Adjusted EBIT increased 3%. Adjusted EBIT margin expanded by 10 basis points despite a 35-basis-point headwind from unrecovered tariffs. Adjusted diluted EPS rose 4%, driven by stronger earnings and a lower share count. Free cash flow improved by nearly $400 million.

銷售額成長了2%。調整後息稅前利潤成長3%。儘管未收回的關稅帶來了 35 個基點的不利影響，但調整後的 EBIT 利潤率仍增加了 10 個基點。經調整後的稀釋每股盈餘成長 4%，主要得益於獲利能力增強和流通股數量減少。自由現金流增加了近4億美元。

Looking ahead, we are raising our full-year outlook, including higher sales supported by improved light vehicle production and continued launch execution; an increase in the low end and midpoint of our adjusted EBIT margin range, reflecting strong pull-through on higher sales and benefits from cost savings initiatives; higher adjusted net income, primarily driven by increased adjusted EBIT and a lower effective tax rate.

展望未來，我們提高了全年預期，其中包括：輕型汽車產量提高和持續的產品上市將帶動銷量增長；調整後息稅前利潤率區間的下限和中點將有所提高，這反映了銷量增長的強勁拉動以及成本節約措施帶來的收益；調整後淨利潤也將提高，這主要得益於調整後息稅前息的增加利潤的降低。

We remain focused on generating robust free cash flow and maintaining a disciplined approach to capital allocation. You can see this in our reduced capital spending outlook, now approximately $1.5 billion or 3.6% of sales, below our prior range and well below our initial outlook of $1.8 billion.

我們將繼續專注於產生強勁的自由現金流，並保持嚴謹的資本配置方法。這一點可以從我們下調的資本支出預期中看出，目前約為 15 億美元，佔銷售額的 3.6%，低於我們先前的預期範圍，也遠低於我們最初 18 億美元的預期。

With higher earnings and lower capital spend, we have increased our full-year free cash flow outlook by $200 million. This positions us to reduce our leverage ratio to below 1.7 by year-end. We also continue working with customers to mitigate tariff impacts.

由於獲利增加和資本支出減少，我們將全年自由現金流預期提高了 2 億美元。這將使我們能夠在年底前將槓桿率降低到 1.7 以下。我們也會繼續與客戶合作，以減輕關稅帶來的影響。

During the quarter, we reached agreements with additional OEMs for recovery of 2025 net tariff exposures. Negotiations with remaining customers are ongoing. And we expect to substantially complete this by year-end. Our outlook assumes less than a 10-basis-point impact to 2025 adjusted EBIT margin from tariffs.

本季度，我們與更多原始設備製造商達成協議，以收回 2025 年的淨關稅風險敞口。與剩餘客戶的談判仍在進行中。我們預計將在年底前基本完成這項工作。我們預期關稅對 2025 年調整後息稅前利潤率的影響將小於 10 個基點。

Overall, these results reinforce our confidence in the strategy and our ability to deliver sustainable value for shareholders. I would like to take a moment to highlight some recent business awards and technology program launches.

總而言之，這些結果增強了我們對該策略的信心，以及我們為股東創造永續價值的能力。我想藉此機會重點介紹一些近期獲得的商業獎項和技術項目啟動情況。

First, we were awarded Complete Vehicle assembly business with a Chinese-based OEM, XPENG. This is a significant milestone. It marks the first time a Chinese automaker has chosen Magna's Complete Vehicle operations in Austria to serve the European market. Serial production began this past quarter on two electric vehicle models for this customer.

首先，我們獲得了與中國汽車製造商小鵬汽車的整車組裝業務。這是一個重要的里程碑。這是中國汽車製造商首次選擇麥格納位於奧地利的整車業務部門來服務歐洲市場。上個季度，我們開始為該客戶大量生產兩款電動車車型。

In addition, we launched production in the third quarter on a vehicle program for a second China-based OEM, with another program for that customer's schedule to start next year. These wins reinforce Magna's strong position in vehicle manufacturing and demonstrate the value of our flexible state-of-the-art production process, which enable fast-to-market, high-quality vehicles for the European market.

此外，我們在第三季啟動了為第二家中國汽車製造商生產的車輛項目，該客戶的另一個項目計劃於明年開始。這些勝利鞏固了麥格納在汽車製造領域的強大地位，並證明了我們靈活的先進生產流程的價值，該流程能夠為歐洲市場快速推出高品質的汽車。

As we have for decades, we continue to launch innovative technologies that support our customers. This past quarter, we began launching a dedicated hybrid drive with a leading China-based OEM. Our 800-volt solution delivers a winning combination of efficiency, versatility, and comfort for consumers.

幾十年來，我們一直致力於推出創新技術來支援我們的客戶。上個季度，我們開始與一家領先的中國OEM廠商合作，推出專用混合動力驅動系統。我們的 800 伏特解決方案為消費者提供了高效、多功能和舒適的完美結合。

Our driveline portfolio spans all powertrain configurations from ICE and mild hybrids to high-voltage hybrids and full-battery electric vehicles. This success underscores the strength of our building block strategy in powertrain. And in advanced safety, our mirror-integrated driver and occupant monitoring system is meeting growing global demand for DMS technologies.

我們的動力傳動系統產品組合涵蓋所有動力總成配置，從內燃機和輕度混合動力到高壓混合動力和純電動車。這項成功凸顯了我們在動力總成領域模組化策略的優勢。在先進安全方面，我們整合在後視鏡中的駕駛員和乘員監控系統正在滿足全球對 DMS 技術日益增長的需求。

As you may recall, this product earned a 2024 Automotive News PACE Award for its innovation and safety impact. We are launching this system with multiple customers worldwide, and volumes are expected to reach several million units annually.

您可能還記得，該產品憑藉其創新和安全性影響，榮獲了 2024 年《汽車新聞》PACE 獎。我們正在全球向多家客戶推出該系統，預計年銷量將達到數百萬台。

Next, let me cover our improved outlook. While the current environment makes forecasting more challenging than usual, we remain focused on what we can control and continue to adapt to evolving conditions.

接下來，讓我談談我們前景的改善情況。儘管當前環境使預測比以往更具挑戰性，但我們仍專注於我們能夠控制的因素，並繼續適應不斷變化的情況。

Compared to our previous outlook, we have increased our North American production forecast to 15 million units, up about 300,000 units. Roughly two-thirds of this increase reflects expected outperformance in the second half, with the remainder tied to adjustments to first-half estimates. We are holding Europe production relatively unchanged.

與我們先前的預測相比，我們將北美產量預測上調至 1500 萬輛，增加了約 30 萬輛。其中約三分之二的成長反映了下半年預期業績優於預期，其餘部分則與上半年預期業績的調整有關。歐洲的生產規模基本上維持不變。

For China, we have raised our estimate to 31.5 million units. About half of this increase reflects second-half outperformance, and the other half relates to adjustments to first-half estimates. We have also updated our foreign exchange assumptions to reflect recent rates, now expecting a slightly stronger euro, Canadian dollar, and Chinese RMB for 2025 compared to our prior outlook.

對於中國市場，我們已將預估銷量上調至 3,150 萬輛。其中約一半的成長反映了下半年業績優於預期，另一半則與上半年預期值的調整有關。我們也更新了外匯假設以反映最近的匯率，現在預計 2025 年歐元、加幣和人民幣匯率將比我們先前的預測略微走強。

We have increased our sales estimate range, largely as a result of the expected higher light vehicle production, particularly in North America. We also raised the low end and midpoint of our adjusted EBIT margin range and now expect margins between 5.4% and 5.6%, reflecting our solid Q3 results supported by continued execution in the fourth quarter.

我們提高了銷售預測範圍，這主要是由於預計輕型汽車產量將會增加，尤其是在北美地區。我們也提高了調整後 EBIT 利潤率範圍的下限和中點，現在預計利潤率在 5.4% 到 5.6% 之間，這反映了我們穩健的第三季業績，並得到了第四季度持續執行的支持。

Looking sequentially, we expect fourth-quarter margins to improve from the third quarter, driven primarily by commercial and net tariff recoveries from customers. And as of today, we are on track to achieve those. We updated our interest outlook due to some expense booked in the third quarter related to a discrete prior-year tax settlement.

從環比來看，我們預計第四季利潤率將比第三季度有所改善，主要得益於客戶的商業和淨關稅回收。截至目前，我們正朝著這些目標穩步前進。由於第三季計入了一些與往年一筆單獨的稅務結算相關的費用，我們更新了利息預期。

We lowered our assumptions for taxes to approximately 24% from 25%, mainly due to better utilization of tax attributes and a favorable change in equity income. Factoring all that in, we increased adjusted net income to a range of $1.45 billion to $1.55 billion, largely reflecting increases in adjusted EBIT and the lower effective tax rate.

我們將稅收假設從 25% 下調至約 24%，主要原因是更好地利用了稅收屬性以及權益收入的有利變化。綜合考慮所有這些因素，我們將調整後的淨收入提高到 14.5 億美元至 15.5 億美元之間，這主要反映了調整後的息稅前利潤的增長和較低的實際稅率。

We are reducing our capital spending outlook to approximately $1.5 billion, reflecting our continued efforts to optimize investment without compromising growth. As a result of higher earnings and lower capital spending, we have raised our free cash flow range by about $200 million to $1.0 billion to $1.2 billion, representing more than 70% of adjusted net income at the midpoints.

我們將資本支出預期下調至約 15 億美元，這反映了我們不斷努力在不影響成長的前提下優化投資。由於獲利增加和資本支出減少，我們將自由現金流範圍提高了約 2 億美元，達到 10 億至 12 億美元，佔調整後淨收入中位數的 70% 以上。

To summarize, we remain confident in our fourth-quarter outlook, supported by strong year-to-date execution and ongoing operational discipline despite industry challenges. We are on track to deliver the full-year outlook we shared in February, a testament to the resilience of our business and the capability of our global team.

總而言之，儘管面臨行業挑戰，但我們憑藉年初至今的強勁業績和持續的營運紀律，對第四季的前景依然充滿信心。我們預計將實現二月份公佈的全年業績展望，這證明了我們業務的韌性和我們全球團隊的能力。

Before I turn the call over, I would like to welcome Phil Fracassa, who joined Magna as our new CFO in September. He brings extensive public company CFO, automotive, and industrial sector experience as well as a proven track record of driving profitable growth and shareholder value creation through disciplined capital allocation.

在將電話轉交給您之前，我想歡迎 Phil Fracassa，他於 9 月加入 Magna 擔任財務長。他擁有豐富的上市公司財務長、汽車和工業領域經驗，以及透過嚴格的資本配置推動獲利成長和創造股東價值的良好記錄。

Phil succeeds Pat McCann, who stepped down from the CFO role and is serving in an advisory capacity until his retirement in February 2026. I would like to thank Pat for his many contributions to Magna over his distinguished 26-year career.

Phil 接替 Pat McCann 的職位，Pat McCann 卸任財務長一職，並將擔任顧問一職，直到 2026 年 2 月退休。我要感謝帕特在長達 26 年的傑出職業生涯中為麥格納公司做出的許多貢獻。

With that, I'll pass the call over to Phil.

這樣，我就把電話轉給菲爾了。

Thanks, Swamy, and good morning, everyone. I'm pleased to be with you today. Magna is a company that I've admired for a long time for its history of innovation, unmatched capabilities, and deep relationships with customers.

謝謝斯瓦米，大家早安。今天能和大家在一起，我感到很高興。麥格納是一家我一直以來都非常欣賞的公司，它擁有悠久的創新歷史、無與倫比的能力以及與客戶建立的深厚關係。

In my initial time here, I've seen our guiding principles in action, and I'm energized by the ownership mentality that our entire team brings to all that we do. We operate in a sector of the economy where the only constant these days has changed. But this creates opportunities, and Magna is well positioned to capitalize on them. So I'm excited to partner with Swamy and the team as we work to drive durable shareholder value.

我來到這裡不久，就看到了我們指導原則的實際應用，我們整個團隊在工作中展現出的責任感和主人翁精神也讓我深受鼓舞。我們所處的經濟領域，如今唯一不變的就是改變。但這創造了機遇，而麥格納已做好充分準備來掌握這些機會。因此，我很高興能與 Swamy 和他的團隊合作，共同努力為股東創造持久價值。

Now on to our results. As Swamy indicated, we delivered a strong third quarter, up year over year and ahead of our expectations, almost across the board. Comparing our third quarter to the same period last year, consolidated sales were $10.5 billion, up 2%. This compares to a 3% increase in global light vehicle production.

現在公佈我們的結果。正如斯瓦米所指出的，我們第三季業績強勁，年成長，幾乎在所有方面都超出了我們的預期。與去年同期相比，我們第三季的合併銷售額為 105 億美元，成長了 2%。相比之下，全球輕型汽車產量僅增加了3%。

Adjusted EBIT was up 3% to $613 million. Our margin was 5.9%, up 10 basis points from last year. And that's despite the continued headwind from tariffs. Adjusted EPS came in at $1.33, up 4%. And free cash flow in the quarter was $572 million, up $398 million from last year and well ahead of our expectations.

調整後息稅前利潤成長3%至6.13億美元。我們的利潤率為 5.9%，比去年提高了 10 個基點。儘管面臨關稅帶來的持續阻力，情況依然如此。調整後每股收益為 1.33 美元，成長 4%。本季自由現金流為 5.72 億美元，比去年同期成長 3.98 億美元，遠超我們的預期。

Now I'll take you through some of the details. Let's start with sales. Looking at the market, North American, European, and Chinese light vehicle production were all higher in the quarter. And overall global production increased 3% compared to the third quarter of last year. On a sales-weighted basis for Magna, light vehicle production increased an estimated 5%.

現在我將帶你了解一些細節。我們先從銷售說起。從市場來看，北美、歐洲和中國的輕型汽車產量在本季均有成長。與去年第三季相比，全球整體產量成長了3%。以銷量加權計算，麥格納輕型汽車產量估計增加了 5%。

Our third-quarter sales were up 2% from last year. Excluding currency, organic sales were up modestly, but lagged the market in the quarter as we had expected. The increase in our total sales largely reflects the launch of new programs, including VW, Å koda Elroq, the Ford Expedition, Lincoln Navigator, and Cadillac Vistiq; the favorable impact of foreign currency translation; and higher global light vehicle production.

我們第三季的銷售額比去年同期成長了2%。剔除匯率因素，有機銷售額略有成長，但正如我們預期的那樣，本季落後於市場平均。我們總銷售額的成長主要反映了新項目的推出，包括大眾汽車、奧柯達Elroq、福特探險者、林肯領航員和凱迪拉克Vistiq；外匯匯率的有利影響；以及全球輕型汽車產量的提高。

These were partially offset by lower production on certain programs, including end of production on the Chevy Malibu, the expected decline in Complete Vehicle assembly volumes including end of production on the Jaguar E and I-PACE in Austria, and normal-course customer price concessions.

這些損失部分被某些項目的產量下降所抵消，包括雪佛蘭 Malibu 的停產、整車組裝量的預期下降（包括捷豹 E 和 I-PACE 在奧地利的停產）以及正常的客戶價格讓步。

Moving next to EBIT. Third-quarter adjusted EBIT was $613 million, which was up $19 million or 3% from last year. Adjusted EBIT margin was 5.9%, up 10 basis points. In the quarter, our EBIT margin was impacted positively by 65 basis points from net operational performance improvements.

接下來是息稅前利潤（EBIT）。第三季調整後息稅前利潤為 6.13 億美元，比去年同期成長 1,900 萬美元，增幅為 3%。調整後息稅前利潤率為 5.9%，上升 10 個基點。本季度，由於淨營運績效改善，我們的息稅前利潤率提高了 65 個基點。

This reflects strong execution on our operational excellence and other cost savings initiatives, partially offset by higher labor and other input costs as well as new facility costs, and 30 basis points related to higher equity income, as several of our equity method JVs, including China JVs, delivered strong performance in the quarter with higher sales and favorable mix, net favorable commercial items, and other productivity and cost improvements.

這反映了我們在卓越營運和其他成本節約舉措方面的強勁執行，部分被更高的勞動力和其他投入成本以及新設施成本所抵消，以及與更高的權益收益相關的 30 個基點，因為我們的幾家權益法合資企業（包括中國合資企業）在本季度取得了強勁的業績，淨更高，產品組合有利，銷售和成本改進。

These were partially offset by negative 50 basis points from discrete items. This is comprised mainly of lower net favorable commercial items compared to last year and 35 basis points for tariff costs incurred but not yet recovered.

這些影響被離散項目帶來的 -50 個基點部分抵消。這主要包括與去年相比淨有利商業項目減少，以及已發生但尚未收回的關稅成本增加 35 個基點。

This is mainly timing as we continue to pursue recovery from our customers. And we remain on track for tariffs to be only a modest headwind to margins for the full year, less than 10 basis points, as we said before. Note that volume and other items were essentially flat in the quarter, as earnings on higher sales and foreign currency gains were substantially offset by the impact of higher compensation expense.

這主要是時間安排問題，因為我們仍在努力向客戶追討欠款。正如我們之前所說，我們仍然預期關稅對全年利潤率的影響只會是輕微的，不到 10 個基點。請注意，本季銷售量和其他項目基本上持平，因為銷售額成長和外匯收益帶來的收益被更高的薪資支出所抵銷。

Looking below the EBIT line, interest was $11 million higher than last year, due mainly to some discrete interest expense in the quarter for the settlement of a prior-year tax audit. Our third-quarter adjusted tax rate was 26.5%, lower than last year, primarily due to the favorable year-over-year impact of currency adjustments recognized for US GAAP.

從 EBIT 線以下來看，利息支出比去年增加了 1,100 萬美元，這主要是由於本季因結算上一年的稅務審計而產生的一些零星利息支出。我們第三季的調整後稅率為 26.5%，低於去年同期，這主要是由於美國通用會計準則確認的匯率調整對年比產生了有利影響。

This was partially offset by an unfavorable change in our jurisdictional mix of earnings, increases in our reserves for uncertain tax positions, and a slight decrease in tax benefits related to R&D. Net income was $375 million, $6 million or about 2% higher than last year, mainly reflecting the higher EBIT partially offset by the higher interest expense.

但這部分被以下因素抵消：我們盈利的司法管轄區組合發生了不利變化；我們為不確定的稅務事項增加了準備金；以及與研發相關的稅收優惠略有減少。淨利潤為 3.75 億美元，比去年高出 600 萬美元，增幅約為 2%，主要反映了更高的息稅前利潤，但部分被更高的利息支出所抵消。

And third-quarter adjusted earnings per share was $1.33, up 4% from last year, reflecting the higher net income as well as 2% fewer diluted shares outstanding, resulting from share buybacks over the past 12 months. Let's take a brief look at our segment performance for the quarter, which you can see summarized on this slide.

第三季調整後每股收益為 1.33 美元，比去年同期成長 4%，這反映了淨收入的增加以及過去 12 個月股票回購導致的稀釋後流通股減少 2%。讓我們簡要地看一下本季各業務板塊的業績表現，您可以在這張投影片上看到總結。

Three of our four operating segments posted increased sales year over year, with a notable 10% increase in Seating. Exception was Complete Vehicles, which was down 6%. This was largely expected and reflects the end of production of the Jaguar E and I-PACE at the end of 2024. But as Swamy mentioned earlier, we're excited about our recent new business wins with China-based OEMs, which is a new growth market for our Complete Vehicle business.

我們四個營運部門中有三個部門的銷售額年增，其中座椅部門的增幅尤為顯著，達到 10%。整車銷量是個例外，下降了 6%。這在很大程度上是意料之中的，反映了捷豹 E 和 I-PACE 將於 2024 年底停產。但正如 Swamy 先前提到的，我們對最近與中國整車製造商達成的新業務合作感到非常興奮，這對我們的整車業務來說是一個全新的成長市場。

And three of our four segments also posted improved adjusted EBIT margin year over year, with notable margin expansion and strong incremental margins in Body Exteriors and Structures. The exception was Power and Vision, where margins were down on a tough comp last year.

我們四個業務部門中有三個部門的調整後 EBIT 利潤率也同比有所提高，其中車身外觀和結構件的利潤率顯著擴大，增量利潤率強勁。例外情況是電力和視覺業務，由於去年同期基數較高，其利潤率下降。

In the quarter, P&V was impacted by lower sales on a local currency basis, lower net favorable commercial items, and higher tariff costs as P&V has relatively more exposure to tariffs than other Magna segments. These were partially offset by continued productivity and efficiency improvements, higher equity income, and lower launch costs.

本季度，P&V 受到當地貨幣銷售額下降、淨有利商業項目減少以及關稅成本上升的影響，因為 P&V 比其他麥格納業務部門更容易受到關稅的影響。這些不利因素部分被持續的生產力和效率提升、更高的股權收入和更低的上市成本所抵消。

Despite being down year on year, P&V margins were slightly ahead of our expectations for the quarter. And we have held the low end of our EBIT margin range and our updated outlook for P&V. Our Power and Vision segment has differentiated technologies and a strong market position. And we're confident in the long-term margin outlook for this segment.

儘管同比有所下降，但P&V利潤率略高於我們對該季度的預期。我們維持了息稅前利潤率預期範圍的下限，並更新了對P&V的展望。我們的電力和視覺業務部門擁有差異化的技術和強大的市場地位。我們對這領域的長期利潤前景充滿信心。

Turning to a review of our cash flow. In the third quarter, we generated $787 million in cash from operations for changes in working capital, along with $125 million from favorable working capital movements. Investment activities in the quarter included $267 million for fixed assets and a $100 million increase in investments, other assets, and intangibles.

接下來，我們來看看現金流狀況。第三季度，我們透過經營活動產生了 7.87 億美元的營運資金變動現金，同時也因營運資金的有利變動獲得了 1.25 億美元的現金。本季投資活動包括固定資產投資 2.67 億美元，以及投資、其他資產和無形資產增加 1 億美元。

Overall, we generated free cash flow of $572 million in the third quarter, higher than we were forecasting and $398 million better than the same period a year ago. The increase was driven mainly by lower capital spending and favorable working capital performance. And we continue to return capital to shareholders, paying dividends of $136 million in the quarter.

總體而言，我們第三季產生了 5.72 億美元的自由現金流，高於我們的預期，比去年同期成長了 3.98 億美元。成長主要得益於資本支出減少和營運資本表現良好。我們繼續向股東返還資本，本季派發股利 1.36 億美元。

Our balance sheet and capital structure remained strong, with low single-A investment-grade ratings from the major credit rating agencies. At the end of September, we had $4.7 billion in total liquidity, including $1.3 billion of cash on hand, which provides ongoing financial flexibility.

我們的資產負債表和資本結構仍然穩健，獲得了主要信用評級機構給予的低A級投資評級。截至9月底，我們擁有47億美元的流動資金，其中包括13億美元的現金，這為我們提供了持續的財務靈活性。

During the quarter, we repaid $650 million of near-term maturing senior notes. Our refinancing is now complete, and we have no senior note maturities until 2027. Currently, our adjusted debt-to-EBITDA ratio is at 1.88 times, a little better than we anticipated coming into the quarter. We have been executing well on delevering throughout 2025. And as Swamy said earlier, we expect to end the year below 1.7 times.

本季度，我們償還了 6.5 億美元的近期到期優先票據。我們的再融資現已完成，2027 年之前我們沒有優先票據到期。目前，我們調整後的負債與 EBITDA 比率為 1.88 倍，比我們本季初的預期略好。我們在2025年全年都很好地執行了去槓桿化計劃。正如斯瓦米之前所說，我們預計今年年底的本益比將低於 1.7 倍。

And lastly, subject to the approval by the Toronto Stock Exchange, our Board yesterday approved a new normal-course issuer bid or NCIB, authorizing the company to repurchase up to 10% of our public flow or around 25 million shares. We expect the NCIB to be effective in early November and remain in effect for a period of one year.

最後，在獲得多倫多證券交易所的批准後，我們的董事會昨天批准了一項新的正常發行人回購計劃（NCIB），授權公司回購最多 10% 的公開流通股，約 2500 萬股。我們預計 NCIB 將於 11 月初生效，並持續一年。

Since the initiation of the NCIB approved last year, Magna has repurchased 5.8 million shares or roughly 2% of shares outstanding. This allowed us to return $253 million in cash to shareholders while still reducing leverage and navigating a challenging environment. Our new NCIB reinforces our commitment to share buybacks as a key component of our disciplined capital allocation strategy as we look ahead to 2026.

自去年批准的正常市場發行人回購計畫啟動以來，麥格納已回購了 580 萬股，約佔已發行股份的 2%。這使我們能夠在降低槓桿率和應對充滿挑戰的環境的同時，向股東返還 2.53 億美元的現金。展望 2026 年，我們新的 NCIB 強化了我們對股票回購的承諾，將其作為我們嚴謹的資本配置策略的關鍵組成部分。

So in summary, we delivered strong financial performance in the third quarter, which exceeded our expectations and showed both top- and bottom-line improvements versus last year, despite the unfavorable impact of tariffs and commercial items in the quarter. We're benefiting from operational excellence initiatives across the company, and we expect these efforts to drive further margin upside over time.

總而言之，儘管第三季受到關稅和商業項目的不利影響，但我們仍取得了強勁的財務業績，超出預期，營收和利潤均較去年同期有所提高。我們正受惠於公司各部門推行的卓越營運舉措，我們預計這些舉措將隨著時間的推移進一步提升利潤率。

We've also increased our outlook to reflect our third-quarter performance and expectations for a solid finish to the year. We're planning for higher sales, supported by an increased and expected light vehicle production, particularly in North America. And that's net of the expected fourth-quarter impact of potential supply chain disruptions.

我們也提高了業績預期，以反映我們第三季的業績表現以及對全年穩健收官的預期。我們預計銷量將有所成長，這得益於輕型汽車產量的增加，尤其是在北美地區。而且這還不包括預計第四季可能出現的供應鏈中斷的影響。

We raised the low end and midpoint of our adjusted EBIT margin range. And we increased our outlook for adjusted net income, largely due to the higher expected EBIT. We'll continue to focus on free cash flow generation and capital discipline, as evidenced by a further reduction in our capital spending outlook.

我們提高了調整後 EBIT 利潤率範圍的下限和中點。我們提高了對調整後淨利潤的預期，這主要是由於預期息稅前利潤較高。我們將繼續專注於自由現金流的產生和資本紀律，正如我們進一步下調資本支出預期所證明的那樣。

As a result of this and expected higher earnings, we have raised our 2025 free cash flow outlook by about $200 million. And lastly, we continue to mitigate the impact of tariffs. We settled with additional OEMs in the third quarter, and we're on track to complete substantially all remaining customer negotiations by year-end.

由於上述因素以及預期更高的收益，我們將 2025 年自由現金流預期提高了約 2 億美元。最後，我們將繼續減輕關稅的影響。我們在第三季與更多原始設備製造商達成了協議，並且我們預計在年底前完成所有剩餘客戶談判的絕大部分。

Let me close where I started and reiterate how thrilled I am to be part of the talented and dedicated Magna team. This past quarter was a testament to the resilience of our business and the effectiveness of our strategy. And we're excited about the opportunities that lie ahead.

最後，我想回到我最初的想法，再次強調我非常興奮能夠成為才華橫溢、敬業奉獻的麥格納團隊的一員。上個季度的業績證明了我們業務的韌性和我們策略的有效性。我們對未來的機會感到興奮。

With that, we'd be happy to take your questions. Operator?

那麼，我們很樂意回答您的問題。操作員？

(Operator Instructions) Etienne Ricard, BMO Capital Markets.

（操作員說明）Etienne Ricard，BMO 資本市場。

Thank you, and good morning. As we think about 2026, can you remind us what improvements to operating margins we should see from efficiency gains? And across which segments do you still have lots of potential to expand margins?

謝謝，早安。展望 2026 年，您能否提醒我們，效率提升將為營運利潤率帶來哪些改善？那麼，在哪些細分市場中，你們仍有很大的利潤空間來擴大利潤率呢？

Good morning, Etienne. I think the best way to look at this is a little bit going back into the previous calls, where we talked about margin improvement from '23, '24.

早安，艾蒂安。我認為看待這個問題的最佳方法是回顧一下之前的電話會議，當時我們討論了 2023 年和 2024 年的利潤率改善情況。

We said we were going to do about 115 basis points, which was done. We talked about an additional 75-basis-point split between '25 and '26. I can say the '25, we are well on our way and on track. And we have good visibility for the 35 to 40 basis points going into '26.

我們說過要降息約 115 個基點，現在已經實現了。我們討論了 2025 年和 2026 年之間額外 75 個基點的差距。我可以肯定地說，2025年，我們進展順利，一切都在按計畫進行。我們對2026年35至40個基點的走勢有很好的預期。

So if you look at the 5.5%, which is the midpoint of the range we are talking about finishing '25, and add the operational improvements of the 35 to 40 basis points, it should give you a good foundation of how we are going into '26.

因此，如果你看一下 5.5%，這是我們所謂的 2025 年末範圍的中點，再加上 35 到 40 個基點的營運改進，它應該能讓你對我們進入 2026 年的情況有一個良好的基礎。

On top of that, there are some programs which we have talked about, which are coming in, like launching now, into '26 with new economics, compared to what we had from the inflation-impacted timeframe of '23 to '25. So take all of that in, if you assume volumes to be flattish going from '25 to '26, we see the margins building on top of the exit of the 5.5% in '25.

除此之外，還有一些我們討論過的計劃，例如現在開始實施的計劃，將在 2026 年推出，採用新的經濟模式，這與受通貨膨脹影響的 2023 年至 2025 年期間的情況有所不同。所以，綜合考慮所有這些因素，假設從 2025 年到 2026 年銷量保持平穩，我們可以看到利潤率是在 2025 年 5.5% 的利潤率退出後繼續增長的。

The second part of the question, I think it's a little bit difficult to talk segment by segment. But I can tell you the operational activities are across the company. And that's what is giving us traction, and we are very optimistic about it.

問題的第二部分，我覺得很難逐一討論。但我可以告訴你，營運活動遍及整個公司。正是這一點讓我們取得了進展，我們對此非常樂觀。

Okay. I appreciate the details. And I also want to cover the lower pace of capital expenditures. So this is good for free cash flow over the near term. But could you please remind us why this is not expected to materially affect growth prospects in future years?

好的。我很欣賞這些細節。我還想談談資本支出成長放緩的問題。因此，這有利於短期內的自由現金流。但您能否提醒我們一下，為什麼預計這不會對未來幾年的成長前景產生實質影響？

So, Etienne, I think we have always said our long-term average ratio -- CapEx-to-sales ratio is, I would say, low to mid-4s. And if you have looked at the CapEx spend in the past years going into '22, '23, '24, we had a higher CapEx spend cycle. And that depends very much on the cycle that the OEMs go through in giving out programs, right? Then we went through a big cycle of EV releases at that point in time.

所以，艾蒂安，我認為我們一直都說我們的長期平均比率——資本支出與銷售額之比，我認為是 4 到 4 的低到中段。如果你查看過去幾年（包括 2022 年、2023 年、2024 年）的資本支出，你會發現我們的資本支出週期更高。這很大程度上取決於汽車製造商在發放補貼計劃時所經歷的周期，對吧？隨後，我們經歷了電動車發布的大周期。

Now, with that investment behind us, we have been constantly talking about looking at different -- as part of our continuous improvement in operational activities, looking at efficiencies, looking at consolidations and closing of facilities, looking at optimizing footprint, all of that has given us the opportunity to optimize.

現在，有了這筆投資，我們一直在討論如何從不同的角度看待問題——作為我們持續改進營運活動的一部分，我們一直在關注效率、整合和關閉設施、優化佈局，所有這些都給了我們優化的機會。

But I can very clearly tell you that the team is very focused on not curtailing CapEx at the expense of growth. We are very much focused on organic growth with right profitability.

但我可以非常明確地告訴大家，團隊非常注重不以犧牲成長為代價來削減資本支出。我們非常注重在保證適當獲利能力的前提下實現有機成長。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Dan Levy of Barclays.

巴克萊銀行的丹·利維。

Hi, good morning. Thank you for taking the questions. First, maybe you could just talk through what you've embedded in your guidance and what you're seeing as it relates to some of these production disruptions out in the market between Ford, Novelis, JLR, and Nexperia? Just what's the impact to you? And what's embedded in the guidance, and how you're planning around those?

您好，早安。感謝您回答這些問題。首先，您能否談談您在指導方針中融入了哪些內容，以及您觀察到的福特、諾貝麗斯、捷豹路虎和耐普瑞亞等公司在市場上出現的一些生產中斷問題？這對你來說究竟有什麼影響？指導方針中包含哪些內容？你們又是如何圍繞著這些內容進行規劃的呢？

Hi, Dan, good morning. I think the Novelis and the Nexperia situation are still a little bit fluid. But we have taken into account, based on the releases that we have -- and there is visibility. Obviously, there is more color as we have conversations with the customers.

嗨，丹，早安。我認為Novelis和Nexperia的情況目前還不太明朗。但根據我們已發布的版本，我們已經考慮到了這一點——而且情況也比較明朗。顯然，隨著我們與客戶的交談，情況會變得更加豐富多彩。

We have taken all of that in the Q4. But there is a little bit of indirect impact, right, because this situation is impacting OEMs and other suppliers. So that has an impact on the overall production. Obviously, that could have an indirect impact. But we have taken to the best of our knowledge the information that's been provided already in the outlook that we have given.

我們在第四季度已經完成了所有這些工作。但這種情況也會產生一些間接影響，對吧？因為這種情況正在影響原始設備製造商和其他供應商。所以這會對整體產量產生影響。顯然，這可能會產生間接影響。但是，我們已經盡最大努力，將現有的資訊納入我們給予的展望中。

Yeah. Dan, if I could maybe just add -- this is Phil. Good morning. So the 15-million-unit assumption that we have in for the full year for North America would reflect our estimate of lost production. So if you compare that number to maybe some of the external forecasted, it is a little bit lower. And that's where we would have embedded our assumption.

是的。丹，如果我可以補充一點的話——我是菲爾。早安.因此，我們對北美全年產量1500萬輛的假設反映了我們對產量損失的估計。所以，如果你把這個數字和一些外部預測數字相比，它會稍微低一些。而這正是我們埋下假設的地方。

Okay. And Nexperia -- and I know it's a wide range of potential outcomes. But we are a month in, and you do have a large electronics business. What's the -- is there any sort of range of outcomes that you might be gauging within the results?

好的。還有 Nexperia——我知道可能會出現各種各樣的結果。但現在已經過去一個月了，而且你們確實擁有一家規模龐大的電子產品企業。——在結果中，您是否考慮了某種結果範圍？

Yes, I think it impacts largely the electronics group, but it's not only for the electronics group, Dan. You can imagine there is associated systems in powertrain and other parts of Magna. We have a task force activity that's obviously very active in looking at the supply chain analysis, the run-out dates.

是的，我認為這對電子部門影響很大，但丹，這不僅影響電子部門。您可以想像，動力系統和麥格納的其他部件中都有相關的系統。我們有一個特別工作小組，他們顯然非常積極地研究供應鏈分析和產品停產日期。

We have identified and released alternative parts, obviously, in conversation with the customers. We're tracking the EMS suppliers; wherever possible, purchase through brokers. So there's a very constant communication with customers and suppliers.

顯然，在與客戶的溝通下，我們已經確定並推出了替代部件。我們正在追蹤EMS供應商；盡可能透過經紀人採購。因此，我們與客戶和供應商保持著非常頻繁的溝通。

I don't know if we can get into every -- segment by segment. But I can say we have taken the impact to the extent we have seen, again, just not from the outside forecasters, but also program-by-program customer discussions.

我不知道我們能否逐段討論。但我可以肯定地說，我們已經看到了這種影響的程度，這不僅是來自外部預測者的估計，也是我們與客戶逐一討論的結果。

Okay. Got it. Thank you. And then maybe as a follow-up, if you could just walk through the large, implied step-up into margins in the fourth quarter that are within your guide? I mean, pretty much all of the segments have a large step-up in margins. Perhaps, you could just talk to the underlying strength in those.

好的。知道了。謝謝。然後，作為後續討論，您能否詳細解釋一下您指南中提到的第四季度利潤率大幅提升的隱含步驟？我的意思是，幾乎所有細分市場的利潤率都有很大的提升空間。或許，你可以直接與這些內在的力量對話。

So a couple of points, Dan. I think as we look through, obviously, one is the traction of the operational activities that we've been talking about. The second part is we have mentioned the second half of the year being heavy in tariff and commercial recoveries. And obviously, it's heavy-ended into the fourth quarter.

丹，有幾點需要說明。我認為，當我們審視這個問題時，很顯然，其中之一是我們一直在討論的營運活動的進展。第二部分，我們已經提到下半年將是關稅和商業回收的高峰期。很明顯，比賽進入了第四節。

But we have substantially negotiated with the customers. There is some ongoing discussions, but we feel pretty good with the frameworks that are in place. And we believe the roughly 10 basis points impact due to tariff for the year, I think, we feel comfortable at this point in time.

但我們已經與客戶進行了實質的談判。目前還有一些討論正在進行中，但我們對現有的框架感到相當滿意。我們認為，關稅對今年的影響約為 10 個基點，目前來看，我們對此感到滿意。

I would say those are the key points. And if you remember, last time, we talked about -- I don't know -- 35 basis points of the full-year EBIT coming in fourth quarter. That was very relevant, and we are trying to get cadence going from Q3 to Q4.

我認為這些是關鍵點。如果你還記得的話，上次我們討論過——我不知道——第四季全年息稅前利潤將增加 35 個基點。那非常重要，我們正在努力使節奏從第三季過渡到第四季。

It's been a little bit of a stronger Q3. Now if you look at the math of the midpoint of the sales and the midpoint of the EBIT, I would still say we are in the low 30s as a percent of EBIT for the full year. So all in all, it's on track and looking good.

第三季業績略有改善。現在，如果你看一下銷售額中點和 EBIT 中點的計算結果，我仍然認為我們全年的 EBIT 百分比在 30% 左右。總而言之，一切進展順利，看起來不錯。

Great, thank you.

太好了，謝謝。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Good morning, everybody. I wanted to first ask about the latest Ford recalls that happened over the last few months, regarding the rear-facing camera, which I believe is Magna's. And correct me on the number, but it's well north of 1 million vehicles, I think. I'm just curious what -- how that maybe translates or not to future warranty spend for you guys? Yeah. That's my first question.

大家早安。我想先詢問福特最近幾個月發生的關於後視攝影機的召回事件，我認為這是麥格納公司的召回事件。如果我沒記錯的話，這個數字肯定遠遠超過100萬輛。我只是好奇——這會對你們未來的保固支出產生什麼影響？是的。這是我的第一個問題。

Good morning, James. Yes. We'll disclose the warranty expenses in our quarterly and annual reports, as you know. We are working constructively with our customers to reach a resolution. For the more recent announcement, James, I would say the information is still coming through. We need a little bit better understanding of the scope of the issue.

早安，詹姆斯。是的。如您所知，我們將在季度和年度報告中揭露保固費用。我們正與客戶進行建設性合作，以尋求解決方案。詹姆斯，關於最近發布的消息，我想說資訊仍在陸續公佈中。我們需要對問題的範圍有更深入的了解。

As you can imagine, there is complexities in the system with various interfaces. We have to assess the overall. It's a little bit early from that standpoint. And as we gain more information, we will definitely be in a better position to come back and give you more granularity.

您可以想像，該系統具有各種接口，非常複雜。我們需要對整體情況進行評估。從這個角度來看，現在還為時過早。隨著我們獲得更多信息，我們肯定會更好地為您提供更詳細的信息。

Got it. Understood. Thank you. And then my follow-up, just can you speak to the new nameplates that are at Magna Steyr and what that could translate to in terms of future volumes, run-rate production? And then just latest thoughts on capital allocation with respect to share buybacks? Thank you.

知道了。明白了。謝謝。那麼，我的後續問題是，您能否談談麥格納斯太爾的新車型名稱，以及這些新車型在未來的產量和生產速度方面可能意味著什麼？那麼，您對股票回購的資本配置有什麼最新看法？謝謝。

Yeah, James, again, I think one of the key things is the flexibility that we have in our Magna Steyr facility to be able to do multiple propulsion systems or multiple models through the same line. So I don't think you'll see a significant -- given the capability and the way it is set up, and the business model that we have working with the customers there, we don't expect to see an uptick in capital because of those programs in Steyr.

是的，詹姆斯，我認為關鍵因素之一是我們在麥格納斯太爾工廠所擁有的靈活性，能夠透過同一條生產線生產多種推進系統或多種型號的產品。因此，我認為你不會看到顯著的變化——考慮到其能力和設置方式，以及我們與當地客戶合作的商業模式，我們預計不會因為斯太爾的這些項目而看到資本增加。

Now with respect to the programs, as I mentioned in my remarks, XPENG, we are doing SKD of two models. And there is another Chinese OEM we are working with, which is due to launch a third model in there. So all in all, we are excited about that.

關於專案方面，正如我在發言中提到的，小鵬汽車，我們正在進行兩款車型的 SKD 組裝。我們正在與另一家中國汽車製造商合作，他們即將推出第三款車型。總而言之，我們對此感到興奮。

If you remember, we have capacity of roughly 150,000 units, I would say. But if you look averaged out over years, long period of time, I would say we do well with about 100,000 to 120,000 units. Typically, that's what has been average. So we are continuing to work launching these programs. But there is additional discussions ongoing to further optimize the facility there.

如果你還記得的話，我們的產能大約是15萬台。但如果從多年的平均來看，長期來看，我認為我們每年大約可以達到 10 萬到 12 萬台的銷售量。通常情況下，平均值就是這樣。因此，我們正在繼續推進這些項目的啟動工作。但目前仍在進行進一步的討論，以進一步優化那裡的設施。

Yeah. And maybe to the point on share buybacks, so obviously, share buybacks remain an essential part of our capital allocation strategy at the company. As you know, we've kind of paused this year just given all of the uncertainty that was -- that's been out there. We've shifted and focused instead on delevering, and that's gone very well.

是的。或許可以談談股票回購，很顯然，股票回購仍然是我們公司資本配置策略的重要組成部分。如你所知，鑑於今年種種不確定因素，我們基本上暫停了所有工作。我們轉而專注於去槓桿化，而且進展非常順利。

It's absolutely trending ahead of schedule. And we did announce, as you saw, the new NCIB, which would allow the company to purchase up to 10% of our shares over the next 12 months. So I think that the leverage coming down quicker than we anticipated, the strong free cash flow which we expect to continue, I think, sets us up really well to lean into buybacks as we're looking ahead to 2026. And I think that it will continue to factor in.

它的發展趨勢絕對比預期快。正如您所看到的，我們宣布了新的正常市場收購計劃 (NCIB)，該計劃將允許公司在未來 12 個月內購買我們最多 10% 的股份。所以我認為，槓桿率下降的速度比我們預期的要快，以及我們預計會持續的強勁自由現金流，我認為這讓我們在展望 2026 年時能夠更好地進行股票回購。我認為這將繼續成為一個重要的考慮因素。

That sounds great. Thank you, guys.

聽起來不錯。謝謝大家。

Thank you.

謝謝。

Joe Spak, UBS.

喬·斯帕克，瑞銀集團。

Thanks. Good morning, Swamy, and welcome, Phil. Just -- I was wondering if you could help me a little bit here. Like, if I track the impact all year long on tariffs and then your comment of less than 10 basis points impact for the year. It seems like you're counting on -- I don't know -- at least $40 million, maybe a little bit more, recoveries in the fourth quarter.

謝謝。早安，斯瓦米，歡迎你，菲爾。我只是想問您能不能幫我個忙。例如，如果我全年追蹤關稅的影響，然後你評論說全年影響不到 10 個基點。看來你們指望在第四季至少收回 4000 萬美元，也許還會更多。

Is that math right? I know you said that was one of the drivers of the margin inflection in the fourth quarter. I just want to make sure we're properly calibrated there. And then I know you said you're making progress on negotiations. But is there any risk, do you think, to receiving them given some of the distractions at the customers?

這樣算對嗎？我知道你說過這是第四季利潤率轉折點的驅動因素之一。我只是想確保我們那邊校準得當。我知道你說過談判正在取得進展。但考慮到顧客可能會分心，您認為接收這些產品是否有風險？

Good morning, Joe. I think if you look at the overall in our last calls, we mentioned roughly an annualized impact of about $200 million. But, as you know, the tariff situation started, Louis, I would say, April -- March, April timeframe. So you can take the $200 million annualized and get the number for the year.

早安，喬。我認為，如果你回顧我們上次的電話會議，我們提到過，年化影響大約是2億美元。但是，路易斯，正如你所知，關稅問題始於四月——三月到四月這段時間。所以你可以把 2 億美元乘以年化金額，得到全年的數字。

I think in the fourth quarter, there's more than $40 million, I would say. But there is frameworks in place, Joe, which gives me the comfort to say we are working through. The framework is there. Discussions have been collaborative, which gives me comfort.

我認為第四季應該超過 4000 萬美元。但喬，我們已經有了相應的框架，這讓我可以安心地說，我們正在努力克服這些障礙。框架已經搭建好了。討論氣氛融洽，這讓我感到很欣慰。

Is there a risk? Obviously, there could be, just as you know in this industry. But looking at the past history, looking at the status of where we are today, I feel comfortable. And as we talk about 10 basis points, right, which is roughly in the $30 million range that we believe would be the tariff impact for 2025 that's unrecovered or unmitigated.

是否有風險？顯然，這種情況是有可能發生的，正如你在這個行業中所了解的那樣。但回顧過去，看看我們今天的處境，我感到很安心。就像我們說的 10 個基點，對吧，這大約相當於 3000 萬美元，我們認為這將是 2025 年尚未收回或未緩解的關稅影響。

Thank you. That's helpful. And then I know you're going to be pretty limited today in sort of talking about next year. But just again -- so we think about this now. It does seem right, like, maybe you have this positive in the fourth quarter. You're fairly neutral for the year.

謝謝。那很有幫助。我知道你今天在談論明年的事情方面會受到很多限制。但再說一次——所以我們現在要考慮這個問題。看起來確實如此，也許你在第四季會有這樣的正面表現。你今年的表現相當中立。

So if we think about maybe for '26, is -- are things -- are recoveries and headwind sort of better aligned. So the margin variation quarter to quarter related to this should be much reduced. So we don't have this like big one-half, two-half inflection like you did in '25. Is that a good baseline to think about for next year, that it's a little bit more balanced?

所以如果我們展望 2026 年，情況是——復甦和逆風是否更加協調一致。因此，與此相關的季度間利潤率波動應該會大大減少。所以我們沒有像你們在 25 年那樣出現大幅度的二分之一、二分之一轉折。明年是否可以以此為基準，力求更平衡？

I think that will be the focus, Joe. But tariffs was a new thing this year, as you know, and we had to come up with the framework. I would say there is good groundwork and framework in place, this being the first year. Then as we are coming towards the end, that should help going into 2026, if you have to deal with it.

喬，我想那將是重點。但你也知道，關稅是今年新出現的，我們必須制定相對應的框架。我認為，作為第一年，目前已經打下了良好的基礎，並建立了完善的框架。那麼，隨著我們接近尾聲，如果你要面對2026年，這應該會有所幫助。

I think there is still going to be some amount of cadence topics going from one quarter to the other, just based on continuous improvements, the programs finishing, and the new programs coming and so on and so forth.

我認為，由於持續改進、專案完成、新專案推出等等原因，每個季度之間仍然會有一些節奏相關的話題。

But we are in the process of the business planning now. I think by the time we come to February, we'll get a much better picture to at least give you somewhat of a sense of -- is there more [luck in this], or it's getting back to normalcy.

但我們現在正在進行商業計劃制定。我認為到了二月份，我們就能更清楚地了解情況，至少可以讓你大致了解——是運氣更好了，還是正在恢復正常。

Thank you very much.

非常感謝。

Tom Narayan, RBC Capital Markets.

Tom Narayan，加拿大皇家銀行資本市場。

Hey, thanks. Hi, Swamy, Phil, and best wishes to Pat. My first question is on the Seating margins just guided for Q4. And I know a lot of the segments are seeing this, but it's especially magnified in Seating, it seems. I know this segment was -- we had some challenges in the past due to just some program-specific things.

嘿，謝謝。嗨，Swamy，Phil，也祝Pat一切順利。我的第一個問題是關於剛剛公佈的第四季座位供應情況。我知道很多細分市場都存在這種情況，但似乎在座位方面尤其如此。我知道這部分內容——過去我們遇到了一些挑戰，這主要是由於一些節目特有的問題。

Just curious if you could help us understand how much of this sequential improvement is coming from the tariff and commercial recoveries? And then how much is just underlying kind of business improvement? I know you also called out engineering coming down. I'm not sure if that impacts Q4 as well. But just curious on your thoughts on Seating in Q4 and how we should think about that going forward.

我們想請您幫忙了解一下，這一系列改善中有多少來自於關稅和商業復甦？那麼，其中有多少只是基礎性的業務改進呢？我知道你也曾批評過工程部門的倒閉。我不確定這是否也會影響第四季。我只是好奇您對第四季座位安排的看法，以及我們今後應該如何考慮這個問題。

Yeah. Maybe I'll start, Tom. So on Seating, obviously, a really strong third quarter with revenue up and good margin performance. But to your question, the margin improvement Q3 to Q4, the big contributors would be recoveries for tariffs because Seating does have pretty large tariff exposure. So there are the recoveries we've got to get.

是的。或許我會先開始，湯姆。顯然，座椅業務第三季表現非常強勁，營收成長，利潤率表現良好。但就你提出的第三季到第四季利潤率改善的問題而言，主要貢獻因素是關稅的回收，因為座椅業務確實面臨相當大的關稅風險。所以，這就是我們必須實現的復甦目標。

But there's also continued operational excellence initiatives there, too. But if we had to point to the primary drivers of the margin -- because we do expect the implied guidance would say volumes would be down a little bit year on year and even down a little bit sequentially. So we've got the volume headwind in there, too, but overcoming it with the recoveries, commercial tariffs, and also continued focus on operational excellence.

但那裡也有持續推進卓越營運的舉措。但如果要指出利潤率的主要驅動因素——因為我們預期隱含的指導意見會顯示銷量較去年同期略有下降，甚至較上季也略有下降。所以我們也面臨著銷量下滑的阻力，但透過復甦、商業關稅以及持續專注於卓越運營，我們克服了這一阻力。

And there's a little bit of engineering that's come down. It should be a bit of a tailwind for us. And that's for the fourth quarter in general. I think, Tom, just maybe stepping back, I want to say Seating is a good business.

而且還有一些工程技術的問題被忽略了。這應該會帶給我們一些助力。以上指的是第四季的整體情況。湯姆，我想，或許應該退一步想想，座椅產業是個不錯的生意。

In the past couple of years, there was pressure on margins due to program-specific issues like end of production of Ford Edge, there was a cancellation of BEV Explorer, and Chevy Equinox moved from Ontario. And as you mentioned rightly, I've been talking about a European OEM program in North America which had issues, and that's going to be behind us.

過去幾年，由於福特Edge停產、純電動Explorer取消生產以及雪佛蘭Equinox從安大略省撤出等項目特定問題，利潤率面臨壓力。正如您所提到的，我一直在談論一個在北美開展的歐洲 OEM 項目，該項目遇到了一些問題，但這些問題都將過去。

The newer version with the right, call it, financial metrics launches in '26 into '27. And you'll see that additional impact going forward in '27. So I would say structurally, it's a really good business. It's got a strong position in China with China-based OEMs.

具有正確（姑且稱之為）財務指標的新版本將於 2026 年至 2027 年推出。2027 年，你會看到這種進一步的影響。所以從結構上看，這真是一家非常好的公司。它在中國擁有強大的市場地位，與中國本土的汽車製造商建立了良好的合作關係。

So all in all, the team has done -- the Seating team has done a great job taking costs out as part of the operational excellence. So I think we'll continue to see the margin improve going forward.

總而言之，團隊做得非常出色——座椅團隊在降低成本方面做得非常出色，這是卓越營運的一部分。所以我認為未來利潤率會繼續提高。

Great. My follow-up has to do with the Steyr and the Chinese OEM wins. Does this create like a flywheel to sell other Magna products from other segments? And then just curious if there were any kind of frictions from your European OEM customers, legacy ones, given the encroachment of Chinese OEMs into Europe is a very hot topic. And I know some of the OEMs are kind of concerned about it.

偉大的。我的後續報道與斯太爾和中國OEM廠商的勝利有關。這是否會像飛輪一樣，帶動其他業務領域的麥格納產品銷售？我很好奇，鑑於中國 OEM 廠商進軍歐洲市場是一個非常熱門的話題，你們的歐洲 OEM 客戶（尤其是老牌 OEM 客戶）是否有什麼摩擦。我知道一些汽車製造商對此感到擔憂。

I think, Tom, we would like to look at each of the business that needs to stand on itself, right? Obviously, if there are opportunities for other parts, other systems of Magna to be there, yes, but we are not going to make one dependent on the other, right? So it's standing on its own merit, that's how we're going to look at it. obviously, there could be opportunities, but we have to look at it.

湯姆，我想我們應該逐一檢視那些需要獨立發展的業務，對吧？顯然，如果 Magna 的其他部件、其他系統有機會存在，是的，但我們不會讓一個部件依賴另一個部件，對吧？所以，我們要根據它本身的價值來看它。當然，其中可能存在一些機會，但我們必須認真審視它。

To be honest, no, we have not seen any discussions with other OEMs. This is part of a business for Magna, and we have worked with various OEMs in the past, right, as you know. Then we are following the same business model, same principles. So we have not heard anything. And we are very close to the customers at (inaudible).

坦白說，沒有，我們沒有看到與其他原始設備製造商的任何討論。這是麥格納業務的一部分，正如您所知，我們過去曾與多家原始設備製造商 (OEM) 合作過。那我們就遵循同樣的商業模式和原則。所以我們什麼消息都沒收到。我們與客戶的關係非常密切。（聽不清楚）

Emmanuel Rosner, Wolfe Research.

Emmanuel Rosner，Wolfe Research。

So I appreciate your early thoughts on some of the operational performance that could continue into 2026. Another angle I was hoping to get an update on is you've in the past pointed to a large amount of new business that would launch and ramp up into 2026, boosting revenue pretty materially and obviously coming with some operating leverage and helping margins further into next year.

因此，我感謝您對一些可能延續到 2026 年的營運績效提出的早期想法。我希望了解的另一個方面是，您過去曾指出，大量新業務將在 2026 年啟動並逐步發展，這將大幅提高收入，顯然還會帶來一些營運槓桿效應，並有助於在明年進一步提高利潤率。

So can you maybe talk to us about how those launches are progressing, whether the magnitude of the revenue uptake into next year from those is still broadly similar to what you mentioned in the past? And any other consideration on that launches and revenue uptake, please?

那麼，您能否談談這些產品的上市進度，以及明年這些產品帶來的營收規模是否仍與您先前提到的大致相似？關於產品發布和收入成長，還有其他需要考慮的因素嗎？

No. I think for 2025 going into '26, when we talked about launches, we talked about it in the context of new economics, right? The terms of setting labor back, labor rates and labor discussions at the start of production, not when we won the program as an example, and so on.

不。我認為，在談到 2025 年到 2026 年的產品發佈時，我們是在新經濟的背景下討論的，對吧？例如，在生產開始時就應該討論勞動成本、勞動力價格和勞動力談判，而不是在我們贏得該項目時才討論，等等。

We have specifically always talked about making progress based on returns. If you just look at all of those, that was the step up, I would say, or inflection in the profitability going with these new programs. As far as the launches and the cadence goes, looking at our team, they're doing very good.

我們一直以來都強調要根據回報來取得進步。如果只看這些，我認為，隨著這些新項目的推出，獲利能力就出現了提升或轉捩點。就產品發布和發布節奏而言，我們的團隊做得非常好。

We look at it very periodically, right, at high amount of detail. I can say there is nothing that stands out today. All the launches are moving pretty good.

我們會定期、非常詳細地審視它，對吧。可以說，今天沒有特別突出的事。所有發射進展都相當順利。

Yes. We got to look at what the volumes are going to be on all the programs. It's something we're going to go through as part of our business planning process, what are the revised volume expectations for all the key programs. What does that do to our sales growth, et cetera. So that's still part of our plan process that's coming.

是的。我們需要查看所有節目的收聽量。這是我們業務規劃過程中需要考慮的問題，即所有關鍵項目的修訂後銷售預期是多少。這對我們的銷售成長等會有什麼影響？所以這仍然是我們即將實施的計劃的一部分。

Yes. I think we can say we're doing a good job of controlling the controllables in our hand, but the externalities of volumes and so on, we still are going to go through and understand better in the business plan process.

是的。我認為我們可以說，我們在控制我們能夠控制的因素方面做得很好，但是銷量等外部因素，我們仍然需要在商業計劃過程中進行深入研究和更好地了解。

Yes, so more to come in February on that.

是的，二月會有更多相關消息公佈。

Now looking forward to just -- a quick follow-up on this and then I wanted to ask you also about the fourth-quarter drivers. But just a quick follow-up on this top line thing. Are we still talking about launches of decent managers. I understand the volume themselves would fluctuate. But we're not -- are you experiencing cancellations or major pushouts or anything like this?

現在我只想快速跟進這件事，然後我還想問你關於第四季的驅動因素。但關於這個主要問題，我還有一點要補充。我們也討論推出優秀經理人的問題嗎？我知道音量本身會有波動。但我們沒有遇到這種情況——你們那邊是否也出現了取消訂單、訂單大幅延期或其他類似情況？

I wouldn't say, Emmanuel, anything of significance. We already talked in the past about the big EV programs that everybody knows about. Other than that, we haven't seen anything substantial beyond. .

伊曼紐爾，我不會說任何重要的話。我們之前已經討論過大家都知道的大型電動車專案。除此之外，我們還沒有看到任何實質進展。。

Okay. And then I guess, my second question was, so when -- you've spoken earlier in the year about this big step-up in margin between the first half and the second half, which you're reiterating today. I mean, some of this was commercial recoveries.

好的。然後，我的第二個問題是，您在今年早些時候談到了上半年和下半年利潤率的巨大提升，您今天再次重申了這一點。我的意思是，其中一些是商業回收物。

There were some engineering recoveries. There were some tariff recovery in there. All that stuff seems to be on track. I think there was also a piece of the uptick that was supposed to be tied to warranty costs. Is that still also on track and helping towards the fourth quarter?

有一些工程修復工作正在進行中。這其中包含一些關稅回收措施。所有這些事情似乎都按計劃進行。我認為價格上漲也有一部分是因為保固成本增加所造成的。這個目標目前是否仍在按計劃進行，並有助於第四季度的實現？

Yes. In terms of looking at my comments from the last time to where we are, you are right, we need to keep our focus on obviously executing operationally. Yes, you mentioned commercial and tariff that is still continuing, as I mentioned in my remarks.

是的。回顧我上次的評論和我們目前的狀況，你說得對，我們顯然需要繼續專注於營運執行。是的，您提到了仍在繼續的商業和關稅問題，正如我在演講中提到的那樣。

Nothing specific about warranty, I think if you're talking about there was one topic on Seating in the first quarter. I would say we are in a good place with respect to that. Nothing -- no surprise there.

關於保固方面沒有具體說明，我想如果你指的是保修，第一季有一個關於座椅的話題。我認為我們在這方面處境良好。什麼都沒有——這並不奇怪。

Yes. I mean, yes, I would agree. I think when you think of the fourth quarter, -- you've got -- it's really continued execution on the operational excellence initiatives is in there, the recoveries, commercial tariffs. I would say there's nothing material related to warranty baked into the fourth quarter, if you will. It's really mainly volumes holding up executing well and then continuing to focus on cost controls.

是的。是的，我同意。我認為，當你展望第四季時，你會發現，這其中真正重要的是繼續推進卓越營運計劃、經濟復甦以及商業關稅。可以說，第四季並沒有包含任何與保固相關的實質內容。主要原因在於銷售量保持穩定、執行良好，以及持續專注於成本控制。

And just maybe year over year, the warranty in '25 has been higher. So the outlook that we are talking about in performance is despite that increase in warranty. .

而且，2025 年的保固期可能比前一年更長。因此，儘管保固期延長，但我們所討論的性能前景依然良好。。

Colin Langan, Wells Fargo.

柯林‧蘭根，富國銀行。

Early, you mentioned sort of you have the 5.5% base for 2025, you have about 35 to 40 basis points of continued sort of performance help that gets you to like 5.9%. And then I think you mentioned some of the launches are coming in at more profits and maybe you could go a bit higher.

早些時候，您提到 2025 年的基準成長率為 5.5%，您還有大約 35 到 40 個基點的持續表現提升，這將使您的成長率達到 5.9%。然後我想你提到過，有些新品發布利潤更高，也許你可以再提高一些價格。

I believe the last update, I think from Q4 was 6.5 to 7.2 it seems still like a big jump for you kind of walking. Is that just kind of sale at this point? Or should we still think of that as a relevant target as we think about '26?

我相信上次更新，好像是從第四季度的 6.5 到 7.2，對你來說這似乎仍然是一個很大的飛躍，就像走路一樣。目前這只是一種促銷活動嗎？或者，當我們考慮 2026 年的目標時，是否仍然應該將其視為一個相關的目標？

I think let us finish the business plan process. I think, as you know, one of the big variables is going to be volumes in the market, right? When I talk to you about the 35 to 40 basis points, obviously, that's again controlling what we have in our hands in terms of operations and executing. We feel pretty good about that. Some of it will obviously depend on the volumes.

我認為我們應該完成商業計劃書的撰寫過程。我認為，如你所知，市場交易量將是影響因素之一，對吧？當我跟你談到 35 到 40 個基點時，顯然，這又回到了控制我們在營運和執行方面所掌握的資源的問題上。我們對此感覺相當不錯。其中一部分顯然取決於銷量。

Given all the activities that we have done in setting up the right cost structure and we -- it's a journey. We're not stopping there. We'll continue to look at it with the discipline we have had in capital. We see a good path going into '26. And as volumes come, you'll see, obviously, the flow through to the bottom line to be much better.

鑑於我們在建立正確的成本結構方面所做的所有活動，這是一個漫長的過程。我們不會就此止步。我們將繼續秉持在資本管理方面一貫的嚴謹態度來審視這個問題。我們看到2026年前景一片光明。隨著銷量的成長，很明顯，利潤也會大幅提升。

Yes. And to Swamy point, if you look at where we said we thought North American volumes would be in February for '26, it was like 15.4%. Where as it's today, it's 14.7%. So maybe by the time we get there, it's higher than that. But I mean, that delta has to be -- it's going to have an impact.

是的。正如 Swamy 所指出的，如果你看看我們之前預測 2026 年 2 月北美銷售會達到多少，大概是 15.4%。而現在，這個數字是 14.7%。所以，等我們到達那裡的時候，水位可能比那更高了。但我的意思是，這種差異必然會產生影響。

Got it. And then any update on how the ADAS business is performing? Because if I look at Power and Vision sales seem actually fairly flat. I thought there was supposed to be some ADAS growth driving there. Is that still up? And if it is, what is offsetting some of that weakness in there?

知道了。那麼，ADAS業務的營運情況如何？有什麼最新進展嗎？因為如果我看一下 Power 和 Vision 的銷售額，就會發現它們實際上相當平穩。我原以為ADAS（高級駕駛輔助系統）領域的成長會推動這方面的發展。那個網站還在嗎？如果確實如此，那麼是什麼因素彌補了其中的一些不足？

As we go through there, that segment has a lot of dynamic factors. As you can imagine, powertrain, EVs and hybrids and ice mix and program changes. From an ADAS perspective, Colin, I would say there is some, again, industry dynamics there.

當我們深入探討這一部分時，會發現其中有許多動態因素。正如你所想，動力系統、電動車、混合動力車和冰球混合體以及程式都會改變。從ADAS的角度來看，Colin，我認為這裡面仍然存在一些產業動態因素。

The OEMs are continuing to still evaluate the architecture. Some decisions have been pushed out from a China strategy in terms of looking at chips and their own perception strategy. And the Western OEMs continue to take a path -- so we've been a little bit cautious.

原始設備製造商仍在繼續評估該架構。在晶片及其自身認知策略方面，一些決策已經從中國戰略的角度出發。西方的原始設備製造商們繼續走著一條道路——所以我們一直比較謹慎。

I would say the growth that we would have assumed maybe three or four years ago to what we are looking is a little bit dampened. And the only reason is that we want to be cautious how many platforms we want to work, right?

我認為，我們三、四年前預期的成長速度，與我們現在所看到的相比，有所放緩。唯一的原因是我們希望謹慎選擇合作的平台數量，對吧？

We have to be focused on picking a platform so that we can engineer once and deploy multiple times. So there is a little bit of more work to do on the ADAS side, again, based on the industry and OEMs and architectures and trends.

我們必須專注於選擇一個平台，以便我們可以一次設計，多次部署。因此，ADAS 方面還有一些工作要做，這也取決於產業、OEM 廠商、架構和發展趨勢。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

I'd like to thank Pat for all his help and wish him the best going forward. And Phil, looking forward to working with you going forward. I have a question on the Complete Vehicles business. And Swamy, you mentioned earlier in the call that 100,000 to 120,000 is a more comfortable level to be operating?

我要感謝帕特提供的所有幫助，並祝福他未來一切順利。菲爾，期待未來與你合作。我有一個關於整車業務的問題。斯瓦米，你之前在電話會議中提到過，10萬到12萬是一個比較合適的營運規模？

I do want to clarify with the award and momentum you've been seeing in that business with some of the Chinese-based OEM programs, do you already have line of sight into volumes, getting the Complete Vehicle business to that kind of level in Austria? Or do you need to win additional business to get there?

我想澄清一下，鑑於您在一些中國OEM項目中獲得的獎項和發展勢頭，您是否已經預見到銷量，併計劃在奧地利將整車業務提升到那種水平？或者，你需要贏得更多業務才能實現這個目標？

And the second part of the question, if you get to those sort of volumes, what should we think about in terms of more normalized EBIT margin within the Complete Vehicle business? Because you think of time in the past, it was kind of 3%, 4% and I'm wondering if it can get back to at least those sort of levels, if not maybe even higher as you ramp some of this new business.

問題的第二部分是，如果銷售量達到那種水平，我們應該如何看待整車業務中更正常的息稅前利潤率？因為回想過去，這個比例大概是 3%、4%，我想知道它能否至少恢復到那個水平，甚至隨著一些新業務的拓展，還能更高。

Mark, I think a couple of points to mention. The 100,000 120,000 I mentioned was more a context of what the business has run typically in the past, right? We've been talking over the last 1.5 years where we restructured the team has done a great job restructuring to the current volumes and the current visibility. So even with the lower volumes running there, they've been able to maintain the margin. So that's one thing to note.

馬克，我覺得有幾點要提。我提到的 10 萬、12 萬更多是指該企業過去通常的營運規模，對吧？過去一年半以來，我們一直在討論重組團隊，團隊在重組方面做得非常出色，以適應當前的業務量和可見度。因此，即使銷量較低，他們也能夠保持利潤率。所以這是需要注意的一點。

The second one, as you know, this business or this segment runs on a different business model. It's a little bit on capacity utilization. So the risk exposure is a little different or lower. And when you talk about margins, as you know, besides Complete Vehicle assembly, in that segment, we also have engineering revenue, right?

如你所知，第二個業務或細分市場採用的是不同的商業模式。這跟產能利用率有點關係。因此，風險敞口略有不同或較低。說到利潤率，如您所知，除了整車組裝之外，在這個領域，我們還有工程收入，對吧？

Which has a little bit of ups and downs depending upon the seasonality. So that changes the EBIT percentage, depending on how much of what mix, right? We feel pretty comfortable that we have the right cost structure or we have optimized.

這會因季節變化而略有起伏。所以，息稅前利潤率會根據不同組合的比例而變化，對吧？我們很有信心，我們的成本結構是適當的，或者說我們已經進行了最佳化。

We are not keeping the cost structure hoping new business will come. We continue to look for the right opportunities there and the engineering continues, it's a good strength of ours, and we'll look at it. So I feel to expect somewhere in the mid-2s to 3% range will be normal.

我們不打算維持現有的成本結構，指望新業務會隨之而來。我們將繼續在那裡尋找合適的機會，工程技術也在不斷發展，這是我們的優勢所在，我們將繼續關注。所以我認為，預期誤差在 2% 到 3% 之間是正常的。

Okay. That's helpful on the margin. I guess, just in terms of the volumes, maybe it's not quite at those sorts of volumes as it was historically, but the business has operated to be profitable at lower levels. Is that the right understanding?

好的。這有助於提高利潤。我想，就銷量而言，或許還沒有達到歷史上那種銷量水平，但即使在較低的銷量水平下，該業務也一直保持盈利。我的理解正確嗎？

Exactly.

確切地。

Okay. And then the other point -- the other question I had was also on the Complete Vehicle business. And with some of the EV fitting work that Magna is doing. I wanted to talk, is that reported within Complete Vehicles or another part of the business?

好的。還有一點——我的另一個問題也是關於整車業務的。還有麥格納正在進行的一些電動車改裝工作。我想問一下，這件事是在整車部門內部報告，還是在公司的其他部門報告？

I realize that the volume of EVs are still small, but I imagine that might be an opportunity for system some engineering collaboration and just want to understand how impactful some of the EV announcements where that Magna's doing EV outfitting? Just kind of how big that might be for your business today?

我知道電動車的產量仍然很小，但我認為這可能為系統工程方面的合作提供機會，我只是想了解一些電動車相關的公告，例如麥格納正在進行電動車改裝，這些公告的影響有多大？這對你目前的業務來說究竟有多大影響？

Yes, Mark, you're right. The operating of the full autonomous vehicles is in this segment. It's an interesting one, but continue to look at it, look at the business model and work with them. We are very -- we are at the table is the best way to put it, and we have an advantage of being at the table.

是的，馬克，你說得對。本領域涵蓋全自動駕駛車輛的運作。這很有意思，但要繼續關注它，研究它的商業模式，並與他們合作。我們現在處於非常有利的地位——用「我們參與其中」來形容最為貼切，而且我們擁有參與其中的優勢。

But we're also looking words of value that we can bring and we do, I think from an engineering perspective and the expertise of integrating vehicles. So there is a possible opportunity there, but too early to quantify.

但我們也希望能夠帶來有價值的訊息，我認為從工程角度和車輛整合專業知識來看，我們確實能夠帶來有價值的資訊。所以那裡可能存在機會，但現在量化還為時過早。

Jonathan Goldman, Scotiabank.

喬納森‧戈德曼，加拿大豐業銀行。

Maybe we can circle back to 2026, and I respect you're still in the planning stages. But Swamy, you alluded to maybe flat next year in terms of volumes and rather than put a fine point on any number, what's your expectation in terms of production being aligned with sales?

或許我們可以把時間延後到 2026 年，我也尊重你們目前還在規劃階段。但是斯瓦米，你暗示明年的銷售可能會持平，與其說是要給出具體的數字，不如說你對生產與銷售的匹配度有何預期？

Good question, Jonathan. And I think you're asking me to look at the crystal ball a little bit. I think our assumption has been always to look at bottom stop what we get from our customers, the releases and our own information that's available at Magna and then triangulate with the external forecasters, right?

問得好，喬納森。我想你是想讓我稍微預測一下未來吧。我認為我們一直以來的假設都是首先關注我們從客戶那裡獲得的信息、產品發布信息以及麥格納公司自身掌握的信息，然後再與外部預測機構的信息進行對比，對嗎？

If the tariffs and the price continues the way it is versus being passed on to the consumers. There might be a pressure on the sales side of things, don't know. That is something we have to see. At this point in time, and this is just me personally looking at it, and we are looking -- it could be flattish. But like Louis mentioned a few minutes ago, in the next few months, we'll get a little bit more visibility on that.

如果關稅和價格繼續維持現狀，而不是轉嫁給消費者。銷售方面可能有壓力，我也不清楚。那我們得親眼看看。就目前而言，這只是我個人的看法，我們正在觀察——它可能比較平坦。但正如路易斯幾分鐘前提到的那樣，在接下來的幾個月裡，我們對此有更清晰的了解。

And I mean, inventory levels in North America in particular, are pretty healthy levels. It's reasonable to believe that they're going to bring those numbers -- that they're going to work off inventory when they got an issue, whether they decide to build more than they sell, that's our -- yes, it's really up to the OEM as we can't like determine.

我的意思是，尤其是在北美，庫存水準相當健康。有理由相信他們會達到這些數字——當他們遇到問題時，他們會利用庫存來解決問題；至於他們是否決定生產比銷售量更多的產品，那是我們的——是的，這真的取決於原始設備製造商，因為我們無法確定。

Yes, that's a fair comment. And I guess, my second question then is on CapEx, thinking about it maybe going forward. I think you've cut CapEx guidance four times in a row, just pretty impressive. I think this year, you're going to be at the mid-3s. Should that be the appropriate rate going forward if we're thinking about modeling CapEx in '26 and beyond?

是的，這個評論很中肯。那麼，我的第二個問題是關於資本支出，以及未來可能的發展方向。我認為你們已經連續四次下調資本支出預期，這真是令人印象深刻。我認為今年你的成績應該在3分中段。如果考慮對 2026 年及以後的資本支出進行建模，那麼這個利率是否合適？

No, Jonathan. Like I said, I would look at the 4 to 4.5 or low 4s to mid 4s being the long-term average. That's kind of how we look at business. Like I said, it's important for us, the organic growth, free cash flow as a group balance.

不，喬納森。正如我所說，我會把 4 到 4.5 或 4 分出頭到 4 分中段視為長期平均值。我們就是這樣看待商業的。正如我所說，對我們來說，有機成長和集團自由現金流的平衡非常重要。

Given we had two or three years of high CapEx, we have been super focused on looking at everything which programs and how there is enough uncertainty in the market, too. So that discipline will stay on. But I think the best way to look at it is over a longer period of time to be averaged the 4 to 4.5.

鑑於我們過去兩三年資本支出很高，我們一直非常關注所有項目，以及市場上的不確定性。這樣一來，紀律就會繼續下去。但我認為最好的方法是從更長的時間跨度來看，取平均值在 4 到 4.5 之間。

But with that said, going into '26, I would look at the low 4s as a good way to start, which doesn't mean we are not going to stop further optimizing it, but I would say that's a good starting point.

但話雖如此，展望 2026 年，我認為 4 秒出頭是一個不錯的起點，但這並不意味著我們不會停止進一步優化，但我認為這是一個很好的起點。

Michael Glen, Raymond James.

Michael Glen，Raymond James。

Swamy, can you provide an update in terms of how your customers are viewing the cross-border supply chains in North America right now? Is the approach to auto parts moving to the US to become more US-centric, something you're hearing more about? And how Magna is positioned in the US right now from a capacity perspective?

Swamy，您能否介紹一下您的客戶目前對北美跨境供應鏈的看法？你是否經常聽到汽車零件生產方式向美國轉移，變得更加以美國為中心？從產能角度來看，麥格納目前在美國的市場地位如何？

Michael, I think the customers are, I would say, taking a very calm approach of figuring out, as you know, our industry is a long cycle. What we are producing today has been decided three or four years ago. I think the big topic has been how to mitigate what we have in our control, like increasing the USMC content, looking at the supply base, looking at vertical integration and so on and so forth.

邁克爾，我認為客戶們正在以非常冷靜的態度來應對，正如你所知，我們這個行業是一個漫長的周期。我們今天生產的產品，早在三、四年前就已經決定了。我認為最大的議題是如何減輕我們可控因素的影響，例如增加美國海軍陸戰隊的參與、審視供應鏈、研究垂直整合等等。

That's where the focus is. I haven't seen any substantive changes that will impact right away. But are they looking at scenarios two or three years down the road as they contemplate new models and new vehicles? Yes. The good thing is, as Magna, we have a footprint in US and we'll look at how we can optimize working with the customers. So -- but this is a long-term thinking process rather than a reaction to what's happening now and today.

這就是重點所在。我還沒有看到任何會立即產生影響的實質變化。但是，當他們考慮推出新車型和新車輛時，是否會考慮兩三年後的情況？是的。好消息是，麥格納在美國有業務，我們會研究如何優化與客戶的合作。所以——但這是一種長期的思考過程，而不是對當下發生的事情的反應。

Okay. And just a follow-up on that. Are you able to give some thoughts into the pluses and minus to Magna redomicile into the US.

好的。關於這一點，我還有一點後續問題。您能否談談麥格納公司遷址美國的優勢和劣勢？

That's not on the table and we have not considered it. Magna is a Canadian company, has been headquartered there. We are a global company. We have a great footprint and a great employee base. Like I said, our focus is right now on grinding through and being as flexible as possible.

這不在考慮範圍內，我們也沒有考慮過。麥格納是一家加拿大公司，總部也設在加拿大。我們是一家全球性公司。我們擁有廣泛的業務覆蓋範圍和優秀的員工隊伍。正如我所說，我們現在的重點是努力克服困難，並盡可能保持靈活。

So thanks, everyone, for listening in today. We continue to execute, and we remain focused on the initiatives that are driving value for our customers and shareholders, including operational excellence is a big focus, new launches, capital discipline and free cash flow generation.

謝謝大家今天的收聽。我們將繼續執行各項舉措，並繼續專注於為客戶和股東創造價值的各項舉措，其中營運卓越是重點，新產品發布、資本紀律和自由現金流的產生也是重點。

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

我們計劃將槓桿率恢復到目標水平，並致力於執行我們的資本配置策略，包括股票回購。我們對麥格納的未來依然充滿信心。謝謝聆聽，祝您有美好的一天。

Ladies and gentlemen, this concludes today's call. We thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。