Titan International Inc (TWI) 2025 Q3 法說會逐字稿

Good morning ladies and gentlemen, and welcome to the Titan International Inc third quarter 2025 earnings conference call.

女士們、先生們，早安，歡迎參加 Titan International Inc 2025 年第三季財報電話會議。

(Operator Instructions)

（操作說明）

It is now my pleasure to turn the floor over to Alan Snyder, Vice President of Financial Planning and Investor relations for Titan.

現在我很高興將發言權交給 Titan 的財務規劃和投資者關係副總裁 Alan Snyder。

Mr. Snyder, the floor is now yours.

史奈德先生，現在輪到您發言了。

Thank you and good morning. I'd like to welcome everyone to Titan's third quarter 2025 earnings call. On the call with me today are Paul Reitz, Titan's President and CEO, and David Martin, Titan's senior Vice President and CFO. I will begin with a reminder that the results we are about to review were presented in the earnings release issued this morning, along with our Form 10Q, which was also filed with the Securities and Exchange Commission this morning.

謝謝，早安。歡迎各位參加 Titan 公司 2025 年第三季財報電話會議。今天和我一起通話的是 Titan 的總裁兼執行長 Paul Reitz，以及 Titan 的高級副總裁兼財務長 David Martin。首先我要提醒大家，我們即將回顧的結果已在今天早上發布的盈利報告中公佈，同時提交的還有我們的 10-Q 表格，該表格也於今天早上提交給了美國證券交易委員會。

As a reminder, during this call, we will be discussing certain forward-looking information, including the company's plans and projections for the future that involve risks, uncertainties, and assumptions that could cause our actual results to differ materially from the forward-looking information. Additional information concerning factors that either individually or in the aggregate could cause actual results to differ materially from these forward-looking statements. Can be found within the safe harbor statement included in the earnings release attached to the company's Form 8K filed earlier as well as our latest Form 10K and Form 10Q, all of which have been filed with the SEC.

再次提醒各位，在本次電話會議中，我們將討論一些前瞻性訊息，包括公司對未來的計劃和預測，其中涉及風險、不確定性和假設，可能導致我們的實際結果與前瞻性資訊有重大差異。有關可能導致實際結果與這些前瞻性陳述存在重大差異的因素（無論是單獨還是綜合起來）的更多資訊。可以在公司之前提交的 8K 表格以及我們最新的 10K 表格和 10Q 表格（均已提交給美國證券交易委員會）的收益發布所附的安全港聲明中找到。

In addition, today's remarks may refer to non-GAAP financial measures which are intended to supplement but not be a substitute for the most directly comparable GAAP measures. The earnings release which accompanies today's call contains financial and other quantitative information to be discussed today, as well as the reconciliation of the non-GAAP measures to the most comparable GAAP measures. The Q3 earnings release is available on the company's website. A replay of this presentation, a copy of today's transcript, and the company's latest quarterly investor presentation will all be available soon after the call on Titan's website. I would now like to turn the call over to Paul.

此外，今天的演講可能涉及非公認會計準則財務指標，這些指標旨在補充而非替代最直接可比較的公認會計準則指標。今天電話會議附帶的獲利報告包含今天將要討論的財務和其他量化信息，以及非GAAP指標與最可比較GAAP指標的調節表。公司官網已發布第三季財報。本次演示的重播、今天的會議記錄副本以及公司最新的季度投資者演示文稿都將在電話會議結束後不久在 Titan 的網站上提供。現在我想把電話交給保羅。

Thanks, Alan, and good morning, everyone.

謝謝你，艾倫，大家早安。

Our Q3 2025 results continue to demonstrate the ability of our business and our team to perform well in a challenging time. Our Ag and EMC segments reported solid sales growth of 8% and 7% respectively compared with the prior year. While consumer was off just a little year over year, the segment sales rebounded nearly 15% sequentially.

我們2025年第三季的業績繼續證明了我們的業務和團隊在充滿挑戰的時期也能表現出色。與前一年相比，我們的農業和EMC業務部門分別實現了8%和7%的穩健銷售成長。雖然消費者銷售額較去年同期略有下降，但該細分市場的銷售額較上季反彈近 15%。

As a result, we were able to deliver consolidated revenues in line with guidance along with adjusted EBITDA near the higher end of our range. Free cash flow was also a highlight in the quarter, allowing us to continue investing in the business while also working to reduce our debt.

因此，我們實現了符合預期的合併收入，調整後的 EBITDA 也接近預期範圍的上限。本季自由現金流也是一大亮點，使我們能夠在繼續投資業務的同時，努力減少債務。

Stepping back from the quarter for a moment this has been a year filled with many companies talking about unusual business conditions around the globe. Our end markets, especially Ag, fall into that category. However, there are a number of positives that are taking hold. Maybe they're not fully taking root yet, but they're certainly in place to provide a foundation to help drive more positive market conditions.

暫且把目光從本季移開，今年以來，許多公司都在談論全球範圍內不同尋常的商業環境。我們的終端市場，特別是農業市場，都屬於這一類。然而，也有一些正面因素正在顯現。或許它們還沒有完全紮根，但它們無疑已經到位，為推動更積極的市場環境奠定了基礎。

First, Secretary Besson, he provided some details after the Trump G meeting, highlighting an agreement with China to resume purchasing soybeans at a minimum of 25 million metric tons annually, which puts the floor level of purchases right around the average level seen since 2 2009.

首先，貝松部長在川普會晤後提供了一些細節，重點介紹了與中國達成的協議，即恢復每年至少購買 2500 萬噸大豆，這使得購買量的最低水平與 2009 年以來的平均水平大致相當。

After strong positive moves in corn and soy leading up to the summit, the immediate reactions to the meeting have been muted, a little bit surprising, to be honest, but this agreement should be seen as a positive that will aid improvement in market conditions as we move into 26.

在峰會召開前玉米和大豆價格強勁上漲之後，會議的直接反應卻較為平淡，說實話，這有點出乎意料。但這項協議應該被視為正面的訊號，有助於改善市場狀況，讓我們更好地邁入26年。

Moving on to everybody's favorite topic, tariffs. This is a complex and layered topic for Titan. I will remind you that Titan has significant US manufacturing assets, and we're very proud to be the only domestic manufacturer in many of our product categories. Along with our US manufacturing assets, we have significant offshore capabilities and third-party sourcing partners which help us to serve our customers across the globe. Regardless of the exact outcomes of tariffs, we are well positioned to win.

接下來是大家最喜歡的話題——關稅。對泰坦星來說，這是一個複雜且多層次的話題。我在此提醒各位，泰坦公司在美國擁有重要的製造資產，我們非常自豪地成為我們許多產品類別中唯一的美國本土製造商。除了我們在美國的生產資產外，我們還擁有強大的海外生產能力和第三方採購合作夥伴，這有助於我們為全球客戶提供服務。無論關稅的具體結果如何，我們都處於有利地位，並有望取得勝利。

We do believe there is a short-term impact this year that was driven by other factors, not just the tariffs. The Fed actions regarding rate cuts are another net positive, as higher interest rates have been impacting purchasing decisions, especially as buyers waited on these Fed actions. Lastly, dealer inventories in the segment are decreasing. We've talked throughout this year about seeing some drop in orders that have been positive for us as inventories get too low with some products and customers.

我們認為，今年的短期影響是由其他因素造成的，而不僅僅是關稅。聯準會降息措施是另一個淨利好因素，因為較高的利率一直在影響購買決策，尤其是在買家等待聯準會採取這些行動的情況下。最後，該細分市場的經銷商庫存正在減少。今年我們一直在討論訂單量下降的問題，這對我們來說是件好事，因為某些產品和客戶的庫存太低了。

I've been talking about inventory levels quite a bit in recent calls, so I'm simply going to say it's good to see that they're getting better.

最近幾次電話會議我都在談論庫存水平，所以我只想說，很高興看到庫存水平正在好轉。

So given that backdrop, one aspect of our business that I want to emphasize is our competitive positioning. We are positioned as a one-stop shop across the spectrum of tire and wheel size ranges needed in our end markets, along with an undercarriage portfolio that reaches the largest earth moving equipment. Products that Titan is known for, such as our LSWs and R14 tires, and the wheels they are mounted on are not easily mass produced.

有鑑於此背景，我想強調我們業務的一個面向是我們的競爭地位。我們定位為終端市場所需各種輪胎和輪轂尺寸範圍的一站式供應商，同時我們的底盤產品組合也涵蓋了最大的土方機械。Titan 的標誌性產品，如 LSW 和 R14 輪胎，以及它們所安裝的輪轂，都不容易大規模生產。

Building these tires and wheels requires skilled labor and significant investment in manufacturing assets. Our SKU runs consist of far fewer units than the passenger vehicle tires we all see on the roads, and when you take that into account, including our long-standing relationships with leading equipment, OEMs and aftermarket dealers, we are confident our business has a good moat around it.

生產這些輪胎和車輪需要熟練的勞動力和對生產設備的巨額投資。我們的 SKU 產品系列遠少於我們在路上看到的乘用車輪胎，考慮到這一點，再加上我們與領先的設備、OEM 和售後市場經銷商的長期合作關係，我們相信我們的業務擁有良好的競爭優勢。

We're also cognizant of need to keep reinforcing that mode by innovating and creating new products to add value to our customers and our end users.

我們也意識到需要不斷創新和創造新產品，為我們的客戶和最終用戶增加價值，從而不斷強化這種模式。

On that line we've been working hard to expand on our Goodyear product portfolio following the expansion of our license agreement which we announced last quarter.

在這方面，我們一直在努力擴大固特異產品組合，此前我們已在上個季度宣布擴大許可協議。

One initial focus area has been outdoor power equipment tires like those you find on commercial turf applications, and we've been pleased with the market response. And when demand for new equipment begins to pick up, we're optimistic that this will be another growth driver for Titan.

最初的重點領域之一是戶外動力設備輪胎，例如商業草坪應用中的輪胎，我們對市場的反應感到滿意。當對新設備的需求開始回升時，我們樂觀地認為這將成為 Titan 的另一個成長動力。

At the same time, professional buyers such as landscapers continue to run their equipment that's driving demand for aftermarket replacement tires and again that is helping offset some of the softness we see with the OEMs.

同時，園林綠化師等專業買家繼續使用他們的設備，這推動了對售後替換輪胎的需求，這也有助於抵消我們看到的 OEM 輪胎供應疲軟的一些情況。

So switching gears and really looking at our three segments at a higher level, our strategic goal of diversifying our business is proving its merit. Year-to-date, Ag has accounted for 41% of our revenues and EMC consumer accounting for 31% and 28% respectively. Overall, we think our revenue and gross profit split across the three segments is healthy and an important reason we continue to drive profitability and cash flow well above our prior cyclical troughs.

因此，換個角度，從更高的層面審視我們的三個業務板塊，我們實現業務多元化的策略目標正在證明其價值。今年迄今，農業業務占我們收入的 41%，EMC 消費業務分別佔 31% 和 28%。總體而言，我們認為我們在三個業務部門的收入和毛利分配情況良好，這也是我們能夠持續推動盈利能力和現金流遠超以往週期低谷的重要原因。

Looking at the conditions in each of our segments, starting off with consumer, we see that business benefiting from a couple of primary characteristics relative to our other two segments. First, it has historically included a larger aftermarket business. Equipment owners tend to regularly use their machinery in this segment, especially those that are businesses. As a result, demand for replacement tires is less cyclical than OEM-driven demand.

從消費者細分市場的情況來看，我們發現，相對於其他兩個細分市場，企業受益於幾個主要特徵。首先，它歷來都擁有規模較大的售後市場業務。在這個領域，設備所有者往往會經常使用他們的機械設備，尤其是那些企業用戶。因此，替換輪胎的需求週期性不如原廠配套需求強。

Our consumer sector also includes a wider range of consume customers and use cases from hunters using ATVs to boat and trailer owners to landscaping companies. That type of diversity also helps us weather macro environments like we're seeing now.

我們的消費者領域還包括更廣泛的消費客戶和使用案例，從使用全地形車的獵人到船隻和拖車的擁有者，再到園林綠化公司。這種多樣性也有助於我們應對像現在這樣的宏觀環境。

Moving over to ag, which really has represented who we are as a company since our founding, this year's global crop has been a good one that has continued to increase supply, which is working to suppress the price of leading crops, corn and soybeans.

再來看看農業，這才是我們公司自成立以來真正代表我們本質的東西。今年的全球作物收成不錯，供應量持續增加，有助於抑制主要作物玉米和大豆的價格。

American farmers have also borne the brunt of tariff-driven trade wars, and as a result, US farmers are looking at a less profitable 2025, and as we all know, farmer income is the primary driver of equipment sales. Conversely, what we have seen though, and we've been talking about this for, about a year now, Brazilian ag interests have picked up much of that slack, and again, our diversity as a leading ag tire manufacturer in Brazil, Titan has been able to offset some of this US based weakness.

美國農民也承受了關稅引發的貿易戰的重創，因此，美國農民預計 2025 年的利潤會下降，而眾所周知，農民收入是農機設備銷售的主要驅動力。相反，我們看到，而且我們已經討論這個問題大約一年了，巴西的農業利益彌補了很大一部分缺口，而且，作為巴西領先的農業輪胎製造商，Titan 的多元化業務也能夠抵消美國的一些弱點。

The US government also continues to make it clear, we have seen a number of these actions over the last couple of weeks that farmers will be financially supported.

美國政府也持續明確表示，在過去幾周里，我們已經看到政府採取了多項措施，將為農民提供財政支持。

Government aid is by no means growth capital, but if it allows farmers to enter 26 with their finances in reasonable order, that would obviously be good for OEMs in the sector. Additionally, that aid would provide the sort of capital needed to support demand for aftermarket tires farmers need to keep equipment like tractors and combines operating.

政府援助絕不是成長資本，但如果它能讓農民以合理的財務狀況進入 26 歲，那顯然對該行業的原始設備製造商 (OEM) 來說是好事。此外，該援助還將提供農民維持拖拉機和聯合收割機等設備運作所需的售後輪胎需求所需的資金。

Moving over to our EMC segment that did experience some growth due to some drop in orders I mentioned in our last call, most notably in small construction tires and wheels in the US, in Europe, where our EMC segment is our strongest area, demand has remained somewhat stagnant on the OEM side of the business, but we are seeing really good demand on our aftermarket mining, which continues to be a good source of growth for Titan.

接下來談談我們的EMC業務板塊。由於我在上次電話會議中提到的訂單下降，該板塊確實取得了一些增長，尤其是在美國的小型工程輪胎和輪轂方面。在歐洲，EMC業務部門是我們最強勁的地區，OEM業務方面的需求仍然有些停滯不前，但我們看到售後市場採礦的需求非常旺盛，這仍然是Titan的良好成長來源。

So wrapping these comments up, I want to just conclude by mentioning again our team is working hard. We're doing a good job servicing our customers. We occupy a strong competitive position in the markets we serve and are a trusted partner to our customers and users. Titan continues to execute. And as David will discuss, we are continuing to perform at levels well above the last cyclical bottom, and we remain well positioned to benefit when our end markets return to growth. With that, I'll turn it over to David.

最後，我想再次強調，我們的團隊正在努力工作。我們為客戶提供優質服務。我們在所服務的市場中佔據強大的競爭地位，是客戶和使用者值得信賴的合作夥伴。泰坦繼續執行任務。正如大衛將要討論的那樣，我們的業績繼續保持在遠高於上一次週期性低點的水平，當我們的終端市場恢復成長時，我們仍然處於有利地位，能夠從中受益。接下來，我將把麥克風交給大衛。

Hey, thank you, Paul. Good morning and thanks for joining us today. I'll be quick and to the point today. As Paul noted, our results for the third quarter were solid with adjusted EBITDA coming in at the top of our guidance range with strong free cash flow.

嘿，謝謝你，保羅。早安，感謝各位今天收看我們的節目。今天我就長話短說。正如保羅所指出的，我們第三季的業績穩健，調整後的 EBITDA 達到了我們預期範圍的上限，自由現金流強勁。

There are some important financial metrics to highlight this quarter. Sales grew 4% year over year, demonstrating that the market may be reaching the bottom.

本季有一些重要的財務指標需要重點關注。銷售額年增 4%，顯示市場可能已經觸底。

The gross margins expanded 210 basis points to 15.2%. Our operating margin expanded in the third quarter as well, and our adjusted EBITDA grew 45% to $30 million. Strong working capital discipline facilitated operating cash flow of $42 million and pragmatic CapEx management furthered the quarter's free cash flow to $30 million.

毛利率成長210個基點至15.2%。第三季我們的營業利潤率也擴大了，調整後的 EBITDA 成長了 45%，達到 3,000 萬美元。嚴格的營運資金管理使經營現金流達到 4,200 萬美元，而務實的資本支出管理使本季的自由現金流進一步達到 3,000 萬美元。

Our ability to drive solid profitability and cash flow despite the challenging macro backdrop is something we continue to be proud of. It stands as a testament to the quality of our team, our operations, and our strategy.

儘管宏觀經濟環境充滿挑戰，但我們依然能夠實現穩健的獲利能力和現金流，這一點讓我們倍感自豪。這充分證明了我們團隊、營運和策略的卓越品質。

The Ag segment revenues were up over 7% from the prior year, driven by higher volumes, especially in Latin America, where we continue to see positive impacts from solid grain demand and what is anticipated to be another record crop yield in the region due to favorable weather and expansion of planted acreage.

農業部門的收入比上年增長超過 7%，這主要得益於銷量的增長，尤其是在拉丁美洲，我們繼續看到強勁的糧食需求帶來的積極影響，而且由於有利的天氣和種植面積的擴大，該地區預計將再次創下作物產量紀錄。

Additionally, pricing related to increased input costs contributed to this increase. EMC revenues were up 6% from the prior year to $145 million which is primarily driven by some drop in orders from light construction customers in the US, as well as favorable FX impacts related to the strengthening of the EUR year over year.

此外，投入成本增加導致的價格上漲也促成了這一成長。EMC 的營收比上年增長 6%，達到 1.45 億美元，這主要是由於美國輕型建築客戶的訂單有所下降，以及歐元同比走強帶來的有利匯率影響。

In consumer we saw some of the deferred purchasing from Q2 come back to us in the third quarter as we had anticipated. Segment sales were $132 million, which was a decline of just under 3% from the prior year, mainly due to lower OEM activity.

在消費方面，正如我們預期的那樣，第二季的一些延遲購買行為在第三季有所回升。該細分市場銷售額為 1.32 億美元，比前一年下降了不到 3%，主要原因是 OEM 活動減少。

However, up 14% from Q2, which is, very nice to see.

不過，比第二季成長了 14%，這真是個好消息。

Looking at margins in the segment in the quarter, all three showed expansion versus the prior year. Our Ag gross margins were 13.4% compared to only 9.5% last year. EMC gross margins was 10.4% versus 8.5% last year, and then consumer gross margins were 23% compared to 22.3% the year before.

從該季度各業務板塊的利潤率來看，這三項業務的利潤率均較上年同期有所成長。我們的農業毛利率為 13.4%，去年僅為 9.5%。EMC 的毛利率為 10.4%，而去年為 8.5%；消費者業務的毛利率為 23%，而前一年為 22.3%。

With solid cash flow in the quarter, we reduced our net debt to $373 million from $391 million at the end of last quarter, and resulting leverage decreased to 3.7 while we continued to invest in our business.

由於本季現金流穩健，我們將淨債務從上季末的 3.91 億美元減少到 3.73 億美元，槓桿率也隨之下降到 3.7，同時我們繼續投資我們的業務。

Third quarter income tax expense was $1 million which was below the range we discussed on our second quarter call. This was primarily due to the effect of tax planning related to deductibility of interest.

第三季所得稅支出為100萬美元，低於我們在第二季電話會議上討論的範圍。這主要是由於與利息抵扣相關的稅務規劃所致。

Looking at Q4, we think that benefit will be somewhat less, and for modeling purposes, I would expect tax expense of $2.5 million roughly for as a good number to use, reiterating my comment from prior quarters, as we see a rebound in market conditions, we expect to get back to normalized tax rate levels as we see, our profitability increase.

展望第四季度，我們認為收益會略有減少。出於建模的目的，我預計稅項支出約為 250 萬美元，這是一個比較合適的數字。重申我前幾季的評論，隨著市場狀況的反彈，我們預計隨著獲利能力的提高，稅率將恢復到正常水平。

Now moving on to our financial guidance for Q4, our guidance for the quarter is revenues of $385 million to $410 million and adjusted EBITDA of approximately $10 million.

接下來是第四季的財務預期，我們預計該季度營收為 3.85 億美元至 4.1 億美元，調整後 EBITDA 約為 1,000 萬美元。

I want to ensure that it's clear.

我想確保這一點很清楚。

The midpoint of our revenue guidance and our adjusted EBITDA guidance imply growth in both metrics when compared to Q4 last year. Our other operating metrics should also be positive for the quarter.

我們的營收預期中位數和調整後 EBITDA 預期中位數均表明，與去年第四季相比，這兩項指標均將實現成長。本季我們的其他營運指標也應該會呈現正面態勢。

Last year in the fourth quarter, we had $2.6 million of other income, which was an abnormally high amount for a single quarter. This is the key driver as to why Q4 guidance is only slightly showing a relatively small incremental improvement from the prior year result.

去年第四季度，我們的其他收入為 260 萬美元，這對於一個季度來說是一個異常高的數額。這正是第四季業績指引僅比去年同期略有小幅改善的主因。

It also bears repeating that our fourth quarter typically marks our seasonal low point and with macro conditions continuing. I'm especially pleased to see our business performing well.

還需要重申的是，第四季通常是我們的季節性低谷，而且宏觀經濟狀況仍在持續。我尤其高興地看到我們公司表現良好。

Reiterating our prior comments on cash flow, we will continue to manage working capital with discipline.

重申我們先前關於現金流的觀點，我們將繼續嚴格管理營運資金。

Allowing us to continue to reducing our debt and investing in our strategic initiatives, including our continued product innovations. Our financial condition is good and it's improving, and I'm fully confident that we're putting Titan in position to accelerate our future performance.

這將使我們能夠繼續減少債務並投資於我們的策略舉措，包括我們持續的產品創新。我們的財務狀況良好，而且還在不斷改善，我完全有信心，我們正在使 Titan 處於能夠加速未來業績成長的位置。

We are positioned well.

我們處於有利地位。

Thank you for your time this morning and I'd like to turn the call back over to Becky, the operator for our Q&A session.

感謝您今天早上抽出時間，現在我將把電話轉回給負責問答環節的接線員貝基。

(Operator Instructions)

（操作說明）

Mike Schlitzie from DA Davidson.

DA Davidson 的 Mike Schlitzie。

Kick us off with some some aggravated questions.

首先，讓我們來問一些棘手的問題。

What drove the year over your upside Ag? Was it farmers were, fixing up their old tractors, or was it OAM asking for wheels and tires?

是什麼因素推動了您公司今年的農業獲利？是農民在修理他們的舊拖拉機，還是 OAM 要求提供車輪和輪胎？

You're talking about through the Q3 performance in terms of the Ag growth.

您指的是第三季農業成長方面的表現。

Right?

正確的？

We saw a nice improvements, and, primarily your customers with, an aftermarket has held it held steady. It has some slight improvements, but, in OEMs, but not a significant amount. And then obviously, our Latin American activity is up year over year as well. So, if you recall last year in the second half, we were seeing a lot of weakness, a lot of, destocking going on, and so this year you saw much more steady activity.

我們看到了不錯的改進，而且，主要是你們的客戶，售後市場一直保持穩定。它有一些細微的改進，但在 OEM 廠商中，改進幅度並不大。顯然，我們在拉丁美洲的業務也逐年成長。所以，如果你還記得去年下半年，我們看到了很多疲軟的市場，很多都在進行去庫存，而今年你看到的是更穩定的市場活動。

Then we would just turn to the Ag outlook for 2026. Paul, is the current plan to expect an upturn, in Ag in 2026? And if so, just tell us a little bit about the timing and, kind of how that might play out, or has it already started here for Titans given what we just saw in the third quarter.

接下來，我們將轉向 2026 年農業的展望。保羅，目前的計畫是預期農業在2026年出現好轉嗎？如果是這樣的話，請告訴我們時間安排，以及事情可能會如何發展，或者考慮到我們在第三節看到的情況，泰坦隊是否已經開始了。

Yeah, I mean we do see a return to growth, but describing it more specifically to Titan, it layering on to what David just said, I mean, we've positioned Titan well and diversified us geographically and also strengthen our aftermarket position and so where we see Titan continuing to grow, will be through the innovations we put into the marketplace along with aftermarket performance.

是的，我的意思是，我們確實看到了增長的回歸，但更具體地說，就 Titan 而言，這補充了 David 剛才所說的，我的意思是，我們已經很好地定位了 Titan，實現了地域多元化，並加強了我們在售後市場的地位，因此我們認為 Titan 將提升市場的表現途徑，是透過我們提升市場的創新以及售後市場的表現。

Now we clearly have a strong OEM business and we are watching that closely to see where we see 2026 going.

現在我們顯然擁有強大的OEM業務，我們正在密切關注該業務，以了解2026年的發展趨勢。

I think the best way to characterize that is we're at a bottom.

我認為描述這種情況最恰當的方式就是：我們正處於谷底。

But as far as the timing for the pickup, I think I'm going to point to the positives that have been laid into place with interest rates coming down, with what the actions of Secretary Besson and President Trump. I don't think that's coincidental that, Trump is putting tweets out talking about supporting the soybean farmer and then Secretary Besson is going on the TV chat networks and talking about his experience as a soybean farmer. It's not mere coincidence. I think the administration is going to stand behind the fact that we need to support the farming communities and what they do for our overall society. And so I think as we look towards the OEM forecast, I think they're delaying giving us really good solid information as to what they see throughout the entire year and kind of just saying what they see for the to start the year, which is again kind of a flat start to the year waiting for some of these initiatives to kick into gear, and I don't see how any of these initiatives are negative for 2026. I think they can be viewed as only positive, and if we're at a bottom and you got some positive, factors that are now starting to influence things, I do think we see an uptick in OEMs for 2026, but primarily we're going to hold off on making too many direct comments about where we see 2026 for OEMs, again, stay close to the situation, but we do see opportunities for growth with our product innovations, the Goodyear brand where we can launch that in some new places and then again with our aftermarket positioning.

但就復甦的時機而言，我認為應該指出利率下降、貝松部長和川普總統採取的行動等正面因素。我不認為這是巧合，川普發推文表示支持大豆種植者，而貝松部長則在電視訪問節目中談論他作為大豆種植者的經歷。這絕非巧合。我認為政府會支持農業社區及其對整個社會所做的貢獻。因此，我認為，當我們展望OEM預測時，他們似乎在拖延提供關於全年走勢的可靠信息，而只是說說他們對年初的預期，而年初的預期又比較平淡，因為他們在等待一些舉措開始發揮作用。我不認為這些舉措會對2026年產生任何負面影響。我認為這些因素只能被視為積極的，如果我們正處於低谷，並且有一些積極的因素開始影響形勢，我確實認為2026年OEM廠商的業務會有所回升，但我們主要還是不會對2026年OEM廠商的前景做出太多直接評論，我們會密切關注形勢發展，但我們確實看到了產品帶來創新的新地方品牌

Great. And a similar question to construction, Paul. Some of the major US players that have reported so far and I talked about 2026 are already talking about improvement next year, at least a good number of them are. How might that look for Titan in your EMC business?

偉大的。保羅，這個問題與建築業的問題類似。到目前為止，一些已經發布報告的美國主要參與者，以及我之前談到的2026年，已經在談論明年的改進，至少其中相當一部分人是這樣。對於 Titan 而言，這在您的 EMC 業務中意味著什麼？

Yeah, I think we're in a good position, clearly seeing the same things that that you just mentioned that there's a lot of support coming from the governments that are going to, they're going to put some bills into place that'll help accelerate some spending. It's good for us around the world. I mean our position our business is pretty well diversified, as far as exposure to Europe, ex exposure to market mining, and then obviously here in the US as well, but I do agree that we're seeing, our early looks into 2026 for EMC or that there's a good basis for some growth going into next year and, I think that's something that if anything that could accelerate throughout the year. I think it's going to start the year in a good position. But again, some of these factors could have, I believe, a more positive impact than what some of the initial looks are, but again, we'll let that play out, but I agree with the assessment that, as we look at the EMC segment, there's a good layer of growth that's coming into next year.

是的，我認為我們處境不錯，顯然我們看到了你剛才提到的那些情況，各國政府都給予了大力支持，他們將出台一些法案來幫助加快一些支出。這對全世界都有好處。我的意思是，我們的業務佈局相當多元化，包括在歐洲的業務，以及在市場挖礦方面的業務，當然還有在美國的業務。但我確實同意，我們看到，從我們對EMC 2026年的初步展望來看，明年有一些增長的良好基礎，而且我認為，如果有什麼變化的話，這種增長可能會在今年加速。我認為它今年開局會很不錯。但我認為，其中一些因素可能會產生比最初預想的更積極的影響，但我們還是讓事情發展下去。不過，我同意這樣的評估：當我們審視EMC領域時，明年將會出現良好的成長動能。

Derek Soderberg from Cantor Fitzgerald.

來自 Cantor Fitzgerald 的 Derek Soderberg。

Paul, you mentioned OEM inventory levels improving. Any insight to the degree to which that was the case maybe over the past quarter? I was just wondering if you could quantify, that at all for us, how much it improved on a quarter over quarter basis.

保羅，你提到OEM庫存水準有改善。過去一個季度裡，這種情況發生的程度如何？能否提供一些見解？我只是想知道，您能否量化一下，對我們來說，它在一個季度內究竟改善了多少。

I mean it does vary by product by customer and two ways I would look at it, I think as far as some of the large.

我的意思是，這確實因產品和客戶而異，我會從兩個方面來看待這個問題，我認為就一些大型企業而言。

Equipment inventories, we've seen them come down roughly like a month, like 30 days of inventory coming off and getting it to a more normalized level, used is starting to move a little bit better as well with the incentives that are in place which is going to help, obviously get the new moving, but you know for us what we are watching and dealing with in a positive way is just the drop in orders where the inventory gets out of balance. I mean, obviously there's a lot of forecasting and estimates that go into the position of inventory, and we've seen customers, each quarter throughout this year have dropped in orders in specific areas, where we've had to respond quickly and get the product produced and again I think that's an indication that the inventory is hitting the right level if not too low of a level in certain cases and so, the Titan team, our strength, as we mentioned at the beginning of the year, is to be flexible, not just with our manufacturing assets but with our labor to make sure we can respond and it's, our team's done a great job when these orders get placed that we're able to respond and again further solidifying that relationship with our customers. So, again, I think as we get into the forecast for 2026. Inventory is at least coming in at a position where it's neutral and one of the things that Titan's been battling throughout 2025, as David mentioned, is just the inventory destocking specifically for us and our segments has had a negative impact. So, I think at a minimum for 2026 we start at a good neutral level.

我們看到設備庫存大約在一個月內有所下降，相當於30天的庫存量減少了一些，並使其恢復到更正常的水平。二手設備的銷售情況也開始好轉，這得益於現有的激勵措施，顯然有助於推動新設備的銷售。但你知道，對我們來說，我們積極關注和應對的是訂單下降導致庫存失衡的情況。我的意思是，庫存狀況顯然需要大量的預測和估算。我們看到，今年每個季度，客戶在特定領域的訂單都有所下降，我們不得不迅速做出反應，生產產品。我認為這再次表明，庫存水平處於合理水平，即使在某些情況下可能過低。因此，正如我們在年初提到的，Titan團隊的優勢在於靈活性，不僅體現在我們的生產資產上，也體現在我們的勞動力上，以確保我們能夠做出回應。我們的團隊在接到訂單時表現出色，能夠及時回應，這進一步鞏固了我們與客戶的關係。所以，我再次認為，當我們進入 2026 年的預測階段時。庫存至少處於中性水平，而正如大衛所提到的，泰坦在 2025 年一直在努力應對的問題之一就是庫存去庫存，特別是對我們和我們各個業務部門而言，這產生了負面影響。所以，我認為至少到 2026 年，我們從一個良好的中性水平開始。

Any additional color on what's driving aftermarket mining, is it, precious metals, are you guys seeing any demand from, there's some trends in rare earths mining, some of that onshoring, can you provide any color on any end market demand trends you're seeing, in that space?

關於推動採礦後市場發展的因素，您還有什麼補充說明嗎？是貴金屬嗎？你們是否看到任何需求？稀土開採方面有一些趨勢，例如部分開採活動轉移到國內。您能否就該領域的終端市場需求趨勢提供一些資訊？

Yeah, it, clearly the operating activities of the mine support the business overall, but I think specifically for Titan it's our position within the market that's allowing us to grab this growth. We do have the ability to produce, customized cast products that are that are made in our foundry in Europe and. And really meet the needs of the market in again a highly customized way that's very specific to the applications and so as we see this growth it's good across the board as far as operating activity and that's more of our traditional undercarriage parts that we produce, our plants throughout the world but where we've really been able to outperform and grab additional growth in aftermarket mining is really our ability through our foundry to customize these cast parts and go attack a niche part of the market that, others can't quite get to. So there's a little bit of specific growth to titan that's outside the general trends you may see overall in the mining segment.

是的，很明顯，礦山的營運活動對整個業務都有支持，但我認為，具體到泰坦公司而言，正是我們在市場中的地位使我們能夠抓住這一成長機會。我們有能力生產客製化的鑄造產品，這些產品是在我們位於歐洲的鑄造廠生產的。我們以高度客製化的方式真正滿足了市場需求，這種方式非常具體地針對特定應用。因此，我們看到這種成長，就營運活動而言，整體情況良好，這更體現在我們生產的傳統底盤零件上，以及我們在世界各地的工廠中。但我們真正能夠在售後採礦市場取得優異成績並獲得額外成長，是因為我們能夠透過我們的鑄造廠定制這些鑄件，並開拓其他公司無法觸及的細分市場。因此，泰坦礦的成長具有一些獨特的特點，這與採礦領域整體的整體趨勢有所不同。

Steve Ferazani from Sidoti.

來自 Sidoti 的 Steve Ferazani。

Given the strength in 3Q and we were really surprised how strong Ag was in 3Q.

鑑於第三季的強勁表現，我們對第三季農業的強勁表現感到非常驚訝。

A little surprised at the top-line guide for 4Q. Can you talk about the slightly different elements because that number we know how dramatic the OEM shutdowns were in a year ago. So, if inventories are getting a little bit better.

對第四季業績指引略感意外。能談談其中略有不同的因素嗎？因為我們知道一年前OEM廠商停產的規模有多大。所以，如果庫存情況稍微好轉一些的話。

If you're guiding for pretty similar shutdowns on that side, and I know you guys have a pretty good picture on that, a little surprised there and also I'm guessing aftermarket is less of a benefit in 4Q just in general that would be in 3Q.

如果你預測那邊的停工情況也差不多，而且我知道你們對那邊的情況很了解，那我有點驚訝。另外，我猜想售後市場在第四季的收益不如第三季那麼大。

Yeah, and we're still seeing it, the kind of drop, maybe not nearly as much as last year, but we are seeing a drop seasonally going from Q3 to Q4. I believe that OEMs are really just getting themselves prepared for next year, but they're not going to turn on production in Q4, so we're not going to be seeing, uptick. So we're seeing the normal seasonality, very pragmatic decisions being made about it, and you know our aftermarket is light in Q4, as we're going to be, seeing a really nice seasonal uptick in Q1. So, yeah, that's actually taking place not just here in the US but it's also in Brazil. So that is, the same trends that we're seeing there.

是的，我們仍然看到這種下降趨勢，雖然可能沒有去年那麼嚴重，但我們確實看到從第三季到第四季出現了季節性下降。我認為汽車製造商實際上只是在為明年做準備，但他們不會在第四季度開始生產，所以我們不會看到銷量回升。所以我們看到的是正常的季節性變化，以及針對此做出的非常務實的決定。你知道，我們的售後市場在第四季度比較清淡，正如我們預期的那樣，我們會在第一季看到一個非常好的季節性成長。是的，這種情況不僅發生在美國，也發生在巴西。所以，這和我們在那裡看到的趨勢是一樣的。

It's really across the board, so, it, yeah, it doesn't obviously imply the seasonal downturn that we typically see. We are not getting out of our SKUs. I think we are positioned well, to take the orders as we need to, but I believe, it'd be much more, being they're being very disciplined, and we will too.

這確實是普遍現象，所以，是的，這顯然並不意味著我們通常看到的季節性衰退。我們不會放棄我們的SKU。我認為我們已經做好了充分的準備，可以根據需要執行命令，但我相信，情況會更好，因為他們非常自律，我們也會如此。

So, I mean, following Paul's commentary that maybe the start of the year on Ag is pretty similar, I mean, you ran through the macro issues which we can all see and hopefully a trade agreement pumps that up and we start seeing crop prices working. Having said all that, You're clearly doing very well in the aftermarket. It looks like you're even potentially gaining some share there. When we think about the start of the year, we're now going to be another year along without the replacement cycle. You've got more aging equipment. You're clearly gaining in those markets. Can we see nice uptick on aftermarket, first half of the year over year?

所以，我的意思是，根據保羅的評論，今年年初農業情況可能非常相似，我的意思是，你談到了我們都能看到的宏觀問題，希望貿易協議能夠刺激農業，讓我們開始看到農作物價格上漲。綜上所述，你在售後市場顯然做得非常好。看起來你甚至有可能在那裡獲得一些市場份額。當我們回顧年初時，我們將經歷一年沒有進行產品更新換代的過程。你們的設備比較老舊。你顯然在這些市場中取得了進展。今年上半年，售後市場能否達到年比顯著成長？

Yeah, I mean, I think, just with our VP of sales, Tuesday, and he's optimistic. I, so I think the answer is yes to keep it brief, we, the diversification of our company, I think is just a key point, and Dave and I spent a lot of time talking about that, to geographically be able to take advantage of the positioning of Brazil over the last year is the purchasing. Interests of China move that direction and then as a company with what we've done in the consumer segment to continue to drive innovation into the aftermarket. I mean I think Titan has been very well positioned in the aftermarket. We share with investors how we've changed this company from where it was 10 years ago as far as our aftermarket splits to where we are now and I think we continue to accelerate in that area and so we are seeing again, the feedback I got just on Tuesdays, we're seeing a good start to the pre-ordering for next year and, I do think you start the year off on a positive note with aftermarket.

是的，我的意思是，我覺得，就我們銷售副總裁週二說的，他很樂觀。所以，我認為答案是肯定的。簡而言之，我們公司的多元化，我認為是一個關鍵點，我和戴夫花了很多時間討論這個問題，在過去一年裡，我們透過採購利用了巴西的地理位置優勢。中國的利益朝著這個方向發展，而我們公司憑藉在消費領域的成就，將繼續推動售後市場的創新。我的意思是，我認為泰坦在售後市場定位得非常好。我們會與投資者分享我們如何改變公司，從 10 年前的售後市場拆分到現在的規模，我認為我們在這個領域繼續加速發展，因此我們再次看到，正如我周二收到的反饋，明年的預訂情況開局良好，我認為售後市場在新的一年裡取得了積極的開端。

And then also just kind of following along your commentary and the answer to one of your questions. Historically or at least recent history, Ag and EMC have directionally moved similarly, maybe not at quite the same levels.

然後，我也一直在關注你的評論以及你提出的一個問題的答案。從歷史角度來看，或至少從近期歷史來看，Ag 和 EMC 的發展方向相似，只是水平可能不完全一致。

It sounds like you're indicating that maybe at least in the in the near term, those may be going to a couple of different directions, which is not what we've seen in recent history.

聽起來你的意思是，至少在短期內，這些事情可能會朝著幾個不同的方向發展，但這與我們近期的歷史所看到的並不相同。

Yes and no. I mean, I think there's different drivers. I think the global markets have been hammered the last couple of years.

是，也不是。我的意思是，我認為這裡有不同的驅動因素。我認為過去幾年全球市場遭受了重創。

We've dealt with in our particular business, we've dealt with the inventory destocking in.

在我們自己的業務中，我們已經處理過庫存清倉的問題。

But the way we position Titan with EMC and Ag is that we've increased our aftermarket diversification. We were just over in Italy meeting with our leader of, a big part of our EMC business, and there's a lot of confidence for continuing to see that diversification provide benefits to Titan we move as we move into 2026. I do think there is a potential for a bigger uptick in Ag, as we all know when the foundation of those actions start to take root that you don't necessarily have an EMC where there's this more consistent growth as government spending, infrastructure spending, etc. continues to drive that in a positive way. I do think there's this hidden uptick in Ag that's lurking out there somewhere. It's just nobody's exactly pinpointing the timing on it, but strategically there's similarity. Clearly having the tire business in Ag gives us more diversification to the aftermarket and more levers to pull there, in North and South America and the innovations and the positioning, the relationships we have with dealers, whereas EMC, we don't have that because they're steel based products, but we've really diversified our business as I mentioned earlier with the customized aftermarket mining products that we can produce and then touching into some other parts of the steel-based aftermarket with EMC as well.

但我們透過與 EMC 和 Ag 合作，將 Titan 定位為一家公司，這體現了我們售後市場的多元化。我們剛在義大利與我們的EMC業務的重要負責人會面，我們對多元化發展充滿信心，相信隨著我們邁向2026年，多元化將繼續為Titan帶來益處。我認為農業有更大的成長潛力，因為我們都知道，當這些行動的基礎開始紮根時，就不一定會出現持續成長的均衡發展，因為政府支出、基礎設施支出等將繼續以積極的方式推動農業發展。我確實認為農業領域存在著一種潛在的成長動能。只是沒有人能準確指出具體時間，但從策略角度來看，兩者有相似之處。顯然，在農業領域開展輪胎業務，使我們在售後市場擁有更多多元化優勢，在北美和南美擁有更多可操作的槓桿，以及創新、市場定位和與經銷商的關係。而EMC由於是鋼鐵產品，我們沒有這些優勢。但正如我之前提到的，我們透過生產客製化的售後礦業產品，真正實現了業務多元化，同時透過EMC也涉足鋼鐵售後市場的其他領域。

So again, I think it's a lot of this diversification of Titan is, I think really providing us good strong benefits that we're seeing in the 2025 results that positions us well as we move into 2026, whichever direction markets go, which I do believe they're at the bottom with some uptick coming, but we're in a position to capture some of that growth wherever the markets may go.

所以，我認為泰坦的多元化發展確實為我們帶來了強勁的收益，我們在2025年的業績中看到了這一點，這讓我們在進入2026年時處於有利地位，無論市場走向何方。我相信市場目前處於底部，即將出現回升，但我們有能力抓住市場任何方向的成長機會。

That's really helpful. Appreciate it, Paul. Last one for me was just on the royalty expense line.

這真的很有幫助。謝謝你，保羅。最後一項就是關於版稅支出那一項。

That number being much higher sequentially in year every year would seem to indicate you were selling an awful lot of third-party tires. Is that the right way to be thinking about that?

這個數字逐年大幅成長，這似乎顯示你賣出了大量的第三方輪胎。這種思考方式正確嗎？

Well, certainly that we have the new license agreement, and we had a little bit of true up to the payments made in Q3 a little bit, but, certainly the mix is certainly favorable towards Goodyear.

當然，我們有了新的許可協議，而且我們對第三季支付的款項進行了一些調整，但總的來說，情況對固特異來說肯定是有利的。

Joe Gomes from Noble Capital Partners.

來自 Noble Capital Partners 的 Joe Gomes。

Hello, this is Hans Baldau. I'm on for Joe. Could you talk about the potential M&A? Do you know what the evaluations are looking like or any areas that you all might target?

大家好，我是漢斯·巴爾道。我替喬上。您能談談潛在的併購事宜嗎？你們知道評估結果如何嗎？或者你們可能會專注在哪些方面？

I think what we have done as a company historically is look for opportunities when valuations are lower, we operate in a, in an industry that could be considered a niche industry, and there's been opportunities that presented themselves kind of on a consistent basis, not on an annual basis, and so.

我認為，我們公司歷來都在尋找估值較低的機會，我們所處的行業可以被視為小眾行業，而且機會一直持續出現，而不是每年都有，所以。

We are, we consider, continue to follow that approach. I know David spends a lot of time and efforts managing the balance sheet, along with our entire team, and so, we look at our ability to be able to.

我們認為，我們將繼續遵循這一方法。我知道大衛和我們整個團隊花費了大量的時間和精力來管理資產負債表，因此，我們也要看看我們是否有能力做到這一點。

Participate in any lower valuations and grow via M&A is something that Titan needs to be positioned to along with investing in innovations which we've done, do I think these market conditions potentially give us some opportunity, I hope so. I think historically it's presented some valuations that maybe do that. Is there anything imminent, it's not really how our industry works. I mean, it's sort of, it's more opportunistic than it is, pinpointing this is what we're going to go do because that if you pinpoint what you're going to go do strategically, usually that's the evaluation gets too high for how Titan historically has done acquisition. So you wait for the opportunity to work towards it and see if it comes together and that's been our consistent approach for the years and I think, the acquisition we did last year, is a really good illustration of that.

參與估值較低的交易並透過併購實現成長，是 Titan 需要做好充分準備的，同時我們也需要投資於創新，而我們也確實這麼做了。我認為目前的市場狀況可能會為我們帶來一些機會，我希望如此。我認為從歷史數據來看，它確實出現過一些可能導致這種情況的估值。有什麼迫在眉睫的事嗎？我們這個行業其實不是這樣的。我的意思是，這有點像是機會主義，而不是確定我們要做什麼，因為如果你在策略上確定你要做什麼，通常情況下，根據泰坦公司以往的收購方式，評估值會過高。所以你要等待機會，然後朝著目標努力，看看能否成功。多年來，我們一直秉持著這樣的態度。我認為，我們去年完成的收購就是一個很好的例子。

Okay, thank you. I appreciate that. And then could you add some color on the military market? How is your target, targeting of the military market progressing?

好的，謝謝。我很感激。那麼，您能否再補充一些關於軍工市場的資訊？你們針對軍工市場的拓展進展如何？

I mean, the targeting's been good.

我的意思是，這次的打擊力道很大。

The results are just takes time so the results could be better. I mean, I'll air my personal frustration since I got a microphone. I might as well go ahead and do it.

結果需要時間才能顯現，所以結果可能會更好。我的意思是，既然我有了麥克風，我就要發洩一下我個人的不滿。我還是去做吧。

I see what European countries are doing. I just read this week about how Germany is going to get their, guess what the German government's going to do? They're going to buy military components from German manufacturers. Guess what Europe is doing? Look at Rheinmetall. They're buying products from European manufacturers. I need somebody to explain to me why our US government can't buy from US manufacturers. I think it's a pretty simple formula, and I think Titan should be able to participate in that formula as our US government.

我看到了歐洲國家正在做的事情。我這週剛讀到一篇關於德國將如何實現其目標的文章，你猜德國政府打算怎麼做？他們打算從德國製造商購買軍用零件。猜猜歐洲在做什麼？看看萊茵金屬公司。他們從歐洲製造商購買產品。我需要有人向我解釋一下，為什麼美國政府不能向美國製造商購買。我認為這是一個非常簡單的公式，我認為泰坦公司應該能夠作為美國政府參與其中。

Opens their eyes and realizes that we should be supporting our own companies here in the US like every other country is choosing to do. So if you hear my frustration, there is frustration. I think the opportunities are there. They move slower than they should.

他們睜開雙眼，意識到我們應該像其他國家一樣，支持我們自己的美國公司。所以，如果你聽出了我的沮喪，那是因為我的確感到沮喪。我認為機會就在那裡。他們的動作比應有的速度慢。

We are continuing to go after those opportunities and we will put ourselves in position to grow our military business, but I don't understand why European countries can make decisions and move much quicker than our US government is.

我們將繼續尋求這些機會，並將努力發展我們的軍工業務，但我無法理解為什麼歐洲國家能夠比美國政府更快地做出決策和採取行動。

Kirk Ludge from Imperial Capital.

來自帝國首都的柯克·拉奇。

Just a couple follow-ups on the Goodyear deal.

關於固特異交易，還有幾點後續問題。

I think the idea is to use the brand on the Goodyear brand on more of your products. Can you maybe comment on the potential of that initiative, and the timing?

我認為其理念是在你們的更多產品上使用固特異品牌。您能否就這項措施的潛力以及時機發表一下看法？

Yeah, I think it's something that the timing is we'll see more of it in 2026 because it.

是的，我認為時機合適，我們將在 2026 年看到更多這樣的事情，因為…

We do have to develop the products, get them in the market, test them, etc. Stating the obvious with that response. I was very, excited and enthused that we're able to get the additional product categories with Goodyear as you're negotiating. You never know if that's going to happen and so could we have started the product development earlier and assume that we were going to get these maybe but we didn't, and so I'm very happy with how things turned out with Goodyear, I think the partnership only grows stronger by allowing us to participate in those additional categories, but we do have to do some product development and testing. I think for me it, it's great to see our team enthused, that this what this addition of this brand can do and really what it. What it does, Kirk, is, the special our specialty division, through Carlstar acquisition has strong brands, but what we have seen at Titan with the Goodyear brand is it allows you to go into a premium segment with your really high end innovations, so you're capturing not just share but you're capturing, a stronger foothold on margin, and I think that's where the excitement the team is so. Are we using it to go just relabel our existing brands Goodyear? No, because our brands are strong enough positioned in the market that we don't need to do that. So what we're doing with the Goodyear brand is again going into a market segment that maybe we couldn't have got to as easily before and we've seen that play out in Ag in North and South America, and I think we could do the same thing with the new product categories we have with the Goodyear name as well, so.

我們確實需要開發產品、將其推向市場、進行測試等等。這回答簡直是廢話。我非常興奮和激動，因為我們能夠在與固特異的談判中獲得額外的產品類別。你永遠無法預知這種情況是否會發生，所以我們本來可以更早開始產品開發，並假設我們或許能夠獲得這些機會，但我們並沒有。因此，我對與固特異的合作結果非常滿意。我認為，透過讓我們參與這些額外的類別中，這種合作關係只會變得更加牢固，但我們確實還需要進行一些產品開發和測試。對我來說，看到我們的團隊如此熱情，看到這個品牌的加入能夠帶來這樣的效果，並且真正發揮了它的作用，這真是太好了。柯克，我們透過收購卡爾斯塔，使我們的特種輪胎部門擁有了強大的品牌，但我們在泰坦公司透過固特異品牌看到的是，它使我們能夠憑藉真正的高端創新進入高端市場，這樣我們不僅可以獲得市場份額，還可以獲得更穩固的利潤率，我認為這就是團隊如此興奮的原因。我們是不是打算用它把我們現有的品牌「固特異」重新貼牌出售？不，因為我們的品牌在市場上的地位足夠強大，我們不需要這樣做。所以，我們利用固特異品牌再次進入一個我們以前可能不容易進入的市場領域，我們在北美和南美的農業領域已經看到了這一點，我認為我們也可以用固特異這個名字在新產品類別中做同樣的事情。

Probably more of a longer tail on getting there and less of a big splashy number that says look at all these Goodyear sales we have, but we'll get we'll get to the right position over time with a premium product that has good margin. It's a win-win for us and Goodyear and we've proven over the last two decades that's the case.

實現目標可能需要更長的時間，而不是像現在這樣，用一個醒目的數字來證明我們取得了多麼驚人的銷售成績，但隨著時間的推移，憑藉一款利潤豐厚的優質產品，我們會達到正確的市場地位。這對我們和固特異來說是雙贏的，過去二十年我們已經證明了這一點。

On the net sales, another strong quarter in Latin America, I think you mentioned that's, why that's happening, but Asia was down over 20% year over year. Can you, is there anything, to any kind of takeaways from that?

淨銷售額方面，拉丁美洲又是一個強勁的季度，我想你提到過，這就是原因所在，但亞洲同比下降了 20% 以上。您能從中得到什麼啟示嗎？

Yeah, I think it's just timing, more than anything, you, that's going to be your typical sales from, our ITM business in the EMC segment, and you'll see shifts in manufacturing to the various customers, I think we had a stronger Q2 so I think it's just timing more than anything.

是的，我認為這主要是時機問題，這將會是我們ITM業務在EMC領域的典型銷售情況，你會看到生產轉移到各個客戶身上，我認為我們第二季度表現更強勁，所以我認為這主要是時機問題。

And then lastly, did your, Brazilian JV close?

最後，你們的巴西合資企業成交了嗎？

The Roderos closed, yeah, we issued a press release last week actually, so we're really happy about it. We're happy to get that concluded and we're off and running.

Roderos餐廳關門了，是的，我們上週發布了新聞稿，所以我們對此感到非常高興。我們很高興這件事終於結束了，一切準備就緒，可以開始順利開展工作了。

Thank you.

謝謝。

This concludes our question-and-answer session. I would now like to turn the conference back to Mr. Reitz for any closing remarks.

我們的問答環節到此結束。現在我謹將會議交還給賴茨先生，請他作總結發言。

Well, thanks everybody. Appreciate your participation in our Q3 call and we'll talk to you again here soon with an update on the 4th quarter in 2025. Thanks everybody.

謝謝大家。感謝您參加我們的第三季電話會議，我們將在2025年第四季再次與您見面，並帶來最新進展。謝謝大家。

Thank you for attending today's presentation. The conference call has now concluded.

感謝各位參加今天的報告會。電話會議已結束。