惠而浦 (WHR) 2025 Q2 法說會逐字稿

Good morning, and welcome to Whirlpool Corporation's second-quarter 2025 earnings call. Today's call is being recorded. Joining me today are Marc Bitzer, our Chairman and Chief Executive Officer; and Jim Peters, our Chief Financial and Administrative Officer. Our remarks today track with a presentation available on the Investors section of our website at whirlpoolcorp.com.

早安，歡迎參加惠而浦公司 2025 年第二季財報電話會議。今天的通話正在錄音。今天與我一起出席的還有我們的董事長兼首席執行官馬克·比澤爾 (Marc Bitzer) 和我們的首席財務和行政官吉姆·彼得斯 (Jim Peters)。我們今天的演講與我們網站 whirlpoolcorp.com 的投資者部分提供的簡報一致。

Before we begin, I want to remind you that as we conduct this call, we will be making forward-looking statements to assist you in better understanding Whirlpool Corporation's future expectations. Our actual results could differ materially from these statements due to many factors discussed in our latest 10-K, 10-Q and other periodic reports.

在我們開始之前，我想提醒您，在進行此電話會議時，我們將做出前瞻性陳述，以幫助您更好地了解惠而浦公司的未來預期。由於我們最新的 10-K、10-Q 和其他定期報告中討論的許多因素，我們的實際結果可能與這些聲明有重大差異。

We also want to remind you that today's presentation includes the non-GAAP measures outlined in further detail at the beginning of our earnings presentation. We believe these measures are important indicators of our operations as they exclude items that may not be indicative of results from our ongoing business operations.

我們也想提醒您，今天的演示包括我們在收益演示開始時詳細概述的非 GAAP 指標。我們認為這些指標是我們營運的重要指標，因為它們排除了可能無法反映我們正在進行的業務營運結果的項目。

We also think the adjusted measures will provide you with a better baseline for analyzing trends in our ongoing business operations. Listeners are directed to the supplemental information package posted on the Investor Relations section of our website for the reconciliation of non-GAAP items to the most directly comparable GAAP measures.

我們也認為，調整後的措施將為您提供更好的基準，以分析我們正在進行的業務營運趨勢。聽眾可參閱我們網站投資者關係部分發布的補充資訊包，以了解非 GAAP 項目與最直接可比較的 GAAP 指標之間的對帳情況。

At this time, all participants are in listen-only mode. (Operator Instructions).

此時，所有參與者都處於只聽模式。（操作員指令）。

With that, I'll turn the call over to Marc.

說完這些，我會把電話轉給馬克。

Thanks, Scott, and good morning, everyone. As expected, we navigated the challenging second quarter and continued to operate in an increasingly complex external environment. The macroeconomic uncertainty marked by elevated interest rates and evolving trade policies negatively impact the consumer sentiment. In particular, weakness of consumer sentiment, not only suppress demand, but also impacted itself as we continue to see consumers choosing to mix into lower-end products.

謝謝，斯科特，大家早安。正如預期的那樣，我們度過了充滿挑戰的第二季度，並繼續在日益複雜的外部環境中運作。以利率上升和貿易政策變化為特徵的宏觀經濟不確定性對消費者情緒產生了負面影響。特別是消費者信心的疲軟，不僅抑制了需求，而且對自身產生了影響，因為我們繼續看到消費者選擇購買低端產品。

Furthermore, with the recent delays in tariff implementation, Asian competitors are not yet experiencing the full cost of tariffs and have continued to increase their imports ahead of our tariffs. In fact, we estimate that during the first half of this year, the amount of Asian appliance imports will approach the highest level on record.

此外，由於最近關稅實施的推遲，亞洲競爭對手尚未承受關稅的全部成本，並繼續在我們徵收關稅之前增加進口。事實上，我們預計今年上半年亞洲家電進口量將接近歷史最高水準。

Needless to say that this preloading has created significant short-term disruption, adding to the promotional intensity throughout the second quarter. We are well positioned to win over time and are confident these effects are temporary in nature.

毋庸置疑，這種預載已經造成了重大的短期混亂，增加了整個第二季的促銷強度。我們已做好準備，爭取隨著時間的推移取得勝利，並相信這些影響只是暫時的。

However, it has become clear that they will extend well into the third quarter, putting pressure on short-term margin expansion. Despite these macro challenges, we still delivered sequential net sales growth across all segments in the second quarter and very strong results in our SDA Global business, driven by our exciting new products.

然而，很明顯，這種情況將持續到第三季度，對短期利潤率擴張帶來壓力。儘管面臨這些宏觀挑戰，在我們令人興奮的新產品的推動下，我們在第二季度所有部門的淨銷售額仍然實現了連續增長，並且我們的 SDA 全球業務取得了非常強勁的業績。

Given the prolonged loading impact by competitors and the lack of consumer confidence in the marketplace, we are updating our full year guidance. As we expect the full impact of tariffs to kick in later this year and with temporary negative effects to subside, we are confident that we will see meaningful improvement in the MDA North American business heading into next year.

鑑於競爭對手的長期加載影響以及市場缺乏消費者信心，我們正在更新全年指引。由於我們預計關稅的全面影響將在今年稍後顯現，暫時的負面影響將會消退，我們相信明年 MDA 北美業務將出現顯著改善。

Our perspective has not changed that and hope will be a net beneficiary from these new tariff policies. We are structurally positioned to win in this environment and believe we are operating from a position of strength driven by our strong domestic footprint.

我們的觀點沒有改變，並希望成為這些新關稅政策的淨受益者。我們從結構上已做好在這種環境下取勝的準備，並且相信我們憑藉強大的國內影響力，處於有利地位。

Irrespective of the external challenges, we will stay focused on what we control. We successfully implemented pricing actions, which structurally drove cost out of our business, and we strengthened our balance sheet with our recent debt refinancing.

無論外部挑戰如何，我們都會專注於我們能控制的事情。我們成功實施了定價措施，從結構上降低了業務成本，並且透過最近的債務再融資增強了我們的資產負債表。

Putting it all together, our investment case remains as strong as ever, and we see a credible pathway for improvement in our results. One, we are excited about the extensive portfolio of new products we're introducing this year, the largest number in more than a decade, two, we are a clear beneficiary of structural shifts in trade policy.

總而言之，我們的投資案例一如既往地強勁，而且我們看到了改善績效的可靠途徑。一是我們對今年推出的大量新產品組合感到興奮，這是十多年來最多的一次；二是我們是貿易政策結構性轉變的明顯受益者。

And three, our leadership position with US homebuilders and our deep relationship with national account position us to benefit from eventual recovery in the US housing market. Whirlpool is well positioned to deliver sustained long-term value, and we have every confidence we will do so.

第三，我們在美國房屋建築商中的領導地位以及與國家帳戶的深厚關係使我們能夠從美國房地產市場的最終復甦中受益。惠而浦完全有能力提供持續的長期價值，我們完全有信心做到這一點。

Turning to slide 6, I will provide an overview of our second quarter results. Negative consumer sentiment that impacted global industry demand in the second quarter led to a 3% decline in net sales, excluding currency. Despite the challenging demand environment, we continue to see strong growth in our SDA Global business. Global EBIT margins held steady year-over-year at 5.3% and despite significant currency headwinds, primarily from a weakening Brazilian real.

轉到投影片 6，我將概述我們的第二季業績。負面的消費者情緒影響了第二季全球產業需求，導致淨銷售額（不包括貨幣因素）下降 3%。儘管需求環境充滿挑戰，但我們的 SDA Global 業務仍保持強勁成長。儘管面臨巨大的貨幣阻力（主要是巴西雷亞爾走弱），全球息稅前利潤率仍與去年同期相比保持穩定，為 5.3%。

Our free cash flow was unfavorable versus prior year by approximately $140 million, driven by the seasonal inventory build. PAUSE Ultimately, we delivered ongoing earnings per share of $1.34, which was negatively impacted by approximately $0.35 from a noncash loss associated with our minority interest in Beko Europe B.V.

由於季節性庫存增加，我們的自由現金流與前一年相比減少了約 1.4 億美元。暫停 最終，我們實現了每股 1.34 美元的持續收益，但受到與 Beko Europe B.V. 少數股權相關的非現金損失約 0.35 美元的負面影響。

Turning to slide 7, I will provide an overview of our second quarter ongoing EBIT margin drivers. Price mix favorably impacted margin by 25 basis points. This was slightly below our expectations as the preloading of Asian imports sustained an intense promotional environment.

轉到第 7 張投影片，我將概述我們第二季持續的 EBIT 利潤率驅動因素。價格組合對利潤率產生了 25 個基點的有利影響。這略低於我們的預期，因為亞洲進口產品的預裝維持了激烈的促銷環境。

Additionally, weakened consumer confidence pushed mix down further in an environment that was already large replacement driven. As expected, our cost takeout actions delivered margin expansion of 100 basis points year-over-year, led by our continued manufacturing and supply chain efficiencies and our organizational simplification actions.

此外，在已經由大規模替換驅動的環境下，消費者信心減弱進一步壓低了產品組合。正如預期的那樣，我們的成本削減措施使利潤率同比增長了 100 個基點，這得益於我們持續的製造和供應鏈效率以及組織簡化措施。

As expected, raw materials were essentially flat. In the second quarter, we began to experience the increased costs associated with tariffs at approximately 50 basis points. While overall marketing and technology was flat versus prior year, we have continued to invest in our new products.

正如預期的那樣，原物料價格基本上持平。在第二季度，我們開始感受到與關稅相關的成本上漲約 50 個基點。雖然整體行銷和技術與去年同期相比持平，但我們仍在繼續對新產品進行投資。

In the second quarter, the Brazilian real and Mexican peso depreciated compared to prior year, resulting in an unfavorable margin impact of 50 basis points. We also experienced approximately $90 million of unfavorable noncash impact from our minority stake in Beko Europe B.V. Ultimately, we maintained flat margins year-over-year despite the challenging global macro environment.

第二季度，巴西雷亞爾和墨西哥比索較前一年貶值，導致利潤率下降 50 個基點。我們也因持有 Beko Europe B.V. 的少數股權而遭受了約 9,000 萬美元的不利非現金影響。最終，儘管全球宏觀環境充滿挑戰，我們仍維持了與去年同期持平的利潤率。

And now I will turn it over to Jim to review the second quarter segment results.

現在我將把時間交給吉姆來回顧第二季度的分部表現。

Thanks, Mark. Good morning, everyone. Turning to slide 8, I'll review the second quarter results for our MDA North America business. Net sales were down 5% year-over-year as we continue to experience a challenging macro environment in the US. Consumer sentiment remains weak as a result of the economic uncertainty and evolving tariff policies.

謝謝，馬克。大家早安。翻到第 8 張投影片，我將回顧我們 MDA 北美業務的第二季業績。由於我們持續經歷美國充滿挑戰的宏觀環境，淨銷售額年減 5%。由於經濟不確定性和不斷變化的關稅政策，消費者信心仍然低迷。

As Mark stated, the significant preloading of Asian imports from foreign competitors due to the delay in tariff implementation caused the promotional intensity to persist. In the first half, we saw Asian imports up over 20%, while the industry was down despite being propped up by the inventory loading. All this is effectively delaying the impact of tariffs on appliances being imported by our foreign competitors well into the second half of this year.

正如馬克所說，由於關稅實施的延遲，外國競爭對手大量預裝亞洲進口產品，導致促銷力道持續存在。上半年，亞洲進口量成長超過 20%，儘管受到庫存增加的支撐，但產業表現卻有所下滑。所有這些都有效地將關稅對外國競爭對手進口家電的影響推遲到今年下半年。

Despite these challenges, MDA North America delivered an EBIT margin of approximately 6%, with strong cost takeout offset by lower volume and unfavorable product mix. While we continue to experience a choppy macro environment, we are confident in our growth potential for North America.

儘管面臨這些挑戰，MDA North America 的息稅前利潤率仍達到約 6%，強勁的成本削減被較低的銷售和不利的產品組合所抵消。儘管我們繼續經歷動盪的宏觀環境，但我們對北美的成長潛力充滿信心。

Turning to slide 9, I'll review the results for our MDA Latin America business. In the second quarter, MDA Latin America experienced a net sales decline of 1% year-over-year, excluding currency, with implemented pricing actions offset by double-digit negative consumer demand in Mexico. The segment delivered a solid EBIT margin of 6% with favorable price mix and cost actions driving approximately 20 basis points of expansion year-over-year.

翻到第 9 張投影片，我將回顧 MDA 拉丁美洲業務的表現。第二季度，MDA 拉丁美洲的淨銷售額年減 1%（不包括貨幣因素），實施的定價措施被墨西哥兩位數的負消費者需求所抵銷。該部門實現了 6% 的穩健息稅前利潤率，有利的價格組合和成本行動推動其同比增長約 20 個基點。

Turning to slide 10. I'll review the results for our MDA Asia business. In the second quarter, MDA Asia saw a net sales decline of 4% year-over-year, excluding currency, driven by industry decline, partially offset by continued strong share gains.

翻到第 10 張投影片。我將回顧我們的 MDA 亞洲業務的業績。第二季度，MDA Asia 的淨銷售額年減 4%，不包括匯率因素，原因是產業下滑，但持續強勁的市佔率成長部分抵銷了這一影響。

The segment delivered over 7% EBIT margin in the quarter with 90 basis points of year-over-year margin expansion from continued cost takeout. Our Asia business continues to operate well, overcoming the geopolitical tensions in the second quarter and delivering substantial margin expansion and share gains.

該部門本季的息稅前利潤率超過 7%，由於持續降低成本，利潤率年增 90 個基點。我們的亞洲業務繼續保持良好運營，克服了第二季度的地緣政治緊張局勢，實現了利潤率的大幅增長和市場份額的增長。

Turning to slide 11, I'll review the results of our SDA Global business. The segment delivered another strong quarter with net sales growth of 8% year-over-year, driven by direct-to-consumer sales growth despite a declining industry in North America.

翻到第 11 張投影片，我將回顧我們的 SDA Global 業務的表現。儘管北美產業下滑，但受直接面向消費者的銷售額成長的推動，該部門本季表現強勁，淨銷售額較去年同期成長 8%。

We continue to see growth and margin expansion from our recent product launches in high-growth categories, including our semi and fully automatic espresso machines. The SDA Global business is well positioned to continue to deliver significant growth in the second half of the year, which typically accounts for two-third of annual demand.

我們最近在高成長類別中推出的產品（包括半自動和全自動濃縮咖啡機）繼續實現成長和利潤擴大。SDA Global 業務已做好準備，在下半年繼續顯著成長，下半年通常佔全年需求的三分之二。

Now I will turn the call over to Mark to provide an overview of North America's growth catalysts.

現在我將把電話交給馬克，讓他概述一下北美的成長催化劑。

Thanks, Jim. Turning to slide 13. We outlined why North America is well positioned to unlock significant value creation. As mentioned before, there are three fundamental components that serve as catalysts for growth of our North America business. First, we strengthened our leading brand and product portfolio with over 30% of our North American products transitioning to new products in 2025.

謝謝，吉姆。翻到第 13 張投影片。我們概述了為什麼北美能夠充分發揮其創造巨大價值的優勢。如前所述，有三個基本要素可以作為我們北美業務成長的催化劑。首先，我們加強了領先的品牌和產品組合，到 2025 年，我們北美 30% 以上的產品將轉變為新產品。

For context, this is our largest product portfolio refresh in over a decade. Our trade customers have responded very positively to the new product innovations we are launching this year, resulting in gaining a significant number of new floor spots. While the new product launches are taking place throughout 2025, we expect to see the biggest impact from our new KitchenAid suite launch, which started shipping late September.

就背景而言，這是我們十多年來最大的產品組合更新。我們的貿易客戶對我們今年推出的新產品創新反應非常積極，從而獲得了大量新的展位。雖然新產品的發表會在 2025 年全年進行，但我們預計，最大的影響來自於 9 月底開始出貨的新 KitchenAid 套件。

Secondly, our strong US based manufacturing footprint positions us as net winners of a new tariff and trade policies. In an industry where most competitors are largely importers of major domestic appliances, 8 in 10 products of sales in US are made in the US. Furthermore, the majority of our raw materials and components are also domestically sourced. It's over 96% of the steel used in our US.

其次，我們在美國強大的製造業足跡使我們成為新關稅和貿易政策的淨贏家。在這個大多數競爭對手都是大型家用電器進口商的行業中，美國銷售的每 10 件產品中就有 8 件是在美國製造的。此外，我們的大部分原料和零件也都來自國內。它占美國鋼材總用量的 96% 以上。

factories sourced from the US. With our larger domestic production footprint, we are uniquely positioned in the appliance industry and the current economic landscape.

工廠來自美國。憑藉我們更大的國內生產足跡，我們在家電產業和當前的經濟格局中佔據著獨特的地位。

Based on the announcements in effect as of today, we expect that foreign competitors will begin to experience the full implications of tariffs and appliances as they sell down their preloaded inventory in the back half of 2025.

根據今天生效的公告，我們預計外國競爭對手將在 2025 年下半年開始感受到關稅和家電的全面影響，因為他們將出售預裝庫存。

And Lastly, turning to the US housing market. We continue to see strong underlying fundamentals that point to a likely multiyear recovery. The industry has been experiencing multi-decade lows in existing home sales as mortgage rates have remained elevated.

最後，談談美國房地產市場。我們繼續看到強勁的基本面，預示著經濟可能將經歷多年的復甦。由於抵押貸款利率持續居高不下，該行業現有房屋銷售量已經歷經數十年來的低點。

This is also shaping the profile of major appliance demand, which has seen discretionary demand contract by 10 points as existing home sales tend to be the primary driver of discretionary demand. While we're not assuming a housing market recovery in 2025, we believe in the mid- to long-term fundamentals and are positioned to capitalize on this opportunity. Simply put, there is no company better positioned to benefit from eventual housing market recovery than Whirlpool.

這也影響了主要家電需求的狀況，由於現有房屋銷售往往是非必需品需求的主要驅動力，因此非必需品需求已萎縮 10 個百分點。雖然我們不認為 2025 年房地產市場會復甦，但我們相信中長期基本面，並準備好利用這個機會。簡而言之，沒有一家公司比惠而浦更能從最終的房地產市場復甦中獲益。

Now turning to slide 14. I would like to highlight some of the exciting new product launches. Let me start with our innovative downdraft induction cooked ups from JennAir. As you might know, the downdraft cooktop is the heritage product of a JennAir super premium brand. What is new is the unique combination of induction technology with the most advanced and most powerful downdraft system, which we developed jointly with a leading European down drive company.

現在翻到第 14 張投影片。我想重點介紹一些令人興奮的新產品。首先，我要介紹 JennAir 的創新下吸式感應烹飪設備。您可能知道，下吸式爐灶是 JennAir 超高階品牌的經典產品。新穎之處在於將感應技術與最先進、最強大的下吸式系統獨特地結合起來，這是我們與歐洲領先的下吸式驅動公司共同開發的。

Apart from the obvious benefits of a downdraft like faster, more effective extraction and an unobstructive view this product can be installed without a dock, which offers a great replacement demand opportunity. Based on what we learned from Europe that this product is leading in the marketplace by value. We believe there is significant growth opportunity in the US as well.

除了下吸式抽油煙機的明顯優勢（例如更快、更有效的抽吸和無遮蔽的視野）之外，該產品還可以無需碼頭安裝，這提供了絕佳的替代需求機會。根據我們從歐洲了解到的情況，該產品在市場上的價值處於領先地位。我們相信美國也存在著巨大的成長機會。

On slide 15, you see a picture of our all new KitchenAid suite which starts shipping end of September. To put this in context, the last time we introduced an all new KitchenAid suite was in 2015, and this line of products represents over $1 billion of business.

在第 15 張投影片上，您可以看到我們全新的 KitchenAid 套件的圖片，該套件將於 9 月底開始出貨。具體來說，我們上次推出全新 KitchenAid 套件是在 2015 年，該系列產品的業務額超過 10 億美元。

Beyond the modern and advanced design, this line will be unique in its personalization opportunity. The personalization comes from a combination of interchangeable colors, handles and ops, which actually can be changed at the customer's home. We introduced this new line to the design and builder community a few months ago, and the response has been remarkably strong with hundreds of new floor sports gained.

除了現代和先進的設計之外，該系列產品還具有獨特的個人化機會。個人化來自於可互換的顏色、手柄和操作的組合，實際上可以在客戶家中進行更改。幾個月前，我們向設計和建造者社群推出了這條新產品線，反應非常強烈，獲得了數百種新的地板運動。

Lastly, on slide 16, we show you our new Maytag Pets top load laundry. You might recall that our Pet Pro technology has been hugely successful in the top load agitator segment. We're now bringing this innovation also to the impeller top load machines, which tend to be more in the premium segment of the marketplace. It is an industry-first technology, and the Maytag brand has all the credibility in getting the top job done to launch this innovation.

最後，在第 16 張投影片上，我們向您展示了我們新的 Maytag Pets 頂部裝載洗衣機。您可能還記得，我們​​的 Pet Pro 技術在頂部裝載攪拌器領域取得了巨大成功。現在，我們將這項創新也應用於葉輪頂部裝載機，這類機器往往更屬於市場的高端領域。這是一項業界首創的技術，美泰克品牌在推出這項創新技術方面擁有絕對的信譽。

Turning to slide 17. We'll discuss the tariff landscape for appliance imports into the US. This slide summarizes the relevant tariff actions taken by the administration and illustrates the estimated tariff rates as a percentage of total product value, assuming rates as of today, and the August 1, reciprocal tariffs. You can see in the table how the various tariffs, including Section 232 in steel content, Section 301 specific components and finished goods and the reciprocal IEEPA tariffs from various countries impact appliance imports.

翻到第 17 張投影片。我們將討論美國家電進口的關稅狀況​​。本投影片總結了政府採取的相關關稅行動，並說明了估計的關稅稅率佔產品總價值的百分比（假設稅率截至今天）以及 8 月 1 日的互惠關稅。您可以在表格中看到各種關稅（包括第 232 條中的鋼鐵內容、第 301 條中的特定組件和成品以及來自各國的互惠 IEEPA 關稅）如何影響家電進口。

While the overall tariff picture is still fluid, a 44% tariff on Chinese products and a 16% tariff on finished goods from other Asian countries should substantially impact competitors and, in turn, benefit American manufacturers.

雖然整體關稅情況仍不確定，但對中國產品徵收 44% 的關稅和對其他亞洲國家製成品徵收 16% 的關稅將對競爭對手產生重大影響，進而使美國製造商受益。

Slide 18 clearly shows why we believe that no matter how you look at the US appliance industry, there is no other company better positioned than Whirlpool with our US manufacturing footprint to navigate this trade landscape. As you can see, 80% of our MDA North American products, sold in US are produced in the US.

幻燈片 18 清楚地表明了我們為什麼相信，無論你如何看待美國家電行業，沒有其他公司比惠而浦更有能力憑藉我們在美國製造的足跡來駕馭這一貿易格局。如您所見，我們在美國銷售的 80% MDA 北美產品都是在美國生產的。

This compares to the rest of the industry, excluding Whirlpool, which has only about 25% domestic production. We're proud to be invested in US manufacturing, and we will continue to invest in the US as we have for over century. As the only primary domestic producers compared to our major competitors who are largely importers we're confident that this is a new competitive advantage for Whirlpool in the new tariff landscape.

相比之下，惠而浦除外，該行業的其他公司只有約 25% 的產量來自國內。我們很自豪能夠投資美國製造業，並且我們將一如一個多世紀以來那樣繼續在美國投資。與主要由進口商組成的競爭對手相比，惠而浦是唯一的國內主要生產商，我們相信，這是惠而浦在新關稅格局下的新的競爭優勢。

Turning to slide 19. Let me review how our North American business is well positioned to benefit from an overdue housing market recovery in the US. Appliance demand is broken down into three main drivers discretionary demand, which is highly correlated to existing home sales, new home construction and replacement demand driven by the rest purchases. The US housing industry has slowed in recent years as interest rates have risen sharply, drastically impacting discretionary demand.

翻到第 19 張投影片。讓我來回顧一下我們的北美業務如何從美國遲來的房地產市場復甦中獲益。家電需求主要分為三個驅動因素：非必需消費需求，它與現有房屋銷售、新房屋建設以及其餘購買所驅動的更換需求高度相關。近年來，由於利率大幅上升，美國房地產行業發展放緩，對可自由支配的需求產生了巨大影響。

Notably, the size of these demand drivers has shifted significantly in this time frame with replacement demand becoming a bigger portion of overall demand. While replacement demand has continued to be strong, this comes with a weaker mix relative to discretionary demand. Return of discretionary demand will bring a much stronger appliance mix.

值得注意的是，這些需求驅動因素的規模在此期間發生了顯著變化，其中替換需求在整體需求中所佔比例變得更大。儘管替換需求持續強勁，但相對於可自由支配的需求，其組合較弱。可自由支配需求的回升將帶來更強勁的家電組合。

Turning to slide 20, we show how discretionary demand is impacted by existing home sales. As mentioned earlier, there is a strong correlation between discretionary demand and existing home sales. In 2022, the rapid increase in mortgage rates slowed home sales significantly to the lowest level in 30 years.

翻到第 20 張投影片，我們展示了現有房屋銷售如何影響可自由支配的需求。如前所述，可自由支配的需求和現有房屋銷售之間存在很強的相關性。2022年，抵押貸款利率的快速上升導致房屋銷售大幅放緩至30年來的最低水準。

As mortgage rates begin to moderate off the peak, we expect existing home sales to improve. Discretionary demand has a richer mix with more building products and full kitchen suite sales. We expect existing home sales will unlock in the midterm and improved discretionary demand.

隨著抵押貸款利率開始從高峰迴落，我們預計現有房屋銷售將會改善。可自由支配的需求更加豐富，建築產品和全套廚房套件的銷售量增加。我們預期中期現房銷售將釋放成長動力，可自由支配的需求也將改善。

On slide 21, we discuss US new home construction, which has been undersupplied since the financial crisis and creates long-term upside potential for Whirlpool. There is an undersupply of US housing of approximately 3 million to 4 million homes, along with the rising median age of US homes to over 40 years, which is the oldest housing stock in US history. Given the favorable demographics in the US, a multiyear improvement in new housing starts is needed to address the undersupply gap.

在第 21 張投影片上，我們討論了美國新房建設情況，自金融危機以來，美國新房建設一直供應不足，為惠而浦創造了長期上行潛力。美國住房供應短缺約 300 萬至 400 萬套，同時美國房屋的平均使用年限已超過 40 年，是美國史上最古老的房屋存量。鑑於美國有利的人口結構，需要多年改善新屋開工率才能解決供應不足的問題。

Turning to slide 22, we highlight how our leading builder business is positioned to benefit from the overdue housing recovery. A few years ago, we made the conscious choice to invest in the US builder business and significantly strengthened our position in this part of the segment. As a result, today, we're proud to hold the number one position with national builders approaching 60% share. We also do business with 8 of the top 10 builders in the US.

翻到第 22 張投影片，我們重點介紹了我們領先的建築商業務如何從遲來的住房復甦中獲益。幾年前，我們有意識地選擇投資美國建築業務，並大大加強了我們在該領域的地位。因此，今天，我們很自豪能夠佔據第一的位置，全國建築商的份額接近 60%。我們也與美國十大建築商中的八家有業務往來。

Our final mile delivery capabilities, along with the breadth of our products and brand portfolio, allow us to directly serve our builders and meet their needs a truly differentiated capability. Putting it all together, you see that we are at an inflection point in terms of our performance and our position to win in this environment.

我們的最後一哩交付能力，以及我們產品和品牌組合的廣度，使我們能夠直接為我們的建築商提供服務，並滿足他們真正差異化的需求。綜上所述，您會發現，就我們的表現和在這種環境中取勝的地位而言，我們正處於一個轉折點。

To wrap up this section, let me repeat our three catalysts for structural long-term growth in our North American business with new products, strengthening our leading brand portfolio, a unique domestic footprint, which positions us as a winner in the new trade policy and our number one position among builders, which will provide sizable upside in the eventual housing market recovery.

在本節的總結中，讓我重複我們北美業務結構性長期增長的三個催化劑：新產品、加強我們領先的品牌組合、獨特的國內足跡，這使我們成為新貿易政策中的贏家，以及我們在建築商中的頭號地位，這將為最終的房地產市場復甦提供巨大的上行空間。

And now I will turn it over to Jim to review our 2025 guidance and capital allocation priorities.

現在我將交給吉姆來審查我們的 2025 年指導和資本配置重點。

Thanks, Mark. Turning to slide 24. I will review our updated guidance for 2025. As Mark highlighted, there continues to be considerable uncertainty in the macro environment, along with short-term headwinds from the preloading of Asian appliance imports. As a result, we are updating our full year guidance to reflect this uncertainty and the timing in which we expect some of these headwinds to subside.

謝謝，馬克。翻到第 24 張投影片。我將審查我們 2025 年的最新指導。正如馬克所強調的，宏觀環境仍然存在相當大的不確定性，同時亞洲家電進口預裝也帶來了短期阻力。因此，我們正在更新全年指引，以反映這種不確定性以及我們預計其中一些不利因素將消退的時間。

We now target the India transaction to close around year-end and therefore, have included the India results from July through December 2024, back into the baseline for comparison purposes. The reset baseline excludes approximately $800 million in net sales and an approximately $9 million EBIT loss, creating a like-for-like comparison for 2025 guidance.

我們現在的目標是在年底左右完成印度交易，因此，我們將 2024 年 7 月至 12 月的印度業績納入基線，以便進行比較。重置基準不包括約 8 億美元的淨銷售額和約 900 萬美元的息稅前利潤損失，從而與 2025 年的指導結果進行同類比較。

On a like-for-like basis, 2024 net sales were approximately $15.8 billion with an ongoing EBIT margin of approximately 5.7%. We expect approximately flat net sales of $15.8 billion in 2025, reflecting our strong pipeline of new products, offset by the worsening global consumer sentiment impacting demand and unfavorable currency.

以同類計算，2024 年淨銷售額約 158 億美元，持續息稅前利潤率約為 5.7%。我們預計 2025 年淨銷售額將大致持平於 158 億美元，這反映了我們強大的新產品線，但受到全球消費者情緒惡化對需求的影響以及不利的貨幣的影響。

On a like-for-like basis, we expect an approximately flat ongoing EBIT margin of 5.7%. Free cash flow is expected to deliver approximately $400 million. As a reminder, the adjusted effective tax rate is expected to be 20% to 25% in 2025. We still expect the cash tax rate to be significantly lower. We expect full year ongoing earnings per share of $6 to $8.

以同類計算，我們預計持續息稅前利潤率將大致持平，為 5.7%。預計自由現金流將達到約 4 億美元。提醒一下，預計 2025 年調整後的有效稅率將達到 20% 至 25%。我們仍預期現金稅率將大幅下降。我們預計全年每股收益為 6 至 8 美元。

Turning to slide 25. We show the drivers of our updated full year ongoing EBIT margin guidance. We have updated our expectation of price mix to 25 basis points to reflect the weakening consumer sentiment impacting mix and the delays in tariffs prolonging the promotional pressure beyond what we previously anticipated. Net cost takeout reflects the expectation of delivering approximately $200 million. Transaction impacts reflects our most recent expectations on the noncash impact of equity from affiliates related to Beko Europe, lowered by 25 basis points.

翻到第 25 張投影片。我們展示了更新後的全年持續息稅前利潤率指引的驅動因素。我們已將價格組合預期更新為 25 個基點，以反映消費者情緒減弱對價格組合的影響以及關稅延遲導致促銷壓力超出我們先前的預期。淨成本支出反映了約 2 億美元的預期。交易影響反映了我們對 Beko Europe 相關附屬公司股權的非現金影響的最新預期，降低了 25 個基點。

We lowered the expected impact of incremental tariffs from 250 to 150 basis points to reflect the most current proposed tariff rates. The biggest adjustment from previous expectations is most notably from China's tariff rates. We expect to offset these impacts through the cost-based pricing actions announced in the second quarter and by continuing to assess our supply sourcing strategy.

我們將增量關稅的預期影響從 250 個基點降至 150 個基點，以反映最新的擬議關稅稅率。與先前預期相比，最大的調整最明顯的是中國的關稅稅率。我們希望透過第二季宣布的基於成本的定價行動以及繼續評估我們的供應採購策略來抵消這些影響。

It is important to reiterate that these impacts represent currently announced tariffs and do not factor in any future or potential changes in trade policy.

必須重申的是，這些影響代表目前宣布的關稅，並不考慮任何未來或潛在的貿易政策變化。

Turning to slide 26. I will review our updated segment expectations. Globally, we now expect the total industry to be approximately flat to down 3%. In MDA North America, with the worsening consumer sentiment and pressure on discretionary demand, we expect the industry to be flat to down 3%. MDA Latin America has seen significant deterioration in Mexico and a deceleration in Brazil.

翻到第 26 張投影片。我將回顧我們更新後的細分預期。從全球來看，我們現在預計整個產業將大致持平或下降 3%。在北美MDA，隨著消費者信心的惡化和非必需品需求的壓力，我們預計該行業將持平至下降3%。MDA 拉丁美洲地區墨西哥的情況明顯惡化，巴西的情況則出現減速。

Therefore, we now expect industry to be flat to down 5%. We continue to see demand improvement in India. However, behind initial expectations due to geopolitical tensions and an unusually cool summer selling season in the second quarter. We have adjusted the MDA Asia industry flat to up 3%.

因此，我們現在預計工業將持平至下降5%。我們繼續看到印度的需求改善。然而，由於地緣政治緊張局勢以及第二季度夏季銷售季節異常寒冷，銷量低於最初的預期。我們已將 MDA 亞洲產業持平調整為上漲 3%。

Finally, SDA Global continues to be impacted by discretionary demand weakness in the US and Europe, resulting in the expected industry for the year to be flat to down 3%. It is important to note that we continue to expect to deliver incremental sales growth through our new product introductions despite the unfavorable industry. We have adjusted EBIT margin in North America to reflect the prolonged effect of tariff uncertainty and the competitor preloading negatively impacting the promotional intensity.

最後，SDA Global 繼續受到美國和歐洲可自由支配需求疲軟的影響，導致今年預計該產業將持平或下降 3%。值得注意的是，儘管產業情勢不容樂觀，我們仍期望透過推出新產品來實現銷售額的成長。我們調整了北美的息稅前利潤率，以反映關稅不確定性的長期影響以及競爭對手預加載對促銷強度的負面影響。

We expect a full year MDA North America margin of 6% to 6.5%. With unfavorable currency impacts and weakening consumer demand in Latin America, we now expect EBIT margin of approximately 7%. We now expect MDA Asia EBIT margin of approximately 5% driven by India consolidated results now being included in the full year guidance. With the strength of SDA Global's direct-to-consumer growth and previous new product introductions, we now expect an increase in EBIT margin to 15.5%.

我們預計全年 MDA 北美利潤率為 6% 至 6.5%。由於不利的貨幣影響和拉丁美洲消費需求的減弱，我們現在預計息稅前利潤率約為 7%。我們現在預計，受印度綜合業績的推動，MDA Asia 的息稅前利潤率約為 5%，該業績現已納入全年指引。憑藉 SDA Global 直接面向消費者的成長動能和先前推出的新產品，我們預計息稅前利潤率將上升至 15.5%。

Turning to slide 27. I will review our free cash flow guidance. We've updated our cash earnings and other operating accounts, consistent with full year EBIT guidance. We have not changed our expectations for capital expenditures and continue to focus on delivering product excellence and investing in our US manufacturing footprint. We expect to sustain our low working capital levels and do not expect a material impact.

翻到第 27 張投影片。我將審查我們的自由現金流指導。我們已更新現金收益和其他營運帳戶，與全年息稅前利潤指引一致。我們沒有改變對資本支出的預期，並繼續專注於提供卓越的產品並投資於我們的美國製造業足跡。我們預計將維持較低的營運資本水平，並且不會產生重大影響。

Finally, we've updated the restructuring expectations of the previously announced organizational simplification actions to approximately $50 million. Overall, we expect free cash flow of approximately $400 million for the year.

最後，我們將先前宣布的組織簡化行動的重組預期更新為約 5,000 萬美元。總體而言，我們預計今年的自由現金流約為 4 億美元。

Turning to slide 28, I will review our capital allocation priorities. Investing in innovative products that meet our consumers' needs is critical to driving our organic growth. We are very excited about the 100-plus new products we are launching this year. Secondly, we are committed to reducing debt levels. We continue to expect to pay down $700 million of debt in 2025, taking a significant step towards our long-term target of 2 times net debt leverage.

翻到第 28 張投影片，我將回顧我們的資本配置重點。投資滿足消費者需求的創新產品對於推動我們的有機成長至關重要。我們對今年推出的 100 多種新產品感到非常興奮。其次，我們致力於降低債務水準。我們仍預計在 2025 年償還 7 億美元的債務，朝著 2 倍淨債務槓桿的長期目標邁出重要一步。

Lastly, we are committed to returning cash to shareholders by funding a healthy dividend. We are confident our business is well positioned for growth. However, the volatile macro environment and prolonged suppressed housing cycle have impacted our short-term results.

最後，我們致力於透過提供豐厚的股息來向股東返還現金。我們相信我們的業務已做好充分的成長準備。然而，動盪的宏觀環境和長期受抑制的房地產週期已經影響了我們的短期業績。

After careful consideration with focus on our long-term value creation, we are recommending to adjust the annual dividend rate to $3.60 per share starting in the third quarter. While this decision was not taken lightly, it is critical to ensure we create the capacity on our balance sheet for future investments in the US and continued focus on debt repayment. As a reminder, the dividend is approved quarterly by the Board of Directors.

經過仔細考慮並著眼於我們的長期價值創造，我們建議從第三季開始將年度股息率調整為每股 3.60 美元。雖然這個決定並非輕率做出的，但至關重要的是要確保我們的資產負債表有足夠的能力在美國進行未來投資，並繼續關注債務償還。提醒一下，股利由董事會每季批准。

Turning to slide 29. We continue to strengthen our balance sheet and operate with ample liquidity. We proactively refinanced $1.2 billion of debt with five and eight-year notes at very favorable rates with a weighted average rate of 6.3%.

翻到第 29 張投影片。我們繼續加強資產負債表，並以充足的流動性運作。我們主動以非常優惠的利率（加權平均利率為 6.3%）用五年期和八年期票據對 12 億美元的債務進行了再融資。

And we still expect to pay down approximately $700 million of debt this year and the cash generation from the anticipated India transaction, which has generated significant interest from large third-party investors, is targeted to close around the end of 2025. As a reminder, we have ample liquidity for our operations and financing needs as we have access to a $3.5 billion revolving credit facility.

我們仍預計今年將償還約 7 億美元的債務，而預期中的印度交易所產生的現金預計將於 2025 年底左右完成，該交易已引起大型第三方投資者的極大興趣。提醒一下，我們擁有 35 億美元的循環信貸額度，因此有足夠的流動資金來滿足我們的營運和融資需求。

Turning to slide 30. Let me review what you heard today. While we are operating in a challenging macro cycle, we are encouraged by our progress. We continue to reduce costs from our business, launch record numbers of new products and execute previously announced pricing actions.

翻到第 30 張投影片。讓我回顧一下你們今天聽到的內容。儘管我們正處於充滿挑戰的宏觀週期中，但我們對所取得的進展感到鼓舞。我們持續降低業務成本，推出創紀錄數量的新產品，並執行先前宣布的定價行動。

In North America, we're very well positioned for growth, driven by our new product innovation, significant domestic manufacturing footprint and housing demand fundamentals that suggest a multiyear recovery is on the horizon. We continue to expect the administration's tariff policies will help level the playing field for US based producers and in effect, make Whirlpool a net winner.

在北美，我們擁有非常有利的成長條件，這得益於我們的新產品創新、巨大的國內製造足跡以及住房需求基本面，這些都表明多年的復甦即將到來。我們繼續預計，政府的關稅政策將有助於為美國生產商創造公平的競爭環境，並實際上使惠而浦成為淨贏家。

Our SDA Global segment delivers strong value creation as it delivers continued top line PAUSE and margin expansion. As we move into the second half, we remain focused on the execution of what is within our control, driving structural cost takeout, implementing previously announced pricing actions and executing on our capital allocation priorities, including organic growth, debt reduction and funding a healthy dividend. With the right operational priorities in place, we are confident in our strategy and our ability to create long-term value.

我們的 SDA Global 部門實現了強勁的價值創造，因為它實現了持續的營收成長和利潤率擴張。隨著我們進入下半年，我們仍然專注於執行我們能控制的事情，推動結構性成本削減，實施先前宣布的定價行動，並執行我們的資本配置優先事項，包括有機增長、減少債務和為健康的股息提供資金。有了正確的營運重點，我們對我們的策略和創造長期價值的能力充滿信心。

Now we will end our formal remarks and open it up for questions.

現在我們將結束正式發言並開始提問。

(Operator Instructions)

（操作員指示）

David MacGregor, Longbow Research.

大衛麥格雷戈，長弓研究公司。

Yes, good morning, everyone. Thanks for David. Marc, what's your best estimate of the quantity of pull-forward tariff-free imported product currently on the ground? And how long will it take to move that through retail?

是的，大家早安。感謝大衛。馬克，你對目前國內免關稅進口產品數量的最佳估計是多少？那麼透過零售實現這一目標需要多長時間？

David, it's -- first of all, I admit, it's difficult to exactly give an estimate, but let me give you a couple of data points. As you've seen, the market overall on a sell-in base -- on a registered sell-in base was slightly down in Q2, while at the same time, the appliance imports from Asia, if you take the year-to-date numbers, they are significantly up.

大衛，首先，我承認，很難準確地給出估計，但讓我給你幾個數據點。如您所見，第二季整體市場以銷售為基礎 - 以註冊銷售為基礎略有下降，而與此同時，如果您查看年初至今的數據，從亞洲進口的家電數量則大幅上升。

I mean we're talking, particularly if we exclude China, more than 20% up. So there's a significant imbalance between the officially declared sell-in and what has been shipped from Asia. I would argue even declared sell-in is slightly above the actual sellout.

我的意思是，如果我們排除中國，成長率將超過 20%。因此，官方宣布的銷售量與從亞洲發貨的量之間存在顯著的不平衡。我認為，即使宣布的賣出量也略高於實際賣出量。

And we also -- and we referred to this one earlier, what has been declared as AM shipment may include some consignment stock from competitors. So it's very difficult to calibrate. But I would -- and of course, we don't have a June official import data. So I'm referring to the May one. As of end of May, I would have expected there's probably easily 60 to 90 days of inventory from excess Asian imports in there.

而且我們也 - 我們之前提到過這一點，已申報的 AM 裝運貨物可能包括一些來自競爭對手的寄售庫存。因此校準起來非常困難。但我會——當然，我們沒有六月的官方進口數據。我指的是五月那次。截至 5 月底，我預計那裡的亞洲進口過剩庫存很可能足以滿足 60 至 90 天的需求。

That, hopefully, will flow through the system and, I think, hopefully will become, every month, less as the tariffs are taking really effect, but it has been a significant additional loading happening throughout May.

希望這些費用能夠順利流經整個系統，而且我認為，隨著關稅真正生效，費用預計每個月減少，但整個 5 月份，這筆費用都是一筆相當大的額外負擔。

Okay, thanks for that. I guess as a follow-up, I just wanted to ask you about the promotional calendar. And I guess at this point, all the manufacturers are out with their promotional plans for the second half. What are you hearing in the way of how second half might look different from the first half? It seems as though manufacturers are backing off PMAPs, support for house offers, shifting to more kind of buy more, save more type of promotional programs.

好的，謝謝。我想作為後續問題，我只是想問您有關促銷日曆的問題。我想此時此刻，所有製造商都已經公佈了下半年的促銷方案。您認為下半年與上半年有何不同？看起來製造商正在放棄 PMAP、對房屋優惠的支持，轉而採用更多買得更多、省得更多的促銷計劃。

Is the problem that your competitors' promotional focus has shifted to more premium products, and that's cutting more into your margins? Just talk about how the second half should play out.

問題是否在於，您的競爭對手的促銷重點已經轉向更高端的產品，從而進一步削減了您的利潤？只討論下半場應該如何進行。

Yeah. And David, as you know, we're kind of -- we typically don't give forward-looking statement on promotional pricing. So let me just more kind of wisdom of hindsight, including July 4, and then you can try to read whatever into this one.

是的。大衛，如你所知，我們通常不會對促銷價格做出前瞻性的聲明。因此，讓我更多地回顧一下包括 7 月 4 日在內的一些事情，然後您可以嘗試從中解讀任何內容。

First of all, as you've seen in Q2, we significantly reduced our promotional efforts, both in duration and depth of promotion. Frankly, in Q2, we're probably quite a bit of ahead of a competitor in terms of being a little bit more or less aggressive, if you want to say so. And that was simply a result, yes, we saw -- also, we are impacted by tariff costs and we had to adjust it.

首先，正如您在第二季度看到的，我們大幅減少了促銷力度，包括促銷的持續時間和深度。坦白說，在第二季度，如果你願意這麼說的話，我們在進攻力度上可能比競爭對手領先很多。是的，這只是一個結果，我們看到了——而且，我們受到關稅成本的影響，我們必須對其進行調整。

But more importantly, simply, in a strong replacement-driven market, the lift you get from this promotional investment is just very little, okay? And if you really look at the math of some of these promotions, the lift you get is, to some extent, even pull forward.

但更重要的是，簡單地說，在強大的替代驅動市場中，您從這種促銷投資中獲得的提升非常小，好嗎？如果你認真看一下這些促銷活動的數學計算，你會發現，從某種程度上來說，你獲得的提升甚至是向前的。

So you start wondering, does it purely economically makes sense to have these deep investments in promotional periods when the lift is just very little? And that's ultimately why we curtailed our promotional depth and duration in Q2. And right now, again, we don't give forward-looking statements, but right now, I would not expect a completely different behavior from us.

因此你開始懷疑，在促銷期間進行如此大規模的投資，從純粹的經濟角度來看是否合理，因為當時促銷效果非常小。這就是我們在第二季縮減促銷深度和持續時間的根本原因。現在，我們不會做出前瞻性陳述，但目前，我不會期望我們會做出完全不同的行為。

We saw in the industry, July 4, was still deep for the industry. That is a large result. Yes, there's excess inventory buildup in the system and probably people had to sell it off and that's just what it is.

我們看到，7月4日對於產業來說仍然是一個沉重的打擊。這是一個很大的成果。是的，系統中積壓了過多的庫存，可能人們不得不將其賣掉，事實就是這樣。

We saw post July 4, call it, a normalization post promotion, so there was a move up, but it's hard to yet predict what it really means for what you probably refer to Labor Day and Black Friday. I would overall expect, probably a more muted environment than in the past, but that's right now a pure speculation from my side.

我們看到 7 月 4 日之後，稱之為促銷後的正常化，因此有所上升，但目前還很難預測這對於您可能提到的勞動節和黑色星期五的真正含義。我總體上預計，環境可能會比過去更加平靜，但這只是我個人的猜測。

Mike Dahl, RBC.

麥克·達爾，加拿大皇家銀行。

Hi, thanks for taking my questions, Marc, I just want to follow up on the import dynamic because I think on the last call, the inventory was characterized as maybe a number of weeks, now it's extending through 3Q, which is kind of many months going back to kind of the April comments now through September.

嗨，謝謝你回答我的問題，馬克，我只是想跟進一下進口動態，因為我認為在上次電話會議上，庫存被描述為可能需要數週時間，現在它已經延續到第三季度，也就是從四月份的評論到九月份的很多個月。

So understanding that some of the data that we can all see is lagged, how much visibility do you actually have to make those kind of calculations around how much is in warehouses or how much is that -- whether it's warehouses at ports or warehouses from your retailers? Just trying to figure out like the -- especially as China seems to be on the verge of those tariffs getting delayed again, how you gauge the visibility of that level of imports.

因此，了解到我們所有人看到的一些數據都是滯後的，您實際上有多少可見性來進行諸如倉庫中有多少庫存或有多少庫存（無論是港口倉庫還是零售商的倉庫）之類的計算？只是想弄清楚——尤其是當中國似乎即將再次推遲徵收這些關稅時，如何衡量進口水平的可見度。

Yeah, Michael, let me maybe give you a little bit longer answer to your question. And of course, it's more calibration as opposed to absolute facts because you don't -- obviously, we don't have precise inventory data by our competitors. But let me context, first of all, when we had our last earnings call, that was April, that was pretty much post -- just a few weeks post liberation day announcements.

是的，邁克爾，讓我給你一個更長一點的答案來回答你的問題。當然，這更多的是校準而不是絕對事實，因為你沒有——顯然，我們沒有競爭對手的精確庫存數據。但首先，讓我先介紹一下背景，我們上次召開財報電話會議是在四月份，也就是解放日公告發布後的幾週後。

And I also want to be very clear, of course, we 100% support what the administration is trying to do, and we ultimately will be a net beneficiary of this one. But you also have seen that since then, there have been a number of delays. And frankly, we're still operating in an environment where there is uncertainty about what happens around August 1, what happens with country tariffs.

當然，我也想明確表示，我們 100% 支持政府正在努力做的事情，我們最終將成為這件事的淨受益者。但你也看到，自那時起，已經出現了一些延誤。坦白說，我們仍然處於一個不確定的環境中，不知道 8 月 1 日左右會發生什麼，不知道國家關稅會發生什麼。

So as much as we strongly applaud what the administration is doing, of course, we all live in an environment where tariffs have been delayed or postponed. Now you can also imagine when you send a message to our competitors that the tariffs are delayed, it's like an invitation to ship a little bit more in the next couple of weeks. And that's what we've seen throughout the entire second quarter.

因此，儘管我們強烈讚揚政府的所作所為，但我們當然都生活在關稅被推遲或延期的環境中。現在你也可以想像，當你向我們的競爭對手發送關稅延遲的訊息時，這就像是邀請他們在接下來的幾週內多運送一點貨物。這就是我們在整個第二季度所看到的情況。

And by the way, the interesting data point you just need to look at is the -- if you look at the container rates in terms of how they spike up, and that's always a signal, okay, there's more demand for shipments. So we've seen that with every tariff delay, there is another round of additional loading.

順便說一句，你只需要看一下有趣的數據點——如果你看一下貨櫃運費的飆升情況，這總是一個信號，好吧，對貨運的需求增加了。因此，我們看到，每次關稅延遲，都會出現新一輪的額外收費。

Now to calibrate it, yes, we know what the official sell-in data is. We know what the appliance imports are as of end of May, but June numbers will come out mid-August. What you've seen, and this may be a little bit of sign of encouragement, but China shipments started leveling out a little bit. So we saw already a little bit of moderation in May, and that's probably a logical result of the China tariffs kicked in fairly significantly.

現在進行校準，是的，我們知道官方的銷售數據是什麼。我們知道截至五月底的家電進口量，但六月的數據要到八月中旬才能公佈。您所看到的，這可能是一個令人鼓舞的跡象，但中國的出貨量已經開始趨於平穩。因此，我們在五月已經看到一些緩和，這可能是中國關稅大幅實施的必然結果。

But the other Asian countries were just significantly increased. Now I would expect with the 232 coming into effect and the additional country tariffs coming into effect, we would expect to see the same development also in the non-China Asian countries. But again, we expect -- and of course, there is a lot of decision-making happening by the administration, and we will get to see what's happening in the next couple of weeks.

但其他亞洲國家卻大幅增加。現在我預計，隨著232條款生效以及附加國家關稅生效，我們預計中國以外的亞洲國家也會出現同樣的發展。但是，我們再次預計——當然，政府正在做出很多決策，我們將在接下來的幾週內看到會發生什麼。

So with the data points of sell-in data, industry sell-in and where we have a pretty good understanding of overall sell-out, we expect that -- that's why I said earlier, we would expect a significant amount of preloaded inventory certainly as of early June.

因此，根據銷售數據、行業銷售數據點以及我們對整體銷售情況的相當了解，我們預計——這就是我之前所說的，我們預計截至 6 月初肯定會有大量預裝庫存。

We think there's quite a bit of inventory which was sold through July 4. But of course, by definition, there's still quite a bit of inventory sitting out there. So -- and that's why we also said in Q3, we expect similar, but gradually improving environment and dynamics than we've experienced in Q2, again, similar from starting point. But of course, with every month passing behind the tariffs becoming in effect, we will see more of a normalization happening around us.

我們認為截至 7 月 4 日，已有相當多的庫存被售出。但當然，根據定義，那裡仍然有相當多的庫存。所以——這就是為什麼我們在第三季也說過，我們預期環境和動態與我們在第二季經歷的類似，但會逐漸改善，同樣，從起點開始也是類似的。但當然，隨著關稅生效的每個月過去，我們將看到周遭發生更多的正常化。

Okay. Yeah, that's really helpful color. And the second question I have is related in terms of the North America major margins. It seems like the new guide is kind of flat or I think -- I don't know if your comment about similar in 3Q just referenced the margin cadence. I think the prior guide was for a step-up in the back half.

好的。是的，這顏色真的很有幫助。我的第二個問題與北美主要利潤有關。看起來新的指南有點平淡，或者我認為——我不知道您關於第三季度類似情況的評論是否只是參考了利潤節奏。我認為之前的指導是為了後半部的提升。

I'm assuming the new guide is largely a function of this kind of preloading effect, but maybe you can break down that change in the margin guidance and the implied back half cadence in North America. That would be great.

我認為新指南很大程度上是這種預載效應的函數，但也許您可以分解邊際指導的變化和北美隱含的後半節奏。那太好了。

Yeah. So Michael, first of all, what you describe is spot on. Yes, ultimately, the adjustment of guidance is a direct reflection of continued delay for tariffs. Nothing has changed in fundamentals. We will be a net winner for tariffs.

是的。邁克爾，首先，你所描述的是正確的。是的，歸根究底，指導意見的調整是關稅繼續推遲的直接體現。基本面沒有任何改變。我們將是關稅的淨贏家。

We introduced a large amount of new products ever, and in the mid to long term, we will win in the housing environment. So that has not changed. It's just all the positive effects from these three catalysts are delayed or slightly delayed. And of course, that is a drag on our margin, certainly in Q3. And Q4, we got to see.

我們不斷推出大量新產品，中長期來看，我們將在住房環境中取得勝利。所以這並沒有改變。只是這三種催化劑的積極作用都被延遲或稍微延遲了。當然，這會拖累我們的利潤率，尤其是在第三季。至於第四季度，我們拭目以待。

That's why you've also seen is we've given what I would call an unusual wide range of outcomes in the guidance. That's exactly because we can't, right now, foresee how rational the competitors will behave based on these tariff costs.

這就是為什麼您還會看到我們在指導中給出了我所說的不同尋常的廣泛結果。這正是因為我們現在無法預見競爭對手基於這些關稅成本的行為會有多理性。

And I think even though Q3 is pretty -- I mean we have a pretty good sense about where it's coming out. But a tell sign will be really what do we see in the market in September, October and how Q4 turns out. But again, I want to reemphasize, it's a delay. It's not a change of a fundamental investment story. The three reasons which I mentioned earlier, I strongly, more passionately than ever before believe in them.

我認為，儘管第三季表現不錯——我的意思是，我們對它的走向有相當好的判斷。但真正能預示未來的是我們在 9 月、10 月的市場表現以及第四季的市場表現。但我再次強調，這是一種延遲。這並不是一個基本投資故事的改變。我比以往任何時候都更加堅定、更加熱情地相信我之前提到的三個原因。

And there are three fundamental critical catalysts for our growth in North America. But unfortunately, we're delayed more than we had originally in mind.

我們在北美的成長有三個根本的關鍵催化劑。但不幸的是，我們耽擱的時間比我們原先預想的要長。

Yeah. Just to add to that, Michael, I think, obviously, as we've talked about with the additional imported inventory, it obviously has had an impact on the promotional environment. But also what that's impacted from our volume perspective is the leverage we get in our factories.

是的。邁克爾，我還要補充一點，我認為，顯然，正如我們談到的額外的進口庫存，它顯然對促銷環境產生了影響。但從產量角度來看，這也影響了我們在工廠中所獲得的槓桿作用。

And again, as that eventually makes its way through the system and subsides, it allows us then to get better leverage in our factories. I'd say today, the cost actions we're taking, we're seeing the benefits of. We're seeing benefits of many of the pricing actions we've taken. But again, we're operating in an environment where the volumes are just under pressure with all the product that's been imported into the US recently.

而且，隨著這種情況最終在系統中逐漸消退，我們就能在工廠中獲得更好的槓桿作用。我想說，今天，我們正在採取的成本行動，我們正在看到其好處。我們採取的許多定價措施都帶來了好處。但同樣，我們目前所處的環境中，由於最近大量產品進口到美國，產量面臨壓力。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

Thank you. Good morning, everyone. My first question is looking at the SDA business, which had some really nice performance this quarter despite all the headwinds that you're facing there. Can you talk a bit about what has driven that and how you're thinking about the back half performance there, especially in terms of that segment margin?

謝謝。大家早安。我的第一個問題是 SDA 業務，儘管面臨許多阻力，但本季該業務的表現仍然非常出色。您能否談談是什麼推動了這一趨勢，以及您如何看待下半年的表現，特別是該細分市場的利潤率？

Yeah, Susan, it's Marc. So I mean, first of all, obviously, we're very pleased with the SDA performance year-to-date. They had a very strong Q1. We had a very strong Q2. And right now, it looks like they will also have a very strong Q3. So we feel very good about it. We have good momentum in the business.

是的，蘇珊，我是馬克。所以我的意思是，首先，顯然，我們對 SDA 今年迄今為止的表現非常滿意。他們的第一季表現非常強勁。我們第二季表現非常強勁。現在看來，他們的第三季業績也將非常強勁。所以我們對此感覺非常好。我們的業務發展勢頭良好。

But two fundamental drivers are twofold. One is we're really benefiting from the new products, which we talked quite a bit here about Q4 last year and Q1, be it coffee makers, be it the rice and grain cooker, be it the portable appliances.

但有兩個根本驅動因素。一是我們確實受益於新產品，我們在去年第四季和第一季度談論了很多，無論是咖啡機、電飯煲和穀物鍋，還是便攜式電器。

And we have really, really good momentum coming from a new product. But frankly, even our, call it, bread-and-butter stand mixer business is doing well despite a market which is not really growing. So with new colors, new accessories, new bowls, I mean, it's a good business and will drive very strong product mix here.

我們透過新產品獲得了非常好的發展動能。但坦白說，儘管市場實際上並未成長，但即使是我們所謂的主要業務立式攪拌機業務也表現良好。因此，有了新的顏色、新的配件、新的碗，我的意思是，這是一筆好生意，並將推動這裡非常強大的產品組合。

The second part is our direct-to-consumer business has been growing really nicely. So this is, I would say, a business which is -- because everybody knows the stand mix and many other products, which is almost geared towards a direct consumer business. And we've seen very strong growth in particular in North America. But also in Europe, we already have a very significant portion of our business is direct-to-consumer business.

第二部分是我們的直接面向消費者的業務一直在順利成長。所以我想說，這是一項業務——因為每個人都知道立式混合蔬菜和許多其他產品，它幾乎是面向直接消費者的業務。我們看到了尤其在北美非常強勁的成長。但在歐洲，我們的業務中已經有很大一部分是直接面對消費者的業務。

So these were the two fundamental catalysts for the strong first half. Now the reason why we're still -- it's the SDA nature is -- SDA is very back half loaded. By definition, there is a significant amount of revenues just concentrated on Q3 and Q4 more so than the majors business. That's why right now, I take the first two quarters with a smile, and let's see how the rest turns out because we still know we still have a big mountain to climb just given the seasonality.

因此，這是上半年表現強勁的兩個根本催化劑。現在我們仍然如此的原因 — — 這是 SDA 的本質 — — SDA 的負載非常低。顧名思義，相當一部分收入集中在第三季和第四季度，而不是主要業務。這就是為什麼現在，我對前兩個季度感到滿意，讓我們看看接下來的結果如何，因為我們仍然知道，考慮到季節性，我們還有一座大山要攀登。

I mean, I think, Susan, also, just the margins that we have in that business right now really speak to the strength of the brand and the products. And obviously, we're very excited about it. But they've also had an impact of tariffs, whether it's exporting to other countries outside the US stand mixers or products that they've brought in from Asia. And again, despite that, you look at that business and the margins are completely on track. So again, I think that just goes back to tell you how strong that business really is.

我的意思是，蘇珊，我認為，我們目前在該業務中所擁有的利潤確實說明了品牌和產品的實力。顯然，我們對此感到非常興奮。但它們也受到關稅的影響，無論是出口到美國以外國家的立式攪拌機還是從亞洲進口的產品。儘管如此，你再看看這項業務，利潤率完全在正常範圍內。所以，我再說一遍，我認為這只是為了告訴你這項業務到底有多強大。

Yeah. Okay. That's very helpful color. And then maybe turning to capital allocation and the decision to recommend the Board reduce the dividend. Can you just talk about how you're thinking of shareholder returns in this environment, how that factors into your priorities and maybe the path from here as you do start to delever the balance sheet further?

是的。好的。這是非常有用的顏色。然後也許轉向資本配置並決定建議董事會減少股息。您能否談談在這種環境下您如何看待股東回報，這對您的優先事項有何影響，以及當您開始進一步降低資產負債表槓桿率時，您下一步的行動方向是什麼？

Yeah. Yeah, Susan, I'll start off with that. And first off, we remain committed to return cash to shareholders. And we remain committed to our dividend. And we also remain confident in our business, and I think that's critical to really say.

是的。是的，蘇珊，我就從這個開始。首先，我們仍然致力於向股東返還現金。我們仍然致力於派發股息。我們對我們的業務仍然充滿信心，我認為這真的很重要。

And this -- as you heard in the prepared remarks, this was a deliberate action. We didn't take this in terms of a short-term decision. We really looked at where we are, what our capital allocation priorities are, where we want to invest, that we want to continue to deleverage, but we also want to invest in our US business because as you heard from Marc's comments, we really believe strongly in the US housing market and that there will be a recovery here.

正如你們在準備好的發言中所聽到的，這是蓄意行為。我們並不是以短期的眼光來做這個決定。我們確實考慮了我們的現狀、我們的資本配置重點、我們想要投資的地方、我們想要繼續去槓桿，但我們也想投資我們的美國業務，因為正如你從馬克的評論中聽到的，我們真的堅信美國房地產市場將會復蘇。

And so part of what we had to do is we had to look at not just the short term, but also what we want to invest for the long term. And we felt at this time that reducing the dividend down to $3.60 on an annual basis is the right level.

因此，我們必須要做的就是不僅要考慮短期利益，還要考慮我們想要進行長期投資。我們此時認為，將年度股息降至 3.60 美元是合適的水平。

And that's also very comparable to where we were in a pre-COVID environment on similar types of earnings. So we feel it's the right level of return, and we want to continue to return cash to shareholders, but we also feel it fits best with where the business is right now and where our priorities are.

這也與我們在新冠疫情之前的類似收入水準非常相似。因此，我們認為這是合適的回報水平，我們希望繼續向股東返還現金，但我們也認為這最適合我們目前的業務狀況和我們的優先事項。

And Susan, maybe just -- it's Marc. From my perspective, obviously, whenever you make the recommendation of the Board to take the dividend back to pre-COVID level, it's not an easy decision. But ultimately, it comes down to we see a clear path to pre-COVID margins on the respective BUs, and that's what we've on reflected. Keep in mind, the existing dividend was set at the peak of COVID. Right now, we don't see a short-term path to COVID-type of peak margins.

蘇珊，也許只是──他是馬克。從我的角度來看，顯然，每當董事會建議將股息恢復到新冠疫情之前的水平時，這都不是一個容易的決定。但最終，我們看到了各個業務部門實現 COVID 之前利潤率的清晰途徑，這就是我們所反映的。請記住，現有股息是在 COVID 高峰期設定的。目前，我們看不到短期內實現 COVID 類型峰值利潤率的途徑。

But even more important, ultimately, it's a decision for -- it's not because the funding, as you heard from Jim before. We are well funded, and I'm very pleased that we have this $1.2 billion funding behind us. It is ultimately about we want to create the financial capacity going forward. We're very confident about the business, but I want to have -- frankly, I want to have capacity paying down debt.

但更重要的是，最終，這是一個決定——不是因為資金，正如你之前從吉姆那裡聽到的。我們的資金充足，我很高興我們獲得了這 12 億美元的資金支持。最終，我們希望創造未來的財務能力。我們對業務非常有信心，但我希望——坦白說，我希望有能力償還債務。

But frankly, also with the US market shaping up the way we described it earlier, next year will be very attractive to invest in the US, and we just want to create the capacity on our balance sheet. That is ultimately the key driver of the decision.

但坦白說，隨著美國市場按照我們之前描述的方式發展，明年在美國投資將非常有吸引力，我們只是想在我們的資產負債表上創造產能。這最終是做出該決定的關鍵驅動因素。

Rafe Jadrosich, Bank of America.

美國銀行的 Rafe Jadrosich。

Hi, good morning. Thanks for taking my question.

嗨，早安。感謝您回答我的問題。

Morning, Rach.

早安，瑞秋。

Can you talk about the sellout that you saw in North America MDA in the second quarter and 3Q today? And maybe talk about Whirlpool versus the broader industry?

您能談談今天第二季和第三季在北美 MDA 看到的銷售情況嗎？也許可以談談惠而浦與整個產業的關係？

Rafe, it's Marc. So let me just -- and of course, as you know, there is no one data source on sellout. We have sellout data from our customers, and we have a pretty good sense for our balance of sale. That's how we try to calibrate it.

雷夫，我是馬克。所以讓我——當然，正如你所知，沒有關於售罄的單一數據來源。我們擁有來自客戶的銷售數據，我們對於銷售平衡有相當好的了解。這就是我們嘗試校準它的方法。

In Q2, I would describe the sellout to be, at best, flat, but it's probably more like minus 2%, minus 3%. We, in particular, we lost some share in April, May, when we went ahead of promotional price adjustments probably ahead of our competitors. And we picked it up a little bit more towards the end of the quarter.

在第二季度，我認為銷售情況最好是持平，但可能更像是負 2%、負 3%。特別是我們在四月和五月失去了一些市場份額，當時我們可能領先於競爭對手進行促銷價格調整。在本季末，我們又取得了一些進展。

Coming into July, we feel pretty good about where we are. The sellout in July, and again, it's too early to say, so far is a positive one for us. We don't know exactly where the rest of competition sits. But right now, it's in a market where certainly from a volume perspective, it's probably best to still assume zero percent to minus 3%, and that's how we also adjusted the industry guidance.

進入七月，我們對目前的狀況感覺相當良好。七月的門票銷售一空，雖然現在說還為時過早，但到目前為止，對我們來說還是一個利好消息。我們不知道其餘競爭對手的具體情況。但就目前而言，從交易量的角度來看，最好仍然假設 0% 到 -3% 的成長率，這也是我們調整行業指導的方式。

There's one big caveat. Keep in mind, the market may look reasonably okay from a unit perspective. The mix in the market is not a healthy one. It's a very strongly replacement-driven demand, and consumer sentiment just weighs on the health of a mix of a product. And that's why it's so critical that we launch all these new products because that's the ultimate lever how despite a negative market mix trend, we can make a difference with the mix in our new products.

有一個很大的警告。請記住，從單位角度來看，市場可能看起來相當不錯。市場結構並不健康。這是一種非常強烈的替代驅動需求，消費者情緒直接影響產品組合的健康狀況。這就是為什麼推出所有這些新產品如此重要，因為這是我們最終的槓桿，儘管市場組合趨勢不佳，但我們可以透過新產品的組合來發揮作用。

But again, it's -- volume is one side. The mix which comes with the volume is just not where we want to have it. And that's ultimately a reflection of a broader consumer sentiment and the existing home sales, which are just very low.

但同樣，數量只是一方面。伴隨音量而來的混合並不是我們想要的。這最終反映了更廣泛的消費者情緒和現有房屋銷售情況，而這些情況非常低。

Thank you. That's helpful. And then can you just give an update on the India sale in terms of what the potential timing is, proceeds? Has the structure of it changed? Just what you guys are exploring there.

謝謝。這很有幫助。然後，您能否介紹一下印度銷售的最新情況，包括可能的時間和收益？它的結構有改變嗎？你們正在那裡探索什麼。

Yeah. And Rafe, this is Jim. And I'd say, listen, from the last call till now, there's been no significant change. We still anticipate the proceeds to be in the $550 million to $600 million type of range. We still expect to close by or around the end of this year.

是的。拉夫，這是吉姆。我想說，聽著，從上次通話到現在，沒有重大變化。我們仍然預期收益將在 5.5 億美元至 6 億美元之間。我們仍然預計將在今年年底或左右完成。

We're in the middle of the process, and we continue to narrow down the number of participants in the process just as a normal process would work and work with those potential purchasers.

我們正處於這個過程的中間階段，我們將繼續縮小參與過程的人數，就像正常流程一樣，並與那些潛在購買者合作。

And so right now, we believe it's on track, and nothing's really changed. We just continue to execute the process. And hopefully, by the next call, we'll be able to give a further update around where that is and talking more about the possible closure.

所以現在，我們相信一切進展順利，沒有任何改變。我們只是繼續執行該過程。希望在下次電話會議中，我們能夠進一步更新情況，並進一步討論可能的關閉情況。

I think just one additional point is on this one. So the change has been about the expected closing of a transaction. So the transaction as such, we're highly confident and that it will materialize. Right now, in the updated guidance, we assume that the close would likely not technically happen in '25 but will fall into '26, but we expect kind of getting clarity on the transaction a lot earlier.

我認為關於這一點還有一點需要補充。因此，變化與交易的預期結束有關。因此，我們對這筆交易非常有信心，相信它一定會實現。目前，在更新後的指南中，我們假設交易完成可能不會在 25 年完成，而是在 26 年完成，但我們預計交易將會更早明朗化。

Eric Bosshard, Cleveland Research.

艾瑞克‧博薩德（Eric Bosshard），克里夫蘭研究公司。

Two things, if I could. The first one, in the deck, you include a data point where the impact of tariffs you expect to offset with, I think, mostly price. I'm curious what you're seeing so far that gives you confidence that you'll be able to get in the level of price that you're outlining to offset those tariffs.

如果可以的話，有兩件事。第一個，在簡報中，你包含一個數據點，你預期關稅的影響將透過數據點來抵消，我認為，主要是價格。我很好奇您目前看到的情況，讓您有信心達到您所概述的價格水平來抵消這些關稅。

Yeah. So Eric, so basically, we largely already implemented the necessary pricing action with our promotional price increase and some list price increases in Q2. That's what I was referring to earlier. So what needed to be done to offset the tariffs, we technically put in place.

是的。艾瑞克，基本上，我們已經在第二季透過促銷價格上漲和一些標價上漲實施了必要的定價措施。這就是我之前提到的。因此，從技術上講，我們已經採取了抵消關稅所需的措施。

Right now, it is somewhat masked that positive impact because we lost some mix in Q2. The mix has been very unhealthy. So you have two offsetting items. One, we see a positive impact from all the actions which we've done on promotional price adjustments and list price increases, and the negative is a little bit the downside mix.

目前，由於我們在第二季度失去了一些組合，這種積極影響在某種程度上被掩蓋了。這種混合非常不健康。所以你有兩個抵銷的項目。首先，我們在促銷價格調整和標價上漲方面採取的所有行動都產生了正面影響，而負面影響則有點負面。

But again, in terms of the actions need to be done, we largely factored in and basically executed or executing what needs to be done in Q2. And -- but again, this is also in the context of still a globally uncertain final tariff outcomes. So this does not mean that we might not have taken action down the road. But right now, we feel good about where we are from pricing actions.

但就需要採取的行動而言，我們在很大程度上已經考慮並基本上執行了或正在執行第二季度需要做的事情。但同樣，這也是在全球最終關稅結果仍不確定的背景下。所以這並不意味著我們可能不會採取行動。但目前，我們對定價行動的進展感到滿意。

Yeah, I think, though, on top of that, too, is to highlight is it's not just pricing that we're taking to offset that. We're taking cost actions. We're looking at supply sourcing and other things. And again, we're going back to our suppliers with an expectation to be able to find solutions to these increased tariff costs.

是的，我認為，最重要的是，我們要強調的不僅僅是定價，我們還可以透過定價來抵銷這種影響。我們正在採取成本措施。我們正在尋找供應來源和其他事物。我們再次與供應商聯繫，希望能夠找到解決這些增加的關稅成本的方法。

Okay. And then secondly, I understand that you've talked a lot about the noise of preloading and the impact that has. I guess, excluding the impact of tariffs, which seems like it's not really in place right now, your North American share is contracting, and so I guess the protection of the tariffs is coming. But excluding that or in advance of that, why is your share not performing better? Or why is your share performing like it is?

好的。其次，我知道您已經談了很多關於預先載入的噪音及其影響。我想，排除關稅的影響（目前看來關稅還沒有真正到位），你們的北美份額正在萎縮，所以我想關稅的保護即將到來。但是，如果不考慮這一點或提前考慮這一點，為什麼你的股票表現沒有更好呢？或者為什麼你的股票表現如此？

Yeah. So Eric, first of all, as I alluded to earlier, we lost in Q2 in April, May, some share. Just to put in context, that's less than 1 point of share which we lost, okay? And end of June, we kind of rebalanced, and we're stabilizing. So -- but of course, no, we absolutely do not want to lose share, and we will not lose share on a full year base period, okay? So we're very confident that largely the confidence also comes not only because of tariffs, because of all the new products. So we feel very good about the tools which we have in place.

是的。所以艾瑞克，首先，正如我之前提到的，我們在第二季（4 月和 5 月）損失了一些份額。簡單來說，我們損失的份額不到 1 個百分點，好嗎？到六月底，我們的情況已經恢復平衡，並且趨於穩定。所以——但是當然，不，我們絕對不想失去份額，而且我們不會在全年基準期內失去份額，好嗎？因此，我們非常有信心，這種信心很大程度上不僅是因為關稅，還因為所有新產品。因此，我們對現有的工具感到非常滿意。

But of course, by definition, you have a huge amount of preloaded inventory, which puts a lot of promotional pressure. As we said before, we will not participate in any -- on every promotion. And there have been a number of promotions out there that there is no question in my mind that did not create value for the retailer or the respective competitor, period, okay? And we will not participate in that.

但當然，根據定義，您擁有大量預裝庫存，這會帶來很大的促銷壓力。正如我們之前所說，我們不會參與任何促銷活動。市面上有許多促銷活動，但毫無疑問的是，這些促銷活動並沒有為零售商或相應的競爭對手創造價值，對吧？我們不會參與其中。

So if somebody wins a little bit of temporary share, I look at more like -- for lack of a better expression, I look at more, yes, but built on quicksand. I don't need quicksand. We need structural market share, which comes with good and healthy brands and products, and that's what we focus on.

因此，如果有人贏得一點臨時份額，我看更像是——由於缺乏更好的表達，我看更像是，是的，但卻建立在流沙之上。我不需要流沙。我們需要結構性的市場份額，這需要優質、健康的品牌和產品，這也是我們關注的重點。

Michael Rehaut, JPMorgan.

摩根大通的麥可雷豪特。

Hi, good morning. This is [Alex Isaac] on for Mike. First thing, on the demand side, with the revision downward of your demand expectations, can you sort of give some more granular details into what's driving those across regions? And how should we see this trend into the rest of the year and into '26? Do you feel this to be more transitory? Or are these more longer-term demand headwinds?

嗨，早安。我是 [Alex Isaac]，為 Mike 播報。首先，在需求方面，隨著您對需求預期的下調，您能否提供一些更詳細的細節，說明是什麼推動了各個地區的需求？那麼，我們該如何看待今年剩餘時間和 26 年的這一趨勢呢？您是否覺得這只是暫時現象？或者這些是更長期的需求阻力？

Yeah, Alex, our revision on the industry guidance, which by views, has different reasons. I would say in North America, it's largely driven by consumer sentiment. And you look at any data source out there, consumer sentiment is just not in a good place. Consumers, like investors, don't like uncertainty, unpredictability and various possible outcomes. And that is right now weighing heavily on consumer mind.

是的，亞歷克斯，我們對產業指導的修訂，從觀點上看，有不同的原因。我想說，在北美，這很大程度上是由消費者情緒驅動的。只要看一下任何資料來源，就會發現消費者情緒並不樂觀。消費者和投資者一樣，不喜歡不確定性、不可預測性和各種可能的結果。而這現在正讓消費者心頭沉重。

The good thing is, and that's why this could change is we've seen in a number of periods, consumer sentiment moves a lot faster than many other dynamics. Consumer sentiment can move in two or three months significantly. So a lot will depend on the macro news which people will see.

好消息是，這就是這種情況可能會改變的原因，我們已經在多個時期看到，消費者情緒的變化比許多其他動態要快得多。消費者情緒可能在兩三個月內發生顯著變化。因此，很多事情都取決於人們看到的宏觀新聞。

We should not lose sight of consumers sit on a lot of home equity. So that's a fact. The home equity, which still makes up a lot of consumer wealth, is in a good state. So consumers would have the wealth and the equity to invest more in the home. But right now, we're holding a little bit back. And again, I'm not trying to be overly optimistic, but these things change faster than many other macroeconomic elements.

我們不應該忽視消費者擁有大量的房屋淨值。這是事實。房屋淨值仍佔消費者財富的很大一部分，並且狀況良好。這樣，消費者就擁有了財富和資產，可以在房屋上進行更多投資。但目前，我們稍微保留。再次強調，我並不是想過於樂觀，但這些因素的變化速度比許多其他宏觀經濟因素都要快。

The other region is slightly different. I think within LAR, in Latin America, we've seen a more broader slowdown in the economy both in Brazil, but to some extent, Mexico. So that is not just consumers. It's just a broader slowdown. Not a bad environment. It's just slowing down.

另一個地區略有不同。我認為，在拉丁美洲，我們看到巴西和墨西哥的經濟都出現了更廣泛的放緩。所以這不只是消費者。這只是更大範圍的經濟放緩。環境還不錯。它只是在減慢速度。

And Asia, to Jim's earlier point, particularly India is so much driven by the seasonal patterns of weather. And you had, last year, a very strong Q2, I mean, from a pure weather perspective. And this year, it turned out very differently. And that's why we're kind of a little bit cautious more on the Asia outlook. So it's more completely different dynamics. It's just -- I know it sounds trivial. But it's weather related and how hot it gets. That has a big impact on that outlook.

正如吉姆先前指出的，亞洲，特別是印度，受天氣季節模式的影響很大。從純粹的天氣角度來看，去年第二季表現非常強勁。而今年，情況卻大不相同。這就是為什麼我們對亞洲前景持謹慎態度。所以這是完全不同的動態。這只是——我知道這聽起來微不足道。但這與天氣以及氣溫有多高有關。這對前景有很大影響。

Small domestic appliances are a little bit on their own in terms of a macroeconomic perspective. I would say in general terms, more than any other category are strongly driven by consumer sentiment because it's ultimately -- yes, there's some replacement demand, but it's a very strongly discretionary demand-driven cycle.

從宏觀經濟角度來看，小家電有點獨立。我想說，總的來說，與其他任何類別相比，它都受到消費者情緒的強烈驅動，因為它最終——是的，存在一些替代需求，但這是一個非常強烈的自由裁量需求驅動的周期。

And here, we also -- we're a little bit more cautious. But also here, the same applies what I said before earlier. The big season on SDA is coming, and it will be very important to see how the consumer sentiment does around the September, October time line because that will shape the industry perspective to a very large extent.

在這裡，我們也更加謹慎。但在這裡，我之前所說的也同樣適用。SDA 的旺季即將到來，觀察 9 月和 10 月左右的消費者情緒如何非常重要，因為這將在很大程度上影響產業前景。

I appreciate all the color on that. To dig in on SDA, I was just wanted to know if you could share some more details on direct-to-consumer and what percentage of that made up of SDA and then also how the margin profile varies between direct-to-consumer sales versus the overall segment.

我很欣賞其中所有的色彩。為了深入了解 SDA，我只是想知道您是否可以分享一些有關直接面向消費者的詳細信息，以及其中 SDA 所佔的百分比，以及直接面向消費者的銷售與整體細分之間的利潤率狀況有何不同。

Yeah. So Alex, we typically don't publish or communicate the details of a D2C business versus rest. But let me help you calibrate a little bit. It's -- as a company, our direct-to-consumer business is in the mid- to high single digits but with big differences across the different segments. By a long shot, the highest direct-to-consumer business, we have in our Latin America business and small domestic appliances.

是的。因此，亞歷克斯，我們通常不會發布或傳達 D2C 業務與其他業務的詳細資訊。但讓我幫你稍微校準一下。作為一家公司，我們的直接面向消費者的業務處於中高個位數，但不同細分市場之間存在很大差異。到目前為止，我們在拉丁美洲的業務和小型家用電器方面擁有最高的直接面向消費者的業務。

So you should ballpark getting probably close to one-fourth of the business. So it's very healthy. It will never replace our business with good and established retailers. But frankly, we know there's a segment of consumers who would just like to buy directly from the manufacturer. And so this is not in competition to our retailers. We respect our retailers. We need our retailers.

因此，您大概可以估算出接近四分之一的業務。所以它非常健康。它永遠不會取代我們與優秀且成熟的零售商的業務。但坦白說，我們知道有一部分消費者只想直接從製造商購買。因此，這並不與我們的零售商構成競爭。我們尊重我們的零售商。我們需要我們的零售商。

It is a complement and a supplement, in particular, on the products where -- most people know a stand mixer. So it's perfect for this one. The margin structure is not completely different, but let me put it this way, it's an attractive business for us. Largely also, yes, it comes by definition of a higher revenue base and a still pretty healthy margin level.

它是一種補充和增補，特別是對於大多數人都知道的立式攪拌機產品而言。所以這對這個來說是完美的。利潤結構並沒有完全不同，但讓我這樣說吧，這對我們來說是一項很有吸引力的業務。很大程度上，是的，它來自於更高的收入基礎和仍然相當健康的利潤水平。

As you all understand the mechanics of the direct-to-consumer business, we have quite a bit of fixed cost, which comes with consumer search and buying for the search. So a higher revenue base, the more profitable it becomes.

正如你們所了解的直接面向消費者業務的機制一樣，我們有相當多的固定成本，這些成本來自於消費者的搜尋和為搜尋而購買。因此，收入基礎越高，利潤就越高。

Joshua Wilson, Raymond James.

約書亞·威爾遜、雷蒙德·詹姆斯。

Good morning, Filling in for Sam Darkatsh. For my first question, could you talk a little more about your assumptions for North American market share and how that's changed from a quarter ago? I know you were expecting to gain share in the second half, but now with the delays in channel inventory headwinds, does that mean like flattish share in the third quarter and bigger gains in the fourth quarter? Or how are you calibrating the cadence there?

早安，代替 Sam Darkatsh。我的第一個問題，您能否再談談您對北美市場份額的假設以及與一個季度前相比有何變化？我知道您預計下半年的市佔率會增加，但是現在由於通路庫存逆風的延遲，這是否意味著第三季的市佔率會持平，而第四季的市佔率會更大？或者您如何校準那裡的節奏？

Josh, in general terms, we expect the same, i.e., we expect a healthy share level in the second half, driven largely by the new product introductions. And keep in mind, every quarter, we have more products, new products being floored.

喬希，總的來說，我們預期的情況是一樣的，也就是說，我們預計下半年的市場份額將保持健康水平，這主要得益於新產品的推出。請記住，每個季度我們都會推出更多產品和新產品。

The second point is, as I mentioned earlier, we took the necessary pricing action promotion levels in Q2. Some competitors didn't do it. They will have to catch up at one point to deal with the cost, and I think that will create then more a level playing field and allows us to kind of pick up some market share. So we feel good about our plan for second half market share, and we have no intention whatsoever to concede market share easily.

第二點是，正如我之前提到的，我們在第二季採取了必要的定價行動促銷水準。一些競爭對手沒有做到這一點。他們必須在某個時候迎頭趕上來應對成本問題，我認為這將創造一個更公平的競爭環境，並使我們能夠獲得一些市場份額。因此，我們對下半年的市佔率計畫感到滿意，我們無意輕易放棄市場佔有率。

And then as it relates to the dividend change, could you talk about what has changed either in your plans or the environment that catalyzed you to make the decision now versus three, six months ago?

然後，關於股息變化，您能否談談與三個月或六個月前相比，您的計劃或環境發生了哪些變化，促使您現在做出決定？

Yeah. And this is Jim. And I would say, Josh, again, probably three, six months ago, we really looked at the environment. We said there was a lot to it that we still wanted to see and understand better. We wanted to see how the tariffs rolled out.

是的。這是吉姆。我想說，喬希，大概三到六個月前，我們確實有關注環境。我們說，我們仍希望看到並更好地理解其中的許多內容。我們想看看關稅將如何實施。

We wanted to see the impact it would have on volumes. Again, as I said, we remain confident in the business. We remain committed to the dividend, but we just thought it was very prudent to really understand the environment better and then kind of make the right appropriate deliberate capital allocation decision.

我們想看看它對銷量的影響。正如我所說，我們對這項業務仍然充滿信心。我們仍然致力於派發股息，但我們認為，真正更好地了解環境，然後做出正確、適當的、深思熟慮的資本配置決策是非常謹慎的。

And so again, as we said, this is as much about us looking at wanting to increase the capacity within our balance sheet but also to create the ability to invest further in our US manufacturing footprint because we really do believe, based on what Marc said earlier and the actions that the administration is taking, this can set us up to win. And so we wanted to create that additional capacity, and we felt this was the right time.

所以，正如我們所說的，這不僅是為了增加我們資產負債表內的產能，也是為了創造進一步投資美國製造業的能力，因為我們確實相信，基於馬克之前所說的以及政府正在採取的行動，這可以讓我們獲得勝利。因此，我們希望創造額外的產能，我們覺得現在是正確的時機。

I think with that, we come to the end of the Q&A session. First of all, I want to thank you all for joining us today. I mean, obviously, you heard a lot of details today. I think the important thing really as a key takeaway is, of course, a company like ours, we don't take an adjustment of our guidance easily. I'm the first one to admit it.

我想，我們的問答環節就到此結束了。首先，我要感謝大家今天的參加。我的意思是，顯然，你今天聽到了很多細節。我認為真正重要的是，當然，像我們這樣的公司，我們不會輕易調整我們的指導方針。我是第一個承認這一點的人。

At the same time, hopefully, you heard all today, we are very confident, and nothing has changed about the investment thesis. And it's not just relying on the fact that we will be net winners of the tariff environment. It is largely coming from the confidence and feedback we get on our new products, and nothing has changed in our mid- to long-term perspective on the housing market.

同時，希望您今天聽到了所有內容，我們非常有信心，投資論點沒有改變。這不僅依賴我們將成為關稅環境的淨贏家。這很大程度來自於我們對新產品的信心和回饋，我們對房地產市場的中長期前景沒有任何改變。

So we -- if you want to say so, the investment thesis is as strong as ever, but we felt it appropriate and prudent to adjust the guidance to reflect the delays of certain effects, which positively impact our business.

因此，如果您願意這麼說的話，我們的投資論點一如既往地強勁，但我們認為調整指引以反映某些影響的延遲是適當且謹慎的，這會對我們的業務產生積極影響。

So with that, again, thank you all, and we will talk to each other during the next earnings call. Thanks a lot.

因此，再次感謝大家，我們將在下次財報電話會議上進行交談。多謝。

Ladies and gentlemen, that concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。