<p>大陸輪胎（Continental AG）((CTTAY)) 已召開其第三季度財報電話會議。請繼續閲讀以瞭解會議的主要亮點。</p>
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<p>大陸輪胎的最新財報電話會議透露出混合的情緒，表現出成功的戰略舉措，如 AUMOVIO 的分拆和輪胎業務的強勁表現。這些成就促進了現金流的改善和槓桿比率的降低。然而，公司在卡車輪胎和汽車行業面臨重大挑戰，同時對特殊效應的預期也有所增加。</p>
<h2>AUMOVIO 分拆成功</h2>
<p>大陸輪胎成功分拆了 AUMOVIO，導致市值增加了 24 億歐元，七週內上漲了 15%。這一戰略舉措超越了基礎指數，展示了公司通過戰略重組提升股東價值的能力。</p>
<h2>輪胎業務表現強勁</h2>
<p>輪胎業務實現了 3.7% 的有機增長，主要受北美和亞太地區替換輪胎市場的推動。強勁的價格/組合貢獻進一步增強了該細分市場的表現，突顯了其在挑戰性市場環境中的韌性。</p>
<h2>ContiTech 收益改善</h2>
<p>ContiTech 的收益顯著改善，EBIT 利潤率從 6.1% 增加到 8.5%，儘管銷售略有下降。這一改善凸顯了大陸輪胎在提升該細分市場運營效率方面的戰略有效性。</p>
<h2>運營現金流改善</h2>
<p>大陸輪胎報告調整後的自由現金流從 1.57 億歐元增加到 1.69 億歐元，反映出 1200 萬歐元的改善。這一積極的現金流趨勢表明公司在財務管理和運營效率方面的強勁表現。</p>
<h2>槓桿比率符合目標</h2>
<p>公司的臨時槓桿比率降低至 2.2%，與其約 2 倍的目標一致。這一降低展示了大陸輪胎對維持健康資產負債表和財務穩定的承諾。</p>
<h2>戰略舉措的負面影響</h2>
<p>儘管一些戰略舉措帶來了積極成果，但大陸輪胎因與其戰略舉措相關的非現金一次性影響面臨 11 億歐元的負面影響。這突顯了大規模企業重組所帶來的複雜性和風險。</p>
<h2>卡車輪胎市場的挑戰</h2>
<p>卡車輪胎市場面臨挑戰，弱勢的 PLT OE 和卡車輪胎替換需求對銷量產生了負面影響。EMEA 和北美地區的需求依然疲軟，給該細分市場未來的增長帶來了挑戰。</p>
<h2>高特殊效應影響</h2>
<p>大陸輪胎的特殊效應預期從 3.5 億歐元顯著增加至 15 億歐元，主要受轉型相關的非現金一次性影響推動。這一大幅增加突顯了公司持續轉型努力的財務影響。</p>
<h2>汽車和工業部門疲軟</h2>
<p>汽車和工業部門繼續經歷疲軟的銷量，僅有輕微的改善跡象。這一持續的疲軟對大陸輪胎在穩定和增長這些細分市場時構成挑戰。</p>
<h2>前瞻性指導</h2>
<p>展望未來，大陸輪胎的領導層仍然專注於推動業績的戰略決策。AUMOVIO 的分拆和 ContiTech 內部原始設備解決方案業務的出售是旨在增強公司工業焦點的關鍵舉措。儘管面臨挑戰，公司仍維持對銷售、EBIT 和現金流的指導，並計劃保持其對非現金一次性影響的股息政策的韌性。</p>
<p>總之，大陸輪胎的財報電話會議突顯了戰略成功與持續挑戰的結合。雖然 AUMOVIO 的分拆和輪胎業務表現是顯著的積極因素，但公司在卡車輪胎和汽車行業面臨障礙。在應對這些複雜性時，大陸輪胎對戰略重組和財務穩定的承諾依然顯而易見。</p>

大陸輪胎/馬牌輪胎(ADR)

<p>大陸輪胎（Continental AG）第三季度的財報電話會議顯示出喜憂參半的結果，展示了戰略上的成功，例如成功的 AUMOVIO 分拆，使市場資本化增加了 24 億歐元。輪胎業務實現了 3.7% 的有機增長，而 ContiTech 的息税前利潤率從 6.1% 提高至 8.5%。然而，卡車輪胎和汽車行業仍面臨挑戰，特殊效果預期從 3.5 億歐元大幅上升至 15 億歐元。儘管面臨這些困難，大陸輪胎仍致力於其戰略重點，並維持銷售、息税前利潤和現金流的指導</p>

<p>Continental AG ((CTTAY)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>大陸輪胎（Continental AG）((CTTAY)) 已召開其第三季度財報電話會議。請繼續閲讀以瞭解會議的主要亮點。</p>
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</div><p>The recent earnings call for Continental AG revealed a mixed sentiment, characterized by successful strategic initiatives such as the AUMOVIO spin-off and robust performance in the tire business. These achievements contributed to improved cash flow and a reduced leverage ratio. However, the company also faced significant challenges, particularly in the truck tire and automotive sectors, alongside increased expectations for special effects.</p>
<div class="lb-trans"><p>大陸輪胎的最新財報電話會議透露出混合的情緒，表現出成功的戰略舉措，如 AUMOVIO 的分拆和輪胎業務的強勁表現。這些成就促進了現金流的改善和槓桿比率的降低。然而，公司在卡車輪胎和汽車行業面臨重大挑戰，同時對特殊效應的預期也有所增加。</p>
</div><h2>AUMOVIO Spin-Off Success</h2>
<div class="lb-trans"><h2>AUMOVIO 分拆成功</h2>
</div><p>Continental AG successfully spun off AUMOVIO, resulting in a market capitalization increase of EUR 2.4 billion, marking a 15% rise over seven weeks. This strategic move outperformed underlying indices, showcasing the company’s ability to enhance shareholder value through strategic realignments.</p>
<div class="lb-trans"><p>大陸輪胎成功分拆了 AUMOVIO，導致市值增加了 24 億歐元，七週內上漲了 15%。這一戰略舉措超越了基礎指數，展示了公司通過戰略重組提升股東價值的能力。</p>
</div><h2>Strong Tire Business Performance</h2>
<div class="lb-trans"><h2>輪胎業務表現強勁</h2>
</div><p>The tire business demonstrated organic growth of 3.7%, primarily driven by the replacement tire market in North America and the Asia-Pacific region. A strong price/mix contribution further bolstered this segment’s performance, highlighting its resilience in a challenging market environment.</p>
<div class="lb-trans"><p>輪胎業務實現了 3.7% 的有機增長，主要受北美和亞太地區替換輪胎市場的推動。強勁的價格/組合貢獻進一步增強了該細分市場的表現，突顯了其在挑戰性市場環境中的韌性。</p>
</div><h2>Improvement in ContiTech Earnings</h2>
<div class="lb-trans"><h2>ContiTech 收益改善</h2>
</div><p>ContiTech’s earnings saw a significant improvement, with the EBIT margin increasing from 6.1% to 8.5%, despite a slight decline in sales. This improvement underscores the effectiveness of Continental’s strategic focus on enhancing operational efficiency within this segment.</p>
<div class="lb-trans"><p>ContiTech 的收益顯著改善，EBIT 利潤率從 6.1% 增加到 8.5%，儘管銷售略有下降。這一改善凸顯了大陸輪胎在提升該細分市場運營效率方面的戰略有效性。</p>
</div><h2>Operational Cash Flow Improvement</h2>
<div class="lb-trans"><h2>運營現金流改善</h2>
</div><p>Continental reported an adjusted free cash flow increase from EUR 157 million to EUR 169 million, reflecting a EUR 12 million improvement. This positive cash flow trend indicates the company’s strong financial management and operational efficiency.</p>
<div class="lb-trans"><p>大陸輪胎報告調整後的自由現金流從 1.57 億歐元增加到 1.69 億歐元，反映出 1200 萬歐元的改善。這一積極的現金流趨勢表明公司在財務管理和運營效率方面的強勁表現。</p>
</div><h2>Leverage Ratio on Target</h2>
<div class="lb-trans"><h2>槓桿比率符合目標</h2>
</div><p>The company’s pro forma leverage ratio was reduced to 2.2%, aligning with its target of around 2x. This reduction demonstrates Continental’s commitment to maintaining a healthy balance sheet and financial stability.</p>
<div class="lb-trans"><p>公司的臨時槓桿比率降低至 2.2%，與其約 2 倍的目標一致。這一降低展示了大陸輪胎對維持健康資產負債表和財務穩定的承諾。</p>
</div><h2>Negative Impact from Strategic Moves</h2>
<div class="lb-trans"><h2>戰略舉措的負面影響</h2>
</div><p>Despite the positive outcomes from some strategic initiatives, Continental faced a negative impact of EUR 1.1 billion due to non-cash one-off effects related to its strategic moves. This highlights the complexities and risks associated with large-scale corporate restructuring.</p>
<div class="lb-trans"><p>儘管一些戰略舉措帶來了積極成果，但大陸輪胎因與其戰略舉措相關的非現金一次性影響面臨 11 億歐元的負面影響。這突顯了大規模企業重組所帶來的複雜性和風險。</p>
</div><h2>Challenges in Truck Tire Market</h2>
<div class="lb-trans"><h2>卡車輪胎市場的挑戰</h2>
</div><p>The truck tire market presented challenges, with weak PLT OE and truck tire replacement demand negatively impacting volumes. Demand remained muted in both the EMEA and North American regions, posing a challenge for future growth in this segment.</p>
<div class="lb-trans"><p>卡車輪胎市場面臨挑戰，弱勢的 PLT OE 和卡車輪胎替換需求對銷量產生了負面影響。EMEA 和北美地區的需求依然疲軟，給該細分市場未來的增長帶來了挑戰。</p>
</div><h2>High Special Effects Impact</h2>
<div class="lb-trans"><h2>高特殊效應影響</h2>
</div><p>Continental’s special effects expectations increased significantly from EUR 350 million to EUR 1.5 billion, driven by transformation-related non-cash one-offs. This substantial increase underscores the financial impact of the company’s ongoing transformation efforts.</p>
<div class="lb-trans"><p>大陸輪胎的特殊效應預期從 3.5 億歐元顯著增加至 15 億歐元，主要受轉型相關的非現金一次性影響推動。這一大幅增加突顯了公司持續轉型努力的財務影響。</p>
</div><h2>Weak Automotive and Industry Sectors</h2>
<div class="lb-trans"><h2>汽車和工業部門疲軟</h2>
</div><p>The automotive and industry sectors continued to experience weak volumes, with only slight signs of improvement. This ongoing weakness presents a challenge for Continental as it seeks to stabilize and grow these segments.</p>
<div class="lb-trans"><p>汽車和工業部門繼續經歷疲軟的銷量，僅有輕微的改善跡象。這一持續的疲軟對大陸輪胎在穩定和增長這些細分市場時構成挑戰。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</h2>
</div><p>Looking ahead, Continental’s leadership remains focused on strategic decisions to drive performance. The spin-off of AUMOVIO and the sale of the Original Equipment Solutions business within ContiTech are key moves aimed at enhancing the company’s industrial focus. Despite challenges, the company maintains its guidance for sales, EBIT, and cash flow, and plans to keep its dividend policy resilient to non-cash one-offs.</p>
<div class="lb-trans"><p>展望未來，大陸輪胎的領導層仍然專注於推動業績的戰略決策。AUMOVIO 的分拆和 ContiTech 內部原始設備解決方案業務的出售是旨在增強公司工業焦點的關鍵舉措。儘管面臨挑戰，公司仍維持對銷售、EBIT 和現金流的指導，並計劃保持其對非現金一次性影響的股息政策的韌性。</p>
</div><p>In summary, Continental AG’s earnings call highlighted a blend of strategic successes and ongoing challenges. While the AUMOVIO spin-off and tire business performance were notable positives, the company faces hurdles in the truck tire and automotive sectors. As Continental navigates these complexities, its commitment to strategic realignment and financial stability remains evident.</p>
<div class="lb-trans"><p>總之，大陸輪胎的財報電話會議突顯了戰略成功與持續挑戰的結合。雖然 AUMOVIO 的分拆和輪胎業務表現是顯著的積極因素，但公司在卡車輪胎和汽車行業面臨障礙。在應對這些複雜性時，大陸輪胎對戰略重組和財務穩定的承諾依然顯而易見。</p>
</div>

大陸輪胎/馬牌輪胎 (ADR) 的財報電話會議：在面臨挑戰時取得戰略勝利