Financial Data and Key Metrics Changes - Order intake grew by 6%, building on a 9% increase from the previous year [6] - Comparable sales increased by 1%, with a margin expansion of 130 basis points to 12.4% [7][32] - Adjusted EBITA margin range increased to between 11.3% and 11.8% for 2025, reflecting a 50 basis points increase [7][39] - Free cash flow for the full year is expected to be between €200 million and €400 million [8][40] Business Line Data and Key Metrics Changes - Diagnosis and Treatment (D&T) comparable sales decreased by 1% due to a high comparison base, but EBITA margin improved by 130 basis points to 13.5% [26][27] - Connected Care saw a 1% decline in comparable sales, with an EBITA margin improvement of 160 basis points to 10.4% [28] - Personal Health experienced strong growth across most geographies, although EBITA margin declined by 170 basis points to 15.2% due to increased costs [30] Market Data and Key Metrics Changes - Strong double-digit growth in North America and growth geographies for order intake [8][10] - China showed subdued consumer sentiment, impacting Personal Health sales, but there are signs of recovery [18][23] - Overall growth was supported by growth geographies, offset by a decline in China [31] Company Strategy and Development Direction - The company is focused on accelerating profitable growth and unlocking the full potential of its segments [42] - Emphasis on innovation and productivity measures to drive gross margins and operational efficiency [7][34] - Plans to host a Capital Markets Day in February to outline the next phase of strategy [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the second half of the year, supported by order intake momentum and a robust order book [43] - The tariff landscape remains dynamic, with expected impacts on margins in the second half of the year [39][40] - Management remains cautious about the Chinese market but sees potential for recovery [23][64] Other Important Information - The company has made significant progress in quality management and supply chain reliability, achieving an all-time high service level of 86% [21][20] - The company has achieved €2.1 billion in savings since the start of its three-year plan in 2023 [33] Q&A Session Questions and Answers Question: Can you talk about the improvement in D&T margins? - Management noted a 130 basis points margin expansion driven by gross margin improvements from innovations and productivity measures [49][50] Question: Why have you only banked the tariff improvement and not the EBITA beat in the quarter? - Management indicated that they are happy with the outlook revision but need to accelerate margin expansion in the second half while absorbing tariff impacts [51][52] Question: Can you unpack the decline in Connected Care in the quarter? - The decline was primarily driven by a low single-digit drop in monitoring, but management sees strong demand and order intake growth [53][54] Question: How far along are you in the European market on the system side versus prior to the recall? - Management stated it is too early to provide specific market share numbers but is rebuilding momentum in the market [57] Question: Can you provide color on the growth in ultrasound revenue? - Management indicated slight declines in ultrasound growth but expects performance to strengthen in the second half due to new launches [100] Question: How much of the advertising spend in Personal Health was in price? - Management clarified that pricing in Personal Health is broadly flat, with advertising aimed at driving innovation rather than price reductions [90]

Financial Data and Key Metrics Changes - Net sales increased by 4.6% to $346.6 million, primarily driven by $22 million of inorganic sales from the acquisition of UW Solutions [12] - Adjusted EBITDA margin decreased to 9.9%, primarily due to a less favorable mix and higher aluminum costs [13] - Adjusted diluted EPS declined to $0.56, driven by lower adjusted EBITDA, higher interest expense, and a higher adjusted effective tax rate [13] Business Line Data and Key Metrics Changes - Metals segment net sales declined by 3.4%, with adjusted EBITDA margin decreasing to 7.3% due to a less favorable mix and higher aluminum costs [13] - Services segment achieved a 7.6% increase in net sales, marking its fifth consecutive quarter of growth, although adjusted EBITDA margin decreased to 5.7% due to higher tariff expenses [14] - Glass segment net sales declined, with adjusted EBITDA margin moderating from elevated levels due to reduced volume from lower end market demand [14] - Performance Surfaces segment saw increased net sales driven by inorganic contributions from UW Solutions, with adjusted EBITDA margin declining to 18.8% [14] Market Data and Key Metrics Changes - The revenue pipeline for Glass is improving, positioning the segment for growth beginning in Q3 and into Q4 [8] - Metals showed solid sequential improvement from Q4, with expectations for continued improvement in Q2 [8][41] Company Strategy and Development Direction - The company is focusing on operational improvements and tariff mitigation efforts, with aggressive actions under Project Fortify expected to drive annualized savings of $13 million to $15 million [7][10] - The company is actively pursuing M&A opportunities to diversify its business mix and enhance growth prospects [11][18] Management's Comments on Operating Environment and Future Outlook - Management raised the fiscal year outlook for net sales and adjusted diluted EPS, expecting a strong second half driven by Performance Surfaces and improved glass results [11][19] - Management acknowledged ongoing market challenges but emphasized a focus on controllable factors to improve outlook [10] Other Important Information - The company expects net sales for the fiscal year to be in the range of $1.4 billion to $1.44 billion, with adjusted diluted EPS between $3.8 and $4.2 [16] - The unfavorable EPS impact from tariffs is estimated to be $0.35 to $0.45, primarily affecting the first half of the fiscal year [16] Q&A Session Summary Question: Can you elaborate on the glass business and the revenue pipeline? - Management noted good visibility six months out and mentioned a pivot to smaller jobs to fill gaps in market softness, with increasing confidence in quote activity and award rates [24][25] Question: What are the segment margin targets for different business groups? - Management indicated that metals and services face headwinds from tariffs, and while they may struggle to reach the bottom of their target ranges, they expect improvement in the second half [30][31] Question: What is driving the sequential improvement in the metals segment? - Management highlighted operational improvements and regaining customer confidence as key factors driving month-to-month sequential improvement [41][43] Question: What is the status of Project Fortify Phase two? - Management confirmed minimal savings in Q1, with more significant savings expected to materialize in Q2 [48] Question: Can you quantify the EPS impact from tariffs in Q1? - Management stated that the impact was initially estimated at $0.45 to $0.55, but has been revised to $0.35 to $0.45 for the full year, with favorable trends noted in Q1 [49][50]

智通财经5月13日电，摩根大通因关税缓解因素将新兴市场公司债券评级上调至 "中性配置"。 ...

摩根大通因关税缓解因素将新兴市场公司债券评级上调至 "中性配置"。 ...