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Linamar (LNR) investor relations material

Linamar Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary13 Aug, 2025

Executive summary

  • Mobility segment operating earnings grew 20%, with margins returning to normal, offsetting Industrial weakness and achieving market share gains across both segments.

  • Free cash flow reached $178M, up $110.5M year-over-year, with liquidity rising to $1.9B, a 46.7% increase from Q2 2024.

  • Sales were $2.6B, down 7% year-over-year, with Industrial down 22% and Mobility flat, reflecting challenging end markets.

  • Minimal impact from US tariffs due to USMCA compliance and strategic production locations.

  • Ongoing share repurchases under NCIB, with nearly $100M spent and 1.8M shares retired since November 2024.

Financial highlights

  • Normalized net earnings were $168.4M (6.4% of sales), down 10.6% year-over-year; normalized EPS was $2.81, down from $3.06 in Q2 2024.

  • Free cash flow for Q2 2025 was $177.6M, up from $67.1M in Q2 2024.

  • Cash position at quarter-end was $1B, up $244.4M from June; liquidity stood at $1.9B, up 46.7% from Q2 2024.

  • Net debt to EBITDA improved to 1.02x, well below the 1.5x target.

  • Capex as a percentage of sales was 5.0%, down from 6.1% in Q2 2024.

Outlook and guidance

  • Mobility segment expects double-digit normalized operating earnings growth in FY2025, with margin expansion, despite flat global auto markets.

  • Industrial segment to face double-digit sales and earnings declines in FY2025, with recovery and growth expected in FY2026.

  • Modest consolidated sales decline expected for FY2025, but EPS and net margin to grow on strong Mobility performance; free cash flow to remain robust.

  • 2026 outlook tempered: Mobility growth to continue at a slower pace, Industrial to rebound as Ag markets recover.

  • Capex as a percentage of sales expected to remain below normal range, with a very strong balance sheet and positive free cash flow.

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Frequently asked questions

Linamar Corporation is a Canadian manufacturing company that designs and produces precision-engineered products for automotive, industrial, and mobility markets. Its operations include powertrain systems, driveline components, access equipment, and agricultural machinery. The company serves OEMs and end-users worldwide. Linamar Corporation is headquartered in Guelph, Canada, and its shares are listed on the TSX.

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