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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.
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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