Africa grew volume despite worsening macroeconomic conditions, driven by refined pricing and marketing strategies.
Asia Pacific volume declined but revenue and operating income grew; China volume grew despite cautious consumers.
Comparable gross margin increased ~80 basis points; operating margin increased ~190 basis points driven by productivity and timing of investments.
EMEA grew volume, revenue, and profit across all units, with successful marketing campaigns like Share a Coke.
Free cash flow was $3.9 billion, up $600 million year-over-year excluding a contingent payment.
Latin America volume declined but organic revenue and profit grew, with strong Coca-Cola Zero Sugar volume in Brazil and Mexico.
Net debt leverage was 2x EBITDA, at the low end of target range.
North America saw sequential volume improvement but overall decline due to socioeconomic pressures; premium stills brands growth moderated.
Organic revenue grew 5% with robust margin expansion, leading to 4% comparable EPS growth despite currency headwinds and a higher effective tax rate.
Volume declined 1% in Q2 2025 due to difficult prior year comparisons and adverse weather, but two-year volume trends were stable in April and May before decelerating in June.
Core sales declined 4.4% in Q2, slightly below operating plan but within guidance, with first half 2025 core sales down 3.4%, an improvement from prior periods.
Net interest expense increased by $4 million to $82 million versus prior year.
Net leverage ratio was 5.5x in Q2, slightly above prior year, with expected year-end leverage ratio of about 4.5x.
Net sales declined 4.8% due to unfavorable foreign exchange and business exits.
Newell Brands reported Q2 2025 normalized operating margin of 10.7%, up 10 basis points year-over-year, driven by an 80 basis point increase in normalized gross margin to 35.6%, the highest in 4 years.
Normalized earnings per share were $0.24, at the top end of guidance despite a higher-than-expected tax rate of 19.2%.
Normalized operating margin expanded by 10 basis points to 10.7%, with A&P levels as a percentage of sales comparable to last year but overheads increased as a percentage of sales.
Operating cash flow was a $271 million outflow versus a $64 million inflow in prior year, impacted by seasonal factors and proactive inventory purchases ahead of tariff increases.
Adjusted diluted EPS was $0.54 compared to $0.66 in Q2 last year.
Adjusted EBITDA was $45.9 million or 12.2% of sales, down from 13.3% last year, impacted by higher material and labor costs and footprint realignment expenses.
Automotive Climate and Comfort Solutions revenue increased 3.8% year-over-year (2.5% ex FX), partially offsetting planned revenue decreases from strategic exits.
Available liquidity increased to $416 million, up $15 million from prior year.
Gentherm delivered results in line with expectations in Q2 2025, improving adjusted EBITDA margin by over 100 basis points versus Q1.
Medical revenue decreased 3.8% year-over-year (4.8% excluding FX).
Operating cash flow year-to-date was $32 million; net debt stood at $81 million with net leverage ratio flat at 0.5 turns.
Dafinchi