Linamar Corporation (LNR) Q1 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.099 start is always a key reminder of the value drivers that make Linnemar such 00:00:05.099 -- 00:00:08.163 a great investment and how they played out this past year. 00:00:08.163 -- 00:00:13.271 First, Linnemar has a long track record of consistent, sustainable 00:00:13.271 -- 00:00:16.096 results that drive out of our diverse business. 00:00:16.096 -- 00:00:21.143 And Q1 is just another great example of that, with exceptional earnings growth in our 00:00:21.143 -- 00:00:26.251 mobility business, more than offsetting soft markets across the board, as 00:00:26.251 -- 00:00:30.374 well as other dynamics like tariffs in our industrial business. 00:00:30.374 -- 00:00:35.679 Being invested in both businesses helps trim those big swings up and down in 00:00:35.679 -- 00:00:41.985 individual markets and leaves us with a more consistent, sustainable level of performance. 00:00:41.985 -- 00:00:45.108 The second key point is our flexibility to mitigate risk. 00:00:45.108 -- 00:00:47.530 As you all know, our equipment is programmable. 00:00:47.530 -- 00:00:52.835 It's flexible. It can be used on a large variety of types of equipment across 00:00:52.835 -- 00:00:57.845 different vehicle platforms. It takes propulsion in the mobility side, for instance. 00:00:57.845 -- 00:01:02.970 So this flexibility allows us to reallocate equipment from programs running under capacity 00:01:02.970 -- 00:01:08.275 to new launches, which, again, is a big part of helping to keep our capital bills billed 00:01:08.275 -- 00:01:13.400 down, as you saw, again, this quarter. 00:01:13.400 -- 00:01:16.162 Third, we've always run a prudent conservative balance sheet. 00:01:16.162 -- 00:01:20.326 We target keeping net debt to EBITDA under 1.5 times. 00:01:20.326 -- 00:01:...