| Currency | Budget FX Rate | Current FX Rate* | FX Move | Revenue Impact | EBITDA Impact | Net Income Impact |
|---|---|---|---|---|---|---|
| CNY | 0.1427 | 0.1492 | +4.50% | +$270.6M | +$227.0M | +$143.0M |
| EUR | 1.1733 | 1.1355 | -3.22% | -$473.5M | -$157.6M | -$77.1M |
| INR | 0.011114 | 0.010435 | -6.11% | -$81.6M | -$21.6M | -$9.3M |
| GBP | 1.3448 | 1.3286 | -1.20% | -$32.1M | -$8.5M | -$3.6M |
| JPY | 0.006375 | 0.006369 | -0.09% | -$3.5M | -$1.8M | -$1.0M |
| Other | — | — | <1% ccys | $0.0M | $0.0M | $0.0M |
| Total FX impact | -$320.1M | +$37.6M | +$52.0M | |||
*Current FX Rate reflects the previous business day's ECB closing rate, not an intraday live rate.
Budget amounts at Budget FX Rate. Costs = Material Cost (variable) + Opex, split by each line's currency mix.
| Currency | Revenue | Costs | Net Exposure | Hedge |
|---|---|---|---|---|
| CNY | $6,012.0M | $982.6M | +$5,029.4M | Net long |
| EUR | $14,696.0M | $9,826.2M | +$4,869.8M | Net long |
| USD | $38,076.0M | $33,409.1M | +$4,666.9M | Reporting currency |
| JPY | $4,008.0M | $1,965.2M | +$2,042.8M | Net long |
| GBP | $2,672.0M | $1,965.2M | +$706.8M | Net long |
| INR | $1,336.0M | $982.6M | +$353.4M | Net long |
"Natural hedge" = revenue and costs in that currency offset by at least 80%.
Axis does not start at zero
Revenue is pressured by a weaker EUR and INR against the USD, only partly cushioned by favourable movements in CNY. EUR is the single largest driver at -$473.5M of Revenue. Net effect vs budget Revenue: -$320.1M.
Axis does not start at zero
EBITDA benefits from a stronger CNY against the USD, partially offset by adverse movements in EUR and INR. CNY is the single largest driver at +$227.0M of EBITDA. Net effect vs budget EBITDA: +$37.6M.
Axis does not start at zero
Net Income benefits from a stronger CNY against the USD, partially offset by adverse movements in EUR and INR. CNY is the single largest driver at +$143.0M of Net Income. Net effect vs budget Net Income: +$52.0M.
Other (DKK): 0.0% of exposure · below the 1% threshold, grouped and kept in totals.
| Line | Budget FX Rate | Current FX Rate* | Scenario FX Rate | Current FX Rate Δ | Scenario FX Rate Δ |
|---|---|---|---|---|---|
| Revenue | $66,800.0M | $66,479.9M | $66,479.9M | -$320.1M | -$320.1M |
| Gross Profit | $54,108.0M 81.00% | $53,880.3M 81.05% | $53,880.3M 81.05% | -$227.7M +0.05 pp | -$227.7M +0.05 pp |
| EBITDA | $17,704.0M 26.50% | $17,741.6M 26.69% | $17,741.6M 26.69% | +$37.6M +0.18 pp | +$37.6M +0.18 pp |
| EBIT | $11,793.0M 17.65% | $11,873.6M 17.86% | $11,873.6M 17.86% | +$80.6M +0.21 pp | +$80.6M +0.21 pp |
| Pre-Tax Income | $11,639.0M | $11,719.6M | $11,719.6M | +$80.6M | +$80.6M |
| Net Income | $7,507.2M 11.24% | $7,559.1M 11.37% | $7,559.1M 11.37% | +$52.0M +0.13 pp | +$52.0M +0.13 pp |
*Current FX Rate reflects the previous business day's ECB closing rate, not an intraday live rate.
| Metric | Budget FX Rate | Downside | Current FX Rate* | Upside |
|---|---|---|---|---|
| EBITDA | $17,704.0M | $17,087.8M -$616.2M | $17,741.6M +$37.6M | $18,395.3M +$691.3M |
| EBITDA Margin | 26.50% | 26.26% -0.24 pp | 26.69% +0.18 pp | 27.09% +0.59 pp |
| EBIT | $11,793.0M | $11,312.3M -$480.7M | $11,873.6M +$80.6M | $12,434.9M +$641.9M |
| EBIT Margin | 17.65% | 17.39% -0.27 pp | 17.86% +0.21 pp | 18.31% +0.66 pp |
| Net Income | $7,507.2M | $7,197.1M -$310.1M | $7,559.1M +$52.0M | $7,921.2M +$414.0M |
| Net Profit Margin | 11.24% | 11.06% -0.18 pp | 11.37% +0.13 pp | 11.67% +0.43 pp |
*Current FX Rate reflects the previous business day's ECB closing rate, not an intraday live rate.
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