ACCO Brands Corp (ACCO) 2025 Q4 法說會逐字稿

Hello, everyone, and thank you for joining us today to the ACCO Brands Q4 and 2025 year-end earnings conference Call. My name is [Sami] and I'll be coordinating your call today. (Operator Instructions) I'll now hand over to your host, Chris McGinnis, Director of Investor Relations to begin. Please go ahead, Chris.

各位好，感謝大家今天參加 ACCO Brands 2024 年第四季及 2025 年度年終財報電話會議。我叫 [Sami]，今天將由我協調本次電話會議。(接線員指示) 現在我將把電話交給本次會議主持人、投資人關係總監 Chris McGinnis 開始。Chris，請開始。

Thank you. Good morning, and welcome to the ACCO Brands conference call to review our fourth quarter and full year 2025 results. Speaking on the call today is Tom Tedford, President and Chief Executive Officer of ACCO Brands; and Jagan Abji, Senior Vice President, Global Financial Planning and Analysis and Treasurer; Deb O'Connor, Executive Vice President and Chief Financial Officer; will not be joined today due to a personal manner but is expected to return in a few weeks.

謝謝。各位早安，歡迎參加 ACCO Brands 電話會議，一同回顧我們 2025 年第四季及全年業績。今天出席並發言的有 ACCO Brands 總裁暨執行長 Tom Tedford，以及全球財務規劃與分析資深副總裁兼財務長（Treasurer）Jagan Abji；執行副總裁暨財務長 Deb O'Connor 因個人事務今日無法出席，預計數週後回歸。

Slides that accompany this call have been posted to the Investor Relations section of acres.com. When speaking about our results, we may refer to adjusted results.

本次電話會議所搭配的簡報已張貼於 acres.com 的投資人關係專區。談及我們的業績時，我們可能會引用調整後（adjusted）結果。

Adjusted results exclude amortization, restructuring costs, noncash goodwill, intangible asset impairment charges and other nonrecurring items and unusual tax items and include adjustments to reflect the estimated annual tax rate on quarterly earnings.

調整後結果排除攤銷、重整成本、非現金商譽與無形資產減損費用，以及其他非經常性項目與特殊稅務項目，並包含為反映以季度盈餘估計之年度有效稅率所做的調整。

Schedules of results and other non-GAAP financial measures and a reconciliation of these measures to the most directly comparable GAAP measures are in the earnings release and slides that accompany this call. Due to the inherent difficulty in forecasting and quantifying certain amounts, we do not reconcile our forward-looking non-GAAP financial measures.

業績表列及其他非 GAAP 財務衡量指標，以及這些指標與最直接可比 GAAP 指標之調節表，均載於新聞稿與本次電話會議的簡報中。由於某些金額在預測與量化上具有固有困難，我們不對前瞻性非 GAAP 財務衡量指標提供調節。

Forward-looking statements made during the call are based on the beliefs and assumptions of management based on information available to us at the time the statements are made.

本次電話會議中的前瞻性陳述係基於管理層在陳述作出時，依據當時可得資訊所持之信念與假設。

Our forward-looking statements are subject to risks and uncertainties, and our actual results could differ materially. Please refer to our earnings release and SEC filings for an explanation of certain risk factors and assumptions. Our forward-looking statements are made as of today, and we assume no obligation to update them going forward.

我們的前瞻性陳述受風險與不確定性影響，實際結果可能出現重大差異。請參閱我們的新聞稿與向 SEC 提交之文件，以了解特定風險因素與假設之說明。我們的前瞻性陳述以今日為準，且我們不承擔日後更新之義務。

Now I will turn the call over to Tom Tedford.

現在我將把電話交給 Tom Tedford。

Thank you, Chris. Good morning, everyone, and thank you for joining us today for ACCO Brands fourth quarter and full year 2025 earnings call. This morning, we reported full year 2025 sales and adjusted EPS in line with our outlook. I'm pleased with how our team executed while navigating significant disruptions throughout 2025.

謝謝你，Chris。各位早安，感謝大家今天參加 ACCO Brands 2025 年第四季及全年財報電話會議。今天早上，我們公布 2025 全年銷售額與調整後每股盈餘（adjusted EPS）符合我們的展望。我對團隊在 2025 年面對重大干擾仍能有效執行感到欣慰。

Despite continued demand challenges globally and tariff-related disruptions in the US ACCO brands maintained or grew its market position in most categories, demonstrating the resilience and strength of our brand portfolio.

儘管全球需求挑戰持續，以及美國關稅相關干擾，ACCO Brands 在多數品類仍維持或提升市場地位，展現我們品牌組合的韌性與實力。

We continue to invest in higher growth categories as we reposition the company for improved revenue performance. We have refined the company's strategy to focus on the growing technology peripherals market. The acquisition of [EPOS] represents a strategic move and broadens our technology peripherals portfolio, which now represents approximately 25% of the company's projected revenues.

我們持續投資於較高成長的品類，並重新定位公司以改善營收表現。我們已精煉公司策略，聚焦於成長中的科技周邊市場。[EPOS] 的收購是一項策略性舉措，擴大我們的科技周邊產品組合；該業務目前約占公司預估營收的 25%。

The EPOS line of premium audio solutions strengthens our enterprise computer accessories business with key third-party certifications across unified communications platforms. The acquisition aligns well with our strategy of targeting value-enhancing transactions and is complementary to our Kensington business. Our teams have proven their ability to realize cost synergies from acquisitions.

EPOS 的高階音訊解決方案產品線，透過在統一通訊平台上的關鍵第三方認證，強化我們的企業級電腦配件業務。此項收購與我們鎖定可提升價值之交易的策略高度契合，並與我們的 Kensington 業務互補。我們的團隊已證明具備從併購中實現成本綜效的能力。

We expect to realize $15 million in annual cost synergies from this transaction. We are pleased with early integration efforts and are excited about adding this growth category to our portfolio. Our expected solid cash flow and improving leverage will allow for a more aggressive inorganic growth approach.

我們預期可自本交易實現每年 1,500 萬美元的成本綜效。我們對早期整合進展感到滿意，也很期待將此成長品類納入我們的產品組合。我們預期穩健的現金流與槓桿改善，將使我們能採取更積極的非有機成長策略。

An accomplishment I am proud of in 2025 was our team's quick response to US tariffs and trade disruptions. Our proactive China plus one strategy prevented significant disruptions to our business. We have a flexible supply chain that enables competitive costs, value-added products and provides category-leading service levels to our customers.

我在 2025 年引以為傲的一項成果，是我們團隊對美國關稅與貿易干擾的快速回應。我們主動推動的「中國加一」策略避免了對業務造成重大干擾。我們擁有具彈性的供應鏈，可提供具競爭力的成本與增值產品，並為客戶提供品類領先的服務水準。

We continued the solid implementation of our multiyear cost reduction program, delivering $35 million of savings in 2025 bringing the cumulative total to over $60 million since its inception in early 2024 and are on track to deliver $100 million in savings by the end of 2026.In the fourth quarter, revenue trends improved sequentially in the Americas segment, led by impressive growth in our technology accessories categories.

我們持續穩健推動多年期成本削減計畫，於 2025 年實現 3,500 萬美元節省，使自 2024 年初啟動以來的累計節省超過 6,000 萬美元，並正按計畫於 2026 年底前達成 1 億美元節省目標。於第四季，美洲事業部營收趨勢較前一季改善，主要由我們科技配件品類的亮眼成長所帶動。

The PowerA brand performed well during the fourth quarter, with sales strengthened by our leading new product offering supporting the Nintendo Switch 2.0 launch and holiday retail placements. Kensington also had a good quarter in the segment driven by a strong pipeline and new product introductions.

PowerA 品牌在第四季表現良好，受惠於我們領先的新產品組合，支援 Nintendo Switch 2.0 上市以及假期零售通路陳列，帶動銷售走強。Kensington 在該事業部同樣繳出不錯的季度表現，主要由強勁的產品管線與新品推出所驅動。

The International segment faced challenges from continued weakness in EMEA, which was partially offset by growth in Australia. Results were challenged in Europe due to difficult comparable sales comps to Q4 of 2024 and lower demand of traditional business essentials.

國際事業部面臨 EMEA 持續疲弱的挑戰，但部分被澳洲的成長所抵銷。歐洲的業績受到挑戰，原因包括相較 2024 年第四季的高基期，以及傳統商務必需品需求較低。

Looking ahead to 2026, we expect the combination of the EPOS acquisition, improved demand in many categories and favorable foreign exchange to drive revenue growth. In Technology accessories, we are excited about our pipeline of new products from Kensington as we expand our breadth of offering to support enterprise-level customers.

展望 2026 年，我們預期 EPOS 收購、許多品類需求改善，以及有利的外匯因素將共同帶動營收成長。在科技配件方面，我們對 Kensington 的新品管線感到振奮，並將擴大產品廣度以支援企業級客戶。

PowerA is expected to benefit from the recent launch of Nintendo Switch 2.0 and an increase in new gaming titles in the marketplace in 2026, especially [grand] [theft] auto six which is anticipated to be released late in the year.

PowerA 預期將受惠於 Nintendo Switch 2.0 近期上市，以及 2026 年市場上新遊戲作品增加，尤其是預計於年底推出的 [grand] [theft] auto six。

In learning and creative, our solid market share performance in North America during 2025 positions us well for the 2026 back-to-school season with initial orders indicating an improvement year-over-year. Within Latin America, Brazil's 2025 results were lower than expected, resulting from adverse mix and market trade down due to lower-priced products.

在學習與創作領域，我們於 2025 年在北美穩健的市占表現，使我們在 2026 年返校季具備良好基礎；初步訂單顯示年增有所改善。在拉丁美洲方面，巴西 2025 年的結果低於預期，主要因不利的產品組合，以及消費者轉向較低價產品所致。

We are working to reposition our product offering to Brazilian consumers, reflecting the challenging consumer dynamics. Additionally, we are focused on managing the gross margin impact of the adverse product mix by addressing our cost structure. In our international segment, we expect the rate of decline to moderate in 2026 aided by execution on growth initiatives.

我們正著手重新定位面向巴西消費者的產品供給，以反映具挑戰性的消費者動態。此外，我們也聚焦於透過調整成本結構，管理不利產品組合對毛利率的影響。在國際事業部方面，我們預期 2026 年下滑幅度將在成長計畫的執行帶動下趨於緩和。

We remain optimistic about the Bureau acquisition and are using acquired capabilities to expand into categories like ergonomic gaming chairs. In EMEA, we continue to focus on enhancing our ergonomic product offering, which is driving incremental sales and accretive gross margins.

我們對 Bureau 的收購仍持樂觀態度，並正運用所收購的能力，擴展至如人體工學電競椅等品類。在 EMEA 地區，我們持續聚焦於強化我們的人體工學產品組合，這正帶動增量銷售並提升毛利率。

We remain focused on improving revenue performance while maintaining expense discipline. We will closely manage expenses in 2026 and expect to deliver the balance of savings against our $100 million cost reduction program.

我們仍專注於改善營收表現，同時維持費用紀律。我們將在 2026 年嚴格管控費用，並預期可交付我們 1 億美元成本削減計畫剩餘的節省額度。

Overall, we are expecting a better year on the demand front in 2026 with EPS and cash flow also expected to improve. While external challenges persist, I'm confident in our strategy and our team's ability to execute. We are building a more focused, efficient and growth-oriented company.

整體而言，我們預期 2026 年在需求面將是更好的一年，EPS 與現金流也預期將改善。儘管外部挑戰仍在，我對我們的策略以及團隊的執行能力充滿信心。我們正在打造一家更聚焦、更高效率且以成長為導向的公司。

Our transformation towards technology peripherals combined with our operational excellence and strong financial position creates multiple pathways for value creation. The foundation we have been building positions us well for profitable growth in the years ahead.

我們朝向科技周邊的轉型，結合我們的營運卓越與強健的財務狀況，創造出多條價值創造的路徑。我們所建立的基礎，使我們在未來數年具備實現獲利成長的良好條件。

Before I hand the call over to JB, I want to thank our employees for their dedication and resilience throughout a challenging year. I am proud of our team and the work we are doing to transform our company. I will come back to answer your questions. JB?

在我把電話交給 JB 之前，我想感謝我們的員工在充滿挑戰的一年中展現的投入與韌性。我為我們的團隊以及我們正在進行的公司轉型工作感到自豪。我稍後會回來回答各位的問題。JB？

Thank you, Tom. Good morning, everyone. As Tom mentioned, fourth quarter sales and adjusted EPS were in line with our book Reported sales in the fourth quarter decreased 4% with comparable sales down 8%. While demand continued to be constrained by global macroeconomic factors, trends in the Americas segment improved sequentially led by growth in technology accessories and planning products.

謝謝你，Tom。各位早安。如 Tom 所提到，第四季銷售與調整後 EPS 符合我們的預期。第四季報告銷售額下降 4%，同店銷售下降 8%。儘管需求仍受全球總體經濟因素所抑制，美洲事業部的趨勢較前一季改善，主要由科技配件與規劃類產品的成長所帶動。

Gross profit for the fourth quarter was $144 million, a decrease of 7% with a margin rate of 33.6% down 110 basis points. The margin rate decline was attributable to lower volumes, reduced fixed cost absorption and unfavorable product mix.

第四季毛利為 1.44 億美元，下降 7%，毛利率為 33.6%，下滑 110 個基點。毛利率下滑主要歸因於銷量較低、固定成本吸收減少，以及不利的產品組合。

SG&A expense of $84 million was down $7 million versus the prior year due to cost reduction actions and lower incentive compensation expense. Adjusted operating income for the fourth quarter was $60 million, with a margin rate of 14%, down 30 basis points.

SG&A 費用為 8,400 萬美元，較去年同期減少 700 萬美元，主要因成本削減措施以及較低的獎勵性薪酬費用。第四季調整後營業利益為 6,000 萬美元，營業利益率為 14%，下滑 30 個基點。

Now let's turn to our segment results for the fourth quarter. In comparable sales declined 5%. We had good growth in our technology accessories categories and planning products, which was more than offset by lower demand for core products, as well as unfavorable mix of lower priced products in Brazil.

接著我們來看第四季各事業部的表現。同店銷售下降 5%。我們在科技配件品類與規劃類產品有不錯的成長，但被核心產品需求下降所抵銷，此外巴西較低價產品占比提高也帶來不利的產品組合影響。

The Americas adjusted operating income was $43 million up modestly in the fourth quarter with a margin rate improving 110 basis points to 17.7%. The margin rate improvement was driven by cost savings and lower incentive compensation. In the International segment, for the fourth quarter, comparable sales declined 12% and sales were impacted by soft demand in Europe and the difficult Q4 2024 comparison due to non-repeats of year-end buying by certain customers.

美洲事業部第四季調整後營業利益為 4,300 萬美元，小幅成長，營業利益率提升 110 個基點至 17.7%。營業利益率改善主要由成本節省與較低的獎勵性薪酬所帶動。國際事業部方面，第四季同店銷售下降 12%，銷售受到歐洲需求疲弱影響，且由於部分客戶在 2024 年第四季的年底採購未再重演，使得 2024 年第四季比較基期偏高、對本季形成壓力。

Backing this out, the comparable sales decline was similar to the third quarter. The decline in Europe was partially offset by growth in Australia. International adjusted operating income was $26 million with the margin rate at 14.1%, both down compared to the prior year.

若排除上述因素，同店銷售降幅與第三季相近。歐洲的下滑部分被澳洲的成長所抵銷。國際事業部調整後營業利益為 2,600 萬美元，營業利益率為 14.1%，兩者皆較去年同期下降。

The decreases are due to the lower volumes, which more than offset the benefit of pricing and cost savings. savings. Adjusted free cash flow for the year was $70 million. This includes $19 million in cash proceeds from the sale of pre-owned facilities.

下降主因為銷量較低，其影響超過了定價與成本節省所帶來的效益。節省。全年調整後自由現金流為 7,000 萬美元。其中包含出售既有設施所取得的 1,900 萬美元現金收入。

Cash flow was lower in 2025, reflecting the EBITDA decline as well as tariff-related cash payments which were approximately $15 million higher than prior year. During the year we returned $42 million to shareholders in the form of $27 million dividends and $15 million in share repurchases.

2025 年現金流較低，反映 EBITDA 下滑，以及與關稅相關的現金支付，該項支付較去年約增加 1,500 萬美元。全年我們以 2,700 萬美元股利與 1,500 萬美元庫藏股回購的形式，合計向股東回饋 4,200 萬美元。

At year-end, we had approximately $292 million available for borrowing under our revolver. And we finished the quarter with a consolidated leverage ratio of 4.1 times.

截至年底，我們在循環信貸額度（revolver）下約有 2.92 億美元可供借款。本季結束時，我們的合併槓桿比率為 4.1 倍。

Before turning to Outlook, let me provide a little more detail on the EPOS acquisition, EPOS acquisition generated sales of approximately $90 million in 2025, with the majority in Europe. We expect to realize $15 million in annual cost synergies as a result of the transaction over the next 12 months to 18 months.

在談展望之前，我先補充一些關於 EPOS 收購案的細節。EPOS 收購案在 2025 年帶來約 9,000 萬美元的銷售額，其中大部分來自歐洲。我們預期在未來 12 至 18 個月內，該交易將帶來每年 1,500 萬美元的成本協同效益。

Additionally, the acquisition will be slightly accretive to EBITDA in the in the first year. We have identified synergy savings and are in the early stages of integrating and executing on these initiatives. We expect to record $7 million in restructuring charges related to these actions in 2026.

此外，該收購在第一年對 EBITDA 將略具增益。我們已辨識出協同節省項目，目前正處於整合與推動這些計畫的初期階段。我們預期在 2026 年因這些行動認列 700 萬美元的重整費用。

Moving to the outlook for 2026, we expect full year sales growth as demand across most categories and geographies improve the EPOS acquisition and the positive foreign currency translation. For the full year, we expect reported sales to be flat to up 3% and adjusted EPS to be within the range of $0.84 to $0.89.

展望 2026 年，我們預期全年銷售將成長，因多數品類與地區的需求改善、EPOS 收購案的貢獻，以及外幣換算的正面影響。就全年而言，我們預期報告銷售額持平至成長 3%，調整後 EPS 介於 0.84 至 0.89 美元。

Free cash flow is expected to be within the range of $75 million to $85 million. Our free cash flow outlook does not include assets sales. Excluding asset sales from 2025 , we expect cash flow to increase by more than 50% at the midpoint of our 2026 outlook.

自由現金流預期介於 7,500 萬至 8,500 萬美元。我們的自由現金流展望不包含資產出售。若排除 2025 年的資產出售，在 2026 年展望的中位數下，我們預期現金流將增加逾 50%。

Lastly, we anticipate a consolidated leverage ratio within a range of within a range of 3.7 times to 3.9 times. For the first quarter, we expect reported sales to be within a range of flat to up 3% and an adjusted loss per share within the range of $0.06 to $0.03.

最後，我們預期合併槓桿比率將落在 3.7 倍至 3.9 倍的區間內。第一季方面，我們預期報告銷售額持平至成長 3%，調整後每股虧損介於 0.06 至 0.03 美元。

It is important to note that the first quarter of 2025 was positively impacted by higher-margin back-to-school business that was pulled forward due to tariffs in the US and a onetime Kensington order in Europe. While the current environment remains volatile, we are confident in the future of the company, we have no debt maturities until 2029 and a long history of productivity savings and cost management. Our strategy pivot is an exciting opportunity for ACCO Brands to accelerate growth and potential value creation for our share owners.

需要特別注意的是，2025 年第一季受惠於較高毛利的返校季業務，該業務因美國關稅而提前出貨，以及歐洲一次性的 Kensington 訂單，對當季形成正面影響。儘管目前環境仍然波動，我們對公司的未來充滿信心；我們直到 2029 年之前都沒有到期債務，且長期以來在生產力節省與成本管理方面有良好紀錄。我們的策略轉向為 ACCO Brands 帶來令人振奮的機會，可加速成長並為股東創造潛在價值。

Now let's move on to Q&A where Tom and I will be happy to answer your questions, operator.

現在我們進入問答環節，Tom 和我很樂意回答各位的問題，請接線員開始。

(Operator Instructions)

(接線員指示)

Joe Gomes, Noble Capital.

Joe Gomes，Noble Capital。

I wanted to start out, maybe get a little more color on the EPOS acquisition, you said it did a $90 million revenue, '25. How did that compare to '24 addressable market here? What kind of margins are we talking about in this business compared to the ACCO overall corporate margins. Any more color on that would be appreciated.

我想先從 EPOS 的收購談起，您提到該業務在 2025 年的營收為 9,000 萬美元。這與 2024 年在此的可服務市場規模相比如何？這項業務的利潤率大概是多少，與 ACCO 整體公司利潤率相比如何？若能提供更多說明將不勝感激。

Yes, Joe. So it's an attractive addressable market. We've sized it to about $1.7 billion and we believe that the market shares that EPOS has is around 5%. So there's some significant headroom for growth just from market share gains, but we also believe that the market is growing low single digits.

好的，Joe。這是一個具吸引力的可服務市場。我們估算其規模約為 17 億美元，並且我們認為 EPOS 的市占率約為 5%。因此，僅就提升市占率而言就有相當大的成長空間；同時我們也認為該市場本身以低個位數的速度成長。

The EPOS asset was for sale for some time and so the business was a bit disrupted during that process. So its rate of decline was mid- to high single digits over the last year, but we think that, that is in large measure because of the disruptions caused by the process that they were going through.

EPOS 這項資產已出售一段時間，因此在該過程中業務受到一些干擾。所以過去一年其下滑幅度約為中到高個位數，但我們認為這在很大程度上是因為他們所經歷的流程造成的干擾。

So we anticipate that, that to be a growing business over time and are really excited to add it to our portfolio.

因此我們預期，隨著時間推移這將成為一項成長型業務，也非常期待把它納入我們的產品組合。

Great. And then if we could talk a little bit on -- I know it's still early days, but kind of the back-to-school market. What do the inventory positions start looking like? Any color you can provide on that would be great.

很好。另外，如果可以談談——我知道現在還早——返校季市場的情況。目前庫存水位看起來如何？若能提供一些說明會很有幫助。

Yes, that's a good question, Joe. So in our prepared remarks, we discussed some of the timing shifts that we experienced last year as retailers moved orders into Q1 from Q2 to avoid tariff disruptions. We don't anticipate that to happen again this year.

好的，這是個好問題，Joe。我們在事先準備的發言中提到，去年因零售商為避免關稅干擾而把訂單從第二季提前到第一季，導致我們經歷了一些時點上的移轉。我們預期今年不會再發生同樣的情況。

So we think we'll get back to a normal ordering pattern from our customers. We also know going into the year that our -- so we're anticipating a sell-in of our product in prior year, but the timing of it will be a little bit different because of disruptions that we experienced last year.

因此我們認為客戶的下單模式會回到正常。我們也知道在進入今年時，我們——因此我們預期產品的 sell-in 會與前一年相當，但由於去年經歷的干擾，其時點會有所不同。

So overall, we think [EPS] in North America is going to be solid. Our brands will perform well, and we're excited about the opportunities.

整體而言，我們認為北美的 [EPS] 會表現穩健。我們的品牌將有良好表現，我們也對相關機會感到振奮。

Greg Burns, Sidoti Company.

Greg Burns，Sidoti Company。

Can you just maybe talk a little bit about the -- you mentioned the cost synergies with EPOS, but maybe some of the revenue synergy potential that you see with that business maybe either through geographic expansion or being able to leverage your distribution to amplify that company's growth?

您能否再多談一些——您提到與 EPOS 的成本綜效，但是否也能談談您看到的營收綜效潛力，例如透過地理擴張，或利用你們的通路來放大該公司的成長？

Yes, Greg. Good morning to you. That is really an exciting opportunity. As we said, they have relative market share of about 5% in a very significant and growing market. We believe that the complementary nature of the business with Kensington enables not only cost synergies but gross synergy opportunities.

好的，Greg。早安。這確實是一個令人振奮的機會。如我們所說，他們在一個規模很大且成長中的市場中，擁有約 5% 的相對市占率。我們認為該業務與 Kensington 的互補性，不僅帶來成本綜效，也帶來毛利綜效的機會。

We have as you know, feet on the ground and significantly more markets than the legacy EPOS business has. So we have the opportunity to essentially add to the bag of our selling organization, the EPOS product portfolio. the Kensington business has been in audio for some time, but really at the value and the price spectrum and had very little features, right?

如你所知，我們在更多市場有在地團隊，覆蓋範圍也遠大於 EPOS 既有業務。因此我們有機會把 EPOS 的產品組合，實質上加入我們銷售團隊的「工具袋」中。Kensington 的業務在音訊領域已經有一段時間，但主要集中在價值與價格帶，功能相對較少，對吧？

We were really a bit-oriented audio business within Kensington. EPOS has enabled us to expand to the upper price points with value-enhancing solutions. They have over 130 patents in their product portfolio in addition to all the certifications that we referenced in our materials. So it is a great opportunity for us to leverage for growth synergies. We don't have a number identified.

在 Kensington 內部，我們過去其實更偏向入門導向的音訊業務。EPOS 讓我們得以以更具價值提升的解決方案，擴展到更高的價格帶。他們的產品組合擁有超過 130 項專利，此外還具備我們在資料中提到的各項認證。因此，這對我們而言是可用來槓桿成長綜效的絕佳機會。我們目前尚未提出具體數字。

We don't typically publish or speak publicly to a number, but we know that there is growth opportunities in the future between the combined Kensington and EPOS portfolios.

我們通常不會公布或在公開場合談論具體數字，但我們知道，Kensington 與 EPOS 組合後的產品組合在未來存在成長機會。

Okay. And then for the guidance, revenue guidance for this year, I guess, the implied organic decline, could you just maybe break that down of what you expect from the Americas versus international? And maybe within that, what are the relative rates of growth and maybe some of the growth areas like tech and gaming versus some of your more traditional -- the declines you're seeing in the more traditional office categories.

了解。另外，關於今年的營收指引，我想其中隱含的有機下滑幅度，您能否拆解一下美洲與國際市場各自的預期？以及在此之中，像科技與電競等成長領域的相對成長率，對比你們較傳統的——在較傳統辦公品類中看到的下滑情況。

Sure. So let's talk about Q1 and kind of the componentry of our outlook in Q1 so we expect the Americas segment to be down mid-single digits, and we expect international to be up low double digits in Q1. And as you're looking at the full year, we expect the Americas to be down low single digits, and we expect international to be up mid-single digits.

當然。我們先談第一季，以及第一季展望的組成：我們預期美洲事業部第一季將下滑中個位數，而國際事業部第一季將成長低雙位數。至於全年，我們預期美洲將下滑低個位數，而國際將成長中個位數。

So that's kind of the build, if you will, by segment of our Q1 and full year outlook. There's obviously a lot of things going on in the world right now that could potentially impact demand and we'll monitor those things closely and certainly keep everyone updated on our thinking as the year progresses.

以上就是我們對第一季與全年展望，按事業部拆解的「建構」方式。當然，當前全球仍有許多因素可能影響需求，我們會密切監控，並在年度推進過程中持續向各位更新我們的看法。

But that's how we are thinking about the sales build for 2026 currently. We think the key highlights of the growth drivers are the better revenue performance drivers within the year, certainly EPOS being one of those. It's a business that we don't have for the full year in our numbers, but we have for the majority of the year. Last year, as we noted, they did roughly $90 million in revenue. So we anticipate that to be obviously a positive.

但這就是我們目前對 2026 年銷售建構的思考方式。我們認為成長動能的關鍵亮點，是在年度內帶來較佳營收表現的驅動因素，其中 EPOS 當然是之一。這項業務在我們的數字中並非涵蓋全年，但涵蓋了大部分年度期間。如我們所提，去年其營收約為 9,000 萬美元。因此我們預期這顯然會帶來正面貢獻。

We believe FX will be a positive benefit in 2026 as well, and we expect better performance through our technology peripherals businesses, both PowerA and Kensington have new products that are being introduced and positive macro trends that should enable us to leverage for growth in the year.

我們也認為 2026 年匯率（FX）將帶來正面效益，並且預期我們的科技周邊業務表現會更佳；PowerA 與 Kensington 都將推出新產品，加上正向的總體趨勢，應能讓我們在今年槓桿帶動成長。

We have a good strong pipeline of new products coming out in 2025. That also we've incorporated into our thinking. And then we have the Bureau acquisition in Australia as we continue to look to expand that geographically to other markets.

我們在 2025 年將推出一系列強勁的新產品，產品儲備管線相當充足。這也已納入我們的整體思考之中。此外，我們在澳洲完成 Bureau 的收購，並將持續評估把該業務在地理上擴展至其他市場。

So we have a number of different initiatives internally that we're using to build positive revenue momentum and we think 2026 should return to growth.

因此，我們內部正在推動多項不同的計畫，以建立正向的營收動能，我們認為 2026 年應可恢復成長。

Kevin Steinke, Barrington Research.

Kevin Steinke，Barrington Research。

Good morning. I want to also ask a little bit more about EPOS. I know you said $90 million of revenue in 2025 and you'll have it for 11 months in 2026. Should we -- how should we think about the seasonality of that business? I'm just trying to think about how much revenue you're incorporating in your 2026 outlook from EPOS?

早安。我也想再多問一些關於 EPOS 的問題。我知道你們提到 2025 年營收為 9,000 萬美元，而 2026 年你們將擁有 11 個月。我們應該——我們該如何看待該業務的季節性？我只是想了解你們在 2026 年展望中，從 EPOS 納入了多少營收？

If you think it will grow or if it's more kind of a back half weighted business or any other color you might provide.

你們認為它會成長，或是比較偏向下半年權重較高的業務，或任何你們能提供的補充說明。

Sure, Kevin. Thanks for the question. So we believe in 2026, EPOS will contribute approximately $80 million of revenue. And on a monthly basis, the splits are fairly consistent. So we don't have huge seasonality swings from quarter-to-quarter or month-to-month that we've noted in the business.

當然可以，Kevin。謝謝你的提問。我們認為在 2026 年，EPOS 將貢獻約 8,000 萬美元的營收。以每月來看，分布相當一致。因此我們沒有觀察到該業務在季度對季度或月對月之間有很大的季節性波動。

So it should be pretty consistent from quarter-to-quarter as you're thinking about your modeling.

因此，在你進行模型推估時，季度對季度應該會相當一致。

Okay. Great. That's helpful. And what are you incorporating into the 2026 outlook?

好的。很好。這很有幫助。那你們在 2026 年展望中納入了什麼？

We are about -- we're looking at about 1.5% as a benefit from FX for the year. And as you know, that's a dynamic metric, things are changing every day, but that's what we have in the plan.

我們預估全年匯率（FX）將帶來約 1.5% 的正面效益。如你所知，這是一個動態指標，每天都在變動，但這是我們計畫中的假設。

Sounds good. That's helpful. And to the extent possible, could you maybe give us a sense to what you're thinking about for 2026 in terms of gross margin and also SG&A expense trends should we see gross margins up a bit? Or how do you think SG&A expenses trend in relation to your cost savings plans, et cetera.

聽起來不錯。這很有幫助。在可能的範圍內，你們能否分享一下對 2026 年毛利率，以及 SG&A 費用趨勢的看法？毛利率是否會小幅上升？或者你們如何看待 SG&A 費用相對於成本節省計畫等因素的趨勢。

Yes. So let me start with gross margins. We do anticipate in 2026 gross margin expansion. It's due to a number of factors. Operationally, we have been very disciplined in our footprint optimization work.

可以。我先從毛利率談起。我們確實預期 2026 年毛利率將擴張。這是由多項因素所致。在營運面，我們在據點（footprint）最佳化工作上一直非常自律。

So we should reap benefits of that continued work that we're doing throughout the globe. We've pushed through price increases in certain markets. We have more price increases in the US planned for April of this year to offset the impacts of inflation due to tariffs and other inflationary drivers in the business. So we should see modest expansion of gross margins in 2026.

因此，我們應可持續享受到我們在全球各地推動這些工作的效益。我們已在部分市場推動漲價。我們也規劃在今年 4 月於美國進一步調漲價格，以抵銷關稅及其他通膨驅動因素對業務造成的通膨影響。因此，我們預期 2026 年毛利率將有溫和擴張。

SG&A, we have to hopefully pay out incentives in 2026. So that will increase SG&A modestly in the year, but we continue to be very focused on cost discipline. We certainly don't want to spend ahead of revenue. So we'll monitor those spending initiatives very, very closely throughout the year.

至於 SG&A，我們希望在 2026 年能夠支付獎酬。因此，這將使 SG&A 在全年小幅增加，但我們仍然非常專注於成本紀律。我們當然不希望在營收之前超前支出。因此，我們會在全年非常、非常密切地監控這些支出計畫。

Great. And then you mentioned there price increase related to tariffs. How much -- did you get the full benefit of what you were expecting in the fourth quarter? And can you give us a sense as to the types of increases that will be going into a place initially in 2026.

很好。另外你提到與關稅相關的漲價。你們在第四季是否取得了原先預期的全部效益？以及你們能否讓我們了解一下，2026 年初將會實施哪些類型的調漲？

Yes. So I think we lagged a bit versus our expectations from pricing in 2026 -- or 2025, pardon me, in the US. In 2026, we have mid-single-digit price increases announced and expected to be implemented in April. We're hopeful that, that catches us up to kind of pre-tariff gross margins in the US business, we'll monitor the situation.

是的。我認為在美國市場，我們在 2026 年——或更正，是 2025 年——的定價表現相較於我們的預期略有落後。在 2026 年，我們已公告並預期於 4 月實施中個位數百分比的漲價。我們希望這能讓美國業務的毛利率回到接近關稅前的水準，我們也會持續觀察情況。

Obviously, that's dependent on mix. And if there's a need to adjust pricing further, we will both up or down. We'll monitor it closely as we have been for the last year.

顯然，這也取決於產品組合（mix）。如果有需要進一步調整價格，我們會視情況上調或下調。我們會像過去一年一樣密切監控。

We currently have no further questions. I'd like to hand back to Tom for some closing remarks.

目前我們沒有其他問題。我想把時間交回給 Tom 做結語。

Thank you, everyone, for joining us. We expect the combination of the EPOS acquisition, stabilizing end markets and positive foreign exchange to drive revenue growth in 2026. Our commitment to operational excellence through continued cost management and productivity programs positions us to deliver improved profits and cash flow.

感謝各位參與。我們預期 EPOS 收購案、終端市場趨於穩定以及有利的外匯因素，將推動 2026 年營收成長。我們透過持續的成本管理與生產力提升計畫，致力於營運卓越，這使我們有能力交出更佳的獲利與現金流。

With our optimized operational structure and our momentum with our leading brands, we have a strong platform to generate consistent free cash flow while strategically repositioning ACCO Brands towards faster growing technology peripheral categories. We appreciate your interest in ACCO Brands. Deb, Chris and I look forward to talking to you when we report our first quarter in April.

憑藉我們最佳化的營運架構，以及旗下領導品牌所帶來的動能，我們具備強大的平台，能在策略性地將 ACCO Brands 重新定位至成長更快的科技周邊品類的同時，持續創造穩定的自由現金流。感謝各位對 ACCO Brands 的關注。Deb、Chris 和我期待在 4 月公布第一季業績時與各位交流。

This concludes today's call. We thank everyone for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位參與。各位現在可以掛線。