安朗杰 (ALLE) 2025 Q4 法說會逐字稿

Good day, everyone. My name is Stefan and I'll be your conference operator today. At this time, I'd like to welcome you to the Allegion fourth quarter and full year earnings call. (Operator Instructions)

大家好。我叫斯特凡，今天我將擔任你們的會議接線生。現在，我謹代表Allegion公司歡迎各位參加第四季及全年財報電話會議。（操作說明）

At this time, I'd like to turn the call over to Josh Pokrzywinski, Vice President of Investor Relations.

此時，我想把電話交給投資人關係副總裁喬許波克日溫斯基。

Thank you, Stefan. Good morning, everyone, and thank you for joining us for Allegion's fourth quarter 2025 earnings call. With me today are John Stone, President and Chief Executive Officer; and Mike Wagnes, Senior Vice President and Chief Financial Officer of Allegion.

謝謝你，斯特凡。各位早安，感謝各位參加 Allegion 2025 年第四季財報電話會議。今天陪同我的是 Allegion 的總裁兼執行長 John Stone，以及資深副總裁兼財務長 Mike Wagnes。

Our earnings release, which was issued earlier this morning, and the presentation, which we will refer to in today's call, are available on our website at investor.allegion.com. This call will be recorded and archived on our website.

我們今天早些時候發布的盈利報告以及將在今天電話會議中提及的演示文稿，均可在我們的網站 investor.allegion.com 上查閱。本次電話會議將被錄音並存檔於我們的網站。

Please go to slide 2. Statements made in today's call that are not historical facts are considered forward-looking statements and are made pursuant to the Safe Harbor provisions of federal securities law. Please see our most recent SEC filings for a description of some of the factors that may cause actual results to differ materially from our projections. The company assumes no obligation to update these forward-looking statements.

請翻到第二張幻燈片。今天電話會議中所提出的非歷史事實的陳述均被視為前瞻性陳述，並符合聯邦證券法的安全港條款。請參閱我們最新的美國證券交易委員會文件，以了解可能導致實際結果與我們的預測有重大差異的一些因素。本公司不承擔更新這些前瞻性聲明的義務。

Today's presentation and commentary include non-GAAP financial measures. Please refer to the reconciliation in the financial tables of our press release for further details.

今天的演講和評論包含非GAAP財務指標。更多詳情請參閱我們新聞稿中的財務報表。

Please go to slide 3, and I'll turn the call over to John.

請看第三張投影片，然後我把電話交給約翰。

Thanks, Josh. Good morning, everyone. Thanks for joining the call. Allegion delivered a strong year marked by high single-digit enterprise revenue growth, more than $600 million of accretive M&A and solid execution in a dynamic and inflationary environment. I'm proud of the Allegion team's performance in 2025. I see our results as a testament to the talent and dedication of our people, the strength of our brands and channel partnerships and our sound strategy as we deliver on our commitments to shareholders.

謝謝你，喬希。各位早安。感謝您參加通話。Allegion 在充滿活力和通貨膨脹的環境中取得了強勁的業績，企業收入實現了接近兩位數的增長，併購收益超過 6 億美元，並在這一年中表現出色。我為Allegion團隊在2025年的表現感到自豪。我認為我們的成績證明了我們員工的才華和奉獻精神，我們品牌和通路合作夥伴關係的實力，以及我們履行對股東承諾的穩健策略。

As we enter 2026, our broad end market exposure supports continued growth led by Americas non-residential. US residential markets were softer than expected in the fourth quarter, and our outlook contemplates that residential remained soft in 2026. However, our team has a proven track record of execution across a variety of macro conditions. We're initiating fiscal year 2026 adjusted EPS guidance of $8.70 to $8.90 per share. I'll provide more detail on our outlook later in the call.

進入 2026 年，我們廣泛的終端市場佈局支撐著以美洲非住宅市場為主導的持續成長。美國住宅市場第四季表現弱於預期，我們預計2026年住宅市場仍將疲軟。然而，我們的團隊在各種宏觀環境下都擁有出色的執行力。我們首次發布 2026 財年調整後每股收益預期，為每股 8.70 美元至 8.90 美元。我稍後會在電話會議中詳細說明我們的展望。

Please go to slide 4. Let's take a look at capital allocation for 2025, starting with our investments for organic growth. A core element of Allegion's portfolio strength is our brand's legacy of innovation. Brands like Schlage, Von Duprin and LCN invented their product categories a 100 years ago and are known as pioneers in our industry. Allegion is built on that legacy by expanding our offerings of mid-tier commercial product lines.

請翻到第4張投影片。讓我們來看看 2025 年的資本配置，首先從我們的內生成長投資開始。Allegion產品組合優勢的核心要素是我們品牌的創新傳統。Schlage、Von Duprin 和 LCN 等品牌在 100 年前開創了各自的產品類別，被譽為我們行業的先驅。Allegion 正是秉持著這項傳統，不斷拓展其中端商用產品線。

Last September, we launched our Schlage Performance Series locks, providing more ways to win in the non-residential aftermarket, alongside the mid-price point Von Duprin 70 Series exit devices that were released in 2024. These are complemented by our mid-tier offerings with LCN closers where we now have a full suite of commercial grade offering from the industry's leading brands at more price points to meet customers' needs.

去年九月，我們推出了 Schlage Performance 系列鎖具，為非住宅售後市場提供了更多致勝之道，同時也推出了中檔價位的 Von Duprin 70 系列逃生裝置，該裝置於 2024 年發布。此外，我們也提供中階產品，包括 LCN 閉合器，目前我們擁有來自業界領先品牌的全套商用級產品，價格範圍更廣，以滿足客戶的需求。

As you know, 2025 was an active year for acquisitions for the company with approximately $630 million of capital deployed. These acquisitions align to the strategy we outlined at our May Investor Day including additions to our core mechanical portfolio as well as electronics and complementary software solutions that meet end user needs for safety and convenience. As we enter 2026, the pipeline is active, and we remain disciplined to drive returns and continue positioning Allegion as a leading pure play in security and access.

如你所知，2025 年是該公司積極進行收購的一年，投入了約 6.3 億美元的資金。這些收購與我們在五月投資者日上概述的策略相符，包括擴充我們的核心機械產品組合，以及滿足終端用戶對安全性和便利性需求的電子產品和配套軟體解決方案。進入 2026 年，我們的專案儲備充足，我們將保持嚴謹的態度，努力提高回報，並繼續將 Allegion 定位為安全和存取領域的領先純粹公司。

Allegion continues to be a dividend paying stock. In 2025, we paid $175 million in dividends to shareholders. Looking ahead to 2026, we've also just announced our 12th consecutive annual increase in dividends.

Allegion 仍然是一檔派發股息的股票。2025年，我們向股東支付了1.75億美元的股利。展望 2026 年，我們也剛宣布連續第 12 年提高年度股利。

While we did not repurchase shares in the fourth quarter, share repurchase was part of our capital allocation in 2025, totaling $80 million. At a minimum, we intend to offset the creep from share-based compensation. You can expect Allegion to be balanced, consistent and disciplined with capital deployment over time with a clear priority of investing for growth. Mike will now walk you through the fourth quarter financial results.

雖然我們在第四季沒有回購股票，但股票回購是我們 2025 年資本配置的一部分，總額為 8,000 萬美元。至少，我們打算抵消股權激勵帶來的成長。您可以期待 Allegion 在資本部署方面保持平衡、穩定和自律，並始終將投資成長作為明確的優先事項。接下來，Mike 將為大家介紹第四季的財務表現。

Thanks, John, and good morning, everyone. Thanks for joining today's call. Please go to slide number 5. As John shared, our Q4 results reflect continued strong execution from the Allegion team, as we delivered high single-digit revenue growth for the enterprise. Revenue for the fourth quarter was over $1 billion, an increase of 9.3% compared to 2024.

謝謝你，約翰，大家早安。感謝您參加今天的電話會議。請翻到第5張投影片。正如約翰所說，我們第四季的業績反映了Allegion團隊持續強勁的執行力，我們為企業實現了高個位數的營收成長。第四季營收超過 10 億美元，比 2024 年成長 9.3%。

Organic revenue increased 3.3% in the quarter, led by our Americas non-residential business. The organic revenue increase was driven by price realization, partially offset by volume declines in our Americas residential and international businesses.

本季有機收入成長 3.3%，主要得益於美洲非住宅業務的成長。有機收入成長主要得益於價格上漲，但部分被美洲住宅和國際業務的銷售下降所抵消。

Q4 adjusted operating margin was 22.4%, up 30 basis points compared to last year. Price and productivity exceeded inflation and investment by $12 million, driving 20 basis points of margin expansion in the quarter. Favorable mix also benefited margin rates. Adjusted earnings per share of $1.94 increased $0.08 or 4.3% versus the prior year.

第四季調整後營業利益率為 22.4%，比去年同期成長 30 個基點。價格和生產力成長超過通貨膨脹和投資 1,200 萬美元，推動本季利潤率成長 20 個基點。有利的產品組合也有利於提高利潤率。調整後的每股收益為 1.94 美元，比上年增長 0.08 美元，增幅為 4.3%。

Operational performance and accretive acquisitions contributed over 10 points of EPS growth. This was partially offset by higher tax. Finally, year-to-date available cash flow was strong at $685.7 million, up 17.6% versus the prior year. I'll provide more details on our balance sheet and cash flow a little later in the presentation.

營運績效和增值收購為每股收益成長貢獻了超過 10 個百分點。稅收增加部分抵消了這一影響。最後，今年迄今可用的現金流表現強勁，達到 6.857 億美元，比上年增長 17.6%。稍後我將在報告中詳細介紹我們的資產負債表和現金流量。

Please go to slide number 6. Our Americas segment was resilient in Q4 despite a weak quarter in residential markets. Revenue of $795.5 million was up 6.1% on a reported basis and up 4.8% on an organic basis, led by our non-residential business. Our non-residential business increased high single digits organically, driven by a combination of price and volume growth. Demand for our products remains healthy, supported by our broad end market exposure.

請翻到第6張投影片。儘管第四季住宅市場疲軟，但我們的美洲業務部門仍保持了韌性。營收達 7.955 億美元，按報告基準計算成長 6.1%，以有機成長計算成長 4.8%，主要得益於非住宅業務的成長。在價格和銷售雙雙成長的推動下，我們的非住宅業務實現了接近兩位數的自然成長。由於我們廣泛的終端市場覆蓋，市場對我們產品的需求依然強勁。

Our residential business declined high single digits as favorable price was more than offset by volume declines as residential markets remain soft. Electronics revenue was up low double digits for the quarter and for the full year 2025 and continues to be a long-term growth driver for Allegion. Additionally, reported revenues include 1.3 points of growth from acquisitions.

由於住宅市場持續疲軟，有利的價格被銷量下滑所抵消，我們的住宅業務出現了接近兩位數的下滑。本季及 2025 年全年電子產品收入均實現了兩位數的低成長，並將繼續成為 Allegion 的長期成長動力。此外，報告的收入包括收購帶來的 1.3 個百分點的成長。

Americas adjusted operating income of $216.2 million increased 5.4% versus the prior year. Adjusted operating margin was down 30 basis points in the quarter. Pricing productivity net of inflation and investment was a 30 basis point headwind to margin rates in the quarter. However, it was positive on a dollar basis as we were able to offset higher inflation in a dynamic environment. Additionally, mix was favorable to margin rates and offset volume deleverage in residential.

美洲地區調整後營業收入為 2.162 億美元，比上年增長 5.4%。本季調整後營業利潤率下降了30個基點。本季度，扣除通貨膨脹和投資後的價格生產力對利潤率造成了 30 個基點的不利影響。然而，以美元計價，這是積極的，因為我們能夠在動態的環境中抵消更高的通貨膨脹。此外，產品組合有助於提高利潤率，並抵消了住宅市場銷售去槓桿化的影響。

Please go to slide number 7. Our International segment delivered revenue of $237.7 million, which was up 21.5% on a reported basis and down 2.3% organically. Growth in our electronics businesses was more than offset by weaknesses in mechanical. Net acquisitions contributed 16 points to segment revenue. Currency was also a tailwind, positively impacted reported revenues by 7.8%.

請翻到第7張投影片。我們的國際業務部門實現了 2.377 億美元的收入，按報告數據計算增長了 21.5%，按有機增長計算下降了 2.3%。電子業務的成長被機械業務的疲軟所抵消。淨收購為該業務部門收入貢獻了 16 個百分點。匯率也是一個利好因素，對報告收入產生了7.8%的正面影響。

International adjusted operating income of $39.4 million increased 27.5% versus the prior year period. Adjusted operating margin for the quarter increased 90 basis points, driven by accretive acquisitions and favorable price and productivity net of inflation and investment. We continue to drive portfolio quality in the International segment through self-help, selective pruning of noncore assets and adding high-performing businesses where we have a right to win.

國際調整後營業收入為 3,940 萬美元，比上年同期成長 27.5%。調整後的季度營業利潤率成長了 90 個基點，這主要得益於增值收購以及扣除通貨膨脹和投資後的有利價格和生產力。我們透過自助、選擇性地剔除非核心資產以及增加我們有把握取得成功的高績效業務，不斷提高國際業務的投資組合品質。

Please go to slide 8, and I will provide an overview of our cash flow and balance sheet. Year-to-date available cash flow was $685.7 million, up over $100 million versus the prior year, primarily driven by higher EBITDA. I am pleased with the cash flow performance in '25. For 2026, we anticipate our available cash flow conversion will be approximately 85% to 95% of adjusted net income. Next, working capital as a percent of revenue increased in 2025 due to acquired working capital, which does not impact cash flow. Finally, our balance sheet remains strong, and our net debt to adjusted EBITDA is at a healthy ratio of 1.6 times, which supports continued capital deployment.

請翻到第 8 頁，我將概述我們的現金流量表和資產負債表。今年迄今可用的現金流為 6.857 億美元，比前一年增加了 1 億美元以上，主要得益於更高的 EBITDA。我對2025年的現金流表現感到滿意。預計到 2026 年，我們可用的現金流量轉換率將達到調整後淨收入的 85% 至 95%。其次，由於收購了營運資本，營運資本佔收入的百分比在 2025 年增加，但這不會影響現金流。最後，我們的資產負債表依然穩健，淨債務與調整後 EBITDA 的比率為 1.6 倍，處於健康水平，這為持續的資本部署提供了支持。

I will now hand the call back over to John.

現在我將把電話轉回給約翰。

Thanks, Mike. Please go to slide 9. And before we discuss the 2026 outlook, I want to provide an overview of our key end market assumptions.

謝謝你，麥克。請翻到第9頁投影片。在討論 2026 年展望之前，我想先概述我們主要的終端市場假設。

In the Americas, we see continued volume growth in non-residential markets, similar to 2025 levels, and this is supported by our spec writing trends. Our broad end market exposure and large installed base make for a resilient business model; one is less reliant on any single end market vertical to drive growth. We do expect a more modest price contribution, however, to reflect slightly lower inflation as compared to last year. If inflation were to remain higher, the business has proven our ability to manage inputs and drive the necessary pricing as you saw in 2025.

在美洲，我們看到非住宅市場銷售持續成長，與 2025 年的水平相似，我們的投機性寫作趨勢也支持了這一點。我們廣泛的終端市場覆蓋範圍和龐大的裝機量造就了強大的商業模式；我們不太依賴任何單一的終端市場垂直領域來推動成長。不過，我們預期價格上漲幅度會比較溫和，這反映出與去年相比，通膨率略有下降。如果通貨膨脹持續走高，正如您在 2025 年所看到的那樣，公司已經證明了我們有能力管理投入並推動必要的定價。

Residential markets were weak throughout 2025, demand is likely to remain soft in 2026, and we expect Americas residential to be down slightly. For international, we see modest organic growth, primarily driven by our electronics businesses. We have been focused on improving portfolio quality in international through a combination of self-help and acquisitions, which we believe supports growth in markets that remain sluggish.

2025 年全年住宅市場疲軟，2026 年需求可能依然疲軟，我們預期美洲住宅市場將略有下降。國際業務方面，我們看到溫和的內生成長，主要由我們的電子業務推動。我們一直致力於透過自助和收購相結合的方式來提高國際投資組合的質量，我們相信這有助於在仍然低迷的市場中實現成長。

Please go to slide 10, and I'll discuss our outlook for 2026. We expect total Allegion revenue growth to be 5% to 7% and organic revenue growth to be 2% to 4%. Total growth includes approximately 1 point of foreign currency translation and 2 points of carryover contribution from M&A, primarily Allegion International. We expect organic growth of low to mid-single digits in the Americas from a combination of price and volume led by our non-residential business. We expect electronics to outpace mechanical growth, consistent with our long-term performance and customer trends.

請翻到第 10 張投影片，我將討論我們對 2026 年的展望。我們預計 Allegion 的總收入成長將達到 5% 至 7%，有機收入成長將達到 2% 至 4%。總成長包括約 1 個百分點的外幣折算貢獻和 2 個百分點的併購結轉貢獻，主要來自 Allegion International。我們預計，在非住宅業務的帶動下，美洲地區的有機成長將達到個位數低至中等水平，這主要得益於價格和銷售的雙重成長。我們預計電子產品的成長速度將超過機械產品，這與我們的長期績效和客戶趨勢相符。

In the International segment, our outlook assumes low single-digit growth led by electronics with largely stable mechanical markets. Our adjusted EPS outlook is $8.70 to $8.90. This represents growth of approximately 8% at the midpoint, inclusive of an approximate $0.10 headwind from a higher tax rate. You can find more details on our outlook slide and in the appendix.

在國際市場方面，我們預期電子產品將帶動低個位數成長，而機械市場則基本上保持穩定。我們調整後的每股盈餘預期為 8.70 美元至 8.90 美元。這相當於中位數成長約 8%，其中包括稅率上升帶來的約 0.10 美元的不利影響。您可以在我們的展望幻燈片和附錄中找到更多詳細資訊。

Please go to slide 11. In summary, Allegion is executing at a high level while staying agile and steadily delivering on the long-term commitments we shared with you at our Investor Day. Our strong performance is led by an enduring business model in non-residential Americas, double-digit electronics growth and accretive capital deployment as we acquire good businesses in markets where we have a right to win. I'm proud of the Allegion team and appreciative of our strong channel partners.

請翻到第11頁。總而言之，Allegion 在保持敏捷性的同時，高效地執行著各項工作，並穩步履行著我們在投資者日上與大家分享的長期承諾。我們在非住宅美洲地區擁有持久的商業模式，電子產品業務實現了兩位數的成長，並透過在我們有理由獲勝的市場中收購優秀企業，實現了增值性資本部署，從而取得了強勁的業績。我為Allegion團隊感到自豪，並感謝我們強大的通路合作夥伴。

With that, we'll take your questions.

接下來，我們將回答您的問題。

(Operator Instructions) Joe O'Dea, Wells Fargo.

（操作員說明）喬·奧迪亞，富國銀行。

Good morning. Can you hear me?

早安.你聽得到我嗎？

Yes.

是的。

Yes.

是的。

Good morning. Can we start on the resi side in the fourth quarter? I think you touched on it being kind of softer than anticipated. And so just what you saw develop over the course of the quarter, the degree to which that extends into the early part of this year? Whether that was more kind of destocking events or sell-through demand and what you saw on the pricing side of things as well, if there is any need to adjust price there based on the demand environment?

早安.我們能否在第四節從保留名額開始？我覺得你已經提到了，它比預期的要柔和一些。那麼，您在本季觀察到的發展情況，以及這種發展趨勢延續到今年年初的程度如何？無論是清倉甩賣還是售罄需求，以及您在定價方面觀察到的情況，是否需要根據需求環境調整價格？

Yes. Joe, thanks for the question. I think certainly, resi in the Americas ended the year softer than we had contemplated. And honestly, resi throughout the year, was a little choppy, let's say. We put up mid-single-digit growth in the third quarter, really largely on the heels of a very successful new product launch and then a pretty soft Q4.

是的。喬，謝謝你的提問。我認為，美洲地區的住宅市場在年底的表現確實比我們預想的要疲軟。說實話，這一年裡，住宿情況有點起伏不定。第三季我們實現了個位數中段的成長，這主要得益於非常成功的新產品發布，以及相對疲軟的第四季。

I would say, yeah, '26 started off better, let's just say. But just looking at resi, it did end softer than we had contemplated. And I think that's part of the things that just caused us to at least take what we think is a very prudent assumption into 2026 that we would expect resi to be soft. And certainly, should there be an uptick in that market, we're positioned very well to capture upside there.

我覺得，是的，26 年的開局要好一些，這麼說吧。但僅從保留意見來看，結果比我們預想的還要好。我認為，正是這些因素促使我們至少在 2026 年做出了一個非常謹慎的假設，即我們預期房地產市場將保持疲軟。當然，如果該市場出現回暖，我們已經做好充分準備，從中獲利。

I would say with your question around pricing, now there wasn't any short-term reaction on pricing, nor do I think that contributed to any of the demand softness. The last point would be our channel doesn't hold a lot of inventory. And so any inventory correction type actions are usually very short-lived.

關於你提出的定價問題，我認為目前價格方面沒有任何短期反應，我也不認為這導致了需求疲軟。最後一點是，我們的通路庫存並不多。因此，任何庫存調整措施通常都是非常短暫的。

Got it. And then on the Americas organic outlook and the low-single digit, mid-single digit. Just any color as we think about price and volume components of that? Is that a little bit more price than volume, the price carryover tailwind. And then how you think about that volume progression over the course of the year? Is the volume growth expected to get better? And is that a function of comps or anything that you're seeing in the spec activity that would suggest a little bit better demand environment as we go through 2026?

知道了。然後是美洲的有機成長前景，預計成長率將達到個位數低段或個位數中段。當我們考慮價格和銷售因素時，任何顏色都可以嗎？價格漲幅略大於銷售漲幅，這是價格延續效應帶來的利好嗎？那麼，您如何看待這一年中的銷售成長情況呢？銷售成長預計會好轉嗎？這是否與可比較市場行情有關，或者您在投機活動中觀察到的任何跡象表明，到 2026 年需求環境會略有好轉？

Yes, Joe, so thanks for the question. I would say, as you think about Americas for '26, we expect to see both price and volume growth. But as you suggested, more pricing than volume growth for the year. Don't like to give quarterly outlook, but I'd be happy to kind of unpack it qualitatively for you.

是的，喬，謝謝你的提問。我認為，展望 2026 年美洲市場，我們預期價格和銷售都會成長。但正如您所說，今年價格成長將大於銷售成長。我不喜歡給出季度展望，但我很樂意為你進行定性分析。

As you know, the Americas -- as you start the year in Q1, revenue levels are similar to the revenue in Q4 in total, historically. And then from there, we tend to have higher revenue in the middle two quarters. We expect that same seasonality where the middle two quarters are our largest quarters. And obviously, Q4 a little less. So as you model this, I think that could help you qualitatively.

如您所知，美洲地區—從歷史上看，第一季的收入水準與第四季度的總收入水準相似。然後，我們往往在中間兩個季度獲得更高的收入。我們預期季節性因素同樣適用，中間兩季是我們業績最大的季度。顯然，第四季會略少一些。所以，當你建立這個模型時，我認為這在定性方面可能會對你有所幫助。

In addition, you do have to look at the prior year comp as you think about pricing and margins for that matter. You have to consider how we finished in each quarter for 2025 as you think about that pricing impact for the next year. Obviously, Q1 of '25, we hadn't yet felt the inflationary impacts from tariffs, so you didn't have the pricing or the inflation. So hopefully, that helps you as you think about unpacking the year from a top line.

此外，在考慮定價和利潤率時，你還需要考慮上一年度的比較數據。在考慮明年價格的影響時，你必須考慮我們在 2025 年每季的業績表現。顯然，在 2025 年第一季度，我們還沒有感受到關稅帶來的通膨影響，所以當時既沒有價格上漲也沒有通膨。希望這能幫助你從宏觀角度回顧這一年。

Tomohiko Sano, JPMorgan.

佐野智彥，摩根大通。

Good morning, everyone. Thank you for taking my questions. So you maintained sector-leading margins despite the higher cost through pricing productivities and acquisition synergies. Can you break down the contributions from each of these levers, and which will be most important in 2026, please?

各位早安。謝謝您回答我的問題。因此，儘管成本較高，但透過定價效率和收購協同效應，你們仍保持了業界領先的利潤率。請您詳細分析這些槓桿各自的貢獻，以及在 2026 年哪些槓桿最為重要？

Tomo, we put all that information in our 10-K. So when you get a chance, you can look at it for the fourth quarter and full year, I guess, the full year is in the K. I'll share -- obviously, on the enterprise level, we did get some margin tailwind from that pricing productivity in excess of inflation and investment. There was a headwind in the Americas. That's a function of the tyranny of the math we've been talking about all year long. We also had some slightly -- we had favorable mix, but the residential volume deleverage we experienced kind of mitigated that in the Americas region as we highlighted.

Tomo，我們會把所有這些資訊放在我們的 10-K 表格裡。所以，有機會的話，你可以看看第四季和全年的情況，我想，全年的情況在K裡。我會分享——顯然，在企業層面，我們確實從定價生產力超過通貨膨脹和投資的因素中獲得了一些利潤率方面的利好。美洲地區遭遇了逆風。這是我們一整年都在談論的數學專製作用的體現。我們也有一些略微有利的組合，但正如我們所強調的，美洲地區的住宅數量去槓桿化在某種程度上緩解了這一點。

As you think about 2026, you get back into the full year margin expansion. We give all the components at the enterprise level. As you know, the Americas is our largest business, and we can't drive the enterprise margin expansion without the Americas being in the similar ZIP code. So it kind of provides you at least a framework for the Americas as well.

展望 2026 年，你會再次想到全年利潤率擴張。我們提供企業級的所有組件。如您所知，美洲是我們最大的業務市場，如果美洲的業務不處於類似的水平，我們就無法推動企業利潤率的擴張。所以它至少也為美洲地區提供了一個框架。

And then as far as the components, I would expect to have pricing and productivity in excess of inflation and investment on a dollar basis. And from a rate basis, I wouldn't expect that to be a headwind in 2026. It was obviously in the Americas in '25. We do have that first quarter where you have that carryover impact that last quarter, as I mentioned in the previous answer. But for the full year, expect price and productivity to be positive on a dollar basis and certainly not negative on a margin rate basis.

至於零件方面，我預計其價格和生產力將高於通貨膨脹率和投資金額（以美元計）。從利率角度來看，我預計這在 2026 年不會構成不利因素。顯然，那是在1925年的美洲。正如我在先前的回答中提到的，第一季確實存在影響延續到最後一個季度的情況。但就全年而言，預計價格和生產力以美元計算將為正，以利潤率計算肯定不會為負。

Thank you, Mike. And a follow-up on international markets. So these markets are expected to see continued sluggishness with growth primarily from acquisition in electronics. So can you provide more color on specific geographies, particularly Western Europe and Australia and when you expect the demand recovery, please?

謝謝你，麥克。以及對國際市場的後續報導。因此，預計這些市場將繼續保持低迷狀態，成長主要來自電子產品領域的收購。那麼，您能否更具體地說明特定地區的情況，特別是西歐和澳大利亞，以及您預計需求何時復甦？

Yes, Tomo, this is John. I appreciate that. And I think, yeah, we do see our electronics businesses leading the way. That is primarily a Western Europe base business. And then within that, primarily a DACH region businesses, but we are expanding Pan-Europe with that. And those businesses performed very well in 2025, and we expect continued growth out of them in '26.

是的，Tomo，我是John。我很感激。是的，我認為我們的電子產業確實處於領先地位。那主要是一家總部位於西歐的企業。然後，其中主要包括德語區（德國、奧地利和瑞士）的企業，但我們正在將其擴展到泛歐地區。這些企業在 2025 年表現非常出色，我們預計它們在 2026 年將繼續成長。

I'd say Australia and New Zealand, end markets haven't been great. And so a little bit of improvement there off of pretty weak comps, I think is not totally out of the question. We'll have to see. And then largely, I would just say mechanical markets remaining a little sluggish, like we said in the prepared remarks, and electronics will lead the way for us, along with, again, some carryover contribution from M&A.

我認為澳洲和紐西蘭的終端市場表現並不理想。因此，在比較弱的競爭基礎上取得一些進步，我認為並非完全不可能。我們拭目以待。總的來說，機械市場仍將保持低迷，正如我們在準備好的演講稿中所說，而電子產品將引領市場，此外，併購也將帶來一些延續性貢獻。

Brett Linzey, Mizuho.

Brett Linzey，瑞穗銀行。

Good morning. Sorry about that. So yes, I just want to come back to the pricing dynamics for this year. So it looks like the industry implemented a conversion of the surcharge to list and then some incremental list above that. Maybe just talk about the pricing capture you expect this year on a net basis and what you're calibrating within the guidance framework?

早安.抱歉。所以，是的，我只想再談談今年的價格動態。看來該行業已經實施了將附加費轉換為標價，然後在標價之上再增加一些增量標價的做法。或許可以談談您預計今年的淨定價情況，以及您在指導框架內所做的調整？

So obviously, our industry does do, as you know, a combination of some surcharges, mostly list price increases. We expect 2026 to be more list price increases. Obviously, we'll be agile and deal with the environment. We've learned a lot over the last few years that if things change, we'll just adjust accordingly. But our going-in assumption is that inflation will be a little less than what you saw in 2025. So therefore, we'll get a little less pricing in total, as we mentioned on the -- in the prepared remarks. And I already talked about the rate benefit of that in the previous question.

很顯然，正如您所知，我們這個行業確實會收取一些附加費，主要是提高標價。我們預計2026年房價將進一步上漲。顯然，我們會靈活應對環境變化。過去幾年我們學到了很多，如果情況發生變化，我們會相應地調整自己。但我們事先的假設是，通貨膨脹率將略低於 2025 年的水準。因此，正如我們在準備好的發言稿中提到的那樣，總價格會略微降低一些。我在上一個問題中已經談到了利率方面的好處。

And then total revenue, enterprise and Americas, just expect a little more pricing than volume. And then if you get the organic within the framework we provided, you can kind of have an idea of each component.

至於總收入、企業收入和美洲地區收入，預計價格會比銷售量略高一些。然後，如果你能理解我們提供的框架內的有機成分，你就能對每個組成部分有所了解。

I appreciate that, Mike. And then maybe just a follow-up on investments. The $9 million tailwind in 4Q within Americas, is that just a function of the timing of some projects and some spending? And then how do we think about the investment allocation this year and if there's some flexibility around that budget?

謝謝你，麥克。然後或許可以跟進一下投資方面的狀況。第四季美洲地區900萬美元的順風，是否僅僅是由於某些項目和支出的時間安排所致？那麼，我們該如何考慮今年的投資分配，預算方面是否有一定的彈性？

Well, as I like to look at it, I'd like to look at it in combination of price and productivity has to fund the investments and the inflation. We've been talking about that a few years. Quarter-to-quarter, that can move around a little, but I would say, in general, think of it as we're going to take the necessary pricing actions and drive productivity to fund both. And as I mentioned earlier, I do expect that to be a positive on a full year basis.

我個人傾向於從價格和生產力結合的角度來看待這個問題，因為生產力必須為投資和通貨膨脹提供資金。我們已經討論這個問題好幾年了。從季度上看，這個數字可能會略有波動，但總的來說，我認為我們應該採取必要的定價措施並提高生產力來為這兩項工作提供資金。正如我之前提到的，我預計從全年來看，這將會帶來正面影響。

Obviously, as I mentioned as well, Q1, we do have that tough comparable in the prior year where you didn't have the inflation or the investment. So the first quarter of '26, you do have the carryover of that last quarter where you didn't have the inflation investments. So that will weigh on margin rates. But full year, you can back into the enterprise margin expansion. And just remember that the Americas will approximate that enterprise total as well from an expansion perspective.

顯然，正如我之前提到的，第一季度，我們面臨著與去年同期相比的嚴峻挑戰，因為去年沒有通貨膨脹或投資的影響。所以，2026 年第一季，確實存在上一季的結轉，因為上一季沒有進行通膨投資。這將對利潤率產生壓力。但從全年來看，你可以回落到企業利潤率擴張。請記住，從擴張的角度來看，美洲的企業總數也將大致達到這個水準。

Robert Schultz, Baird.

Robert Schultz，貝爾德。

Thanks for taking the question. Maybe as you think about '26 in the Americas, what are you assuming for institutional and commercial volume growth? Do you think they're pretty similar? Or do you expect outperformance in one of those verticals?

感謝您回答這個問題。展望 2026 年美洲市場，您對機構和商業銷售成長有何預期？你覺得它們很像嗎？或者您預期在這些垂直領域中的某個領域會取得優異表現？

You know, Bobby, I really -- when we think about our business, we wouldn't want to give volume growth non-res versus res. So I certainly don't want to dive into select verticals within the non-res market. I'll just kind of refer you back to John's prepared remarks, where he talked about that broad end market exposure and just understanding our business, our outlook supported by our spec activity as well. But I really don't want to give subvertical details of volume.

你知道，鮑比，我真的——當我們考慮我們的業務時，我們不希望非住宅銷量成長與住宅銷量成長相比。所以我當然不想深入非住宅市場中的特定垂直領域。我建議大家回顧約翰事先準備好的發言稿，他在發言中談到了廣泛的終端市場覆蓋面，以及對我們業務的理解，還有我們投機活動所支撐的前景。但我真的不想給出體積的垂直細節。

Understood. And then just on M&A, how does your pipeline look today? And are you seeing any increase in competition for deals now?

明白了。那麼就併購方面而言，你們目前的併購專案儲備情況如何？現在交易競爭是否加劇？

Yeah, it's a good question. This is John. Pipeline is very active, I would say, in both our international and our Americas segments and largely in line with the strategic overlay we shared with you at our Investor Day last May in terms of core mechanical portfolio, electronics, and even complementary software. So I think pipeline is busy.

是的，這是個好問題。這是約翰。可以說，我們的產品線在國際和美洲業務方面都非常活躍，並且與我們去年五月在投資者日上與大家分享的戰略佈局基本一致，包括核心機械產品組合、電子產品，甚至配套軟體。所以我覺得管道輸送很忙。

I think there's -- it's a very encouraging outlook. And with all that being said, you can still count on us to be quite disciplined. And making sure we're sticking very close to our strategy, understanding where we've got, competitive advantage, right to play and a right to win and very much focused on our shareholder returns.

我認為——這是一個非常令人鼓舞的前景。儘管如此，你們仍然可以相信我們會保持高度的自律。確保我們嚴格遵守我們的策略，了解我們所擁有的競爭優勢、參賽資格和獲勝資格，並非常注重股東回報。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Good morning. Just a question on, I guess, M&A and capital allocation. I mean, the markets have been sort of sluggish for a while. You guys have been able to deliver consistent EPS growth in pretty tough markets. You know, you chose to allocate a lot more capital to M&A this year. I'm just wondering, given that you are laying a foundation, why don't you think that Allegion stock is a better sort of use of cash? Why don't you think your own stock is the best value out there? And just maybe give us some insights how you and the Board have gone through the thought process where you sort of chose M&A acceleration versus Allegion stock this year? Thank you.

早安.我有個關於併購和資本配置的問題。我的意思是，市場已經低迷了一段時間了。你們在如此艱難的市場環境下依然實現了持續的每股盈餘成長。你知道，今年你選擇將更多資金投入併購領域。我只是好奇，既然你在打基礎，為什麼不認為投資 Allegion 股票是更好的資金用途呢？為什麼不認為自己的股票是市場上最划算的呢？能否請您和董事會分享一下，今年你們是如何考慮加速併購而不是投資Allegion股票的？謝謝。

Yeah, Andrew, this is John. I appreciate the question. And I think that's why we have taken the time to put together a very consistent view of capital allocation across all of the different areas in our quarterly earnings deck as just a standard piece that we speak to.

是的，安德魯，我是約翰。感謝您的提問。我認為這就是為什麼我們花時間在季度收益報告中，就各個不同領域的資本配置情況，制定了一套非常一致的觀點，作為我們日常工作中都會提及的標準內容。

And so, I'd say, the priority is towards profitable growth. And that's why we'll take time each quarter, this quarter, too, talking about some highlights around investing for organic growth. That is the top priority for our use of cash. And then as you look to what are the other elements of it, we're a dividend paying stock. We will continue to be a dividend paying stock. You can expect that dividend to grow commensurate with our earnings growth.

所以，我認為，首要任務就是獲利成長。所以，每個季度我們都會抽出時間，包括本季度，來談談投資有機成長的一些重點。這是我們現金使用的首要任務。然後，當你檢視其他要素時，你會發現我們是一檔派發股息的股票。我們將繼續派發股息。您可以預期股息將與我們的獲利成長同步成長。

And then again, an orientation towards profitable growth. And so yes, as we started the year, we did have some share repurchase. We do have an open authorization with our board. And as that's the right decision at the right time when the conditions are there, we can do that. And we have a supportive board there.

此外，還有一種以獲利成長為導向的理念。是的，年初的時候，我們確實進行了一些股票回購。我們已獲得董事會的公開授權。既然在適當的時機，在適當的條件下做出這樣的決定是正確的，那麼我們就可以這樣做。而且我們在那裡還有一個支持我們的董事會。

When we have very attractive acquisition targets that we can bolt on and integrate into an existing business unit structure and drive synergies and drive accretive returns to the shareholders, we're going to do that. And so I thought what you saw in really the last two years, is this whole theme of, expect Allegion to be balanced and disciplined and consistent with our capital allocation to drive shareholder returns.

當我們有非常有吸引力的收購目標，可以將其整合到現有的業務部門結構中，從而產生協同效應並為股東帶來增值回報時，我們就會這樣做。因此，我認為在過去兩年裡，大家看到的是這樣一個主題：Allegion 將保持平衡、自律和一致的資本配置，以推動股東回報。

Thank you. And maybe a little bit more color on international markets growth. You sort of highlighted DACH. How is Interflex business doing? And maybe a little bit more color what's happening in AXA?

謝謝。或許還可以更詳細地介紹一下國際市場的成長。你算是重點提到了德語區（DACH）。Interflex的業務進展如何？或許可以更詳細介紹一下安盛集團（AXA）的近況？

I'm thrilled that you asked that question, Andrew. I'm so proud of our Interflex team. It's kind of an interesting business. It tends to kind of ramp up its revenue and profitability as the year goes on. So January is kind of slow and December looks great, right? It's just kind of an interesting business that way.

安德魯，你問了這個問題，我感到非常高興。我為我們的Interflex團隊感到無比自豪。這行挺有意思的。隨著一年時間的推移，它的收入和盈利能力往往會逐步提高。所以一月比較清閒，十二月看起來不錯，對吧？從這個角度來看，這真是一件很有趣的事。

Blue-chip customer base, we've put in resources to grow the Interflex and the plano Solutions across Europe, doing very well. They had a bang-up year. They're really delighting their customers. We're finding ways to get AI into the software offerings just to help our customers get all the reports and the data that they need, and they're growing very, very nicely. Just super proud of that business.

我們擁有藍籌客戶群，並投入資源在歐洲發展 Interflex 和 plano Solutions，而且發展勢頭良好。他們度過了輝煌的一年。他們真的讓顧客非常滿意。我們正在想辦法將人工智慧融入軟體產品中，以幫助我們的客戶獲得他們所需的所有報告和數據，而這些產品的發展非常非常順利。我為這家公司感到無比驕傲。

So we're making progress moving in beyond the core sort of German manufacturing base?

所以，我們在德國核心製造業基地以外的地區拓展業務方面正在取得進展？

Absolutely.

絕對地。

Chris Snyder, Morgan Stanley.

克里斯‧史奈德，摩根士丹利。

Thank you. Hopefully, everyone can hear me. I wanted to ask around Americas margins. Q4 came in down year-on-year modestly. I understand that, obviously, margin -- 0 margin revenue via tariffs is a headwind. But that doesn't seem all that dissimilar from Q2 and Q3 when you guys were growing margins. So did that -- is the Q4 decline just a function of resi volumes turning lower versus Q3 because it still seems like there was a lot of tailwinds in the quarter between mix. And then the productivity seems quite positive as well. So just any other kind of color unpacking the year-on-year margins for Americas in Q4? Thank you.

謝謝。希望大家都能聽到我說話。我想問美洲的邊際情況。第四季較去年同期略有下降。我明白，很顯然，關稅帶來的利潤率為零是個不利因素。但這似乎與你們在第二季和第三季獲利成長時的情況並沒有太大差異。所以，第四季銷量下滑只是因為住宅銷量較第三季下降嗎？因為從整體來看，第四季似乎仍有許多利多因素。而且生產力似乎也相當不錯。所以，除了其他顏色之外，還有什麼其他顏色可以用來分析美洲地區第四季同比利潤率呢？謝謝。

Chris, you're thinking about it the right way. If you look at residential in the fourth quarter, down high single digits. And we did, as I mentioned in the prepared remarks, had some positive pricing. So when you think about volume, volumes were even worse than the total residential. So that's a pretty substantial volume decline. That's the delta when you think of Q3 versus Q4. Q3, right, you're growing mid-single and so that's a 15-point plus or close to that 10% to 15% depending on your rounding works, delta between the two quarters, and that explains why the margins were different.

克里斯，你的想法是對的。如果看一下第四季的住宅市場，會發現下降了接近兩位數。正如我在準備好的演講稿中提到的，我們確實獲得了一些正面的定價結果。所以從數量上看，數量甚至比住宅總量還要糟糕。所以銷量下降幅度相當大。這就是第三季與第四季之間的差距。第三季度，沒錯，你們正處於單季中期成長階段，所以這相當於兩個季度之間成長了 15 個百分點，或接近 10% 到 15%（取決於你們的四捨五入方式），這就解釋了為什麼利潤率有所不同。

Thank you. I appreciate that. And then I know you've kind of flagged a couple of times that Q1 has this tough margin comp, and we can certainly see that. But I guess if we look past Q1 and kind of think about Q2 to Q4, does the guide assume that Americas kind of get back to that target 35% or so incremental margin rate Q2 to Q4 once we have all the tariff revenue and the comp? Thank you.

謝謝。我很感激。我知道您曾多次提到第一季利潤率比較低，這一點我們確實也看到了。但我想，如果我們把目光放長遠，展望第二季度到第四季度，該指南是否假設，一旦我們獲得所有關稅收入和同店銷售額，美洲地區的增量利潤率將在第二季度到第四季度恢復到 35% 左右的目標水平？謝謝。

If you think about the fundamentals of the business, right, that core incrementals we laid out at Investor Day, after we get through Q1, that still holds. Think of that core incrementals being strong once we get through that Q1. So as you think about the full year, margin expansion in the Americas, like I mentioned earlier, we just had that one more quarter we need to get through. But the business fundamentals remain sound and consistent with what we talked about at Investor Day where we can leverage that volume once we get through this last quarter of that tyranny of the math.

如果你考慮一下業務的基本面，對吧，我們在投資者日上提出的核心成長點，在第一季結束後仍然有效。想想看，一旦我們度過了第一季度，核心增量就會強勁成長。所以，當你考慮全年業績，以及美洲地區的利潤率擴張時，就像我之前提到的那樣，我們只需要再撐過一個季度。但業務基本面依然穩健，與我們在投資者日上所談論的內容一致，一旦我們度過了最後一個季度的財務困境，我們就可以利用業務量。

At this time, I see no callers in the queue. So I'll hand the call back to John Stone for closing remarks.

目前，我看到隊列中沒有來電者。那麼，我將把電話交還給約翰·斯通，讓他做總結發言。

Thanks very much. Thank you all for the great Q&A. We look forward to connecting with you on our Q1 earnings call in April. Be safe, be healthy.

非常感謝。感謝大家的精彩提問。我們期待在四月的第一季財報電話會議上與您交流。注意安全，保持健康。