Avantor Inc (AVTR) 2025 Q4 法說會逐字稿

Good morning. My name is Emily, and I will be your conference operator today. At this time, I would like to welcome everyone to Avantor's fourth-quarter 2025 earnings results conference call. (Operator Instructions) I will now turn the call over to Chris Fidyk. Chris, you may begin the conference.

早安.我叫艾米麗，今天我將擔任你們的會議接線生。在此，我謹代表 Avantor 公司歡迎各位參加 2025 年第四季財報電話會議。（操作員指示）我現在將把電話轉給克里斯·菲迪克。克里斯，你可以開始會議了。

Thank you, operator. Good morning, and thank you all for joining us. Our speakers today are Emmanuel Ligner, President and Chief Executive Officer; and Brent Jones, Executive Vice President and Chief Financial Officer. The press release and a presentation accompanying this call are available on our Investor Relations website at ir.avantorsciences.com. Following our prepared remarks, we will open the call for questions. A replay of the call will be made available on our website later today.

謝謝接線生。早安，感謝各位的參與。今天的演講嘉賓是總裁兼首席執行官伊曼紐爾·利格納 (Emmanuel Ligner) 和執行副總裁兼首席財務官布倫特·瓊斯 (Brent Jones)。本次電話會議的新聞稿和簡報可在我們的投資者關係網站ir.avantorsciences.com上查閱。在我們的發言結束後，我們將開放問答環節。本次通話的錄音將於今日稍後在我們的網站上提供。

During this call, we will make forward-looking statements within the meaning of the US federal securities laws including statements regarding events or developments that we believe or anticipate may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings. Actual results may differ materially from any forward-looking statements that we make today.

在本次電話會議中，我們將根據美國聯邦證券法做出前瞻性聲明，包括有關我們認為或預期未來可能發生的事件或發展的聲明。這些前瞻性陳述受到許多風險和不確定因素的影響，包括我們在提交給美國證券交易委員會的文件中列出的風險和不確定因素。實際結果可能與我們今天所做的任何前瞻性聲明有重大差異。

These forward-looking statements speak only as of the date that they are made. We do not assume any obligation to update these forward-looking statements as a result of new information, future events or other developments. This call will include a discussion of non-GAAP measures. A reconciliation of these non-GAAP measures can be found in the press release and in the supplemental disclosures package on our Investor Relations website.

這些前瞻性聲明僅代表其發布之日的情況。我們不承擔因新資訊、未來事件或其他發展而更新這些前瞻性聲明的任何義務。本次電話會議將討論非GAAP財務指標。這些非GAAP指標的調節表可在新聞稿和我們投資者關係網站上的補充揭露文件中找到。

With that, let me hand the call over to Emmanuel.

那麼，讓我把電話交給伊曼紐。

Thank you, Chris, and good morning, everyone. Thank you for joining us today. I'll cover three topics to begin the call. First, Project Revival and our progress to date, then our strategic objective for 2026 and how we will track our progress. And finally, my observations about the health of our end markets. I will then hand the call over to Brent. We will discuss our financial performance and 2026 guide in more detail. And after Brent comments, I will make some concluding remarks.

謝謝你，克里斯，大家早安。感謝您今天蒞臨。我將首先介紹三個主題。首先，介紹「復興計畫」及其迄今為止的進展；然後，介紹我們 2026 年的策略目標以及我們將如何追蹤我們的進展。最後，我想談談我對終端市場健康狀況的看法。然後我會把電話轉給布倫特。我們將更詳細地討論我們的財務表現和2026年發展指引。在布倫特發言之後，我將作一些總結性評論。

On our previous earnings call, I introduced the Avantor Revival program, which is designed to sharpen our strategic focus and to improve execution across the organization. Revival consists of five pillars, evolving our go-to-market strategy, improving our operations, optimizing our portfolio, simplifying our processes and lastly, strengthening talent and increase accountability.

在上一次財報電話會議上，我介紹了 Avantor Revival 計劃，該計劃旨在加強我們的策略重點，並提高整個組織的執行力。復興計畫由五大支柱組成：改善我們的市場進入策略、改善我們的營運、優化我們的產品組合、簡化我們的流程，以及加強人才團隊建設和提高問責制。

We are executing this plan with urgency and in the three months since launching the program, we have already made important progress. Our top priority has been the go-to-market pillar. And recently, we made a fundamental shift in how we run the company. We now operate Avantor with two new business units, a product agnostic channel and a channel-agnostic product business. Customers and their needs are at the center of this reorganization.

我們正在緊急執行這項計劃，自該計劃啟動以來的三個月內，我們已經取得了重要進展。我們的首要任務一直是市場推廣。最近，我們對公司的運作方式進行了根本性的轉變。我們現在經營的 Avantor 有兩個新的業務部門，一個是與產品無關的通路業務，另一個是與通路無關的產品業務。這次重組的核心是客戶及其需求。

And we believe that this delineation maximize the possibility that every product and every service is delivered in a way that delights customers. Effective in Q1, we will alter our reporting segments to reflect this go-to-market approach and align external reporting with how we now manage the business internally.

我們相信，這種劃分方式能夠最大限度地確保每項產品和服務都能以令客戶滿意的方式交付。從第一季開始，我們將調整報告分部，以反映這種市場推廣方式，並使對外報告與我們現在內部的業務管理方式保持一致。

Next, we have recommitted to the VWR brand for our channel business. One of my earliest observations when meeting with suppliers, customers and our associates was that everyone refers to the channel as VWR. So as of few weeks ago, the distribution channel of Avantor is once again known as VWR. We intend to capitalize on VWR tremendous brand recognition and long-standing goodwill with customers around the world.

其次，我們已重新決定在通路業務中使用 VWR 品牌。我最早與供應商、客戶和同事會面時觀察到的一點是，每個人都把通路稱為 VWR。所以，就在幾週前，Avantor 的通路再次更名為 VWR。我們打算充分利用VWR在全球客戶中享有的巨大品牌知名度和長期良好聲譽。

In Q4, we launched an important update to VWR e-commerce platform, and we have committed to invest in addition $10 million to $15 million in 2026 to upgrade our customers' interface. Enhancing our digital capabilities is one of our highest priority given their importance to so many of our customers. In the operations pillar, our new Chief Operating Officer, Mary Blenn, has hit the ground running. Mary and her team have thoughtfully identified of investment to enhance our ability to serve customers.

第四季度，我們對 VWR 電子商務平台進行了重要更新，並承諾在 2026 年追加投資 1,000 萬至 1,500 萬美元，以升級客戶介面。鑑於數位化能力對我們眾多客戶的重要性，提升數位化能力是我們最重要的優先事項之一。在營運方面，我們新任營運長瑪麗·布倫已經迅速進入工作狀態。瑪麗和她的團隊經過深思熟慮，確定了可以增強我們服務客戶能力的投資方向。

Next, we have established a Revival project management office led by Ally Hosak that will coordinate our collective effort and will ensure accountability. Lastly, our teams across the world have embraced Revival, and I am thrilled by their willingness to make the changes necessary to maximize our potential.

接下來，我們成立了由 Ally Hosak 領導的復興專案管理辦公室，該辦公室將協調我們的集體努力並確保問責制。最後，我們世界各地的團隊都接受了 Revival，他們願意做出必要的改變以最大限度地發揮我們的潛力，我為此感到非常興奮。

While I am optimistic as ever about the future of Avantor, I want to be crystal clear that 2026 will be a year of transition and investment as we reinforce the foundation of this great company. Significant investment will be made across the organization with our strategic priority in mind, driving sustainable, profitable top line growth. We will compete vigorously, but rationally, and we will work relentless to ensure customers are delighted about Avantor.

儘管我對 Avantor 的未來一如既往地充滿樂觀，但我還是要明確指出，2026 年將是轉型和投資之年，我們將鞏固這家偉大公司的基礎。我們將根據我們的策略重點，在整個組織內進行大量投資，以推動可持續的、有利可圖的營收成長。我們將積極參與競爭，但保持理性，我們將不懈努力，確保客戶對 Avantor 感到滿意。

As such, the most important metric to track our progress will be organic revenue growth rate. and we intend to demonstrate improvement over the course of 2026. We have a significant amount of work ahead, but the fruits of our labor will be meaningful when we execute our Revival plan successfully. We believe that Avantor can grow at a faster rate, generate attractive margin, produce strong free cash flow and do all of this in a fair, more consistent manner.

因此，衡量我們進展的最重要指標將是有機收入成長率，我們計劃在2026年期間展現進步。我們面前還有大量工作要做，但當我們成功執行復興計畫時，我們的勞動成果將是意義非凡的。我們相信 Avantor 可以以更快的速度成長，產生可觀的利潤率，產生強勁的自由現金流，並以公平、更穩定的方式做到這一切。

Before Brent discusses the financials, I want to share what we are seeing across some of our key markets. First, let me echo recent comments from others in our industry. After a challenging 2025, our end markets feel more stable, though naturally some areas are in better shape than others. The biopharma end market contributes to be healthy with production level growing at attractive rates and many companies identified investments that will expand capacity or improve efficiency. The [Board] is well for future demand from this important customer cohort. The primary growth driver of our bioprocessing business is patient's demand for biologies, which has remained strong.

在布倫特討論財務數據之前，我想先分享一下我們在一些主要市場觀察到的情況。首先，我想呼應一下業內其他人士最近的一些評論。在經歷了充滿挑戰的 2025 年之後，我們的終端市場感覺更加穩定，當然，有些地區的狀況比其他地區要好。生物製藥終端市場維持健康發展，生產水準以可觀的速度成長，許多公司已確定投資計劃，以擴大產能或提高效率。董事會已做好充分準備，迎接來自這群重要客戶群的未來需求。我們生物加工業務的主要成長動力是患者對生物製品的需求，而這種需求一直保持強勁。

We expect demand for biologies to grow in 2026 and beyond based on customer development pipelines, the number of recent FDA approvals and the pace at which existing therapies are being adopted. Customer inventory level across J.T.Baker and other process chemicals appear to be reasonable normal, and we expect demand for our products could improve modestly in 2026, having exited 2025 with a book-to-bill ratio of more than 1.

我們預計，根據客戶研發管線、近期FDA核准的數量以及現有療法的採用速度，2026年及以後對生物製劑的需求將會成長。J.T.Baker 及其他製程化學品的客戶庫存水準似乎處於合理正常水平，我們預計 2026 年對我們產品的需求可能會略有改善，因為 2025 年末我們的訂單出貨比超過 1。

On the Masterflex fluid-handling side, we remain well positioned in areas aligned with customer preferences including single-use assemblies, fluid management and modular process solutions, which support flexibility and faster deployment when customers choose to invest. 2025 was a difficult year for our early-stage biotech, education and government customers. But we are cautiously optimistic that those end markets are near the bottom.

在Masterflex流體處理方面，我們仍在符合客戶偏好的領域中保持良好的地位，包括一次性組件、流體管理和模組化製程解決方案，這些方案能夠支援客戶在選擇投資時實現靈活性和更快的部署。 2025年對我們早期生技、教育和政府客戶而言是充滿挑戰的一年。但我們謹慎樂觀地認為，這些終端市場已接近底部。

While it is difficult to predict if or when Avantor might see improved demand, we are pleased that certain headwinds facing those customers may be dissipating. The fourth quarter was one of the best quarters for biotech funding in recent years, and this momentums continue in January.

雖然很難預測 Avantor 的需求是否會改善，或何時會改善，但我們很高興看到這些客戶面臨的某些不利因素可能正在消散。第四季是近年來生物技術融資最好的季度之一，而且這種勢頭在1月份仍在繼續。

Across the education and government end market, which we serve primarily with VWR, we have seen indicator of an improved funding environment in the Europe and Japan, but there remains uncertainty in the US which represent a large percentage of our education and government business.

在我們主要透過 VWR 服務的教育和政府終端市場中，我們已經看到歐洲和日本的資金環境有所改善的跡象，但在美國仍然存在不確定性，而美國在我們教育和政府業務中佔很大比例。

While we are encouraged by expectation for an NIH budget in 2026, customers remain hesitant to spend money even when it is committed and received. This, coupled with reduction in headcount and program cuts over the past year lead us to believe that we will not see a noticeable increase in customer spend until we have an extended period of funding and outlay stability.

儘管我們對 2026 年 NIH 的預算預期感到鼓舞，但即使資金已經承諾並到位，客戶仍然不願意花錢。過去一年，由於人員減少和專案削減，我們認為，在資金和支出穩定一段時間之前，客戶支出不會出現顯著增長。

Before I turn the call over to Brent, I want to note that we are pleased to welcome Sanjeev Mehra and Simon Dingemans to our Board of Directors. Sanjeev and Simon had deep global leadership, financial expertise and strategic insight. Brent?

在將電話交給布倫特之前，我想指出，我們很高興歡迎桑吉夫·梅赫拉和西蒙·丁格曼斯加入我們的董事會。Sanjeev 和 Simon 擁有深厚的全球領導力、金融專業知識和策略洞察力。布倫特？

Thank you, Emmanuel, and good morning, everyone. I'm starting with slide 4. We delivered a Q4 largely in line with expectations with organic revenue growth, adjusted EPS and free cash flow at or above our guidance. For the quarter, reported revenue was $1.66 billion, which was down 4% year-over-year on an organic basis and squarely in line with our guidance. Adjusted EBITDA margin was 15.2%.

謝謝你，伊曼紐爾，大家早安。我從第4張投影片開始。第四季業績基本上符合預期，有機收入成長、調整後每股盈餘和自由現金流均達到或超過預期。本季報告營收為 16.6 億美元，以有機成長計算年減 4%，與我們的預期完全一致。調整後 EBITDA 利潤率為 15.2%。

Adjusted EPS for the quarter was $0.22 and at the midpoint of guidance. Free cash flow was $117 million. Excluding transformation expenses, free cash flow was $150 million at the high end of guidance. Adjusted gross profit for the quarter was $524 million, representing a 31.5% adjusted gross margin. This is a decline of 190 basis points year-over-year driven mainly by unfavorable segment mix and product mix as well as price actions in lab to protect and grow market share.

本季調整後每股收益為 0.22 美元，處於預期值的中點。自由現金流為1.17億美元。不計轉型費用，自由現金流為 1.5 億美元，處於預期上限。本季調整後毛利為 5.24 億美元，調整後毛利率為 31.5%。這比去年同期下降了 190 個基點，主要原因是不利的細分市場組合和產品組合，以及實驗室為保護和擴大市場份額而採取的價格行動。

Adjusted EBITDA was $252 million in the quarter, which came in at the low end of our expectations. This was largely driven by gross margin, but also some modest headwinds due to Revival related spending as we have kicked off this program in earnest. Adjusted operating income was $225 million at a 13.5% margin.

本季調整後 EBITDA 為 2.52 億美元，處於我們預期範圍的下限。這主要受毛利率的影響，但也受到一些不利因素的影響，例如由於我們已經正式啟動了復興計劃，與復興相關的支出。調整後的營業收入為 2.25 億美元，利潤率為 13.5%。

Interest and tax expense were better than expectations, and as a result, adjusted earnings per share were $0.22 for the quarter, a $0.05 year-over-year decline. In Q4, we purchased $75 million worth of stock under the $500 million share repurchase program our Board of Directors authorized last fall.

利息和稅收支出好於預期，因此，本季調整後每股收益為 0.22 美元，年減 0.05 美元。第四季度，我們根據董事會去年秋季批准的 5 億美元股票回購計劃，購買了價值 7,500 萬美元的股票。

We paid down approximately $300 million of debt in 2025 and added approximately $120 million of cash to the balance sheet. Our adjusted net leverage ended the quarter at 3.2 times adjusted EBITDA, flat to last year. Leverage increased by 0.1 point sequentially, largely due to FX impacts on the balance sheet that were higher than our expectations as well as lower LTM adjusted EBITDA.

2025年，我們償還了約3億美元的債務，並在資產負債表上增加了約1.2億美元的現金。本季末，我們調整後的淨槓桿率為調整後 EBITDA 的 3.2 倍，與去年持平。槓桿比率較上季上升 0.1 個百分點，主要是因為外匯對資產負債表的影響高於我們的預期，以及過去 12 個月調整後的 EBITDA 下降。

Turning to our full year results on slide 5. Reported revenues were $6.552 billion, down 3% on an organic basis. Adjusted gross profit for the year was $2.14 billion, representing a 32.7% adjusted gross margin. Adjusted EBITDA was $1.069 billion in 2025, representing a 16.3% margin. Adjusted operating income was $958 million at a 14.6% margin. Putting all of this together, adjusted earnings per share came in at $0.90 for the year at the midpoint of our updated Q3 guidance. We generated $496 million in free cash flow in 2025.

接下來請看第5頁投影片，了解我們的全年業績。報告顯示，公司營收為 65.52 億美元，以有機成長計算下降 3%。本年度調整後毛利為 21.4 億美元，調整後毛利率為 32.7%。2025 年調整後 EBITDA 為 10.69 億美元，利潤率為 16.3%。調整後的營業收入為 9.58 億美元，利潤率為 14.6%。綜合所有因素，調整後的每股盈餘為 0.90 美元，與我們更新後的第三季預期中位數一致。我們預計 2025 年將產生 4.96 億美元的自由現金流。

Excluding transformation spend, we generated $599 million of adjusted free cash flow. Free cash flow conversion was nearly 98% when adjusted for the cash costs related to transformation. Laboratory Solutions revenue for the quarter was $1.116 billion, a decline of 4% versus prior year on an organic basis representing the higher end of our guidance of down mid-single digits. Sequentially, sales grew modestly on an organic basis.

不計轉型支出，我們產生了 5.99 億美元的調整後自由現金流。扣除轉型相關的現金成本後，自由現金流轉換率接近 98%。本季實驗室解決方案營收為 11.16 億美元，以自然成長計算，較上年同期下降 4%，處於我們先前預期的個位數中段下降幅度的較高水準。從環比來看，銷售額實現了小幅自然成長。

The market environment remains reasonably stable, albeit at lower levels of activity than we would like to see. The prolonged government shutdown certainly had an impact in the quarter, but we also saw some modest end-of-year budget flush that we did our best to capitalize on, particularly with equipment and instrumentation. Our channel business, which represents approximately two-thirds of the business, was down mid-single digits with strength in chemicals more than offset by headwinds in consumables and ENI.

市場環境依然相對穩定，儘管活躍程度低於我們的預期。政府長期停擺確實對本季產生了影響，但我們也看到年底預算出現了一些小幅盈餘，我們盡力利用了這些盈餘，尤其是在設備和儀器方面。我們的通路業務約佔業務的三分之二，下降了個位數中段，其中化學品業務的強勁增長被消耗品和埃尼集團業務的不利因素所抵消。

Our Services business was down low single digits, and our Specialty business was essentially flat with Proprietary Chemicals up low single digits. For the full year 2025, Laboratory Solutions revenue was $4.4 billion, a decline of 3% versus 2024 on an organic basis. Adjusted operating income for Laboratory Solutions was $114 million for the quarter with a 10.2% margin.

我們的服務業務下滑了個位數百分比，而我們的特種業務基本上持平，專有化學品業務則實現了個位數百分比的成長。2025 年全年，實驗室解決方案收入為 44 億美元，以有機成長計算，比 2024 年下降了 3%。本季實驗室解決方案業務的調整後營業收入為 1.14 億美元，利潤率為 10.2%。

Adjusted operating income margin declined 290 basis points year-over-year and 110 basis points sequentially from Q3. The primary driver of the sequential margin decline was mixed with stronger equipment and instrumentation and specialty procurement sales at lower margins. Pricing also contributed to the margin decline. For the full year 2025, Laboratory Solutions adjusted operating income was $510 million with an 11.6% margin. Bioscience production revenue for the quarter was $548 million, which reflects an organic decline of negative 4% versus prior year, representing the high end of our guidance.

調整後的營業利益率較去年同期下降 290 個基點，較上季下降 110 個基點。利潤率較上月下降的主要原因是設備和儀器銷售以及利潤率較低的特種採購銷售走強。價格因素也導致了利潤率下降。2025 年全年，實驗室解決方案調整後的營業收入為 5.1 億美元，利潤率為 11.6%。本季生物科學生產收入為 5.48 億美元，較上年同期下降 4%，達到我們預期的上限。

This also represents mid-single-digit growth sequentially. Bioprocessing representing about two-thirds of the segment saw a high single-digit decline at the better end of our expectations of down high single digits to low double digits. Within bioprocessing, Process Chemicals performed as expected, down double digits year-over-year. This was largely due to the ongoing backlog we are carrying as well as a particularly difficult comparable in Q4 of 2024. Process Chemicals was up modestly on a sequential basis.

這也代表著環比中等個位數的成長。生物加工業務約佔該業務板塊的三分之二，其下滑幅度接近兩位數，高於我們預期的個位數高點至兩位數低位的下滑幅度。在生物加工領域，製程化學品業務表現符合預期，較去年同期下降兩位數。這主要是由於我們目前積壓的訂單以及 2024 年第四季比較數據特別困難所致。製程化學品板塊環比小幅上漲。

On the order side, our Process Chemicals business, excluding serum and a book-to-bill of more than 1 for the quarter, and this order book is up high single digits year-to-date. While we continue to have operational bottlenecks, these did not materially impact our Q4 performance versus expectations.

在訂單方面，我們的製程化學品業務（不包括血清）本季訂單出貨比超過 1，而且今年迄今的訂單量實現了接近兩位數的成長。儘管我們仍面臨營運瓶頸，但這並未對我們第四季的業績與預期產生實質影響。

Our backlog did not reduce meaningfully in the quarter and remains too high, but this is receiving intense focus from the operations and supply chain teams in line with our Revival objectives. As expected, single-use was up low single digits, both year-over-year and sequentially. Controlled environment consumables were down modestly sequentially and somewhat weaker than expected.

本季我們的積壓訂單沒有顯著減少，仍然過高，但營運和供應鏈團隊正在根據我們的復甦目標對此進行重點關注。正如預期的那樣，一次性用品的銷量同比和環比均實現了低個位數增長。受控環境耗材環比略有下降，且略弱於預期。

For the balance of the segment, Silicones performed largely in line with expectations and Applied Solutions outperformed due to electronic materials. Adjusted operating income for Bioscience Production was $127 million for the quarter, representing a 23.2% margin, down 340 basis points year-over-year. This decline is significantly due to volume-related fixed cost absorption and mix. On a sequential basis, adjusted operating income was down 100 basis points, in part due to additional spend to drive better operational performance. For the full year 2025, Bioscience Productions adjusted operating income was $518 million with a 24.1% margin.

在該細分市場的其他部分，矽膠的表現基本上符合預期，而應用解決方案由於電子材料而表現出色。本季生物科學生產業務的調整後營業收入為 1.27 億美元，利潤率為 23.2%，年減 340 個基點。這一下降主要是由於與銷售相關的固定成本吸收和產品結構變化所致。與上一季相比，調整後的營業收入下降了 100 個基點，部分原因是為提高營運績效而增加了支出。2025 年全年，Bioscience Productions 的調整後營業收入為 5.18 億美元，利潤率為 24.1%。

Please turn to slide 8. As Emmanuel noted, we have optimized our go-to-market strategy. And as a result, we are resegmenting the business in 2026. Slide 8 graphically depicts the key elements of this resegmentation as well as our new nomenclature for the business. This resegmentation reflects how we now run the business with a product-agnostic channel on the one hand and channel-agnostic products on the other. You will find detailed disclosures in the Form 8-K we filed earlier today.

請翻到第8張幻燈片。正如伊曼紐爾所指出的，我們已經優化了市場進入策略。因此，我們將在 2026 年對業務進行重新劃分。第 8 張投影片以圖形方式描繪了此次重新細分的關鍵要素以及我們新的業務命名法。這種重新劃分反映了我們現在的經營方式，一方面是與產品無關的管道，另一方面是與通路無關的產品。您可以在我們今天早些時候提交的 8-K 表格中找到詳細的披露資訊。

Please turn to slide 9. The larger segment is VWR Distribution and Services coinciding with our relaunch of the VWR brand last month. This will include most of the former Laboratory Solutions segment, but now will include CEC and will no longer include our Proprietary Laboratory Chemicals business as well as a few other small businesses where we manufacture products. The guiding principle for the VWR Distribution and Services segment is a product-agnostic channel primarily composed of third-party content, but that also includes VWR branded products.

請翻到第9頁投影片。較大的業務部門是 VWR 分銷和服務，這與我們上個月重新推出 VWR 品牌相吻合。這將包括以前大部分的實驗室解決方案部門，但現在將包括 CEC，並且不再包括我們的專有實驗室化學品業務以及我們生產產品的其他一些小型企業。VWR 分銷和服務部門的指導原則是建立一個與產品無關的管道，主要由第三方內容組成，但也包括 VWR 品牌產品。

Over 90% of this segment will be our channel business and the balance will be our services offerings, which include our on-site services where we manage our customers' inventories and stock rooms as well as our equipment services business. Based on 2025 revenue, the Channel piece of this segment was approximately $4.4 billion, and the Services piece was approximately $300 million. What we are now calling our VWR Distribution and Services segment represented about 72% of our enterprise revenue in 2025 and had an adjusted operating margin of 11.5% for the year.

該部分業務的 90% 以上將來自我們的通路業務，其餘部分將來自我們的服務產品，包括我們的現場服務（我們管理客戶的庫存和倉庫）以及我們的設備服務業務。根據 2025 年的收入預測，該業務板塊的通路部分約為 44 億美元，服務部分約為 3 億美元。我們現在稱之為 VWR 分銷和服務部門的業務，在 2025 年占我們企業收入的約 72%，當年的調整後營業利潤率為 11.5%。

I am now on slide 10. The other segment will be Bioscience and Medtech Products. This segment includes most of the former Bioscience Production segment with the addition of our proprietary laboratory chemicals business and a few other small businesses where we manufacture products and the removal of CEC. Again, the guiding principle for this new segment is a channel-agnostic product business.

我現在看到第10張投影片了。另一部分將是生物科學和醫療技術產品。該部分包括原始生物科學生產部分的大部分，並新增了我們專有的實驗室化學品業務以及我們生產產品的其他一些小型企業，同時取消了 CEC。同樣，這一新領域的指導原則是通路無關的產品業務。

The components of this segment are process chemicals, fluid handling, new sale and research and specialty chemicals. As you can see by the slide, Process Chemicals includes our proprietary J.T. Baker products used in production environments from solvents, to salts, to excipients.

此業務板塊的組成部分包括製程化學品、流體處理、新產品銷售和研發以及特種化學品。從幻燈片中可以看到，製程化學品包括我們專有的 J.T. Baker 產品，這些產品用於生產環境，從溶劑到鹽，再到賦形劑。

Fluid Handling includes our Masterflex pumps and associated tubing as well as skids and other fluid management solutions. NuSil includes our well-known high-purity silicones that are used in medical and industrial applications. Finally, Research and Specialty Chemicals captures the balance of our portfolio, including diagnostic chemicals, proprietary lab chemicals, electronic materials chemicals and serum for biologic applications.

流體處理包括我們的 Masterflex 泵浦和相關管道，以及撬裝設備和其它流體管理解決方案。NuSil 包括我們廣為人知的高純度矽膠，這些矽膠用於醫療和工業應用。最後，研究和特殊化學品涵蓋了我們產品組合的其餘部分，包括診斷化學品、專有實驗室化學品、電子材料化學品和用於生物應用的血清。

For fiscal year 2025, Process Chemicals generated approximately $500 million in revenue, Fluid Handling generated approximately $400 million in revenue, NuSil generated approximately $350 million in revenue, and Research and Specialty Chemicals generated approximately $600 million in revenue, combined what we are now calling our Bioscience and Medtech Product segment represented about 28% of our enterprise revenue in 2025 and had an adjusted operating margin of 26.7% for the year.

2025 財年，製程化學品業務收入約 5 億美元，流體處理業務收入約 4 億美元，NuSil 業務收入約 3.5 億美元，研究和特用化學品業務收入約 6 億美元。這些業務合計構成了我們現在所謂的生物科學和醫療技術產品部門，約佔 2025 年企業收入的 28%，該年度調整後的營業利潤率為 26.7%。

Please turn to slide 11, where I will discuss our 2026 guidance. For 2026, we expect organic revenue growth of negative 2.5% to negative 0.5%. We expect FX will contribute 1% to the top line, resulting in reported revenue growth of between negative 1.5% and positive 0.5%. We expect that VWR growth will somewhat outpace that of Bioscience and Medtech Products during the year.

請翻到第 11 頁，我將在那裡討論我們 2026 年的指導方針。我們預計 2026 年有機收入成長率為 -2.5% 至 -0.5%。我們預計外匯交易將貢獻 1% 的營收，導致報告營收成長在 -1.5% 到 +0.5% 之間。我們預計，VWR 業務的成長速度將略高於生物科學和醫療技術產品業務的成長速度。

We continue to drive operational recovery in Process Chemicals and have the benefit of a strong order book in the business. Bioscience and Medtech Products does face difficult comps in 2026 in the Research and Specialty Chemicals subsegment, specifically in Electronic Materials and Serum as well as with NuSil.

我們持續推動製程化學品業務的營運復甦，並受益於該業務強勁的訂單儲備。2026 年，生物科學和醫療技術產品在研究和特種化學品子領域面臨嚴峻的競爭，尤其是在電子材料和血清領域，以及與 NuSil 的競爭中。

VWR will be impacted by a continuation of the various dynamics discussed on prior earnings calls. As Emmanuel mentioned earlier, we will continue to compete vigorously, but rationally and believe that this business will exit 2026 on more stable footing. We are making a variety of investments to enhance our value proposition and to better serve customers which we believe will improve the performance of this franchise over time.

VWR 將受到先前財報電話會議上討論的各種動態因素持續發展的影響。正如伊曼紐爾之前提到的，我們將繼續積極競爭，但將保持理性，並相信到 2026 年底，這項業務將更加穩定。我們正在進行各種投資，以增強我們的價值主張並更好地服務客戶，我們相信這將隨著時間的推移提高該特許經營店的業績。

Moving to profitability. We anticipate that our EBITDA margins will contract by as much as 100 to 150 basis points in 2026, similar to our margin level exiting 2025. Margins will be pressured by a variety of factors, including Bioscience and Medtech Product growth due to headwinds stated before, mix shifts Revival investments, incentive compensation reload as well as price cost spread. While our cost-saving initiatives remain on track, they will only offset a portion of the headwinds that we will face this year.

邁向盈利。我們預計，到 2026 年，我們的 EBITDA 利潤率將下降 100 至 150 個基點，與我們 2025 年底的利潤率水準相似。利潤率將受到多種因素的壓力，包括生物科學和醫療技術產品成長受到先前所述不利因素的影響、產品組合變化、復甦投資、激勵性薪酬調整以及價格成本差。雖然我們的成本節約措施仍在按計劃進行，但它們只能抵消我們今年將面臨的部分不利因素。

Moving below the line, we anticipate interest expense will approximate that of 2025 as FX movements offset the benefits of debt repayment, and we anticipate a tax rate of approximately 22.5%, similar to 2025's rate. Finally, we assume a fully diluted share count of 685 million shares for the year. All this translates to an adjusted EPS outlook of $0.77 to $0.83 for 2026. We expect to generate between $500 million and $550 million of free cash flow in 2026 and we once again expect our free cash flow generation to be back half weighted. Our guidance does not assume any share repurchases during 2026.

展望未來，我們預期利息支出將與 2025 年的水準大致相同，因為匯率波動會抵銷償還債務帶來的收益；我們預期稅率約為 22.5%，與 2025 年的稅率相似。最後，我們假設該年度完全稀釋後的股份數量為 6.85 億股。所有這些因素共同促成了2026年調整後每股盈餘預期為0.77美元至0.83美元。我們預計 2026 年將產生 5 億美元至 5.5 億美元的自由現金流，並且我們再次預期我們的自由現金流產生將再次呈現後半部分加權的局面。我們的預測並未假設在 2026 年期間進行任何股票回購。

A few comments on phasing. In Q1, we expect to generate EPS of between $0.15 and $0.16 per share. We will face the same margin headwinds in Q1 that we do for the full year, but Q1 bears the additional burden of being the historically softest quarter of the year for our industry, plus our cost initiatives will have greater impact later in the year. We may also be impacted by the severe weather across the US recently.

關於分階段實施的幾點說明。我們預計第一季每股收益將在 0.15 美元至 0.16 美元之間。第一季我們將面臨與全年相同的利潤率不利因素，但第一季還面臨著行業歷史上最疲軟的季度帶來的額外壓力，此外，我們的成本控制措施將在今年晚些時候產生更大的影響。我們也可能受到近期美國各地惡劣天氣的影響。

Finally, capital allocation. Debt reduction remains a top capital allocation priority as we remain committed to reducing our leverage sustainably below 3 times net debt to adjusted EBITDA. We built cash and paid down a meaningful amount of debt again in 2025. At the same time, we continue to believe that our current share price fails to reflect the intrinsic value of our platform, so we may choose to repurchase shares opportunistically with excess cash.

最後，是資本配置。降低債務仍然是資本配置的首要任務，我們將繼續致力於將槓桿率可持續降低到淨債務與調整後 EBITDA 比率低於 3 倍。2025年，我們再次累積了現金，並償還了相當數量的債務。同時，我們仍然認為我們目前的股價未能反映我們平台的內在價值，因此我們可能會選擇利用多餘的現金擇機回購股票。

With that, let me turn the call back to Emmanuel.

那麼，現在讓我把電話轉回伊曼紐爾。

Before we move to the Q&A session, I want to spend a few moments discussing two important topics: Our cost base and our go-to-market strategy. I've spent my career in an organization famous for their continuous improvement mindset with a particular focus on eliminating wasteful spend and recycling it into growth orientated area.

在進入問答環節之前，我想花幾分鐘時間討論兩個重要主題：我們的成本基礎和我們的市場進入策略。我的職業生涯一直在以持續改善理念而聞名的組織中度過，該組織尤其註重消除浪費性支出並將其重新投入到以成長為導向的領域。

The continuous improvement mindset is central to my management philosophy. I see many opportunities for Avantor to become more efficient, while at the same time, I see many opportunities to make important growth investments across the business. With our focus on Revival, we will no longer report progress related to our previously discussed cost transformation initiative.

持續改進的思維方式是我管理理念的核心。我認為 Avantor 有很多機會可以提高效率，同時，我也看到了許多機會可以在整個業務範圍內進行重要的成長投資。由於我們目前專注於復興計劃，我們將不再報告先前討論過的成本轉型計劃的相關進展。

Now we will continue to target those goals internally as a strategic objective separate from or in addition to Revival. This doesn't mean that we are no longer focused on reducing costs in the business, but I believe that we should not have competing or potential conflicting priorities as Revival is our critical focus going forward.

現在我們將繼續在內部將這些目標作為一項策略目標來實現，而這項策略目標獨立於或補充了「復興」計劃。這並不意味著我們不再專注於降低業務成本，但我認為我們不應該有相互競爭或可能衝突的優先事項，因為復興是我們未來發展的關鍵重點。

Through the end of 2025, we have achieved run rate savings of $265 million, ahead of our original expectation. Revival is about much more than cost. It is about driving sustainable top line growth and operating more efficiently. When you marry this to the action already taken, this will provide a strong foundation to drive improved operating leverage and margin improvement that follows from it.

截至 2025 年底，我們已實現 2.65 億美元的年度節約，超過了我們最初的預期。復興遠不止是成本問題。其目標是實現可持續的營收成長和提高營運效率。將這一點與已經採取的行動結合起來，將為推動提高營運槓桿和隨之而來的利潤率提升奠定堅實的基礎。

Next, I want to deep dive deeper into the rationale for our new go-to-market strategy and the correspondent re-segmentation of our business. Over the last six months, I have traveled the globe to engage with customers, suppliers, other external partners. During those travels, too frequently, I've encountered confusion and misunderstanding about who Avantor is and what we do. These confusions end today.

接下來，我想深入探討我們新的市場進入策略以及相應的業務重新細分的理由。在過去的六個月裡，我走遍了世界各地，與客戶、供應商和其他外部合作夥伴進行交流。在這些旅行中，我經常遇到人們對 Avantor 是誰以及我們做什麼感到困惑和誤解的情況。這些混亂局面今天就結束了。

Avantor is a house of powerful brands, brands such as J.T.Baker, Masterflex, NuSil and VWR. Each of our brand has a unique heritage and offer our brands are synonymous with attributes such as quality or reliability. Our new go-to-market strategy will facilitate sharper market positioning, and will clarify our identity, allowing us to capitalize on the equity of those powerful brands. The distribution business will build on VWR history of offering private label, third-party solutions and services, while the product franchise offers a diversified portfolio of best-in-class manufacturer products.

Avantor 是一家擁有眾多強大品牌的公司，旗下品牌包括 J.T.Baker、Masterflex、NuSil 和 VWR。我們每個品牌都有其獨特的歷史傳承，我們的品牌是品質或可靠性等特質的代名詞。我們新的市場進入策略將有助於我們更精準地定位市場，並明確我們的品牌形象，使我們能夠充分利用這些強大品牌的價值。經銷業務將依托 VWR 過去提供自有品牌、第三方解決方案和服務的經驗，而產品特許經營權將提供多樣化的、一流的製造商產品組合。

By swapping certain business activities between the two segments, we will better organize the company to meet customer needs as the requirement of VWR customers differ from those of the J.T.Baker customers. Those pivotal changes should improve our go-to-market effectiveness by enabling each business to focus on its respective customer service needs, product life cycles and value proposition. In addition, we have created clear operational swing lanes, which in turn will result in better operational transparency and accountability.

透過在兩個部門之間交換某些業務活動，我們將更好地組織公司以滿足客戶需求，因為 VWR 客戶的需求與 J.T.Baker 客戶的需求不同。這些關鍵性的變化應該能夠提高我們的市場推廣效率，使每個業務部門都能專注於各自的客戶服務需求、產品生命週期和價值主張。此外，我們還建立了清晰的營運輪調通道，這將帶來更好的營運透明度和問責制。

Finally, we believe that our new structure will enable more focused and faster decision-making as each month is free to pursue its own strategy without any possible tension between a high-volume distribution engine and a product-focused manufacturing engine.

最後，我們相信，新的組織架構將使決策更加集中和迅速，因為每個月都可以自由地執行自己的策略，而不會出現大量分銷引擎和以產品為中心的製造引擎之間的任何潛在衝突。

To conclude, I am excited as ever about the future of Avantor and confident that the successful execution of Revival will help us reach our vast potential. The company boost a series of world-class assets, including its people, and I'm delighted by how swiftly and energetically the team has responded to change. Avantor is in transition, and 2026 will be a year where we invest purposely and sensibly to strengthen all aspects of our business. The ultimate goal, of course, is for the business to produce financial results that are far more attractive than what we have shown in recent years. Thank you again for joining the call.

總之，我對 Avantor 的未來充滿信心，並堅信 Revival 計畫的成功實施將幫助我們發揮巨大的潛力。公司擁有一系列世界一流的資產，包括其員工，我對團隊應對變化的迅速而積極的反應感到非常高興。Avantor 正處於轉型期，2026 年我們將進行有目的、有理有據的投資，以加強我們業務的各個方面。當然，最終目標是讓公司取得比近年來所取得的業績更具吸引力的財務成果。再次感謝您參加通話。

Operator, let's switch to Q&A, please.

操作員，請切換到問答環節。

(Operator Instructions)

（操作說明）

Casey Woodring, JPMorgan.

Casey Woodring，摩根大通。

Great. Thanks for taking my questions. Maybe just to start, you said that you expect growth to somewhat -- or growth in VWR to somewhat outpace that of Bioscience and med tech for the year. Can you just unpack that, what are your segment growth expectations for the year? And then maybe just by quarter, we can talk about what you expect in 1Q in both segments and then the phasing throughout the course of the year?

偉大的。謝謝您回答我的問題。或許可以先從您提到的成長預期開始，您預計 VWR 的成長預期在今年會略微超過生物科學和醫療技術的成長預期。能否詳細說明一下，您對今年該細分市場的成長預期為何？然後或許我們可以按季度討論您對兩個業務板塊第一季的預期，以及全年的進度安排？

Yeah, Casey, it's Brent. Thanks for the question. The -- there's some limitation of what we're guiding to there, but that comment really is driven by -- as we noted, frankly, in my remarks there, we have a number of particularly difficult comps in the Bioscience and Medtech Products business and in Serum, in Electronic Materials and NuSil, those are creating several hundred basis points drag on growth there. So that -- we expect will bring it somewhat below where the VWR channel would be there. So that's a primary driver.

是的，凱西，我是布倫特。謝謝你的提問。——我們在這方面的指導存在一些局限性，但那條評論實際上是由——正如我們坦率地指出的那樣，正如我剛才所說，我們在生物科學和醫療技術產品業務以及血清、電子材料和NuSil業務中有一些特別難以比較的因素，這些因素導致增長受到幾百個基點的拖累。因此，我們預計這將使其略低於 VWR 通道的位置。所以這是主要驅動因素。

We're not really laying out phasing of the growth throughout the year. When we think of Q1 and what builds to Q1, we guided to $0.15 to $0.16 for the quarter, which absolutely implies it should be the low point of the year for most financial metrics. We're not getting to other elements of it. You'd expect doing the math there, the organic revenues have declined by 5% or more, which will be offset by a meaningful FX tailwind there.

我們並沒有真正制定全年成長的階段性計劃。當我們展望第一季以及影響第一季業績的因素時，我們預計該季度每股收益為 0.15 美元至 0.16 美元，這絕對意味著對於大多數財務指標而言，這將是今年的最低點。我們還沒涉及到它的其他方面。根據計算，有機收入預計將下降 5% 或更多，但這將被顯著的匯率利好所抵消。

Okay. Got it. That's helpful. And then just curious, you highlighted that '26 is going to be a year of transition and investment. Just on the latter piece, how are you weighing some of these investments, like the $10 million to $15 million in e-commerce versus some of the cost savings initiatives that are in place? And if you can give any update in terms of how much by way of cost savings Revival will generate? And if we see any of that in 2026? Thank you.

好的。知道了。那很有幫助。另外，我很好奇，您特別提到 2026 年將是轉型和投資之年。關於後一點，您是如何權衡這些投資的，例如在電子商務領域投入的 1000 萬至 1500 萬美元，以及一些已經實施的成本節約措施？您能否提供一些關於復興計劃將節省多少成本的最新資訊？如果到 2026 年我們能看到這些情況發生呢？謝謝。

Casey, Emmanuel. I think -- what is very important to understand is we are absolutely not abandoning our cost discipline and cost savings. We have cost transformation initiative, okay? What we really want to make sure is it's part of Revival and it's really combined it with what we are starting to do. The other thing is, as I said in my remarks, look, it comes from organization, which are very well known and where I have been very well trained on continuous improvement.

凱西，伊曼紐。我認為——非常重要的一點是，我們必須明白，我們絕對沒有放棄成本控制和成本節約。我們有成本轉型計劃，好嗎？我們真正想要確保的是，它是復興的一部分，並且真正與我們正在開始做的事情結合。還有一點，正如我在演講中所說，這源於一些非常知名的組織，我在那裡接受了持續改進方面的良好培訓。

And what is continuous improvement mindset is really making sure that you take out the waste, but you also reinvest this waste into opportunity that you have in this company on both segments have tremendous opportunities. So remember, in the Revival, we have a pillar, which is about simplification, about optimization. That's where the initiative on cost out is going on. And then at the same time, we have to invest in our e-commerce channel. We have to invest in talent as well. And so this is where we are.

持續改進的思維方式，實際上就是確保消除浪費，同時也要將這些浪費重新投資到公司在兩個領域都擁有的巨大機會中。所以請記住，在復興運動中，我們有一個支柱，那就是簡化和最佳化。這就是降低成本措施的重點。同時，我們也要投資我們的電子商務管道。我們也必須投資人才。這就是我們目前的處境。

The goal, Casey, of Revival, I mean, I don't have to remind everybody about it, but it's really about driving urgency to grow the business top line sustainably, but also profitably. So that's the goal that we have is to really make sure that we take cost out, we reinvest it and the outcome is top line growth profitably.

凱西，復興的目標，我的意思是，我不需要提醒大家，但它的真正意義在於推動業務收入的可持續增長，同時也要實現盈利。所以，我們的目標是真正確保降低成本，並將節省的資金再投資，最終實現營收的獲利成長。

Great. Thank you.

偉大的。謝謝。

Brandon Couillard, Wells Fargo.

Brandon Couillard，富國銀行。

Hey, thanks, good morning. Emmanuel and Brent, maybe the high level would be helpful to get your perspective on the degree to which you've kind of discounted the guide and to stress tested your assumptions, especially coming off the successive number of cuts last year. Just trying to get a feel for elements of conservatism that may be embedded in either the top line or the margin outlook for the year.

嘿，謝謝，早安。Emmanuel 和 Brent，或許高層人士會更願意了解你們對這份指南的重視程度，並對你們的假設進行壓力測試，尤其是在去年連續多次下調之後。只是想了解今年的營收或利潤率預期中可能存在的保守主義因素。

Yeah. Look, Brandon, there -- number one, very, very mindful of that. There are a huge number of moving parts that are going to impact the P&L in '26. And with the timing of the magnitude of all of them is difficult to reflect. But really, we've taken all the pluses and minus in here. And I would say the guide is neither conservative nor aggressive. It's very prudent, and that's really the approach we've taken here.

是的。聽著，布蘭登，第一點，你非常非常清楚這一點。2026 年，有大量的變動因素會影響損益表。所有這些事件發生的時間和規模都難以估量。但實際上，我們已經把所有優點和缺點都考慮進去了。我覺得這位導遊既不保守也不激進。這是非常謹慎的做法，也是我們在這裡採取的做法。

Okay. Then as far as the margin guide goes, I've heard you call out $15 million for e-commerce, another $20 million for your ability to serve customers. Are there any other investments that you specifically call out? Should we view those as kind of onetime in nature as we think about what the margin could look like beyond this year?

好的。至於利潤率指導方針，我聽說您提到電子商務需要 1500 萬美元，服務客戶的能力需要 2000 萬美元。您還特別提到其他哪些投資機會嗎？我們是否應該將這些情況視為一次性事件，以思考今年以後的市場格局會是什麼樣子？

Yeah. I mean, Brandon, a few things here. The $20 million on the operations side is going to be much more capital than OpEx and certainly some of the digital are going to be capital. I think a few things we were thinking about the adjusted EBITDA margin path here. I think of Q4 as a starting point and why I wouldn't exactly call that a run rate, but I think that's an important jumping off point.

是的。我的意思是，布蘭登，這裡有幾件事。營運方面的 2000 萬美元將是遠超營運支出的資本支出，而且一些數位化專案肯定也需要資本投入。我認為我們當時考慮調整後 EBITDA 利潤率路徑的幾個因素。我認為第四季是一個起點，雖然我不認為這是一個確切的運行率，但我認為這是一個重要的出發點。

Then you incorporated in our comments of biotech and -- I'm sorry, Bioscience and Medtech Products or we'll probably shorthand as BNP -- that will probably grow at a lower rate than VWR. So then you have a segment mix issue there. And then within that, the comments I made about headwinds in Serum, Electronic Materials, NuSil, those are really key drivers of margin, marrying that to, on the VWR side, margins negatively impacted really by a continuation of the recent trends that we've seen in that business.

然後，您在我們對生物技術和——抱歉，是生物科學和醫療技術產品，或者我們可能會簡稱為 BNP——的評論中，指出，這些技術的增長速度可能低於 VWR。所以這裡存在著細分市場組合方面的問題。此外，我之前提到的 Serum、Electronic Materials 和 NuSil 等公司面臨的不利因素，確實是影響利潤率的關鍵因素。而 VWR 方面，由於該業務近期趨勢的延續，其利潤率受到了負面影響。

There are some other Revival investments there. I wouldn't say -- the magnitude that Emmanuel called out are probably the really significant ones. And otherwise, these are going to be very tactical things. He's made comments about certain senior hires and all the rest of it. But that's what I would put together for the margin story.

Revival在那裡還有其他一些投資項目。我不會說——伊曼紐爾提到的那些重大事件可能才是真正意義重大的。除此之外，這些都將是非常戰術性的事情。他曾對某些高層人事任命以及其他一些事情發表過評論。但這就是我會為利潤率的故事總結出來的內容。

And if I just add something, I think I shared that philosophy as well in my first call. It's also about self-funding, okay? So we spoke a lot about that internally as if there is a need of investment within Revival, we need to make sure that we sell on it, which means that we need to find optimization and waste in other areas to be able to reinvest.

如果我再補充一點，我認為我在第一次通話中也表達了同樣的理念。這還牽涉到自籌資金，好嗎？因此，我們在內部對此進行了很多討論，因為如果 Revival 需要投資，我們需要確保能夠出售這些投資，這意味著我們需要在其他領域找到優化和浪費之處，以便能夠進行再投資。

Paul Knight, KeyBanc.

Paul Knight，KeyBanc。

Sorry. My first one is a two-piece. As you look at this year, I guess we view it as an investment year, what kind of margin impact are these investments creating? Is it 100 bps? Is it 200 bps? Is it 50 bps? Could you kind of give us a range on this implement Revival, fix manufacturing a bit, fix e-commerce, what is this kind of margin impact in your view that, like previous question could dissipate in future years.

對不起。我的第一件是兩件套。展望今年，我們不妨將其視為投資年，這些投資將產生什麼樣的利潤率影響？是 100 bps 嗎？是 200 bps 嗎？是 50 bps 嗎？您能否大致估算這項措施帶來的復興、製造業的改進、電子商務的發展，您認為這種利潤率影響會有多大？就像之前的問題一樣，這種影響可能會在未來幾年逐漸消失。

That's a very good question. I think, first of all, I will qualify this year as a transition year, okay, more than an investment year. Transition means that we have a lot of change going on. We have a lot of work to do, okay? We have to make sure that we operate and we go to market differently, and we already started.

這是一個很好的問題。首先，我認為今年應該被視為過渡年，而不是投資年。轉型意味著我們正在經歷很多變化。我們還有很多工作要做，好嗎？我們必須確保我們的營運方式和市場進入方式有所不同，而且我們已經開始了。

And so remember, Revival that we just introduced only three months ago, -- and we -- the team is really in action, and I'm super thrilled by the reaction of the team and the engagement that we have. So I will call it a transition year. I will not call it an investment years. And as I said, all the investment that we need to do will need to be self-funded. So what we are guiding today is what we're guiding, and I don't think we will go in granularity that you're asking about how much Revival is investment or not.

所以請記住，我們三個月前才推出的 Revival 項目，——我們——團隊正在積極行動，我對團隊的反應和參與感到非常興奮。所以我會把它稱為過渡年。我不會稱之為投資年。正如我所說，我們需要的所有投資都需要自籌資金。所以，我們今天所指導的就是我們今天所指導的，我認為我們不會像你問的那樣，深入探討復興計劃究竟有多少是投資，有多少不是投資。

Again, if there is more investment that we'll do, which are going to be much more material, we'll share that with you guys. Three months in the road, we've already taken a lot of action. We relaunched VWR, which, by the way, received great feedback from suppliers, from customers for our own people. So the team is energized.

再說一遍，如果我們有更多實質的投資，我們會和大家分享的。三個月過去了，我們已經採取了許多行動。我們重新推出了 VWR，順便說一句，供應商、客戶以及我們自己的員工都給予了它很好的回饋。所以團隊士氣高昂。

I participated into a sales conference of America. Last week, I was in Asia for the same sales conference. And in two weeks, we will be in Europe. The vibration is -- the vibe and the spirit of the people is really good. So I don't know if you want to add anything, Brent, but I don't think we'll go that granular.

我參加了美國的一個銷售會議。上週，我去亞洲參加了同一個銷售會議。兩週後，我們將抵達歐洲。這裡氛圍－人們的精神面貌和氛圍都非常好。所以我不知道你是否還有什麼要補充的，布倫特，但我認為我們不會深入到那麼細緻的程度。

Yeah. I mean, Paul, I would just -- I would also ground yourself in our comments on the exit rate coming out of 2025 in Q4 and the number of moving pieces we have, particularly in the Bioscience and Medtech business, which is very significant margin impact there.

是的。我的意思是，保羅，我只想——我也想讓你關註一下我們對 2025 年第四季度退出率的評論，以及我們面臨的諸多變數，尤其是在生物科學和醫療技術業務領域，這些變數會對利潤率產生非常顯著的影響。

Yeah. And then last question would be, what do you think the growth rate of the industry is under normalized conditions?

是的。最後一個問題是，您認為在正常情況下，該行業的成長率是多少？

What is normalized condition? Is it normalized condition from the market? Or is it normalized condition from us and on which period during a transition year or not. I think, look, what I'm still really looking into this trying to really evaluate what will be the future. What is very important is that we execute what we said we will, that we got into the detail that we compete rationally and that we just move on. So let me -- I've been here only six months. So I need maybe a bit more time to come back to you, but this is a very good question.

什麼是標準化條件？這是市場上的正常情況嗎？或者，這是否是我們習以為常的情況？如果是，那麼是在過渡年的哪個時期？我認為，你看，我還在認真研究這個問題，試著真正評估未來會是什麼樣子。最重要的是我們要說到做到，我們要深入細節，理性競爭，然後繼續前進。讓我來介紹一下——我才來這裡六個月。所以，我可能需要一些時間才能回覆你，但這是一個很好的問題。

Thanks.

謝謝。

Michael Ryskin, Bank of America.

邁克爾·里斯金，美國銀行。

Great. Thanks for taking the questions. I don't want to beat a dead horse, but I want to go back to margins again. Just the 2026 guide, if we look at both 4Q as a jumping point, is just sort of like the total year-over-year. Wondering you guys haven't talked about a lot so far has been price and share gains and share losses. You alluded to a little bit on the fourth quarter of lowering price to hold on to volume. So I was wondering if you could elaborate on that.

偉大的。謝謝您回答問題。我不想老生常談，但我還是想再談邊際效應。如果我們以第四季為起點，那麼 2026 年的指導方針就有點像是同比總和。我很好奇，你們至今為止似乎很少談到價格和股價的漲跌。您在第四季稍微提到降價是為了保持銷售。所以我想知道您是否可以詳細解釋一下。

I mean, is this a race to the bottom? Sort of how viable is that is the long-term strategy? Just could you talk about share losses, especially in the lab distribution side of things. And just once you get through all of that 2026, is this the bottom on margins? Can you expect margins to go from here? Or are we still sort of in the process of figuring that out? Thanks.

我的意思是，這是一場競相降低標準的競賽嗎？這種長期戰略的可行性究竟如何？您能否談談市場佔有率的損失，尤其是在實驗室分銷方面？等到2026年過去，利潤率是不是就跌到谷底了？你認為利潤率會繼續上漲嗎？或者我們仍在摸索階段？謝謝。

Yeah, Michael, thank you. Look, in Q4, the biggest impact on margins was mixed. There was a little price and there was a little negative price in Q4, primarily the lab business there. we're being careful with all the moving pieces going forward into '26. So that's why we're using that as a jump-off point.

是的，邁克爾，謝謝你。你看，在第四季度，對利潤率影響最大的因素是好壞參半。第四季價格略有上漲，也出現了一些下跌，主要原因是實驗室業務。展望2026年，我們將謹慎對待所有不確定因素。所以這就是我們以此為出發點的原因。

But our assumptions in the plan for next year include, I would say, when you look at the gross -- or when you look at the revenue outlook, we're expecting very, very flat volume on the lab side and some price, but not a dramatic amount. And we're expecting better price on the Bioscience side with a little less volume there. So that -- we think we're in a point that we can execute against that reasonably on price, and we don't see it as a race to the bottom.

但是，就明年的計劃而言，我們的假設包括，我認為，當你查看毛利潤——或者當你查看收入前景時，我們預計實驗室方面的銷量將非常非常平穩，價格也會有一些波動，但不會有太大的變化。我們預期生物科學領域的銷售量略低，但價格會更好。所以——我們認為我們現在處於一個可以合理地以價格執行該策略的階段，我們也不認為這是一場競相壓價的競爭。

And I just want to maybe make one comment. We are working really hard to make sure that Q1 is the low point.

我只想補充一點。我們正在全力以赴，確保第一季是低潮。

Okay. All right. I'll follow up offline. And then for my other question, you mentioned in your prepared remarks, you had a comment about book-to-bill greater than 1. I just want to be clear on that as that was bioprocess specifically? Was that one of the subcomponents of bioprocess.

好的。好的。我會線下跟進。至於我的另一個問題，您在準備好的發言稿中提到過，您對訂單出貨比大於 1 的情況發表了評論。我只是想確認一下，那具體是指生物工藝嗎？那是生物製程的子組成部分之一嗎？

And just depending on where that is, I'm kind of trying to reconcile that with the biosciences and netted guide versus the implied guide for 2026. I mean, I guess, why isn't -- if the book to bill greater than 1, why does not translate to slightly better growth in that segment? I know you called out some tough comps, but just sort of let's put that greater than 1 number on the context and what that means [next to it] Thanks.

根據具體情況，我正在嘗試將其與生物科學和淨指導值與 2026 年的隱含指導值進行調和。我的意思是，我想，如果帳面收入與銷售額之比大於 1，為什麼不能轉化為該細分市場略微更好的成長呢？我知道你提到了一些棘手的比較，但我們不妨把大於 1 的數字放在上下文中，並解釋它的含義[在旁邊]。謝謝。

Yeah, Michael, that as well as the full year high single-digit growth was a Process Chemicals comment and Process Chemicals excluding Serum there. And that certainly is a better part of the story for '26.

是的，Michael，全年接近個位數的成長也是 Process Chemicals 的評論，這裡提到的 Process Chemicals 不包括 Serum。而這無疑是 2026 年故事中更精彩的部分。

And Mike, you remember that we have some bottlenecks in supply chain. We have identified the need to invest about $20 million. Mary and her team is working super hard to make sure that this is put in place. But as you know, a lot of those equipment or investment needed, it takes time. It's customed, it needs to be deployed. It needs to be validated. So we're super pleased to have a book-to-bill superior to 1, but there's a few things that we need to do in supply chain to debottle the net that we have right now.

麥克，你還記得我們的供應鏈存在一些瓶頸嗎？我們已確定需要投資約 2000 萬美元。瑪麗和她的團隊正在非常努力地確保此事得以落實。但你也知道，很多設備或所需的投資都需要時間。這是客製化產品，需要部署。需要進行驗證。所以我們很高興訂單出貨率優於 1，但我們在供應鏈方面還需要做一些事情來消除我們目前存在的瓶頸。

All right. I'll leave it there. Thanks.

好的。我就說到這兒吧。謝謝。

Dan Brennan, TD Cowen.

丹·布倫南，TD Cowen。

Great. Thank you. Thank you for the questions. Maybe, I guess, the first question would just be back to the margins. I know you're not going to give a lot of granularity, but a little bit more of a bridge would be really helpful if you could, I mean, going from 16.3%. I know, Brent, you're saying south 4Q, but could you just give a little more color about how we think about organic margins, how we think about the investments, how we think about kind of other levers, you're talking about mix, that would really help us since I think that's the key reason soon this morning.

偉大的。謝謝。謝謝大家的提問。我想，或許第一個問題還是要回到邊緣地帶。我知道你不會提供太多細節，但如果你能提供一些過渡信息，那將非常有幫助，我的意思是，從 16.3% 開始。我知道，布倫特，你說的是第四季度業績下滑，但你能再詳細說說我們是如何看待有機利潤率、投資以及我們是如何看待其他槓桿的嗎？你提到了產品組合，這對我們真的很有幫助，因為我認為這是今天早上我們討論的關鍵原因。

Well, Dan, I think you answered a lot of the question within that. Again, the Q4 exit rate is a really important grounding point. We do have a modest incentive comp reset that creates some -- and some merit that creates some headwind on the SG&A side. We're obviously running productivity actions against those things. We will have those mix pieces on the Bioscience and Medtech side there that there are headwinds there.

丹，我覺得你已經回答了很多問題。再次強調，第四季的退出率是一個非常重要的基準點。我們確實有一個適度的激勵薪酬調整，這帶來了一些好處，但也為銷售、一般及行政費用方面帶來了一些不利影響。我們顯然正在針對這些問題採取提高生產力的措施。生物科學和醫療技術領域存在一些不利因素，我們將面臨這些挑戰。

And then obviously, driving price in lab and putting that all together, I don't think we'll have a more concise bridge for you here. That's also why we're going to EBITDA margin generally because, look, we understand where Q1 is going to be. As Emmanuel said, we expect that to be the low point, and we'll drive sustain continued improvement throughout the year.

然後很明顯，實驗室的價格上漲以及所有這些因素綜合起來，我想我們這裡不可能再找到比這更簡潔的解釋了。這也是為什麼我們通常會使用 EBITDA 利潤率的原因，因為我們清楚第一季的業績會如何。正如伊曼紐爾所說，我們預計這將是低谷，我們將努力在全年保持持續改善。

Okay. And then maybe Emmanuel, you talked about the tour you did with customers and the strong receptivity on VWR, the panel business. Can you just zoom out a bit on the channel business and just give a perspective how we might think about the outlook there? Like any comment on what your share in that business is, how you're competing with your biggest competitor there, Thermo. And kind of as we look out, what you think that business could sustain from a growth and margin basis to look out a few years? Thank you.

好的。然後，伊曼紐爾，你談到了你與客戶一起進行的參觀，以及客戶對 VWR（面板業務）的強烈反響。您能否稍微跳脫通路業務的視角，談談我們該如何看待該領域的前景？就像任何關於你在該業務中所佔份額的評論，以及你如何與你最大的競爭對手 Thermo 競爭。展望未來，您認為這家企業在未來幾年內，從成長和利潤率的角度來看，能夠維持怎樣的發展水準？謝謝。

Yeah. Look, again, I spend a lot of time with supplier in particular and customers. Look, after a challenging 2025, I think we're seeing some stability in the market. I think Corey and the team has done a really good job to renew a really important contract for us. As I said, with opportunity and of course, those opportunities are licensed to end, I will say, okay? So it takes time to really go and convert those things.

是的。你看，我花了很多時間與供應商和客戶交流。你看，經歷了充滿挑戰的2025年之後，我認為我們正在看到市場趨於穩定。我認為科里和他的團隊在續簽這份對我們來說非常重要的合約方面做得非常出色。正如我所說，機會總是有的，當然，這些機會終將結束，我會說，好嗎？所以，真正去轉化這些東西需要時間。

But we have -- I feel that we are looking at some -- leaving 2025 in -- 2026 story in a better position that we were living in 2025. We'll continue to compete vigorously for sure, but we want to compete also rationally, okay? I think this is very important for us. So there's a variety of investment that we are doing.

但是，我覺得我們展望2025年到2026年的故事，情況會比2025年好得多。我們一定會繼續積極競爭，但我們也希望理性競爭，好嗎？我認為這對我們來說非常重要。所以，我們正在進行多種類型的投資。

We are bringing a lot of talent in that organization, okay? We have a new supplier relationship leader. We have a new pricing leader, which is very important for us. We are investing into the e-commerce. We had our first release of our graded e-commerce platform in December.

我們正在為該組織引進許多優秀人才，好嗎？我們有了一位新的供應商關係負責人。我們有了一位新的定價負責人，這對我們來說非常重要。我們正在投資電子商務。我們在12月發布了首個分級電子商務平台。

And I think the launch of the relaunch as our distribution brand is really, really resonated very, very well with the market. So I feel really encouraged by the feedback that I received from the VWR ecosystem. And again, I think that we will exit 2026 in a more stable footing.

我認為，我們這次重新推出的分銷品牌真的非常非常受市場歡迎。因此，我從VWR生態系統收到的回饋讓我倍受鼓舞。而且，我認為到 2026 年底，我們將處於更穩定的基礎之上。

Great. Thank you.

偉大的。謝謝。

Luke Sergott, Barclays.

盧克·塞爾戈特，巴克萊銀行。

Great. Thanks for the questions, guys. I just want to talk about -- Emmanuel, you talked a little bit about not sacrificing growth opportunities for cost savings as you had seen in the past. Can you give us some examples of what you -- as you -- the first six months in and looking at some of these missed opportunities, and how you would have done things differently and then we can get some more pointed questions, I guess.

偉大的。謝謝大家的提問。我只想談談──伊曼紐爾，你剛才談到不要像過去那樣為了節省成本而犧牲成長機會。您能否舉例說明一下，身為您，在上任後的前六個月裡，您如何看待錯失的機會，以及您會如何以不同的方式處理這些事情？這樣我們就可以提出一些更有針對性的問題了。

Sure. I mean one example I come straight to my head is in certain, I will say, VWR specialty, we may have cut too many specialists, okay? So when you cover a territory with -- I'm going just to take an example, if you cover England with 10 specialists in the past, which was probably too many, okay, okay. But maybe cutting down to 2 is too little. And that's what we are really looking at in the go-to-market [feeder] of Revival.

當然。我的意思是，我立刻想到的一個例子是，在某些方面，例如VWR專科，我們可能裁減了太多專科醫生，好嗎？所以，當你用…來覆蓋一個地區時——我舉個例子，如果你過去用 10 位專家覆蓋英格蘭，這可能太多了，好吧，好吧。但或許減少到2個還不夠。而這正是我們在 Revival 的市場推廣中真正關注的重點。

It's really looking at the specialist, the account managers, the deployment of those people by territory, by geography, according to opportunities. And so 10 was maybe too many, 2 is too little, maybe the right number is 5. And it's those type of approach that we have by country, by territory, by product segment for both VWR and one side and BNP on the others. What was the second part of your question? That was it?

實際上，我們關注的是專家、客戶經理，以及根據市場機會，按地區、按地理位置部署這些人員的情況。所以，10 可能太多了，2 可能太少了，也許 5 才是合適的數字。我們正是依照國家、地區、產品細分市場來對 VWR 和 BNP 等公司採取這種策略。你問題的第二部分是什麼？就這樣？

No, that was -- I mean, just what you would have done there? I guess -- and as we think -- I mean, I'm not going to talk on the margin, obviously, but you think about the investments here, you got three segmentation we've seen this kind of revitalization story before with you guys.

不，那隻是──我的意思是，那不正是你當時會做的事嗎？我想——而且正如我們所想——我的意思是，我顯然不會談論邊緣問題，但你想想這裡的投資，你們有三個細分市場，我們以前也見過你們這種復興的故事。

So what are the difference in the go-to-market strategy here? What kind of investments do you need to make? And then how should we think about those investments across the two segments? Is this going to be on like VWR, and we should expect that business to grow in '26? Or is this just like investment in trying to hold clients in without losing any more key customers?

那麼，這兩種產品的市場推廣策略有何不同呢？你需要進行哪些類型的投資？那麼，我們該如何看待這兩個領域的這些投資呢？這會像VWR那樣發展嗎？我們應該期待這項業務在2026年成長嗎？或者，這就像投資一樣，是為了留住客戶，避免失去任何重要客戶？

That's a great question. Look, the basic decision for the change in the go-to-market and the resegment business is really coming from customers. And it's really about the confusion that I heard when I spent six months on the road, okay. We have an opportunity to be clear. We have an opportunity to leverage the identity of who we are, where we're coming from, from VWR, from J.T.Baker, from Masterflex, from NuSil.

這是一個很好的問題。你看，改變市場策略和重新細分業務的基本決策實際上來自客戶。其實，這跟我六個月在外奔波時聽到的各種說法感到困惑有關，好嗎？我們有機會把話說清楚。我們有機會利用我們的身分、我們的出身、我們來自 VWR、J.T.Baker、Masterflex、NuSil 等公司。

And it helped us to just better organize ourselves really being much more focused on the customers' needs and you can appreciate the customer needs of for VWR customers which want a channel, which want the fast delivery, which want the very fast services at a great price point is different than bioscience chemicals, which are designing into a process or a molecule manufacturing.

這幫助我們更好地組織起來，並更加專注於客戶的需求。您可以理解 VWR 客戶的需求，他們想要一個管道，想要快速交付，想要以優惠的價格獲得非常快速的服務，這與生物科學化學品的需求不同，生物科學化學品是將產品融入製程或分子製造中。

And so those different needs deserve different commercial approach, different support, and that's what really motivated our decision here. It's about better organization. It's really about making sure that we can compete, that we can be more nimble more agile. And of course, one thing which I think is extremely important as well is to have better accountability across the organization. So that's really what motivated us.

因此，這些不同的需求需要不同的商業方法和支持，而這正是我們做出這項決定的真正原因。關鍵在於更好的組織管理。關鍵在於確保我們能夠參與競爭，能夠更靈活敏捷。當然，我認為同樣極為重要的一點是，要在整個組織內建立更好的問責制。這就是我們真正的動力所在。

In terms of investment, again, we'll make investment in both segments where we see the opportunity. I'll give you an example in VWR book, there are plenty of other opportunities in the [BMP] segment. So we'll make investment against where we need to go after opportunity. Again, the goal is to really drive sustainable, profitable top line growth for us.

在投資方面，我們同樣會在我們看到機會的兩個領域進行投資。我以 VWR 書中的例子為例，[BMP] 領域還有很多其他機會。所以我們會根據機會需要進行投資。再次強調，我們的目標是真正推動公司實現永續、獲利的營收成長。

Got you. Thank you. By the way, in your guide is VWR going to grow? Sorry, about jumping in there last minute.

抓到你了。謝謝。順便問一下，你們的指南裡有提到VWR會發展壯大嗎？抱歉，我臨時插話了。

Well, I think as I said, we feel that with investments we're doing, with the passion that is behind, we will exit 2026 in a more stable footing.

嗯，我認為正如我所說，我們相信憑藉我們正在進行的投資以及背後的熱情，到 2026 年底，我們將擁有更穩定的基礎。

All right, got you. Thanks.

好的，明白了。謝謝。

Vijay Kumar, Evercore.

Vijay Kumar，Evercore。

Hey, guys. Thanks for taking my questions. Emmanuel, maybe one on -- given the new segmentations [grade] is there -- what was the organic growth for VWR in Bioscience, Medtech in fiscal '25 because when I'm looking at the numbers, did Bioscience and Medtech grow in the '25. If it did, what was Bioscience versus Medtech, just maybe some context in this new segmentation. Is that -- like how does it help you in better aligning the business? You mentioned go-to-market, right? Like what's changed versus prior and how you go to market?

嘿，夥計們。謝謝您回答我的問題。Emmanuel，也許可以問一個問題——鑑於新的細分市場[評級]已經存在——VWR 在 2025 財年生物科學和醫療技術領域的有機增長是多少？因為我在查看數據時，生物科學和醫療技術在 2025 年是否成長了。如果真是如此，那麼生物科學與醫療技術之間的差異是什麼？或許可以給這種新的細分市場提供一些背景資訊。也就是說——它如何幫助你更好地調整業務？你剛剛提到了市場推廣策略，對吧？與以前相比發生了哪些變化？你們的市場策略是什麼？

So Vijay, just on the technical side, we haven't provided that historical, but it's -- the portfolios aren't that different in the aggregate. So your growth path will be similar to what we provided on the historical segments. Emmanuel, on the segmentation change.

所以 Vijay，就技術層面而言，我們還沒有提供歷史數據，但總體而言，這些投資組合並沒有太大差異。因此，您的成長路徑將與我們在歷史階段中提供的情況類似。Emmanuel，關於細分市場的變化。

Look, on the go-to-market, what change is from a customer standpoint, when you want to buy a product, which is through a distribution channel, a buy to sale, you get everything in there, okay? Remember, one of the things that we moved, I think, which was in the slide was the CEC. And the CEC, it's (inaudible) it's mask, it's many products that you use across various places, but of course, also in Biomanufacturing. But you buy them through your indirect sourcing team. You buy them through distribution.

你看，從客戶的角度來看，上市流程有什麼改變？當你想要購買產品時，透過分銷管道，從購買到銷售，所有環節都包含在內，好嗎？記住，我們移動的東西之一，我認為，在幻燈片中，是 CEC。而 CEC，它是（聽不清楚）它的口罩，它是你在各個領域使用的許多產品，當然，也包括生物製造領域。但你們是透過間接採購團隊購買的。你透過分銷商購買它們。

So CEC, which was part of the BPS now is going back to VWR because the customers buy them from an indirect sourcing organization, they buy that through VWR. So it just make more sense for the customers. It is simpler for the customers to know which product is by which team, by which commercial team under which contract. So it's all about clarity, it's all about customer centricity, around their demand and how do they want to be served.

因此，CEC（原為 BPS 的一部分）現在又回到了 VWR，因為客戶是從間接購買組織購買他們的產品，而他們是透過 VWR 購買的。所以這對顧客來說更有意義。這樣一來，客戶就能更清楚知道哪個產品是由哪個團隊生產的，又是由哪個銷售團隊依照哪個合約生產的。所以一切都關乎清晰，一切都以客戶為中心，圍繞著他們的需求以及他們希望如何被服務。

Understood. That's helpful, Emmanuel. Maybe my second follow-up is the share count, Brent. You ended, I think, at 679. Why is it going up to 685. I think given what you mentioned about Q4 stability, can we expect EPS to grow in fiscal '27? It's a directional qualitative kind of question.

明白了。那很有幫助，伊曼紐爾。布倫特，或許我的第二個後續問題是股份數。我想，你的最終得分是 679。為什麼會升到685？鑑於您提到的第四季穩定性問題，我們是否可以預期 2027 財年的每股盈餘會成長？這是一個方向性的定性問題。

Yeah. I'll take the first part and then to Emmanuel on the second. We -- just dilutive shares, dilutive comp grants in that as well as it moves on stock price and that there's nothing dramatic underlying that assumption on the diluted share count.

是的。我先負責第一部分，然後第二部分交給伊曼紐。我們——只是稀釋性股份、稀釋性薪酬授予，以及它隨股價波動的情況，而稀釋股份數量的假設背後並沒有什麼重大因素。

Yeah, I think, look, six months in the job, three months in Revival, I think it's really too early to talk about what's going to happen after this transition year. So I really want to focus on where we are today. All the work that we have to do, Revival, and then we continue to understand more, learn more and hear more from supplier or customers, and we'll take it one quarter at a time.

是的，我覺得，你看，上任才六個月，在 Revival 也才三個月，現在談論過渡年之後會發生什麼還為時過早。所以我真正想關注的是我們現在所處的境地。我們必須完成所有工作，復興，然後我們繼續了解更多，學習更多，聽取供應商或客戶的意見，我們將一個季度一個季度地來。

Thank you.

謝謝。

Matt Larew, William Blair.

馬特拉魯，威廉布萊爾。

Good morning. Thanks for squeezing me in. You have the new segments here. And obviously, on the BNP side, you referenced sort of the channel agnostic being the theme. But it also spreads not cross but across end markets and customer classes and some are more scaled than others.

早安.謝謝你擠出時間陪我。這裡是新的版塊。顯然，在法國巴黎銀行方面，你提到了通路無關性是其主題。但它的傳播範圍不僅限於終端市場和客戶群，而是跨越了這些市場和客戶群體，而且有些市場的規模比其他市場和客戶群更大。

Last quarter, you referenced the idea of M&A wanting to bring inside of a healthy organization. And this year it was about making the organization healthy. What about just from a current portfolio standpoint as you now assess the scale needed to be successful within each some of these subsegments. Emmanuel, what's your take on kind of the portfolio as it sits today and where you'd like that to be?

上個季度，您提到了併購的目的是為了將健康的組織納入其中。今年，我們的重點是讓組織健康發展。那麼，從目前的投資組合角度來看，您現在評估在每個細分市場中取得成功所需的規模又該如何呢？伊曼紐爾，你如何看待目前的投資組合？你希望它達到什麼狀態？

Yeah. Look, we shared that in the past in terms of portfolio. We are doing a lot of work. We've done some really good analysis. Brent is leading this pillar inside Revival. They have targets which have been identified. And as we said in the past, everything is on the table, no table, right? We are really looking at everything. And there are some things which are going on. And of course, we will talk to them when they happen, but we're moving full speed ahead on the portfolio.

是的。你看，我們過去在投資組合方面分享過這一點。我們正在做很多工作。我們做了一些非常好的分析。布倫特是復興運動內部這支柱的領導者。他們已經確定了目標。正如我們過去所說，一切皆有可能，或者根本沒有討論的餘地，對吧？我們正在全面審視所有方面。有些事情正在發生。當然，到時候我們會和他們溝通，但我們正在全力推動投資組合的開發。

I think it's very important as well to remember that I really want to make sure that this resegmentation is understood on the fact that it gives us opportunity, right? When you look at the BMP channel-agnostic it means that the team is now open to a new opportunity open to a new way to reach customers in an area like in Asia, like I was in two weeks ago, there is opportunity. And this is why, again, we are doing this, is making sure that we look at those two businesses really separately in terms of opportunity. There is opportunity, and we are enthusiastic about it. That's what we will do.

我認為同樣重要的是要記住，我真的想確保大家理解這種重新劃分為我們帶來了機會，對吧？當你看到 BMP 管道無關性時，這意味著團隊現在對新的機會持開放態度，對在亞洲等地區接觸客戶的新方式持開放態度，就像我兩週前在亞洲一樣，那裡存在著機會。這就是為什麼我們要這樣做，是為了確保我們從機會的角度真正分別看待這兩家業務。機會就在眼前，我們對此充滿熱情。我們會這麼做。

But portfolio, we're working on it. And when we have things to share with you, we will do so.

但關於投資組合，我們正在努力。當我們有事情要和你們分享時，我們會這樣做。

Okay. Thank you.

好的。謝謝。

Thank you. Those are all the questions we have time for today. And so I'll turn the call back to Emmanuel for closing comments.

謝謝。今天我們只能回答這些問題了。那麼，我將把電話轉回伊曼紐爾，請他做總結發言。

Thank you. Thank you very much, guys for joining the call today. Let me conclude by just maybe repeating what I've said in the opening remarks. Avantor is in transition and 2026 is really a year where we will invest purposefully and sensibly to really strengthen all aspects of our business. The ultimate goal for us, of course, is for the business to produce financial results that are far more attractive than what we've shown in recent years, and you have the full commitment that the team is working really, really hard on this.

謝謝。非常感謝各位今天參加電話會議。最後，我想重複我在開場白中說過的話。Avantor 正處於轉型期，2026 年我們將真正有目的地、明智地進行投資，以真正加強我們業務的各個方面。當然，我們的最終目標是讓公司取得比近年來更好的財務業績，團隊也正為此付出巨大的努力。

So thank you again for joining the call, and talk to you soon.

再次感謝您參加通話，我們下次再聊。

Thank you, everyone, for joining us today. This concludes our call, and you may now disconnect your lines.

謝謝各位今天蒞臨。通話到此結束，您可以掛斷電話了。