Belden Inc (BDC) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to this morning's Belden reports fourth quarter 2025 results. Just a reminder, this call is being recorded. At this time, you are in a listen-only mode. Later we will conduct a question-and-answer session. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。歡迎收看貝爾登今天早上發布的2025年第四季業績報告。提醒一下，本次通話正在錄音。目前您處於唯讀模式。稍後我們將進行問答環節。（操作說明）

I would now like to turn the call over to Aaron Reddington. Please go ahead, sir.

現在我將把電話交給亞倫·雷丁頓。請繼續，先生。

Good morning, everyone, and thank you for joining us for Belden's fourth quarter and full year 2025 earnings conference call. With me today are Belden's President and CEO, Ashish Chand and Executive Vice President and CFO, Jeremy Parks.

各位早安，感謝各位參加貝爾登2025年第四季及全年財報電話會議。今天陪同我的是貝爾登公司總裁兼執行長阿什什·錢德和執行副總裁兼財務長傑里米·帕克斯。

Ashish will provide a strategic overview of our business, and then Jeremy will provide a detailed review of our financial and operating results, followed by Q&A.

Ashish 將對我們的業務進行策略概述，然後 Jeremy 將對我們的財務和營運績效進行詳細回顧，最後進行問答環節。

We issued our earnings release earlier this morning and have prepared a slide presentation that we will reference on this call. The press release, presentation, and transcript of these prepared remarks are currently available online at investor.beldon.com.

我們今天早上早些時候發布了盈利報告，並準備了一份幻燈片演示文稿，我們將在本次電話會議上進行參考。新聞稿、簡報和本次發言稿目前可在 investor.beldon.com 網站上線上取得。

Turning to slide 2, I'd like to remind everyone that today's call will include forward-looking statements, which are subject to risk and uncertainties as detailed in our press release and most recent Form 10-K.

接下來請看第二張投影片，我想提醒大家，今天的電話會議將包含前瞻性陳述，這些陳述存在風險和不確定性，詳情請參閱我們的新聞稿和最新的 10-K 表格。

We will also reference certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures can be found in the appendix to our presentation and on our website.

我們也會參考一些非GAAP財務指標。與最直接可比較的 GAAP 指標的調整表可在我們的簡報附錄和我們的網站上找到。

I will now turn the call over to our President and CEO, Ashish Chand.

現在我將把電話轉交給我們的總裁兼執行長阿什什·錢德。

Thank you, Aaron, and good morning, everyone.

謝謝你，亞倫，大家早安。

We appreciate you joining us. Let's begin with slide 4, which highlights our key accomplishments and messages for the fourth quarter and full year. My comments today will refer to adjusted results.

感謝您的參與。讓我們從第 4 張投影片開始，其中重點介紹了我們第四季度和全年的主要成就和資訊。我今天的評論將基於調整後的結果。

We are very pleased to report an outstanding close to 2025 with both our fourth quarter and full year results exceeding expectations and setting new records. For the fourth quarter, we delivered record revenue of $720 million, which exceeded the high end of our guidance range. Our adjusted EPS came in at a record $2.08, also surpassing the high end of our guidance.

我們非常高興地宣布，2025 年即將圓滿結束，我們的第四季和全年業績都超出預期並創下新紀錄。第四季度，我們實現了創紀錄的 7.2 億美元營收，超過了我們預期範圍的上限。我們調整後的每股盈餘達到創紀錄的 2.08 美元，也超過了我們預期的上限。

The strong finish capped off a truly exceptional layer. For the full year 2025, we achieved record revenue of approximately $2.7 billion, up 10% year over year and record adjusted EPS of $7.54, a 19% increase year over year.

強勁的收尾為這款真正出色的塗層畫上了完美的句號。2025 年全年，我們實現了創紀錄的收入，約 27 億美元，年增 10%；調整後的每股盈餘也創下紀錄，達到 7.54 美元，年成長 19%。

These results were driven by continued solutions growth and strong execution across our business. Our order momentum was also robust, with record full year orders. For the fourth quarter, orders were up 12% year over year and 5% quarter over quarter.

這些成果得益於我們業務中解決方案的持續成長和強有力的執行。我們的訂單成長動能也十分強勁，全年訂單量創歷史新高。第四季訂單量年增 12%，季增 5%。

A healthy free cash flow generation continued, enabling disciplined capital deployment. Over the year, we generated $219 million in free cash flow and we repurchased 1.7 million shares for $195 million, further reducing our share count. These record results underscore the success of a strategy, and as we look ahead, we will capitalize on market opportunities to ensure this momentum continues.

健康的自由現金流持續產生，從而能夠進行有紀律的資本部署。一年內，我們產生了 2.19 億美元的自由現金流，並以 1.95 億美元的價格回購了 170 萬股股票，進一步減少了我們的股票數量。這些創紀錄的業績凸顯了該策略的成功，展望未來，我們將抓住市場機遇，確保這股動能得以延續。

A key indicator of our strategic progress is the accelerating adoption of our solutions offerings. For the full year 2025, Solutions wins as a percentage of total revenue crossed 15%. This represents a meaningful increase from where we stood just a year ago and was a major driver of our success this year.

衡量我們策略進展的關鍵指標是我們的方案產品被加速採用。2025 年全年，解決方案業務的收入佔總收入的比例超過 15%。這比我們一年前的情況有了顯著改善，也是我們今年成功的主要動力。

This growing contribution from a solutions portfolio reinforces our confidence in our ability to continue to grow earnings and strengthens our conviction in achieving our 2028 Solutions target, which we set on our last investor day.

解決方案組合的貢獻不斷增長，增強了我們對持續成長獲利能力的信心，也強化了我們實現 2028 年解決方案目標的信念，該目標是我們上次投資者日設定的。

To further accelerate our solutions transformation, enhance the customer focus, and unlock even greater future value, we are undertaking a significant strategic evolution at Belden. Effective January 1, 2026, Belden transitioned from a legacy business segment structure to a unified functional operating model that applies across the entire enterprise from executive leadership to our functional teams.

為了進一步加速我們的解決方案轉型，增強客戶關注度，並釋放更大的未來價值，貝爾登正在進行重大的策略變革。自 2026 年 1 月 1 日起，貝爾登從傳統的業務部門結構過渡到統一的職能營運模式，該模式適用於整個企業，從高階領導到職能團隊。

This fundamental shift organizes us around core functions rather than separate businesses to better align resources and accountability with our continued solutions transformation. As IT and OT increasingly converge, realigning our organizational structure enables us to sell and deliver converged solutions more efficiently and consistently.

這一根本性的轉變使我們圍繞著核心職能而不是獨立的業務進行組織，以便更好地協調資源和責任，從而持續推動解決方案轉型。隨著 IT 和 OT 的整合日益加深，調整我們的組織結構使我們能夠更有效率、更一致地銷售和交付整合解決方案。

Ultimately, this new model empowers us to leverage our full product portfolio for customers, speed decision making, clarify accountability, and simplify the delivery of customer centric integrated solutions.

最終，這種新模式使我們能夠充分利用我們的全部產品組合為客戶服務，加快決策速度，明確責任，並簡化以客戶為中心的整合解決方案的交付。

This isn't our first step in this direction. Over the past few years, we've consistently worked to break down internal silos to improve our solutions capabilities, including the successful combination of the sales teams in 2025. The current operating realignment is the next natural evolution of that journey, further enhancing our ability to deliver integrated solutions.

這並非我們朝著這個方向邁出的第一步。過去幾年，我們一直致力於打破內部壁壘，以提高我們的解決方案能力，包括成功合併銷售團隊（2025 年）。目前的營運調整是這項發展歷程的自然延伸，將進一步增強我們提供整合解決方案的能力。

This strategic realignment is the right move for our business, positioning Belden to maximize long-term growth and deliver on our financial targets. For a review of our executive leadership team under the new functional structure, please refer to page 15 of today's materials.

此策略調整對我們的業務而言是正確的舉措，使貝爾登能夠最大限度地實現長期成長並達成財務目標。如需了解新職能架構下的執行領導團隊概況，請參閱今天資料的第 15 頁。

Now, to illustrate the power of this unified approach and the benefits of IT/OT convergence, please turn to slide 5. We highlight our evolving customer engagement model through our work with a major US grocery store chain.

現在，為了說明這種統一方法的強大之處以及 IT/OT 融合的好處，請翻到第 5 張投影片。我們透過與美國一家大型連鎖超市的合作，重點介紹我們不斷發展的客戶互動模式。

This customer operates a complex network encompassing everything from the retail stores and gas stations to the warehouse, distribution centers, and manufacturing facilities. Historically, (technical difficulty) for this customer was primarily as a supplier of cabling products for the IT network. However, as we have proactively worked to break down our internal silos, our solutions team has been able to significantly expand this relationship.

該客戶經營著一個複雜的網絡，涵蓋了從零售商店和加油站到倉庫、配送中心和製造工廠的一切。從歷史上看，（技術難題）對於這位客戶而言主要在於其作為 IT​​ 網路佈線產品的供應商。然而，由於我們積極努力打破內部壁壘，我們的解決方案團隊得以大幅擴展這種關係。

Our deepened engagement now includes OT products, servicing their manufacturing processes, and fiber solutions connecting their fuel stations. This evolution from a component supplier to a more comprehensive solutions partner is precisely what a solutions first strategy is designed to achieve. This is where a functional operating model and integrated business structure proves so critical.

我們目前更深入的合作包括 OT 產品、為其製造流程提供服務以及連接其加油站的光纖解決方案。從零件供應商轉向更全面的解決方案合作夥伴的轉變，正是解決方案優先策略所要實現的目標。正因如此，一個運作良好的營運模式和一體化的業務結構才顯得至關重要。

In the past, this customer might have encountered multiple [bell] and sales teams, creating a fragmented experience. Now, our integrated teams are empowered to bring in a full product portfolio to address the most pressing challenges, providing a seamless single point of contact.

過去，這位顧客可能會遇到多個 [bell] 和銷售團隊，造成體驗上的分散化。現在，我們的一體化團隊有能力引入全套產品組合來應對最迫切的挑戰，並提供無縫的單一聯繫點。

This not only enhances the customer's experience, but also allows us to solve for their most complex IT/OT challenges more effectively. This example powerfully demonstrates how our organizational realignment directly translates into greater value for our customers and underscores its critical importance to Belden's future success.

這不僅提升了客戶體驗，也使我們能夠更有效地解決他們最複雜的 IT/OT 挑戰。這個例子有力地證明了我們的組織重組如何直接轉化為對客戶更大的價值，並強調了它對貝爾登未來成功的關鍵重要性。

With that strategic context, I will now briefly highlight another key solutions win for the quarter. Please turn to slide 6 for another compelling example of a solutions first approach, highlighting our work with a major urban transit system.

基於上述策略背景，我現在將簡要介紹本季另一個關鍵解決方案的成功案例。請翻到第 6 張投影片，了解以解決方案為先的方法的另一個引人注目的例子，重點介紹我們與一個大型城市交通系統的合作。

The strategic challenge this customer faced was significant, maintaining reliable rail-time, high-definition video feeds from trains moving at high speeds. All while navigating complex wireless environments prone to interference.

該客戶面臨的戰略挑戰是巨大的，即保持高速行駛的列車的可靠即時高清視訊串流。同時也要應付容易受到干擾的複雜無線環境。

They also required unified control and management across both operational and security networks. These are the kinds of complex mission critical problems that demand more than just products, they demand integrated solutions.

他們還要求對營運網路和安全網路進行統一控制和管理。這些都是複雜的關鍵任務問題，需要的不只是產品，而是整合解決方案。

In our solutions portfolio, Wi-Fi products play a critical role, enabling high performance and reliable connectivity essential for IT convergence across various industries. Belden stepped in with an advanced integrated solution. We leverage the latest Wi-Fi technology and roaming capabilities to ensure seamless connectivities.

在我們的解決方案組合中，Wi-Fi 產品發揮著至關重要的作用，能夠實現高效能和可靠的連接，這對於各行各業的 IT 整合至關重要。貝爾登公司提供了一套先進的整合解決方案。我們利用最新的Wi-Fi技術和漫遊功能，確保無縫連接。

Further, we provided a proprietary centralized management system, unify all disparate data sources. What truly set Belden apart and secured this win were the superior roaming capabilities, which delivered flawless surveillance feeds even in the most challenging environments.

此外，我們也提供了專有的集中式管理系統，統一了所有不同的資料來源。真正讓貝爾登脫穎而出並贏得這場勝利的是其卓越的漫遊能力，即使在最具挑戰性的環境中也能提供完美的監視畫面。

Complementing this, our holistic, unified management platform simplified the entire operational landscape, significantly reducing complexity and maintenance demands. This outcome is a testament to our strategy.

此外，我們全面統一的管理平台簡化了整個營運環境，顯著降低了複雜性和維護需求。這結果證明了我們策略的正確性。

We've positioned Belden as an end to end strategic partner, delivering critical value by enhancing passenger safety, security, and operational efficiency. This provided simplified, more cost-effective management of their complex infrastructure, demonstrating the power of advanced IT/OD convert solutions.

我們已將貝爾登定位為端到端的策略夥伴，透過提高乘客安全、保全和營運效率來創造關鍵價值。這簡化了對其複雜基礎架構的管理，降低了成本，展現了先進的 IT/OD 轉換解決方案的強大功能。

I will now request Jeremy to provide additional insight into our financial performance.

現在我將請傑里米進一步分析我們的財務表現。

Thank you, Ashish. My comments today will cover our fourth quarter and full year results, a review of our segments, the balance sheet and cash flow, and finally our outlook. As a reminder, I will be referencing adjusted results today.

謝謝你，阿什什。我今天的演講將涵蓋我們第四季和全年的業績、我們各個業務部門的回顧、資產負債表和現金流量，以及我們最後的展望。再次提醒大家，我今天將引用調整後的結果。

Now please turn to slide 8 for our fourth quarter performance.

現在請翻到第 8 張投影片，查看我們第四季的業績。

As Ashish noted, our solid execution this quarter drove consistent top-line growth, which translated into record performance for the business. Revenue for the quarter was $720 million, up 8% year over year and ahead of expectations set forth in prior guidance.

正如 Ashish 指出的那樣，我們本季穩健的執行力推動了營收的持續成長，從而為公司帶來了創紀錄的業績。本季營收為 7.2 億美元，年增 8%，超出先前預期。

Revenue was up 5% organically on a year over year basis, with automation solutions up 10% and Smart Infrastructure Solutions flat.

營收年增 5%，其中自動化解決方案成長 10%，智慧基礎設施解決方案持平。

Orders continued to perform well across the business, up 12% year over year and 5% sequentially. EBITDA was $122 million, up 7% year over year. Net income for the quarter was $83 million, up 5% from $79 million in the prior-year quarter. And lastly, EPS was a record $2.08, up 8% from $1.92 and ahead of expectations set forth in prior guidance.

公司各業務的訂單表現持續良好，較去年同期成長 12%，較上季成長 5%。EBITDA為1.22億美元，年增7%。本季淨利為 8,300 萬美元，比上年同期的 7,900 萬美元成長 5%。最後，每股收益達到創紀錄的 2.08 美元，比 1.92 美元增長 8%，高於先前預期。

Now please turn to slide 9 for our full year performance. For the full year, we achieved record revenue of approximately $2.7 billion, up 10% compared to last year. Revenue was up 6% organically, driven by Automation Solutions with organic growth of 11% and Smart Infrastructure Solutions with organic growth of 1%. EBITDA was $459 million, up 12% from $411 million last year.

現在請翻到第9頁，查看我們全年的業績報告。全年來看，我們的營收創歷史新高，約 27 億美元，比上年成長 10%。營收有機成長 6%，其中自動化解決方案有機成長 11%，智慧基礎設施解決方案有機成長 1%。EBITDA為4.59億美元，比去年的4.11億美元成長了12%。

Gross profit margins were 38.5%, a 40 basis point improvement versus the prior year. And EBITDA margins were 16.9%, a 20 basis point improvement versus prior year.

毛利率為 38.5%，比前一年提高了 40 個基點。EBITDA 利潤率為 16.9%，比前一年提高了 20 個基點。

As we discussed throughout the year, we proactively managed pricing in 2025 to offset the impact of copper inflation and tariffs and protect our overall profitability and earnings per share. Despite a full recovery of these incremental costs, the passthrough actions resulted in some dilution to reported margin percentages and somewhat obscured our strong underlying operating performance.

正如我們全年所討論的那樣，我們積極主動地管理 2025 年的價格，以抵消銅通膨和關稅的影響，並保護我們的整體盈利能力和每股收益。儘管這些新增成本已全部收回，但這些轉嫁措施導致報告的利潤率下降，並在一定程度上掩蓋了我們強勁的潛在經營業績。

Excluding the impact of these pass-throughs, gross profit margins improved 160 basis points and EBITDA margins improved 80 basis points year over year driven by our growing solutions mix. Additionally, again excluding the impact of pass-throughs, incremental EBITDA margins were approximately 28%, in line with our long-term targets.

剔除這些轉嫁因素的影響，毛利率年增 160 個基點，EBITDA 利率年增 80 個基點，這主要得益於我們不斷增長的解決方案組合。此外，再次排除轉嫁因素的影響，增量 EBITDA 利潤率約為 28%，符合我們的長期目標。

Net income was $303 million, up 15% from $263 million last year. And lastly, EPS was a record $7.54, up 19% from $6.36 last year. Before reviewing our historical segment performance, I want to touch on the organizational realignment that Ashish discussed earlier.

淨利潤為 3.03 億美元，比去年的 2.63 億美元增長了 15%。最後，每股收益達到創紀錄的 7.54 美元，比去年的 6.36 美元增加了 19%。在回顧我們歷史業務板塊的業績之前，我想先談談 Ashish 之前提到的組織架構調整。

Turning to slide 10, you will see that effective in 2026, we will transition to a single consolidated reportable segment. This reporting change is a direct outcome of our new functional operating model and leadership structure designed to accelerate our solutions strategy and enhance our customer focus.

翻到第 10 頁，您會看到，從 2026 年起，我們將過渡到單一合併報告的分部。此次報告變更直接源自於我們新的職能營運模式和領導結構，旨在加速我們的解決方案策略並增強我們對客戶的關注。

For modeling purposes, the reporting change has no impact on our historical consolidated financial results. And going forward, while we will no longer report separate segments, we will continue to provide valuable insights and commentary on our performance across our market-level categories and key verticals. We are confident the strategic realignment is the right move for our business, and it reinforces our ability to deliver on the long-term financial targets we outlined at our last [Investor Day].

就建模而言，報告方式的改變對我們過往的合併財務表現沒有影響。展望未來，雖然我們將不再單獨報告各個細分市場，但我們將繼續提供關於我們在各個市場類別和關鍵垂直領域表現的有價值的見解和評論。我們相信，此次策略調整對我們的業務而言是正確的舉措，它增強了我們實現上次會議上所製定的長期財務目標的能力。【投資者日】

So with that context on our future segment reporting structure, let us turn to slide 11 for a review of our segment performance for the full year 2025. Our Automation Solutions segment delivered another solid year, demonstrating continued recovery and steady execution.

在了解了我們未來的分部報告架構之後，讓我們翻到第 11 頁，回顧一下我們 2025 年全年的分部表現。我們的自動化解決方案業務板塊又迎來了一個穩健的年份，展現出持續復甦和穩定執行的態勢。

Revenue reached nearly $1.5 billion, a 14% improvement compared to the prior year, with EBITDA increasing 16%. Margins improved by 50 basis points to 21%, reflecting our effective management of the pass-throughs of tariffs and copper.

營收達到近 15 億美元，比上年成長 14%，其中 EBITDA 成長 16%。利潤率提高了 50 個基點，達到 21%，這反映了我們對關稅和銅價轉嫁的有效管理。

Order trends also remained robust, with orders up 16% compared to the prior year. This strong order activity drove the segment's 11% organic growth with positive contributions in all regions. This broad-based momentum extended into our core verticals which all grew for the year, including double-digit growth in discrete manufacturing and energy.

訂單趨勢也保持強勁，與上年相比成長了 16%。強勁的訂單活動推動該業務板塊實現了 11% 的有機成長，所有地區都做出了積極貢獻。這種廣泛的成長勢頭也延伸到了我們的核心垂直領域，這些領域在這一年都實現了成長，其中離散製造業和能源產業更是實現了兩位數的成長。

Revenue for Smart Infrastructure Solutions topped $1.2 billion, a 7% improvement compared to the prior year with EBITDA increasing 6%. Margins decreased by 10 basis points to 12.1% reflecting headwinds from the pass-throughs of tariffs and copper.

智慧基礎設施解決方案的收入超過 12 億美元，比上年增長 7%，其中 EBITDA 增長 6%。利潤率下降 10 個基點至 12.1%，反映出關稅和銅價上漲的不利影響。

Within our markets, smart buildings grew 5% organically for the year driven by strength in our key growth verticals as we continue to advance our solutions offerings. Broadband experienced a softer back half of the year due to a temporary moderation in MSO capital deployments.

在我們的市場中，智慧建築業務在關鍵成長垂直領域的強勁表現推動下，實現了 5% 的有機成長，同時我們也不斷推動我們的解決方案。由於 MSO 資本部署暫時放緩，寬頻業務在下半年表現疲軟。

However, we anticipate stabilization and a rebound in 2026 driven by the adoption of new fiber products and the acceleration of DOCSIS deployments among our major MSO customers. Please turn to Slide 12 for our balance sheet and cash flow highlights.

然而，我們預計，隨著新光纖產品的普及以及主要 MSO 客戶加速部署 DOCSIS，市場將在 2026 年趨於穩定並反彈。請翻到第 12 頁查看我們的資產負債表和現金流量表摘要。

Our balance sheet remains a source of significant strength and flexibility, enabling our disciplined capital allocation strategy. Our cash and cash equivalents balance at the end of the year was $390 million compared to $370 million in the prior year.

我們的資產負債表仍然是實力和靈活性的重要來源，使我們能夠實施嚴格的資本配置策略。年末現金及現金等價物餘額為 3.9 億美元，而去年同期為 3.7 億美元。

Our financial leverage stood at a reasonable 1.9 times net debt to EBITDA, consistent with our expectations. We target approximately 1.5 times net leverage over the long term, though this may fluctuate as we pursue strategic opportunities aligned with our capital allocation priorities.

我們的財務槓桿率處於合理的 1.9 倍淨負債與 EBITDA 比率，符合我們的預期。從長遠來看，我們的淨槓桿目標約為 1.5 倍，但隨著我們尋求符合資本配置優先事項的策略機遇，這一目標可能會有所波動。

For the trailing twelve months, our free cash flow was $219 million. For the full year, we repurchased 1.7 million shares, or $195 million, further reducing our share count which is now more than 11% lower than it was in 2021. At the end of the year, we had $145 million remaining on our existing repurchase authorization.

過去十二個月，我們的自由現金流為 2.19 億美元。全年，我們回購了 170 萬股股票，價值 1.95 億美元，進一步減少了我們的股票數量，目前我們的股票數量比 2021 年減少了 11% 以上。到年底，我們現有的回購授權還剩下 1.45 億美元。

Our capital allocation priorities remain unchanged: investing internally in opportunities to advance organic growth, pursuing disciplined M&A, and returning capital to shareholders through buybacks. While the current financial market environment is dynamic, we continue to evaluate M&A opportunities with rigor and remain committed to deploying capital in ways that create long-term value.

我們的資本配置重點依然不變：投資內部機會以促進內生成長，進行有紀律的併購，並透過股票回購將資本返還給股東。儘管當前的金融市場環境瞬息萬變，但我們將繼續嚴謹地評估併購機會，並致力於以創造長期價值的方式部署資本。

Early this year, we completed a successful debt refinancing by issuing EUR450,000,000 of 4.25% senior subordinated notes due in 2033. This transaction allowed us to redeem all of our 2027 notes, effectively extending our overall debt maturity profile. Our debt remains entirely fixed with an average rate of approximately 3.9%.

今年年初，我們成功完成了債務再融資，發行了 4.5 億歐元的 4.25% 優先次級債券，該債券將於 2033 年到期。此交易使我們能夠贖回所有 2027 年到期的票據，從而有效地延長了我們的整體債務到期期限。我們的債務利率完全固定，平均利率約為 3.9%。

Please turn to slide 13 for our first quarter 2026 outlook. Following a strong 2025, we are well positioned for the long term, leveraging secular trends like digitization and IT/OT convergence. While there is ongoing market uncertainty, our growing solutions adoption and resilient operating model enable us to effectively manage near-term variability.

請翻到第 13 頁查看我們對 2026 年第一季的展望。在 2025 年取得強勁成長後，我們已為長期發展做好了充分準備，充分利用了數位化和 IT/OT 融合等長期趨勢。儘管市場仍存在不確定性，但我們不斷增長的解決方案採用率和具有彈性的營運模式使我們能夠有效地應對近期波動。

Our first quarter guidance reflects these dynamics and our typical seasonality as we remain focused on our solutions transformation and long-term value creation. Assuming the continuation of current market conditions, revenues for the first quarter of 2026 are expected to be between $675 million and $690 million. Adjusted EPS is expected to be between $1.65 and $1.75.

我們第一季的業績預期反映了這些動態以及我們典型的季節性因素，我們將繼續專注於解決方案轉型和長期價值創造。假設當前市場狀況持續，預計 2026 年第一季的營收將在 6.75 億美元至 6.9 億美元之間。調整後每股收益預計在 1.65 美元至 1.75 美元之間。

That concludes my prepared remarks. I would now like to turn the call back to Ashish.

我的發言稿到此結束。現在我想把電話轉回給阿什什。

Thank you, Jeremy. Now please turn to slide 14. To summarize, 2025 was truly a milestone year for Belden. A record fourth quarter and full year performance clearly reflect the strength and resilience of our business and the accelerating progress of our solutions transformation.

謝謝你，傑瑞米。現在請翻到第14張投影片。總而言之，2025 年對貝爾登來說的確是個具有里程碑意義的一年。第四季和全年業績均創歷史新高，這清楚地反映了我們業務的實力和韌性，以及我們解決方案轉型進程的加速推進。

We delivered outstanding results in a dynamic environment marked by consistent order activity, record earnings, and healthy cash generation. Our performance is not an anomaly. It directly reflects our strategy's success in delivering tangible results.

我們在訂單活動持續活躍、獲利創紀錄、現金流健康成長的動態環境中取得了優異的成績。我們的表現並非異常現象。這直接反映了我們策略在取得實際成果方面的成功。

From 2019 through 2025, we achieved a revenue CAGR of 5% and an adjusted EPS CAGR of 12%, demonstrating powerful and consistent value creation over multiple years.

從 2019 年到 2025 年，我們實現了 5% 的收入複合年增長率和 12% 的調整後每股收益複合年增長率，這證明了我們在多年內實現了強勁且持續的價值創造。

The strong track record, coupled with the fact that solutions wins as a percentage of total revenue crossed 15% for the year, provides clear evidence that a solutions-first strategy is resonating in the marketplace and driving our financial success.

強勁的業績記錄，加上解決方案的成交量佔全年總收入的比例超過 15%，清楚地表明以解決方案為先的策略在市場上引起了共鳴，並推動了我們的財務成功。

Our progress builds a powerful foundation as we continue to execute our strategic evolution. The transition to a unified functional operating model is the right move for our business. It is designed to further accelerate a solutions-first strategy, enhance the customer focus, and unlock even greater future value by aligning our entire enterprise to deliver integrated solutions more efficiently and consistently. We remain incredibly confident in our long-term trajectory.

我們的進展為我們持續執行策略演進奠定了堅實的基礎。轉型為統一職能營運模式對我們的業務是正確的舉措。它旨在進一步加速以解決方案為先的策略，增強客戶關注度，並透過協調整個企業以更有效率、更一致地提供整合解決方案來釋放更大的未來價值。我們對公司的長期發展前景依然充滿信心。

The fundamental secular trends driving our business, digitization, IT/OT convergence, and the increasing demand for data-driven efficiency are intact and building momentum. Belden is exceptionally well positioned to capitalize on these trends. Our solutions transformation is already expanding our addressable market and driving consistent growth and margin expansion.

推動我們業務發展的基本長期趨勢——數位化、IT/OT融合以及對數據驅動效率日益增長的需求——仍然存在，並且正在積蓄力量。Belden 擁有得天獨厚的優勢，能夠充分利用這些趨勢。我們的解決方案轉型已經擴大了我們的目標市場，並推動了持續成長和利潤率的提升。

Through disciplined execution and thoughtful capital allocation, we are committed to ensuring we create lasting value for our shareholders. Before I conclude, I want to extend my sincere gratitude to the entire Belden team. Your dedication, hard work, and commitment to our solutions transformation have been instrumental in achieving these record results and positioning us for continued success. Thank you all for joining us today.

我們致力於透過嚴謹的執行和周全的資本配置，確保為股東創造持久價值。在結束發言之前，我要向貝爾登團隊全體成員表達我最誠摯的謝意。你們的奉獻、努力和對我們解決方案轉型的投入，對我們取得這些創紀錄的成果以及為我們持續成功奠定了基礎起到了至關重要的作用。感謝各位今天蒞臨。

We appreciate your continued interest in Belden. That concludes our prepared remarks. Operator, please open the call for questions.

感謝您一直以來對貝爾登的關注。我們的發言稿到此結束。接線員，請開啟提問環節。

Thank you. (Operator Instructions) Mark Delaney, Goldman Sachs.

謝謝。（操作說明）馬克·德萊尼，高盛。

Mark Trevor Delaney: And what Belden Inc. has seen with demand trends. You already talked about how orders grew both sequentially and year on year in the fourth quarter, but can you share more on your view on demand trends by end market and what you are seeing so far in 2026?

馬克·特雷弗·德萊尼：以及貝爾登公司觀察到的需求趨勢。您已經談到了第四季度訂單環比和同比增長的情況，但您能否分享一下您對終端市場需求趨勢的看法，以及您對 2026 年迄今為止的觀察？

Yeah. Sure. So good morning, Mark. First of all, if I look at the total solutions pipeline, that has grown by 26% at the '25 compared to the '24. Right? So that itself is a pretty good indicator at an aggregate level. Obviously, there is a lot on demand we are seeing on the automation side, especially true in energy, discrete as well as process. And then we have seen a fair amount of demand in hospitality, which is more of an integrated IT/OT opportunity for us. These are all typically in the double-digit growth areas, these markets.

是的。當然。早上好，馬克。首先，如果我看一下整體解決方案管道，2025 年與 2024 年相比成長了 26%。正確的？所以從整體層面來看，這本身就是一個相當不錯的指標。顯然，我們看到自動化方面有很多需求，尤其是在能源、離散和流程自動化領域。此外，我們也看到酒店業有相當大的需求，這對我們來說是一個更俱全面性的 IT/OT 機會。這些市場通常都處於兩位數成長的領域。

We saw a little less robust growth in broadband, but we did see fiber, growing and the demand for fiber growing there. So really strong, some of the fundamental verticals that you would expectenergy, discrete, process, hospitality are doing really well for us. Overall, one quarter growth in our funnel for solutions, so we feel pretty good.

我們看到寬頻成長勢頭稍弱，但光纖業務確實在成長，對光纖的需求也在成長。所以，一些你預期的基礎垂直領域，如能源、離散、流程、旅館業，都表現得非常強勁。總體而言，我們的解決方案銷售管道成長了四分之一，所以我們感覺相當不錯。

It is very helpful. My second question was about supply chain. And from a few dimensions, I guess, for one, does Belden think it can procure enough metals and also enough semiconductors in particular? And then two, as you think about what you are seeing in supply chain with the rising input costs, the company did well to offset the dollar pressure in the fourth quarter. Do you think you can continue to offset the input cost inflation as you think about this year? Thanks.

這很有幫助。我的第二個問題是關於供應鏈的。從幾個方面來看，我想，首先，貝爾登公司是否認為它能夠採購到足夠的金屬，特別是足夠的半導體？其次，考慮到供應鏈中不斷上漲的投入成本，該公司在第四季很好地抵消了美元壓力。您認為今年還能繼續抵銷投入成本上漲的影響嗎？謝謝。

Yeah. No. I think, Mark, that is a very important question at this point. I think we are well positioned. The way we have, looked at manufacturing as a whole and supply chain is we have de-risked it quite a bit by going more regional.

是的。不。馬克，我認為，在這一點上，這是一個非常重要的問題。我認為我們處於有利地位。我們從整體上看待製造業和供應鏈的方式是，透過更區域化的方式，大大降低了風險。

Obviously, we are still dependent on certain commodities and certain electronic components with certain regions. But we have taken certain actions. For example, we are doing, internally, more surface mount now than we did before. So we have kind of -- we have removed some of the points of consolidation in that supply chain so that we have more direct control over that.

顯然，我們仍然依賴某些地區的某些商品和某些電子元件。但我們已經採取了一些行動。例如，我們現在在內部進行的表面貼裝比以前更多了。因此，我們已經移除了供應鏈中的一些整合點，以便我們能夠更直接地控制供應鏈。

And then, of course, with copper, that is a global commodity, you will see a higher mix on both fiber and wireless. I think that was anyway happening as part of technologies, but it is getting accelerated. But at this point in time, just given how we are placed and how copper is not that large portion of our COGS, we feel pretty good about being able to pass on because of the value we offer beyond the commodity.

當然，銅是一種全球性商品，因此在光纖和無線網路中，銅的佔比都會更高。我認為這是技術發展的一部分，但這種趨勢正在加速。但就目前而言，鑑於我們的市場地位以及銅在我們銷售成本中所佔比例並不大，我們感覺能夠將銅價轉讓出去相當不錯，因為我們提供的價值遠不止於商品本身。

And we have had discussions with some of our customers and our partners about how this scenario might change, and we have not heard anything that causes us concern right now. So yeah. So much like we did in Q4, we remain confident that we will protect our dollar margins by being able to pass on.

我們已經和一些客戶和合作夥伴討論過這種情況可能會如何變化，目前我們還沒有聽到任何令我們擔憂的事情。是的。就像我們在第四季度所做的那樣，我們仍然有信心透過轉嫁風險來保護我們的美元利潤率。

William Stein, Truist Securities.

威廉·斯坦，Truist Securities。

Great. Thanks for taking my questions. Aside from the rebound in MSO spending that you highlighted in the broadband business, are there any other clues that we should pay attention to when we are contemplating modeling 2026 beyond Q1 that could drive above or below typical seasonality?

偉大的。謝謝您回答我的問題。除了您提到的寬頻業務中 MSO 支出的反彈之外，在考慮對 2026 年第一季之後的情況進行建模時，還有哪些線索值得我們關注，這些線索可能會導致季節性波動高於或低於典型水平？

So there is a temporary, let us say, slowdown in certain architectural upgrades in that market that, we dealt with in Q3 and Q4. That we know now has been largely resolved because there were some interoperability issues that those, their engineering teams are working through.

因此，可以說，該市場某些架構升級出現了暫時的放緩，我們在第三季和第四季已經處理了這個問題。我們現在知道這個問題已經基本解決，因為存在一些互通性問題，他們的工程團隊正在努力解決這些問題。

So we expect that to start ramping up. Second, there was an overall inventory overhang that, just even beyond that architectural changes in DOCSIS that were true in that market, which I think have all been -- they have all bled out. And then, of course, there is the BEAD dynamic. We know for sure that BEAD money will flow in 2026.

所以我們預計這種情況會開始加劇。其次，整體庫存過剩，即使拋開 DOCSIS 在該市場發生的架構變化不談，我認為所有這些——它們都已經消失了。當然，還有 BEAD 動態。我們確信，BEAD資金將在2026年流入市場。

So I think there are kind of two more neutral and one more positive trend that is there. But the other thing to keep in mind is our fiber content as a percentage of total broadband revenue has gone from 40% at the '24 to 50% at the '25. Right?

所以我認為目前有兩種較為中性的趨勢和一種較為正面的趨勢。但要記住的另一點是，我們的光纖業務佔寬頻總收入的比例已從 2024 年的 40% 上升到 2025 年的 50%。正確的？

Fiber is growing and there is an increasing demand for both fiber connectivity and cabling in that market. And we have launched some new products that are fairly differentiated that are protected with IP and that allow us to take share, both in that market. So I think there are the three kind of more macro items, and then there is one Belden specific fiber growth dynamic. And all of these should help us model the growth.

光纖技術正在發展，市場對光纖連接和光纖佈線的需求也在不斷增長。我們已經推出了一些具有相當差異化的新產品，這些產品受到智慧財產權保護，使我們能夠在該市場中佔據份額。所以我認為有三種比較宏觀的因素，然後還有貝爾登特有的纖維生長動態因素。所有這些都應該有助於我們建立成長模型。

Thank you for that. I was hoping to hear an extension of that into any other end markets or the other segment that might clue us in. Because I think you said this recovery, I would expect in MSO to drive some above seasonal performance. But what about in the rest of the business as we go through the year?

謝謝。我希望聽到關於其他終端市場或其他細分市場的更多信息，以便從中獲得一些線索。因為我認為你說過這次復甦，所以我預期MSO將帶來一些高於季節性的表現。但是，在接下來的一年中，其他業務方面又會如何呢？

So just to clarify, Will, are you talking about the broadband portion of the business or product?

威爾，我再確認一下，你指的是業務或產品中的寬頻部分嗎？

No. No. I am talking about the whole, the whole thing because I think you gave us the comment on broadband. So I was hoping that you might extend that to the rest of the entire business.

不。不。我指的是整個事情，因為我認為你之前已經就寬頻問題發表過評論。所以我希望你們能把這種做法推廣到整個公司的其他部門。

Okay. No. I am sorry. I misunderstood your question.

好的。不。對不起。我誤解了你的問題。

It is all good.

一切都很好。

So I think first of all, automation, very, very positive performance in 2025 with 14% growth, 11% organic. We saw double-digit growth even in Germany, the DACH region, and China. And very strong expansion in verticals like discrete manufacturing and energy.

所以我認為，首先，自動化在 2025 年的表現將非常非常積極，成長 14%，有機成長 11%。即使在德國、德語區和中國，我們也看到了兩位數的成長。在離散製造業和能源等垂直領域實現了非常強勁的成長。

So, so I think those will continue. We see more and more engagement around physical AI, and this is especially happening in warehousing and smart manufacturing environments, especially in the US. And just as a reminder, right, we enable very closed-loop physical AI systems in collaboration with companies like Accenture, NVIDIA, et cetera, where we combine vision, digital twins, real-time data orchestration.

所以，我認為這些情況還會持續下去。我們看到越來越多的人參與實體人工智慧領域，這種情況尤其發生在倉儲和智慧製造環境中，尤其是在美國。再次提醒一下，我們與埃森哲、英偉達等公司合作，建構高度閉環的實體人工智慧系統，將視覺、數位孿生、即時數據編排結合。

We have a deterministic secure architecture that is based on a time-sensitive networking protocol that delivers very low latency synchronized connectivity. So these are all being appreciated. We saw very strong interest in those discussions. A number of pilots have commenced.

我們擁有基於時間敏感型網路協定的確定性安全架構，可提供極低延遲的同步連線。所以這些都得到大家的讚賞了。我們看到大家對這些討論表現出了非常濃厚的興趣。一些試點計畫已經開始。

So if I look at just the vertical, let us say the fact that certain verticals are very robust and that we have this additional layer of IT/OT convergence including physical AI, we feel pretty good about the demand environment in that space. Interestingly, our smart buildings business has done extremely well once we started offering these IT/OT converged solutions. So here is an interesting statistic.

所以，如果我只看垂直領域，比如說某些垂直領域非常強勁，而且我們還有包括實體人工智慧在內的IT/OT融合這一額外層面，我們對該領域的需求環境感覺相當樂觀。有趣的是，自從我們開始提供這些 IT/OT 融合解決方案以來，我們的智慧建築業務發展得非常好。這裡有一個有趣的統計數據。

Our growth verticals in smart buildings, which are essentially around hospitality, health care, education, data centers, are now one third of our total smart buildings revenue. Commercial real estate has become 10%. And at some point, it used to be the flip of that. Right?

我們在智慧建築領域的成長點主要集中在飯店、醫療保健、教育和資料中心等領域，目前已占我們智慧建築總收入的三分之一。商業不動產已佔10%。而曾經，情況正好相反。正確的？

So there has been a very marked interest in these converged solutions. So we are obviously doing better in smart buildings environments where it is not plain vanilla office space, but it is more demanding, health care, hospitality kind of or warehouse kind of environments. So I think these verticals are the ones that will drive growth.

因此，人們對這些融合解決方案表現出了非常濃厚的興趣。顯然，我們在智慧建築環境中做得更好，那裡不是普通的辦公空間，而是要求更高的醫療保健、飯店或倉庫等環境。所以我認為這些垂直領域將會是推動成長的主要動力。

I think the US continues to be the leading market in terms of geographical expansion, but obviously, it is good that China and Germany have also recovered. We see continued growth in infrastructure in India, especially for energy and mass transit rail. So, yeah, those are the growth areas we are excited about.

我認為就地域擴張而言，美國仍然是領先的市場，但顯然，中國和德國的復甦也是一件好事。我們看到印度的基礎設施建設持續成長，尤其是在能源和公共交通鐵路領域。是的，這些正是我們感到興奮的成長領域。

If I can have one follow-up, I was hoping to ask about the organizational realignment you referred to in the press release and in the prepared remarks. Should we anticipate that having any effect on the P&L in terms of either reduced costs overall because of the, I guess, simplification that I would imagine you would get? Or any restructuring costs that we should prepare for?

如果可以的話，我想問一個後續問題，那就是您在新聞稿和準備好的演講稿中提到的組織結構調整。我們是否應該預期，由於流程簡化，整體成本會降低，進而對損益表產生任何影響？或者我們需要準備好應對哪些重組成本？

So to me, to be fair, Will, when we planned this realignment, one of our goals was not necessarily cost reduction. It was more aligned around the solutions-first strategy and also, if you notice, we have created a role around digital and operations leadership, which essentially means that we want to drive IT/OT convergence within Belden much the same way we are enabling it for many of our customers.

所以公平地說，威爾，當我們計劃這次調整時，我們的目標之一不一定是降低成本。它更加重視解決方案優先的策略，而且，如果你注意到的話，我們還設立了數位和營運領導職位，這實際上意味著我們希望在 Belden 內部推動 IT/OT 融合，就像我們正在為許多客戶實現融合一樣。

So, I expect the benefits of this first and foremost to be around us becoming more customer-centric. And then, really pooling resources to build functional strength, whether it is in technology development or commercial skills, etcetera.

因此，我預期此舉帶來的首要好處是讓我們更加以客戶為中心。然後，真正匯集資源，增強職能實力，無論是在技術開發或商業技能等方面。

Having said that, obviously, this is going to lead to efficiency. For example, when we combine all the disparate R&D centers across the world under common leadership, right, or when we bring more commercial resources together.

也就是說，很顯然，這將提高效率。例如，當我們把世界各地分散的研發中心整合到共同領導下時，或者當我們把更多的商業資源集中起來時。

So, yeah, we will see more efficiency. We will see more leverage on those costs. We feel that we will continue to reinvest some of those efficiency savings. So the goal really is not to model some kind of restructuring saving at this point.

是的，我們會看到更高的效率。我們將看到對這些成本有更大的利用空間。我們認為，我們將繼續把節省下來的部分效率提升資金再投資於其他領域。所以，目前的目標不是要建立某種重組節省成本的模型。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi. Good morning. I guess, first, I had a big picture question. You highlighted how some of the inflation in materials is impacting your business, which is very helpful. And I was just curious, there are inflation considerations across a lot of bill of materials, and there seems to be some better demand for '26.

你好。早安.我想，首先，我有一個比較宏觀的問題。您重點提到了原物料價格上漲對貴公司業務的影響，這非常有幫助。我只是好奇，很多物料清單都存在通貨膨脹因素，而且 2026 年的需求似乎更好。

How concerned are you about just projects being negatively impacted, whether it is just the absolute level of spending dollars available or timing of projects based on what is going on in supply chain as you think out for the full year? And then I had a follow-up.

您在考慮全年計畫時，對於專案受到負面影響的擔憂程度如何？無論是可用支出資金的絕對水平，還是基於供應鏈狀況的專案時間表？然後我還有後續跟進。

Hey, Steve. Good morning. So in terms of end demand or inflation impacting end demand, I cannot say that we have seen any evidence of that up to this point. Obviously, copper has been particularly volatile. The price of copper has been everywhere from $4 to $6 just over the past maybe four or five months. So there has been a lot of volatility.

嘿，史蒂夫。早安.所以就最終需求或通貨膨脹對最終需求的影響而言，到目前為止，我不能說我們已經看到了任何證據。顯然，銅的價格波動性特別大。在過去四、五個月裡，銅價一直在每盎司 4 美元到 6 美元之間波動。所以市場波動很大。

We have been dealing with it. Customers are still placing orders. So I think that is positive. We would not expect it to have any material impact on demand. But like Ashish said, we are also concentrated on fiber and wireless and other technologies because we can sell all of those as part of our solution. So I do not think it is a major concern. We will keep passing it on in terms of price, and we do not expect it to have a major impact on end demand.

我們一直在處理這個問題。顧客仍在下單。所以我認為這是個正面的訊號。我們預計這不會對需求產生任何實質影響。但正如 Ashish 所說，我們也專注於光纖、無線和其他技術，因為我們可以將所有這些作為我們解決方案的一部分進行銷售。所以我認為這不是什麼大問題。我們將繼續把價格因素轉嫁給消費者，預計這不會對終端需求產生重大影響。

Got it. And then just--?

知道了。然後就——？

Yeah. Sorry. Just one point. Keep in mind that inflation is what is actually driving a lot of customers to look at automation. And so if anything, when I look at our sales pipeline, I see a lot of cases where even customers who were not, initially identified as, let us say, priority markets or priority customers for higher-end automation have now entered that pipeline, and they are coming in talking about autonomous systems and more convergence. So I think it is actually a bit of a tailwind, frankly, unless, there is something crazy going on with commodities, which, we cannot control.

是的。對不起。僅此一點。請記住，通貨膨脹才是促使許多客戶考慮自動化的真正原因。因此，當我查看我們的銷售管道時，我發現很多情況下，即使是最初沒有被確定為高端自動化優先市場或優先客戶的客戶，現在也進入了銷售管道，他們開始談論自主系統和更多的整合。所以坦白說，我認為這實際上是一種順風，除非大宗商品市場出現我們無法控制的極端情況。

Right. No. That is good food for thought. And then just from a cash flow standpoint, Jeremy, like you mentioned, the price of copper is pretty volatile. How do we think about your free cash flows for the year? Like, is there a working capital impact that comes and goes depending on prices, etcetera? Anything we should keep in mind there? Thanks very much.

正確的。不。這確實值得深思。傑里米，從現金流的角度來看，正如你所提到的，銅價波動性很大。我們如何看待您今年的自由現金流？例如，營運資本是否會受到價格波動等因素的影響？有什麼需要注意的嗎？非常感謝。

Yeah. I would not expect it to have a material impact on our cash flows. As long as we are successful recovering through price. But it does impact inventory. So if you look at our inventories from 2024 to 2025, a significant portion of the inventory growth is just copper getting repriced. And the way it works is, obviously, we are buying copper. We have got a couple months of inventory of copper at any given point in time. And that gives us a few months to raise prices. So there is always maybe a slight lag between when we raise prices and when we realize higher input costs. It does not impact the P&L typically, but you are right. There is maybe a small impact on working capital. But I do not think at this point it is significant enough to really impact our view on free cash flow for the full year.

是的。我預計這不會對我們的現金流產生實質影響。只要我們能夠透過價格回升成功。但這確實會影響庫存。因此，如果您查看我們 2024 年至 2025 年的庫存，您會發現庫存成長的很大一部分只是銅價重新調整所致。很顯然，我們的運作方式是購買銅。我們隨時都備有足夠使用幾個月的銅庫存。這樣我們就有幾個月的時間來漲價。因此，在我們提高價格和意識到投入成本上漲之間，可能總是存在一點延遲。通常情況下，這不會影響損益表，但你說得對。可能對營運資金有輕微影響。但我認為目前來看，這還不足以真正影響我們對全年自由現金流的看法。

David Williams, Benchmark.

David Williams，基準。

Hey, good morning, and thanks for letting me ask a few questions here. I guess, maybe first, just kind of thinking about the transition to the solutions approach. You have talked about it being about 15% of the business. But thinking about the leverage there, how do you think about the pace of growth in that solutions in terms of mix as we think about that maybe through the next twelve to twenty-four months?

嘿，早上好，謝謝允許我在這裡問幾個問題。我想，或許首先，應該思考如何過渡到解決方案導向的方法。您曾提到這大約佔業務的 15%。但考慮到其中的槓桿作用，您認為在接下來的十二到二十四個月裡，這些解決方案在組合方面的成長速度會如何？

Yeah. So we had articulated this longer-term goal of being at least to 20% by 2028. I think we are well on our way to, achieving that goal, even surpassing that goal. The reality is that the 15% that we have achieved right now has involved, a little bit of brute force because we were not organized internally exactly to service customers on a unified basis. I think with this realignment in the org structure and operating model, we are now fully aligned, and the biggest benefit we now have is that we can scale.

是的。因此，我們明確提出了一個長期目標，即到 2028 年至少達到 20%。我認為我們正朝著實現這個目標穩步前進，甚至可能超越這個目標。現實情況是，我們目前取得的 15% 的成長率，多少帶有一定的蠻力，因為我們的內部組織不夠完善，無法以統一的方式為客戶提供服務。我認為，透過此次組織結構和營運模式的調整，我們現在已經完全協調一致，我們現在最大的好處是能夠擴大規模。

So if you think about that 15% base that we have right now, there is a fair amount of bespoke one-off, solutions designs that we have done. And we have not necessarily been able to either get both the IT/OT converged portion of the opportunity or kind of repeat and scale the reference architecture once it has been established. And that is what we are changing now.

所以，如果你想想我們目前擁有的 15% 的基數，你會發現我們已經完成了相當多的客製化、一次性的解決方案設計。而且我們還不一定能夠同時獲得 IT/OT 融合的機會，或是在參考架構建立後複製和擴展。而這正是我們現在正在改變的。

So, obviously, you should expect acceleration in that solutions mix. And we should expect leverage on our fixed cost because we have already built the architecture and now we are going to take it out to more customers.

所以，很顯然，你應該會預期這種解法組合中會出現加速現象。我們應該能夠利用固定成本優勢，因為我們已經建立了架構，現在我們要把它推廣給更多的客戶。

So it is not like we hadn't found, as we mentioned on the call, we had already started the journey a few years ago. We combined our go-to-market teams, and we combined certain other supporting teams. But we made progress in that direction, and I think this is very definitive now. And it is clear across the organization to all our customers that we are accountable to them for one combined answer.

所以並不是我們沒有找到答案，正如我們在電話中提到的，我們幾年前就已經開始了這段旅程。我們合併了市場推廣團隊，也合併了一些其他支援團隊。但我們朝著這個方向取得了進展，我認為現在這一點已經非常明確了。整個公司上下以及所有客戶都清楚地認識到，我們有責任向他們提供一個全面的解決方案。

Very good. Thank you. And then maybe just on the physical AI, that is certainly an area that has gained a lot of attention more recently. Just kind of curious what you are hearing in terms of customers and maybe the activity going on from their perspective in terms of physical AI and that transition. Thanks.

非常好。謝謝。然後，或許可以單獨談談實體人工智慧，這無疑是最近備受關注的領域。我只是有點好奇你從客戶那裡聽到了什麼，以及他們對於實體人工智慧及其轉型方面正在進行的活動。謝謝。

Yeah. So, at the very, very basic level, how customers are looking at these solutions is that they integrate cameras, edge computing, AI platforms, industrial Ethernet, enable some real-time perception, simulation and action, real-time root cause analysis. And they are very interesting for both brownfield and greenfield situations.

是的。因此，從最基本的層面來看，客戶看待這些解決方案的方式是，它們整合了攝影機、邊緣運算、人工智慧平台、工業以太網，實現了即時感知、模擬和行動，以及即時根本原因分析。它們對於現有建築改造和新建項目都非常有用。

You know, we have a number of active discussions going on in both categories, especially in factories and warehouses. So a lot of interest. I think the kind of sobering moment for customers comes when they realize that they have not built the foundation to get to physical AI. So in our mind, we think of four steps required where the ultimate fourth step is autonomy.

你知道，我們在這兩個領域都進行了許多積極的討論，尤其是在工廠和倉庫方面。所以大家對此很有興趣。我認為，對客戶來說，真正令人清醒的時刻是他們意識到自己還沒有為實現實體人工智慧打下基礎的時候。因此，我們認為需要四個步驟，而最終的第四步是自主。

So you have to start with digitization, everything is connected and is digital. You then have to go to harmonization, where all these connected systems are able to communicate with each other seamlessly using the same protocol, the same language, so to speak. Then there is convergence, where these systems that are more on the operating side and are speaking with each other can also speak with historical data and connect to databases on the IT side, and, that is a two-way bidirectional process. And then you get to autonomy, where you can actually have this real-time, perception and actuation.

所以必須從數位化開始，一切都是互聯互通的，都是數位化的。接下來就需要實現協調統一，讓所有這些相互連接的系統能夠使用相同的協定、相同的語言（或語言）無縫地相互溝通。然後是融合，這些更偏向於運行端並相互通信的系統也可以與歷史數據通信，並連接到 IT 端的資料庫，這是一個雙向過程。然後就達到了自主化階段，在那裡你可以真正實現即時感知和執行。

So a number of customers come to us now and say, I want an autonomous system in my manufacturing plant or my warehouse. And then we have to guide them through that journey. And I would say, that journey typically can take between twelve to eighteen months depending on the existing digital maturity of that customer.

所以現在很多客戶都來找我們說，我想要在我的製造工廠或倉庫安裝一套自動化系統。然後，我們必須引導他們完成這段旅程。而且我認為，這個過程通常需要十二到十八個月，具體取決於客戶現有的數位成熟度。

But a number of those journeys have started. Actually, I would say, we have had more interest than even I expected at this stage. And part of that is driven by just the environment around, bringing back manufacturing, using more automation, dealing with the shortage of labor, etcetera. So I think it is in a very good place. But it is not a market that is going to give results next quarter. And I think we are invested in this for the long term. And our customers clearly have understood that they have to go through these steps.

但其中一些旅程已經開始了。實際上，我想說，我們目前獲得的關注度甚至超出了我的預期。部分原因是周遭環境的變化，例如製造業的復甦、自動化程度的提升、勞動力短缺等問題。所以我認為它現在處境非常好。但這個市場下個季度不會有業績。我認為我們是在進行長期投資。我們的客戶顯然​​已經明白他們必須經歷這些步驟。

Robert Jamieson, Vertical Research Partners. Rob, can you hear us? You may have your mute function on.

Robert Jamieson，Vertical Research Partners。羅伯，你聽得到我們說話嗎？您可能開啟了靜音功能。

Sorry about that. I was on mute. Morning, all. Just wanted to get a quick update on the data center gray area opportunity and pilot that you mentioned a couple of quarters ago. And given it's -- automate power and cooling capabilities. We saw huge orders from, a liquid cooling provider earlier this week. I am just curious, how conversations are going with maybe some of the other hyperscalers, how that pilot has gone, and then just any kind of color around sizing or how big you all see that opportunity growing over time?

抱歉。我當時處於靜音狀態。各位早安。我想快速了解您幾個季度前提到的資料中心灰色地帶機會和試點專案的最新進展。有鑑於此—實現電源和冷卻功能的自動化。本週早些時候，我們收到了來自液冷供應商的大筆訂單。我只是好奇，你們與其他超大規模企業的洽談進展如何？試點計畫進度如何？以及你們對規模的看法，或者你們認為隨著時間的推移，這個機會會發展到多大？

Yeah. So we see that integrated white space/gray space opportunity for data centers, especially for the AI data centers, as a very significant opportunity. It is one of our top growth areas. In fact, we have, you know -- we have kind of expanded that team literally by 2x, 3x over the last couple of quarters. Right? So there is that much demand.

是的。因此，我們認為資料中心，特別是人工智慧資料中心，將空白空間/灰色空間整合起來是一個非常重要的機會。這是我們成長最快的領域之一。事實上，你知道，在過去的幾個季度裡，我們已經將團隊規模擴大了 2 倍、3 倍。正確的？所以市場需求量很大。

The approach we are taking really is to cover both IT and OT. And, this obviously includes the critical module of cooling systems that we have previously highlighted. So that pilot actually went very well. It is now expanded into a larger commercial relationship where they want us to do the same thing for multiple data centers. And those negotiations are underway right now. And they are really heading in the right direction, very positive.

我們採取的方法實際上是同時涵蓋 IT 和 OT。這顯然包括我們之前重點介紹的關鍵模組——冷卻系統。所以那次試飛其實非常成功。現在，雙方已發展成為更大的商業合作關係，他們希望我們為多個資料中心做同樣的事情。目前談判正在進行中。他們的發展方向非常正確，前景非常樂觀。

And then since then, we have worked with about, let us say, half a dozen more large accounts. Some of them are more in the early piloting stage. But some of them have said, you can replicate what you have done in that other case. And we did, actually orders and revenue in Q4. They were not as big as that first case we talked about.

從那以後，我們又與大約六個大客戶建立了合作關係。其中一些還處於早期試點階段。但他們有些人說，你可以複製你在另一個案例中所做的。事實上，我們在第四季度實現了訂單和收入的成長。它們沒有我們之前討論的第一個案例那麼嚴重。

But the pipeline is certainly, two to four times larger. So more to come here, Rob, but very, very positive engagements underway. Again, these discussions, because they go across, they straddle IT and OT, they take a little longer, because you are really addressing certain foundational aspects of their infrastructure. But I would expect some positive news in the first half of '26, and we will certainly share that with you.

但這條管道的規模肯定比原來的大兩到四倍。羅布，接下來還有更多消息，但目前進展非常順利。再次強調，這些討論因為涉及IT和OT兩個領域，所以需要更長的時間，因為你實際上是在探討他們基礎設施的某些基礎方面。但我預計 2026 年上半年會有一些好消息，我們一定會與您分享。

That is great. Very helpful update. And it makes a lot of sense with everything that you discussed today with the simplified reporting structure. And just on the 1Q guide, just one housekeeping item. And sorry if I missed this.

太好了。非常有用的更新。這與你們今天討論的簡化報告結構非常吻合。僅在第一季指南中，只有一項客房服務事項。如果我錯過了這條訊息，請見諒。

I have bounced around between calls this morning. What is embedded in there for FX on your top-line guide there, just given some of the dollar weakness that, we saw in early January, probably around the time you guys had already finished your guidance and planning. So just curious what is embedded in there for FX at the moment?

今天早上我一直在接聽電話。你們的頂級外匯指南中隱含了哪些關於外匯的資訊？考慮到我們在 1 月初看到的美元疲軟，可能就在你們完成指導和計劃的時候。所以，我只是好奇目前FX特效中嵌入了哪些內容？

Yeah. Let me grab that for you, Rob. So FX should be actually a benefit for us year over year of, call it, roughly 2% of revenue.

是的。羅布，我幫你拿。因此，外匯交易實際上應該每年為我們帶來約 2% 的收入收益。

Christopher M. Dankert, Loop Capital Markets.

Christopher M. Dankert，Loop Capital Markets。

I guess with the updated reporting structure here, I think that makes a lot of sense given the solutions approach being very holistic on its face. The one maybe sticking point, I guess, I don't generally think of broadband as being kind of a part of that solution sale. Maybe can you enlighten us? Is there more solutions opportunity inside of broadband? Is that operated more separately? Just any kind of color you can give us on that structure would be helpful.

我想，考慮到這裡更新後的報告結構，以及解決方案方法表面上非常全面，這很有道理。可能存在的一個癥結在於，我通常不認為寬頻是解決方案銷售的一部分。您能否為我們解惑？寬頻領域是否還有更多解決方案的機會？它是獨立運作的嗎？只要你能提供該結構上的任何顏色，都會對我們有所幫助。

Oh, no, Chris, because that is a very astute observation, and I think you are right. So first of all, we are committed to this functional organization, and even broadband is set up functionally. So within broadband, that is a functional organization.

哦，不，克里斯，因為你的觀察非常敏銳，我認為你是對的。首先，我們致力於這種功能性組織架構，甚至連寬頻也是以功能性方式建立的。所以，在寬頻領域，這是一個功能性組織。

But we have indeed, kept broadband a little separate because they service OEM customers which are different to the more solutions-oriented, project-oriented customers we have for the rest of Belden. Having said that, products and technologies in broadband are available to our solutions teams to take to all their customers. So for example, we talked about this with this large grocery chain win that we had recently, and we talked about it in today's call.

但我們確實將寬頻業務稍微獨立出來，因為它們服務於 OEM 客戶，而 OEM 客戶與我們 Belden 其他業務所服務的更注重解決方案和專案的客戶有所不同。也就是說，我們的解決方案團隊可以利用寬頻產品和技術，將其推廣給所有客戶。例如，我們最近贏得了一家大型連鎖超市的訂單，我們在今天的電話會議上也談到了這一點。

That contains a few different products out of broadband which are IP-protected fiber products that are pretty unique. And similarly, we have talked in the past about a warehousing win, an automation win, we talked about that two or three quarters ago. That contained, some content from broadband fiber.

其中包含一些不同的寬頻產品，這些產品是受 IP 保護的光纖產品，非常獨特。同樣，我們過去也談到過倉儲方面的成功，自動化方面的成功，我們在兩三個季度前就談到過這一點。其中包含一些來自寬頻光纖的內容。

So the way to think about it is broadband continues to operate fairly independently within that functional organization. They continue to focus on their core customers, which are especially in the MSO space. But broadband technologies are available to our different vertical teams to take to their customers, and this is becoming especially true in hospitality and health care, but a little bit also in warehousing and logistics.

所以，我們可以這樣理解：寬頻業務在這個職能組織內部繼續相對獨立運作。他們繼續專注於核心客戶，尤其是MSO領域的客戶。但是，我們各個垂直領域的團隊都可以利用寬頻技術為他們的客戶提供服務，這種情況在飯店和醫療保健行業尤其明顯，在倉儲和物流行業也有一定程度的改善。

Got it. That is extremely helpful. Thank you for that. And then on the solutions sales, obviously, this is going to help accelerate that pathway. But I am curious before everything kind of gets a little bit combined here, can you give us the percent of solution sales by Automation Solutions versus Smart Buildings kind of as we are heading into this transition? Because I know we have been seeing extremely strong success on industrial, a little bit tougher conversion on the smart buildings. Can you just kind of give us some split there?

知道了。這非常有幫助。謝謝。顯然，在解決方案銷售方面，這將有助於加速這一進程。但我很好奇，在所有內容都稍微合併之前，您能否告訴我們自動化解決方案與智慧建築解決方案的銷售佔比，因為我們正處於轉型期？因為我知道我們在工業領域取得了非常大的成功，但在智慧建築領域轉型則稍微困難一些。可以給我們簡單介紹一下情況嗎？

Yeah. So we are in kind of the low twenties right now in automation. That is up, percentage of solutions in their revenue. It has become mid single digits for smart buildings. So that is actually impressive given that, they were literally zero at the beginning of 2025. So they have really ramped up, and a lot of that has come out of hospitality, health care, and then taking some of the smart buildings offerings into combined verticals.

是的。所以目前我們在自動化領域的進展大概是二十出頭。這意味著解決方案在其收入中所佔的百分比上升了。智慧建築的這一比例已降至個位數中段。考慮到他們在 2025 年初的數量還為零，這確實令人印象深刻。所以他們真的加大了投入，其中許多都來自酒店業、醫療保健業，然後將一些智慧建築產品引入綜合垂直行業。

And then, obviously, we don't really think of broadband, we don't measure broadband solutions percentage. So 20%-plus for automation, mid single digit for smart buildings.

然後，很顯然，我們並沒有真正考慮寬頻，我們也沒有衡量寬頻解決方案的百分比。因此，自動化領域的成長率將超過 20%，而智慧建築的成長率將達到個位數中段。

Thank you so much for the color there. And I guess if I could just sneak one last one in here. It sounds like there is a very nice opportunity pipeline on the data center front. But as we look at it today, it is a fairly small portion of the business. We are talking about less than 5% of sales. And please correct me if I am wrong there.

非常感謝你提供的色彩。我想如果我能再偷偷加最後一條就好了。聽起來資料中心領域有很多不錯的發展機會。但從今天的角度來看，它只佔業務的一小部分。我們說的是不到5%的銷售額。如果我說錯了，請指正。

Yeah. No. It is small. And part of that has been our own doing, so to speak, right, which is why I made a remark about the fact we had to grow the team two to three times. So we may have allocated fewer resources to data centers, let's say, pre-'25 than we should have. Part of it was because, the hyperscalers tend to be more cyclical. There is a little bit of margin pressure there. It is only '25 that we figured out this more integrated white space/gray space opportunity. And we actually were able to build an architecture and pilot it that made sense. So I expect that percentage to grow quite a bit. But you are right. We are starting off a smaller base because we did not invest in it in the past.

是的。不。它很小。可以說，這其中一部分是我們自己造成的，對吧？所以我才提到，我們不得不將團隊規模擴大兩到三倍。因此，比如說，在 2025 年之前，我們分配給資料中心的資源可能比我們應該分配的要少。部分原因是，超大規模資料中心往往具有更強的周期性。利潤率方面存在一些壓力。直到 2025 年，我們才發現了這個更融合的空白/灰色空間的機會。我們最終構建並試運行了一個合理的架構。所以我預期這個比例會大幅成長。但你說得對。由於過去沒有進行投資，我們現在的規模較小。

Got it. Well, super helpful. And, again, thanks, and good luck into 2026 here.

知道了。非常有幫助。再次感謝，祝福您2026年一切順利。

Thank you.

謝謝。

There are no further questions at this time. I will now pass it back over to Aaron Reddington. Please go ahead.

目前沒有其他問題了。現在我將把麥克風交還給亞倫·雷丁頓。請繼續。

Thank you, operator, and thank you everyone for joining today's call. If you have any questions, please contact the IR team here at Belden. Our email address is investor.relations@belden.com. Thank you very much.

謝謝接線生，也謝謝各位參加今天的電話會議。如有任何疑問，請聯絡貝爾登的投資者關係團隊。我們的信箱是 investor.relations@belden.com。非常感謝。

Thank you, ladies and gentlemen. This concludes our call for today. You may now disconnect from the call, and thank you for participating.

謝謝各位女士、先生。今天的通話到此結束。現在您可以掛斷電話了，感謝您的參與。