博格華納 (BWA) 2025 Q4 法說會逐字稿

Good morning. My name is Michael and I will be your conference specialist. At this time, I would like to welcome everyone to the BorgWarner 2025 fourth-quarter and full-year results conference call. (Operator Instructions)

早安.我叫邁克爾，我將擔任您的會議專員。在此，我謹代表博格華納歡迎各位參加2025年第四季及全年業績電話會議。（操作說明）

I would now like to turn the call over to Patrick Nolan, Vice President of Investor Relations. Mr. Nolan, you may begin your conference.

現在我將把電話交給投資者關係副總裁派崔克諾蘭。諾蘭先生，您可以開始您的會議了。

Thank you, Michael. Good morning, everyone, and thank you for joining us today. We issued our earnings release earlier this morning. It's posted on our website, borgwarner.com, both on our home page and our Investor Relations home page. With regard to our upcoming Investor Relations calendar, we will be attending multiple investor conferences now in our next earnings release. Please see the Events section of our IR page for a full list.

謝謝你，麥可。各位早安，感謝大家今天收看我們的節目。我們今天早上早些時候發布了盈利報告。這些資訊已發佈在我們的網站 borgwarner.com 上，包括首頁和投資者關係首頁。關於我們即將舉行的投資者關係活動安排，我們將在發布下一份財報前參加多場投資者會議。請查看我們投資者關係頁面的「活動」部分，以了解完整清單。

Before we begin, I need to inform you that during this call, we may make forward-looking statements, which involve risks and uncertainties as detailed in our 10-K. Our actual results may differ significantly from the matters discussed today. During today's presentation, we'll highlight certain non-GAAP measures in order to provide a clearer picture of how the core business performed and for comparison purposes with prior periods.

在開始之前，我需要告知各位，在本次電話會議中，我們可能會發表一些前瞻性聲明，這些聲明涉及風險和不確定性，詳情請參閱我們的 10-K 表格。我們的實際結果可能與今天討論的內容有很大不同。在今天的演示中，我們將重點介紹一些非GAAP指標，以便更清楚地了解核心業務的業績，並與以前的時期進行比較。

When you hear us say on a comparable basis, that means excluding the impact of FX, net M&A, and other non-comparable items. When you hear us say adjusted, that means excluding non-comparable items. When you hear us say organic, that means excluding the impact of FX and any net M&A.

當我們說「以可比較基礎」時，這意味著排除外匯影響、淨併購和其他不可比較項目的影響。當我們說「調整後」時，這意味著排除了不可比較項目。當我們說有機成長時，這意味著不包括外匯影響和任何淨併購活動的影響。

We will also refer to our incremental margin performance. Our incremental margin is defined as the organic change in our adjusted operating income divided by the organic change in our sales. We will also refer to our growth versus our market. When you hear us say market, that means the change in light vehicle production weighted for our geographic exposure.

我們也會提及我們的增量利潤表現。我們的增量利潤率定義為調整後營業收入的有機成長除以銷售額的有機成長。我們也會提及我們的成長與市場相比的情況。當我們說「市場」時，指的是根據我們的地理分佈加權的輕型汽車產量變化。

Please note that we have posted today's earnings call presentation to the IR page of our website. We encourage you to follow along with these slides during our discussion. With that, I'm happy to turn the call over to Joe.

請注意，我們已將今天的財報電話會議簡報發佈到我們網站的投資者關係頁面上。我們建議您在討論過程中對照這些投影片進行操作。這樣，我就很樂意把電話交給喬了。

Thank you, Pat, and good morning, everyone. We are pleased to share our results for 2025 and provide a company update, starting on slide 5. I wish to begin by thanking our employees, our customers, and our suppliers for all of their trust and efforts during the past year and for their continued support.

謝謝你，帕特，大家早安。我們很高興與大家分享我們 2025 年的業績，並提供公司最新動態，從第 5 頁開始。首先，我要感謝我們的員工、客戶和供應商在過去一年的信任和努力，以及他們一直以來的支持。

In 2025, we delivered approximately $14.3 billion in net sales, which was up approximately $200 million year over year. This increase was supported by a 23% increase in our light vehicle eProduct sales, which demonstrated the strong demand for our hybrid and BEV products.

2025 年，我們的淨銷售額約為 143 億美元，比上年增長約 2 億美元。這一增長得益於我們輕型車輛電動車產品銷售額增長了 23%，這表明市場對我們的混合動力和純電動車產品有著強勁的需求。

Despite challenges in our battery business, we delivered modest organic growth. Excluding the decline in our Battery and Charging Systems segment, our organic sales were up approximately 1.6% year over year, led by outgrowth across both our foundational and light vehicle key product portfolios.

儘管電池業務面臨挑戰，但我們仍實現了適度的內生成長。剔除電池和充電系統業務的下滑，我們的有機銷售額年增約 1.6%，這主要得益於基礎產品和輕型車輛關鍵產品組合的超額成長。

Despite modest sales growth, we significantly improved our overall financial profile by increasing the earnings power of BorgWarner. We expanded our adjusted operating margin by 60 basis points despite a 20 basis points net tariff headwind. We achieved 14% EPS growth year over year and generated more than $1.2 billion in free cash flow.

儘管銷售額成長不大，但我們透過提高博格華納的獲利能力，顯著改善了整體財務狀況。儘管淨關稅面臨 20 個基點的不利影響，但我們的調整後營業利潤率仍提高了 60 個基點。我們實現了 14% 的每股收益同比增長，並產生了超過 12 億美元的自由現金流。

Additionally, we returned over 50% of our free cash flow to shareholders through a balanced capital allocation approach. In my view, our 2025 financial performance was outstanding and positions us for continued momentum into 2026.

此外，我們透過均衡的資本配置方式，將超過 50% 的自由現金流返還給了股東。在我看來，我們 2025 年的財務表現非常出色，這為我們在 2026 年繼續保持成長勢頭奠定了基礎。

Looking to the drivers of our future performance, we finished the year by securing our record number of new product awards across our foundational and eProduct portfolios. All of our business units contributed to our record wins, and I expect a robust pipeline of further opportunity at 2026 and beyond.

著眼於未來業績的驅動因素，我們以創紀錄的新產品獎項數量結束了這一年，這些獎項涵蓋了我們的基礎產品和電子產品組合。我們所有業務部門都為我們所取得的創紀錄的成功做出了貢獻，我預計在 2026 年及以後會有更多強勁的發展機會。

Additionally, I am truly excited to share with you a new product that will serve as a power generation solution for the data center market and other microgrid applications. As many of you know, the demand for on-site power generation is growing significantly. We believe this product could open up an additional avenue of significant profitable growth outside of our core automotive markets. I will provide more detail on this exciting news in a few minutes.

此外，我非常高興地向大家介紹一款新產品，它將作為資料中心市場和其他微電網應用的發電解決方案。正如你們許多人所知，現場發電的需求正在顯著增長。我們相信這款產品可以在我們核心汽車市場之外開闢一條新的、利潤豐厚的成長途徑。稍後我將詳細介紹這個令人振奮的消息。

Looking back on our 2025 performance, I'm very proud of our team and our results. As Craig will detail, we believe we remain well positioned to continue to expand margins, grow adjusted EPS, and generate strong free cash flow in 2026. We expect to do this while also investing in our business to support our focus on long-term profitable growth.

回顧我們2025年的表現，我為我們的團隊和所取得的成績感到非常自豪。正如克雷格將詳細闡述的那樣，我們相信我們仍然處於有利地位，能夠在 2026 年繼續擴大利潤率、提高調整後每股收益並產生強勁的自由現金流。我們計劃在實現這一目標的同時，加大對業務的投資，以支持我們專注於長期獲利成長的策略。

Now, let's look at some new light vehicle product awards on slide 6. First, BorgWarner has secured a conquest award with a major European OEM and to supply of variable turbine geometry turbocharger for one of their hybrid electric vehicle platforms. This business win positions BorgWarner as part of the supply base that will power this OEM's first hybrid electric offering in North America. We are proud to extend our long-lasting relationship with this OEM.

現在，讓我們來看看第 6 張投影片上的一些新的輕型車輛產品獎項。首先，博格華納已與一家歐洲大型汽車製造商簽訂了合同，為其混合動力電動車平台之一供應可變幾何渦輪增壓器。這項業務的成功使博格華納成為這家 OEM 廠商在北美推出的首款混合動力電動車的供應商之一。我們很榮幸能夠延續與這家原始設備製造商的長期合作關係。

Next, BorgWarner has secured a contract with a major North American OEM to provide an 800-volt secondary IBM and a generator module incorporating a dual inverter. These products will be integrated into a series of the automakers range-extended electric vehicle trucks and large frame SUV models. I believe this award showcases our product breadth in the electrified propulsion space.

接下來，博格華納與北美一家大型 OEM 廠商簽訂了一份合同，為其提供 800 伏特二次 IBM 和包含雙逆變器的發電機模組。這些產品將整合到該汽車製造商的一系列增程型電動車卡車和大型SUV車型中。我認為這個獎項展現了我們在電動推進領域的豐富產品線。

Next, BorgWarner has secured an award with a premium European OEM, the supply in iDM supporting a hybrid range-extended powertrain architecture. The iDM features BorgWarner's innovative single motor and integrated drive module by enabling a single electric motor to perform both power generation and driving functions within a very compact package. The solution provides greater flexibility in vehicle platform design, system integration and performance optimization.

接下來，博格華納與一家歐洲高端OEM廠商簽訂了合同，為其提供iDM支援混合動力增程動力總成架構。iDM 採用博格華納創新的單馬達和整合驅動模組，使單一馬達能夠在非常緊湊的封裝內執行發電和驅動功能。該解決方案在車輛平台設計、系統整合和性能優化方面提供了更大的靈活性。

Next, BorgWarner's battery management system has been selected for an expanded program with a global OEM. The system will support additional B-segment and C-segment passenger cars, as well as light commercial vehicles for battery electric and plug-in hybrid electric vehicle applications.

接下來，博格華納的電池管理系統被選中與一家全球原始設備製造商進行擴展計劃。該系統將支援更多 B 級和 C 級乘用車，以及適用於純電動和插電式混合動力電動車的輕型商用車。

Finally, BorgWarner has secured a new electric cross differential program with a leading Chinese OEM. This eXD solution is designed for a 48-volt system and is integrated with the customer's electrical and electronic architecture. This program represents BorgWarner's first 48-volt eXD application and expands the company's torque management capabilities for electrified vehicles.

最後，博格華納與一家中國領先的汽車製造商達成了一項新的電動交叉差速器計畫。此 eXD 解決方案專為 48 伏特系統設計，並與客戶的電氣和電子架構整合。該項目代表了博格華納的首個 48 伏特 eXD 應用，並擴展了該公司在電動車扭矩管理方面的能力。

Next, on slide 7, I'm extremely excited to share the details of a new product for the data center market and other microgrid applications. BorgWarner has signed a master supply agreement with TurboCell, which is a subsidiary of Data Center Infrastructure developer, Endeavour. Under this agreement, BorgWarner will supply a highly modular turbine generator system. This exciting new technology leverages many of BorgWarner's core competencies including our world-class turbocharging, thermal management, power electronics, advanced software controls, and high-speed rotating electric capabilities. It also leverages our deep manufacturing footprint.

接下來，在第 7 張投影片中，我非常興奮地與大家分享一款針對資料中心市場和其他微電網應用的新產品的詳細資訊。博格華納與TurboCell簽署了一項主供貨協議，TurboCell是資料中心基礎設施開發商Endeavour的子公司。根據該協議，博格華納將提供高度模組化的渦輪發電機系統。這項令人興奮的新技術利用了博格華納的許多核心競爭力，包括我們世界一流的渦輪增壓、熱管理、電力電子、先進的軟體控制和高速旋轉電力技術。它也充分利用了我們深厚的製造實力。

As many of you know, the power generation market is expected to grow significantly over the next decade. We expect roughly a mid-teens annual growth in demand for on-site power generation through 2035. This is where we expect our turbine generator system to be a transformative solution for the data center market as we believe our product addresses the growing demand for alternatives to traditional on-site power generation.

正如許多人所知，預計未來十年發電市場將大幅成長。我們預計到 2035 年，現場發電需求將以每年十幾個百分點的速度成長。我們期望我們的渦輪發電機系統能夠為資料中心市場帶來變革性的解決方案，因為我們相信我們的產品能夠滿足日益增長的對傳統現場發電替代方案的需求。

Within the US, we expect our turbine generator system to help support the acceleration of the power and energy solutions needed to strengthen our grid. For those of you unfamiliar with Endeavour, let me provide some background. Endeavour provides turnkey facility solutions to data center and microgrid customers. The company has 25 years of experience in the data center market and operates multiple facilities, both in the United States and Europe. BorgWarner has worked with Endeavour and their TurboCell subsidiary for more than three years to bring this turbine generator system to market.

在美國，我們期望我們的渦輪發電機系統能夠幫助加速推進加強電網所需的電力和能源解決方案。如果您還不熟悉「奮進號」戰機，讓我來介紹一下背景。Endeavour 為資料中心和微電網客戶提供交鑰匙設施解決方案。該公司在資料中心市場擁有 25 年的經驗，並在美國和歐洲經營多個設施。博格華納與 Endeavour 及其子公司 TurboCell 合作超過三年，共同將這款渦輪發電機系統推向市場。

Throughout this time, we found them to be a thoughtful partner that supports our vision of a clean, energy-efficient world. I look forward to all we can accomplish together as we bring an innovative, lower emissions power generation platform to the data center market. From a financial perspective, we expect production of the turbine generator system to begin to ramp up in 2027 and with sales expected to be more than $300 million during the first year of production.

在此期間，我們發現他們是體貼周到的合作夥伴，支持我們打造一個清潔、節能世界的願景。我期待我們共同努力，為資料中心市場帶來創新、低排放的發電平台，並取得豐碩成果。從財務角度來看，我們預計渦輪發電機系統的產量將在 2027 年開始逐步提高，預計投產第一年的銷售額將超過 3 億美元。

Now, let's turn to slide 8 and discuss some of the advantages of the turbine generator system compared to existing power generation solutions. As you can see by the image on the left side of the slide, the turbine generator system leverages many of our foundational and eProduct capabilities. And we believe the breadth of our capabilities is the competitive advantage that will be difficult to replicate. We believe the turbine generator system offers unmatched adaptability for diverse applications, including backup and primary power, advanced controls and quick transient response to manage power and grid peaks.

現在，讓我們翻到第 8 張投影片，討論一下與現有發電解決方案相比，渦輪發電機系統有哪些優勢。從投影片左側的圖片可以看出，渦輪發電機系統利用了我們許多基礎技術和電子產品功能。我們相信，我們廣泛的能力是我們難以複製的競爭優勢。我們相信，渦輪發電機系統具有無與倫比的適應性，可用於各種應用，包括備用電源和主電源、先進的控制和快速瞬態響應，以管理電力和電網峰值。

Based on our analysis, we also believe the turbine generator system provides a lower emission solution relative to other options. Importantly, it also allows for flexible fuel types, including natural gas, propane, diesel, and hydrogen, giving additional options to the end user.

根據我們的分析，我們也認為與其他方案相比，渦輪發電機系統能夠提供更低排放的解決方案。重要的是，它還支援多種燃料類型，包括天然氣、丙烷、柴油和氫氣，為最終用戶提供更多選擇。

BorgWarner expects to leverage our robust automotive supply base and world-class manufacturing capabilities to maximize vertical integration allowing us to control approximately 65% of the contact. I am excited to update you throughout the year as we move closer to the start of production in 2027.

博格華納希望利用我們強大的汽車供應鏈基礎和世界一流的製造能力，最大限度地實現垂直整合，從而控制約 65% 的供應鏈。隨著我們越來越接近 2027 年的生產啟動，我很高興能在今年內向大家報告最新進展。

I believe the development of the turbine generator system and securing the TurboCell supply agreement is a powerful representation of the BorgWarner team proactively identifying and seizing opportunities that fit our growth criteria, and I anticipate future opportunities for other industrial applications for BorgWarner products over time. Congratulations to our entire BorgWarner team.

我認為，渦輪發電機系統的開發和TurboCell供應協議的達成，有力地體現了博格華納團隊積極主動地識別和抓住符合我們成長標準的機會，我預計隨著時間的推移，博格華納的產品將在其他工業應用領域獲得未來的機會。恭喜博格華納全體團隊成員。

To summarize, the takeaways from today are the following: BorgWarner ended 2025 with strong results. We delivered $14.3 billion in net sales, a 10.7% adjusted operating margin, which was up 60 basis points compared to 2024. We also grew our full-year free cash flow to $1.2 billion, an increase of approximately 66% compared to last year. We secured a record level of new business by leveraging growth across our foundational and eProduct offerings, which we believe demonstrate our focus on product leadership.

綜上所述，今天的主要結論如下：博格華納在 2025 年取得了強勁的業績。我們實現了 143 億美元的淨銷售額，調整後的營業利潤率為 10.7%，比 2024 年提高了 60 個基點。我們的全年自由現金流也成長至 12 億美元，比去年成長了約 66%。我們透過利用基礎產品和電子商務產品的成長，獲得了創紀錄的新業務量，我們相信這反映了我們對產品領先地位的重視。

And we announced the signing of a master supply agreement with TurboCell for our turbine generator system, which expands our product reach into new and growing data center and other microgrid markets. We expect this transformational and innovative system will further support our focus on long-term profitable growth by addressing the growing need for a superior power generation solution.

我們宣布與 TurboCell 簽署了渦輪發電機系統的主供應協議，這將使我們的產品覆蓋範圍擴展到新興和不斷增長的資料中心和其他微電網市場。我們期望這項變革性和創新性的系統能夠滿足日益增長的對卓越發電解決方案的需求，從而進一步支持我們專注於長期獲利成長。

As I reflect on my first 12 months as CEO, I'm so proud of our continued progress on three key factors I believe will drive long-term shareholder value. First, we delivered strong financial performance, as evidenced by our 2025 results. Additionally, we expect another year of further operating margin improvement and EPS growth in 2026 despite decline in markets and lower battery sales.

回顧我擔任執行長的頭 12 個月，我為我們在三個關鍵因素上取得的持續進展感到非常自豪，我相信這三個因素將推動股東的長期價值。首先，我們取得了強勁的財務業績，這可以從我們 2025 年的業績中得到證明。此外，儘管市場下滑和電池銷量下降，我們預計 2026 年營業利潤率和每股收益將進一步提高。

Second, we secured record new business wins across our foundational and eProduct portfolios, which we expect will support our ability to deliver long-term profitable growth. The 30 awards that we have announced over the past 4 quarters give me great confidence in our strategy. Our business units are embracing the challenge to find additional growth opportunities through new product developments like our turbine generator system and our EXT solution. And in 2026, we expect to launch new products like our innovative battery cooling plates.

其次，我們在基礎產品和電子產品組合中取得了創紀錄的新業務成長，我們預計這將有助於我們實現長期獲利成長。過去四個季度我們宣布的 30 個獎項讓我對我們的策略充滿信心。我們的業務部門正積極迎接挑戰，透過開發新產品（如我們的渦輪發電機系統和 EXT 解決方案）來尋找更多的成長機會。預計到 2026 年，我們將推出新產品，例如我們創新的電池冷卻板。

And third, we remain focused on delivering incremental shareholder value through our free cash flow generation. As Craig will highlight, we returned over 50% of our free cash flow to shareholders over the course of 2025 and we continue to prudently explore accretive inorganic opportunities to grow our capabilities. By continuing to focus on these priorities in 2026 and beyond, I believe we are well positioned to continue growing the earnings power of BorgWarner, which we believe will drive long-term value for our shareholders for years to come.

第三，我們將繼續專注於透過自由現金流的產生來提升股東價值。正如克雷格將要強調的那樣，我們在 2025 年將超過 50% 的自由現金流返還給了股東，我們將繼續謹慎地探索增值型非有機成長機會，以增強我們的能力。我相信，透過繼續專注於這些優先事項，我們將在 2026 年及以後繼續保持領先地位，從而更好地提升博格華納的盈利能力，我們相信這將為我們的股東在未來幾年創造長期價值。

With that, I will turn the call over to Craig.

接下來，我將把電話交給克雷格。

Thank you, Joe, and good morning, everyone. Let's jump into our fourth-quarter financials by turning to slide 9 for a look at our year-over-year sales. Last year's Q4 sales were just over $3.4 billion. You can see that stronger foreign currencies drove a year-over-year increase in sales of $104 million. Then, you can see a modest increase in our organic sales, which was primarily driven by turbocharger outgrowth and customer recoveries in North America, partially offset by foundational production headwinds in Europe and China. The sum of all this was just under $3.6 billion of sales in Q4.

謝謝你，喬，大家早安。讓我們翻到第 9 張投影片，看看我們第四季的財務狀況，以及與去年同期相比的銷售額。去年第四季的銷售額略高於34億美元。可以看出，外幣走強推動銷售額年增 1.04 億美元。然後，您可以看到我們的有機銷售額略有成長，這主要得益於北美渦輪增壓器業務的成長和客戶需求的恢復，但部分被歐洲和中國的基礎性生產逆風所抵消。所有這些加起來，第四季的銷售額略低於 36 億美元。

Turning to slide 10, you can see our earnings and cash flow performance for the quarter. Our fourth-quarter adjusted operating income was $427 million, equating to a strong 12.0% adjusted operating margin. That compares to adjusted operating income from continuing operations of $352 million or a 10.2% adjusted operating margin from a year ago.

請翻到第 10 張投影片，您可以看到我們本季的收益和現金流表現。我們第四季調整後的營業收入為 4.27 億美元，調整後的營業利益率高達 12.0%。相較之下，去年同期持續經營業務的調整後營業收入為 3.52 億美元，調整後營業利益率為 10.2%。

On a comparable basis, adjusted operating income increased $67 million on $29 million of higher sales. This performance benefited from more than 100 basis points in customer recoveries, primarily for a North American new product program that has seen significant volume shortfalls, as well as $11 million of positive net tariff recoveries.

以可比口徑計算，調整後的營業收入增加了 6,700 萬美元，銷售額增加了 2,900 萬美元。這項業績得益於客戶回收率超過 100 個基點，主要得益於北美新產品計劃銷量大幅下滑，以及 1,100 萬美元的淨關稅回收。

Our adjusted EPS from continuing operations was up $0.34 compared to a year ago as a result of higher adjusted operating income and the impact of over $500 million in share repurchases during 2025. And finally, free cash flow from continuing operations was a generation of $470 million, which drove our full-year 2025 free cash flow to over $1.2 billion or a 66% increase from 2024.

由於調整後的營業收入增加以及2025年超過5億美元的股票回購的影響，我們持續經營業務的調整後每股收益比上年同期增長了0.34美元。最後，持續經營產生的自由現金流為 4.7 億美元，這使得我們 2025 年全年自由現金流超過 12 億美元，比 2024 年成長了 66%。

Now, let's take a look at our 2026 full-year outlook. On slide 11, we are projecting total 2026 sales in the range of $14.0 billion to $14.3 billion compared to $14.3 billion in 2025. Starting with foreign currencies, our guidance assumes an expected full-year sales benefit of $200 million compared to 2025 due to the strengthening of the euro and the renminbi versus the US dollar.

現在，讓我們來看看我們對 2026 年全年的展望。在第 11 張投影片中，我們預測 2026 年的總銷售額將在 140 億美元至 143 億美元之間，而 2025 年為 143 億美元。先從外匯方面來看，由於歐元和人民幣對美元走強，我們的預期全年銷售額將比 2025 年增加 2 億美元。

We expect our weighted end markets to be flat to down 3% for the year. We expect our light vehicle business, which comprises over 80% of our sales to perform broadly in line with our weighted light vehicle market. However, we expect a sales decline in our battery business due to the lack of North American incentives and weaker European demand.

我們預計今年加權終端市場將持平或下降 3%。我們預計佔銷售額 80% 以上的輕型汽車業務將與加權輕型汽車市場整體表現基本一致。然而，由於北美缺乏激勵措施以及歐洲需求疲軟，我們預期電池業務的銷售將會下滑。

This decline represents a 150 basis point headwind to our year-over-year sales growth. Based on these assumptions, we expect our 2026 organic sales change to be down 3.5% to down 1.5% year over year, which is roughly in line with our market, excluding the decline in battery sales.

這一下滑對我們的年比銷售成長構成了 150 個基點的不利影響。基於這些假設，我們預期 2026 年有機銷售額將年減 3.5% 至 1.5%，這與我們的市場大致一致，不包括電池銷售額的下降。

Now, let's switch to March. We expect our full-year adjusted operating margin to be in the range of 10.7% to 10.9% compared to our 2025 adjusted operating margin of 10.7%. On a year-over-year basis, we expect the exit of our charging business to drive a 10 basis point improvement in adjusted operating margin. Excluding this benefit, the low end of our margin outlook contemplates the business delivering a full year decremental conversion in the low double digits.

現在，讓我們切換到三月。我們預計全年調整後營業利益率將在 10.7% 至 10.9% 之間，而 2025 年調整後營業利潤率為 10.7%。與去年同期相比，我們預計退出充電業務將使調整後的營業利潤率提高 10 個基點。排除這項收益，我們對利潤率預期的下限是，該業務全年利潤率將出現兩位數的下降。

On the high end of our outlook assumes we largely offset the impact of the organic sales decline through further cost controls. We view this as strong underlying performance building off of 2025 that well exceeded expectations. Based on this sales and margin outlook, we're expecting full year adjusted EPS in the range of $5 to $5.20 per diluted share or approximately a 4% increase versus 2025 at the midpoint of our reach.

我們樂觀預期的高端假設是，我們將透過進一步的成本控制，基本上抵消有機銷售額下降的影響。我們認為這是在2025年的基礎上取得的強勁基礎性表現，而2025年的表現已經遠遠超出了預期。根據這項銷售和利潤率預期，我們預計全年調整後每股收益將在 5 美元至 5.20 美元之間，或比我們預期目標中點 2025 年增長約 4%。

This once again demonstrates our focus on consistently driving earnings expansion despite lower industry production and battery sale declines. We expect full year free cash flow to be in the range of $900 million to $1.1 billion with the 2026 midpoint being a decline versus 2025 strong results, mainly due to an expected increase in capital spending as we support our upcoming turbine generator system launch and other light vehicle launches around the globe. We expect these investments to accelerate our top line growth in 2027 and beyond. With that, that's our 2026 outlook.

這再次表明，儘管產業產量下降、電池銷量下滑，我們仍致力於持續推動獲利成長。我們預計全年自由現金流將在 9 億美元至 11 億美元之間，2026 年的中位數將低於 2025 年的強勁業績，這主要是由於預計資本支出將增加，以支持我們即將推出的渦輪發電機系統以及在全球範圍內推出的其他輕型車輛。我們預計這些投資將加速我們2027年及以後的營收成長。以上就是我們對2026年的展望。

Now, let's turn to slide 12 and review our share repurchase progress. First, we successfully repurchased $400 million of BorgWarner stock during the second half of 2025. This was ahead of our October guidance, supported by our stronger-than-expected free cash flow during the fourth quarter. Combined with our second quarter repurchases and common stock dividends, we returned approximately $630 million to shareholders in 2025, which was approximately 52% of our free cash flow during the year. This demonstrates our focus on a balanced, disciplined and consistent return of cash to our shareholders, which we expect to continue in 2026 and beyond.

現在，讓我們翻到第 12 張投影片，回顧一下我們的股票回購進度。首先，我們在 2025 年下半年成功回購了價值 4 億美元的博格華納股票。這比我們 10 月的預期要好，這得益於我們第四季強於預期的自由現金流。加上我們第二季的股票回購和普通股股息，我們在 2025 年向股東返還了約 6.3 億美元，約占我們當年自由現金流的 52%。這表明我們致力於以平衡、自律和持續的方式向股東返還現金，我們預計這一目標將在 2026 年及以後繼續保持。

I would also highlight that we have repurchased over 31 million BorgWarner shares since 2021 or a 13% reduction in our outstanding shares over that period. This represents a $1.3 billion return of cash to our shareholders over the past four years and shows our confidence in the strong and sustainable cash flow that we believe we'll generate for years to come.

我還要強調，自 2021 年以來，我們已經回購了超過 3,100 萬股博格華納股票，相當於在此期間我們流通股減少了 13%。這代表著過去四年我們向股東返還了 13 億美元的現金，也顯示了我們對未來幾年將產生的強勁且可持續的現金流的信心。

As we look forward, we are pleased that we have $600 million of remaining availability under our current share repurchase authorization to support additional shareholder value creation. We continue to see a consistent and disciplined cash return to shareholders as an important component of our balanced capital allocation approach.

展望未來，我們很高興在目前的股票回購授權下，我們還有 6 億美元的剩餘資金可用於支持創造更多股東價值。我們始終認為，持續、有紀律地向股東返還現金是我們均衡資本配置方法的重要組成部分。

So let me summarize my financial remarks. Overall, we delivered strong 2025 results. Sales were up modestly supported by a 23% growth in our light vehicle eProduct sales. We delivered a very strong 10.7% adjusted operating margin, which was 60 basis points higher than 2024. And importantly, we saw operating margin expansion across all business units and appropriately reduced corporate overhead.

那麼，讓我總結一下我的財務方面發言。整體而言，我們取得了2025年強勁的業績。銷售額小幅成長，主要得益於輕型汽車電子產品銷售額成長了 23%。我們實現了非常強勁的 10.7% 的調整後營業利潤率，比 2024 年高出 60 個基點。更重要的是，我們看到所有業務部門的營業利潤率均有所提高，公司管理費用也隨之降低。

2025 adjusted earnings per diluted share increased 14% year-over-year, supported by our focus on margin expansion and returning cash to shareholders through share repurchases. And finally, we generated over $1.2 billion in free cash flow or a 66% increase year-over-year and approximately $630 million of this cash was returned to shareholders through share repurchases and dividends.

2025 年調整後每股攤薄收益年增 14%，這得益於我們專注於擴大利潤率並透過股票回購向股東返還現金。最後，我們產生了超過 12 億美元的自由現金流，年增 66%，其中約 6.3 億美元透過股票回購和分紅返還給了股東。

Now, as we look ahead to 2026, our outlook aligns with our focus on expanding the earnings power of the company. At the midpoint of our guidance, we expect another year of adjusted operating margin expansion and adjusted earnings per share growth despite our expectations that market volumes and battery sales will decline in 2026.

現在，展望 2026 年，我們的展望與我們專注於擴大公司獲利能力的目標一致。按照我們預測的中點，儘管我們預計 2026 年市場銷售和電池銷售額將下降，但我們預計調整後的營業利潤率和調整後的每股收益仍將連續第二年增長。

Second, we continue to make important product investments that leverage the many mechanical and power electronics or competencies that BorgWarner has developed over decades of product leadership. These core competencies will help us continue to secure new business awards throughout 2026 and beyond. Today's turbine generator system announcement is a great example of finding new avenues of sales growth that provide a strong return on invested capital.

其次，我們持續進行重要的產品投資，利用博格華納在數十年的產品領先地位中累積的眾多機械和電力電子技術能力。這些核心競爭力將有助於我們在 2026 年及以後繼續獲得新的業務訂單。今天發布的渦輪發電機系統就是一個很好的例子，它展示瞭如何找到新的銷售成長途徑，從而獲得強勁的投資回報。

And finally, with another year of anticipated strong free cash flow of $1 billion at the midpoint of our guidance, we expect to have additional opportunities to create value for shareholders as we prudently evaluate inorganic accretive opportunities that grow BorgWarner's earning power and execute a balanced capital allocation approach that reward shareholders.

最後，我們預計下一年自由現金流將強勁增長至 10 億美元（按我們預期中位數計算），我們將謹慎評估能夠提升博格華納盈利能力的非內生性增值機會，並執行平衡的資本配置方法，從而為股東創造更多價值。

As I look back on our 2025 results and our 2026 outlook, I'm extremely proud of the BorgWarner team around the globe and their ability to deliver strong financial results in an uncertain light vehicle production environment. We believe we have a red technology-focused portfolio, financial discipline and global team to continue to drive the long-term earnings power of the company. We're excited about 2026, and we look forward to executing another strong year.

回顧我們 2025 年的業績和 2026 年的展望，我為博格華納全球團隊感到無比自豪，他們能夠在充滿不確定性的輕型汽車生產環境中取得強勁的財務業績。我們相信，我們擁有以科技為核心的紅色投資組合、嚴謹的財務紀律和全球化的團隊，能夠持續推動公司長期獲利能力的提升。我們對2026年充滿期待，並期待再創佳績。

With that, I'd like to turn the call back over to Pat.

那麼，我想把電話交還給帕特。

Thank you, Craig. Michael, I'll open it up for questions.

謝謝你，克雷格。邁克爾，我來開放提問環節。

(Operator Instructions) Colin Langan, Wells Fargo.

（操作員說明）科林·蘭根，富國銀行。

Oh, great. Thanks for taking my questions and congrats on a good quarter. Can we dig in a little bit more to the data center opportunity? Obviously, you gave a lot of color, but how should we think about the margins of that business as it launches? Is the $300 million a target, or is that already booked with upside if you could put more business? And is there any CapEx that we should be worried about as you need to invest to develop this business?

哦，太好了。感謝您回答我的問題，並祝賀您本季業績出色。我們能否更深入探討一下資料中心的機會？顯然，你提供了很多細節，但是當這項業務啟動時，我們應該如何看待它的利潤率？3億美元是目標金額，還是已經預留了這部分金額，如果能拓展更多業務，還有上漲空間？鑑於貴公司需要投資發展這項業務，我們是否應該擔心任何資本支出的問題？

Sure, Colin. Thanks for the question. So we announced obviously the data center wins, $300 million in revenue as we look out to 2027. As you think about the margin profile, what you should assume is a mid-teens incremental conversion on that extra $300 million of sales, which is consistent with our automotive business. What you should think about from an EPS perspective, we believe it will be EPS accretive immediately, and we see a strong return on invested capital for that program.

當然可以，科林。謝謝你的提問。因此，我們宣布資料中心專案取得了顯著進展，預計到 2027 年將獲得 3 億美元的收入。在考慮利潤率時，你應該假設這額外 3 億美元的銷售額會帶來十幾個百分點的增量轉換率，這與我們的汽車業務一致。從每股收益的角度來看，我們認為這將立即提升每股收益，並且我們認為該計劃將帶來強勁的投資資本回報率。

From a CapEx perspective, you can see our CapEx guide is 4.5% of sales, which is up from 2025. And that's because we're investing in the 30-plus wins that we've announced publicly last year, as well as the turbine generator system that Joe spoke on in his script.

從資本支出角度來看，我們的資本支出指引為銷售額的 4.5%，高於 2025 年的預期。這是因為我們正在投資去年公開宣布的 30 多個中標項目，以及喬在他的演講稿中提到的渦輪發電機系統。

Got it. That makes sense. And then if we could just dig into the PowerDrive. You kind of commented in your commentary, you mentioned something about a recovery. I mean, I guess that would explain why sales -- the EBIT rose about 70 million on sales up 40%.

知道了。這很有道理。然後，如果我們能深入研究一下 PowerDrive 就好了。你在評論中也提到了這一點，你提到了復甦之類的事情。我的意思是，我想這可以解釋為什麼銷售額——息稅前利潤增長了約 7000 萬美元，銷售額增長了 40%。

Any way to frame the size of the recovery? Does that repeat into next year? Wouldn't that be a headwind if you had a one-off recovery this year? And how should we think about the sustainability of growth in the segment given the slowdown of EV?

有什麼方法可以描述復甦的規模嗎？這種情況會延續到明年嗎？如果今年出現一次性復甦，那不是對業績不利？鑑於電動車成長放緩，我們應該如何看待該細分市場成長的可持續性？

Sure. So in the quarter, we had about 100 basis points of benefit in the fourth quarter. But as you look at PowerDrive Systems, I would encourage you to look at the full year. Joe and I were really watching PowerDrive Systems this year. Not just from a growth perspective, where we saw substantial eProduct growth, 23%.

當然。因此，本季我們獲得了大約 100 個基點的收益。但是，在檢視 PowerDrive Systems 時，我建議您查看其全年業績。今年我和喬一直在關注PowerDrive Systems公司。不僅從成長的角度來看，我們看到了電子商務的顯著成長，達到了 23%。

eProduct growth in the light vehicle side, a lot of that in PDS. But also ensuring that we incremented that net growth in the mid-teens. And if you look at PDS results for the full year, that's exactly what you see.

輕型汽車領域的電子商務成長，其中很大一部分來自PDS（產品交付系統）。但同時也要確保淨成長率達到十幾個百分點。如果你查看 PDS 全年的結果，你會發現情況正是如此。

So we feel really good about the progression of that business throughout 2025. As we look at 2026, we continue to expect light vehicle eProducts growth in that low double digits, and we expect PowerDrive Systems to convert in the mid-teens off of that 2025 basis. That's how you should think about that business as we move into 2026.

因此，我們對該業務在 2025 年的發展前景感到非常樂觀。展望 2026 年，我們繼續預期輕型汽車電子產品將保持兩位數的低成長率，我們預計動力驅動系統將在 2025 年的基礎上實現兩位數的中段成長率。這就是我們邁入 2026 年時應該如何看待這項業務的方式。

Chris McNally, Evercore ISI.

Chris McNally，Evercore ISI。

Just a quick follow-up to Colin. So I mean, launching the turbine business out of 3T at auto-like margins, given the shared technology, I mean, it's obviously just fantastic. Can you give us a sense for that $300 million rev, I don't need a hard number, but like a couple of years past '27 is the opportunity because it's -- whether this is a triple or a home run, but it seems like there's a lot of runway here.

簡單跟進科林的問題。所以我的意思是，考慮到共享技術，從 3T 公司以類似汽車行業的利潤率推出渦輪機業務，這顯然是非常棒的。你能大概說說3億美元的營收情況嗎？我不需要確切的數字，但感覺2027年後的幾年是個機會，因為——不管這是三壘安打還是全壘打，但看起來這裡還有很大的發展空間。

I think the way to think about that business, we announced today $300 million in the start of production year. So this program, like many others, has a ramp-up phase to it. When we look more broadly at this market, the data center market is growing in the mid-teens per year for the next 10 years is what most people believe.

我認為看待這項業務的方式是，我們今天宣佈在生產年度開始時投入 3 億美元。所以，這個計畫和許多其他計畫一樣，都有一個啟動階段。從更廣闊的視角來看，大多數人認為未來 10 年資料中心市場將以每年 15% 的速度成長。

We think it's applicable to over 90% of the data center market globally. And it's a product that is really differentiating us versus some of our competitors. To give you some color on the technology, it incorporates a very fast transient response to support the load imbalances that happen quickly in data centers. We have a very integrated approach to the system, one of the slides in the deck, page 8 highlights really all the BorgWarner content that's helping us bring this to market. So from my perspective, this is exactly what we asked our business units to do, and that is drive top-line growth, increment in the mid-teens, and we feel very optimistic about this new entry into the industrial market.

我們認為它適用於全球超過 90% 的資料中心市場。這款產品確實使我們與一些競爭對手區分開來。為了讓您對這項技術有所了解，它採用了非常快速的瞬態響應，以應對資料中心中快速發生的負載不平衡。我們對該系統採取了非常全面的方法，簡報中的一張投影片（第 8 頁）重點介紹了所有博格華納的內容，這些內容正在幫助我們將該產品推向市場。所以從我的角度來看，這正是我們要求各業務部門去做的事情，那就是推動營收成長，實現兩位數以上的成長，我們對進軍工業市場感到非常樂觀。

That's great detail. I'll definitely follow up offline. And then just the second one, going back to the auto side, so growth over market, minus 1, you talked about the battery drag, right, which is a multiyear -- unclear when we hit sort of bottom there.

細節很到位。我一定會在線下跟進。然後，就第二個問題而言，回到汽車方面，即市場增長減 1，你提到了電池拖累，對吧，這是一個多年問題——目前還不清楚我們何時才能觸底。

But I think you said that's 150 basis points if you ex that out, you're still only really growing 50 basis points on the other three divisions, whether it's basically good secular tailwind in both ICE and hybrid, so can you just an order of magnitude when we may see those get back to that sort of low single digit that we were doing sort of consistently. And what would get us back to that level? What is the market driver?

但我想你說過，如果扣除這部分，那就是 150 個基點，其他三個部門的實際增長仍然只有 50 個基點，無論內燃機和混合動力汽車領域基本上都存在良好的長期利好因素，那麼你能大概估計一下，我們什麼時候才能看到這些增長恢復到我們之前一直保持的個位數低位嗎？什麼才能讓我們重回那個水平？市場驅動因素是什麼？

Sure. As I look back first at the last couple of years, '24, '25, it's clear to me that our outgrowth was impacted by EV programs that we booked several years ago. And as we know, the volume of many of these programs, at least in the Western world has been lower than we expected. So what I can see now is that dynamic is going to continue into '26 and that's what we're living with at this point.

當然。回顧過去幾年，也就是 2024 年和 2025 年，很明顯，我們幾年前預訂的電動車專案對我們的發展產生了影響。我們知道，至少在西方世界，許多這類節目的播出量都低於我們的預期。所以我現在看到的是，這種趨勢將會持續到 2026 年，這就是我們目前所面臨的現實。

And I can also say I'm not satisfied with the outflows we've been seeing. So what I am pleased about, however, is all the booking strength in both the foundational and eProduct side, we've announced over the last 18 months or so. So I expect these bookings to support our midterm objective for our foundational eProduct businesses to outgrow their respective markets, and we'll start seeing that top line benefit in 2027 and further in 2028 and beyond.

我也可以表示，我對我們目前看到的資金流出量並不滿意。不過，令我感到欣慰的是，在過去 18 個月左右的時間裡，我們在基礎產品和電子商務方面都取得了顯著的預訂量成長。因此，我預計這些預訂將有助於我們實現中期目標，即我們的基礎性電子商務業務能夠超越各自的市場，我們將在 2027 年開始看到營收成長，並在 2028 年及以後進一步看到成長。

Joseph Spak, UBS.

約瑟夫‧斯帕克，瑞銀集團。

Thanks. It's helpful your slide that sort of shows the content you're getting on the PowerGen opportunity. And I know you have this comment, 65% of the content controlled by BorgWarner. I guess I just want to understand that a little bit more. And please correct me where I'm wrong because again, I'm sort of still getting familiar with the side of the business, but $300 million, 2 gigawatts, that's like $150 a kilowatt.

謝謝。你的幻燈片很有幫助，它大致展示了你將獲得的有關 PowerGen 機會的內容。我知道你也有這樣的評論：65% 的內容由博格華納控制。我想更深入地了解一下。如果我哪裡說錯了，請糾正我，因為我對這個行業的運作還不太熟悉，但是 3 億美元，2 吉瓦，那大約是每千瓦 150 美元。

I thought the rule of thumb on industrial scale PowerGen was something like $900 per call. So that's like 15% of the value. So where am I off there? Or what am I what am I missing for your content opportunity within this PowerGen opportunity?

我以為工業規模發電的經驗法則是每次呼叫大約 900 美元。所以這大概佔總價值的15%。那我接下來要去哪裡呢？或者，我是否錯過了您在 PowerGen 專案中提供內容的哪些機會？

Joe. So first of all, the $300 million does not relate directly to the 2 gigawatts. So $300 million, the way to think about it, that's our initial year of production. So we're not going to have a full year. It's going to be our ramp-up here. We have kicked off and will install the 2 gigawatts of capacity.

喬，首先，這3億美元與2吉瓦的裝置容量沒有直接關係。所以，3億美元，你可以這樣理解，那是我們第一年的生產預算。所以我們不可能有整整一年的時間。這將是我們逐步推進的階段。我們已啟動並將安裝 2 吉瓦的容量。

In addition to that, there is a backlog there that we expect to make some future decisions about additional investments. So our focus right now, though, is on the launch and making sure it's flawless, and we deliver that $300 million board during that initial year. But I wouldn't directly correlate those two figures. One is a capacity figure, which we're installing the other is the initial revenue from the start of production year.

除此之外，我們還有一些積壓項目需要處理，預計未來會就額外投資做出一些決定。所以，我們現在的重點是確保產品發布完美無瑕，並在第一年交付價值 3 億美元的電路板。但我不會直接將這兩個數字連結起來。一個是產能數據，我們正在安裝；另一個是生產年度開始時的初始收入。

Okay. Well, then maybe just a follow-up there, like what does it correlate to? Or put another way, like at capacity, what -- how do you sort of size the revenue opportunity?

好的。那麼，或許可以追問一下，它與什麼有關？換句話說，例如在產能達到極限時，你如何評估收入機會？

Yes. We'll size that as we get closer to 2027, what we're announcing today is what we see as the initial revenue during the launch phase and our teams are super focused on making sure that launch goes well. But we're really optimistic about this product and this market.

是的。隨著 2027 年的臨近，我們將對規模進行調整。今天我們宣布的是我們認為在發布階段的初始收入，我們的團隊正全力以赴確保發布順利進行。但我們對這款產品和這個市場都非常樂觀。

As we all know, the power generation market needs more innovative and alternative solutions. And we believe at the end of the day, this is just a better mousetrap than many of those that are out there. It has fuel flexibility, fast transient response. It's very flexible and modular. It can support the small micro grids, all the way up to serving multiple generative AI farms.

眾所周知，發電市場需要更多創新和替代性的解決方案。我們相信，歸根結底，這比市面上許多同類產品都要好得多。它具有燃料靈活性和快速瞬態響應能力。它非常靈活且模組化。它可以支援小型微電網，甚至可以為多個生成式人工智慧農場提供服務。

So from our view, we think we have a lot of room and runway in the market, and we expect we're going to capture our share of that.

因此，我們認為市場還有很大的發展空間和成長潛力，我們預期我們將佔據屬於我們的一份市場份額。

Okay. Maybe just on the core business, if we're -- how -- just broadly, I guess, how are you sort of thinking about Turbo's outlook over the coming years and the competitive dynamics, I guess, within that market.

好的。或許就核心業務而言，如果我們——如何——就總體而言，我想，您如何看待 Turbo 未來幾年的前景以及該市場內的競爭動態。

And I guess one of the reasons I ask and this question we get a lot from investors is you have companies like Stellantis in the US sort of coming back with the V8 and that sort of looks -- if you look what the V8 share of those -- on some of those vehicles used to be was quite high, and obviously, that was sort of replaced by V6 turbo. So it seems like there's some replacement going on. I know that's just one example, I don't mean to sort of overextrapolate, but I just -- at a high level, if you could sort of talk about what customers are doing on the turbo side.

我想，我提出這個問題的原因之一，也是我們經常從投資者那裡聽到的問題，是像美國的 Stellantis 這樣的公司正在重新推出 V8 發動機，而且如果你看看這些車輛中 V8 發動機的份額，就會發現它們曾經非常高，顯然，後來都被 V6 渦輪增壓發動機取代了。看來好像有人在進行人員更替。我知道這只是一個例子，我並不是想過度推斷，但我只是——從宏觀層面來說，如果您能談論客戶在渦輪增壓方面正在做的事情。

Sure. So we still see growth in the turbo business line. So just as a reminder, we're in the top two market leader in that product space. We love turbochargers we see penetration continues to increase. We also see the adoption of more complex, highly efficient turbines like the one that we announced today, the variable turbine turbocharger, which improves performance at the low end.

當然。因此，我們仍然看到渦輪增壓業務線的成長。再次提醒大家，我們在這個產品領域名列市場前兩名。我們喜歡渦輪增壓器，我們看到它的普及率持續成長。我們還看到，像我們今天發布的這種可變渦輪增壓器一樣，更複雜、更有效率的渦輪機得到了應用，它提高了低端性能。

And on top of that, being one of the market leaders, we expect to conquest business often from some of the weaker players. And we think that trend will continue, and that was one of our announcements today with the European OEM. So from our position, we're really leading from a position of strength in turbochargers. We see that there's going to be a few more generations of technology, and we're prepared to make that investment. So globally, we feel we're in a really great place with that business.

除此之外，作為市場領導者之一，我們期望經常能從一些實力較弱的競爭對手手中奪取業務。我們認為這種趨勢將會持續下去，這也是我們今天與歐洲原始設備製造商共同宣布的內容之一。因此，從我們的角度來看，我們在渦輪增壓器領域確實處於領先地位。我們看到未來還會有幾代技術革新，我們也做好了投資的準備。因此，從全球範圍來看，我們感覺我們在這個業務方面處於非常有利的地位。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Hi, everybody. I want to double click on the business -- the battery systems business. So you have revenue down 35% to 40% year over year. Just -- what's next for this business? I assume there's an additional restructuring effort in place or underway to address the declines. And yeah, yeah, curious how you're thinking about the loss rate relative to what we saw in 2025 with the business down as much as it is.

大家好。我想雙擊這家公司——電池系統公司。所以你們的收入比去年同期下降了35%到40%。那麼──這家公司下一步的發展方向是什麼？我推測，為了因應業績下滑，公司已經或正在進行額外的重組工作。是的，是的，我很好奇你如何看待目前的虧損率，以及考慮到業務下滑的程度，我們預計 2025 年的虧損率會是多少。

So we continue to see sales headwind in this business as we've talked about today. It's mainly due to the challenges in North America, but to a lesser degree, demand in Europe is also down. So we expect the decline in this business to be about 150 basis point headwind in our '26 growth. And in the near term, sales trends are a little bit difficult to predict.

正如我們今天所討論的，我們繼續看到該行業銷售面臨逆風。這主要是由於北美市場面臨的挑戰，但歐洲市場的需求也有所下降，只是程度較輕。因此，我們預計該業務的下滑將對我們 2026 年的成長造成約 150 個基點的不利影響。短期內，銷售趨勢很難預測。

But what I'm very pleased at are the tough decisions and the actions that our team has taken to really minimize the losses and adjust the cost structure in this business. What that does for us is it also poises us well for future growth. So near-term sales trends are difficult to predict. However, pleased with the actions we're taking, and I do feel still optimistic about this business. I believe we've got opportunities not only to continue as one of the market leaders in CV battery packs but also look outside of the commercial vehicle space for other opportunities for battery storage.

但我非常欣慰的是，我們的團隊已經做出了艱難的決定並採取了行動，真正最大限度地減少了損失，並調整了這項業務的成本結構。這對我們來說，也為我們未來的發展奠定了良好的基礎。因此，短期銷售趨勢很難預測。然而，我對我們正在採取的行動感到滿意，並且仍然對這項業務充滿信心。我相信我們不僅有機會繼續保持商用車電池組市場領導者的地位，而且還有機會在商用車領域之外尋找其他電池儲存機會。

Okay. Understood. And just -- I mean, I know you guys don't guide foundational growth versus product. But maybe could you just provide some thoughts on what's embedded in the 2026 outlook with respect to the e-Propulsion sales, that revenue stream? Yes, yes, that would be helpful.

好的。明白了。而且——我的意思是，我知道你們不會把重點放在基礎成長和產品上。但您能否就 2026 年電動推進系統銷售（即該收入來源）的展望提供一些看法？是的，那會很有幫助。

So when you look at the light vehicle to keep out from '25 to '26, we're expecting low double digits. That's the way to think about it. Obviously, we gave you the details on the battery business. So we see another year of growth primarily in Europe and China, and we expect to convert that growth on the light vehicle side in the mid-teens, that's what's implied in the guidance.

所以，從 2025 年到 2026 年，我們預計輕型車輛銷售將保持在兩位數的低點。就該這麼想。顯然，我們已經向您詳細介紹了電池業務。因此，我們預計今年的成長主要來自歐洲和中國，我們預計輕型汽車領域的成長將達到15%左右，這就是業績指引中所暗示的。

Dan Levy, Barclays.

丹·利維，巴克萊銀行。

I want to go back to a question that's been asked on past calls about your M&A strategy. And obviously, we see the stock today, and what's doing to your multiple. And I see some of the multiples of other companies that are levered to data centers.

我想回到之前電話會議中被問到的一個關於你們併購策略的問題。顯然，我們今天看到了這支股票，以及它對你的本益比的影響。我還看到一些其他公司也利用資料中心進行擴張。

And the question really is, if we are seeing an increase in your multiple, how does this potentially change your M&A playbook that all of a sudden, there's a wider set of targets that would allow for accretive deals as opposed to when your multiple was more compressed. And you have limited upside on how much you can do deal. So how does the opportunity set on M&A change here? And let's start there, yes.

真正的問題是，如果我們看到你的估值倍數上升，這會如何改變你的併購策略？突然之間，會有更多目標可以進行加值交易，這與估值倍數較低時的情況截然不同。而且，你在交易中能達成的金額也有限。那麼，併購機會在這裡發生了哪些變化？那就讓我們從這裡開始吧。

Dan. So as we've stated in the past, we still remain active but are very disciplined in our M&A approach. So we believe there's great compelling opportunities out there for a company like BorgWarner, financial strength and operational strength. So I just want to remind us the priorities that Craig and I have said, are first, any acquisition needs to really leverage our core competence and have to make industrial logic at the end of the day.

擔。正如我們過去所言，我們仍然保持活躍，但在併購方面採取了非常嚴謹的態度。因此，我們認為像博格華納這樣擁有雄厚財力和營運​​實力的公司，在市場上擁有巨大的發展機會。所以我想提醒大家，我和克雷格都說過，首要任務是，任何收購都需要真正利用我們的核心競爭力，最終必須符合產業邏輯。

The second is we're looking for near-term accretion. So we're really pleased with our portfolio. We did a lot of heavy lifting in the last 5 years. And as I sit here today, we want to make sure any acquisition not only strengthens the portfolio, but we see near-term accretion and expand the earnings power of the company.

第二點是，我們正在尋找近期吸積現象。所以我們對我們的投資組合非常滿意。過去五年我們做了很多艱苦的工作。今天我坐在這裡，希望確保任何收購不僅能加強投資組合，還能在短期內增加收益，並擴大公司的獲利能力。

And then finally, we want to pay a fair price at the end of the day. We don't want to overpay for anything. So we're going to continue to keep those criteria in front of us. As we've mentioned in the past, we've passed on some deals that didn't beat one or more of those criteria. And lastly, I'll just say we've really opened up the aperture when we talk about leveraging the core competence of the company, but we've significantly raised the hurdle using those street criteria to make sure we're adding to shareholder value and expanding the earnings power.

最後，我們希望最終支付一個公平的價格。我們不想為任何東西支付過高的價格。所以我們會繼續把這些標準放在第一位。正如我們之前提到的，我們放棄了一些不符合其中一項或多項標準的交易。最後，我想說，我們在談到如何利用公司的核心競爭力時，確實拓寬了視野，但我們也大幅提高了門檻，採用了這些市場標準，以確保我們能夠增加股東價值並擴大盈利能力。

Okay. Great. The second piece is, I think just touching on some of the prior questions. The core business alongside this PowerGen opportunity. Obviously, there's a growth slowdown this year, and that's why the core business is flat.

好的。偉大的。第二部分，我認為只是稍微提及一下前面提出的一些問題。除了發電業務之外，核心業務也是重要機會。顯然，今年的成長速度放緩，這就是核心業務停滯不前的原因。

It sounds like you're talking to some opportunity for incremental launches beyond this year and you have the opportunity from PowerGen, what is the right way we should be looking at the growth over market beyond this year, which has been compressed, but -- it sounds like you're talking about some tailwinds beyond this year that could get you back to maybe that 3 to 4 points of outgrowth that you had done previously.

聽起來您似乎在談論今年以後的一些增量發布機會，而且您也從 PowerGen 中獲得了機會。我們該如何看待今年以後相對於市場的成長？今年的成長已被壓縮，但——聽起來您似乎在談論今年以後的一些利好因素，這些因素可能會讓您恢復到之前 3 到 4 個百分點的超額增長率。

So as we mentioned in the remarks, Craig and I are not satisfied with our growth or outgrowth, and we're still living with a little bit of this overhang from the EV business outside of China and that will continue in to '26. But if you look back in the last 12 to 18 months, especially the last 4 quarters and the 30 wins that we've shared, we are very optimistic about the future launches of those programs.

正如我們在演講中提到的，克雷格和我對我們的成長或超額成長並不滿意，我們仍然要面對中國以外電動車業務帶來的一些額外壓力，這種情況將持續到 2026 年。但回顧過去 12 到 18 個月，特別是最近 4 個季度以及我們取得的 30 項勝利，我們對這些項目的未來推出非常樂觀。

I think it really speaks to the portfolio strength and the flexibility that independent if a region is looking for combustion products, or EV products or hybrids, which pulls from both sides, we are very well positioned to capture that growth. So of course, it takes time for these new product wins to get to the launch phase and ramp up. And that's why we said we expect to start to see some of that growth to '27 and even more in '27 and beyond.

我認為這充分體現了我們產品組合的實力和靈活性，無論一個地區需要的是燃油產品、電動車產品還是混合動力車（兩者兼而有之），我們都能很好地掌握這一成長機會。當然，這些新產品的成功需要時間才能進入上市階段並擴大規模。所以，我們才說，我們預計到 2027 年就會開始看到一些成長，而且在 2027 年及以後還會有更多成長。

Luke Junk, Baird.

盧克瓊克，貝爾德。

Maybe if we could start, just hoping to unpack some of the margin dynamics around this modular turbine effort, Craig, you mentioned that you'd characterize as a mid-teens incremental margin, I just want to think through maybe some of the elements in terms of leveraging your existing production for, let's say, some of the thermal products and the model itself. It sounds like this is sort of an assembly model ultimately. And if we think about that mid-teens, is it safe to say this is piece of business you would expect to be above the corporate margin at maturity as well or even earlier stage.

或許我們可以先從分析模組化渦輪機專案的利潤動態入手，克雷格，你提到你會將其增量利潤描述為十幾個百分點，我只是想思考一下，如何利用你現有的產能來生產一些熱能產品以及模型本身。聽起來這最終似乎是一種組裝模型。如果我們考慮一下十幾歲的時候的情況，是否可以說，這項業務在成熟期甚至更早階段就能達到高於公司平均水平的利潤率呢？

Luke. So let me start first with -- this is a great example of not just leveraging our portfolio, but leveraging our manufacturing footprint and supply chain and automotive. So the way to think about it is you may have noticed in the fourth quarter, there was an announcement put out about a new plant in Hendersonville, North Carolina, which is just about 20 minutes from one of our larger turbocharger plants. That's where we're going to do the final assembly, the test and pack out of the complete system.

路加福音。首先我想說的是——這不僅是一個很好的例子，說明我們如何利用我們的產品組合，而且還如何利用我們的製造佈局、供應鏈和汽車行業資源。所以你可以這樣想：你可能已經注意到，在第四季度，我們發布了一項關於在北卡羅來納州亨德森維爾新建一家工廠的公告，該工廠距離我們一家較大的渦輪增壓器工廠只有大約 20 分鐘的路程。我們將在那裡進行最終組裝、測試和整套系統的包裝。

Now, leading into that factory we've got four other factories around the globe that we're leveraging. These are existing automotive factories where we've got lots of manufacturing competence and depth, and they're producing some of the ones that will then go into this final assembly in North Carolina. So that's how we're really leveraging the strength of BorgWarner.

現在，除了這家工廠之外，我們還在全球各地擁有四家其他工廠，我們正在利用這些工廠的資源。這些都是我們擁有豐富製造能力和深厚實力的現有汽車工廠，它們生產的汽車部分將運往北卡羅來納州進行最終組裝。這就是我們真正利用博格華納實力的方式。

We are making a new investment in this factory in Hendersonville, it's a brand new greenfield site. Team is making great progress on it. But I'm really proud of the fact we're able to leverage some of our automotive footprint and supply chain, by the way, so that we can get off to the right start and profitably grow this business.

我們正在對位於亨德森維爾的這家工廠進行新的投資，這是一個全新的綠地工廠。團隊在這方面取得了很大進展。但我真的非常自豪的是，我們能夠利用我們在汽車行業的佈局和供應鏈，從而讓我們能夠順利起步並實現這項業務的盈利增長。

I'll let Craig comment on the incremental.

我會讓克雷格來評論增量部分。

Yes. And as Joe mentioned, this year, 2026, we're focused on successfully launching that product. And as we get into market, in 2027, and you see that $300 million of sales growth, again, Luke, you should expect '18 incremental conversion. You should expect immediate EPS accretion and you should expect a strong return on invested capital. So we feel really good about the financial profile of that business and we're excited to launch in 2027.

是的。正如喬所提到的，今年（2026年），我們的重點是成功推出該產品。當我們進入市場，到 2027 年，你會看到 3 億美元的銷售成長，盧克，你應該期待 2018 年的增量轉換。您應該預期每股盈餘會立即成長，並且投資資本會有強勁的回報。因此，我們對該業務的財務狀況感到非常滿意，並期待在 2027 年正式啟動。

That's all very helpful. And then I want to switch gears, Craig, you mentioned that within the margin range this year, I guess, when I just pick out two things. One, that the path to the high end of the range is fully offsetting the organic decline. And I'm just wondering if there's anything you call out there. I know the company has some early-stage efforts around AI, in particular, that are interesting, both on the manufacturing floor and within R&D? And then just to clarify, the mid-teens expectations for PDS specifically, is that including getting up and over the customer recovery that you had this quarter?

這都很有幫助。然後我想換個話題，克雷格，你提到今年利潤率範圍內，我想，當我只挑選兩件事的時候。第一，向高端市場邁進的路徑完全抵消了自然衰退。我只是想知道你那邊有沒有什麼需要特別注意的。我知道該公司在人工智慧領域有一些早期嘗試，尤其是在生產車間和研發方面，這些嘗試都非常有趣？然後為了澄清一下，PDS 的預期目標（十幾分）是否包括克服本季客戶恢復方面的問題？

Sure. So I'll start, and maybe Joe can provide highlights from an AI perspective. But when you look at our margin expansion, and first, I want to highlight our margin expansion in 2025, up 60 basis points year-over-year. Fantastic job as a team and we saw margin expansion across every business unit, as well as managing corporate overhead appropriately. So a great job in 2025.

當然。那我先來，也許喬可以從人工智慧的角度提供一些重點內容。但是，當我們審視我們的利潤率擴張時，首先，我想重點介紹我們 2025 年的利潤率擴張，比去年同期成長 60 個基點。團隊表現出色，我們看到每個業務部門的利潤率都提高了，同時公司營運成本也得到了合理控制。所以，2025年將會是一份很棒的工作。

As we move into 2026, we see another 10 basis points of expansion at the midpoint and I'll kind of walk you through that, Luke. First, the charging asset that's 10 basis points of margin expansion. Additional cost controls across our entire business. That's another 10 basis points of margin enhancement. And then obviously, we have the lower sales and teams are doing a nice job of decrementing in the mid-teens on both the decline in the battery business, but also industry production.

進入 2026 年，我們看到中點將再擴張 10 個基點，盧克，我來給你詳細解釋一下。首先，充電資產可帶來 10 個基點的利潤率擴張。在整個業務範圍內加強成本控制。這意味著利潤率又提高了10個基點。顯然，銷售額下降了，各團隊在應對電池業務下滑和行業生產下滑方面都做得很好，將降幅控制在了十幾個百分點以內。

So you go through the math, that takes you to 10.8%.

所以你計算一下，結果是 10.8%。

To get to 10.9%, it means we're going to take additional cost measures, and I see the team is really rallying around that. With that, I'll turn it over to Joe to maybe talk about our AI efforts and what we're doing as a company.

要達到 10.9% 的目標，意味著我們要採取額外的成本控制措施，我看到團隊正在為此全力以赴。接下來，我將把發言權交給喬，讓他談談我們在人工智慧領域的努力以及我們公司正在做的事情。

So we are using machine learning and generative AI. We started about two years ago on some of the new generational AI technologies, and we serve with some pilots. We had pilots in our plants. We had pilots in our back office and also some in R&D. And out of those pilots, let me estimate about 30% of them look really positive, so that's where we're continuing to invest and scale those pilots so we can see more comprehensive improvement.

所以我們正在使用機器學習和生成式人工智慧。大約兩年前，我們開始研究一些新一代人工智慧技術，並進行了一些試點計畫。我們的工廠裡有飛行員。我們後台部門有飛行員，研發部門也有一些。在這些試點計畫中，我估計大約有 30% 的結果非常積極，因此我們正在繼續投資並擴大這些試點計畫的規模，以便我們能夠看到更全面的改善。

Now, some of the improvements are in quality, like if you think about visual inspection. We also have areas where we're able to reduce cost, labor costs or scrap costs. We're finding opportunities on the R&D side. So if you think about when we win a new program, we're producing highly engineered products. So the stack of requirements from a customer is pretty high and engineers have to go through those requirements and turn them into specifications.

現在，一些改進體現在品質方面，例如目視檢查。我們也可以在某些方面降低成本，例如人力成本或廢料成本。我們在研發方面發現了機會。所以想想看，當我們贏得一個新專案時，我們生產的都是高度工程化的產品。因此，客戶的需求量非常大，工程師必須逐一分析這些需求，並將它們轉化為技術規格。

We have found a great application of using Gen AI to really simplify that process which frees up our engineers to work on higher level things like innovation and bringing the product to launch. So as we think about generative AI, it will continue to help us not only improve our quality, but our cost structure. And some of that fall to the bottom line, some of it we're using to fund some of these future projects to drive long-term growth. So we're excited about what we're doing with generative AI, and we think it could be a major lever for the company.

我們發現，使用 Gen AI 可以極大地簡化這個過程，從而使我們的工程師能夠騰出手來從事更高層次的工作，例如創新和產品發布。因此，當我們思考生成式人工智慧時，它將繼續幫助我們不僅提高質量，而且降低成本結構。其中一部分會轉化為利潤，一部分則用於資助未來的項目，以推動長期成長。因此，我們對在生成式人工智慧領域所做的工作感到興奮，我們認為它可能會成為公司發展的重要槓桿。

Just on the -- just lastly, the -- yes, the PDS margin expectation, specifically that mid-teens is all in, including the recovery, just to clarify.

最後，關於 PDS 利潤率預期，特別是十幾個百分點的預期，包括復甦在內，需要澄清一下。

It is. It is. So when you think about that jump-off point for BorgWarner, we're jumping off that 10.7% margin that we ended 2025 with. And so that obviously is inclusive of that recovery, and we expect to increment above that level as we move forward, including PDS.

這是。這是。所以，當我們考慮到博格華納的起始點時，我們是從2025年底的10.7%的利潤率開始的。因此，這顯然包含了復甦的因素，我們預計隨著我們向前發展，包括 PDS 在內，復甦水平將會高於這個水平。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

I was hoping to start first with your outlook for your business with the China domestic auto OEMs. We've seen vehicle sales in China soften in recent months and decline year-on-year, but the Chinese auto OEMs are increasingly expanding their export business and growing internationally. And just given how important of a customer set that is for BorgWarner and your strong presence with a number of those China domestic OEMs. Can you help us net out what that might mean for your business with that to the customers this year?

我希望先了解您對與中國國內汽車OEM廠商開展業務的展望。近幾個月來，我們看到中國汽車銷量有所放緩，年減，但中國汽車製造商正在不斷擴大出口業務，並在國際上發展壯大。考慮到這部分客戶對博格華納來說有多重要，以及你們與許多中國本土OEM廠商的密切聯繫。您能否幫我們分析一下，這對貴公司今年的客戶意味著什麼？

Sure. So the way to think about our China business, just as a reminder, it's roughly about 20% of our overall business. So it's a very important market for us. And about 70% of that China business is with the domestic. So as we know, the domestics are just about at that 70% of the total market.

當然。所以，要理解我們在中國的業務，需要提醒的是，它大約占我們整體業務的 20%。所以這對我們來說是一個非常重要的市場。其中約 70% 的中國業務來自國內市場。我們知道，國內市場約佔總市場的70%。

One of the things you noted is, although the local market there has slowed down, the exports have hit another high last year, over 7 million exports from China. So we're pretty excited about the work our team is doing in China. Most of our business is with the leading seven Chinese OEMs there. I would say over half of our electrification business is in China, and that's where the music is playing very loudly. So for us, having them grow outside of China is a great strength for us.

您提到的其中一點是，儘管當地市場成長放緩，但去年出口量卻再創新高，從中國出口超過 700 萬美元。所以我們對我們團隊在中國所進行的工作感到非常興奮。我們的大部分業務都與中國領先的七家原始設備製造商 (OEM) 合作。我想說，我們超過一半的電氣化業務都在中國，而中國正是電氣化浪潮最強勁的地方。因此，對我們來說，讓它們在中國以外的地方發展壯大是我們的一大優勢。

We're even in discussions with the Chinese OEMs about localization outside of China given our strong global footprint and technology.

鑑於我們強大的全球影響力和技術實力，我們甚至正在與中國OEM廠商探討在中國以外地區進行在地化生產的可能性。

That's helpful context. My other question was a follow-up on some of the prior commentary and questions around the M&A opportunity and I understand the high-level criteria that BorgWarner has previously articulated. But as you think about expanding into the data center market and with the new offering today and turbine generator systems you mentioned not having all of the content. Is that maybe an area where you can augment or are there adjacent areas within that broader data center space that you may look to do M&A?

提供的背景資訊很有幫助。我的另一個問題是對先前一些關於併購機會的評論和問題的跟進，我理解博格華納之前闡述的高級標準。但是，當您考慮拓展資料中心市場，以及今天推出的新產品和您提到的渦輪發電機系統時，您會發現內容並不完整。這或許是您可以拓展的領域，或是在更廣泛的資料中心領域內，是否有您可以考慮進行併購的鄰近領域？

Yes. First, I just want to double down on how proud I am of our team and how they are just leveraging so much of our portfolio. I mean, if you think about 65% of the content we're controlling, that's tremendous. So I'm really excited about what we are doing with this turbine generator.

是的。首先，我只想再次強調我對我們團隊的自豪之情，以及他們如何充分利用了我們的投資組合。我的意思是，想想我們掌控著大約 65% 的內容，這真是太棒了。我對我們正在進行的渦輪發電機專案感到非常興奮。

I'll just bring us back to the criteria we're using for M&A. We want to stay very disciplined and really, the first is leveraging our core competence. We want this -- anything we look at to really make industrial logic for anyone that looks at it we want it to be near-term accretive and we want to pay a fair price. So we haven't limited ourselves to automotive, but I would say the TG is a great example of what we can do organically and many of our business units continue to look for growth opportunities. And this is just a great example of what we can do with the current portfolio that we have.

我再回到我們進行併購時所使用的標準。我們希望保持高度自律，而首要任務是發揮我們的核心競爭力。我們希望——我們所關注的任何事情，對於任何關注它的人來說，都能真正體現出工業邏輯；我們希望它能在短期內帶來收益，並且我們希望支付合理的價格。因此，我們並沒有將業務局限於汽車領域，但我認為TG是我們自主發展的一個很好的例子，我們的許多業務部門都在繼續尋找成長機會。這正是我們利用現有投資組合所能達成的成就的絕佳例證。

Alex Potter, Piper Sandler.

亞歷克斯·波特，派珀·桑德勒。

Awesome, thanks very much. One question, additional question here on the turbine generator, I know permitting and the timing of, I guess, data center rollout as a result of permitting constraints has historically been sort of a headache for this industry. How does your product address that, or is it potentially exposed to some of those same headwinds?

太棒了，非常感謝。關於渦輪發電機，我還有一個問題，我知道由於許可限制，資料中心的推廣和批准時間一直是這個行業的一大難題。您的產品如何應對這些問題？或者它也可能面臨同樣的挑戰？

So we're working, first of all, with our partner, Endeavour who really has a lot of experience in the data center market over 25 years. They bring tremendous customer intimacy knowledge about the real estate market and what it requires to install a complete data center. Now specifically for our product, we're going to ensure it's UL certified, and it meets any of the requirements in any country that we plan to deploy them. We don't see that as a real constraint for us.

首先，我們與合作夥伴 Endeavour 合作，該公司在資料中心市場擁有超過 25 年的豐富經驗。他們擁有豐富的房地產市場客戶洞察知識，了解安裝完整資料中心所需的條件。具體到我們的產品，我們將確保它獲得 UL 認證，並符合我們計劃部署的任何國家/地區的任何要求。我們認為這對我們來說並非真正的限制。

Again, it's together with Endeavour, who's bringing the customer side, also their innovation approach to the markets very similar to us. We have a similar vision and path to go to market with them. And of course, BorgWarner brings not only great technology, but our automotive scale manufacturing footprint. So it's really together, we think we're able to capture this unique part of the business.

此外，我們與 Endeavour 合作，他們帶來了客戶方面的訊息，而且他們的市場創新方法與我們非常相似。我們與他們有著相似的願景和市場拓展路徑。當然，博格華納不僅帶來了卓越的技術，也帶來了我們在汽車產業的規模化生產能力。所以，我們認為，只要齊心協力，就能把握住這個獨特的業務領域。

Okay. Very good. And then maybe one last question here, topical issue lately. I noticed that the word DRAM never came up in your prepared remarks or anywhere else. Just interested if you could quantify or maybe ring-fence your exposure to that shortage, which has been making a lot of headlines recently. Presumably, it's not a huge deal for you, but just wanted you to maybe put a finer point on that.

好的。非常好。最後，或許還有一個問題，這是最近的熱門話題。我注意到，在你的發言稿或其他任何地方都沒有提到DRAM這個字。我只是想知道您是否可以量化或隔離您面臨的這種短缺風險，因為最近這種短缺問題頻頻登上新聞頭條。想必這對你來說不算什麼大事，但我只是想讓你把這一點說得更清楚一些。

Sure. We don't use DRAM in our products, but of course, we're monitoring the overall market for any impact the OEMs may incur in production.

當然。我們的產品不使用 DRAM，但當然，我們會密切關注整個市場，以防 OEM 廠商在生產中受到任何影響。

Okay. So as of now, there's no impact to your production time lines or you're not hearing anybody flag this as a potential risk to the business in any way?

好的。所以目前來看，這不會對你們的生產進度造成任何影響，或者你們沒有聽到任何人指出這會對業務構成任何潛在風險？

No, not from our view.

不，我們並不這麼認為。

With that, I'd like to thank everyone for their great questions today. If you have any follow-ups, feel free to reach out to me or my team. With that, Michael, you can go ahead and conclude today's call.

最後，我要感謝大家今天提出的精彩問題。如有任何後續問題，請隨時與我或我的團隊聯繫。邁克爾，那麼今天的電話會議你可以結束了。

This concludes the BorgWarner 2025 fourth-quarter and full-year results conference call. You may now disconnect.

博格華納2025年第四季及全年業績電話會議到此結束。您現在可以斷開連線了。