康明斯 (CMI) 2025 Q4 法說會逐字稿

Greetings. Welcome to the fourth quarter and fiscal year 2025 Cummins Inc. earnings conference call. (Operator Instructions)

問候。歡迎參加康明斯公司2025財年第四季及全年業績電話會議。（操作說明）

Please note, this conference is being recorded. I'll now turn the conference over to Nick Arens, Executive Director of Investor Relations. Thank you. You may now begin.

請注意，本次會議正在錄影。現在我將把會議交給投資者關係執行董事尼克·阿倫斯。謝謝。現在你可以開始了。

Thank you, Rob. Good morning, everyone, and welcome to our teleconference today to discuss Cummins' results for the fourth quarter and full year of 2025. Participating with me today are Jennifer Rumsey, our Chair and Chief Executive Officer; and Mark Smith, our Chief Financial Officer. We will all be available to answer questions at the end of the teleconference.

謝謝你，羅布。各位早安，歡迎參加我們今天的電話會議，我們將討論康明斯2025年第四季和全年的業績。今天與我一同出席的有我們的董事長兼執行長珍妮佛拉姆齊，以及我們的財務長馬克史密斯。電話會議結束後，我們所有人都會在線上回答問題。

Before we start, please note that some of the information that you will hear or be given today will consist of forward-looking statements within the meaning of the Securities Exchange Act of 1934. Such statements express our forecasts, expectations, hopes, beliefs, and intentions on strategies regarding the future. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of risks and uncertainties. More information regarding such risks and uncertainties is available in the forward-looking disclosure statement in the slide deck and our filings with the Securities and Exchange Commission, particularly the Risk Factors section of our most recently filed annual report on Form 10-K and subsequently filed quarterly reports on Form 10-Q.

在開始之前，請注意，您今天將聽到或獲得的一些資訊將包含 1934 年證券交易法意義上的前瞻性陳述。這些聲明表達了我們對未來策略的預測、期望、希望、信念和意圖。由於存在許多風險和不確定因素，我們未來的實際業績可能與此類前瞻性聲明中預測的績效有重大差異。有關此類風險和不確定性的更多信息，請參閱幻燈片中的前瞻性披露聲明以及我們向美國證券交易委員會提交的文件，特別是我們最近提交的 10-K 表格年度報告和隨後提交的 10-Q 表格季度報告中的“風險因素”部分。

During the course of this call, we will be discussing certain non-GAAP financial measures, and we will refer you to our website for the reconciliation of those measures to GAAP financial measures. Our press release with a copy of the financial statements and a copy of today's webcast presentation are available on our website within the Investor Relations section at cummins.com.

在本次電話會議中，我們將討論一些非GAAP財務指標，並請您造訪我們的網站查看這些指標與GAAP財務指標的調節表。我們的新聞稿、財務報表副本以及今天網路直播簡報的副本均可在 cummins.com 網站的投資者關係版塊中找到。

With that out of the way, I will turn you over to our Chair and CEO, Jennifer Rumsey, to kick us off.

接下來，我將把發言權交給我們的董事長兼執行長詹妮弗·拉姆齊，由她來為我們拉開序幕。

Thank you, Nick. Good morning. I'll start with a summary of 2025, discuss our fourth quarter and full year results, and finish with a discussion of our outlook for 2026. Mark will then take you through more details of our fourth quarter and full year financial performance and our forecast for this year.

謝謝你，尼克。早安.我將首先總結 2025 年的情況，討論我們第四季和全年的業績，最後討論我們對 2026 年的展望。接下來，Mark 將帶您詳細了解我們第四季和全年的財務表現以及我們今年的預測。

As I reflect on 2025, I'm pleased to share that we delivered strong financial performance despite weak demand in North America truck markets, ongoing trade tariff volatility, and an uncertain regulatory landscape. Our results underscore the disciplined execution of our strategy, the dedication of our employees, and the commitment to deliver strong financial performance. I am proud of what Cummins accomplished for our stakeholders and remain energized by the opportunities ahead as we continue to advance our strategic priorities and deliver on our financial commitments.

展望 2025 年，我很高興地告訴大家，儘管北美卡車市場需求疲軟、貿易關稅持續波動以及監管環境不確定，我們仍然取得了強勁的財務業績。我們的業績突顯了我們策略的嚴格執行、員工的敬業精神以及實現強勁財務業績的承諾。我為康明斯為利害關係人所取得的成就感到自豪，並對我們將繼續推進策略重點和履行財務承諾的未來機會充滿熱情。

Our strategy continues to be the right one, pursuing many paths forward to meet our customers' evolving needs today and in the future. Our strong and diverse position across geographies and markets and technologies continues to differentiate us and provides the flexibility to adapt in a rapidly changing environment.

我們的策略仍然是正確的，我們正在探索多種發展路徑，以滿足客戶當前和未來不斷變化的需求。我們在地理、市場和技術領域的強大而多元化的地位使我們不斷脫穎而出，並使我們能夠靈活地適應快速變化的環境。

In 2025, we further strengthened our position by evolving our portfolio to continue investing in innovative solutions that meet our customers' evolving priorities and long-term requirements. In our Engine business, we introduced the much anticipated X10 as a part of Cummins HELM platforms. This engine replaces both the L9 and X12 engine platforms, and will deliver a new level of performance, durability, and efficiency for heavy and medium-duty customers. Alongside the X15 and B series, the X10 provides customers with the power solution to meet their unique operational requirements while maintaining the performance and reliability for which Cummins is known.

2025年，我們透過不斷改進產品組合，持續投資於創新解決方案，以滿足客戶不斷變化的優先事項和長期需求，進一步鞏固了我們的地位。在我們的引擎業務中，我們推出了備受期待的 X10，它是康明斯 HELM 平台的一部分。這款引擎取代了 L9 和 X12 引擎平台，將為重型和中型卡車用戶帶來更高水準的性能、耐用性和效率。與 X15 和 B 系列一起，X10 為客戶提供動力解決方案，以滿足他們獨特的營運需求，同時保持康明斯聞名於世的性能和可靠性。

In addition, we unveiled the new Cummins B7.2 diesel engine that brings the latest technology and advancements to one of our most proven platforms. The new engine will feature a slightly higher displacement and is designed to be a global platform, which creates flexibility for different applications and duty cycles. Both the B7.2 and X10 engines will be manufactured for North America markets in Rocky Mount Engine Plant in North Carolina.

此外，我們還推出了全新的康明斯 B7.2 柴油發動機，將最新的技術和進步應用到我們最成熟的平台之一。新引擎的排氣量將略有增加，並且被設計成一個全球平台，從而能夠靈活地適應不同的應用和工況。B7.2 和 X10 引擎都將在北卡羅來納州落基山發動機廠為北美市場生產。

In our Power Systems business, we continue to advance hybrid solutions for mining customers through two significant actions this year. We acquired the assets of First Mode, a leader in retrofit hybrid solutions for mining and rail operations. This technology represents the first commercially available retrofit system for mining equipment, significantly reducing total cost of ownership while advancing decarbonization and operations.

在我們的電力系統業務中，我們今年透過兩項重大舉措，繼續推進礦業客戶的混合動力解決方案。我們收購了 First Mode 的資產，該公司是礦業和鐵路營運改造混合動力解決方案的領導者。這項技術代表了首個商業化的礦業設備改造系統，在顯著降低總擁有成本的同時，也推動了脫碳和營運。

Additionally, we announced a collaboration with Komatsu to develop hybrid powertrains for surface hauling mining equipment. This joint development effort will leverage the breadth and scale of Komatsu's and Cummins' global capabilities to enable the acceleration of optimized hybrid solutions for mining. We are excited about the opportunity to bridge current operational needs with future low-carbon goals to support our customers' sustainability efforts.

此外，我們也宣布與小松公司合作，為露天礦場運輸設備開發混合動力系統。此次聯合開發將充分利用小松和康明斯在全球的廣泛實力和規模，加速開發用於採礦的最佳化混合動力解決方案。我們很高興有機會將當前的營運需求與未來的低碳目標連結起來，以支持客戶的永續發展努力。

Additionally, within Power Systems, expanding on the success of our claimed Centum series generator sets, we launched the new 17-liter engine platform generator that produces up to 1 megawatt of power. The S17 Centum gen set was developed to produce a large power output within a compact footprint to meet the growing power demands in urban environments, where compact design and high performance is critical. The new gen set is designed to support a wide range of critical market segments such as commercial properties, health care facilities, and water treatment plants.

此外，在電力系統領域，我們延續了 Centum 系列發電機組的成功，推出了新型 17 升引擎平台發電機，可產生高達 1 兆瓦的功率。S17 Centum 發電機組旨在以緊湊的佔地面積產生較大的功率輸出，以滿足城市環境中日益增長的電力需求，在城市環境中，緊湊的設計和高性能至關重要。新一代發電機組旨在為商業房地產、醫療保健設施和水處理廠等眾多關鍵市場領域提供支援。

Alongside completing the Centum series lineup, we also completed our capacity expansion on the 95-liter ahead of schedule, positioning us to meet rising demand and support a wide range of customer needs.

在完成 Centum 系列產品線的同時，我們也提前完成了 95 公升容量的擴產，這使我們能夠滿足不斷增長的需求，並支援各種客戶的需求。

Lastly, as we navigate this long and dynamic transition with our customers, we remain committed to pacing and refocusing our investments on the most promising path as the adoption of zero emission solutions flows in some regions around the world. As we mentioned last quarter, we initiated a review of our electrolyzer business within the Accelera segment to streamline operations and focus investments amid policy-driven shifts in hydrogen demand.

最後，在我們與客戶共同經歷這漫長而動態的轉型過程中，隨著零排放解決方案在全球某些地區的普及，我們將繼續致力於調整投資步伐，並將投資重點放在最有前景的道路上。正如我們上個季度提到的，我們啟動了對 Accelera 部門內電解槽業務的審查，以簡化營運並集中投資，以應對政策驅動的氫氣需求變化。

In the fourth quarter, this led to additional recorded charges, which you will see reflected in our results. We remain committed to our multi-solution strategy while pacing and focusing our investments as the zero emissions landscape evolves. The actions we have taken will lower costs going forward.

第四季度，這導致了額外的記錄費用，您將在我們的業績中看到這些費用的反映。我們將繼續致力於多元化解決方案策略，同時隨著零排放環境的發展調整投資步伐和重點方向。我們採取的措施將降低未來的成本。

Now I will comment on the overall company performance for the fourth quarter of 2025 and cover some of our key markets. Revenues for the quarter totaled $8.5 billion, an increase of 1% compared to 2024 as continued high demand in our global power generation markets, higher pickup truck volumes and improved pricing more than offset lower North America heavy and medium-duty truck volumes.

現在我將對公司 2025 年第四季的整體業績進行評論，並介紹我們的一些主要市場。本季營收總計 85 億美元，比 2024 年成長 1%，原因是全球發電市場持續高需求、皮卡車銷量增加以及價格改善，這些成長超過了北美重型和中型卡車銷量的下降。

EBITDA was $1.2 billion or 13.5% compared to $1 billion or 12.1% a year ago. Fourth quarter 2025 results included $218 million of charges related to the strategic review of our electrolyzer business within our Accelera business segment. This compares to the fourth quarter 2024 result, which included $312 million of charges related to the strategic reorganization of our Accelera business segment. Excluding those items, EBITDA was $1.4 billion or 16% compared to $1.3 billion or 15.8% a year ago. EBITDA percent improved compared to the fourth quarter of 2024 as the benefits of higher power generation and pickup truck volume, pricing, lower compensation expenses, and operational efficiency more than exceeded lower North America medium and heavy-duty truck volumes, higher product coverage costs, and the dilutive impact of tariffs.

息稅折舊攤銷前利潤 (EBITDA) 為 12 億美元，較去年同期成長 13.5%，而去年同期為 10 億美元，較去年同期成長 12.1%。2025 年第四季業績包括與 Accelera 業務部門內電解槽業務策略審查相關的 2.18 億美元費用。這與 2024 年第四季的業績相比有所變化，當時計入了與 Accelera 業務部門策略重組相關的 3.12 億美元費用。剔除這些項目後，EBITDA 為 14 億美元，較去年同期成長 16%，而去年同期為 13 億美元，較去年同期成長 15.8%。與 2024 年第四季相比，EBITDA 百分比有所提高，這得益於發電量和皮卡車銷量增加、定價、薪資支出降低以及營運效率提高，這些因素超過了北美中型和重型卡車銷量下降、產品覆蓋成本增加以及關稅稀釋影響。

2025 revenues were $33.7 billion, down 1% from prior year as lower North America heavy and medium-duty truck demand more than offset higher power generation volumes and improved pricing. EBITDA was $5.4 billion or 16% of sales compared to $6.3 billion or 18.6% of sales in 2024. The 2025 results included $458 million of charges related to our electrolyzer business within our Accelera business segment. This compares to 2024 results that included the gain related to the separation of Atmus, net of transaction costs and other expenses of $1.3 billion, charges related to the Accelera reorganization actions of $312 million, and $29 million of other restructuring actions.

2025 年營收為 337 億美元，比前一年下降 1%，原因是北美重型和中型卡車需求下降，抵消了發電量增加和價格上漲帶來的收益。2024 年 EBITDA 為 54 億美元，佔銷售額的 16%，而 2024 年 EBITDA 為 63 億美元，佔銷售額的 18.6%。2025 年的業績報告中包含了與 Accelera 業務部門的電解槽業務相關的 4.58 億美元費用。相較之下，2024 年的業績包括與 Atmus 分拆相關的收益（扣除交易成本和其他費用 13 億美元）、與 Accelera 重組行動相關的費用 3.12 億美元，以及其他重組行動的 2,900 萬美元。

Excluding those items, EBITDA was a record $5.8 billion or 17.4% of sales for 2025, compared to $5.4 billion or 15.7% of sales for 2024 as the benefits of higher power generation volumes, pricing, lower compensation expenses, and improved operational efficiency more than exceeded lower North America heavy and medium-duty truck volumes and the negative impact from tariffs.

剔除這些項目後，2025 年 EBITDA 達到創紀錄的 58 億美元，佔銷售額的 17.4%，而 2024 年為 54 億美元，佔銷售額的 15.7%。這是因為發電量增加、價格上漲、薪資支出降低以及營運效率提高的收益，遠遠超過了北美重型和中型卡車銷售下降以及關稅帶來的負面影響。

EBITDA reached record levels in both our Power Systems and Distribution segments. Power Systems delivered a record full year EBITDA of 22.7% of sales, up from 18.4% in 2024. While Distribution achieved a record 14.6% of sales, up from 12.1% in the prior year. I am proud of these remarkable results with record earnings despite a down cycle for North America truck markets and the achievement of our 2030 financial commitments ahead of schedule. This reflects the strength of our strategy and our disciplined focus on execution. As you will see from our 2026 financial guidance, we are well positioned to build on this momentum.

電力系統和配電業務的 EBITDA 均達到歷史新高。動力系統業務全年 EBITDA 佔銷售額的 22.7%，創歷史新高，高於 2024 年的 18.4%。分銷業務的銷售額佔比達到創紀錄的 14.6%，高於去年的 12.1%。儘管北美卡車市場處於低迷期，但我仍取得了創紀錄的盈利，並提前完成了 2030 年的財務承諾，我為此感到自豪。這體現了我們策略的優勢和我們對執行的嚴謹態度。從我們 2026 年的財務預測中可以看出，我們已做好充分準備，並繼續保持這一發展勢頭。

As we look to 2026, we continue to operate in a dynamic trade and regulatory environment, but we are getting greater clarity on important areas for our industry. EPA's confirmation of the 2027 low NOx rule is an important step in advancing regulatory certainty, and we are well positioned with our product plans.

展望 2026 年，我們將繼續在動態的貿易和監管環境中運營，但我們對產業的重要領域有了更清晰的認識。美國環保署確認 2027 年低氮氧化物排放規則是推動監管確定性的重要一步，我們的產品計畫也為此做好了充分準備。

Now let me provide our overall outlook for 2026 and then comment on individual regions and end markets. We are forecasting total company revenues for 2026 to be up 3% to 8% compared to 2025, and EBITDA including the dilutive impact of tariffs to be 17% to 18% of sales compared to 17.4% in the prior year.

現在讓我先介紹一下我們對 2026 年的整體展望，然後再對各個地區和終端市場進行評論。我們預測，2026 年公司總營收將比 2025 年成長 3% 至 8%，計入關稅稀釋影響後的 EBITDA 將佔銷售額的 17% 至 18%，而上一年為 17.4%。

For our markets, we expect continued weakness in first half demand in our North America heavy and medium-duty truck markets, but anticipate other markets, particularly power generation, to remain strong throughout the year. Industry production for heavy-duty trucks in North America is projected to range from 220,000 to 240,000 units in 2026, flat to up 10% year over year with the second half of the year higher than the first. In the medium-duty truck market, we expect market size to be between 110,000 to 120,000 units, also flat to up 10% compared to 2025. Our Engine shipments for pickup trucks in North America are expected to be 125,000 to 140,000 in 2026, down 5% to up 5% year over year.

對於我們的市場而言，我們預計北美重型和中型卡車市場上半年需求將持續疲軟，但預計其他市場，特別是發電市場，將在全年保持強勁。預計到 2026 年，北美重型卡車的產業產量將在 22 萬至 24 萬輛之間，與上年相比持平或成長 10%，下半年產量將高於上半年。在中型卡車市場，我們預計市場規模將在 11 萬至 12 萬輛之間，與 2025 年相比將持平或成長 10%。預計到 2026 年，我們在北美皮卡車的引擎出貨量將達到 125,000 至 140,000 台，年減 5% 至成長 5%。

In China, we project total revenue including joint ventures to decrease 1% in 2026, with weakness in heavy and medium-duty truck demand, partially offset by growth in data center demand. For China heavy and medium-duty truck demand, we project a range of down 10% to flat. While we expect export demand to remain high, we anticipate the domestic demand will decline as a result of lower impacts from NS4 scrapping policy stimulus.

在中國，我們預計到 2026 年，包括合資企業在內的總收入將下降 1%，原因是重型和中型卡車需求疲軟，但資料中心需求的成長將部分抵消這一影響。我們預計中國重型和中型卡車需求將下降 10% 至持平。雖然我們預期出口需求將維持在高位，但由於 NS4 報廢政策刺激措施的影響減弱，我們預期國內需求將會下降。

In India, we project total revenues including joint ventures to decrease 5% in 2025. We expect industry demand for trucks to be down 10% to flat for the year with weak replacement demand and limited infrastructure spending. For global construction, we expect a range of down 5% to up 5% year over year as we anticipate domestic demand in China and North America to be roughly flat and export demand in China slightly down given geopolitical uncertainties.

在印度，我們預計到 2025 年，包括合資企業在內的總收入將下降 5%。我們預計，由於替換需求疲軟和基礎設施支出有限，今年卡車產業需求將下降 10% 至持平。對於全球建築業，我們預計同比增幅在 5% 到 5% 之間，因為我們預計中國和北美的國內需求將大致持平，而鑑於地緣政治的不確定性，中國的出口需求將略有下降。

We project our major global high horsepower markets to remain strong in 2026. Revenues in our global power generation markets are expected to increase 10% to 20%, driven by continued high demand in the data center market and the successful execution of our capacity expansion, which was completed in 2025. Sales of mining engines are expected to be flat to up 10% driven by replacement demand. For aftermarket, we expect a range of up 2% to 8% for 2026 with increased parts consumption from aging fleets and higher rebuild demand.

我們預計到 2026 年，全球主要大馬力引擎市場將保持強勁勢頭。受資料中心市場持續旺盛的需求以及我們產能擴張計劃的成功實施（該計劃已於 2025 年完成）的推動，我們全球發電市場的收入預計將增長 10% 至 20%。受替換需求的推動，預計礦用引擎銷售量將持平或成長 10%。對於售後市場，我們預計 2026 年的成長率將達到 2% 至 8%，原因是老舊車隊零件消耗增加以及翻新需求上升。

In summary, 2025 was a strong year with record earnings, excluding onetime items, despite a down cycle in North America truck markets. In 2026, we expect North America truck demand to be slightly better than 2025, particularly in the second half of the year along with continued strength in our power generation, industrial, and aftermarket businesses. Cummins remains well positioned to invest in future growth and deliver strong financial returns and return cash to investors.

總而言之，儘管北美卡車市場處於下行週期，但2025年仍然是業績強勁的一年，不計一次性項目，公司盈利創歷史新高。我們預計 2026 年北美卡車需求將略好於 2025 年，尤其是在下半年，同時我們的發電、工業和售後市場業務也將保持強勁勢頭。康明斯仍處於有利地位，能夠投資未來成長，帶來強勁的財務回報，並為投資者返還現金。

As I close, I would like to officially announce that our Analyst Day is now scheduled for May 21 in New York City and expect invitations to be sent out shortly. I look forward to sharing updates on our financial guidance and further discussing our strategy then.

最後，我正式宣布，我們的分析師日活動現已定於 5 月 21 日在紐約市舉行，預計很快就會發出邀請函。我期待屆時與大家分享我們的財務指導意見的最新進展，並進一步探討我們的策略。

Now let me turn it over to Mark, who will discuss our financial results in more detail.

現在我把麥克風交給馬克，他將更詳細地討論我們的財務表現。

Thanks, Jen, and good morning, everyone. We delivered strong operational results in 2025, achieving record EBITDA and earnings per share, excluding onetime items despite the down cycle in North America truck markets, and ongoing tariff volatility. These results reflect the effectiveness of our strategy, our disciplined focus on financial performance, and the hard work of our employees.

謝謝Jen，大家早安。儘管北美卡車市場處於下行週期，且關稅持續波動，但我們在 2025 年取得了強勁的營運業績，在不計一次性項目的情況下，實現了創紀錄的 EBITDA 和每股收益。這些結果反映了我們策略的有效性、我們對財務表現的嚴格關注以及員工的辛勤工作。

Now let me go into more detail on Q4 and the full year performance. Fourth quarter reported revenues were $8.5 billion, an increase of $89 million from a year ago. EBITDA was $1.2 billion or 13.5% of sales compared to $1 billion or 12.1% a year ago.

現在讓我更詳細地介紹一下第四季和全年的業績。第四季報告營收為 85 億美元，比去年同期成長 8,900 萬美元。息稅折舊攤銷前利潤 (EBITDA) 為 12 億美元，佔銷售額的 13.5%，而去年同期為 10 億美元，佔銷售額的 12.1%。

In the fourth quarter, the strategic review of the electrolyzer business in Accelera resulted in charges of $218 million. This compares to the fourth quarter of 2024, which included $312 million of costs related to the reorganization of Accelera.

第四季度，Accelera 對電解槽業務的策略審查產生了 2.18 億美元的費用。相較之下，2024 年第四季包括與 Accelera 重組相關的 3.12 億美元成本。

Stripping those out and looking at underlying performance, we delivered EBITDA in the fourth quarter of $1.4 billion or 16% compared to $1.3 billion or 15.8% of sales a year ago, even as North America heavy and medium-duty truck engine volume declined by a combined 30%.

剔除這些因素，從根本業績來看，我們第四季的 EBITDA 為 14 億美元，年成長 16%，而去年同期為 13 億美元，年成長 15.8%，儘管北美重型和中型卡車引擎的銷量合計下降了 30%。

Fourth quarter revenues increased from 1% a year ago as continued high demand in our global power generation markets, higher pickup truck volumes, and improving pricing -- improved pricing more than offset lower North American truck volumes. Sales in North America were down 2%, while international revenues increased 5%. Foreign currency movements positively impacted sales by less than 1%.

第四季營收較去年同期成長 1%，這得益於全球發電市場持續旺盛的需求、皮卡車銷量增加以及價格上漲——價格上漲帶來的收益超過了北美卡車銷量下降的幅度。北美地區的銷售額下降了 2%，而國際收入成長了 5%。外匯波動對銷售額的正面影響不到 1%。

Fourth quarter EBITDA improved to 16% compared to 15.8% a year ago. Higher power generation and pickup truck volumes, pricing, lower compensation expenses, operational improvements, and higher joint venture and other income, lots of things higher, all helped more than offset lower North American medium and heavy-duty trucks, higher product coverage costs primarily in Accelera and the dilutive impact of tariffs.

第四季 EBITDA 成長率從去年同期的 15.8% 提高到 16%。更高的發電量和皮卡車銷量、價格、更低的補償費用、運營改進以及更高的合資企業和其他收入，很多因素都提高了，所有這些都足以抵消北美中型和重型卡車銷量下降、產品覆蓋成本（主要是 Accelera）上升以及關稅的稀釋影響。

Now I'll summarize some of the impacts by line item in the income statement. Gross margin was $2 billion or 22.9% of sales, up compared to [24] -- gross margin was $2 billion or 22.9% of sales compared to 24.1% a year ago as lower North American truck volumes, higher product coverage, and the diluted impact of tariffs more than offset stronger power generation demand, favorable pricing, and operational efficiency.

現在我將按損益表中的項目總結一些影響。毛利為 20 億美元，佔銷售額的 22.9%，高於去年同期的 24.1% [24]——毛利為 20 億美元，佔銷售額的 22.9%，而去年同期為 24.1%，原因是北美卡車銷售下降、產品覆蓋率提高以及關稅影響被稀釋，這些因素抵消了更強勁的發電需求。

Selling, admin and research expenses were $1.1 billion or 13.3% of sales compared to $1.2 billion or 13.7% last year, primarily due to strong cost control as truck markets weakened and lower compensation expenses. Joint venture income of $116 million increased $46 million, primarily driven by higher volumes in our China joint ventures on and off highway. Other income was negative $58 million compared to negative $196 million a year ago. 2025 other income included $80 million related to the electrolyzer charges, whilst 2024 included $171 million related to the Accelera reorganization costs. Excluding these items, other income increased by $50 million driven by mark-to-market gains on investments related to company-owned life insurance, modest gains this quarter compared to losses a year ago.

銷售、管理和研發費用為 11 億美元，佔銷售額的 13.3%，而去年同期為 12 億美元，佔銷售額的 13.7%，這主要是由於卡車市場疲軟導致成本控制力度加大以及薪酬支出降低。合資企業收入為 1.16 億美元，增加了 4,600 萬美元，主要得益於我們在中國合資企業公路和非公路業務量的成長。其他收入為負5800萬美元，而上年同期為負1.96億美元。 2025年的其他收入包括與電解槽相關的8,000萬美元費用，而2024年則包括與Accelera重組相關的1.71億美元費用。除上述項目外，其他收入增加了 5,000 萬美元，這主要得益於公司擁有的壽險投資的市值計價收益，與去年同期的虧損相比，本季實現了小幅增長。

Interest expense was $82 million, a decrease of $7 million from the prior year driven by lower weighted average interest rates. The all-in effective tax rate in the fourth quarter was 21.6%, which included $69 million or $0.50 per diluted share of favorable discrete items.

利息支出為 8,200 萬美元，比前一年減少了 700 萬美元，主要原因是加權平均利率下降。第四季綜合有效稅率為 21.6%，其中包括 6,900 萬美元或每股攤薄收益 0.50 美元的有利一次性項目。

All in net earnings for the quarter were $593 million or $4.27 per diluted share, which includes $215 million or $1.54 per diluted share of charges related to the strategic review of the electrolyzer business. Excluding these charges, EPS was $5.81 per diluted share.

本季淨利為 5.93 億美元，即每股攤薄收益 4.27 美元，其中包括與電解槽業務策略審查相關的 2.15 億美元費用，即每股攤薄收益 1.54 美元。剔除這些費用後，每股攤薄收益為 5.81 美元。

Operating cash flow in the quarter was an inflow of $1.5 billion, up $112 million from a year ago. For the full year 2025, revenues were $33.7 billion, a decrease of 1% from a year ago. EBITDA was $5.4 billion or 16.0% compared to $6.3 billion or 18.6% of sales in 2024. 2025 include $458 million of charges related to the electrolyzer business within Accelera. This compares to 2024 results that included the gain related to the separation of Atmus net of transaction costs and other expenses of $1.3 billion, charges related to Accelera of $312 million and $29 million of restructured, a lot of moving parts in those comparisons.

本季經營現金流為15億美元流入，比去年同期增加1.12億美元。2025 年全年營收為 337 億美元，較上年下降 1%。2025 年 EBITDA 為 54 億美元，佔銷售額的 16.0%，而 2024 年為 63 億美元，佔銷售額的 18.6%。 2025 年包括與 Accelera 旗下電解槽業務相關的 4.58 億美元費用。這與 2024 年的業績相比，其中包括與 Atmus 分拆相關的收益（扣除交易成本和其他費用後為 13 億美元）、與 Accelera 相關的費用 3.12 億美元以及 2,900 萬美元的重組費用，這些比較中有很多變動因素。

If you strip those out, the underlying EBITDA percentage improved by 170 basis points year over year, primarily driven by higher power generation volumes, pricing, lower compensation expenses, operational improvements, and all of which more than exceeded lower North American truck volumes and the dilutive impact from tariffs.

如果剔除這些因素，基本 EBITDA 百分比年增了 170 個基點，主要得益於發電量增加、價格上漲、薪資支出降低、營運改善，所有這些因素都超過了北美卡車運輸量下降和關稅帶來的稀釋影響。

All in net earnings were $2.8 billion or $20.50 per diluted share compared to $3.9 billion or $28.37 per diluted share a year ago. Excluding previously mentioned onetime charges, 2025 net earnings were $3.3 billion or $23.78 per diluted share compared to 2024 net earnings of $3 billion or $21.37 per diluted share.

淨利潤總計為 28 億美元，即每股攤薄收益 20.50 美元，而去年同期為 39 億美元，即每股攤薄收益 28.37 美元。除先前提及的一次性費用外，2025 年淨利為 33 億美元，即每股攤薄收益 23.78 美元，而 2024 年淨利為 30 億美元，即每股攤薄收益 21.37 美元。

Capital expenditures in 2025 were $1.2 billion, flat compared to 2024 as we continue to invest in the new products and capabilities to drive growth, particularly related to the on-highway HELM platforms within our Engine and Components business in North America and also incremental capacity adds within our Power Systems business to serve the growing demand for data centers.

2025 年資本支出為 12 億美元，與 2024 年持平，我們將繼續投資於新產品和新能力以推動增長，特別是與我們在北美發動機和零部件業務中的公路 HELM 平台相關的產品，以及我們電力系統業務中為滿足數據中心日益增長的需求而增加的產能。

Our long-term goal is to deliver at least 50% of operating cash flow to shareholders in the form of share repurchases and dividends in 2025. We focused our capital allocation on organic investment, dividend growth, returning $1.1 billion to shareholders via the dividend, and maintaining our A credit rating metrics.

我們的長期目標是到 2025 年，將至少 50% 的經營現金流以股票回購和股利的形式返還給股東。我們將資本配置重點放在有機投資、股息成長、透過股息向股東返還 11 億美元以及維持 A 級信用評級指標。

I will now summarize the 2025 results for the operating segments that exclude the electrolyzer strategic review costs, and I will provide guidance for 2026. For the Engine segment, 2025 revenues were $10.9 billion, down 7% from a year ago. EBITDA was 12.7% of sales compared to 14.1% of sales a year ago, primarily due to lower North American heavy and medium-duty truck volumes. In '26, we project revenues for the Engine business will be flat to up 5% with weakness continuing in North American heavy and medium-duty trucks in the first half of the year with an anticipated strengthening in the second half of the year. 2026 EBITDA is expected to be in the range of 12% to 13%.

現在我將總結 2025 年各營運部門的績效（不包括電解槽策略審查成本），並提供 2026 年的績效指引。就引擎業務而言，2025 年的營收為 109 億美元，比上年下降 7%。EBITDA佔銷售額的12.7%，去年同期為14.1%，主要原因是北美重型和中型卡車銷售下降。2026 年，我們預計引擎業務的營收將持平或成長 5%，北美重型和中型卡車市場在上半年持續疲軟，預計下半年將有所改善。預計 2026 年 EBITDA 成長率將在 12% 至 13% 之間。

Our Components segment revenues were $10.1 billion, down 10% from the prior year, and EBITDA was 13.8%, up compared to 13.5% in 2024 as the impact of lower truck volumes with -- more than offset with cost reduction improvements. For 2026, we expect total revenue for the Components business to be flat to up 5%, primarily driven by the expected improvement in North American heavy and medium-duty truck markets in the second half of this year. The EBITDA margins are expected to be 13% to 14%.

我們的零件業務收入為 101 億美元，比上年下降 10%；EBITDA 為 13.8%，高於 2024 年的 13.5%，原因是卡車銷量下降的影響被成本降低帶來的改善所抵消。預計 2026 年零件業務的總收入將持平或成長 5%，主要得益於今年下半年北美重型和中型卡車市場的預期改善。預計 EBITDA 利潤率為 13% 至 14%。

In the Distribution segment, revenues increased 9% from a year ago to a record $12.4 billion, and EBITDA was also a record of 14.6%, up 250 basis points from a year ago driven by higher power generation volumes and pricing. We expect 2026 distribution revenues to grow 5% to 10%, driven by continued strength in power generation markets and higher aftermarket demand. The EBITDA margins are expected to be in the range of 13.25% to 14.25%.

在配電業務方面，營收較上年同期成長 9%，達到創紀錄的 124 億美元；EBITDA 也創下 14.6% 的紀錄，較上年同期成長 250 個基點，這主要得益於發電量和價格的上漲。我們預計，在發電市場持續強勁成長和售後市場需求增加的推動下，2026 年分銷收入將成長 5% 至 10%。預計 EBITDA 利潤率將在 13.25% 至 14.25% 之間。

In the Power Systems segment, revenues were also a record $7.5 billion, up 16% from the prior year driven primarily by demand for power generation equipment especially in data center applications in North America and China. EBITDA was a record 22.7%, up 430 basis points from 2024 driven by stronger volumes, favorable pricing and a continued focus on operational performance, margin improvement whilst improving capacity for future growth in demand. In '26, we expect Power Systems revenues to be up 12% to 17% driven by continued strength in power generation, and EBITDA in the range of 23% to 24%.

在電力系統部門，營收也創下 75 億美元的紀錄，比前一年成長 16%，主要得益於北美和中國資料中心應用領域對發電設備的需求。EBITDA 達到創紀錄的 22.7%，比 2024 年增長 430 個基點，這得益於銷售增長、價格優勢以及對營運績效和利潤率的持續關注，同時提高了產能以滿足未來需求的增長。2026 年，我們預計電力系統收入將成長 12% 至 17%，這主要得益於發電業務的持續強勁成長；預計 EBITDA 將成長 23% 至 24%。

Accelera revenues increased to $460 million in 2025. We had a net operating loss in the segment of $438 million compared to $452 million the prior year. Whilst we lowered costs in existing operations or restructuring actions, this was partially offset by higher product coverage costs in this segment in the fourth quarter. In 2026, we expect Accelera revenues to be in the range of $300 million to $350 million and net losses to decline to $325 million to $355 million, reflecting our ongoing efforts to streamline the business, lower costs and whilst ensuring we're set up for long-term success in those product lines where the prospects are more promising.

Accelera 2025 年的營收將增至 4.6 億美元。該業務部門的淨營業虧損為 4.38 億美元，而去年同期為 4.52 億美元。雖然我們降低了現有營運或重組措施的成本，但第四季度該業務板塊產品覆蓋成本的增加部分抵消了這一降幅。預計 2026 年 Accelera 的營收將在 3 億美元至 3.5 億美元之間，淨虧損將減少至 3.25 億美元至 3.55 億美元，這反映了我們不斷努力精簡業務、降低成本，同時確保我們在那些前景更光明的產品線上取得長期成功。

We currently project 2026 company revenues to be up 3% to 8%. Company EBITDA margins are expected to be approximately 17% to 18%, as the benefits are modest. Second half recovery in truck, strength in power generation are somewhat offset by the dilutive impact of tariffs. I should have added it, but in the spirit of saving time, I did not acknowledge that tariffs diluted the EBITDA percent of every single segment in 2025, and we'll continue to do so on a percent basis in 2026, even though we did well to mitigate the costs and largely recover them.

我們目前預計公司 2026 年的營收將成長 3% 至 8%。由於收益有限，預計公司 EBITDA 利潤率約為 17% 至 18%。下半年卡車運輸業的復甦和發電業的強勁表現，在一定程度上被關稅的稀釋影響所抵消。我本應該補充說明這一點，但為了節省時間，我沒有提及關稅在 2025 年稀釋了每個業務部門的 EBITDA 百分比，而且在 2026 年，即使我們盡力減輕成本並基本收回了成本，關稅仍將繼續按百分比稀釋 EBITDA 百分比。

Our effective tax rate is expected to be approximately 24% in 2026, excluding discrete items. Capital investments will be in the range of $1.35 billion to $1.45 billion this year as we continue to make critical investments to support growth.

預計到 2026 年，我們的實際稅率約為 24%（不包括特殊項目）。今年資本投資額將在 13.5 億美元至 14.5 億美元之間，我們將繼續進行關鍵投資以支持成長。

To summarize, we delivered record profitability in 2025, excluding onetime charges, even as demand in North America heavy and medium-duty truck markets declined sharply. This performance was driven by strength in execution in our core business with Power Systems and Distribution delivering record profitable growth, and the Engines and Components segments, particularly managing costs well through the trough.

總而言之，在不計一次性費用的情況下，即使北美重型和中型卡車市場的需求大幅下降，我們 2025 年仍實現了創紀錄的盈利能力。這一業績得益於我們核心業務的強勁執行力，其中電力系統和配電業務實現了創紀錄的盈利增長，而發動機和零部件業務則尤其在低谷時期很好地控制了成本。

In Accelera we took further actions to reduce costs going forward in light of the weaker demand, while maintaining investments where we believe more promising returns lie ahead. Cash generation has been and will continue to be a focus, enabling us to continue investing in new products for current and future markets during times of uncertainty and continuing to return cash to shareholders whilst maintaining a strong balance sheet. We look forward to updating our long-term financial targets at our upcoming Analyst Day in May.

鑑於需求疲軟，Accelera 採取了進一步措施來降低未來的成本，同時繼續投資於我們認為未來更有前景的領域。現金流一直是並將繼續是我們的重點，使我們能夠在不確定時期繼續投資於當前和未來市場的新產品，並在保持強勁資產負債表的同時繼續向股東返還現金。我們期待在五月即將舉行的分析師日上更新我們的長期財務目標。

Thank you for your interest and your patience as we got through quarters, years and full guidance outlook. Now let me turn it back to Nick.

感謝您在我們進行季度、年度和全面業績展望的過程中給予的關注和耐心。現在讓我把麥克風交還給尼克。

Thank you, Mark. Out of consideration to others on the call, I would ask that you limit yourself to one question and a related follow-up. If you have an additional question, please rejoin the queue.

謝謝你，馬克。出於對其他與會者的考慮，請您將問題限制在一個問題和一個相關的後續問題上。如果您還有其他問題，請重新排隊。

Operator, we are ready for our first question.

接線員，我們準備好回答第一個問題了。

Jerry Revich, Wells Fargo.

傑瑞·雷維奇，富國銀行。

I'm wondering if you folks can update us on how you're thinking about potentially adding capacity in Power Systems for the diesel variant. And also what's the updated thoughts around potential natural gas product? And can you update us on where lead times stand now as well?

我想請教各位，你們在考慮如何增加柴油版動力系統的產能有什麼想法？另外，對於潛在的天然氣產品，目前有什麼最新的想法？能否也告知一下目前的交貨週期狀況？

Yes. Happy to do that, Jerry. So we continue to see very strong demand in our power generation business. And as noted in the comments, we completed the doubling of our capacity of the 95-liter engine and gen set that we supply very popular in the data center market. We've completed the launch of our Centum product line, and we continue to see benefits of those investments as well as ongoing just operational efficiency, performance in Power Systems and DBU, which is leading to the guide for this year.

是的。我很樂意效勞，傑瑞。因此，我們的發電業務需求依然非常強勁。正如評論中提到的那樣，我們完成了 95 升引擎和發電機組產能的翻倍，該產品是我們供應給資料中心市場的非常受歡迎的產品。我們已經完成了 Centum 產品線的推出，我們繼續看到這些投資的好處，以及在電力系統和 DBU 方面的持續營運效率和性能提升，這促成了今年的業績指引。

We had record order intake in Q4 for power generation. We're taking orders now well into 2028. So the demand remains very strong for diesel backup, power, and we're well positioned with the product and channel support that we offer to provide that. We are continuing to look at opportunities to increase capacity. For this year, you can expect the benefit of those things that I already outlined to come through full year and smaller improvements in efficiency and how we leverage what we have.

第四季度，我們的發電業務訂單量創歷史新高。我們現在開始接受訂單，一直到2028年。因此，市場對柴油備用電源的需求仍然非常強勁，而我們提供的產品和通路支援也使我們能夠很好地滿足這一需求。我們正在繼續尋找提高產能的機會。今年，您可以期待我之前概述的那些措施帶來的好處將持續一整年，同時效率和我們如何利用現有資源方面也會有較小的改進。

We'll be talking more in May at our Analyst Day about where we think we may have opportunity to continue to leverage the capacity and products that we offer and if there's any additional investments into new products. But as you would expect, we've been very thoughtful and disciplined in how we think about that.

我們將在五月的分析師日上詳細討論我們認為在哪些方面有機會繼續利用我們提供的產能和產品，以及是否會對新產品進行任何額外投資。但正如你所料，我們在思考這個問題時一直非常深思熟慮、嚴謹自律。

I would just add, even with it, whilst the total of our CapEx outlook the last three months hasn't really changed, we've allocated more, incrementally more to Power Systems in the last few months, Jerry. And really right now, we're a low-risk weighted play on the AI boom because we're making modest incremental internal investments for which there's high and, in fact, growing visibility for demand. So we feel confident about our approach.

我還要補充一點，即使如此，雖然過去三個月我們的資本支出預期總額並沒有真正改變，但在過去幾個月裡，我們逐步增加了對電力系統的投入，傑瑞。目前，我們正以低風險的方式參與人工智慧熱潮，因為我們正在進行適度的增量內部投資，而這些投資的需求非常明確，而且實際上還在不斷增長。因此，我們對我們的方法充滿信心。

And I got my voice back. You, talking about Power Systems, gets me all choked up. I'm wondering, Mark, can we just talk about the guidance outlook for '26? Really good performance this year across Engine, Components, and Distribution, you're guiding for up sales, but softer margins at the midpoint. Can you just expand for us on the comment you made on tariffs.

我的嗓子也恢復了。你一談到電力系統，我就激動得說不出話來。馬克，我想問，我們能不能談談 2026 年的業績展望？今年引擎、零件和分銷業務表現非常出色，預計銷售額將成長，但中期利潤率將有所下降。您能否詳細解釋一下您先前關於關稅的評論？

What's the impact of that pass-through and any other puts and takes around guidance in light of the strong performance for '25?

鑑於 2025 年的強勁業績，這種影響以及其他與業績指引相關的波動會產生什麼影響？

Yes. It's no surprise to anyone that the gross impact of tariffs accumulated through the year, the headlines were one thing, but it took time for those costs to start filtering through the supply chain, managing, negotiating, optimizing that the fourth quarter was clearly the biggest gross impact. We've done well to offset that. But as we look forward with the current regime of tariffs, that's full year dilutive on an absolute basis, Jerry, it's about 50 basis points, mostly through sales and recovery, not dollar losses. And so we'll see more of that on a percent basis in Engines and Distribution, in particular, going into next year.

是的。關稅帶來的總影響在一年內不斷累積，這並不令人意外。新聞頭條是一回事，但這些成本需要時間才能開始滲透到供應鏈中，進行管理、談判和優化，因此第四季顯然是總影響最大的時期。我們已盡力彌補這一不足。但展望未來，在目前的關稅制度下，傑瑞，從絕對值來看，這將導致全年利潤稀釋約 50 個基點，主要體現在銷售和復甦方面，而不是美元損失。因此，明年我們將在引擎和分銷領域看到更多這樣的成長（以百分比計）。

So that is a modest percentage tailwind into those two areas. Otherwise, there's nothing fundamentally changing. It's obviously a very busy period for Engines and Components with all the new product development going on ahead of the 2027 emissions regulations. And then in Distribution, we do have some modest investments in systems upgrades, particularly in our international regions.

因此，這對這兩個領域來說是一個適度的順風。除此之外，沒有其他根本性的改變。顯然，對於引擎和零件部門來說，這是一個非常繁忙的時期，因為在 2027 年排放法規生效之前，所有新產品的開發工作都在進行中。在分銷方面，我們確實進行了一些適度的系統升級投資，尤其是在我們的國際區域。

So those are the things. But yes, we look at the numbers the same as you do. We're delighted with the performance given all a combination of conditions, variations, and complexities of 2025. And fundamentally, underneath, what is there is a strong business with strong strategic position, high visibility to growth in Power Systems hopefully coming off the bottom of a truck market, and we'll continue as the truck cycle moves off this bottom to expect results to improve, not just this year, but going forward to more meaningful and sustained improvement as truck fundamentals improve.

以上就是全部內容。是的，我們和你們一樣看待這些數字。考慮到 2025 年各種條件、變化和複雜情況的組合，我們對這一表現感到非常滿意。從根本上講，其背後是一家實力雄厚、戰略地位穩固的企業，動力系統業務成長前景廣闊，並有望在卡車市場觸底反彈後實現成長。隨著卡車市場週期走出低谷，我們將繼續期待業績改善，不僅是今年，而且隨著卡車基本面的改善，未來將實現更有意義、更持續的改善。

(Operator Instructions) Rob Wertheimer, Melius Research.

（操作說明）羅伯‧韋特海默，Melius Research。

Just a quick question on the sequential revenue in Power Systems from 3Q to 4Q. I don't know whether that was any capacity issues, just timing issues or anything else. Obviously, you're growing next year. So I was just curious about the relative lack of growth.

請問一下電力系統業務從第三季到第四季的環比收入情況。我不知道這是容量問題、時間問題還是其他原因。顯然，你明年會成長。所以我很好奇為什麼成長相對緩慢。

And then more generally, you mentioned demand into 2028 for data centers, which is great. Is there any change in the shape of what's happening? Is there more behind the meter that might demand more back up? Is there any trend in design of data centers that either favors or not diesel backup?

此外，您還提到了到 2028 年對資料中心的需求，這非常好。當前形勢是否有任何變化？表後是否還有其他可能需要更多支援的問題？資料中心的設計是否存在某種趨勢，使其傾向於或不傾向於使用柴油備用電源？

Yes. On your first question, what I'd say is we were able to deliver the 95-liter capacity expansion ahead of schedule. So we saw more benefit of that sooner last year. And then as we went into Q4, we had a few down days that are not atypical at the end of the year and things that you do at the end of the year within plants. A little bit of softening in aftermarket.

是的。關於你的第一個問題，我想說的是，我們已經提前完成了 95 公升的產能擴充。所以去年我們更早看到了這種做法帶來的好處。然後，進入第四季後，我們遇到了一些淡季，這在年底並不罕見，也是工廠在年底都會遇到的情況。售後市場略有疲軟。

So those things had some some impact on top line performance. And then the other dynamic we had in Power Systems in Q4 was tariffs are still changing. Let's just acknowledge that while there may be some places where we're getting more clarity that's still changing, and the India tariffs in Q4 had a negative impact. We're working to recover those costs. But as things change over time, there's typically a lag in how we manage through that with our customers.

所以這些因素對公司業績產生了一定的影響。第四季電力系統方面的另一個動態是，關稅仍在變化。我們必須承認，雖然在某些方面我們可能獲得了更多清晰的訊息，但情況仍在變化，而且第四季度印度的關稅產生了負面影響。我們正在努力追回這些損失。但隨著時間的推移，情況會發生變化，我們在與客戶溝通應對這些變化時通常會有延遲。

In terms of diesel backup, there continues to be a desire for most -- really all data center customers to have diesel backup power available just to ensure the level of uptime and reliability that they need and the conversations are more around, how do we use the product line that we have to meet the strong demand that's out there.

就柴油備用電源而言，大多數（實際上是所有）資料中心客戶仍然希望擁有柴油備用電源，以確保他們所需的正常運作時間和可靠性等級。目前的討論更多是圍繞著如何利用我們現有的產品線來滿足市場上的強勁需求。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

I guess, Mark, just two questions. If you could just unpack the margins or implied lack of incremental margins in 2026 for the Engine business. I understand we have tariffs, but I thought we were getting pricing through and perhaps some benefit from Section 232. So is there anything else in there? Is there a first half, second half story there?

馬克，我想問兩個問題。如果能詳細分析引擎業務在 2026 年的利潤率或隱含的利潤率成長不足情況就好了。我知道我們有關稅，但我認為我們能夠獲得合理的價格，或許還能從第 232 條中獲得一些好處。裡面還有其他東西嗎？這個故事有前半部和後半部之分嗎？

We're exiting the year, incremental margins are higher. I'm just trying to understand how you think about incremental margins through the cycle relative to your 25% target that you guys laid out for Engines.

年底將至，增量利潤率更高。我只是想了解你們是如何看待整個週期內利潤率的增量，相對於你們為引擎部門設定的 25% 的目標而言的。

And then my last question on just distribution. Again, the implied margins are below 14%. You talked a little, I think, in the last answer about growth -- sorry, investment in that business. So how much is the investment? Where is it going to?

然後，我最後一個問題是關於分配的。再次強調，隱含利潤率低於 14%。我想，你在上一個回答中稍微談到了成長——抱歉，是對該業務的投資。那麼投資額是多少呢？它要去哪裡？

And just again, exiting margins -- exiting 2025, the fourth quarter with a 15.1% margin ending, implied 2026 below 14% just doesn't make a lot of sense.

再說一遍，以 2025 年第四季 15.1% 的利潤率結束，暗示 2026 年利潤率將低於 14%，這實在說不通。

We've had a lot of discussions about the distribution margins. The performance over a number of years has been really good. So we're really thrilled with the distribution leadership team continuing to grow Engines in margins. The tariffs throw a little bit of a spanner in the works from a percentage basis, we're in [tens] of basis points of dilution there. It's taken longer to work through distribution and then the recoveries.

我們已經就分銷利潤率進行了許多討論。多年來的表現一直非常出色。因此，我們對分銷領導團隊持續提升 Engines 的利潤率感到非常興奮。從百分比來看，關稅確實造成了一些阻礙，我們在這方面損失了幾十個基點。分銷和回收工作耗時更長。

And yes, there's a little bit of investment. But nothing underlying has fundamentally changed. So we still think the distribution business is going to be $1 and a 1% grower over time. There can be some, yes, modest investments over a short period of time, but nothing fundamentally changing there.

是的，確實需要一些投資。但其根本性質並沒有發生任何改變。所以我們仍然認為分銷業務的規模將達到 1 美元，隨著時間的推移，成長率將達到 1%。是的，短期內可能會有一些小額投資，但不會發生根本性的改變。

And then in the Engine business, yes, there's not a lot of pricing this year. There's been a lot of tariff recovery work and tariff mitigation work going on in 2025, but not this year. We're really in preparing for more demand whilst preparing for new product launches, all of those things are going on at the same time, a little bit of dilution from tariffs.

至於引擎業務，是的，今年的價格戰並不多。2025 年開展了大量關稅恢復工作和關稅緩解工作，但今年沒有。我們正在為更大的需求做準備，同時也為新產品的推出做準備，所有這些事情都在同時進行，關稅也帶來了一些影響。

And then there's nothing -- nothing is happening significant, we don't expect on the JV income line, it maybe even be down in on-highway a little bit in China, maybe up a little bit in the Power Systems JV earnings in China. So the net guide is at close to zero for JV earnings for the company, but maybe a little bit of dilution embedded in the Engine business guidance and a little bit of enhancement embedded in Power Systems overall. But nothing dramatically changing. But yes, overall, I would say pricing is not a big feature of 2026.

然後就什麼都沒有了——沒有什麼重大的事情發生，我們預計合資企業的收入不會有任何變化，甚至在中國的公路運輸業務可能會略有下降，而在中國的電力系統合資企業的收益可能會略有上升。因此，公司合資企業收益的淨預期接近零，但引擎業務預期中可能包含一些稀釋，而動力系統整體預期中可能包含一些增強。但並沒有什麼劇烈的變化。但總的來說，我認為價格並不是 2026 年的一大特色。

I'll just add, Jamie, on the 232 tariff. First, we're, of course, very supportive of the US administration focused on strengthening manufacturing and some of the things that they're doing a part of 232 to make sure that for companies like Cummins that are manufacturing for the US in the US and even manufactured in the US for export that there's incentives to do that. And they are still working through the details of the engine offset program. So we're waiting for clarity on how that will work as well as how they define US content. So there is some uncertainty built into that range that we have on our margins and Engine business and Components that will depend on how those details work out.And we hope to have more clarity after Q1.

傑米，我再補充一點，關於 232 號關稅。首先，我們當然非常支持美國政府致力於加強製造業，以及他們正在實施的 232 法案中的一些措施，以確保像康明斯這樣在美國為美國生產產品，甚至在美國生產出口產品的公司能夠獲得激勵。他們仍在研究引擎補償計劃的細節。所以我們正在等待他們澄清具體運作方式以及他們如何定義美國內容。因此，我們目前對利潤率、引擎業務和零件業務的預測存在一定的不確定性，具體情況取決於相關細節的最終結果。我們希望在第一季結束後能夠獲得更清晰的指引。

Angel Castillo, Morgan Stanley.

安吉爾‧卡斯蒂略，摩根士丹利。

I just wanted to start off maybe on the supply side of power gen or actually the supply demand. One quick one on the demand side. You mentioned record level of orders in the fourth quarter. Can you size your backlog exactly at this point and maybe provide a little bit more color on what the growth rate was either year over year or sequentially to your -- in terms of orders or the backlog? And then on the supply side, we've been hearing about capacity investments from perhaps other competitors.

我只是想先從發電的供應端，或者更確切地說是供需端入手。簡單介紹一下需求方面的狀況。您提到第四季訂單量創歷史新高。您能否準確估算一下您目前的訂單積壓量，並詳細說明訂單量或訂單積壓量的同比增長率或環比增長率？而在供應方面，我們也聽說其他競爭對手可能也在進行產能投資。

How are you kind of thinking about what that means for the competitive environment out there and impact your decision to invest in capacity as well?

您認為這會對當前的競爭環境產生怎樣的影響，又會如何影響您投資產能的決策？

Yes. I mean we don't give -- we don't quantify the size of our backorder. So all I can say is we had a record in Q3, and we set another record in Q4 in terms of that demand intake and multiyear strength and continued discussions with our data center customers on how we can meet their multiyear needs and what they're doing.

是的。我的意思是，我們不給出——我們不量化我們的積壓訂單規模。所以我只能說，我們在第三季度創下了紀錄，第四季度在需求量和多年增長勢頭方面又創下了紀錄，並且我們與數據中心客戶就如何滿足他們的多年需求以及他們正在做的事情進行了持續的討論。

So there's -- at this point, we see plenty of demand and some of the investment questions is just defining the plan that we think is efficient use of the capital we have as it relates to natural gas or other things having confidence in the multiyear outlook on what the market demand may be. We do feel pretty confident that we'll see strong demand continuing for diesel backup power. And so there really is that developing the detailed plan of what we think we can do and also our suppliers' abilities to invest and keep up with what we're doing in our own facilities.

所以目前來看，市場需求旺盛，一些投資問題在於如何制定我們認為能夠有效利用現有資本的計劃，尤其是在天然氣或其他領域，同時對未來多年的市場需求前景充滿信心。我們相當有信心，柴油備用電源的需求將持續強勁。因此，確實需要製定詳細的計劃，說明我們認為我們可以做什麼，以及我們的供應商是否有能力投資並跟上我們在自己設施中所做的工作。

That's helpful. And then maybe just on -- switching to capital allocation a little bit here. So your net debt to EBITDA seems to be below 1, and you're taking some charges here in Accelera, reducing some investments there. I think your R&D expense, if I'm not mistaken, should be coming down post EPA engines. So I think that's [28]. You also have your truck market bottoming here and hopefully starting to improve.

那很有幫助。然後，也許可以稍微談談資本配置。因此，您的淨債務與 EBITDA 的比率似乎低於 1，並且您在 Accelera 承擔了一些費用，減少了在那裡的一些投資。我認為，如果我沒記錯的話，在符合美國環保署（EPA）標準的引擎之後，你們的研發支出應該會下降。所以我覺得那就是[28]你們的卡車市場也已經觸底反彈，希望能開始好轉。

So how should we think about capital allocation as we kind of progress into 2026? I know your -- you mentioned reviewing some of these investments, you will talk about more at Investor Day. But assuming you were able to deploy some of maybe Accelera type of investments or others into that power gen, should we expect buybacks to come back and the order of magnitude there that we should kind of think about? Just about your capital allocation would be helpful.

那麼，隨著我們邁入2026年，我們該如何考慮資本配置？我知道你——你提到要審查其中的一些投資，你會在投資者日上詳細談談。但假設你能將一些類似 Accelera 的投資或其他投資投入發電領域，我們是否應該期待股票回購回歸，以及我們應該考慮的回購規模是多少？提供一些關於資金配置方面的資訊會很有幫助。

Yes. What I would say is we've worked hard over the last couple of years to restore our credit metrics post the drivetrain business or formerly Meritor acquisition. So we're in a strong position. We have financial flexibility most -- well, all of what we're investing in today in the current year can be funded within our current cash flow operations. So we do have that flexibility.

是的。我想說的是，在收購動力傳動系統業務（以前稱為美馳）之後，過去幾年我們一直在努力恢復我們的信用指標。所以我們處於有利地位。我們擁有相當的財務靈活性——事實上，我們今年所有的投資都可以在我們目前的現金流營運範圍內進行。所以我們確實有這種彈性。

We've talked about the kind of a minimum goal of 50% back to shareholders. And we do have that flexibility to deploy more capital to shareholders going forward if we see the right balance of opportunities.

我們討論過將至少 50% 的收益返還給股東的目標。如果我們看到合適的機遇，我們確實有彈性在未來向股東投入更多資金。

David Raso, Evercore ISI.

David Raso，Evercore ISI。

On the tariff impact, can you take us through the cadence? I think you alluded to the fourth quarter was your highest gross impact. The 50 bps that you gave is the drag. I assume that was a net number. That wasn't just gross. Is that correct?

關於關稅的影響，可以為我們介紹一下具體情況嗎？我認為你之前提到過第四季是你的總影響最高的季度。你給的 50 個基點是阻力。我猜那應該是淨額。那不僅僅是噁心。是這樣嗎？

The 50 bps was the net full year drag for 2026.

50 個基點是 2026 年全年淨拖累。

So if the net drag is, call it, $175 million for the full year, can you take us through the cadence? We're just trying to get a sense of -- obviously, the margin guide is a bit disappointing, and people are just trying to figure out where, at least, where you think you're exiting '26 on the margins.

如果全年淨虧損額為 1.75 億美元，您能為我們介紹一下具體情況嗎？我們只是想了解一下——顯然，頁邊距指南有點令人失望，人們只是想弄清楚，至少，你認為你在頁邊距上會在哪裡結束 26 年。

It's a different kind of drag. You're doing some kind of a net drag there, I think, David, and that's not right. So the drag is really on, let's call it, inflated revenues and inflated recovering and inflated COGS incurring costs.

這是一種不同的拖累。我覺得你這是在搞某種拖網式的分析，大衛，這是不對的。所以真正的拖累在於，我們姑且稱之為，虛高的收入、虛高的回收成本和虛高的銷售成本。

It's not just the model we want to be.

這不僅僅是我們想要成為的那種模式。

(inaudible)

（聽不清楚）

Yes. Our strategy is to work to recover dollars.

是的。我們的策略是努力追回美元。

And also, I'm trying to figure out a revenue number. Sorry.

另外，我還在努力估算收入數字。對不起。

Yes, the revenue number will move depending on what the tariff dollar is as will our recovery.

是的，收入數字會隨著關稅匯率的變化而變化，我們的經濟復甦也會隨之改變。

So what is it you want to know, the question?

所以，你的問題是什麼？

Well, I'm curious what is the revenue, the price offset? Like we're just trying to figure out how much is the price cost and also more we're trying to figure out how we exit the year.

我很好奇收入是多少，價格補償是多少？我們現在不僅要弄清楚價格成本是多少，還要弄清楚如何順利度過這一年。

You're talking about less than 2% year-over-year revenue increase due to the annualized impact of tariff recovery.

由於關稅回收的年度影響，您所說的年收入成長不到 2%。

Helpful. And the pricing comment, I think you made a comment, not much pricing in '26 or something like that. I apologize. I wasn't sure exactly what you're referring to. The tariff impact, was that something that maybe they raise price quickly enough? I'm just kind of curious how you're thinking about your ability to capture --

很有幫助。關於價格方面，我想你之前也說過，26 年的價格好像不太合理之類的。我道歉。我不太確定你指的是什麼。關稅的影響，是否會導致他們迅速漲價？我只是有點好奇你是如何看待自己捕捉能力的。--

I'm talking about pricing ex -- tariffs is not pricing in my mind. So I'm just saying other than puts tariffs to one side, we've done a good job mitigating that. The net impact to our P&L through all the actions we took was modest. But overall pricing, given that we're mostly selling out existing products, right, this current year and that we've done a lot, both on pricing in the past few years and the (inaudible) recovery on top, this is -- we are not anticipating this is going to be a big year for net pricing ex tariffs. We're moving towards the transition to new products, which is a whole different angle. And that's for next year, not for this year.

我指的是定價，不包括關稅──在我看來，關稅不屬於定價範疇。所以我的意思是，除了關稅問題之外，我們在緩解關稅問題上做得很好。我們採取的所有措施對損益表的淨影響並不大。但總體而言，考慮到我們今年主要銷售的是現有產品，而且過去幾年我們在定價方面做了很多工作，再加上（聽不清楚）復甦，我們預計今年淨價（不含關稅）不會有太大變化。我們正在向新產品過渡，這是一個完全不同的角度。那是指明年，不是今年。

Steven Fisher, UBS.

史蒂文費雪，瑞銀集團。

I'm sorry, just to clarify. Again, I know the message previously had been going into Q4, expect to be price versus cost neutral on the prior existing tariffs and then it was going to take a little time to get the latest round. So what are we thinking? Is it sort of just a net neutral on price versus cost on the tariffs as you see them today for the year? I guess maybe to start there.

抱歉，我再澄清一下。我知道之前的消息是，進入第四季後，預計在現有關稅的基礎上，價格與成本將保持中性，但最新一輪的關稅措施還需要一些時間才能出台。所以我們現在在想什麼？從目前的情況來看，今年的關稅在價格和成本方面是否基本持平？我想或許可以從那裡開始。

Yes, yes, give or take a few dollars, not exactly perfect dollar for dollar, but yes, it's not, but a significant dollar hit year over year. But the magnitude of the annualization of the sales and the cost of sales is dilutive to the EBITDA percent. So although I'll say it another way, if we have no tariffs, if they suddenly evaporated, our EBITDA percent at the midpoint would be 0.5 higher, but it would be on lower revenues.

是的，是的，上下浮動幾美元，雖然不是完全一比一一對應，但確實不是，不過與去年相比，這筆錢確實減少了不少。但銷售額和銷售成本的年化規模會稀釋 EBITDA 百分比。所以，雖然我換個說法，如果沒有關稅，如果關稅突然消失，我們的 EBITDA 中點百分比將高出 0.5%，但這將建立在較低的收入之上。

Right. Okay. That's helpful. And then I guess, just related to this, since you mentioned India, I'm curious what you actually have baked into the guidance for India given some of the changes that we've heard about very recently.

正確的。好的。那很有幫助。然後，我想，既然你提到了印度，我就很好奇，考慮到我們最近聽到的一些變化，你實際上在針對印度的指導方針中融入了哪些內容。

I mean you're talking about India. Right now, you're talking -- I mean we're talking tens of millions of dollars related to India, and a lot of it was moving global product around because it's a more international business, right, in the largely power generation markets where we're shipping products all around the world. So yes, we're in the tens of millions, but we can't go through every individual tariff by country or we will be even longer than we'd enjoy.

我的意思是，你談論的是印度。現在，我們談論的是——我的意思是，我們談論的是與印度相關的數千萬美元，其中許多是全球產品的運輸，因為這是一個更國際化的業務，對吧，尤其是在發電市場，我們向世界各地運送產品。所以，沒錯，我們已經統計了數千萬美元，但我們不可能逐一查關稅，否則耗時會比我們預想的還要長。

Yes. I think, Steve, just to add to that, this is Nick. What I'd say is Q4 for Power Systems was more transitory impact of India tariffs coming through. But to Mark's point, as we move into '26, we feel well positioned on that particular element that hit our Q4.

是的。我想，史蒂夫，補充一點，這位是尼克。我認為電力系統第四季業績下滑更多是受到印度關稅政策實施的暫時性影響。但正如馬克所說，隨著我們進入 2026 年，我們感覺在第四季度遇到的那個特定因素方面，我們處於有利地位。

That's where the margins would -- one of the reasons why the margin is down just a little bit in Q4. And you can see from the guide, we've got margin expansion built into the guidance there.

這就是利潤率下降的原因之一——也是第四季利潤率略有下降的原因之一。從這份指南中可以看出，我們已經將利潤率擴張納入了指導方針中。

Kyle Menges. Citigroup.

凱爾門格斯。花旗集團。

I did want to ask on EPA27, now that we've got more clarity on that. And we've heard from various others in the industry that it could lead to plus or minus $10,000 of increase just to the cost of a truck. So trying to think about how that would actually impact Cummins, I guess, on just engine pricing margin? And then also just how to think about the impact to components volume just given the added content as well as pricing.

既然我們現在對 EPA27 有了更清晰的了解，我想就此問一下。我們也從業內其他人士那裡了解到，這可能會導致一輛卡車的成本增加 1 萬美元左右。所以，我想問大家，這會對康明斯的引擎定價利潤率產生怎樣的實際影響？此外，還要考慮增加的內容以及定價對組件數量的影響。

Yes. Great. Let me break this down in a couple of things. First, we're committed to always delivering innovative, efficient solutions to our customers to meet their needs and comply with the regulation. And for those of you that have been around the industry for sometime, it's quite unusual to have this level of uncertainty this close to a regulatory implementation date.

是的。偉大的。讓我從幾個方面來解釋一下。首先，我們致力於始終為客戶提供創新、高效的解決方案，以滿足他們的需求並遵守相關法規。對於那些在這個行業待了一段時間的人來說，在監管實施日期臨近之際出現這種程度的不確定性是相當不尋常的。

So the EPA indication late last year, as you noted, that they'll move forward with the '27 NOx rule was an important step to give more regulatory uncertainty. And I think the EPA has worked hard to balance regulatory certainty and allowing those that have made big investments in products to launch in '27, not only to comply with the regulation but to bring other values to our customers to move forward while also looking at reducing the cost impact to the end customer. And so they've given some indication of what that looks like. We think we're very well positioned with our home engine platforms and the new products that we're going to be launching around those regulations.

正如你所指出的，美國環保署去年底表示將推進 2027 年的 NOx 法規，這是增加監管不確定性的重要一步。我認為，美國環保署 (EPA) 一直在努力平衡監管的確定性，並允許那些在產品方面投入巨資的公司在 2027 年推出產品，不僅要遵守法規，還要為我們的客戶帶來其他價值，以推動公司發展，同時還要考慮降低最終客戶的成本影響。所以他們已經給了一些關於它看起來是什麼樣子的跡象。我們認為，憑藉我們的本土引擎平台以及我們將圍繞這些法規推出的新產品，我們處於非常有利的地位。

There is still a lot of work underway that we're active in with the regulators, with our customers, with our suppliers on the details of those changes that they're going to make and ensuring that we complete our validation and certification process in accordance with those. So we're working through that.

我們仍在積極與監管機構、客戶和供應商合作，研究他們將要進行的變更的細節，並確保我們按照這些變更完成驗證和認證流程，這方面還有很多工作要做。所以我們正在努力解決這個問題。

And just would note, we work with multiple OEMs. Obviously, the most OEMs on our B Series product, which is in a high variety of different applications. So that's one in particular that we're focused on. Net of that is we're all moving forward toward that, gaining the additional clarity that we need and it will still result in content add in the Engine business and in the Components business after treatment, in particular, ACT is estimated $10,000 to $15,000 for heavy-duty truck add associated with that, and the majority of that will be in the powertrain. So it will be split for us in our content add between the Engine business and the Components business, and we'll see that coming in with those new product launches.

另外需要說明的是，我們與多家原始設備製造商 (OEM) 合作。顯然，我們B系列產品擁有最多的OEM客戶，此產品應用範圍非常廣泛。所以這是我們重點關注的一個面向。綜上所述，我們都在朝著這個方向前進，獲得了我們需要的更多清晰信息，而且經過處理後，發動機業務和零部件業務仍將增加內容，特別是，ACT 預計將為重型卡車增加 10,000 至 15,000 美元，其中大部分將用於動力總成。因此，我們的內容添加將分為引擎業務和組件業務兩部分，我們將在新產品發佈時看到這一點。

But again, they're also bringing more efficiency, more power, advancing our digital solutions. Excited about the value we're going to bring to our customers along with that regulatory change.

但話說回來，它們也帶來了更高的效率、更強大的動力，推動了我們的數位化解決方案的發展。我們很高興這項監管政策的改變能為我們的客戶帶來更大的價值。

Noah Kaye, Oppenheimer.

諾亞凱，奧本海默。

That's a perfect lead into my question, which is now that we have a little bit more certainty that is going to happen even if we're still looking for the fine points of it, what is the guide embed for any kind of prebuy for '26?

這只是引出了我的問題，既然我們現在對這件事的發生有了更多的確定性，即使我們仍在尋找其中的細節，那麼對於 2026 年的任何預購活動，指導方針是什麼？

Yes. I mean this is a big question and part of what I'd say is we'll influence the range and how much the second half comes back. But we are assuming we'll see some pre-buy in the second half of next year. There's a combination of the natural coming out of the down cycle for the truck market the more stability and tariffs that will cause customers to start buying trucks again and then prebuy in the second half of the year. But we're really watching to try to understand how much will that be.

是的。我的意思是，這是一個大問題，我想說的是，我們將影響比賽的進程以及下半場能恢復多少。但我們預計明年下半年會出現一些預購現象。卡車市場自然走出低迷週期，加上市場更穩定和關稅政策的調整，將促使消費者再次開始購買卡車，並在下半年進行預購。但我們正在密切關注，試圖了解最終金額會是多少。

You saw strong orders in December, improvement in orders last month. But how that flows over the course of the year, I think we're all watching and cautiously optimistic is what I would say. And then demand does start to strengthen how quickly can the supply base flex back up because it dropped quite dramatically last year. So those are the things to watch.

12月訂單強勁，上個月訂單有所改善。但接下來一年的發展趨勢如何，我想我們都在關注，我的看法是謹慎樂觀。然後，需求開始增強，但供應基礎能否迅速恢復？因為去年供應基礎大幅下降。所以，以上就是需要關注的事項。

Fundamentals have improved a little bit. It's been a long dry spell. So hopefully, that continues in addition to buying some products ahead of the changes.

基本面略有改善。已經很久沒有下雨了。所以，希望這種做法能夠持續下去，同時我們也能在變化發生之前購買一些產品。

May mean some more even performance as you go from second half of this year into next year though.

不過，這可能意味著從今年下半年到明年，你的表現會更加穩定。

Okay. And then I guess, the tie-in to that, just again, around the Engine margins, you mentioned you're preparing for new product launches. But I know a lot of investments has gone into preparing the platform. So is it an incremental headwind to margins, the investment in the preparation costs for launch in '26? Or are we actually starting to lap that?

好的。然後，我想，這與引擎利潤率有關，您提到您正在為新產品發布做準備。但我知道，為了建造這個平台，已經投入了大量資金。那麼，為 2026 年產品上市而進行的準備成本投資是否會對利潤率造成逐步的負面影響呢？或者我們實際上已經開始超越他們了？

We are starting to lap it to some extent. But said another way, we're, in some cases, running with parallel operating system, right? Some of the engine platforms are going to change quite significantly as we work through the introduction. So as we get through the other side of the launches, yes, we'd expect the margins to step up once we convert over.

我們已經開始在某種程度上超越它了。換句話說，在某些情況下，我們運行的是平行作業系統，對吧？隨著我們逐步推出新產品，一些引擎平台將會發生相當大的變化。所以，隨著產品上市的進行，我們預期一旦完成轉換，利潤率就會提高。

Tim Thein, Raymond James.

提姆泰恩，雷蒙詹姆斯。

I'll just kind of package these together. Question one is just on, Mark, going back to the comments earlier about the capital allocation flexibility that you have. I'm curious, as part of that, maybe it doesn't factor in or not, but your joint venture partner in your AMT venture announced the potential or likely spin-off of that business, I'm just curious if that impacts -- could that give rise to a potential option for Cummins if it wanted to increase its stake there? So maybe just thoughts around that.

我先把這些東西打包在一起。第一個問題就此打住，馬克，回到之前關於你擁有的資本配置彈性的評論。我很好奇，這或許無關緊要，但您在 AMT 合資企業中的合作夥伴宣布了該業務可能或很可能分拆上市，我只是好奇這是否會產生影響——如果康明斯想要增加其在該合資企業中的股份，這是否會成為康明斯的一個潛在選擇？所以，也許只是圍繞著這方面的想法。

And then, I guess, part 2 is the data center revenue in total in '25. Can you help us on that? And then what is embedded in '26 across Power Systems and Distribution?

然後，我想，第二部分是 2025 年資料中心的總收入。您能幫我們解決這個問題嗎？那麼，‘26’在電力系統和配電領域又包含哪些內容呢？

Yes. Of course, we have an important partnership with Eaton, as you noted, in the Eaton-Cummins joint venture. I think it's premature to say how that will happen. We would expect continued partnership with that portion of their business going forward in that joint venture and really making sure that we have optimized powertrains for our customers.

是的。當然，正如您所指出的，我們與伊頓公司在伊頓-康明斯合資企業中有著重要的合作關係。我認為現在談論這件事將如何發生還為時過早。我們希望未來能繼續與他們在該合資企業中的業務部門保持合作，並真正確保我們為客戶優化動力系統。

And then specific to your question on data center revenue, we had alluded last call in 2024, $2.6 billion of total company revenue and expectations that would grow 30% to 35%. We did hit the upper bound of that. So for 2025, we're at about $3.5 billion between our Power Systems business and then also our Distribution business.

至於您提出的資料中心收入問題，我們之前提到過，到 2024 年，公司總收入將達到 26 億美元，預計將成長 30% 至 35%。我們確實達到了上限。因此，到 2025 年，我們的電力系統業務和配電業務的總收入將達到約 35 億美元。

Chad Dillard, Bernstein.

查德·迪拉德，伯恩斯坦。

So with the restructuring you took in Accelera, can you talk about how that changes the cost structure? Where do breakeven margins go? And then just maybe a little more color on just what the actions are?

那麼，隨著 Accelera 的重組，您能否談談這如何改變了成本結構？損益平衡利潤都去哪了？然後，能不能再詳細解釋一下這些行動具體是什麼？

Yes. So this -- the actions in the fourth quarter were really focused on our electrolyzer business. And just frankly, with the policy changes in green hydrogen, the demand for green hydrogen has dried up dramatically lower. And so that has had us relook at our participation. We have commitments to customers that we've made, but we'll stop future commercial activity.

是的。因此，第四季的行動主要集中在我們的電解槽業務上。坦白說，隨著綠氫能政策的變化，對綠色氫能的需求已經大幅下降。因此，這促使我們重新檢視我們的參與方式。我們對客戶做出了承諾，但我們將停止未來的商業活動。

And so what that means and even with some of the actions that are starting to flow through that we took a year ago is we've meaningfully lowered losses for this year, but some of these things take time to fully play through just based on existing business and commitments that we have, but we've meaningfully reduced our participation in hydrogen. And we continue to feel like we've got some good capability in battery electric powertrains and pacing our investments there given the slowing in the market, but the anticipation that, that will continue to grow over time is really where we're focused. And then, of course, we never stopped investing in the Engine side of our solutions, and so anticipate more strength there for longer.

因此，這意味著，即使我們一年前採取的一些措施已經開始顯現成效，我們也已大幅降低了今年的損失，但其中一些措施需要時間才能完全發揮作用，這僅僅是基於我們現有的業務和承諾，但我們已經大幅減少了在氫能領域的參與。我們仍然認為我們在電池電動動力系統方面擁有一些不錯的能力，鑑於市場放緩，我們正在控制這方面的投資，但我們真正關注的是，隨著時間的推移，這一領域將繼續增長。當然，我們從未停止對解決方案引擎方面的投入，因此預計這方面將保持更長的強大實力。

Yes. And I think you'll see in our disclosure, some of the breakdown of the cost was a combination of some people actions and inventory write-downs, some contract exits. It's a whole combination of things, whereas the Q3 charge is really just a goodwill impairment. This was related to specific actions that lower the costs going forward.

是的。我認為您會在我們的揭露文件中看到，部分成本構成是一些人事變動、庫存減損和合約終止等因素共同作用的結果。這是多種因素綜合作用的結果，而第三季的費用實際上只是商譽減損。這與降低未來成本的具體措施有關。

So as Jen said, we're permanently reducing the rate of participation in electrolyzers going forward, but observing commitments we've already made. So that should have a positive trend to it over time.

正如 Jen 所說，我們將永久降低未來電解槽的使用率，但會遵守我們已經做出的承諾。所以隨著時間的推移，這應該會呈現正面的趨勢。

Got it. That's helpful. And then I wanted to revisit the gross tariff conversation. Can we just go back to talking about the seasonality of that from like first half versus second half?

知道了。那很有幫助。然後我想重新討論一下關稅總額的問題。我們能不能還是回到之前討論的季節性差異，例如上半年和下半年的區別？

Somebody else is responsible for the seasonality of that.

那件事的季節性是由其他人負責的。

This is what I would say. Like I think if you look at over the course of last year, you saw growing, especially in the second half tariff costs flowing through and recovery increasing as we negotiated commercial agreements with our customers, that becomes hopefully more stable and steady this year, although there are still some new tariff announcements. And as I noted, details around engine offset and 232 that we'll need to work through. So we are continuing to spend a lot of time on how this is moving in the agreements that we have with our suppliers and customers and fundamentally maintain our goal of recovering at the dollar level of actual costs.

我會這麼說。我認為，如果你回顧去年，你會發現關稅成本不斷增長，尤其是在下半年，隨著我們與客戶協商商業協議，回收率也在提高，希望今年情況會更加穩定，儘管仍然有一些新的關稅公告。正如我之前提到的，關於引擎偏移和 232 的細節我們需要仔細研究。因此，我們將繼續投入大量時間，關注我們與供應商和客戶達成的協議的進展情況，並從根本上堅持以實際成本的美元水平收回成本的目標。

The degree of variation has moderated here between the quarters. We were able to deliver the net, mostly recovered in the fourth quarter that we anticipated, which contributed to the solid results overall. So that seasonal, it's more just a piecing of how long it took to work through the supply chain. And of course, there were a number of changes up and down.

各季度之間的差異程度有所緩和。我們實現了預期目標，其中大部分在第四季度得以恢復，這為整體穩健的業績做出了貢獻。所以，從季節角度來看，它更像是供應鏈運作所需時間的分散體現。當然，期間也經歷了不少起伏。

At this time, we've reached the end of our question-and-answer session. I'll turn the floor back to Nick Arens to provide closing remarks.

至此，我們的問答環節到此結束。我現在把發言權交還給尼克·阿倫斯，讓他做總結發言。

Thank you. That concludes our teleconference for today. Thank you all for participating in your continued interest. As always, the Investor Relations team will be available for questions after the call. Thank you.

謝謝。今天的電話會議到此結束。感謝大家一直以來的參與與關注。與往常一樣，投資者關係團隊將在電話會議結束後解答您的問題。謝謝。