Core & Main Inc (CNM) 2025 Q4 法說會逐字稿

Hello, and welcome to the Core & Main Q4 and full year 2025 earnings call. My name is Alex, and I'll be coordinating today's call. (Operator Instructions)

大家好，歡迎參加 Core & Main 2025 會計年度第四季及全年財報電話會議。我叫 Alex，將負責協調今天的會議。（接線員指示）

I'll now hand it over to Glenn Floyd, Director of Investor Relations, to begin. Please go ahead.

現在我將把電話交給投資人關係總監 Glenn Floyd 來開始。請開始。

Good morning, and thank you for joining us. I'm Glenn Floyd, Director of Investor Relations at Core & Main. We appreciate you taking the time to be with us today for our fiscal 2025 fourth quarter and full year earnings call.

各位早安，感謝各位加入我們。我是 Core & Main 投資人關係總監 Glenn Floyd。感謝各位今天撥冗參加我們 2025 會計年度第四季及全年財報電話會議。

Joining me this morning are Mark Witkowski, our Chief Executive Officer; Robyn Bradbury, our Chief Financial Officer; and Brad Cowles, our President. Mark will start with the business update and review of our fiscal 2025 performance. Brad will then discuss the investments we are making to drive market share gains and margin expansion over the long term. Robyn will follow with a review of our financial results and outlook for fiscal 2026. We will then open the line for questions, and Mark will wrap up with closing remarks.

今天早上與我一同出席的有：我們的執行長 Mark Witkowski、財務長 Robyn Bradbury，以及總裁 Brad Cowles。Mark 將先進行業務更新並回顧我們 2025 會計年度的表現。接著 Brad 將說明我們為推動市占率提升與長期毛利率擴張所進行的投資。之後 Robyn 將回顧我們的財務結果並提供 2026 會計年度展望。接著我們將開放提問，最後由 Mark 以結語作結。

Our press release, presentation materials, and the statements made during today's call may include forward-looking statements. These are subject to various risks and uncertainties that could cause actual results to differ materially from our expectations. For more information, please refer to the cautionary statements included in our earnings release and in our filings with the SEC. We will also reference certain non-GAAP financial measures during today's discussion. We believe these metrics provide useful insight into the underlying performance of our business. Reconciliations to the most comparable GAAP measure are available in both our press release and in the appendix of today's investor presentation.

我們的新聞稿、簡報資料，以及今天電話會議中的發言可能包含前瞻性陳述。這些陳述受多項風險與不確定性影響，可能導致實際結果與我們的預期有重大差異。更多資訊請參閱我們財報新聞稿及向美國證券交易委員會（SEC）提交文件中的警示性說明。我們在今天的討論中也會引用若干非 GAAP 財務衡量指標。我們相信這些指標能對我們業務的基本表現提供有用洞見。與最可比 GAAP 指標的調節表可在我們的新聞稿以及今日投資人簡報的附錄中取得。

Thank you again for your interest in Core & Main. I will now turn the call over to our Chief Executive Officer, Mark Witkowski.

再次感謝各位對 Core & Main 的關注。現在我將把電話交給我們的執行長 Mark Witkowski。

Thanks, Glenn, and good morning, everyone. I'll begin on page 5 with a brief overview of Core & Main and its market position. Core & Main is a leading specialty distributor of water infrastructure products and services in North America, supporting the repair, upgrade, and expansion of critical water systems. Having a portfolio of more than 225,000 products, many of which are exclusive to our industry with limited distribution rates, we combine local expertise with national capabilities to provide water infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential and residential end markets.

謝謝你，Glenn，各位早安。我將從第 5 頁開始，簡要介紹 Core & Main 及其市場定位。Core & Main 是北美水務基礎設施產品與服務的領先專業經銷商，支援關鍵供水系統的維修、升級與擴建。我們擁有超過 225,000 項產品組合，其中許多為本產業獨家且通路覆蓋率有限；我們結合在地專業與全國性能力，為市政單位、民營水務公司與專業承包商提供水務基礎設施解決方案，涵蓋市政、非住宅與住宅等終端市場。

Our footprint consists of more than 370 branches across the US and Canada, which serves as a crucial link between 5,000 suppliers and a diverse base of more than 60,000 customers. Our end markets are balanced and stable, providing resilience through varying demand environments. Municipal projects represent 44% of our sales, generating steady demand from reliable funding sources.

我們的據點包含美國與加拿大超過 370 個分支機構，作為 5,000 家供應商與超過 60,000 家多元客戶之間的關鍵連結。我們的終端市場結構均衡且穩定，使我們能在不同需求環境下保持韌性。市政專案占我們銷售額的 44%，由可靠的資金來源帶來穩定需求。

Our non-residential end market, which represents roughly 38% of sales, benefits from a diverse project mix across commercial, industrial and infrastructure applications. Residential lot development represents approximately 18% of our sales. And while near-term dynamics in this end market remain challenged, we continue to view the long-term outlook as attractive, supported by population growth and a structural undersupply of housing. This diversification, combined with the emerging growth drivers like AI-related infrastructure needs and treatment plant modernization, provides a strong foundation for our business.

我們的非住宅終端市場約占銷售額的 38%，受惠於商業、工業與基礎設施應用等多元專案組合。住宅地塊開發約占我們銷售額的 18%。儘管該終端市場的短期動態仍具挑戰，我們仍認為長期展望具吸引力，並受到人口成長與結構性住宅供給不足的支撐。此一多元化布局，加上 AI 相關基礎設施需求與處理廠現代化等新興成長動能，為我們的業務奠定堅實基礎。

Our competitive advantages, including local market expertise backed by our highly trained sales force, national capabilities and industry-specific technology, position us to lead an attractive $44 billion addressable market across the US and Canada, up roughly $5 billion from last year with the addition of Canada. We estimate our US market share at approximately 20% today with a small but growing share in Canada. This combination gives us significant runway to grow and capture additional share over time.

我們的競爭優勢包括：由高度訓練的銷售團隊所支撐的在地市場專業、全國性能力，以及產業專屬技術；這些優勢使我們得以在美國與加拿大合計約 440 億美元的可服務市場中取得領先地位，較去年因納入加拿大而增加約 50 億美元。我們估計目前在美國的市占率約為 20%，在加拿大的市占雖小但持續成長。這樣的組合為我們提供了可觀的成長跑道，並能隨時間推進持續擴大市占。

Our ability to win in the market starts with the value we create for both our customers and our suppliers, which we've highlighted on slide 6. It begins with our people-first culture, which empowers our associates to operate with an entrepreneurial mindset and build strong relationships in their local markets.

我們在市場上取勝的能力，始於我們為客戶與供應商雙方創造的價值，我們已在第 6 張投影片中重點說明。首先是我們以人為本的文化，賦能同仁以創業者心態運作，並在各自的在地市場建立深厚關係。

For our customers, we provide a broad portfolio of highly specified products, deep technical expertise and a consultative sales approach that helps them navigate complex infrastructure projects. Our local teams understand the specifications, regulations and project requirements unique to each municipality and job site, allowing us to support customers through early project planning through delivery and installation.

對客戶而言，我們提供廣泛且高度規格化的產品組合、深厚的技術專業，以及顧問式銷售方式，協助他們因應複雜的基礎設施專案。我們的在地團隊了解各市政單位與工地所特有的規格、法規與專案需求，使我們能從專案早期規劃一路支援到交付與安裝。

At the same time, we differentiate ourselves through our delivery capabilities and proprietary technology tools, which help simplify estimating, procurement and job site logistics. Combined with our national distribution network, this enables us to deliver materials reliably and efficiently, helping customers keep projects on schedule and within budget.

同時，我們也透過配送能力與自有專有技術工具來形成差異化，協助簡化估算、採購與工地物流。結合我們的全國性配送網路，這使我們能可靠且高效率地交付材料，協助客戶讓專案按期並在預算內完成。

For our suppliers, Core & Main serves as a critical channel to reach a highly fragmented customer base. Our expanded sales force and geographic footprint provide access to tens of thousands of contractors, municipalities, and utilities across the country. We also help drive the adoption of new products and technologies by leveraging our local relationships, technical expertise and market insights.

對供應商而言，Core & Main 是觸及高度分散客戶群的重要通路。我們擴大的銷售團隊與地理覆蓋範圍，讓供應商得以接觸全國數以萬計的承包商、市政單位與公用事業機構。我們也藉由在地關係、技術專業與市場洞察，協助推動新產品與新技術的採用。

Underlying all of this is our operating model, which combines local expertise with national capabilities and resources. Our local teams lead customer relationships and project execution, while our scale provides advantages in sourcing, distribution, technology, and product availability. This combination allows us to deliver a high level of service to customers while also creating meaningful value for our supplier partners. Together, these capabilities form a differentiated value proposition that positions Core & Main to consistently gain market share and deliver strong, reliable execution.

支撐上述一切的是我們的營運模式：結合在地專業與全國性能力與資源。我們的在地團隊主導客戶關係與專案執行，而我們的規模則在採購、配送、技術與產品供應上帶來優勢。此一組合使我們能對客戶提供高水準服務，同時也為供應商夥伴創造具實質意義的價值。綜合而言，這些能力構成差異化的價值主張，使 Core & Main 能持續提升市占並展現強勁且可靠的執行力。

Turning to our recent accomplishments on page 7. Fiscal 2025 was a year of disciplined execution for Core & Main. We delivered our 16th consecutive year of sales growth, a result that reflects the resilience of our business, the long-term strength of our end markets and the consistent performance by our teams across the country. We generated net sales of $7.65 billion, adjusted EBITDA of $931 million, adjusted diluted EPS of $2.97 and operating cash flow of $650 million.

接著看第 7 頁我們近期的成果。2025 會計年度對 Core & Main 而言是嚴謹執行的一年。我們達成連續第 16 年銷售成長，這反映了我們業務的韌性、終端市場的長期強勁，以及全國各地團隊的穩健表現。我們的淨銷售額為 76.5 億美元，調整後 EBITDA 為 9.31 億美元，調整後稀釋每股盈餘（EPS）為 2.97 美元，營運現金流為 6.5 億美元。

As we talk through the year, I want to frame our performance against the annual value creation targets we use to measure the business, which include end market growth, organic above-market growth, acquisitions, margin expansion and cash flow. First is our end market growth. Our annual target assumes 2% to 4% market volume growth. And in fiscal 2025, our end markets were roughly flat overall. Municipal volumes were up low to mid-single digits and continue to be a source of strength, supported by steady repair and replacement activity on a healthy funding environment. While municipal demand remained resilient, it was not enough to fully offset softness in other areas of our end markets.

在我們回顧全年表現時，我想以我們用來衡量業務的年度價值創造目標作為框架，包含終端市場成長、優於市場的有機成長、併購、毛利率擴張與現金流。首先是終端市場成長。我們的年度目標假設市場量成長為 2% 至 4%。而在 2025 會計年度，我們的終端市場整體大致持平。市政需求量成長為低至中個位數百分比，並持續是我們的強項，受惠於穩定的維修與汰換活動以及健全的資金環境。儘管市政需求保持韌性，但仍不足以完全抵消我們其他終端市場領域的疲弱。

Nonresidential volumes were relatively muted throughout the year. Growth from data centers, street and highway projects and multifamily developments provided support, but that strength was offset by softness in more traditional commercial lab development activity. Residential lab development declined low double digits as housing affordability and higher mortgage rates continue to weigh on demand. We expect residential will eventually return to growth to satisfy the significant undersupply of housing in the US.

非住宅需求量在全年相對溫和。資料中心、道路與高速公路專案以及多戶住宅開發帶來的成長提供支撐，但這股強勁被較傳統的商業實驗室開發活動疲弱所抵消。住宅實驗室開發下滑達低雙位數百分比，因住房可負擔性與較高的房貸利率持續壓抑需求。我們預期住宅市場最終將恢復成長，以滿足美國顯著的住宅供給不足。

While end market trends are outside of our control, we have been proactive in repositioning the business to perform in this environment by strengthening our municipal business while remaining fully committed to the private construction markets. We've had a couple of years of softer-than-normal end markets. And despite near-term softness, we expect growth to resume in the medium term.

雖然終端市場趨勢不在我們的掌控之中，但我們一直積極主動地重新調整業務定位，以便在此環境下表現出色；我們在強化市政業務的同時，仍然全力投入民間建築市場。過去幾年終端市場表現較以往偏弱。儘管短期仍偏疲軟，我們預期中期將恢復成長。

Second is our organic above-market growth. Our annual target calls for 2% to 4%, and in fiscal 2025, we delivered squarely within that range. A big driver of that performance was our sales initiatives, which delivered robust results as we broaden our portfolio of solutions to address aging water infrastructure. Collectively, average daily net sales grew double digits in fusible HDPE, treatment plant solutions and geosynthetics. Average daily net sales for meter products grew 12% in the quarter and grew mid-single digits for the year, on top of a strong prior year growth comparison of 32%.

第二是我們的有機、超越市場的成長。我們的年度目標為2%至4%，而在2025會計年度，我們的表現正好落在該區間內。推動該表現的一大動力來自我們的銷售推動方案；隨著我們擴大解決方案組合以因應老化的供水基礎設施，這些方案帶來了強勁成果。整體而言，可熔接HDPE、處理廠解決方案與土工合成材料的平均每日淨銷售額皆呈現雙位數成長。水表產品的平均每日淨銷售額在本季成長12%，全年則成長中個位數百分比，且是在前一年度已成長32%的高基期之上。

We also expanded our footprint during and subsequent to the year to make our products more accessible nationwide, opening 10 new branches in attractive markets. We have a pipeline of additional greenfield locations and expect to open additional locations as we progress throughout the year. Collectively, these sales and geographic expansion initiatives drove 3 points of organic above-market growth in fiscal 2025, reflecting continued share gains across our markets. We are confident in our ability to continue driving above-market growth through these sales, geographic and key talent initiatives in fiscal 2026 and beyond.

我們也在年度期間及之後擴大據點版圖，讓產品在全國更易取得，並在具吸引力的市場新設10家分公司。我們另有更多綠地據點的儲備管線，並預期在今年推進過程中再開設更多據點。綜合而言，這些銷售與地理擴張舉措在2025會計年度帶動了3個百分點的有機、超越市場成長，反映我們在各市場持續提升市占。我們對於在2026會計年度及其後，透過這些銷售、地理布局與關鍵人才計畫持續推動超越市場成長的能力充滿信心。

Third is our growth from acquisitions. Our annual target is 2% to 4% growth from acquisitions, and in fiscal 2025, we delivered 2%. That includes contributions from acquisitions completed in fiscal 2024, along with two complementary acquisitions we completed in fiscal 2025, Canada Waterworks and Pioneer Supply. Together, these acquisitions added five branches to our footprint during the year.

第三是併購帶來的成長。我們的年度目標是透過併購帶來2%至4%的成長，而在2025會計年度，我們達成2%。其中包含2024會計年度完成之併購的貢獻，以及我們在2025會計年度完成的兩項互補性併購：Canada Waterworks與Pioneer Supply。合計而言，這些併購在年度期間為我們的據點版圖新增了五家分公司。

Canada Waterworks builds on the platform we established in Canada last year with the HM Pipe acquisition. With these additions, we now operate seven branches in Ontario, including two greenfields opened earlier this year as we continue expanding our presence. Pioneer Supply expands our presence in Texas and Oklahoma, further extending our reach in attractive growth markets. Both businesses bring a strong reputation for quality and service that align with Core & Main's mission. Together, we're extending our reach and creating even greater opportunities for growth and value creation.

Canada Waterworks延續了我們去年透過併購HM Pipe在加拿大建立的平台。隨著這些新增據點，我們目前在安大略省營運七家分公司，其中包含今年稍早新設的兩個綠地據點，持續擴大我們的布局。Pioneer Supply擴大了我們在德州與奧克拉荷馬州的據點，進一步延伸我們在具吸引力的成長市場的觸及範圍。兩家公司皆具備優良的品質與服務口碑，與Core & Main的使命一致。我們正共同擴大觸及範圍，並創造更大的成長與價值創造機會。

More broadly, acquisitions in greenfields are complementary tools we use to expand our footprint and unlock new growth opportunities. In some markets, we establish a presence through greenfields, while in others like Canada, acquisitions provide an initial platform that we can then expand through additional investments over time. We are well positioned to continue driving growth through M&A.

更廣泛而言，併購與綠地據點是我們用來擴大版圖並解鎖新成長機會的互補工具。在某些市場，我們透過綠地據點建立據點；而在加拿大等市場，併購則提供初始平台，之後我們可隨時間透過額外投資持續擴張。我們具備良好條件，能持續透過併購推動成長。

Fourth is margin expansion. In fiscal 2025, we delivered strong gross margin performance, expanding 30 basis points year over year, driven by higher private label penetration and disciplined purchasing and pricing execution. Our gross margin performance for the year reflects great execution by our local teams and challenging market conditions, coupled with the benefits of our national scale and initiatives.

第四是毛利率擴張。在2025會計年度，我們交出強勁的毛利率表現，年增30個基點，主要受惠於自有品牌滲透率提升，以及嚴謹的採購與定價執行。我們全年毛利率表現反映了在具挑戰的市場環境下，各地團隊的優異執行力，並結合我們全國規模與各項計畫所帶來的效益。

Flat end market volumes and flat pricing, coupled with higher than normal inflation on our operating costs, limited our ability to achieve SG&A leverage this year. Historically, we've offset these impacts with productivity and price increases and expect we will do that going forward.

終端市場銷量持平與價格持平，再加上營運成本通膨高於常態，限制了我們今年達成SG&A槓桿效益的能力。歷史上，我們透過生產力提升與調價來抵銷這些影響，並預期未來也將如此。

Our last value creation lever is cash generation. Every year, we target converting 60% to 70% of adjusted EBITDA into operating cash flow. We delivered $650 million of operating cash flow in fiscal 2025, which represents conversion at the high end of the range. Strong cash generation continues to be a differentiator for Core & Main, and it gives us flexibility to invest in the business, pursue strategic M&A and return capital to shareholders.

我們最後一項價值創造槓桿是現金創造。每年我們的目標是將調整後EBITDA的60%至70%轉換為營運現金流。我們在2025會計年度創造了6.5億美元的營運現金流，轉換率位於區間高端。強勁的現金創造能力持續是Core & Main的差異化優勢，並賦予我們投資業務、推動策略性併購以及回饋股東資本的彈性。

As we look ahead, our focus is straightforward: extend the advantages we've built, compound market share gains and continue expanding the structural earnings power of the business. Beginning on page 8, we'll cover the fundamentals of our end markets and why they remain attractive over the long term. Brad will then walk through why we have confidence in our ability to grow and improve profitability.

展望未來，我們的重點很明確：延伸我們已建立的優勢、複利累積市占提升，並持續擴大公司結構性的獲利能力。從第8頁開始，我們將說明終端市場的基本面，以及為何其長期仍具吸引力。接著Brad將說明我們為何有信心能夠成長並提升獲利能力。

We benefit from a large base of aging municipal water infrastructure that drives consistent repair and replacement activity, and that backdrop is complemented by strong local funding and incremental federal and state funding that expands the addressable opportunity. We also continue to see an increasing need for modernization projects, including treatment plant upgrades and metering conversions, which reinforce the multiyear nature of municipal demand.

我們受惠於龐大且老化的市政供水基礎設施存量，帶動持續性的維修與汰換需求；此外，強勁的地方資金與新增的聯邦及州政府資金亦相輔相成，擴大了可服務的機會。我們也持續看到現代化專案需求增加，包括處理廠升級與水表更換，進一步強化市政需求具多年期特性的趨勢。

Our non-residential end market is supported by a balanced mix between new development and repair and replacement activity ranging from commercial and industrial construction, to less cyclical infrastructure projects like road and bridge rehabilitation activity. As I mentioned earlier, we're seeing mixed demand across project types in the near term, but the long-term themes like onshoring and broader infrastructure investment are expected to support a steady pipeline of work as large projects move from planning to execution.

我們的非住宅終端市場由新開發與維修/汰換活動之間的均衡組合所支撐，範圍涵蓋商業與工業建築施工，以及較不具循環性的基礎建設專案，例如道路與橋梁整修活動。如我先前提到，短期內我們看到不同專案類型的需求表現不一；但長期主題如製造回流（onshoring）與更廣泛的基礎建設投資，預期將在大型專案由規劃走向執行之際，支撐穩定的工作管線。

Lastly is residential. While near-term housing activity can move with interest rates and affordability, the long-term demand drivers are structural. The US has built fewer homes and household formations over the past two decades, which has created an undersupply and a long runway for future lot development.

最後是住宅市場。雖然短期住宅活動可能隨利率與可負擔性而波動，但長期需求驅動因素屬於結構性。過去二十年，美國新建住宅與家庭形成數量偏少，造成供給不足，並為未來地塊開發提供了長期成長跑道。

Importantly, residential growth can also provide incremental support to our other two end markets. As communities expand into suburban and rural areas, commercial development follows. And all of that residential and non-residential growth places a greater strain on local water systems, which drives municipal expansion, upgrades and repairs. We believe the release of pent-up residential activity supports residential, non-residential and municipal growth.

重要的是，住宅成長也能為我們另外兩個終端市場提供增量支撐。隨著社區向郊區與鄉村地區擴張，商業開發也會隨之而來。而所有這些住宅與非住宅成長都會對地方供水系統造成更大負荷，進而帶動市政擴建、升級與維修。我們相信，釋放先前被壓抑的住宅活動，將支撐住宅、非住宅與市政市場的成長。

Next, I would like to welcome Brad Cowles, our President, who will walk through the investments we are making in our products, capabilities, footprint and people and how those initiatives are driving market share gains and supporting margin expansion. Go ahead, Brad.

接下來，我想歡迎我們的總裁Brad Cowles，他將說明我們在產品、能力、據點版圖與人才方面所進行的投資，以及這些舉措如何推動市占提升並支撐毛利率擴張。Brad，請。

Thanks, Mark, and good morning, everyone. It's great to be here with you today. Turning to page 9. I want to share some insights on the sales initiatives and capabilities that are driving consistent above-market growth and market share gains. Building on the foundation of our core business and extensive branch presence, we're bringing additional value to our customers in two primary ways, with a broader product offering to cover all of their project needs and by bringing complete solutions to their more complex challenges.

謝謝你，Mark，各位早安。很高興今天能在此與各位相聚。請翻到第9頁。我想分享一些關於銷售推動方案與能力建設的觀點，這些因素正驅動我們持續的超越市場成長與市占提升。在核心業務與廣泛分公司據點的基礎上，我們主要透過兩種方式為客戶帶來額外價值：以更廣的產品供應涵蓋其所有專案需求，以及針對其更複雜的挑戰提供完整解決方案。

Our key initiatives, meters, treatment plant, fusible HDPE and geosynthetics, have combined to grow at an average annual rate of approximately 14% over the past five years, significantly outpacing underlying market demand. Two of these initiatives are focused on expanding our product offering, fusible HDPE and geosynthetics. These product initiatives require new supplier partnerships, specialized equipment and technicians, as well as unique storage and logistics solutions. As we expand these capabilities across our branch network, we can bring these products to our current customers and also pursue new customers who specialize in the installation of these unique products.

我們的關鍵計畫——水表、處理廠、可熔接HDPE與土工合成材料——在過去五年合計的平均年成長率約為14%，顯著超越基礎市場需求。其中兩項計畫聚焦於擴大產品供應：可熔接HDPE與土工合成材料。這些產品計畫需要新的供應商合作夥伴、專業設備與技術人員，以及獨特的倉儲與物流解決方案。當我們在分公司網絡中擴展這些能力時，我們既能將這些產品提供給現有客戶，也能開發專精於安裝這些獨特產品的新客戶。

Fusible HDPE, for example, is used in water and sewer systems by our current municipal and contractor customers. But the same products, (inaudible) equipment and technicians are also used in agriculture, energy, mining, landfill and other applications, often in the very same geography.

例如，可熔接HDPE目前由我們既有的市政與承包商客戶用於供水與污水系統。但相同的產品、（聽不清）設備與技術人員也可用於農業、能源、採礦、掩埋場及其他應用，且往往就在相同的地理區域內。

Smart meters and treatment plant are sales initiatives focused on solving more complex problems and offering more comprehensive solutions to our customers. We do this by investing in national teams with very specific expertise who complement the efforts of our local branches. We help our customers understand the possible solutions. And in doing so, we often create additional demand.

智慧水表與處理廠是銷售倡議，聚焦於解決更複雜的問題，並為客戶提供更全面的解決方案。我們透過投資具備非常特定專業能力的全國性團隊來做到這一點，這些團隊可補強我們在地分公司的努力。我們協助客戶理解可行的解決方案。而在此過程中，我們往往能創造額外需求。

Smart metering is a great example of how our turnkey solutions are winning with the customers while bringing them solutions they had never imagined. We were recently awarded what we believe is the largest metering contract in US history, reflecting our leading position in the market. We deliver solutions that help utilities improve billing accuracy, reduce water loss, and enhance system visibility. These solutions combine metering and other sensor hardware, software, installation, project management and everyday maintenance for metering projects of any size.

智慧計量是一個絕佳例子，說明我們的交鑰匙解決方案如何在為客戶帶來他們從未想像過的方案同時，也贏得客戶青睞。我們近期獲得一項我們相信是美國史上最大的計量合約，反映我們在市場中的領先地位。我們提供的解決方案可協助公用事業提升帳單計費準確性、降低漏水損失，並強化系統可視性。這些解決方案結合計量與其他感測器硬體、軟體、安裝、專案管理，以及適用於任何規模計量專案的日常維護。

We are enjoying a high rate of success on large complex projects, and we take that as a sign that we are taking a larger share of the market as municipal customers look for a single partner to deliver end-to-end solutions. As a result, our smart metering business has grown at an average annual rate of approximately 14% over the last five years.

我們在大型且複雜的專案上享有很高的成功率；我們將此視為一項訊號：當市政客戶尋求單一合作夥伴提供端到端解決方案時，我們正在取得更大的市場份額。因此，過去五年我們的智慧計量業務平均年成長率約為14%。

Our national critical infrastructure group specializes in complex water treatment and delivery projects consisting of pipes, valves, fittings and fabricated assemblies. Large capital investments are being made in treatment plants and water transmission lines across the country as demand increases from onshoring, data center construction and population shifts, and we are seeing above-market growth across these project types. That momentum, coupled with our differentiated product and service offering, has helped drive this initiative to grow at an average annual rate of nearly 25% over the past five years.

我們的全國關鍵基礎設施團隊專精於複雜的水處理與輸送專案，內容包含管材、閥門、管件以及客製化組裝件。隨著回流設廠、資料中心建設與人口移動帶動需求增加，全國各地正加大對處理廠與輸水管線的資本投資，我們在這些專案類型上看到高於市場的成長。這股動能，加上我們具差異化的產品與服務組合，推動此項倡議在過去五年平均年成長率接近25%。

We also see opportunities to continue expanding our capabilities and product lines within water treatment, both organically and inorganically. As the projects get larger, the customer partnerships become more important, and the demands for timely and high-quality execution gets stronger. Our focus on strategic customer accounts positions us to win business as these leading general contractors move across the country, performing work on the most significant capital projects.

我們也看到在水處理領域持續擴充能力與產品線的機會，包含有機成長與非有機成長兩種方式。隨著專案規模變大，客戶夥伴關係變得更重要，對於即時且高品質交付的要求也更為強烈。我們聚焦於策略性客戶帳戶，使我們能在這些領先的總承包商跨區域承攬、執行最重要的資本專案時，贏得更多業務。

Geographic expansion is another important lever in our above-market sales growth. Our market mapping process helps us identify underpenetrated areas with attractive growth characteristics where our brand, product breadth and service model can differentiate us. Greenfields yield strong returns and provide a complementary path when acquisition targets are not available to us in a market we wish to enter. We completed 6 greenfield openings in fiscal 2025, and we expect to open a record 7 to 10 locations in the coming year.

地理版圖擴張是我們實現高於市場銷售成長的另一個重要槓桿。我們的市場地圖分析流程協助我們辨識滲透率不足、且具吸引人成長特徵的區域，在這些地方，我們的品牌、產品廣度與服務模式能形成差異化。當我們希望進入的市場缺乏可收購標的時，新設據點（greenfield）能帶來強勁回報，並提供一條互補的成長路徑。我們在2025會計年度完成6個新設據點開業，並預期在來年開設創紀錄的7到10個據點。

Even in markets where we already operate, we often have the opportunity to add and develop sales talent to strengthen our sales coverage. That includes building the right mix of outside sales, inside sales and product expertise so we can support larger and more complex projects, increase share of wallet with existing customers and capture more opportunities in the markets we already serve.

即使在我們已經營運的市場中，我們也常有機會增聘並培育銷售人才，以強化銷售覆蓋。這包括建立適當的外勤銷售、內勤銷售與產品專業的組合，使我們能支援更大型且更複雜的專案、提高既有客戶的錢包份額（share of wallet），並在我們已服務的市場中掌握更多機會。

With that as context, page 10 highlights how disciplined M&A complements these organic growth levers. Our highly fragmented market creates a long runway for disciplined acquisitions. Over time, we've built a reputation as the acquirer of choice in our industry, grounded by our entrepreneurial culture and the resources we bring to help acquired businesses grow.

在此背景下，第10頁重點說明有紀律的併購如何補強這些有機成長槓桿。我們高度分散的市場為有紀律的收購提供了很長的成長跑道。隨著時間推移，我們憑藉創業家文化以及我們能提供的資源、協助被收購企業成長，建立了作為本產業首選收購方的聲譽。

Since 2017, we have completed more than 40 acquisitions, adding nearly 150 branches and over $1.8 billion of annual sales. Our pipeline is deep and actionable. We evaluate, on average, more than 50 opportunities each year, with roughly a dozen opportunities in active evaluation at any time. When companies join Core & Main, they gain broader product breadth, industry-specific technology and national capabilities and resources that help them serve customers more effectively. They also gain shared administrative support, which reduces the burden on local teams and allows them to spend more time with customers. And we invest in people through best-in-class training and career development opportunities that help retain and grow talent.

自2017年以來，我們已完成超過40起收購，新增近150個分公司據點，並增加超過18億美元的年度銷售額。我們的案源管道深且可執行。我們平均每年評估超過50個機會，且在任何時間點約有十多個機會處於積極評估中。當公司加入Core & Main後，將獲得更廣的產品組合、產業專屬技術，以及可協助其更有效服務客戶的全國性能力與資源。他們也能獲得共享的行政支援，降低在地團隊負擔，讓他們能花更多時間與客戶互動。此外，我們透過同級最佳的訓練與職涯發展機會投資於人才，協助留才並培育成長。

As we evaluate opportunities, we prioritize businesses that expand our presence in new or underrepresented markets, help us add products and service capabilities and bring in key industry talent. Looking ahead, we see a clear path for M&A to contribute 2 to 4 points of annual sales growth over time.

在評估機會時，我們優先考量能擴大我們在新市場或代表性不足市場的布局、協助我們增加產品與服務能力，並引進關鍵產業人才的企業。展望未來，我們看到一條清晰路徑：併購長期可貢獻每年2到4個百分點的銷售成長。

Turning to page 11. One of the things we are most excited about is the runway we have to expand margins, and this slide summarizes the levers that support that opportunity. Private label is a powerful driver of gross margin expansion. It includes direct sourcing of comparable products and also building differentiated brands. We've developed a meaningful private label capability that is supported by an internal master distribution network, and our private label brands are respected because we invest in quality and enhanced features while ensuring we meet required specifications.

接著看第11頁。我們最感到振奮的一點，是我們在擴大利潤率方面擁有很長的成長跑道，而這張投影片總結了支撐該機會的槓桿。自有品牌是推動毛利率擴張的強力動能。它包含直接採購可比產品，也包含打造具差異化的品牌。我們已建立具規模的自有品牌能力，並由內部的主力配送網路支援；我們的自有品牌之所以備受尊重，是因為我們投資於品質與強化功能，同時確保符合所需規格。

We also stay close to the field by soliciting feedback on quality, pricing and packaging and by prioritizing service levels and availability as we service our own branches. We've been investing in the infrastructure to scale private label adoption. Since the end of last year, we've added distribution capacity and expanded the assortment by more than 6,000 SKUs. Private label represented about 5% of sales in fiscal 2025, and we see a clear path to at least 10% over time.

我們也透過徵詢對品質、價格與包裝的回饋，並在服務自家分公司時優先確保服務水準與供應可得性，來貼近第一線。我們一直在投資基礎設施，以擴大自有品牌的採用規模。自去年年底以來，我們新增配送產能，並將品項擴增超過6,000個SKU。在2025會計年度，自有品牌約占銷售額的5%，而我們看到一條清晰路徑，長期至少可提升至10%。

Sourcing and pricing optimization are another structural advantage. Our scale and buying expertise help us secure access to the most preferred products with favorable terms and improve net product costs. We foster strong partnerships with key suppliers to drive shared growth. At the same time, we leverage centralized resources and transaction data to help guide optimal price points while empowering our local teams with final pricing authority. Together, these capabilities allow us to capture the full value of our purchasing scale while maintaining the local responsiveness that our customers expect.

採購與定價最佳化是另一項結構性優勢。我們的規模與採購專業能力，協助我們以有利條件取得最受青睞產品的供應，並改善產品淨成本。我們與關鍵供應商建立強健的合作夥伴關係，以推動共同成長。同時，我們運用集中化資源與交易數據來協助引導最佳定價點，並賦予在地團隊最終定價權。綜合而言，這些能力讓我們在維持客戶所期待的在地即時反應的同時，也能充分掌握採購規模所帶來的全部價值。

Technology and innovation tie all these levers together, creating a meaningful opportunity to drive sales, margins and efficiency. We are broadening our agenda to ensure that Core & Main remains the industry's technology leader with continuous investment in step-change productivity and a better customer experience with AI-enabled solutions that reduce administrative burden and free our teams to focus on customers. We believe this creates durable long-term advantage and supports Core & Main's differentiated value proposition.

科技與創新將所有這些槓桿串聯起來，創造推動銷售、利潤率與效率的重大機會。我們正擴大推動議程，確保Core & Main透過持續投資於躍升式生產力提升，以及以AI賦能的解決方案帶來更佳客戶體驗（可降低行政負擔並釋放團隊專注於客戶），持續保持產業技術領導地位。我們相信這能建立持久的長期優勢，並支撐Core & Main具差異化的價值主張。

To wrap up, these product and solution initiatives are reinforcing each other and strengthening our ability to gain share, expand margins and scale the business with discipline. They help us accelerate greenfield contributions, and they maximize the synergies we can get from acquisitions. We are investing where we see the greatest opportunity, and we are confident in the path ahead.

總結來說，這些產品與解決方案倡議彼此相互強化，並提升我們擴大市占、擴張利潤率，以及以紀律方式擴大業務規模的能力。它們協助我們加速新設據點的貢獻，並最大化我們可從收購中取得的綜效。我們正把投資放在我們看到最大機會的地方，並對前方道路充滿信心。

With that, I will turn it over to Robyn to walk through our fourth quarter and full year financial results. Go ahead, Robyn.

接下來，我將交給Robyn，請她帶大家回顧我們第四季與全年財務結果。Robyn，請。

Thanks, Brad. Good morning, everyone. I'll start on page 13 with some highlights from our fourth quarter results. Net sales in the fourth quarter decreased 7% to $1.58 billion. As a reminder, we had one fewer selling week in the fourth quarter of this year compared to last year. On an average daily net sales basis, sales increased about 1%, driven by roughly 1 point of organic volumes. Pricing remains positive across nearly every product category with the exception of PVC pipe, resulting in roughly flat pricing overall. Sales in the final week of the quarter were also affected by severe winter weather that temporarily limited construction activity in several regions.

謝謝，Brad。各位早安。我將從第13頁開始，先分享第四季業績的一些重點。第四季淨銷售額下降7%，至15.8億美元。提醒一下，今年第四季相較去年少了一個銷售週。以平均每日淨銷售額計算，銷售額約成長1%，主要由約1個百分點的有機銷量帶動。除PVC管材外，幾乎所有產品類別的定價仍為正向，使整體定價大致持平。本季最後一週的銷售也受到嚴重冬季天候影響，數個地區的施工活動一度受限。

Gross margin in the fourth quarter was 27.1%, an increase of 50 basis points year-over-year. The improvement reflects higher private label penetration and disciplined purchasing and pricing execution. Total SG&A for the quarter decreased 5% to $264 million. The year-over-year decline was driven primarily by lower variable costs from one less selling week, along with benefits from our previously announced cost actions.

第四季毛利率為 27.1%，年增 50 個基點。此改善反映自有品牌滲透率提高，以及嚴謹的採購與定價執行。本季總 SG&A 下降 5% 至 2.64 億美元。年減主要由於少了一個銷售週所帶來的較低變動成本，並加上我們先前宣布的成本措施所帶來的效益。

Sequentially, SG&A was $31 million lower than the third quarter, reflecting approximately $5 million of realized savings, with the remainder due to reductions in variable costs. Over the course of fiscal 2025, we implemented approximately $30 million of annualized cost actions, with roughly $6 million recognized this year and the remainder expected to flow through our results during fiscal 2026.

按季比較，SG&A 較第三季減少 3,100 萬美元，其中約 500 萬美元為已實現的節省，其餘來自變動成本下降。在 2025 會計年度期間，我們實施了約 3,000 萬美元的年化成本措施，其中約 600 萬美元已於本年度認列，其餘預期將在 2026 會計年度反映於我們的業績中。

Our approach continues to be measured. We are improving our cost structure without compromising customer service or long-term growth. At the same time, we continue to invest in targeted roles to support product line and geographic expansion. We are highly focused on regaining operating leverage by offsetting SG&A investments with productivity gains while maintaining the service levels and capabilities that support our growth strategy.

我們的做法仍然審慎。我們在不犧牲客戶服務或長期成長的前提下改善成本結構。同時，我們持續在特定職務上投資，以支持產品線與地理版圖擴張。我們高度聚焦於透過生產力提升來抵銷 SG&A 投資、重拾營運槓桿，同時維持支持我們成長策略所需的服務水準與能力。

Adjusted EBITDA in the fourth quarter was $167 million, down 7% versus last year, primarily reflecting 1 fewer selling week. Adjusted EBITDA margin was 10 basis points higher than last year at 10.6%.

第四季調整後 EBITDA 為 1.67 億美元，較去年下降 7%，主要反映少了一個銷售週。調整後 EBITDA 利潤率為 10.6%，較去年提高 10 個基點。

Turning to our full year performance on page 14. For fiscal 2025, net sales grew approximately 3% to $7.65 billion. Sales growth was 5% when adjusted for one less selling week. We delivered roughly 3 points of organic market share gains, while our end markets were roughly flat overall, with municipal low to mid-single digits, non-residential relatively flat and residential down low double digits. Our market outperformance was driven by our sales and geographic expansion initiatives, including metering, treatment plant, fusible HDPE and geosynthetics and investments to expand our coverage and priority markets. We also achieved 2 points of sales growth from acquisitions, and prices were overall flat.

接著看第 14 頁的全年表現。2025 會計年度，淨銷售額成長約 3% 至 76.5 億美元。若調整少一個銷售週的影響，銷售成長為 5%。我們帶來約 3 個百分點的有機市占提升，而我們的終端市場整體大致持平，其中市政為低至中個位數成長、非住宅相對持平、住宅則下滑低雙位數。我們優於市場的表現來自銷售與地理擴張計畫，包括計量表、處理廠、可熔接 HDPE 與土工合成材料，以及擴大覆蓋範圍與重點市場的投資。我們亦透過併購貢獻 2 個百分點的銷售成長，而價格整體持平。

Gross margin for the year was 26.9%, up 30 basis points from fiscal 2024, reflecting higher private label penetration and disciplined purchasing and pricing execution. Private label increased 100 basis points in fiscal 2025 to roughly 5% of sales. That mix shift was a meaningful driver of the year-over-year improvement.

全年毛利率為 26.9%，較 2024 會計年度提高 30 個基點，反映自有品牌滲透率提高，以及嚴謹的採購與定價執行。2025 會計年度自有品牌占比提高 100 個基點至約占銷售額的 5%。此產品組合轉變是年對年改善的重要驅動因素。

Total SG&A for the year increased 7% to $1.15 billion. The increase in SG&A was driven by inflation, acquisitions, volume-related growth and strategic investments to support sales growth, margin expansion and future productivity. While these factors pressured SG&A leverage in the near term, we remain focused on driving both growth and profitability and are confident the actions we have taken position us to return to EBITDA margin expansion over time.

全年總 SG&A 增加 7% 至 11.5 億美元。SG&A 增加主要由通膨、併購、與銷量相關的成長，以及支持銷售成長、毛利率擴張與未來生產力的策略性投資所帶動。雖然這些因素在短期內對 SG&A 槓桿造成壓力，我們仍專注於同時推動成長與獲利，並有信心我們採取的行動將使我們隨時間回到 EBITDA 利潤率擴張的軌道。

Adjusted EBITDA was $931 million, slightly ahead of the prior year, while adjusted EBITDA margin declined 30 basis points to 12.2%. The year-over-year margin decline reflects higher SG&A as a percentage of net sales, partially offset by 30 basis points of gross margin expansion. Adjusted diluted EPS increased 7% to $2.97. Growth was driven by higher adjusted net income from lower interest expense and the benefit of a lower share count from share repurchases. We exclude intangible amortization from adjusted diluted EPS because a significant portion relates to the formation of Core & Main following our 2017 leverage buyout.

調整後 EBITDA 為 9.31 億美元，略高於前一年，而調整後 EBITDA 利潤率下降 30 個基點至 12.2%。年對年利潤率下滑反映 SG&A 占淨銷售額比重提高，部分被毛利率擴張 30 個基點所抵銷。調整後稀釋 EPS 成長 7% 至 2.97 美元。成長主要來自利息費用下降帶動的調整後淨利增加，以及庫藏股回購使股數下降的效益。我們在調整後稀釋 EPS 中排除無形資產攤銷，因其中相當一部分與 Core & Main 於 2017 年槓桿收購後的成立相關。

Turning to the balance sheet, cash flow, and capital allocation. We ended the year with net debt of nearly $1.95 billion and net debt leverage of 2.1 times, well within our target range of 1.5 to 3 times. Liquidity was $1.45 billion, including $220 million of cash, with the remainder available under our ABL facility.

接著談資產負債表、現金流與資本配置。我們年末淨負債接近 19.5 億美元，淨負債槓桿倍數為 2.1 倍，明顯落在我們 1.5 至 3 倍的目標區間內。流動性為 14.5 億美元，其中包含 2.2 億美元現金，其餘可透過我們的 ABL 額度動用。

We generated $650 million of operating cash flow during the year, reflecting approximately 70% conversion from adjusted EBITDA. Our free cash flow yield was 5.8%, a level that is nearly 3 times higher than our specialty distribution peers.

全年我們產生 6.5 億美元的營運現金流，約相當於調整後 EBITDA 的 70% 轉換率。我們的自由現金流殖利率為 5.8%，幾乎是我們專業分銷同業的 3 倍。

We returned $155 million to shareholders through share repurchases during the year, reducing our share count by roughly 3.2 million. And subsequent to the fiscal year, we deployed an additional $39 million to repurchase 800,000 shares. Since our 2021 IPO, we have repurchased over 20% of our original shares outstanding, reflecting our commitment to return capital while continuing to invest in growth.

全年我們透過庫藏股回購向股東返還 1.55 億美元，使流通股數減少約 320 萬股。且在會計年度結束後，我們另投入 3,900 萬美元回購 80 萬股。自 2021 年 IPO 以來，我們已回購超過原始流通股數的 20%，反映我們在持續投資成長的同時，也致力於回饋資本。

Next, I will cover our outlook on page 16. For fiscal 2026, we expect net sales of $7.8 billion to $7.9 billion, adjusted EBITDA of $950 million to $980 million and operating cash flow conversion of 60% to 70% of adjusted EBITDA. We are confident in the strength of the municipal market due to the stability of funding sources and the nondiscretionary nature of demand. We remain cautious on the private construction market given the heightened geopolitical volatility, including the developing Middle East conflict and ongoing tariff uncertainties, along with continued uncertainty around the interest rate environment and overall builder confidence. Despite this, we still expect our overall end markets to be roughly flat for the year.

接下來我將說明第 16 頁的展望。2026 會計年度，我們預期淨銷售額為 78 億至 79 億美元，調整後 EBITDA 為 9.5 億至 9.8 億美元，營運現金流轉換率為調整後 EBITDA 的 60% 至 70%。我們對市政市場的韌性有信心，因其資金來源穩定且需求具非選擇性。鑑於地緣政治波動加劇（包括中東衝突發展與持續的關稅不確定性），以及利率環境與整體建商信心仍不明朗，我們對民間建築市場仍保持審慎。儘管如此，我們仍預期全年整體終端市場大致持平。

We do expect to drive above-market volume growth from our sales and geographic expansion initiatives. Drivers include continued strong performance across meters and treatment plant and opening a record 7 to 10 greenfields in attractive markets. Despite softer end market conditions and a neutral pricing environment, we expect to grow adjusted EBITDA margins as we continue to execute our gross margin initiatives and realize the benefits of our previously announced cost actions.

我們確實預期透過銷售與地理擴張計畫，帶動高於市場的銷量成長。驅動因素包括計量表與處理廠業務持續強勁表現，以及在具吸引力的市場創紀錄地新設 7 至 10 個綠地據點。儘管終端市場環境較疲弱且定價環境中性，我們預期在持續推進毛利率計畫並實現先前宣布的成本措施效益下，調整後 EBITDA 利潤率將成長。

We expect another year of strong operating cash flow, and our capital allocation priorities are unchanged. We will continue investing in the growth of the business, both organically and through strategic M&A, while returning capital to shareholders through share repurchases. We remain confident in the strength of our business and our ability to execute. We have delivered consistent results through varying market environments, maintained disciplined pricing, expanded gross margins, generated strong cash flow that enabled us to reinvest in the business, and return capital to shareholders and have continued to gain share across our markets.

我們預期營運現金流仍將強勁，資本配置優先順序維持不變。我們將持續投資於業務成長，包含有機成長與策略性併購，同時透過庫藏股回購向股東返還資本。我們對自身業務的韌性與執行能力仍具信心。我們在不同市場環境下皆交出一致的成果，維持嚴謹定價、擴大毛利率、產生強勁現金流以支持再投資並回饋股東，且持續在各市場提升市占。

Our operating model is resilient, and our strategic priorities are clear. In the near term, our municipal end market provides stability. Over the medium term, we expect momentum to return in the residential and non-residential markets, along with a return to a more typical pricing environment. As these dynamics improve, the structural earnings power we've built positions Core & Main to unlock meaningful long-term profitable growth and value creation. In the meantime, we will continue to drive volume through strong execution and above-market growth.

我們的營運模式具韌性，策略優先事項也很明確。短期內，我們的市政終端市場提供穩定性。中期而言，我們預期住宅與非住宅市場動能將回升，並回到較典型的定價環境。隨著這些動態改善，我們所建立的結構性獲利能力將使 Core & Main 得以釋放具意義的長期獲利成長與價值創造。在此同時，我們將持續透過強勁執行與高於市場的成長來推動銷量。

With that, let's open up the call for questions.

接下來，我們開放提問。

(Operator Instructions) David Manthey, Baird.

(接線員指示) David Manthey，Baird。

Yes. Thank you. My first question is the one that I get from investors most frequently, which is the growth disconnect of Core & Main versus the corresponding segment at your largest competitors. And I know we've talked about this off-line. I just was hoping you could maybe just address some of the differences in vertical end market influence and geographic and product mix and why you think there's a slight disconnect between your growth and your biggest competitor?

是的。謝謝。我的第一個問題是投資人最常問我的：Core & Main 的成長與你們最大競爭對手相對應事業部門之間的成長落差。我知道我們私下也談過這點。我希望你能說明一下在垂直終端市場影響、地理分布與產品組合方面的一些差異，以及你為何認為你們的成長與最大競爭對手之間會有些微落差？

Yes. Thanks, Dave. Appreciate the question. Dave, I would tell you from an end market perspective, we feel really good about our presence and reach certainly across the municipal end market, non-residential and the residential end markets. We clearly are, I would say, in every market that our other national competitor is in. We've got -- obviously, we both compete against a large volume of local distributors and regional competitors. So I think both us and -- or their national distributors are doing a really good job of taking share across the industry with -- certainly us driving a lot of good share growth with our smart meter business.

是的。謝謝你，Dave。感謝你的提問。Dave，從終端市場的角度來看，我會告訴你，我們對於在市政終端市場、非住宅以及住宅終端市場的佈局與觸及範圍都感到非常有信心。很明顯地，我會說，我們在每一個我們的另一家全國性競爭對手所參與的市場中都有佈局。我們也有——很顯然，我們雙方都在與大量的在地經銷商與區域性競爭者競爭。所以我認為，不論是我們或是——他們的全國性通路商，都在整個產業中做得很好、持續取得市占；而我們這邊也確實透過智慧電表業務推動了相當不錯的市占成長。

Treatment plant is an area I would say that we've grown pretty significantly. I would say that's an area that they've been, I would say, a little ahead of us over the years, but we're rapidly I would say, gaining ground in that area. And then I think, certainly, as part of the data center construction that we've seen pop up, I would say they've been in a little better position in some of those markets, particularly ones that are kind of in their backyard in kind of Northern Virginia area, in Texas, in particular, or areas that we're investing in, I'd say, rapidly to kind of catch that.

處理廠（treatment plant）是我會說我們成長相當顯著的一個領域。我會說，過去幾年他們在這個領域可能稍微領先我們一些，但我們正快速地在這個領域迎頭趕上。另外我認為，當然，隨著我們看到資料中心建設開始大量出現，我會說他們在其中一些市場的佈局稍微更有利，特別是那些比較像是在他們大本營的市場，例如北維吉尼亞一帶、德州，尤其如此；而這些也是我們正在快速加大投資、以便追趕的區域。

But what I would tell you is that what I like in terms of our position there is we're seeing more and more of these data centers pop up across the US. And given our geographic reach and our strong relationships we have in these local markets, we've seen a lot of good gains here over the last couple of years on those data centers as we've seen those expand much more broadly across the US. And I think our exposure there is going to continue to be helpful as we pick up that business.

但我會告訴你的是，就我們在那裡的定位而言，我喜歡的一點是：我們看到越來越多這類資料中心在全美各地冒出來。而憑藉我們的地理覆蓋範圍，以及我們在這些在地市場所建立的強大關係，過去幾年隨著資料中心更廣泛地在全美擴張，我們在這方面取得了很多不錯的進展。我認為，隨著我們拿下這些業務，我們在那裡的曝險（exposure）將會持續帶來助益。

So we view it as a positive. I think our large national competitors having good results, we're seeing good share gains and good results on our side and feel that, that's a good thing overall for the industry.

所以我們把它視為正面因素。我認為大型全國性競爭對手有好的成果，我們這邊也看到不錯的市占提升與良好表現；整體而言，我們覺得這對產業是件好事。

I appreciate that color. The second question is on costs. So as we think about the cost-out program and the $30 million run rate, I think you said $5 million of the benefit hit in the fourth quarter. That would imply that -- I guess we don't lap that fully until we get to the first half of 2027. Can you just correct me on that if I'm wrong, that you'll continue to see year-on-year benefits from that cost-out program, diminishing through the year but still positive through 2026? Is that correct?

我很感謝這些補充說明。第二個問題是關於成本。所以當我們思考降本計畫（cost-out program）以及3,000萬美元的年化（run rate）時，我想你說第四季認列了500萬美元的效益。那這表示——我猜我們要到2027年上半年才會完全形成同比基期（fully lap）。如果我理解有誤，能否請你更正：也就是說，你們會持續看到這個降本計畫帶來的年對年效益，雖然會在年度中逐步遞減，但到2026年仍然是正向的？是這樣嗎？

Yes. Thanks, Dave. That's what we're expecting. We saw -- we completed all of the $30 million of cost out during FY25. We got about $1 million of that benefit in the third quarter. We got $5 million of that benefit in the fourth quarter. So that remainder of that $30 million, we'll see all of that really hit in the first, second and third quarter of next year before we annualize those cost-out efforts.

是的。謝謝你，Dave。這就是我們的預期。我們在FY25期間完成了全部3,000萬美元的降本。第三季我們大約取得了其中100萬美元的效益。第四季我們取得了500萬美元的效益。因此，這3,000萬美元中剩餘的部分，我們會在明年第一、第二與第三季看到它們真正反映出來，之後這些降本措施就會進入年化。

Got it. So -- but if you're at $5 million in the fourth quarter, that implies a $20 million run rate. So there should still be positive -- or I should say, lower costs in the beginning of '27 as well. Okay. Perfect. Thank you.

了解。所以——但如果第四季是500萬美元，那代表年化約2,000萬美元。因此在2027年初也仍然會有正向——或者我應該說，成本仍會更低。好。非常好。謝謝。

Matthew Bouley, Barclays.

Matthew Bouley，巴克萊（Barclays）。

So maybe just to address kind of the current market conditions around energy and commodity inflation following the Middle East conflict here. So maybe just kind of near-term diesel surcharges, et cetera, how are you expecting to deal with that? How should we think about modeling all that? And then over these past few weeks, kind of what are you hearing from suppliers around price increases? And how does that play into your guide for flat pricing for the year?

想請你們談談中東衝突之後，能源與大宗商品通膨相關的當前市場狀況。例如短期的柴油附加費（diesel surcharges）等等，你們預期要如何因應？我們在建模時應該如何看待這些影響？另外，過去幾週你們從供應商那邊聽到的漲價訊息是什麼？而這又如何影響你們對全年價格持平（flat pricing）的指引？

Yes. Thanks, Matt. I'll go ahead and take that one. I would tell you, we're obviously watching things very closely as they develop in the Middle East. We definitely have a direct impact as we see some of the increases in fuel with our delivery operating expenses and that sort of thing, but it's still relatively small, and we've got a lot of that embedded in the guide that we've laid out.

是的。謝謝你，Matt。我來回答這題。我會說，我們當然正非常密切地關注中東局勢的發展。隨著燃料上漲，我們在配送相關的營運費用等方面確實會受到直接影響，但目前影響仍相對小，而且我們在所提供的指引中已經把其中很大一部分納入考量。

I would say more indirectly, we're watching closely the effects on the oil and gas market. We have seen that start to, I would say, impact the global resin prices that are out there. So there is some indications that we're going to start seeing some increases coming through on certain product categories related to that. And frankly, just all the -- fuel and those prices continue to increase, I think we'll see some of that increase flow through some other product categories more broadly.

我會說，更間接地，我們也在密切觀察對油氣市場的影響。我們已經看到這開始——我會說——影響到全球樹脂（resin）價格。因此有一些跡象顯示，我們將開始在某些與此相關的產品類別看到漲價傳導。坦白說，如果燃料與相關價格持續上升，我認為其中一部分漲幅也會更廣泛地傳導到其他產品類別。

But specifically, as those resin prices increase globally, we're starting to hear signs that we'll start seeing some increases related to products like PVC, HDPE pipe could definitely be impacted by that and definitely things that we're starting to hear about right now. So those are things that we'll watch closely as this continues to develop, but I view those as kind of positive signs for us as we look to see some stability with pricing in some of those product lines.

具體來說，隨著全球樹脂價格上升，我們開始聽到一些訊號，像PVC、HDPE管材等產品可能會受到影響，這些確實是我們目前正在聽到的情況。因此，隨著事態持續發展，這些都是我們會密切關注的；但從我們的角度來看，當我們希望在某些產品線的定價看到更穩定時，這些算是偏正面的訊號。

So overall, I'd say we kind of view it as neutral to positive if this kind of disruption continues in the market from that standpoint. But obviously, any kind of uncertainty, the rising fuel prices within the global economy, we're definitely concerned that, that could create a little bit of uncertainty in the macro just demand environment, which is part of why -- I think you saw the nature of the guidance that we put out there was just given a lot of that overall uncertainty that we could experience.

所以整體而言，我會說，若從這個角度看，若市場端的這類擾動持續，我們大致把它視為中性到正面。但很顯然，任何不確定性、全球經濟中燃料價格上升，我們也確實擔心這可能在總體層面、也就是需求環境上帶來一些不確定性；這也是為什麼——我想你看到我們給出的指引會是那樣的性質，主要就是考量到我們可能面臨的整體不確定性。

Got it. Okay. No, that's great color. And then secondly, kind of stepping back around some of the growth investments. I heard you saying you're focusing investments in areas like data center. Maybe treatment plants as well, if I heard you correctly, sort of looking to close that gap versus your competition. I guess, number one, just any way to kind of quantify the investments you're putting in there?

了解。好。不，這些說明很有幫助。第二點，回到一些成長投資的議題。我聽到你說你們把投資重點放在像資料中心這樣的領域。如果我沒聽錯，也包括處理廠，目標是縮小相對於競爭對手的差距。我想問第一個問題是：有沒有任何方式可以量化你們在這些領域投入的投資規模？

Just obviously, we're trying to dial in the SG&A outlook. But again, kind of stepping back, what are some of the specifics you're looking to do here, whether it's from -- in terms of your sales force, et cetera? What kind of needs to be done? And what would the kind of resulting impact be on, again, these large projects out there?

很明顯你們也在試著把SG&A的展望調整到位。但再退一步來看，你們具體打算做哪些事情——例如在銷售團隊等方面？需要完成哪些工作？而對於這些大型專案，最終可能帶來的影響會是什麼？

Yes, Matt, this is Brad Cowles. I'll take that. the initiatives that I highlighted kind of the biggest movers for us with the most attractive kind of growth dynamics, I'd put smart utility in there, but also the treatment plant. And the resources that we invest in to do treatment plant work adapt very well to all of the -- what I'd just generally call higher capacity, more complex water delivery projects, which are on data centers or large plants, water transmission lines and actual water treatment plants themselves. And that structure that we put in place, one of those national complementary team structures that we use to kind of enhance the capabilities of the local branch.

是的，Matt，我是Brad Cowles。我來回答。就我剛才提到的幾項計畫而言，對我們來說變動最大、且成長動能最具吸引力的，我會把智慧公用事業（smart utility）放在其中，同時也包括處理廠。而我們為承接處理廠業務所投入的資源，也非常適用於所有——我概括稱之為更高容量、更複雜的供水專案——例如資料中心或大型工廠的專案、輸水管線，以及實際的水處理廠本身。至於我們所建立的那套架構，也就是我們採用的全國性互補團隊架構之一，用來強化在地分公司的能力。

We're going to be investing upwards of another 30 people in that initiative this year, just to give you a sense of the scale. And those are resources that are kind of positioned both regionally and nationally to -- they're a little bit more mobile and cover a little bit more geography than a branch, which is serving generally, kind of a fairly tight radius. And so they go where the work is. They follow these strategic national accounts, and they bring that level of expertise that really builds confidence and trust in us and accelerates the ability to win on those bigger projects.

今年我們將在該項倡議上再投入超過30名人員，讓您了解其規模。而這些資源在區域與全國層面都有配置——相較於通常服務半徑相當有限的分公司，他們更具機動性，覆蓋的地理範圍也更大一些。因此，他們會到工作所在之處。他們會跟進這些策略性的全國性客戶，並帶來那種專業水準，真正建立我們的信心與信任，並加速我們在那些更大型專案上取勝的能力。

Joe Ritchie, Goldman Sachs.

Joe Ritchie，高盛。

So first question maybe for Mark. So you take a look at the guidance of kind of $950 million to $980 million EBITDA guidance for the year implies 2% to 5% EBITDA growth. I guess, how are you thinking about the kind of range of options here between the low end and the high end? And if we can maybe dig in a little bit on some of the main components, whether it's SG&A, gross margins, the investments that you're making, that would be helpful.

所以第一個問題可能給Mark。你們給出的全年EBITDA指引約為9.5億至9.8億美元，這意味著EBITDA成長2%到5%。我想問的是，你們如何看待這個區間內、從低端到高端之間的各種可能性？如果可以的話，也請我們更深入拆解一些主要構成因素，不論是SG&A、毛利率、你們正在進行的投資等，這會很有幫助。

Joe, it's Robyn. I'll take that one. Thinking about the guide and what we laid out here, obviously, it's an unusual time with a lot of uncertainty with what's going on in the macro environment. So we felt like we needed to be prudent with what's going on externally.

Joe，我是Robyn。這題我來回答。就指引以及我們在這裡所說明的內容來看，顯然目前是個不尋常的時期，宏觀環境發生的事情帶來很多不確定性。因此，我們覺得面對外部情勢需要保持審慎。

So with the guide, we've got the market kind of flattish. We'll always deliver on that above-market growth, and we do have a little bit of M&A in there that we completed last year. What we've got embedded in the guide is expecting pricing to be about flattish for the year, it might look similar to what we saw in FY25. Now obviously, with what Mark just mentioned on the price of resin increasing, we could see a little bit of lift there, and that's an opportunity for us.

就指引而言，我們假設市場大致持平。我們一向能交出高於市場的成長，而且其中也包含一些我們去年完成的併購（M&A）。我們在指引中內含的假設是：全年定價大致持平，可能會與FY25所見的情況相近。當然，正如Mark剛提到的，樹脂價格上升可能帶來一些上行，這對我們而言是一個機會。

So if you think about the guide and what we've laid out and the opportunities that we have to perform on the high end of that or even outside of that, it's things like if we get a little bit of price that's going to be incredibly helpful for us on the top line. That will help us get more SG&A leverage. We're expecting the residential market to continue to be at the levels that it's been performing lately. So that will be a headwind in the first half of the year for us, given where that activity is sitting today.

因此，如果你看我們的指引、我們所提出的內容，以及我們在高端甚至超出該區間表現的機會，像是如果我們能取得一些價格提升，將會對我們的營收端非常有幫助。這也會幫助我們取得更多SG&A槓桿。我們預期住宅市場將維持在近期的表現水準。因此，鑑於目前活動水準的位置，這會在上半年對我們形成逆風。

But if some of the uncertainty settles out and we do see a little bit improvement in the markets, then that could obviously help us as well. Any extra lift we get on the sales side will help us hit those SG&A targets and help us get better leverage there. We have a lot of confidence in gross margin. Our private label initiative has been performing really well. We expect that to continue and expect to continue to deliver on gross margin initiatives.

但如果部分不確定性消退、而我們確實看到市場略有改善，那也顯然會對我們有所幫助。銷售端任何額外的上行，都將幫助我們達成那些SG&A目標，並在那裡取得更好的槓桿。我們對毛利率非常有信心。我們的自有品牌（private label）倡議表現非常好。我們預期這將持續，並預期會持續交付毛利率相關的改善措施。

And then I think you asked also on the low end of the guide, obviously. If there's higher inflation than what we're expecting, we would see a lot of inflation in FY25. That was in the mid-single digits range. We typically expect to see that in the low single digits range, which is what we're expecting. But if any of that inflation comes in higher or if any of the markets are a little bit weaker, that would bring us in at the lower end of that guide.

另外我想你也問到指引低端的情況。顯然，如果通膨高於我們的預期，我們在FY25會看到很多通膨。那大約是在中個位數百分比的區間。我們通常預期通膨會落在低個位數百分比區間，而這也是我們目前的預期。但如果通膨高於此，或任何市場稍微疲弱一些，就會使我們落在該指引區間的低端。

It's super helpful, Robyn. And then maybe my follow-on question, either for Brad or for Mark. Just on the M&A discussion. So you guys have had just an incredible track record of compounding via M&A over the last several years. You can go back to the HD Supply days, but like the -- when I look at this year, this year was a little bit lighter or the most completed year was a little bit lighter. How are you guys thinking about getting back to maybe that cadence of maybe 2 to 4 points a year?

非常有幫助，Robyn。那我接著問一題，可能給Brad或Mark。關於併購（M&A）的討論。你們過去幾年透過M&A複利成長的紀錄非常亮眼。可以追溯到HD Supply時期，但像是——當我看今年時，今年相對輕一些，或最近完成的一年相對輕一些。你們如何思考回到可能每年2到4個百分點的節奏？

And then also, is that an opportunity likely to occur this year? Like, just help us -- walk us through kind of the 2027 expectations for M&A and your ability to maybe kind of get back to what the more normalized cadence was for the company.

另外，這樣的機會今年有可能發生嗎？也請協助我們——帶我們走一遍你們對2027年M&A的預期，以及你們是否能回到公司較為常態化的節奏。

Yes. Thanks, Joe. I'll take that. In terms of the M&A, I would tell you, I'm extremely confident in our capabilities there and the pipeline that we have. Even though 2025 for us was a lighter year, we still delivered on the low end of the M&A growth target that we put out from 2% to 4%. And there just has not been a lot of trading in our industry, and we are incredibly well positioned with the relationships that we have with the opportunities that are out there. It tends to be choppy. We've had some lighter years in our recent history as well. So -- and we've had some years where it's come well beyond that range. So I do expect it will be choppier.

是的。謝謝，Joe。我來回答。就M&A而言，我會告訴你，我對我們在這方面的能力以及我們的案源（pipeline）非常有信心。即便2025年對我們來說是較輕的一年，我們仍然達成了我們提出的2%到4% M&A成長目標區間的低端。而我們的產業近期確實沒有太多交易發生；憑藉我們與外部機會之間的關係，我們的定位非常好。這通常會比較顛簸不均。我們近期歷史上也有一些較輕的年份。所以——同時我們也有一些年份遠超出那個區間。因此我確實預期它會更不均勻。

I do think we've got a really good pipeline of opportunities right now that we're looking at. So expect 2026 will be a year for us where we're kind of right in that range with plenty of opportunities that we're keeping a close eye on that could extend us beyond that. So feel really good about the M&A that we've got. And then as you've seen, in a lighter year, we're also opening up a record number of greenfields as well. So we've got both levers. We're well positioned to capture that share one way or the other and feel confident in our team's ability to go do that.

我確實認為我們目前正在評估的機會案源非常不錯。因此預期2026年我們會大致落在那個區間內，同時也有不少我們密切關注的機會，可能讓我們超出該區間。所以我們對目前的M&A狀況感覺非常好。另外如你所見，在較輕的一年裡，我們也在開設創紀錄數量的綠地據點（greenfields）。因此我們有兩個槓桿。無論用哪種方式，我們都具備良好定位來取得市占，並對團隊的執行能力充滿信心。

Matt Johnson, UBS.

Matt Johnson，瑞銀（UBS）。

I guess, first off, if we could just talk about the meters business a little bit. I think you guys have sounded pretty excited about this business for some time now. So I guess, can you guys just give a little more detail on what level of growth you're expecting for the segment in 2026? And also, how much of a contribution you guys are expecting from the contracts that you guys talked about this past quarter? And just any kind of more color you could give on the magnitude and the timing of that contract would be great.

我想，首先我們能否談談電表（meters）業務。我覺得你們對這項業務興奮已經有一段時間了。所以我想問，你們能否更詳細說明一下，對2026年該部門預期的成長水準？另外，你們預期本季提到的那些合約會帶來多少貢獻？以及任何你們能補充的資訊，關於該合約的規模與時點，都會很棒。

Yes. Thanks, Matt. This is Brad. I'll take that. This initiative is -- it's been a an exciting area for us. We've just consistently delivered at least low double-digit growth year after year. We continue to invest, and I think we keep getting better. Those large projects that we win can represent, in a given year, between maybe a third or a little more than a third of kind of our volume. Keep in mind, we have a massive underlying base of municipal sales that drive kind of your more everyday repair and replace and upgrade meter projects. But those large ones have been quite interesting and more substantial as we become kind of the preferred prime contractor, if you will, for that scale and complexity of project.

是的。謝謝，Matt。我是Brad。這題我來回答。這項倡議——一直是我們很令人振奮的領域。我們年復一年穩定交出至少低雙位數的成長。我們持續投資，我認為我們也在持續變得更好。我們贏得的那些大型專案，在某一年可能代表我們量體的大約三分之一，或略高於三分之一。請記得，我們有龐大的市政銷售基礎，推動較日常的維修、更換與升級電表專案。但隨著我們逐步成為這類規模與複雜度專案的首選總承包商（prime contractor），那些大型專案一直相當有趣，且更具實質性。

In 2025, we had another incredible year. We were comping, I think, 32% growth from the prior year. So it was a bit of a stretch. But I think we're back on our stride. You heard Mark say we pushed a 12% growth in the quarter on the meter initiative. And I'd say early innings in 2026, we feel like we're back on stride even having swallowed that pretty large step change in '24 to 2025.

在 2025 年，我們又度過了非常出色的一年。我們是在與前一年約 32% 的成長率做比較。所以確實有點吃力。但我認為我們已經回到正軌。你們也聽到 Mark 說，我們在本季透過水表計畫推動了 12% 的成長。而我會說，在 2026 年的前幾局，我們覺得自己已經回到節奏上，即使我們已經消化了 2024 到 2025 年那個相當大的台階式變化。

So I'm pretty excited about it. We're investing additional resources there, much like we are in treatment plant, to keep our coverage strong. We got a good pipeline of additional large projects and expect to have that same kind of balance going forward in '26, where we still have a massive base of underlying municipal meter sales and then a nice third to slightly higher coming from those big projects.

所以我對此相當興奮。我們正在那裡投入更多資源，就像我們在處理廠（treatment plant）一樣，以維持我們的覆蓋力強勁。我們有一條很不錯的額外大型專案管線，並預期在 2026 年之後仍能維持同樣的平衡：我們仍有龐大的底層市政水表銷售基礎，另外還有約三分之一、甚至略高一些來自那些大型專案。

That's great. Appreciate that. And then also, if we could just ask to get a little bit more detail on what you guys are expecting for the resi end market this year? I think Robyn said expecting down in the first half before leveling off in the second half. So I guess, any kind of color you can give on what level of declines you guys exited the year at? And then how you're kind of expecting that to shape up through the year would be great.

太好了。感謝說明。另外，我們也想再多問一些：你們對今年住宅（resi）終端市場的預期能否再提供更細的細節？我想 Robyn 提到，上半年預期會下滑、下半年才會趨於持平。所以我想問，你們在去年年底退出時的下滑幅度大概在什麼水準？以及你們預期今年全年會如何演變？如果能提供一些補充說明會很有幫助。

Yes, I would tell you, as we exited 2025, we felt that it was sequentially pretty stable but at low levels. And so we kind of work our way here into early 2026. We're definitely in a different position than we were last year at this time. You go back to the early part of 2025, and there was some optimism out there in the builder and development world. There were projects that were -- we saw a lot of good bidding activity on, and we saw some good volume in the early part of 2025, which then definitely tapered off as we got into the second quarter and then into the back half.

是的。我會告訴你，當我們在 2025 年底退出時，我們覺得按季來看相對穩定，但水準偏低。因此當我們進入 2026 年初時，我們所處的位置確實和去年此時不同。回到 2025 年初，在建商與開發領域其實有一些樂觀情緒。有一些專案——我們看到很多不錯的投標活動，也在 2025 年初看到一些不錯的量，之後在進入第二季、以及下半年時明顯趨緩。

So I'd say, sequentially, it's been stable, but we're definitely in a different position than we were last year at this time, which is kind of what's leading us to believe resi will be relatively soft year-over-year to start the year and should ease in terms of the comparisons as we get into the second half of 2026.

所以我會說，按季來看一直是穩定的，但我們確實和去年此時處於不同的位置；這也是我們之所以認為住宅（resi）在年初相較去年同期會相對疲弱的原因，而隨著進入 2026 年下半年、比較基期變得較容易，這種壓力應該會緩解。

Mike Dahl, RBC.

RBC 的 Mike Dahl。

Can we just stick with the end market conversation? And Mark, let's just put a finer point on things. So resi was down low double digits for the year end '25 and clearly worse than the second half. Are we -- is this commentary to suggest that given the tough comps, resi is likely down something like mid-teens or worse in the first half of the year and still winds up down high single digits, 10%? And I think people are just trying to bridge to the -- like more specifically, yes, the resi, but then also if we step back within the flat blended end markets, the quantitative build of what is resi, what is nonresi, what is muni. So if you could help dial that in? And maybe also just as part of that, quarter-to-date trends, if you could enlighten us a little on how that's shaped up? Obviously, a lot of weather dynamics, et cetera.

我們能否延續終端市場的討論？Mark，我們把重點說得更精準一些。所以住宅（resi）在 2025 年全年是低雙位數下滑，而且顯然比下半年更差。你們的評論是否意味著，考量到艱難的比較基期，住宅在上半年可能會下滑例如中十幾個百分點甚至更差，但全年仍會落在高個位數、約 10% 的下滑？我想大家也在試著把「整體混合終端市場持平」這件事拆解得更量化一些：住宅是多少、非住宅是多少、市政是多少。所以如果你能幫忙把這些數字更明確一些會很有幫助。另外也許作為其中一部分，若你能稍微說明一下本季迄今（quarter-to-date）的趨勢目前如何發展？顯然天氣等因素也有很多影響。

Yes. Mike, I'll take that. So starting with resi, the way that we're thinking about that is that we had a decent residential end market in the first quarter of last year as there -- like Mark mentioned, there was some optimism for the second half of the year, and the homebuilders are still developing some lots during that time. So we saw some good activity in the first quarter. So we're going to be anniversarying that tougher comp in the first quarter. So expecting the first part of the year to be down in the low double digits to mid-teens range for residential and then sequentially improving throughout the year. So the second quarter could look something like down high single digits, and then maybe it's flattish in the back half of the year.

好的。Mike，我來回答。先從住宅（resi）開始，我們的想法是：去年第一季的住宅終端市場表現還不錯，因為——如 Mark 提到的——市場對下半年仍有一些樂觀情緒，當時房屋建商也仍在開發一些地塊。所以我們在第一季看到一些不錯的活動。因此第一季我們會遇到較艱難的比較基期。所以我們預期今年前段時間住宅會落在低雙位數到中十幾個百分點的下滑區間，之後全年按季逐步改善。因此第二季可能看起來像是下滑高個位數，然後下半年可能大致持平。

Really not expecting at this point that residential gets much better. There's nothing pointing to that yet. Obviously, there's some optimism there and there's some pent-up demand at some point, but the timing of that is uncertain. So a tougher comp in the first half of the year for resi, and then that starts to improve, and maybe we get to about flattish by the end of the year because those comps get easier.

就目前而言，我們並不預期住宅會明顯轉好。目前還沒有任何跡象指向那個方向。當然，市場上有一些樂觀情緒，某個時間點也可能存在累積需求（pent-up demand），但發生的時間點不確定。所以住宅在上半年會面臨較艱難的比較基期，之後開始改善，並且可能因為比較基期變得較容易，到年底大致回到接近持平。

On the non-residential side -- sorry, on residential, so we're expecting that all works out to be about -- down about mid-single digits for resi for FY26. And then on the non-residential side, we're expecting it to perform somewhat similar to FY25, which is in the flattish range. There's a lot of project types within our non-residential. And there's some of those project types that are performing well, some of the data centers, some of the street and highway projects, multifamily. And then there's a lot of that lighter commercial type of work that's been softer this year, retail, office space, some of those areas. And we're not expecting a lot of change in what we've seen there, so expecting the non-residential market to be flattish.

在非住宅方面——抱歉，先補充住宅：我們預期這些加總起來，FY26 住宅大約會下滑中個位數。接著在非住宅方面，我們預期其表現會與 FY25 類似，也就是大致持平的區間。我們的非住宅涵蓋很多不同的專案類型。其中有些類型表現良好，例如部分資料中心、部分道路與高速公路專案、多戶住宅（multifamily）。但也有不少較輕型的商業工程今年較疲弱，例如零售、辦公空間等領域。我們不預期目前看到的狀況會有太大變化，因此預期非住宅市場將大致持平。

And then on the municipal side, this is an area that's very steady, stable, strong for us, had a really good year in FY25, expecting that to continue to perform well. In the guide, we've got embedded low single digits growth there on the municipal side. But this is an area that's got ample funding at the state level, at the federal level, at the local level. We feel like this is a really key and important market for us that we think is going to be strong and stable over the short, medium and long term.

至於市政端，這對我們而言是一個非常穩定、強勁的領域；FY25 表現非常好，我們預期這種良好表現會延續。在我們的指引中，市政端已內含低個位數的成長。而且這個領域在州政府、聯邦政府以及地方政府層級都有充足資金。我們認為這是對我們非常關鍵且重要的市場，並且我們相信在短期、中期與長期都會保持強勁且穩定。

That's helpful, thanks, and makes a lot of sense. On the -- just as a follow-up, just in light of the recent uncertainty and some of the early signals that you're seeing where certain categories could have to potentially take price, how are you thinking about inventory management? Because a lot of these categories probably have some slack where if you wanted to lean in, maybe you could buy ahead of some of this. But just curious to get your thoughts on how you're thinking about that?

這很有幫助，謝謝，也很合理。再追問一下：考量到近期的不確定性，以及你們看到某些品類可能需要調價的一些早期訊號，你們如何思考庫存管理？因為這些品類中很多可能還有一些空間，如果你們想更積極一些，也許可以在部分情況下提前採購。只是想了解你們對此的想法。

Yes. I would tell you, that's something that we do really well here at Core & Main is managing kind of the ins and outs of those inventory investments, especially when there's some indications of price volatility. That's always been a, let's say, a really good driver of gross margin expansion for us and that ability to identify where and when we see those price increases and where and when to make those investments from an inventory standpoint. I think our teams do an extraordinary job of getting a lot of that product ahead of those increases, and then we're going to get that into the market at the appropriate time. So I'd say that's been a standard part of our execution playbook and something that we generally do pretty well.

是的。我會告訴你，這正是我們在 Core & Main 做得非常好的事情之一：管理庫存投資的進出，尤其是在出現價格波動跡象時。這一直是——可以說——推動我們毛利率擴張的一個非常重要的驅動因素，也就是能夠辨識我們何時、在哪些品項看到漲價，以及從庫存角度何時、在哪裡進行投資。我認為我們的團隊在漲價前提前備貨方面做得非常出色，然後我們會在適當的時間把這些產品投放到市場。所以我會說，這一直是我們執行作戰手冊中的標準一環，也是我們通常做得相當好的事情。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

But just wondering if maybe you could comment on what you're seeing through the first quarter? Just given the comments from Robyn on the residential market, it looks like we might be below that 2% to 3% in the first quarter. Just want to make sure that's the case.

不過我想請問，您是否可以評論一下第一季迄今為止您所看到的情況？考量到 Robyn 對住宅市場的評論，看起來我們第一季可能會低於 2% 到 3%。只是想確認是否確實如此。

And then when it comes to the end market outlook, I think it's obviously keeping a conservative stance here. It makes a lot of sense given the backdrop. I think a lot of investors are surprised that pricing is flat given the acceleration we've seen in inflation before this Iran shock. So just wondering, is it simply the PVC headwinds here? Or are there any other competitive kind of impediments to getting price here?

另外，談到終端市場展望，我認為你們顯然在這裡維持保守立場。在目前的大環境下，這很合理。我想很多投資人都對定價持平感到意外，因為在這次伊朗衝擊之前，我們已經看到通膨加速。所以想請問，這只是 PVC 的逆風所致嗎？還是有其他競爭方面的阻礙，讓你們難以在價格上有所作為？

Yes, Nigel, I'll touch on what we're seeing so far in the first quarter and then hit on the pricing part. In the first quarter, we've got a January 31 year-end. So we've been through February and not quite all the way through March yet. But I would say what we're seeing is pretty well in line with our guide. We are expecting the first quarter to be our toughest comp quarter. So we are expecting sales and EBITDA might be down a little bit slightly year-over-year and then improving as we go each quarter, and that's in line with what we were expecting.

是的，Nigel，我先談談我們第一季迄今看到的情況，然後再談定價部分。第一季方面，我們的會計年度年結日是 1 月 31 日。所以我們已經走過 2 月，但 3 月還沒有完全結束。不過我會說，我們目前看到的情況大致符合我們的指引。我們預期第一季會是我們同比比較最艱難的一季。因此我們預期銷售與 EBITDA 可能會較去年同期小幅下滑，之後會隨著每一季推進而改善，這也符合我們原先的預期。

We did see about a $15 million to $20 million weather impact the last week of our fiscal year when there's a deep freeze and a lot of winter, severe weather. We're getting a lot of that back in the first quarter. So we think all of that will just come back in the first quarter. Gross margins are performing strong. SG&A, we're seeing some of the cost-out impact favorability there. So feeling good about the first quarter, obviously, on soft markets and probably be down slightly year over year on the quarter. But it's coming in really in line with guide and expect it to improve as we get throughout the year.

在我們會計年度最後一週，因為嚴寒與大量冬季惡劣天氣，我們確實看到約 1,500 萬到 2,000 萬美元的天氣影響。我們在第一季正把其中很大一部分補回來。所以我們認為這些影響都會在第一季回補。毛利率表現強勁。SG&A 方面，我們也看到一些成本削減帶來的正面影響。因此對第一季的感受不錯；當然在市場偏弱的情況下，本季可能仍會較去年同期小幅下滑。但整體表現確實非常符合指引，並預期隨著年度進行而改善。

And then on the pricing side, all of our product categories were basically up in FY25, except for PVC. PVC was down about 15% in the year. So there's a variety of different outcomes that we could see in FY26, but we're not counting on a full recovery of PVC. Some of the oil increased prices could help either stabilize that or increase it. But what we're seeing today is PVC will have a -- as it's gone down all throughout the year, we're going to have a headwind, at least in the first half to three quarters of the year on PVC even if it stabilizes where it's at today. So that would be the puts and takes. We would expect price increases in all of our other product categories.

至於定價方面，我們所有產品類別在 FY25 基本上都是上漲的，除了 PVC。PVC 全年下跌約 15%。因此在 FY26 我們可能會看到各種不同的結果，但我們並未把 PVC 的全面復甦納入假設。部分油價上漲可能有助於讓它穩定，或推升價格。但我們目前看到的是，PVC 在全年一路下滑之後，即使它在今天的水準上穩定下來，至少在上半年到前三季仍會形成逆風。所以這就是其中的利弊權衡。我們預期其他所有產品類別都會有價格上調。

That's really helpful. And then just a quick one on buybacks. I think from the K, it looks like you bought back about 7,000 shares in February-March. That's a decent chunk of shares compared to what you did in 2025. Just wondering if there's any intention to keep stepping on buybacks at these current share prices?

這非常有幫助。另外再快速問一個關於庫藏股回購的問題。我想從 10-K 來看，你們在 2 月到 3 月回購了大約 7,000 股。相較於你們在 2025 年所做的回購，這是一個相當可觀的回購量。想請問在目前股價水準下，是否有意圖持續加大回購力道？

Yes. Yes. Nigel, we did about $155 million last year, almost $40 million in the first quarter. Given where the stock price is at, we've got ample cash flow. We've got tons of cash to be able to reinvest in the business, M&A and do buybacks. So you can expect us to see continued buybacks. We've got about over $600 million still remaining on our authorization. So that will be a big part of our capital allocation going forward.

是的。是的。Nigel，我們去年回購約 1.55 億美元，第一季就接近 4,000 萬美元。以目前的股價水準來看，我們有充足的現金流。我們也有大量現金可以再投資於業務、進行併購（M&A），以及做回購。所以你可以預期我們會持續進行回購。我們的回購授權額度仍剩餘超過 6 億美元。因此，這將會是我們未來資本配置的重要一環。

Thank you. I'll now hand it back to Mark Witkowski for any further remarks.

謝謝。我現在把電話交回給 Mark Witkowski，看看是否還有進一步的補充。

All right. Thanks for joining us today. As we wrap up, I want to leave you with a few key points. Fiscal 2025 was another year of disciplined execution. We delivered our 16th consecutive year of sales growth, drove 3 points of above-market growth through share gains and structurally expanded gross margins, all while generating strong cash flow. At the same time, we continue to invest in the product categories, footprint and capabilities that position us to compound these gains over time.

好的。感謝各位今天加入我們。在結束之前，我想留給各位幾個重點。2025 會計年度是我們又一年有紀律地執行的一年。我們達成連續第 16 年的銷售成長，透過市占提升帶動高於市場的 3 個百分點成長，並在結構上擴大毛利率，同時也產生強勁的現金流。同時，我們持續投資於產品類別、據點布局與能力建置，使我們能隨時間推進持續累積這些成果。

Looking ahead, we see a clear path to growth and improved operating leverage. Our initiatives are working, our actions to address cost pressures are in place, and our end markets remain attractive over the long term. Over the last 12 months, I've spent meaningful time with customers, suppliers, and associates across the country. Those conversations reinforce what differentiates this company, our people, our culture, and our consistent focus on execution.

展望未來，我們看到一條清晰的成長路徑，以及營運槓桿的改善。我們的各項計畫正在發揮作用，我們用以因應成本壓力的措施也已到位，而我們的終端市場在長期仍具吸引力。在過去 12 個月，我花了相當多時間與全國各地的客戶、供應商與同仁交流。這些對話再次印證了本公司與眾不同之處：我們的人才、我們的文化，以及我們對執行力一貫的專注。

I'm grateful for our teams and confident in the opportunity in front of us. Thank you for your continued interest in Core & Main. Operator, that concludes our call.

我很感謝我們的團隊，也對眼前的機會充滿信心。感謝各位持續關注 Core & Main。接線員，我們的電話會議到此結束。

Thank you all for joining today's call. You may now disconnect your lines.

感謝各位參與今天的電話會議。您現在可以掛斷電話。