Carlisle Companies Inc (CSL) 2025 Q4 法說會逐字稿

Good afternoon. My name is Joel, and I will be your conference call operator today. At this time, I would like to welcome everyone to the Carlisle Companies fourth quarter 2026 earnings conference call. (Operator Instructions) After the speaker's remarks, we will conduct a question-and-answer session.

午安.我叫喬爾，今天我將擔任你們的電話會議接線生。在此，我謹代表卡萊爾公司歡迎各位參加 2026 年第四季財報電話會議。（操作說明）演講結束後，我們將進行問答環節。

I would like to turn the call over to Mr. Mehul Patel, Carlisle's Vice President of Investor Relations. Mehul, please go ahead.

我謹將電話轉交給卡萊爾公司投資者關係副總裁梅胡爾·帕特爾先生。梅胡爾，請繼續。

Thank you, and good afternoon, everyone. Welcome to Carlisle's fourth quarter 2025 earnings call. I'm Mehul Patel, Vice President of Investor Relations for Carlisle. We released our fourth quarter financial results today, and you can find both our press release and the presentation for today's call in the Investor Relations section of our website.

謝謝大家，大家下午好。歡迎參加卡萊爾2025年第四季財報電話會議。我是卡萊爾公司投資者關係副總裁梅胡爾·帕特爾。我們今天發布了第四季度財務業績，您可以在我們網站的投資者關係部分找到我們的新聞稿和今天電話會議的簡報。

On the call with me today, Chris Koch, our Board Chair, President and CEO; along with Kevin Zdimal, our CFO. Today's call will begin with Chris providing key highlights for the full year and in the fourth quarter. Kevin will follow Chris and provide an overview of our Q4 financial performance and our outlook for the full year of 2026.

今天和我一起通話的有我們的董事會主席、總裁兼執行長克里斯·科赫，以及我們的財務長凱文·茲迪馬爾。今天的電話會議將首先由克里斯介紹全年和第四季的主要亮點。Kevin 將接替 Chris，概述我們第四季的財務表現以及我們對 2026 年全年的展望。

Following our prepared remarks, we will open up the line for questions. But before we begin, please refer to slide 2 of our presentation, where we note that comments today will include forward-looking statements based on current expectations.

在我們發表完準備好的演講後，我們將開放提問環節。但在我們開始之前，請參閱我們簡報的第 2 張投影片，其中我們指出，今天的評論將包含基於當前預期的前瞻性陳述。

Actual results could differ materially from these statements due to a number of risks and uncertainties, which are discussed in our press release and SEC filings. As Carlisle provides non-GAAP financial in we provided reconciliations between GAAP and non-GAAP measures in our press release and in the appendix of our presentation materials, which are available on our website.

由於存在許多風險和不確定因素，實際結果可能與這些聲明有重大差異，這些風險和不確定因素已在我們的新聞稿和提交給美國證券交易委員會的文件中進行了討論。由於卡萊爾提供的是非GAAP財務數據，我們在新聞稿和簡報資料的附錄中提供了GAAP和非GAAP指標之間的調節表，這些資料可在我們的網站上查閱。

With that, I will turn the call over to Chris on slide 3.

接下來，我會把電話交給克里斯，請看第三張投影片。

Thank you, Mehul, and welcome to our fourth quarter 2025 earnings call. I want to thank everyone for joining us today as we close out 2025 and look ahead to 2026. One note, this call will be slightly longer than our normal calls as it is our year-end, and we'd like to provide additional transparency and clarity, especially with the elevated levels of uncertainty we see in our markets today.

謝謝 Mehul，歡迎參加我們 2025 年第四季財報電話會議。感謝大家今天與我們一起告別2025年，展望2026年。需要說明的是，由於是年終會議，本次電話會議將比我們通常的電話會議稍長一些，我們希望提供更多的透明度和清晰度，尤其是在我們目前市場存在高度不確定性的情況下。

For the full year 2025, Carlisle delivered solid results in a very challenging environment. Of note, we generated $5 billion in revenue. Adjusted EPS was $19.40, adjusted EBITDA margins were 24.4% and ROIC was approximately 25%, which is not only well above our cost of capital, but is also considered best-in-class. We take a great deal of pride and consistently operating at this level.

2025 年全年，卡萊爾在充滿挑戰的環境下取得了穩健的表現。值得一提的是，我們創造了 50 億美元的收入。調整後每股收益為 19.40 美元，調整後 EBITDA 利潤率為 24.4%，ROIC 約為 25%，這不僅遠高於我們的資本成本，也被認為是同類最佳。我們為能夠始終保持這樣的營運水準而感到非常自豪。

Looking ahead, we remain convinced that driving adjusted EPS to $40 per share and maintaining ROIC above 25% and as contemplated under Vision 2030 are the right long-term goals to maximize value creation for our shareholders.

展望未來，我們仍然堅信，將調整後每股收益提高到 40 美元，並將投資回報率保持在 25% 以上，正如「2030 年願景」中所設想的那樣，是為股東創造最大價值的正確長期目標。

We were extremely pleased with our cash flow performance in 2025, which was our fourth consecutive year of generating more than $1 billion of operating cash flow. Free cash flow was $972 million, representing free cash flow margins of 19.4%, well ahead of our Vision 2030 target of 15% and again best-in-class.

我們對 2025 年的現金流表現非常滿意，這是我們連續第四年產生超過 10 億美元的營運現金流。自由現金流為 9.72 億美元，自由現金流利潤率為 19.4%，遠超我們 2030 年願景目標 15%，再次成為同類最佳。

The M&A environment in 2025, while active overall presented challenges in our target markets as sellers expected elevated valuations for quality assets and we remain disciplined with limited appetite to deploy capital into premium priced acquisition targets that exhibited less than premium results in the recent past.

2025 年的併購環境雖然整體活躍，但對我們的目標市場而言卻充滿挑戰，因為賣家期望優質資產獲得較高的估值，而我們仍然保持謹慎，對將資金投入到近期業績不佳的高價收購目標的意願有限。

So with M&A activity more muted, we continue to lean into share repurchases as an attractive use of capital, especially given our expected returns on those share repurchases. Ultimately, we repurchased $1.3 billion shares in 2025.

因此，在併購活動較低迷的情況下，我們繼續傾向於股票回購，認為這是一種有吸引力的資本運用方式，特別是考慮到我們對這些股票回購的預期回報。最終，我們在 2025 年回購了價值 13 億美元的股票。

In addition to share repurchases and consistent with our past practices, we returned $181 million to shareholders through dividends in 2025. August marked our 49th consecutive annual dividend increase, up 10% year-over-year and we are excited for the prospect of reaching the half century mark this coming summer. Our 2025 performance clearly positions Carlisle as a leading cash return story in the building products sector.

除了股票回購外，我們還按照以往的做法，在 2025 年透過股息向股東返還了 1.81 億美元。8 月是我們連續第 49 年提高年度股息，年增 10%，我們對今年夏天達到 50 年里程碑的前景感到興奮。我們2025年的表現清楚地表明，卡萊爾在建築產品產業中以現金回報領先。

We are pleased with our ability to maintain a strong balance sheet and ample financial flexibility to consistently invest in our business, especially the areas of customer experience, operational excellence and innovation while simultaneously pursuing disciplined value-creating acquisitions when opportunities meet our return thresholds.

我們很高興能夠保持強勁的資產負債表和充足的財務靈活性，從而能夠持續投資於我們的業務，尤其是在客戶體驗、卓越營運和創新領域，同時在機會達到我們的回報門檻時，進行有紀律的、創造價值的收購。

Turning to slide 4. For the fourth quarter, we generated revenue of approximately $1.1 billion. Adjusted EPS was $3.90 and adjusted EBITDA margin was 22.1%. During the quarter, we also returned $346 million to shareholders through share repurchases and dividends.

翻到第4張投影片。第四季度，我們創造了約 11 億美元的收入。調整後每股收益為 3.90 美元，調整後 EBITDA 利潤率為 22.1%。本季度，我們也透過股票回購和分紅向股東返還了 3.46 億美元。

More importantly, in 2025, we stayed disciplined in our activities and focused on things we could control. Guided by Vision 2030, we advanced our innovation agenda, continue to automate our operations, strengthen our leadership team and further enhance the Carlisle experience for our customers.

更重要的是，在 2025 年，我們保持了行動上的自律，並專注於我們所能控制的事情。在「2030願景」的指導下，我們推進了創新議程，繼續實現營運自動化，加強了領導團隊，並進一步提升了卡萊爾為客戶帶來的體驗。

Those same priorities are part of the core pillars that will drive our performance in 2026 and beyond regardless of broader market conditions. Speaking of core pillars, let me now turn to the core of Carlisle's strengths since the 1970s. Our commercial roofing and broader building auto business at CCM.

無論市場整體狀況如何，這些優先事項都是我們2026年及以後業績發展的核心支柱之一。說到核心支柱，現在讓我來談談卡萊爾自 20 世紀 70 年代以來的核心優勢。CCM 的商業屋頂和更廣泛的建築汽車業務。

The largest part of our continuing performance story at CCM has been the reroofing market. Reroofing is a significant part of Carlisle's ability to deliver consistent sales and earnings growth. Reroofing is driven by the non-discretionary need to maintain, upgrade or repurpose North America's vast and aging non-residential building stock.

CCM持續取得良好業績的最大部分來自屋頂翻新市場。屋頂翻新是卡萊爾公司實現持續銷售和獲利成長的重要組成部分。北美龐大且老化的非住宅建築群的維護、升級或改造的迫切需求，是屋頂翻新的必然趨勢。

Looking at our reroofing business, it is important to note that at CCM, reroofing represents roughly 70% of the business. When one couples this with the fact that over 70% of the US non-residential footprint is older than 25 years and roofs typically need to be replaced every 20 years to 30 years. It is apparent that this market provides consistency and resiliency to our overall business.

從我們的屋頂翻新業務來看，值得注意的是，在 CCM，屋頂翻新業務約佔總業務的 70%。再加上美國超過 70% 的非住宅建築已有 25 年以上的歷史，而屋頂通常需要每 20 到 30 年更換一次。顯然，這個市場為我們的整體業務提供了穩定性和韌性。

Looking at the reroofing market, reroofing permits have grown at a low single-digit rate over the past years. And when you layer on 150 basis points to 200 basis points of content per square foot growth per year, you get the mid-single-digit growth in reroofing demand we are forecasting for the foreseeable future. Reroofing is not optional for building owners. It is an imperative investment to keep assets operational, safe, code compliant and increasingly, energy efficient.

從屋頂翻新市場來看，過去幾年屋頂翻新許可證的成長率一直維持在個位數低點。如果每年每平方英尺的含量成長達到 150 到 200 個基點，那麼在可預見的未來，屋頂翻新需求將保持中等個位數的成長。對於建築物業主來說，屋頂翻新並非可選項。保持資產正常運作、安全可靠、符合規範，並日益提高能源效率，這是一項必不可少的投資。

And North America is the most attractive roofing and building envelope market in the world, given a large and aging building base of low slope roofs, increasing energy efficiency regulation and pressure from rising utility rates, especially now with the outsized impact of AI and data centers consuming unprecedented levels of electricity, structurally high labor costs and a decrease in labor pool that increases contractors' desire for easy to install, labor-saving solutions and products that get them off the roof quicker.

鑑於北美擁有龐大且老舊的低坡度屋頂建築群、日益嚴格的能源效率法規以及不斷上漲的公用事業費率帶來的壓力，北美已成為世界上最具吸引力的屋頂和建築圍護結構市場。尤其是在人工智慧和資料中心消耗前所未有的電力、結構性高昂的勞動力成本以及勞動力短缺的情況下，承包商更加渴望易於安裝、節省勞動力的解決方案和產品，以便更快地完成屋頂施工。

And in most areas we operate in, a growing awareness of total cost of ownership and the life cycle performance with building owners, architects and specifiers. Within this market, Carlisle is a recognized leader and a differentiated provider of integrated building envelope solutions and systems comprised of roofs, walls, foundations, waterproofing and insulation.

在我們營運的大多數地區，業主、建築師和規範制定者越來越意識到總擁有成本和生命週期性能。在這個市場中，卡萊爾是公認的領導者和差異化供應商，提供包括屋頂、牆壁、地基、防水和保溫在內的整合式建築圍護結構解決方案和系統。

Our systems approach, long-term warranties and specification strength give Carlisle a meaningful and sustainable competitive edge and it positions us to take advantage of a robust North American building products market for years to come.

我們的系統方法、長期保固和強大的規格優勢為卡萊爾帶來了有意義的、可持續的競爭優勢，使我們能夠在未來幾年內充分利用北美建築產品市場的強勁勢頭。

Looking ahead, our operating narrative remains clear, well understood by our investors and consistent with what we saw drive our 2025 results, steady reroofing demand accompanied by a weaker new construction market.

展望未來，我們的經營理念仍然清晰，投資者也充分理解，並且與我們看到的推動 2025 年業績的因素一致，即穩定的屋頂翻新需求伴隨著疲軟的新建築市場。

In CCM, reroofing is expected to grow low to mid-single digits in 2026, broadly consistent with its long-term trajectory and our past experience. New commercial construction in CCM remains soft and saw continued declines in the second half of 2025.

在 CCM 行業，預計 2026 年屋頂翻新業務將以個位數低至中等水平增長，這與其長期發展軌跡和我們過去的經驗基本一致。CCM 的新商業建築依然疲軟，2025 年下半年持續下滑。

Based on our current indicators, including our Carlisle market survey, we are not projecting a sharp recovery and our 2026 plans, but we are assuming a gradual bottoming out midyear and an upward inflection in the second half of the year.

根據我們目前的指標，包括我們在卡萊爾的市場調查，我們預計不會出現快速復甦，我們的 2026 年計劃也未能實現，但我們假設年中將逐漸觸底反彈，並在下半年出現上升趨勢。

In CWT, we continue to see pressure from softer residential and nonresidential new construction, but we are seeing growth from our recent acquisitions of Plastifab, thermoform and bond and logic from our change in our selling approach in spray foam and from increased demand for energy-efficient and weather-proofing solutions.

在 CWT，我們繼續感受到來自住宅和非住宅新建項目疲軟的壓力，但我們最近收購了 Plastifab、Thermoform 和 Bond and Logic，這得益於我們在噴塗泡沫銷售方式上的改變，以及對節能和防風雨解決方案需求的增加。

Kevin will provide more detail on our 2026 outlook. But at the consolidated level, we expect approximately low single-digit revenue growth and approximately 50 basis points of adjusted EBITDA margin expansion versus 2025.

Kevin 將會詳細介紹我們 2026 年的展望。但從合併層級來看，我們預計到 2025 年，營收將實現低個位數成長，調整後 EBITDA 利潤率將比 2025 年擴大約 50 個基點。

Importantly, while we are setting conservative targets for 2026, given the end market uncertainties we face, our intent is anything but conservative. Over the next several years, we are very focused on growing sales faster than our end markets and expanding our EBITDA margins.

重要的是，儘管考慮到我們面臨的終端市場的不確定性，我們為 2026 年設定了保守的目標，但我們的意圖卻絕非保守。在接下來的幾年裡，我們將非常注重實現銷售額超過終端市場成長率的目標，並擴大 EBITDA 利潤率。

Our Vision 2030 ambition continues to be to achieve adjusted EPS of $40 per share, EBITDA margins for Carlisle of at least 25% and ROIC of 25%-plus.

我們的 2030 年願景目標仍然是實現調整後每股收益 40 美元，而卡萊爾的 EBITDA 利潤率至少達到 25%，ROIC 達到 25% 以上。

Accompanying these targets are our goals of 30%-plus EBITDA margins at CCM and 25%-plus EBITDA margins at CWT. While we are not issuing a specific year for those levels today, we want to be clear about the direction of travel. We will get there by executing consistently on the key pillars of Vision 2030, which I'll touch on now.

同時，我們也設定了 CCM 的 EBITDA 利潤率目標為 30% 以上，CWT 的 EBITDA 利潤率目標為 25% 以上。雖然我們今天不會給出這些水平的具體年份，但我們希望明確發展方向。我們將透過持續執行「2030 年願景」的關鍵支柱來實現這一目標，我現在就來談談這些支柱。

Moving to slide 6. Carlisle's performance strategy are built around five core pillars: one, operational excellence rooted in the Carlisle Operating System, or COS. Two, the Carlisle experience; three, innovation, four acquisitions; and five, talent management.

切換到第6張投影片。卡萊爾的績效策略圍繞著五大核心支柱建構：第一，以卡萊爾營運系統（COS）為基礎的卓越營運。第二，卡萊爾經驗；第三，創新；第四，收購；第五，人才管理。

When we talk about operational excellence, we need to focus on the Carlisle Operating System because as we approach our second full decade of COS, it really has become our core continuous improvement methodology and permeates our culture.

當我們談到卓越營運時，我們需要專注於卡萊爾營運系統，因為隨著我們即將迎來卡萊爾營運系統的第二個完整十年，它已經真正成為我們持續改進的核心方法，並滲透到我們的文化中。

Introduced in 2008, the Carlisle Operating System is how we run the company every day. It drives lean principles, standard work and continuous improvement across our plants, supply chain and offices. COS is also the framework that led us to top industry safety metrics.

卡萊爾作業系統於 2008 年推出，是我們公司日常營運的準則。它推動精益原則、標準化作業和持續改進，貫穿我們的工廠、供應鏈和辦公室。COS框架也幫助我們達到了業界領先的安全指標。

And in 2025, we expanded automation and AI into our COS programs across key manufacturing sites seeking improved change over time, reduce scrap and enhance safety and quality metrics. COS is a major reason we have maintained strong margins through a multiyear period of volatile volumes, inflation and supply chain disruption. It will continue to be the engine behind our mortgage and expansion objectives in both CCM and CWT.

2025 年，我們將自動化和人工智慧擴展到關鍵製造基地的 COS 專案中，以期隨著時間的推移改善變革、減少廢料並提高安全和品質指標。成本控制是我們能夠在多年銷售波動、通貨膨脹和供應鏈中斷的情況下保持強勁利潤率的主要原因。它將繼續成為我們在 CCM 和 CWT 實現抵押貸款和擴張目標的引擎。

Moving to our next core pillar, the Carlisle Experience. The Carlisle experience is our promise to our customers and that promises the right product to the right place at the right time, supported by people who understand the jobs and the challenges and have many years of experience in dealing with customers in our markets.

接下來，我們來談談下一個核心支柱－卡萊爾體驗。卡萊爾體驗是我們對客戶的承諾，它承諾在正確的時間將正確的產品送到正確的地點，並由了解工作和挑戰、在我們的市場中擁有多年客戶服務經驗的人員提供支援。

The Carlisle experience touches many of our key stakeholders, contractors, distributors, architects and building owners. For contractors operating in a tight labor market, our ability to ship complete on time orders directly to the job site is a real advantage.

卡萊爾的經驗影響著我們許多主要的利害關係人，包括承包商、經銷商、建築師和業主。對於在勞動力市場緊張的情況下運營的承包商而言，我們能夠將完整的訂單按時直接運送到施工現場，這是一個真正的優勢。

Our field technical teams and in-house roofers work alongside distributors, contractors, are and building owners to ensure systems are specified correctly and installed correctly. Our long-dated warranties many over 20 years, are backed not just by a document but by knowledgeable and well-trained employees who drive excellent service and support across the life cycle of the roof.

我們的現場技術團隊和內部屋頂工人與經銷商、承包商、業主和建築物所有者合作，以確保系統得到正確的指定和正確的安裝。我們提供長達 20 年以上的長期保修，不僅有書面文件支持，還有知識淵博、訓練有素的員工在屋頂的整個生命週期內提供卓越的服務和支持。

This reliability helps our contractor partners work more efficiently and win more projects and it supports our ability to price the value by delivering that superior value at every touch point. It also underpins our strong specification history. Roughly half of Carlisle sales are tied to project specifications where Carlisle is the preferred system of record.

這種可靠性有助於我們的承包商合作夥伴更有效率地工作並贏得更多項目，也有助於我們透過在每個接觸點提供卓越的價值來定價。這也印證了我們強大的規格製定歷史。Carlisle 大約一半的銷售額與專案規格相關，在這些規格中，Carlisle 是首選的記錄系統。

Innovation remains one of the most important drivers of our future growth and competitive differentiation. To that end, we will increase our investments in R&D and product development to 3% of sales under Vision 2030 with a clear objective. By 2030, 25% of Carlisle's revenue will come from products that are five years old or younger.

創新仍然是我們未來成長和競爭優勢的最重要驅動力之一。為此，我們將根據“2030 年願景”，將研發和產品開發的投資增加到銷售額的 3%，並設定明確的目標。到 2030 年，卡萊爾公司 25% 的收入將來自五年或五年以內的產品。

To achieve this, we have made substantial structural enhancements to our innovation engine. We implemented a robust voice of customer process to identify the most pressing contractor and building owner pain points. We refined and drove further discipline in our stage gate governance model for new product development to allocate resources to the products with the highest expected returns.

為了實現這一目標，我們對創新引擎進行了實質的結構改進。我們實施了一套完善的客戶意見收集流程，以確定承包商和業主最迫切的痛點。我們改進並進一步加強了新產品開發的階段性治理模式，將資源分配給預期回報最高的產品。

And lastly, we strengthened our innovation leadership and cross-functional collaboration between R&D, manufacturing and our commercial teams. You can already see the results in the marketplace. Thermo Fin7 polyiso insulation and industry first delivers high or value per inch.

最後，我們加強了創新領導力，並加強了研發、製造和銷售團隊之間的跨職能合作。你已經可以在市場上看到成果了。Thermo Fin7 聚異氰脲酸酯保溫材料，是業界首款每吋提供高性價比的產品。

This means building owners get superior thermal performance and contractors can use fewer boards to meet code, reducing trucks fasteners, material handling and labor. Early feedback from this market launch has been outstanding.

這意味著建築物業主可以獲得更優異的隔熱性能，承包商可以使用更少的板材來滿足規範要求，從而減少卡車、緊固件、材料搬運和人力成本。此次市場推廣的早期回饋非常出色。

Our newly launched temperature-sensing gun for flexible fast Adhesive. This new application device transforms adhesive application from a manual error-prone process to a controlled data-driven system with real-time temperature sensing and visual indicators -- it reduces installation errors, material waste and callbacks and it is included with every flexible fast dual tank system we sell. Products like RapidLock Same Shield Appeal and VP Tech continue to gain traction by addressing real contractor needs around installation speed, energy performance and long-term durability.

我們新推出的用於柔性快速粘合的溫度感應槍。這款新型塗膠設備將黏合劑塗膠從手動且容易出錯的過程轉變為受控的數據驅動系統，具有即時溫度感測和視覺指示器——它減少了安裝錯誤、材料浪費和返工，並且包含在我們銷售的每一個靈活快速雙槽系統中。RapidLock Same Shield Appeal 和 VP Tech 等產品透過滿足承包商在安裝速度、能源性能和長期耐用性方面的實際需求，持續獲得市場認可。

And importantly, these are not science projects. They are commercial products generating revenue today, helping contractors work faster and safer and allowing building owners to meet increasingly stringent energy and performance standards.

更重要的是，這些並非科學項目。它們是目前能夠產生收入的商業產品，可以幫助承包商更快、更安全地工作，並讓建築業主滿足日益嚴格的能源和性能標準。

They also support our desire to grow content per square foot by 150 basis points to 200 basis points per year, a key component of our Vision 2030 expectations. The fourth pillar is acquisitions and importantly, acquisitions executed within a disciplined capital allocation framework.

他們也支持我們每年將每平方英尺的內容增加 150 到 200 個基點的願望，這是我們 2030 年願景預期的關鍵組成部分。第四個支柱是收購，更重要的是，收購必須在嚴格的資本配置框架內進行。

Over the past several years, we have strategically pivoted Carlisle to a pure play building products portfolio, focused on the building envelope, roof, wall and waterproofing. We estimate our broader building envelope addressable market at approximately $70 billion and today, we have direct exposure to just under half of that.

過去幾年，我們已將卡萊爾策略性地轉型為純粹的建築產品公司，專注於建築圍護結構、屋頂、牆壁和防水材料。我們估計更廣泛的建築圍護結構潛在市場規模約為 700 億美元，而目前，我們直接涉足的市場規模略低於其中的一半。

Our M&A strategy is straightforward. Focus on bolt-on and adjacent acquisitions and the building envelope that enhance our systems offering and increase our content per square for businesses where we can apply to Carlisle Operating System and the Carlisle Experience to improve operations gross sales and expand margins and maintain strict ROIC and return thresholds, ensuring deals are accretive to growth and returns over time.

我們的併購策略很簡單。專注於附加收購和相鄰收購，以及能夠增強我們系統產品並增加我們每平方英尺內容的建築物圍護結構，以便我們可以將 Carlisle 操作系統和 Carlisle 體驗應用於企業，從而提高運營毛銷售額並擴大利潤率，同時保持嚴格的 ROIC 和回報門檻，確保交易隨著時間的推移能夠增加增長和回報。

Recent acquisitions such as MTL, Plasti fab, Thermofom and Biologic are good examples. MTL strengthens our position in prefabricated metal edge systems, allowing us to sell more content per roof and offer more complete warranty backed systems. Plastifab and thermoform expand our capabilities in EPS insulation where scale gives us material cost advantages and broader geographic reach.

近期收購的 MTL、Plasti fab、Thermofom 和 Biologic 等公司都是很好的例子。MTL 鞏固了我們在預製金屬邊緣系統領域的地位，使我們能夠銷售更多的屋頂組件，並提供更完善的保固支援系統。Plastifab 和熱成型擴大了我們在 EPS 保溫材料方面的能力，規模化為我們帶來了材料成本優勢和更廣泛的地理覆蓋範圍。

And bonded logic through UltraTouch denim recycled insulation opens an attractive opportunity in sustainable insulation addressing customer demand for both performance and environmental attributes. We do not pursue acquisitions for headlines. We integrate, optimize and capture synergies, commercial, operational and supply chain related. That track record reinforces Carlisle's reputation as a superior capital allocator in our space.

透過 UltraTouch 牛仔布再生隔熱材料實現的黏合邏輯，為永續隔熱材料開闢了一個有吸引力的機會，滿足了客戶對性能和環境屬性的需求。我們進行收購並非為了博取眼球。我們整合、優化並實現與商業、營運和供應鏈相關的綜效。這項業績進一步鞏固了卡萊爾在我們這個領域作為卓越資本配置者的聲譽。

And last but not least, is our fifth pillar, talent management. Nothing we have discussed today would be possible without Carlisle's team of over 5,000 dedicated employees. We focus on attracting, developing and retaining people who want to win in the marketplace and grow their careers.

最後，也是非常重要的一點，是我們的第五個支柱──人才管理。如果沒有卡萊爾公司超過 5000 名敬業員工的團隊，我們今天討論的一切都不可能實現。我們專注於吸引、培養和留住那些渴望在市場競爭中取得成功並發展職業生涯的人才。

At CCM, I'm excited about the recent leadership appointment that exemplifies this. In November, Jason Taylor joined us as President of CCM bringing deep distributor and contractor relationships from his extensive industry experience, his fresh perspective, combined with the strong familiarity of our business positions CCM exceptionally well as we execute our growth strategy.

在 CCM，我很高興看到最近一項領導任命體現了這一點。11 月，Jason Taylor 加入我們，擔任 CCM 總裁。憑藉其豐富的行業經驗，他與分銷商和承包商建立了深厚的關係，他的新視角，以及對我們業務的深入了解，使 CCM 在執行成長策略方面表現出色。

Let me now turn to our Vision 2030 financial targets on slide 7. We are reaffirming our Vision 2030 targets of $40 of adjusted EPS and more than 25% ROIC. We believe these targets are credible and achievable driven by low to mid-single-digit organic revenue growth led by reroofing volumes and content per square foot gains.

現在讓我來看看第 7 頁上的「2030 年願景」財務目標。我們重申 2030 年願景目標，調整後每股收益 40 美元，投資報酬率超過 25%。我們相信，在屋頂翻新量和每平方英尺內容增加的帶動下，這些目標是可信且可實現的，有機收入將實現低至中等個位數的成長。

EBITDA margin expansion at both CCM and CWT as COS automation, AI and self-help initiatives compound, disciplined synergistic M&A focused on the building envelope and significant capital return through dividends and share repurchases.

隨著 COS 自動化、人工智慧和自助服務措施的推進，CCM 和 CWT 的 EBITDA 利潤率均有所提高；公司採取了有紀律的協同併購策略，專注於建築外圍結構，並透過分紅和股票回購實現了顯著的資本回報。

It is important to remember our history. Under Vision 2025, we achieved our EPS target three years early and that journey was not a straight line. We managed through COVID, supply chain shocks, raw material inflation and shifts in construction activity.

銘記歷史很重要。在「2025願景」下，我們提前三年實現了每股盈餘目標，但這個過程並非一帆風順。我們成功克服了新冠疫情、供應鏈衝擊、原物料價格上漲和建築活動變化等挑戰。

We expect a similar pattern as we execute Vision 2030. There will be quarters where new construction is soft, where raw material costs move against us or where competition intensifies. But our track record shows that Carlisle can adapt quickly adjusting price, mix, cost structure and capital deployment while staying true to our long-term strategy.

我們預計在執行「2030願景」的過程中也會出現類似的模式。有些時候，新建築活動疲軟，原料成本對我們不利，或競爭加劇。但我們的過往業績表明，卡萊爾能夠快速適應，調整價格、產品組合、成本結構和資本部署，同時堅持我們的長期策略。

Vision 2030 is not simply a set of aspirational numbers. is anchored in clear priorities and measurable actions across our five pillars: operational excellence through COS, exceptional customer service through the Carlisle experience, product and systems innovation targeted synergistic acquisitions and talent management and leadership development across the enterprise.

2030 年願景不僅僅是一系列充滿抱負的數字，它根植於我們五大支柱的明確優先事項和可衡量的行動：透過 COS 實現卓越運營，透過 Carlisle 體驗提供卓越的客戶服務，產品和系統創新，有針對性的協同收購，以及全企業的人才管理和領導力發展。

And with that, I'll turn it over to Kevin to go through the fourth quarter results in more detail. Kevin?

接下來，我將把麥克風交給凱文，讓他更詳細分析第四季的結果。凱文？

Thank you, Chris, and good afternoon, everyone. I will review our fourth quarter financial results and provide additional details on our full year 2026 outlook. Moving to slide 8. We generated fourth quarter consolidated revenues of $1.1 billion, an increase of 0.4% compared to the prior year.

謝謝你，克里斯，大家下午好。我將回顧我們第四季度的財務業績，並提供有關我們2026年全年展望的更多細節。切換到第8張投影片。我們第四季合併營收為 11 億美元，比上年同期成長 0.4%。

Our recent acquisitions of Plastafab, Thermoform and Bonded Logic contributed incremental revenue of $30 million in the quarter. Organic revenue declined 3% due to the continuation of soft new construction activity in commercial and residential end markets, partially offset by solid commercial reroofing demand.

我們近期對 Plastafab、Thermoform 和 Bonded Logic 的收購，在本季為我們帶來了 3,000 萬美元的增量收入。由於商業和住宅終端市場的新建築活動持續疲軟，有機收入下降了 3%，但強勁的商業屋頂翻新需求部分抵消了這一影響。

Adjusted EBITDA for the quarter was $249 million, resulting in an adjusted EBITDA margin of 22.1%, a decrease of 300 basis points compared to last year. This decrease was primarily due to strategic investments in the business to support our long-term growth as well as lower volumes at CWT.

本季調整後 EBITDA 為 2.49 億美元，調整後 EBITDA 利潤率為 22.1%，比去年同期下降了 300 個基點。這一下降主要是由於對業務進行策略性投資以支持我們的長期成長，以及 CWT 的銷量下降。

Adjusted EPS was $3.90, down 13% year-over-year. This decline was driven by lower organic earnings and higher interest expense partially offset by the benefit of share repurchases and contributions from our strategic acquisitions.

調整後每股收益為 3.90 美元，年減 13%。這一下滑是由於有機收益下降和利息支出增加所致，但部分被股票回購和策略性收購帶來的收益所抵消。

Our segment performance starts on slide 9. CCM delivered fourth quarter revenue of $827 million, a decline of 0.8% year-over-year. The macroeconomic uncertainty we discussed on our third quarter call continued to pressure new construction activity in the fourth quarter which was mostly offset by the continuation of solid demand for commercial reroofing.

我們的分部業績從第 9 張投影片開始。CCM第四季營收為8.27億美元，年減0.8%。我們在第三季電話會議上討論的宏觀經濟不確定性在第四季度繼續對新建工程活動構成壓力，但商業屋頂翻新需求的持續強勁基本上抵消了這一影響。

Fourth quarter adjusted EBITDA for CCM was $222 million, a 10% decline from the prior year. Adjusted EBITDA margin of 26.8% decreased 260 basis points, primarily due to our continued investments in innovation and other strategic initiatives to enhance the Carlisle experience, including investments in our customer service capabilities and digital tools that improve order visibility and make contractors' jobs easier.

CCM第四季調整後EBITDA為2.22億美元，較上年同期下降10%。經調整的 EBITDA 利潤率為 26.8%，下降了 260 個基點，這主要是由於我們持續投資於創新和其他戰略舉措，以增強 Carlisle 的體驗，包括投資於我們的客戶服務能力和數位工具，以提高訂單可見性並簡化承包商的工作。

Moving to CWT on slide 10. CWT reported fourth quarter revenues of $301 million, up 4% year-over-year, supported by revenues from Plascifab, Thermofom and bonded logic. Organic revenue declined 7% due to continued softness in residential and non-residential new construction markets resulting in lower volumes.

第 10 張投影片將切換到 CWT。CWT公佈第四季營收為3.01億美元，較去年同期成長4%，這主要得益於Plascifab、Thermofom和黏合邏輯業務的營收成長。由於住宅和非住宅新建市場持續疲軟，導致銷售量下降，有機收入下降了 7%。

CWT's adjusted EBITDA was $48 million, down 10% from last year. CWT's adjusted EBITDA margin of 15.9% decreased 240 basis points year-over-year primarily due to increased unit costs resulting from higher absorption of fixed cost on lower volumes. For your reference, slides 11 and 12 provide our fourth quarter and full year adjusted EPS bridges, respectively.

CWT 的調整後 EBITDA 為 4,800 萬美元，比去年下降了 10%。CWT 的調整後 EBITDA 利潤率為 15.9%，年減 240 個基點，主要原因是銷售量下降導致固定成本吸收增加，造成單位成本上升。供您參考，投影片 11 和 12 分別提供了我們第四季和全年調整後的每股盈餘 (EPS) 過渡數據。

Turning to slide 13. Carlisle financial position remains strong. As of December 31, we had $1.1 billion of cash and cash equivalents and $1 billion available under our revolving credit facility. This financial strength provides us with significant flexibility to execute our superior capital allocation strategy, including investing in innovation and capital expenditures pursuing strategic M&A and consistently returning cash to our shareholders through share buybacks and dividends.

翻到第13張幻燈片。卡萊爾的財務狀況依然穩健。截至 12 月 31 日，我們擁有 11 億美元的現金及現金等價物，以及 10 億美元的循環信用額度。這種財務實力為我們提供了極大的靈活性，以執行我們卓越的資本配置策略，包括投資於創新和資本支出、進行策略併購，並透過股票回購和分紅不斷向股東返還現金。

Moving to slide 14. As Chris mentioned earlier, in 2025, we generated operating cash flow of over $1 billion for the fourth consecutive year. Free cash flow from continuing operations was a record $972 million resulting in a free cash flow margin of 19.4%, well above our Vision 2030 target of 15%.

切換到第14張投影片。正如克里斯之前提到的，2025年，我們連續第四年實現了超過10億美元的營運現金流。持續經營產生的自由現金流達到創紀錄的 9.72 億美元，自由現金流利潤率為 19.4%，遠高於我們 2030 年願景目標 15%。

During 2025, we invested $241 million in the business with $131 million in capital expenditures and $110 million in acquisitions. We also returned nearly $1.5 billion to shareholders through $1.3 billion of share repurchases and $181 million of dividends.

2025 年，我們向該業務投資了 2.41 億美元，其中 1.31 億美元用於資本支出，1.1 億美元用於收購。我們也透過13億美元的股票回購和1.81億美元的股息，向股東返還了近15億美元。

Now turning to our 2026 outlook on slide 15. We expect consolidated revenue growth in a low single-digit range for the full year of 2026. This reflects CCM revenue growth in the low single digits, driven by continued strength in reroofing offsetting slower new construction and CWT revenue also up low single digits as contributions from share gain initiatives offset continued end market softness.

現在請看第 15 頁投影片，了解我們對 2026 年的展望。我們預計 2026 年全年綜合收入成長將處於個位數低點。這反映出 CCM 收入實現了低個位數成長，這主要得益於屋頂翻新業務的持續強勁增長，抵消了新建工程的放緩；CWT 收入也實現了低個位數增長，因為市場份額提升計劃的貢獻抵消了終端市場持續疲軟的影響。

Also want to provide some color on the quarterly cadence for revenue. With the recent cars weather throughout most of the country, combined with a tariff pull forward in the first quarter of 2025 that we discussed on the Q2 earnings call, we expect first quarter 2026 revenue will be down low single digits versus last year.

另外，我想簡單介紹一下季度營收。鑑於近期全國大部分地區的汽車天氣狀況，再加上我們在第二季度財報電話會議上討論過的 2025 年第一季度關稅提前實施，我們預計 2026 年第一季度的收入將比去年同期下降個位數百分比。

On a positive note, harsh weather in the first quarter often leads to a strong construction season. Our full year guide assumes Q2 revenue will be flat year-over-year the strong second half of the year, leading to full year sales growth of low single digits.

從正面的方面來看，第一季的惡劣天氣往往會帶來強勁的建築旺季。我們全年業績預期假設第二季營收與去年同期持平，下半年市場強勁成長，進而帶動全年銷售額實現個位數低成長。

We expect consolidated adjusted EBITDA margins to expand by approximately 50 basis points, supported by our focus on operational excellence cost-saving initiatives in both segments and volume leverage. We also plan to repurchase $1 billion of shares and maintain our industry-leading financial performance, including return on invested capital of approximately 25% and free cash flow margin over 15%, consistent with our Vision 2030 targets.

我們預計，在兩個業務部門中，透過專注於卓越營運和成本節約舉措以及利用銷售優勢，合併調整後的 EBITDA 利潤率將增長約 50 個基點。我們還計劃回購價值 10 億美元的股票，並維持業界領先的財務業績，包括約 25% 的投資資本回報率和超過 15% 的自由現金流利潤率，這與我們的 2030 年願景目標一致。

I will now hand it back to Chris for his concluding remarks.

現在我將把發言權交還給克里斯，請他作總結發言。

Thank you, Kevin. In summary, Carlisle today is focused, strong and disciplined. We are generating substantial cash flow and returning significant capital to our shareholders, while preserving balance sheet strength for future opportunities.

謝謝你，凱文。總而言之，如今的卡萊爾目標明確、實力雄厚、紀律嚴明。我們正在創造可觀的現金流，並向股東返還大量資本，同時保持資產負債表的穩健性，為未來的發展機會做好準備。

Our operating narrative is clear, steady reroof demand offsetting weaker new construction, particularly in CCM, with CWT positioned to benefit as residential and commercial construction recovers and as energy efficiency requirements tighten.

我們的營運邏輯很明確，穩定的屋頂翻新需求抵消了新建工程的疲軟，尤其是在 CCM 領域，隨著住宅和商業建築的復甦以及能源效率要求的收緊，CWT 將受益。

We are accelerating innovation tied directly to customer needs with tangible products and solutions in the market today and a robust pipeline aligned to Vision 2030. We continue to integrate acquisitions with discipline, capturing synergies and strengthening our competitive position in key categories like prefabricated metal edge systems, EPS installation and sustainable insulation solutions such as UltraTouch sold through Home Depot.

我們正在加速與客戶需求直接相關的創新，推出目前市場上切實可行的產品和解決方案，並擁有與 2030 年願景相符的強大產品線。我們繼續有條不紊地整合收購項目，發揮協同效應，並加強我們在關鍵領域的競爭地位，例如預製金屬邊緣系統、EPS 安裝和可持續保溫解決方案（如透過 Home Depot 銷售的 UltraTouch）。

And we are investing in our people, ensuring that Carlisle remains a place where talented individuals can build careers while helping us deliver outstanding performance. Carlisle operates in an imperative business in what we believe is the most attractive building products market globally. The long-term trends of energy efficiency, labor savings and growing reroofing demand are firmly in our favor.

我們正在投資我們的員工，確保卡萊爾仍然是一個有才華的人可以發展職業生涯並幫助我們取得卓越業績的地方。卡萊爾公司所處的產業至關重要，我們認為這是全球最具吸引力的建築產品市場。從長遠來看，提高能源效率、節省勞動成本以及不斷增長的屋頂翻新需求都對我們非常有利。

Coupled with our five pillars, the Carlisle Operating System, the Carl experience, innovation, acquisitions and talent management and guided by Vision 2030, we are confident in our path to $40 of adjusted EPS and beyond. I'd like to thank all of our employees for their perseverance in [2025].

結合我們的五大支柱－卡萊爾營運系統、卡萊爾體驗、創新、收購和人才管理，並在2030願景的指導下，我們有信心實現調整後每股收益40美元及以上。我要感謝我們所有員工的堅持不懈。[2025]

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

謝謝。女士們、先生們，現在開始問答環節。（操作說明）

Susan Maklari, Goldman Sachs.

蘇珊‧馬克拉里，高盛集團。

Good evening, everyone. This is Charles Brandon in for Susan.

各位晚上好。這位是代替蘇珊的查爾斯·布蘭登。

Hi, Charles.

你好，查爾斯。

Hey, Chris. Maybe Chris, maybe first, I would like to discuss a little bit the Vision 2030 and get an update on where we are today. you consider the progress you've made since 2023, along with the changing macro environment, including a softer housing backdrop than you probably expected back then, which of the key pillars you highlighted earlier in this call, you think provide the greatest lever to reach your $40 objective? And can you still reach this objective organically? Or is M&A increasingly important to reach that $40 target given the progress today?

嘿，克里斯。克里斯，或許首先，我想和你稍微討論一下“2030願景”，並了解我們目前的進展。考慮到自2023年以來取得的進展，以及不斷變化的宏觀環境（包括比你當時預期的更為寬鬆的房地產市場），你認為在你之前提到的幾個關鍵支柱中，哪些最能幫助你實現40美元的目標？你還能透過自然成長的方式實現這個目標嗎？或者，鑑於目前的進展，併購對於實現40美元的目標是否變得越來越重要？

Well, the two pillars for me that are most important, I think, are the margin expansions at CWP, obviously, and that's going to come with a return to what I'll call it, market recovery. We had anticipated having making progress on margins right now up to 25%. And obviously, with the resi housing markets, we went the opposite direction. So that recovery is going to be an important part.

對我來說，最重要的兩大支柱顯然是 CWP 的利潤率擴張，而這需要市場恢復到我所謂的復甦狀態。我們原本預期利潤率目前能達到 25%。顯然，在住宅市場方面，我們走了相反的方向。所以恢復將是重要的一環。

The second onr is technology. We're very excited at IRE. This year, we launched a couple of signature projects -- our products Thurman, for sure, and then our new higher technology gun that has a lot of embedded controls in it.

第二個方面是技術。我們IRE團隊感到非常興奮。今年，我們推出了幾個標誌性項目——當然包括我們的產品 Thurman，以及我們新的高科技槍支，它內建了許多控制裝置。

The second thing I would say about that is I think we've got another 10 products we're going to launch this year new products across the Board. So a big emphasis on new technology. And as we've said, new technology brings sales, but it's also going to bring a higher content per square foot and hopefully increase margins as we do that.

關於這一點，我想說的第二點是，我認為我們今年還將推出另外 10 款產品，涵蓋所有產品線。因此，非常重視新技術。正如我們所說，新技術不僅能帶來銷售額，還能提高每平方英尺的商品價值，希望也能提高利潤率。

And then you asked if we still think $40 of EPS is in play. We still do. M&A was always going to be a part of that. We think that it continues to remain a key part of it. And as you've seen this year, we've -- we've done -- we did some acquisitions in 2025, but I think we would like to done more and maybe a little bit bigger. So we'll see if this disparity between buyers and sellers can get resolved and we can have a productive on the M&A front, which will obviously help us a lot getting to that $40 of EPS.

然後你問我們是否仍然認為每股盈餘達到 40 美元是有可能實現的。我們現在仍然這樣做。併購始終是其中的一部分。我們認為它仍然是其中的關鍵組成部分。正如你今年所看到的，我們在 2025 年進行了一些收購，但我認為我們希望進行更多收購，規模也可以更大一些。所以我們將看看買賣雙方之間的這種分歧能否得到解決，以及我們能否在併購方面取得成效，這顯然會極大地幫助我們實現每股收益 40 美元的目標。

Alright. That's my one. Thank you so much for your time, guys. Good luck.

好吧。那是我的。非常感謝各位抽出時間。祝你好運。

Thanks, Charles. Yeah.

謝謝你，查爾斯。是的。

Tomo Sano, JPMorgan.

Tomo Sano，摩根大通。

Hi, everyone.

大家好。

Hi, [Tomo]. Hello.

你好，[Tomo]你好。

Hi, and congrats on [10th] anniversary for Chris -- and as a CEO. And my first question is CCM demand trends and your strategies. So based on the recent customer surveys and this distributor contract feedback and upcoming new entrants of the capacities? And how do you see the sustainability of the reroofing demand and any signs of the recovery in new constructions and pricing and strategies wise. Could you talk about that, please?

您好，祝賀克里斯[10]週年紀念日——以及他作為CEO的成就。我的第一個問題是 CCM 需求趨勢以及你們的策略。那麼，根據最近的客戶調查、經銷商合約回饋以及即將進入產能領域的新進業者來看呢？您如何看待屋頂翻新需求的持續性，以及新建築、定價和策略方面是否有任何復甦跡象？您能談談這件事嗎？

Well, first of all, thank you for recognizing my 10th anniversary. I appreciate that. It's nice for you to do that. It's been an excellent time with Carlisle for me. As far as CCM, I think we see CCM in a very good position. We said in this call in the greater detail that 30%-plus EBITDA margins are what we're driving towards. We've always had good ROIC and CCM.

首先，感謝你們對我十週年紀念日的紀念。我很感激。你這樣做很好。在卡萊爾的這段時間對我來說非常美好。就CCM而言，我認為CCM目前處境非常有利。我們在這次電話會議中更詳細地提到，我們的目標是實現 30% 以上的 EBITDA 利潤率。我們一直都有良好的投資報酬率和客戶連續性管理能力。

If we touch on the market, obviously, the new construction market is not as vibrant as we'd like it to be, but we do see that coming back, especially under things like the Big Beautiful bill and more investment in the United States and perhaps some interest from overseas players building -- that's all good for us, right? So we see that happening. We also see resi plays a role in nonresi construction, commercial destruction.

如果我們談到市場，顯然，新建建築市場並不像我們希望的那樣活躍，但我們確實看到它正在復蘇，尤其是在“大而美”法案等政策的推動下，以及美國投資的增加，或許還有一些海外開發商的興趣——這對我們來說都是好事，對吧？所以我們看到這種情況正在發生。我們也看到，住宅建築在非住宅建築和商業拆除中也發揮作用。

So we know that as residential housing demand increases and we have more people investing in their homes. We know that means more traffic at the Home Depot. We know that means more traffic at the Walmarts and the CVSs and we also know that those those companies will build as well.

所以我們知道，隨著住宅需求增加，越來越多的人投資他們的房子。我們知道這意味著家得寶的客流量會增加。我們知道這意味著沃爾瑪和CVS的客流量會增加，我們也知道這些公司也會建造更多這樣的門市。

So I think when the economy returns, we're going to see both a nice play or I should say when the economy returns when resi returns, we're going to see a nice play that overlaps into some of the the non-resi as well. Pricing has been relatively good for us.

所以我認為，當經濟復甦時，我們將會看到一個不錯的市場，或者應該說，當經濟復甦，住宅市場復甦時，我們將會看到一個不錯的市場，這個市場也會與一些非住宅市場重疊。對我們來說，定價一直都比較有利。

I think that will be a positive for us as we start to build pricing into new technology. We continue to invest in actually at higher rates to be going in the new technology that's coming out of CCM and CWT and in the physical plant and in the PhDs and in the people that are bringing us out. So we really are putting a lot of nets on new technology, and that will bring a lot of good things for CCM.

我認為這對我們來說是個好消息，因為我們將開始把定價機制融入新科技中。我們繼續加強投資力度，引進 CCM 和 CWT 等新興技術，投資於實體工廠、博士生以及引領我們走向未來的人才。所以我們正在為新技術打下很多基礎，這將為 CCM 帶來許多好處。

So I think the outlook is good this year, of course. The first quarter is going to probably look similar to the fourth quarter. It is our lightest quarter of the year, and just because we moved from December to January doesn't mean that trends changed all that much. But as we get into the reroof or the roofing season, we think we should see some pickup in bottoming out and then hopefully, new construction comes back. So I don't know if Kevin wants to add anything to that.

所以我認為今年的前景當然是好的。第一季的情況可能和第四季類似。這是我們一年中最淡季，雖然時間從 12 月移到了 1 月，但這並不意味著趨勢發生了很大的變化。但隨著屋頂翻新或屋頂施工季節的到來，我們認為屋頂下沉的情況應該會有所好轉，然後希望新的建築工程也能隨之恢復。所以我不知道凱文是否想補充什麼。

Yes. I would say exactly that first quarter, we do think that we could be down, as Chris said, around 3% in the quarter, but then flat in the second quarter, and then it picks up in the second half of the year. And for the full year, we do expect revenue to be up low single digits for the year.

是的。我想說的是，正如克里斯所說，我們認為第一季可能會下降 3% 左右，但第二季會保持平穩，然後在下半年回升。我們預計全年營收將實現個位數低成長。

Thank you very much. That's all for me.

非常感謝。我就說這些了。

Garik Shmois, Loop Capital Markets.

Garik Shmois，Loop Capital Markets。

Hi. Thank you. I was wondering if you could speak to in your volume assumption for 2026. Are you anticipating any distributor restocking activity? And maybe if you could address some of the impacts of the disruption of distribution that you had called out in the prior quarter. Has that since resolved?

你好。謝謝。我想請您談談您對 2026 年銷量的預測。您預計分銷商會有補貨活動嗎？或許您還能解決一下您在上個季度提到的分銷中斷所帶來的一些影響。這個問題解決了嗎？

Well, first of all, on that one, we definitely -- so there was an impact, what I would say is we also said that it would get resolved and they would make progress. And I'm pleased to say that I think progress has been made as we went into the fourth quarter. And that's a difficult time when you think about volumes because in most cases, there is a desire to hold less inventory as you move into the fourth and first quarter. General seasonal destocking.

首先，關於這件事，我們肯定——所以確實產生了影響，我想說的是，我們也說過這件事會得到解決，他們會取得進展。我很高興地說，我認為進入第四季度後，我們已經取得了進展。考慮到銷量，這是一個比較困難的時期，因為在大多數情況下，隨著進入第四季度和第一季度，人們都希望減少庫存。常規季節性清倉。

And so the fact that we saw progress with some of our channels that it had issues earlier in the year. I think that's a real positive sign. And obviously, they're going to work hard to continue to make progress moving to '26, and we should be the beneficiary of that.

因此，我們看到一些管道取得了進展，而這些管道在今年稍早曾出現過問題。我認為這是一個非常積極的信號。顯然，他們會努力繼續推進到 2026 年，而我們應該從中受益。

Also, when you think, Garik, about volume, even though there was a seasonal effect and we'd see it go down, I think higher interest rates cause people to want to have less working capital and inventory. We made -- we think we're seeing less inventory.

此外，Garik，你想想銷量，雖然有季節性因素導致銷量下降，但我認為較高的利率會導致人們想要減少營運資金和庫存。我們生產—我們認為庫存正在減少。

Our Carlisle market survey said that inventory levels were lower than the historical average in the respondents that we talked to. And I think as we move in, if we can get a positive start to the summer construction season, we should see some nice volume improvements as we move into Q2.

我們在卡萊爾進行的市場調查顯示，在我們採訪的受訪者中，庫存水準低於歷史平均水準。我認為，隨著夏季建築旺季的到來，如果我們能夠取得積極的開端，那麼進入第二季度，我們應該會看到一些不錯的銷售成長。

Okay. Thank you. Best of luck on the year.

好的。謝謝。祝您新的一年一切順利。

Thanks, Garik. Thank you.

謝謝你，加里克。謝謝。

David MacGregor, Longbow Research.

David MacGregor，Longbow Research。

Good afternoon, and thank you for taking my questions.

下午好，感謝您回答我的問題。

Thank you, Dave.

謝謝你，戴夫。

I guess I wanted to ask you about the 2026 price outlook for Single Ply. And it seems right now there's very little, if any, pricing in the market. Do you expect fundamentals may tighten once the season is underway and support a second half price increase or -- just how much forward visibility do you have right now in CCM? And how are you thinking about that pricing.

我想問一下關於2026年單層地板的價格前景。目前看來，市場上幾乎沒有任何定價。您認為賽季開始後基本面會收緊，從而支撐下半季的價格上漲嗎？或者—您目前對CCM的未來走勢有多大的把握？您對定價有什麼想法？

Yeah, I think that's a good question. And the market survey we had it pretty much like our results, it's been relatively flat, right? We've seen a little bit. But I'll say relatively flat, because it hasn't been a big move in either direction. Do we see the opportunity to see some pricing come back? We've said in the past that we had four keys to kind of making price move.

是的，我覺得這是個好問題。我們所做的市場調查結果和我們的調查結果基本上一致，市場相對平穩，對吧？我們已經看到了一些。但我認為整體走勢相對平穩，因為市場沒有大幅波動。我們是否看到價格回落的機會？我們之前說過，有四個關鍵因素可以影響價格走勢。

Obviously, it was reroofing demand being there continued labor shortage rational capacity expansion and then even a slightly positive new construction market. So I think if we think about new construction rebounding, that's the one to me that everything else is kind of in play. I know we're seeing some additional capacity added. But I think on the commercial roofing side, it's rational. The labor shortages are still there.

顯然，這是由於持續的勞動力短缺、合理的產能擴張以及略微積極的新建築市場，導致屋頂翻新需求增加。所以我覺得，如果我們考慮新建案的復甦，那對我來說就是其他一切因素發揮作用的地方。我知道我們正在增加一些額外的產能。但我認為從商業屋頂的角度來看，這是合理的。勞動力短缺問題依然存在。

The reroofing market is still good. So if we could get that new construction to see a more positive '26 and in '25, then I do think it helps put some upward pressure on pricing. And then obviously, that's kind of the traditional price increases that would happen maybe in that midyear time frame.

屋頂翻新市場依然良好。因此，如果我們能讓新建案在 2026 年和 2025 年取得更積極的成果，那麼我認為這將有助於對價格施加一些上行壓力。然後，很顯然，這就是年中可能會發生的傳統價格上漲。

I think the other one that you're going to -- it's going to be a little bit masked is this R7, for example, or other new technologies, where that price increase gets kind of embedded in the product. We elevate the price, but we're elevating the price because we're providing more value in that product and as we begin to replace old polyiso technology with then there's an implied kind of pricing there increase. So it doesn't come out in a price line, but you do end up seeing it on the P&L.

我認為你接下來要說的另一點——比如 R7 或其他新技術——可能會被掩蓋，因為價格上漲會以某種方式體現在產品中。我們提高了價格，但我們提高價格是因為我們在產品中提供了更多價值，而且隨著我們開始用新技術取代舊的聚異氰脲酸酯技術，價格上漲也是必然的。所以它不會直接體現在價格項中，但最終會在損益表中顯示出來。

Got it. And you characterized labor shortages as a constant, that's not getting worse at the job site.

知道了。你把勞動力短缺描述為一種常態，但這種情況在工地上並沒有惡化。

I should say the concept of labor continuing to be in a shortage position and potentially, I think it could be getting a little worse, yes. So yeah, a little bit of correct. You're absolutely right.

我應該說，勞動力短缺的問題仍然存在，而且我認為情況可能會變得更糟，是的。是的，有點道理。你說得完全正確。

Okay. Thank you very much. Good luck.

好的。非常感謝。祝你好運。

Adam Baumgarten, Vertical Research Partners.

Adam Baumgarten，Vertical Research Partners。

Hey, guys. Good afternoon. Just a couple of questions. How are you thinking about price cost for the year? And then also within your assumption for low single-digit revenue growth in CCM, does that build in that flattish pricing outlook?

嘿，夥計們。午安.幾個問題。您如何看待今年的價格成本？此外，您假設 CCM 的收入成長率將保持在個位數低位，這是否也包含了價格前景趨於平穩的預期？

Yeah. So as we're looking at it, we do have a little bit of tailwind on the raw materials entering the year. We have, one, overall, it's been a deflationary environment in those key buckets, that we have from polyols, PPO resins, it's all MDI has all been a positive trend where that's going. Obviously, steel that's negative, from the steel side of it.

是的。所以從目前的情況來看，今年原料供應確實有一些利多因素。總的來說，在多元醇、PPO樹脂、MDI等關鍵領域，一直處於通縮狀態，但總體而言，這些領域都呈現出正面的發展趨勢。顯然，從鋼材的角度來看，鋼材是負電荷。

So we do have a little bit of a mixed bag. We still have some of the ATO, CPT that we talked about, a little carryover on that on a negative in the first quarter. So I don't see any benefit of raws in Q1. But starting in Q2, we should start to see that the positive for raws come through. And then, yes, pricing in that flattish range, flat, down 1%, something like that for the full year is what we're looking at.

所以情況有點喜憂參半。我們還有一些先前提到的 ATO、CPT 的問題需要解決，第一季還有一些負面影響。所以我認為第一季原始數據沒有任何好處。但從第二季開始，我們應該會看到原物料價格的正面變化開始顯現。是的，我們預計全年價格將保持平穩，持平，下降 1% 左右。

Great. Thanks so much.

偉大的。非常感謝。

You're welcome.

不客氣。

(Operator Instructions)

（操作說明）

Keith Hughes, Truist.

Keith Hughes，Truist。

Thank you. Kind of building on the last question, pricing in CWT. Could you talk about what it was in the quarter? And what kind of your expectations within this guidance and more it will be for 2026?

謝謝。算是對上一個問題的進一步探討，關於 CWT 的定價。您能談談本季的情況嗎？那麼，您對2026年及以後的指導方針有何預期？

Yeah. It's really in the quarter, it was down less than 1% in Q4. And then as we get into next year on CWT side, it's pretty flat is what we're looking at throughout the year. Obviously, it could be up a little bit or down a little bit, but we're looking at flat for the most for CWT pricing in 2026.

是的。確實在本季有所改善，第四季下降不到1%。然後，到了明年，CWT方面的情況比較平穩，這是我們全年的預期。顯然，價格可能會略有上漲或下跌，但我們預計 2026 年 CWT 價格將基本保持不變。

There are no further questions at this time. I'll hand the call over to Chris Koch for closing remarks. Please go ahead.

目前沒有其他問題了。我將把電話交給克里斯·科赫，請他作總結發言。請繼續。

Well, thanks, Joel. This concludes our fourth quarter earnings call. I want to thank everyone for your participation, your patience and allowing us the opportunity to share results with you for the fourth quarter and full year of 2025. Look forward to speaking with everyone at the next earnings call. Thank you.

謝謝你，喬爾。我們的第四季財報電話會議到此結束。我要感謝大家的參與和耐心，讓我們有機會與大家分享 2025 年第四季和全年的表現。期待下次財報電話會議與大家交流。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。