Curtiss-Wright Corp (CW) 2025 Q4 法說會逐字稿

(Operator Instructions) Welcome to the Curtiss-Wright fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions) I would now like to turn the call over to Jim Ryan, Vice President of Investor Relations. Please go ahead.

（操作員說明）歡迎參加柯蒂斯-萊特公司 2025 年第四季及全年財報電話會議。（操作員指示）現在我將把電話交給投資者關係副總裁吉姆·瑞安。請繼續。

Thank you, Jamie, and good morning, everyone. Welcome to Curtiss-Wright's fourth-quarter and full-year 2025 earnings conference call. Joining me on the call today are Chair and Chief Executive Officer, Lynn Bamford; and Executive Vice President and Chief Financial Officer, Chris Farkas.

謝謝你，傑米，大家早安。歡迎參加柯蒂斯-萊特公司2025年第四季及全年財報電話會議。今天與我一起參加電話會議的有董事長兼執行長林恩·班福德，以及執行副總裁兼財務長克里斯·法卡斯。

A copy of today's financial presentation and the press release are available for download through the Investor Relations section of our website at curtisswright.com. A replay of this webcast will also be available on the website.

今天的財務報告和新聞稿可透過我們網站 curtisswright.com 的「投資者關係」欄位下載。本次網路直播的錄影也將在該網站上提供。

Our discussion today includes certain projections and forward-looking statements that are based on management's current expectations and are not guarantees of future performance. We detail those risks and uncertainties associated with our forward-looking statements in our public filings with the SEC.

我們今天的討論包含一些基於管理層目前預期的預測和前瞻性陳述，這些預測和陳述並不保證未來的績效。我們在向美國證券交易委員會提交的公開文件中詳細說明了與我們的前瞻性聲明相關的風險和不確定性。

As a reminder, the company's results and guidance include an adjusted non-GAAP view that excludes certain costs in order to provide greater transparency into Curtiss-Wright's ongoing operating and financial performance. GAAP to non-GAAP reconciliations are available in the earnings release and on our website.

提醒各位，公司績效和指引包含經調整的非GAAP財務報表，其中剔除了某些成本，以便更清晰地展現柯蒂斯-萊特公司持續的營運和財務業績。GAAP 與非 GAAP 的調整表可在盈利報告和我們的網站上查閱。

Now I'd like to turn the call over to Lynn to get things started.

現在我想把電話交給琳恩，讓她開始吧。

Thank you, Jim, and good morning, everyone. As you saw in last night's results, the momentum continues to build at Curtiss-Wright. I would like to begin by acknowledging our 9,100 hard-working employees for driving another record year of financial performance.

謝謝你，吉姆，大家早安。正如你從昨晚的比賽結果中看到的那樣，柯蒂斯-賴特車隊的勢頭仍在持續增強。首先，我要感謝我們9,100名辛勤工作的員工，是他們推動公司又一年取得了創紀錄的財務表現。

We continue to deliver on our pivot to growth strategy, which resulted in strong growth in sales, profitability, free cash flow, and new orders in 2025. Our performance reflects the critical positioning of our technologies across our A&D and commercial markets, our ongoing pursuit of operational and commercial excellence, and our commitment to delivering exceptional results for our shareholders.

我們繼續推動向成長型策略轉型，並在 2025 年實現了銷售額、獲利能力、自由現金流和新訂單的強勁成長。我們的業績反映了我們的技術在航空航太和商業市場中的關鍵地位，我們對卓越營運和商業的持續追求，以及我們為股東帶來卓越成果的承諾。

I'll start with highlights of our fourth-quarter 2025 results. Overall, sales of $947 million increased 15% year-over-year, highlighted by strong organic growth of 11% and a solid contribution from our I&C Solutions acquisition. We delivered 16% growth in our Aerospace and Defense markets, which exceeded our expectations, driven by an acceleration of ground and Naval Defense revenues into 2025.

我將首先介紹我們 2025 年第四季業績的亮點。整體而言，銷售額為 9.47 億美元，年成長 15%，其中強勁的內生成長達到 11%，以及 I&C Solutions 收購帶來的穩健貢獻尤為突出。我們在航空航太和國防市場實現了 16% 的成長，超出了我們的預期，這主要得益於地面和海軍防禦收入在 2025 年的加速成長。

Of note, growth in our A&D markets reflected our continued strong alignment to US military priorities and accelerated pace of growth in NATO and Allied funding, while commercial Aerospace sales increased more than 20%. Growth in our commercial markets was also impressive, up 13% year-over-year, primarily driven by higher revenues in the power and process market.

值得注意的是，我們在航空航太和國防市場的成長反映了我們與美國軍事優先事項的持續緊密聯繫以及北約和盟國資金增長速度的加快，而商業航空航太銷售額增長超過 20%。我們的商業市場成長也令人印象深刻，年增 13%，主要得益於電力和流程市場收入的成長。

Operating income increased 14% and included higher R&D investments to drive future organic growth, while operating margin was strong at 19.7%. We delivered diluted earnings per share growth of 16% year-over-year, slightly ahead of our expectations, which was primarily driven by higher A&D sales.

營業收入成長了 14%，其中包括為推動未來內生成長而增加的研發投資，同時營業利潤率也達到了 19.7%。我們實現了稀釋後每股收益年增 16%，略高於預期，這主要得益於航空航太和國防銷售額的成長。

Free cash flow was strong at $315 million, up 13%, which reflected a 224% conversion. Regarding our order book, new orders increased 18% in the fourth quarter, reflecting nearly 1.2 times book-to-bill and were driven by continued solid demands within our Naval Defense and commercial nuclear markets.

自由現金流強勁，達到 3.15 億美元，成長 13%，轉換率達 224%。關於我們的訂單情況，第四季新訂單成長了 18%，訂單出貨比接近 1.2 倍，這主要得益於海軍國防和商業核能市場持續強勁的需求。

Next, I'll highlight our full-year 2025 results. We delivered another record financial performance with higher growth in revenue and operating income across all three segments, reflecting the underlying demand and the momentum that continues to build across our portfolio.

接下來，我將重點介紹我們 2025 年全年業績。我們再次取得了創紀錄的財務業績，三大業務板塊的收入和營業利潤均實現了更高增長，這反映了潛在的市場需求以及我們產品組合持續增長的勢頭。

We delivered exceptional margin expansion, up 110 basis points year-over-year to reach a new record of 18.6%. This performance reflected the strong growth in sales, the benefits of our operational excellence initiatives and the savings generated by our restructuring actions.

我們實現了卓越的利潤率擴張，年增 110 個基點，達到 18.6% 的新紀錄。這項業績反映了銷售額的強勁成長、我們卓越營運措施帶來的效益以及我們重組措施所節省的成本。

Furthermore, we continue to accelerate investments in research and development across the portfolio to support future organic growth and reinforce our commitment to grow R&D faster than sales over time. Diluted earnings per share increased 21% year-over-year, driven by improved operational performance as well as a lower share count.

此外，我們將繼續加速整個產品組合的研發投入，以支持未來的內生成長，並鞏固我們致力於研發成長速度超過銷售成長速度的承諾。稀釋後每股盈餘年增 21%，主要得益於營運績效的改善以及流通股數的減少。

Adjusted free cash flow also reached a record at $554 million, which reflected strong conversion of 111% based on the growth in earnings and near record levels of working capital efficiency. We achieved these strong results despite a nearly 50% increase in capital expenditures in 2025 to support growth investments across all three segments.

經過調整後的自由現金流也創下 5.54 億美元的紀錄，這反映了基於​​盈利增長和接近歷史最高水平的營運資本效率的強勁轉化率（111%）。儘管為了支持所有三個業務領域的成長投資，我們在 2025 年的資本支出增加了近 50%，但我們仍然取得了這些強勁的成績。

Turning to our full-year 2025 order book. Strong overall demand in our A&D and commercial markets yielded a new record of $4.1 billion, up 10% year-over-year and a book-to-bill of nearly 1.2 times. Starting with our A&D markets. Continued strong demand for Nuclear Propulsion Equipment supporting submarine programs in Naval Defense was partly offset by lighter-than-anticipated demand within our Aerospace and Ground Defense market due to delays resulting from the continuing resolution and government shutdown.

接下來來看看我們2025年的全年訂單狀況。航空航太與國防和商業市場的強勁整體需求帶來了 41 億美元的新紀錄，年增 10%，訂單出貨比接近 1.2 倍。首先從我們的航空航太和國防市場說起。海軍防禦領域對核動力推進設備的需求持續強勁，但由於持續的決議和政府停擺導致航空航天和地面防禦市場需求低於預期，部分抵消了這一強勁需求。

This principally impacted timing of orders with some of our short-cycle Defense Electronic businesses, including tactical communications. As a result, we delivered a book-to-bill of 0.96 times in Defense Electronics initially leading us to take a more conservative 2026 guide in our overall Ground Defense market.

這主要影響了我們一些短週期國防電子業務（包括戰術通訊）的訂單時間。因此，我們在國防電子產品領域的訂單出貨比最初為 0.96 倍，這導致我們在整體地面防禦市場中採取了更保守的 2026 年指導方針。

However, looking across the pipeline of opportunities for these businesses, our customers have expressed their confidence that this is timing. Our programs remain in good standing and our technologies closely align with the modernization priorities of the US and our allies.

然而，縱觀這些企業的發展機遇，我們的客戶都表示相信現在正是好時機。我們的專案進展順利，我們的技術與美國及其盟友的現代化優先事項緊密契合。

Wrapping up our A&D markets. In Commercial Aerospace, we remain aligned with the anticipated production ramps across the major OEM platforms, which continues to drive demand for our products. Within our commercial markets, we concluded the year with tremendous growth in commercial nuclear, driven by strong demand for aftermarket equipment, supporting scheduled plant outages and restarts, as well as continued advancement across leading SMR designs.

總結我們的航空航太和國防市場。在商用航空航太領域，我們與主要 OEM 平台的預期產能提升保持一致，這繼續推動對我們產品的需求。在我們的商業市場中，商業核能業務在年底實現了巨大的成長，這得益於售後設備的強勁需求，以支持計劃內的電廠停機和重啟，以及領先的小型模組化反應器（SMR）設計的持續進步。

Additionally, we continue to see stabilization across two of our consistent watch areas: process and industrial, each of which recognized solid order demand close to conclude the year. Overall, the healthy growth in orders build on Curtiss-Wright's already strong backlog, which increased 18% in 2025 to reach a new record of in excess of $4 billion and provides greater confidence in our future top-line growth.

此外，我們持續關注的兩個領域——流程和工業——也呈現出企穩態勢，這兩個領域在年底都表現出強勁的訂單需求。總體而言，訂單的健康成長鞏固了柯蒂斯-萊特公司原本就強勁的積壓訂單，2025 年積壓訂​​單成長了 18%，達到超過 40 億美元的新紀錄，這讓我們對未來的營收成長更有信心。

Another important takeaway from this past year was our disciplined approach to capital allocation to ensure deployment towards the highest return opportunity in order to enhance shareholder value. We executed a record $465 million in total share repurchases in 2025, and we increased our annual dividend for the ninth straight year.

過去一年來的另一個重要收穫是，我們採取了嚴謹的資本配置方法，以確保將資金投入到回報最高的投資機會中，從而提升股東價值。2025 年，我們完成了創紀錄的 4.65 億美元股票回購，並且連續第九年提高了年度股利。

Now I would like to briefly introduce our full-year 2026 guide. Overall, we are projecting organic sales of 6% to 8%, supported by growing momentum in our overall order book and our commitment to continued investment in the business.

現在我想簡單介紹一下我們的2026年全年指南。總體而言，我們預計有機銷售額將成長 6% 至 8%，這得益於我們整體訂單量的成長動能以及我們對業務持續投資的承諾。

Operating income growth is once again anticipated to outpace sales growth and reflects 30 to 60 basis points in operating margin expansion this year to range from 18.9% to 19.2%. As a result, diluted EPS is expected to grow 11% to 15%. Furthermore, we anticipate another year of record free cash flow generation and continue to expect strong conversion in line with our long-term target.

預計營業收入成長將再次超過銷售成長，並反映出今年營業利潤率將擴大 30 至 60 個基點，達到 18.9% 至 19.2%。因此，預計稀釋後每股收益將成長 11% 至 15%。此外，我們預計今年將再次創下自由現金流紀錄，並繼續預期將實現強勁的轉換率，以符合我們的長期目標。

In summary, Curtiss-Wright is poised to deliver an outstanding performance in 2026. And as we'll discuss later in our remarks, we have line of sight to exceed the three-year financial targets that we issued at our 2024 Investor Day.

總而言之，柯蒂斯-賴特有望在 2026 年取得優異成績。正如我們稍後將在發言中討論的那樣，我們有望超越我們在 2024 年投資者日上發布的三年財務目標。

Now I would like to turn the call over to Chris to provide a more in-depth review of our financials.

現在我想把電話交給克里斯，讓他對我們的財務狀況進行更深入的分析。

Thank you, Lynn. Turning to slide 4, I'll begin by reviewing the key drivers of our fourth-quarter 2025 performance. I'll start with the Aerospace and Industrial segment, where overall sales increased 5% and was in line with our expectations. In the segment's commercial aerospace market, our results reflected solid OEM sales growth supporting increased production on both narrow-body and wide-body platforms.

謝謝你，琳恩。接下來請看第 4 張投影片，我將先回顧我們 2025 年第四季業績的關鍵驅動因素。我先從航空航太和工業領域說起，該領域整體銷售額成長了 5%，符合我們的預期。在該細分市場的商業航空航太市場，我們的業績反映了 OEM 銷售的穩健成長，從而支持了窄體和寬體平台產量的增加。

Within the segment's defense markets, we experienced increased demand for EM actuation equipment supporting ground-based mobile launcher systems. And in the general industrial market, sales were essentially flat overall, but outpaced the global macro conditions affecting industrial vehicle markets.

在該領域的國防市場中，我們發現對支援地面移動發射系統的電磁驅動設備的需求增加。在一般工業市場，銷售額總體上基本持平，但成長速度超過了影響工業車輛市場的全球宏觀經濟狀況。

Turning to the segment's fourth-quarter operating performance. We delivered a strong operating margin of 20.1% and benefited from favorable absorption on higher A&D sales. The overall profitability was tempered by a less favorable mix of business, mainly due to higher customer-funded R&D.

接下來來看看該業務板塊第四季的經營業績。我們實現了 20.1% 的強勁營業利潤率，並受益於航空航太和國防銷售成長帶來的良好吸收。由於客戶資助的研發投入增加，導致業務組合不太理想，進而影響了整體獲利能力。

Next within the Defense Electronics segment, sales growth of 17% exceeded our expectations, mainly due to timing within Ground Defense's embedded computing revenues accelerated into the fourth quarter. We also experienced solid year-over-year growth in sales of tactical communications equipment as well as increased turret drive stabilization systems supporting international customers.

其次，在國防電子領域，17% 的銷售成長超出了我們的預期，這主要是由於地面防禦嵌入式運算收入在第四季度加速成長所致。我們在戰術通訊設備的銷售額方面也實現了穩健的同比增長，同時，為國際客戶提供支援的砲塔驅動穩定係統也得到了提升。

Within the segment's aerospace defense market, higher direct foreign military sales of embedded computing and flight test instrumentation was offset by the timing of domestic fighter jet and UAV programs. In this segment's commercial aerospace market, our results reflected solid growth in flight data recorder sales as well as higher avionics equipment supporting various helicopter programs.

在該領域的航空航天國防市場中，嵌入式計算和飛行測試儀器的直接對外軍售增加，但國內戰鬥機和無人機項目的進度被抵消了。在該細分市場的商業航空航太市場中，我們的業績反映了飛行數據記錄器銷售額的穩定成長，以及支援各種直升機專案的更高級別的航空電子設備的銷售成長。

Regarding the segment's operating performance, we delivered a strong 25.9% operating margin, up 160 basis points and in line with our expectations, reflecting favorable absorption on higher revenues and the benefits of our ongoing operational excellence initiatives. Those increases were partially offset by higher investments in research and development.

關於該業務板塊的經營業績，我們實現了強勁的 25.9% 的營業利潤率，比預期提高了 160 個基點，符合我們的預期，這反映了收入增長帶來的良好消化以及我們持續推進卓越運營舉措的成效。這些成長被研發投入的增加部分抵銷。

Turning to the Naval and Power segment. Overall sales increased 21% and were well ahead of our expectations. This performance was once again driven by strong revenue growth in Naval Defense following continued improvements in the supply chain and an acceleration of production on submarine programs.

接下來是海軍和電力板塊。整體銷售額成長了 21%，遠超我們的預期。這項業績再次得益於海軍防務業務的強勁收入成長，這得益於供應鏈的持續改善和潛艦計畫生產速度的加快。

We also experienced an increase in aftermarket revenue supporting naval shipyards through fleet services work. Within the segment's aerospace defense market and as expected, we experienced a strong sequential and year-over-year increase in revenues for our resting systems products, principally supporting international programs.

我們也透過為海軍造船廠提供艦隊服務，實現了售後市場收入的成長。在該領域的航空航太國防市場中，正如預期的那樣，我們的休息系統產品的收入實現了強勁的環比和同比增長，主要支持國際項目。

In the power and process market, our results reflected a strong contribution from our I&C Solutions acquisition, which contributed to higher sales in both our commercial nuclear and process markets. On an organic basis, growth in commercial nuclear sales reflected the continued ramp-up in development across several SMR designs as well as higher government nuclear revenues. Additionally, strong growth in the process market was driven by higher MRO valve sales where demand continued to improve throughout 2025, providing us with increased optimism for growth in 2026.

在電力和流程市場，我們的表現反映了我們收購 I&C Solutions 的強勁貢獻，這有助於提高我們在商業核能和流程市場的銷售額。從有機成長的角度來看，商業核能銷售的成長反映了多個小型模組化反應器設計方案的持續改進以及政府核能收入的增加。此外，流程市場的強勁成長得益於MRO閥門銷售的增加，2025年需求持續改善，這讓我們對2026年的成長更加樂觀。

Regarding the segment's operating performance. Operating income grew 13%, while operating margin was solid at 17.9%. Our results reflected favorable absorption on higher sales, which was more than offset by unfavorable mix, including higher research and development, supporting next-generation SMR designs.

關於該業務板塊的經營業績。營業收入成長了 13%，營業利潤率也維持在 17.9% 的穩健水準。我們的業績反映了銷售額成長帶來的良好吸收，但這被不利的產品組合所抵消，其中包括更高的研發投入，以支援下一代SMR設計。

To sum up Curtiss-Wright's fourth-quarter results, we delivered mid-teens growth in sales and operating income, which resulted in an overall strong operating margin of 19.7%. Building on our strong performance in 2025, I'd like to take the next few minutes to review our full-year 2026 guidance.

總結柯蒂斯-萊特公司第四季業績，我們的銷售額和營業收入均實現了兩位數以上的成長，從而實現了 19.7% 的整體強勁營業利潤率。鑑於我們在 2025 年的出色表現，我想花幾分鐘時間回顧我們 2026 年全年的業績預期。

I'll begin on slide 5 of our end-market sales outlook where we anticipate total sales to grow 6% to 8%, driven by continued strong organic growth in our A&D and commercial markets. In Aerospace Defense, our outlook for 9% to 11% growth mainly reflects the alignment of our technologies to the FY26 US defense budget, including key military priorities such as aircraft modernization and golden dome. This, in turn, is driving increased demand for secure embedded computing solutions across numerous applications from communications and radar to various mission packages supporting both existing and next-generation platforms.

我將從我們終端市場銷售展望的第 5 張投影片開始，我們預計總銷售額將成長 6% 至 8%，這主要得益於我們在航空航太和商業市場持續強勁的內生成長。在航空航太防禦領域，我們預計將成長 9% 至 11%，這主要反映了我們的技術與 2026 財年美國國防預算的契合度，其中包括飛機現代化和金穹頂等關鍵軍事優先事項。反過來，這又推動了從通訊和雷達到支援現有和下一代平台的各種任務包等眾多應用領域對安全嵌入式運算解決方案的需求不斷增長。

Within Ground Defense, we anticipate sales to decline 4% to 6%. As a reminder, this follows a strong pace of mid-teens sales growth in both 2024 and 2025. Based on the acceleration of embedded computing revenues into 2025 and the delays in the orders for tactical communications equipment that Lynn referenced in her opening remarks, we're beginning the year with a more conservative outlook in this market.

在地面防禦領域，我們預計銷售額將下降 4% 至 6%。需要提醒的是，先前 2024 年和 2025 年的銷售額均實現了兩位數以上的強勁成長。鑑於嵌入式運算收入在 2025 年加速成長，以及 Lynn 在開場白中提到的戰術通訊設備訂單延遲交付的情況，我們對今年的市場前景持更保守的態度。

Aside from those timing delays, we expect continued growth in embedded computing towards radar and strategic missile defense applications across a wide number of programs. In addition, we expect increased EM actuation sales supporting the US Army's ISPC program and higher sales of Turret Drive Stabilization Systems supporting international ground vehicles through our relationship with Rheinmetall.

除了這些時間上的延誤之外，我們預計嵌入式運算將在眾多專案中持續成長，並應用於雷達和戰略飛彈防禦等領域。此外，我們預計，為支援美國陸軍 ISPC 項目，電磁驅動裝置的銷售額將會增加；透過與萊茵金屬公司的合作，為支援國際地面車輛，砲塔驅動穩定係統的銷售額也會增加。

In Naval Defense and building upon our strong performance this past year, growth of 5% to 7% mainly reflects higher revenues on the CVN-81 aircraft carrier and Virginia-class submarine programs.

在海軍防務領域，基於我們去年強勁的業績，5%至7%的成長主要反映了CVN-81航空母艦和維吉尼亞級潛艦計畫收入的增加。

Looking more broadly across all three defense markets. Based on our strong backlog across key platforms globally and the alignment of our technologies to support NATO and allied countries, we expect direct foreign military sales to remain a key contributor to our overall defense growth in 2026.

從更廣的角度審視這三大國防市場。基於我們在全球關鍵平台上的強大訂單儲備，以及我們的技術與支持北約和盟國的契合度，我們預計直接對外軍售將在 2026 年繼續成為我們整體國防成長的關鍵貢獻者。

Turning to Commercial Aerospace. Our outlook for 10% to 12% sales growth reflects the high-teens growth in our order book this past year and the anticipated ramp-up in OEM production on narrow-body and wide-body aircraft. To wrap up our Aerospace and Defense outlook, we project total sales in these markets to increase 5% to 7%.

轉向商用航空航太領域。我們對 10% 至 12% 的銷售成長預期反映了過去一年訂單量接近 10% 的成長，以及窄體和寬體飛機 OEM 產量的預期提升。最後總結我們對航空航太和國防領域的展望，我們預計這些市場的總銷售額將成長 5% 至 7%。

Moving on to our commercial markets. In power and process, our outlook for 12% to 14% sales growth reflects mid-teens growth in our commercial nuclear market along with low double-digit growth in process. Our outlook in commercial nuclear reflects continued strong US demand driven by a step-up in year-over-year outages as well as higher revenue supporting both plant life extensions and restarts of existing plants. In addition, we anticipate higher international aftermarket sales, mainly from Canada and South Korea.

接下來我們來看看商業市場。在電力和製程方面，我們預期銷售額將成長 12% 至 14%，這反映了商業核能市場兩位數中段的成長以及製程領域兩位數低段的成長。我們對商業核能的展望反映了美國持續強勁的需求，這得益於同比停機次數的增加以及更高的收入，從而支持了電廠壽命的延長和現有電廠的重啟。此外，我們預計國際售後市場銷售將有所成長，主要來自加拿大和韓國。

Our guidance also reflects strong growth in SMR revenues as we begin to transition from development to the initial prototype stage for critical systems on the X-Energy Advanced Reactor including both the helium circulator and reactivity control and shutdown systems.

我們的業績指引也反映了小型模組化反應器收入的強勁成長，因為我們開始從開發階段過渡到 X-Energy 先進反應器關鍵系統的初始原型階段，包括氦氣循環器和反應性控制及停機系統。

Please note that our initial guidance does not include an AP1000 order that we continue to anticipate that we will receive an order for reactor coolant pumps in 2026. And in the process market, our outlook is mainly driven by improving demand for our severe service valves as well as higher sales of instrumentation solutions from our I&C business.

請注意，我們最初的指導意見不包括 AP1000 訂單，但我們仍然預計我們將在 2026 年收到反應器冷卻劑泵的訂單。在流程市場方面，我們的前景主要受到嚴苛工況閥門需求增加以及儀表控制業務的儀表解決方案銷售額成長的推動。

Lastly, in the general industrial market, while we anticipate sales to be flat once again in 2026, we saw signs of improvement in our Q4 '25 order book and entered 2026 with a solid backlog. Looking deeper, we expect modest growth in medium duty industrial vehicle sales this year as well as a small benefit from international growth. We remain cautiously optimistic that conditions within our overall industrial vehicle business will improve through the year and into 2027. Wrapping up our total commercial markets, we're targeting strong full-year sales growth of 7% to 9%.

最後，在一般工業市場方面，雖然我們預計 2026 年的銷售額將再次持平，但我們在 2025 年第四季的訂單簿中看到了改善的跡象，並以穩健的積壓訂單進入了 2026 年。深入分析，我們預計今年中型工業車輛銷售將溫和成長，國際市場的成長也將帶來少量收益。我們仍然謹慎樂觀地認為，我們整體工業車輛業務的狀況將在今年內以及到 2027 年有所改善。綜上所述，我們預計全年銷售額將強勁成長 7% 至 9%。

Moving on to our full-year 2026 financial outlook by segment on slide 6, and I'll begin in Aerospace and Industrial, where we expect sales to grow 5% to 7% overall, reflecting strong growth in Commercial Aerospace and Ground Defense as well as flat sales in General Industrial.

接下來，我們將在第 6 張幻燈片上按業務板塊展望 2026 年全年財務前景，首先是航空航天和工業板塊，我們預計該板塊的銷售額將整體增長 5% 至 7%，這反映了商業航空航天和地面防禦的強勁增長以及通用工業的銷售額持平。

Regarding the segment's profitability, we project operating income growth of 11% to 14% and operating margin expansion of 90 to 110 basis points ranging from 18.3% to 18.5%. This outlook reflects our expectations for higher sales, the benefits of our operational excellence initiatives and the savings generated by our restructuring actions, while we continue to accelerate investments in R&D.

關於該業務板塊的獲利能力，我們預計營業收入將成長 11% 至 14%，營業利潤率將成長 90 至 110 個基點，達到 18.3% 至 18.5%。這項展望反映了我們對更高銷售額的預期、卓越營運措施帶來的益處以及重組措施所節省的成本，同時我們將繼續加快研發投入。

Next in Defense Electronics, we expect sales to grow 4% to 6%, mainly driven by strong growth in Aerospace Defense, partially offset by the timing of orders in Ground Defense. Regarding the segment's profitability, we expect operating income growth of 4% to 6% and operating margin to be flat to up 20 basis points to a new all-time high range of 27.3% to 27.5%. Of note, this outlook reflects our expectations for higher sales and the savings generated by our restructuring actions as well as $4 million in incremental investments in internally funded R&D.

接下來是國防電子產品，我們預計銷售額將成長 4% 至 6%，主要得益於航太防禦領域的強勁成長，但部分被地面防禦領域的訂單時間所抵消。關於該業務板塊的獲利能力，我們預計營業收入將成長 4% 至 6%，營業利潤率將持平或成長 20 個基點，達到 27.3% 至 27.5% 的歷史新高。值得注意的是，這項展望反映了我們對更高銷售額的預期，以及重組措施帶來的節省，以及對內部研發投入的 400 萬美元增量投資。

And in Naval and Power, we expect sales to grow 8% to 9%, reflecting the strength of our orders and backlog in both our Naval Defense and commercial nuclear markets. Regarding the segment's profitability, we expect operating income growth of 10% to 13% and operating margin expansion of 30 to 50 basis points. This outlook reflects our expectations for strong revenue growth and the savings generated by our restructuring actions, while we continue to support investments in both internal and customer funded development programs.

在海軍和電力領域，我們預計銷售額將成長 8% 至 9%，這反映了我們在海軍國防和商業核能市場的訂單和積壓訂單的強勁勢頭。關於該業務板塊的獲利能力，我們預計營業收入將成長 10% 至 13%，營業利潤率提高 30 至 50 個基點。這項展望反映了我們對強勁的收入成長和重組措施所帶來的節省的預期，同時我們將繼續支持對內部和客戶資助的開發項目的投資。

To summarize our 2026 outlook, overall, we anticipate total Curtiss-Wright operating income to grow 8% to 11% and expect operating margin to range from 18.9% to 19.2%, up 30 to 60 basis points. Next (inaudible) year quarterly modeling, we expect first quarter 2026 sales to grow by high single digits relative to the first quarter of 2025 and we are targeting low double-digit growth in operating income with solid year-over-year operating margin improvement across all 3 segments. Continuing with our financial outlook on slide 7, I wanted to provide some color on a few nonoperational items. I'll start with other income, which we expect to increase by approximately $3 million to $4 million this year based upon our strong free cash flow generation and the resulting impact on interest income.

綜上所述，我們對 2026 年的展望總體而言，預計柯蒂斯-萊特公司的總營業收入將增長 8% 至 11%，營業利潤率預計在 18.9% 至 19.2% 之間，增長 30 至 60 個基點。根據下一年度的季度模型預測，我們預計 2026 年第一季的銷售額將比 2025 年第一季實現高個位數成長，我們的目標是營業收入實現低兩位數成長，並且所有 3 個業務部門的營業利潤率都將實現穩健的同比改善。繼續我們在投影片 7 的財務展望，我想對一些非經營性項目進行一些補充說明。我先從其他收入說起，根據我們強勁的自由現金流產生情況以及由此對利息收入產生的影響，我們預計今年其他收入將增加約 300 萬至 400 萬美元。

Looking ahead to December, we'll pay down $200 million in senior notes coming due, which will have a minor benefit and lower interest expense. Regarding our 2026 tax rate, we're targeting a slight reduction to 21.5%, which reflects our ongoing success in reducing our effective tax rate. Turning to our EPS guidance. We expect full year 2026 diluted EPS to range from $14.70 to $15.15, up 11% to 15% and reflecting strong profitable growth within our operations and a reduction in our share count following record share repurchases in 2025. For 2026, to start the year, we anticipate $60 million in standard share repurchases as we continue to offset dilution.

展望 12 月，我們將償還 2 億美元到期的優先票據，這將帶來一些好處，並降低利息支出。關於我們 2026 年的稅率，我們的目標是略微降低至 21.5%，這反映了我們在降低實際稅率方面取得的持續成功。接下來談談我們的每股盈餘預期。我們預計 2026 年全年稀釋後每股收益將在 14.70 美元至 15.15 美元之間，增長 11% 至 15%，反映出我們業務的強勁盈利增長以及在 2025 年創紀錄的股票回購後我們股票數量的減少。2026 年伊始，我們預計將進行 6,000 萬美元的標準股票回購，以繼續抵銷股權稀釋。

To aid in your quarterly modeling, we expect first quarter EPS to reflect high teens growth relative to the first quarter of 2025, mainly driven by a strong operational performance with a supplemental benefit of $0.10 from a lower year-over-year first quarter tax rate.

為了幫助您進行季度建模，我們預計第一季每股收益將比 2025 年第一季實現兩位數以上的成長，主要得益於強勁的營運業績，同時由於第一季同比稅率降低，還將帶來 0.10 美元的額外收益。

And similar to last year, we expect sequential quarterly EPS improvement with the fourth quarter being our strongest. And lastly, we're projecting a record full year free cash flow of $575 million to $595 million, reflecting our expectations for strong growth in earnings and our continued focus on working capital management, more than offsetting increased growth investments in capital expenditures. As Lynn mentioned earlier, we delivered near record levels of working capital in 2025, reaching 19.2% of sales. And for 2026, we expect to further improve upon that metric and to reach a new record level of performance. Beyond that, our outlook for $110 million to $120 million in capital expenditures represents an increase of more than 25% year-over-year, which follows last year's nearly 50% increase and reflects our ongoing investments to support future growth.

與去年類似，我們預計各季度每股收益將環比成長，其中第四季表現最強勁。最後，我們預計全年自由現金流將創下 5.75 億美元至 5.95 億美元的紀錄，這反映了我們對盈利強勁增長的預期以及我們對營運資本管理的持續關注，足以抵消資本支出方面增加的增長投資。正如 Lynn 先前所提到的，我們在 2025 年實現了接近歷史最高水準的營運資金，達到銷售額的 19.2%。2026年，我們預計將進一步提高這項指標，並達到新的業績記錄水準。除此之外，我們預計資本支出將達到 1.1 億美元至 1.2 億美元，比上年增長超過 25%，而去年增長了近 50%，這反映了我們為支持未來增長而進行的持續投資。

Overall, as we accelerate investments across our operations this year, we continue to expect free cash flow in excess of earnings in a healthy free cash flow conversion rate of approximately 105%. Now I'd like to turn the call back over to Lynn.

總體而言，隨著我們今年加快對各項業務的投資，我們預計自由現金流將繼續超過收益，自由現金流轉換率將保持在健康的 105% 左右。現在我想把電話轉回給琳恩。

Thank you, Chris. And turning to slide 8, where I'll wrap up today's prepared remarks. Curtiss-Wright has demonstrated strong growth and financial performance over the past two years since our May 2024 Investor Day event, and we are well positioned to continue that momentum by delivering strong profitable growth again in 2026. I'll spend the next few minutes providing a few insights into the increasingly favorable industry tailwinds for two of our largest end markets, Defense and commercial nuclear, which are benefiting from positive market forces and provide us with increased confidence as we look into the future. I'll also provide some additional color on a few of our targeted growth initiatives across the portfolio.

謝謝你，克里斯。接下來請看第 8 張投影片，我將在此結束今天準備好的演講。自 2024 年 5 月投資者日活動以來，Curtiss-Wright 在過去兩年中展現了強勁的成長和財務業績，我們已做好充分準備，在 2026 年繼續保持這一勢頭，再次實現強勁的盈利增長。接下來幾分鐘，我將就我們兩大終端市場——國防和商業核能——日益有利的產業發展趨勢提供一些見解。這些市場正受益於正向的市場力量，並讓我們對未來充滿信心。我也會詳細介紹我們針對整個投資組合中的一些有針對性的成長計劃。

Then I'll conclude today's presentation by reviewing our financial targets shown at the bottom of the slide.

最後，我將回顧投影片底部所示的財務目標，以此結束今天的演講。

I'll start with Defense. Curtiss-Wright is primed to benefit from the tremendous acceleration in global Defense spending driven by a record US budget of approximately $1 trillion, including reconciliation funding and the increased commitments from NATO and Allied starting in Naval Defense where we continue to benefit from strong demand and the call for accelerated production across the US Navy's most critical platforms. As a key supplier of nuclear propulsion equipment, our decade-long relationships, along with capacity to take on additional business uniquely positions Curtiss-Wright to secure new content across existing and future platforms.

我先從國防說起。受創紀錄的約 1 兆美元美國國防預算（包括協調撥款）以及北約和盟國增加的承諾所推動，柯蒂斯-萊特公司已做好充分準備，從中受益。尤其是在海軍防禦領域，我們將繼續受益於強勁的需求以及美國海軍最關鍵平台加快生產的呼聲。作為核動力推進設備的主要供應商，我們與核動力推進設備長達十年的合作關係，以及承接更多業務的能力，使柯蒂斯-萊特公司在現有和未來的平台上獲得新內容方面擁有獨特的優勢。

In Defense Electronics, we stand to benefit from the administration's focus on commercial solutions and agile contracting and also through our strong alignment to the DOW's top strategic priorities. These include areas such as next-generation fighters, golden dome and aircraft modernization just to name a few. Our broad offering of embedded computing products are used in a wide number of ARC and ground-based systems and are an integral part of mission-critical applications such as comms, networking, threat detection, jamming, targeting and fire control. Curtiss-Wright continues to make purposeful and focused investments in research and development to advance our technology portfolio. To name a few significant examples, we are designing and building ruggedized computing solutions with NVIDEA's GPUs ranging from the high-end Blackwell to the swap optimized store tailoring them to match the compute needs of those different applications.

在國防電子領域，我們將受益於政府對商業解決方案和彈性合約的重視，以及我們與陶氏化學最高戰略重點的高度契合。其中包括下一代戰鬥機、金色穹頂和飛機現代化等領域，僅舉幾例。我們提供的各種嵌入式運算產品廣泛應用於各種作戰區域和地面系統，是通訊、網路、威脅偵測、幹擾、目標定位和火力控制等關鍵任務應用的組成部分。柯蒂斯-萊特公司將繼續有目的地、有針對性地投資研發，以推進我們的技術組合。舉幾個重要的例子，我們正在利用NVIDIA的GPU設計和建構加固型運算解決方案，從高階的Blackwell到交換來優化儲存型GPU，並根據不同應用程式的運算需求進行客製化。

Additionally, our Fabric 100 family of products provides industry-leading 100-gigabitt connectivity, enabling the highest performance in deployable computing systems today. Also, we recently announced our ruggedized servers are now validated as part of Microsoft Azure ecosystem, bringing the enterprise class computing to the tactical edge. These solutions and others uniquely position Curtiss-Wright as a leader in Defense technology, supporting next-generation applications while ensuring our alignment to the US government's most standard and highest priorities. Overall, this is but a sample of our ongoing investments in and development of new technologies to help ensure Curtiss-Wright maintains a strong position on leading Defense programs today and well into the future.

此外，我們的 Fabric 100 系列產品提供業界領先的 100 千兆位元連接，從而在當今可部署的運算系統中實現最高效能。此外，我們最近宣布，我們的加固型伺服器現已通過驗證，成為 Microsoft Azure 生態系統的一部分，將企業級運算帶到了戰術邊緣。這些解決方案以及其他解決方案使柯蒂斯-萊特公司在國防技術領域獨樹一幟，成為領導者，支持下一代應用，同時確保我們與美國政府最標準和最高優先事項保持一致。總而言之，這只是我們持續投資和開發新技術的一個例子，旨在確保柯蒂斯-萊特公司在當今和未來很長一段時間內，在領先的國防項目中保持強大的地位。

On the international front, there is a clear recognition of the need and movement by our NATO allies to strengthen their Defense capabilities. This year, NATO committed to Boost Defense spending from 2% of GDP per year to upwards of 5% by 2035. Similar to our market position in the US, we have a very broad reach across a large number of platforms. As a result, over the past few years, we have recognized mid-teens plus growth in our direct revenues, and we continue to solidify our positions with technologies that support operational readiness such as embedded tactical computing, ground-based arresting systems and Navy aircraft handling systems.

在國際層面，北約盟國已明確認識到加強國防能力的必要性，並正在採取行動。今年，北約承諾到 2035 年將國防支出從每年佔 GDP 的 2% 提高到 5% 以上。與我們在美國的市場地位類似，我們在許多平台上擁有非常廣泛的影響力。因此，在過去的幾年裡，我們的直接收入實現了兩位數以上的成長，並且我們不斷鞏固自身地位，透過嵌入式戰術計算、地面阻擋系統和海軍飛機處理系統等支援作戰準備的技術來實現這一目標。

In addition, we remain well aligned with (inaudible) where the expected growth in ground vehicle platforms afford us the opportunities to supply our turret drive stabilization systems technology to thousands of new vehicles over the coming decade. These represent just a few of the many ways the Curtiss-Wright stands to benefit from the continued acceleration of global Defense spending. Turning to commercial nuclear. During the last two years, the momentum and pace of activity has accelerated globally, broadening the near and long-term scope of opportunities for Curtiss-Wright in the industry.

此外，我們與（聽不清楚）保持良好的合作關係，預計地面車輛平台的成長將為我們在未來十年內向數千輛新車輛提供我們的砲塔驅動穩定係統技術提供機會。這些只是柯蒂斯-萊特公司能夠從全球國防開支持續增長中受益的眾多方式中的幾個例子。轉向商業核能。在過去的兩年裡，全球範圍內的發展勢頭和步伐都在加快，擴大了柯蒂斯-萊特公司在行業內的近期和長期機會範圍。

Here in the US the President's executive orders issued last May are providing tremendous uplift by advancing support for the industry at large and in keeping with the focus on US nuclear energy dominance. These directives are already advancing the speed at which approvals for reactor licensing are being completed, particularly for plant life extensions of US reactors.

在美國，總統去年五月發布的行政命令極大地提振了整個產業，推動了對核能產業的支持，並符合美國對核能主導地位的關注。這些指令已經加快了反應爐許可證審批的完成速度，特別是美國反應爐的延壽審批。

This, in turn, is creating a pathway for a broad acceleration across our customers' business models while further supporting the administration's goal to quadruple nuclear generation capacity to 400 gigawatts by 2050. Additionally, and perhaps the largest potential boost for Curtiss-Wright is the Administration's $80 billion commitment to support the construction of 10 new Westinghouse AP-1000 reactors. This expanded scope across the US builds upon the existing AP-1000 opportunities in Europe, particularly in Poland and bulk area, which continued to demonstrate steady progress.

這反過來又為客戶的商業模式的全面加速發展創造了途徑，同時進一步支持了政府在 2050 年將核能發電能力提高四倍至 400 吉瓦的目標。此外，對柯蒂斯-萊特公司而言，或許最大的潛在推動力是政府承諾投入 800 億美元支持建造 10 座新的西屋 AP-1000 反應爐。這次在美國擴大範圍，建立在歐洲現有的 AP-1000 機會之上，尤其是在波蘭和散貨領域，這些機會持續穩定發展。

Overall, we remain aligned in these pursuits and continue to expect our net order this year. Meanwhile, the SMR development continues to evolve in the US and globally, including Canada, the UK and Europe, and we expect to benefit as these efforts transition from ongoing design activity, stability and prototypes before shifting to production later in the decade. Of note, we have maintained a steady pace of investment to support Curtiss-Wright's growth as we work to enhance our relationships and expand our content across the leading 300-megawatt plus SMR developers.

總體而言，我們在這些方面保持一致，並繼續期待今年的淨訂單。同時，小型模組化反應器（SMR）的研發在美國和全球範圍內持續發展，包括加拿大、英國和歐洲。我們預計，隨著這些研發工作從持續的設計活動、穩定性研究和原型開發過渡到生產階段，我們將從中受益。值得一提的是，我們一直保持著穩定的投資步伐，以支持柯蒂斯-萊特公司的發展，同時努力加強與領先的 300 兆瓦以上小型模組化反應器開發商的關係，並擴大我們的內容。

Overall, Curtiss-Wright is extremely well positioned to capitalize on the expected surge in demand and future growth in this industry, providing us with increased confidence in our ability to deliver on our growth targets in commercial nuclear.

總體而言，柯蒂斯-萊特公司已做好充分準備，能夠充分利用該行業預期的需求激增和未來成長，這讓我們對實現商業核能成長目標的能力更有信心。

Next, I'll review our progress against our 3-year Investor Day targets. Starting with sales, we are currently on track to deliver an organic revenue CAGR of approximately 8.5% well ahead of our target of 5% and clear acceleration relative to our historical top line growth rate. In addition, we are consistently delivering operating income growth in excess of revenue growth, which is a foundational premise under the Pivot to Growth strategy that opens funding for reinvestment back into the company. Since 2023, we have grown R&D at a faster pace than sales and at the same time, are driving towards operating margin expansion of 170 basis points over the 3-years plan. This year, we expect to reach a new milestone with the potential to deliver an operating margin of 19%, which firmly entrenches our position as a top quartile margin performer relative to our peers.

接下來，我將回顧我們與三年投資者日目標的完成情況。從銷售方面來看，我們目前預計將實現約 8.5% 的有機收入複合年增長率，遠超 5% 的目標，並且相對於我們歷史上的收入增長率而言，增速明顯加快。此外，我們的營業收入成長一直超過收入成長，這是「轉向成長」策略的基本前提，該策略為公司再投資提供了資金。自 2023 年以來，我們的研發投入成長速度超過了銷售成長速度，同時，我們正努力在三年計畫內實現營業利潤率成長 170 個基點。今年，我們有望實現新的里程碑，營業利潤率預計將達到 19%，這將鞏固我們作為同業中利潤率排名前四分之一的公司的地位。

We are also well positioned to expand our EPS growth target by more than 700 basis points and are on track to deliver a 17% EPS CAGR over the 3-year period. Through a combination of strong operational performance and our dedication to a balanced capital allocation strategy, we are compounding earnings at a mid-teens pace over time. And finally, we're driving record levels of free cash flow across our business. We are tracking well ahead of our expectations while more than offsetting increased growth investments in CapEx and expect to generate 110% average free cash flow conversion over the 3-year period. Our strong free cash flow generation helps to fuel organic and inorganic investments across the business that drive efficiency expand capacity and help enhance our overall customer offering, along with our commitment to returning capital to shareholders.

我們也有充分的理由將每股盈餘成長目標提高 700 多個基點，並有望在未來 3 年內實現 17% 的每股盈餘複合年增長率。透過強勁的營運業績和我們對均衡資本配置策略的堅持，我們的獲利正以兩位數中段的速度持續成長。最後，我們整個業務的自由現金流都達到了創紀錄的水平。我們目前的進展遠超預期，不僅彌補了資本支出的成長投資，而且預計在三年內平均自由現金流轉換率將達到 110%。我們強勁的自由現金流有助於推動業務範圍內的有機和非有機投資，從而提高效率、擴大產能並幫助提升我們的整體客戶服務，同時履行我們對股東回報資本的承諾。

In closing, we look forward to the year ahead and achieving another record financial performance in 2026. Looking on this year, I am very excited about the medium and long-term prospects for Curtiss-Wright that will continue to provide momentum under our pivot to growth strategy and drive long-term value for our shareholders. Thank you. And at this time, I would like to open up today's conference call for questions.

最後，我們展望未來一年，並期待在 2026 年再創財務業績新高。展望今年，我對柯蒂斯-萊特公司的中長期前景感到非常興奮，在我們轉向成長策略的推動下，公司將繼續保持發展勢頭，並為股東創造長期價值。謝謝。現在，我想開放今天的電話會議，接受提問。

(Operator Instructions) Kristine Liwag, Morgan Stanley.

（操作員指示）Kristine Liwag，摩根士丹利。

Good morning, everyone, and Lynn, thank you for the details you provided on the different growth vectors in Defense. I wanted to dive a little bit deeper on missiles. We've seen multiyear agreements that increased volume by 300% to 600% on certain programs at Lockheed and at Raytheon. I was wondering, can you provide more color regarding your exposure to this? Is it in your radar or sensors business or Defense Electronics.

各位早安，Lynn，感謝你詳細介紹國防領域的不同成長方向。我想更深入地了解一下飛彈。我們看到，洛克希德和雷神公司的一些專案簽訂了多年協議，使產量增加了 300% 到 600%。我想問一下，能否詳細介紹一下您接觸到這方面的情況？這是你們的雷達或感測器業務，還是國防電子產品業務？

How do you think about the potential opportunity of this specific growth vector and what's your exposure?

您如何看待這特定成長方向的潛在機會？您在該領域的風險敞口如何？

Thank you for that question, Kristine. So we have some content directly on the missile, but it's relatively minor. Its telemetry and flight test instrumentation type of content, which could be meaningful revenue but maybe not deployed across every single missile that's produced. So just to level set that focus in our portfolio.

謝謝你的提問，克里斯汀。所以我們有一些直接關於導彈的內容，但相對來說比較少。其遙測和飛行測試儀器類型的內容，可能會帶來可觀的收入，但可能不會部署到生產的每一枚導彈上。所以，這只是為了明確我們投資組合的重點。

However, as the demand and the belief that we need to restock pile is all connected to the golden dome and very many things that are related to the Defense of our country where we have fantastic exposure. So we've talked about in golden dome there's kind of you think of it in three technology buckets, the sensors, the networking of those sensors and then the effectors to combat any incoming threats. And across all three of those areas, we are very well positioned that have very many active developments. I mean that -- the system will be built up of existing capabilities that our long history has us well positioned on. We're very well positioned in the networking with the various standards that are going to be used for the command and control across it.

然而，由於需求和我們需要補充庫存的信念都與金頂以及與我國國防相關的許多事情有關，而我們在國防方面有著極佳的曝光度。所以我們在金穹頂討論過，你可以把它看作是三個技術領域：感測器、感測器聯網以及用於對抗任何來襲威脅的執行器。在這三個領域，我們都佔據了非常有利的地位，並且有許多正在積極開發的專案。我的意思是──這個系統將建立在我們悠久歷史賦予我們的既有能力之上，而我們在這方面擁有得天獨厚的優勢。我們在網路領域擁有非常有利的地位，能夠採用各種標準來實現跨網路的指揮與控制。

And on top of the existing platforms, we are engaged in quite a few exciting new developments across industry to provide some upgrades into those systems and deliver new capabilities. So -- just broadly speaking, the overall growth of Defense, I'd say we are very well positioned not just here in the US but across Europe.

除了現有平台之外，我們還在全行業範圍內開展了許多令人興奮的新開發項目，旨在對這些系統進行升級並提供新的功能。所以——總的來說，就國防的整體發展而言，我認為我們不僅在美利堅，而且在整個歐洲都處於非常有利的地位。

Great. Super helpful. And if I could do a follow-up question on no surprise, the AP-1000. So you guys mentioned that you are expecting an order in 2026, but it's not in the financial outlook. So I wanted to clarify, one, which customer do you expect this to come from this Poland, Bulgaria, US

偉大的。非常有用。如果我可以就 AP-1000 提出一個後續問題，這並不令人意外。你們提到預計 2026 年會有訂單，但這並未列入財務展望。所以我想澄清一下，第一，您預計這筆款項會從波蘭、保加利亞還是美國寄出？

customer? And the second question to that is how many are you expecting in this order for 2026? And the third one would be, if you do get this order and noted that it's not in your 2026 guidance, how do we think about potential moving pieces to your outlook for the full year? Sorry, I know that's three questions into one, but basically, if the AP-1000 question.

顧客？第二個問題是，您預計 2026 年將有多少個訂單按此順序交付？第三個問題是，如果您確實獲得了這份訂單，並且注意到它不在您的 2026 年業績指引中，那麼我們該如何看待可能影響您全年業績展望的潛在變動因素呢？抱歉，我知道這相當於三個問題合併成一個，但基本上，如果是 AP-1000 問題。

So it's a topic we definitely anticipated being asked about. And so really, I mean, the first orders could come from either a European customer, Poland or Bulgaria or from the US How this $80 billion that the government has committed to jump start the build-out of AP-1000 reactors in the US is going to flow is still something I think everybody is coming to understand. And for us, our customer's Westinghouse.

所以，這確實是我們預料到會被問到的話題。所以，我的意思是，第一批訂單可能來自歐洲客戶，像是波蘭或保加利亞，也可能來自美國。美國政府承諾投入 800 億美元啟動 AP-1000 反應爐的建設，這筆資金將如何流動，我認為大家還在逐漸了解。而對我們來說，我們的客戶是西屋電氣。

We work very hard to stay aligned with Westinghouse. We are definitely communicating with them on different scenarios production ramp and are just committed to being a great supplier to Westinghouse and working with them. So I don't think at this time, we can give any color on the size of the first order. It could be of different quantities. And really to Westinghouse decides how they want to do that, I don't think we would get ahead of what that would mean for Curtiss-Wright.

我們努力與西屋電氣保持一致。我們肯定會就不同的生產爬坡方案與他們溝通，並且致力於成為西屋電氣的優秀供應商並與他們合作。所以我覺得目前我們無法為首單提供任何顏色選擇。數量可能各不相同。至於西屋公司最終如何決定，我認為我們無法預測這對柯蒂斯-萊特公司意味著什麼。

I was just going to add, you had asked about the financial impact. And I think as you think about the timing of the order and when that hits us during the year, there's going to obviously be some labor that we're going to incur upfront in the contract. But we mentioned the bell curve and that taking place over a 5-year period. So there'll be a little bit of a start-up, and then as we're able to place orders for material and start to see that material come in the door, which I would expect a greater portion of that material will start coming in this next year, we'll see some uplift in the revenues. That's when we'll really start to accelerate within the bell curve.

我正要補充一點，你問過有關財務影響的問題。我認為，考慮到訂單的交付時間以及它在一年中的哪個階段到來，顯然我們需要在合約中預先支付一些人工費用。但我們提到了鐘形曲線，而且這是在 5 年的時間裡發生的。所以會有一個小小的啟動階段，然後隨著我們能夠下訂單採購材料，並且開始看到材料到貨（我預計明年會有更大比例的材料到貨），我們將看到收入有所增長。那時，我們的成長速度才會真正開始在常態分佈曲線中加速。

And then just from a cash perspective, I mean, we're in negotiations with Westinghouse. We're here to ensure that they're successful in the deployment of the AP1000, but I think you can see from our focus on working capital and what we've demonstrated in free cash flow that the team is dedicated to ensuring that we continue to improve upon that. So I think that there'll hopefully be some good news of that in that area as we progress through the year.

再從現金角度來看，我們正在與西屋電氣進行談判。我們在這裡是為了確保他們成功部署 AP1000，但我認為從我們對營運資本的關注以及我們在自由現金流方面所取得的成就可以看出，團隊致力於確保我們繼續改進這一點。所以我認為，隨著時間的推移，這方面應該會傳來一些好消息。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

This is Greg Dahlberg on for Myles. I wanted to start on the free cash flow guidance, just because you've seen big step up in CapEx in '25 and you're calling for it again in '26 with minimal impact to free cash flow conversion. And Chris, I know you mentioned the working capital performance in your prepared remarks. So I was curious if you could just kind of put a finer point on what's actually happening with the working capital to enable this? Like are you getting better advantages from your customer?

這是格雷格·達爾伯格替邁爾斯解說。我想先談談自由現金流指引，因為你們在 2025 年看到了資本支出的大幅增長，你們在 2026 年再次呼籲這樣做，但對自由現金流轉換率的影響卻很小。克里斯，我知道你在準備好的演講稿中提到了營運資本表現。所以我很好奇，您能否更詳細地解釋一下，為了實現這一點，營運資金方面究竟發生了什麼變化？你是否從客戶那裡獲得了更大的利益？

Kind of can you just talk through the dynamics there?

能簡單解釋一下這方面的動態嗎？

Sure. So I mentioned on the call that we were at 19.2% working capital as a percentage of sales in 2025. And if you take a look at our financial statements, you're going to see that our deferred income has been increasing gradually over the past several years. A lot of that has to do with the team's focus on commercial excellence and success that they've had in negotiating contracts, and kind of supports the way that our sales are growing, a lot enabled Defense work, a lot of strong commercial nuclear growth ahead of us. So the team has been doing a good job in that regard.

當然。我在電話會議上提到，到 2025 年，我們的營運資本佔銷售額的比例將達到 19.2%。如果您查看我們的財務報表，您會發現我們的遞延收入在過去幾年中一直在逐漸增加。這很大程度上與團隊專注於商業卓越和在合約談判中取得的成功有關，也支持了我們銷售的成長方式，大大促進了國防業務的發展，未來商業核能領域也將迎來強勁成長。所以，團隊在這方面做得很好。

This last year, we had higher DPO. We did some good things with the supply chain ensured that they were protected at the same time participating in our cash flow goals. But as we head into this next year, we're going to continue to improve upon collections. We've got opportunity across the board, whether it's DSO, inventory turns, DPO, and we'll be targeting a working capital percentage of sales of approximately 18%, that will be record. I think if you step back to the years when we had the last AP1000 contract, we were somewhere in that high 18s rate, and we're expecting to beat that this year.

去年，我們的DPO值較高。我們在供應鏈方面做了一些好事，確保了他們的安全，同時也實現了我們的現金流目標。但展望明年，我們將持續改進收藏品。我們在各方面都有提升空間，無論是應收帳款週轉天數 (DSO)、庫存週轉率還是應付帳款週轉天數 (DPO)，我們的目標是將營運資本佔銷售額的比例控制在 18% 左右，這將是創紀錄的。我認為，回顧我們上次簽訂 AP1000 合約的那些年，我們的費率大概在 18% 以上，我們預計今年會超過這個水平。

The team outside of commercial excellence and negotiating with contracts has done a lot of good systems work. We talked about that at Investor Day. We have new levels of information at our disposal regarding daily billings and progress on cash flow across the corporation, that scales all the way from wind and myself down to the business unit level. So we've done some good things there to improve the systems that help to enable improved cash flow management.

除了負責商業卓越營運和合約談判的團隊之外，其他團隊在系統建立方面也做了很多出色的工作。我們在投資者日上討論過這個問題。我們現在掌握了有關公司每日賬單和現金流進展情況的新信息，這些信息涵蓋了從我和風能公司一直到業務部門的各個層面。因此，我們在這方面做了一些好事，改進了有助於改善現金流管理的系統。

Got it. And then just quickly on the C-17 order you guys announced earlier this week. Was that order booked for you in 4Q just because I think that's when Boeing out the order? Or is that a 1Q order? And if not, we expect relatively quick snapback in Defense Electronics bookings, just given what seems to be a timing issue.

知道了。然後，我還要簡單問一下你們本週早些時候宣布的 C-17 訂單。那份訂單是第四季為你預定的嗎？因為我記得波音公司好像是那時下訂單的。還是這是第一季的訂單？如果不是這樣，我們預計國防電子產品的訂單會相對迅速地反彈，這似乎只是時間上的問題。

Yes. So it is -- we definitely saw delayed bookings and we mentioned in the script, the 0.96x book-to-bill in Defense Electronics, and that was very much affected by the delay. So to be clear, it was a Q1 order for us, and it's a very (inaudible) new platform for us, but it's also very indicative of the bookings we clearly saw that we believed would come in 2025 that were delayed partly due to the shutdown, partly due to the CR, some structure changes within the government. And so it's a very meaningful example of one of those and a platform we're pretty excited about.

是的。確實如此——我們確實看到了預訂延遲的情況，我們在腳本中提到了國防電子產品的預訂出貨比為 0.96 倍，這很大程度上受到了延遲的影響。所以說清楚點，這是我們第一季的訂單，而且對我們來說這是一個非常（聽不清）的新平台，但這同時也很好地表明了我們清楚地看到的預訂情況，我們認為這些預訂會在 2025 年到來，但由於停工、CR 以及政府內部的一些結構性變化而被推遲。所以這是一個非常有意義的例子，也是我們非常興奮的一個平台。

John Godyn, Citi.

約翰‧戈丁，花旗集團。

This is Bradley Eyster on for John Godyn. Just want to dial a little bit on the Aerospace and Industrial and -- sorry, Naval and Power headwinds that you called out for fourth quarter on mix. Is this something that's more of a seasonality item here? Or is it more structural? And how should we think about that going to '26 of the guide that you have?

這是布拉德利·艾斯特替補約翰·戈丁上場。我只想稍微調整一下您提到的第四季度航空航天和工業以及——抱歉，是海軍和電力行業的逆風因素。這裡算是季節性商品嗎？或者，這更多是結構性問題？那麼，對於您手中的指南中提到的第 26 頁，我們該如何看待呢？

Yes. So as we enter into 2026, we're going to continue to see a heavy ramp-up in not only in Naval & Defense. And as I mentioned on the script, that will be work in performance to accelerate where we are in the CVN-81 but also the Virginia-class submarine program. But we're also accelerating in commercial nuclear and our process markets. The process markets, I'll start there first.

是的。因此，進入 2026 年，我們不僅將在海軍和國防領域繼續看到大幅成長。正如我在劇本中提到的，這項工作將加快 CVN-81 和維吉尼亞級潛艇計畫的進展。但我們在商業核能和製程市場也在加速發展。我先從流程市場談起。

We saw a healthy order book and continued growth in the order book here later in the year in 2025, and that's positioning us really well in 2026, for MRO growth. And there's some accompanying margin benefits to a higher concentration of MRO valves. But we also had mentioned in the script that commercial nuclear is going to accelerate quite a bit here in 2026. The fourth quarter order growth in commercial nuclear alone was up 50% year-over-year a lot of orders coming in relative to SMRs and work that's beginning to transition from development to prototype, which is happening this year in that work does represent a little bit more of a challenge for us from a margin perspective.

我們看到訂單量健康，並且預計 2025 年下半年訂單量將持續成長，這將使我們在 2026 年的 MRO 成長中處於非常有利的地位。此外，MRO閥門集中度的提高也會帶來一些利潤率的好處。但我們在劇本中也提到過，商業核能將在 2026 年大幅加速發展。光是商業核能第四季的訂單成長就年增了 50%，其中大部分訂單都來自小型模組化反應器 (SMR)，而且相關工作也開始從研發階段過渡到原型階段。今年，這項工作從利潤率的角度來看對我們來說確實更具挑戰性。

As you would imagine, it's not production work. Eventually, it will transition there, and that will convert into stronger margins. But we're also underpinned by a strong increasing footprint and global aftermarket content, and that will help us as we move through the year as well. So thematically, I think, process and maybe the transition into prototyping are probably the two things that you can think about as we go into 2026.

正如你所料，這不是生產性工作。最終，它會轉型到那個階段，而那將轉化為更高的利潤率。但我們也擁有不斷擴大的市場份額和全球售後市場內容作為支撐，這將在今年繼續幫助我們。所以從主題上看，我認為，在進入 2026 年之際，流程以及向原型設計的過渡可能是我們可以思考的兩件事。

Nathan Jones, Stifel.

Nathan Jones，Stifel。

Hello, everyone. This is Adam on for Nathan Jones. I wanted to talk a little bit about operational and commercial excellence although it was a big part of driving margin expansion over the last 3 years. How should we think about these initiatives moving forward? And what was the contribution for the last 3 years?

大家好。這裡是亞當替內森瓊斯報道。我想稍微談談營運和商業卓越性，儘管它在過去 3 年裡一直是推動利潤率成長的重要因素。我們該如何看待這些措施的後續發展？那麼，在過去三年裡，你們做出了哪些貢獻呢？

So maybe I'll start off and talk about some of the efforts and such, and I'll let Chris speak to what he can about the contribution, but when you run a complex business, there's a lot of things that go into how you expand margins and you can't always completely bucketize them from one thing to the next. But our operational growth platform has really become a fundamental part of the company and how the teams evaluate themselves. And it has a robust set of focus areas with everything from the commercial excellence and includes pricing and making sure we can analyze that aspect with -- as there's been inflation in the world, and such that making sure we're really understanding how we're pricing our products is very critical, and we've become much more sophisticated in how we can do that.

所以，我可能會先談談一些努力等等，然後讓克里斯談談他能做的貢獻，但是當你經營一家複雜的企業時，有很多事情會影響你如何擴大利潤率，你不能總是把它們完全歸類為一件事。但是，我們的營運成長平台已經真正成為公司的重要組成部分，也是團隊自我評估的方式。它擁有一系列強大的重點領域，涵蓋了從商業卓越到定價等方方面面，確保我們能夠分析這一方——因為世界範圍內出現了通貨膨脹，因此確保我們真正了解我們是如何為我們的產品定價的至關重要，而我們在如何做到這一點方面也變得更加成熟。

So people don't always think about that as part of operational excellence, but it's very much how we manage the company. But we continue to do things in our supply chain. We've added commodity managers at a corporate-wide level is just one example that are helping making sure we maximize the buying power across the organization and achieving the best results there to ever ongoing activity on integrating robotics into our operations, (inaudible) pulled those out as some examples. So it's very widespread. And the team has made great successes over the past 3 years.

所以人們並不總是把這看作是卓越營運的一部分，但這卻是我們管理公司的重要方式。但我們仍在供應鏈中繼續進行各項工作。我們在公司層級增設了商品經理，這只是一個例子，旨在確保我們最大限度地發揮整個組織的購買力，並取得最佳成果。此外，我們也持續推動將機器人技術融入我們的營運中，（聽不清楚）我舉了這些例子。所以它非常普遍。過去三年，該團隊取得了巨大的成功。

We have a clear list of things that are still in our windshield that we're going to go after and in no way shape or form does this end. So it's definitely still an ongoing focus and something that's part of our DNA at this point.

我們有一份清晰的清單，上面列出了我們仍然需要解決的問題，這些問題絕對不會就此結束。所以這絕對是我們持續關注的重點，而且現在已經成為我們DNA的一部分了。

Yes. And maybe I won't go all the way back to 2024 at this point in time. But if I just kind of start with what happened here in 2025 as a base. We had close to $12 million of commercial and operational excellence roll through our P&L this last year. The operational growth platform is affecting all entities.

是的。或許我現在不會完全回到2024年。但如果我以 2025 年這裡發生的事情為基礎來探討這個問題的話。去年，我們在商業和營運卓越方面實現了近 1,200 萬美元的收益計入損益表。營運成長平台對所有實體都有影響。

And -- the greater portion of that was really operational excellence, but still some pricing successes this last year.

而且——其中大部分實際上是營運方面的卓越表現，但去年在定價方面也取得了一些成功。

Additionally, we have been conducting restructuring programs, restructuring for growth in many areas of the business, but also efficiency, and you saw some of that benefit come through in 2025. Now as we enter into 2026, we're going to continue to see some of that restructuring benefit from the programs that we started in prior year continue to roll through our P&L. You'll see some uplift from that and operational excellence and pricing initiatives. Again, not quite at the same pace. But as Lynn had mentioned, there's plenty of opportunity in front of us, and we'll continue to kind of drive towards that opportunity.

此外，我們一直在進行重組計劃，在業務的許多領域進行重組以促進成長，同時也提高了效率，您在 2025 年已經看到了其中的一些好處。現在我們進入 2026 年，我們將繼續看到前一年啟動的計劃所帶來的一些重組效益繼續體現在我們的損益表中。您將會看到營運效率提升和定價策略改善帶來的正面影響。同樣，速度並沒有完全一樣。但正如琳恩所說，我們面前有很多機會，我們將繼續努力抓住這些機會。

But overall, looking at Curtiss-Wright's margins for this next year, we're going to have a good strong incremental contribution margin on sales of roughly 25%. And we'll benefit from all those initiatives that are helping us in the P&L, and that's going to more than offset what's happening in our increase in R&D and CRAD this next year. So I'm pleased to be able to come on out of the gate with a guide of 30 to 60 basis points of expansion.

但總體而言，展望柯蒂斯-萊特公司明年的利潤率，我們將獲得約 25% 的強勁增量銷售貢獻利潤率。我們將受益於所有這些有助於改善損益表的舉措，這將遠遠抵消明年研發和CRAD投入增加的影響。所以我很高興能夠一開始就給予 30 到 60 個基點的擴張指引。

Also just a quick one here. With the 4Q power and process benefiting from strong growth in Industrial valve sales, called that out earlier. Are you seeing any improvements in the underlying process markets, maybe an update there?

這裡也簡單提一下。第四季電力和製程部門受益於工業閥門銷售的強勁成長，這一點前面已經提到過。您認為基礎流程市場方面是否有任何改善，能否提供一些最新資訊？

Yes. I think we are seeing some improvement in the underlying process markets. I mean, as you look forward in 2026, North America MRO is really projected to grow in that low single-digit to mid-single-digit range. We're seeing some good benefits across North America related to CapEx. I think the -- and that's particularly in the oil and gas side of things.

是的。我認為我們看到基礎流程市場出現了一些改善。我的意思是，展望 2026 年，北美 MRO 預計確實會實現個位數低到個位數中段的成長。我們看到北美地區在資本支出方面取得了一些不錯的成效。我認為——尤其是在石油和天然氣領域。

When you look at the petrochem the global growth is going to be a little bit below GDP. North America will probably be in line with GDP.

從石油化工產業來看，全球成長率將略低於GDP。北美地區的經濟成長速度可能與GDP成長率持平。

But I think one of the things that's important to point out and really just kind of credit back to the team is that they've done an exceptional job really focusing on customer satisfaction, being able to tighten lead times get product in the hands of the customer sooner, heavy focus on quality and at the same time, kind of expanding some of those sales channels globally so that they could take advantage and gain some market share in the process. So they're really doing some good things, and I think that's going to help us kind of beat the overall industry market growth rates as we head into 2026.

但我認為有一點需要特別指出，也應該歸功於團隊，那就是他們在關注客戶滿意度方面做得非常出色，他們能夠縮短交貨週期，讓產品更快地送到客戶手中，高度重視產品質量，同時還拓展了全球銷售渠道，從而能夠利用這一優勢並獲得一些市場份額。所以他們確實在做一些好事，我認為這將有助於我們在進入 2026 年時超越整個產業的市場成長率。

Michael Ciarmoli, Truist Securities.

Michael Ciarmoli，Truist Securities。

Lynn or Chris, I think I know the answer to this, but I figured I'd ask it anyway. You mentioned some of the timing in Defense, but you've got pretty big deceleration in just your pure Defense revenue growth. I think you've averaged 13% over the past 3 years. The guide points to 6%. I think Naval growth is down 2%.

琳恩還是克里斯？我想我知道答案，但我還是想問。你提到了國防領域的一些時間因素，但僅就國防領域的純粹收入成長而言，你們的成長速度已經大幅放緩。我認為你過去三年的平均收益率是 13%。指南指出是 6%。我認為海軍成長下降了2%。

And again, tough comps. I understand what you're lapping, you did talk about the strong direct foreign military sale. But anything else going on besides timing and just kind of what's been a strong kind of prior trajectory? I know you talked about the bookings in Defense Electronics being below 1x, but any other color there?

再次強調，競爭非常激烈。我明白你的意思，你確實談到了強勁的直接對外軍售。除了時機和之前強勁的發展動能之外，還有其他因素嗎？我知道你提到國防電子產業的預訂量低於1倍，但還有其他顏色的預訂量嗎？

So we feel very strongly optimistic about our ability to continue to grow the Defense -- our Defense business at a pace that matches or beats what the US DOW is doing. And that does -- foreign military sales are part of that, but we are very well aligned here in the US And there can be just some timing issues. And having a multi, multi-month CR and then the shutdown definitely had an impact.

因此，我們對繼續發展國防業務的能力充滿信心，我們的國防業務的發展速度將與美國道瓊工業平均指數的成長速度持平甚至超過後者。確實如此——對外軍售是其中的一部分，但我們在美國這邊協調得很好，可能只是時間安排上的問題。經歷了長達數月的CR（持續性損害賠償）以及隨後的停工，這肯定產生了影響。

So we've taken a bit of a conservative stance, as Chris mentioned in our ground guide that we think now that we have a budget, we expect the normal order flow would begin in 60 to 90 days. But we're watching that.

因此，我們採取了較為保守的立場，正如克里斯在我們的地面指南中提到的那樣，我們認為既然現在有了預算，我們預計正常的訂單流程將在 60 到 90 天內開始。但我們正在密切關注此事。

We thought it was a great sign to see the C-17 order come in so quickly after the (inaudible). Broadly speaking, across Defense Electronics specifically, we can clearly have line of sight over $100 million of orders, we fully expected to get in '25 that have been pushed into '26 and that C-17 is one of the first ones that has landed. And again, we're very close contact with our customers. There's nothing going on that is disruptive to the long term. We're very well positioned with our technologies.

我們認為，C-17訂單這麼快就會到來，是個好兆頭。（聽不清楚）總的來說，就國防電子領域而言，我們可以清楚地看到超過 1 億美元的訂單，我們原本預計在 2025 年獲得這些訂單，但這些訂單被推遲到了 2026 年，而 C-17 是最早交付的飛機之一。再次強調，我們與客戶保持著非常密切的聯繫。目前沒有任何會對長期發展造成乾擾的事情發生。我們的技術優勢非常明顯。

And I think of things that the team is doing and whether it's the Fabric 100, we bought over 20 -- 20 MOSA, CMOS compliant products up to market in 2025. We will exceed that number in 2026. Our relationship with NVIDIA is just at its beginning for being a growth vector. The Microsoft Azure is also just at the beginning. And those are things we made public in 2025, and the team continues to do things that will provide other differentiated capabilities that are unique to Curtiss-Wright and bring those to market.

我想到團隊正在做的事情，例如 Fabric 100，我們已經購買了 20 多款 MOSA、CMOS 相容產品，計劃在 2025 年推向市場。到2026年，我們將超過這個數字。我們與英偉達的合作關係才剛開始，它有望成為我們發展的引擎。微軟 Azure 也還處於起步階段。這些都是我們在 2025 年公開的內容，團隊將繼續努力，提供 Curtiss-Wright 獨有的其他差異化能力，並將這些能力推向市場。

And so whether it's that portion our alignment with the systems around gold dome and we are aligned in our ship building. And I think regardless of the shipbuilding to your comment there, the fact that at our Investor Day, we had $15 million of maritime Industrial-based funding, and that is up to $55 million. Now that is a clear indication that of how the Navy sees Curtiss-Wright as a critical supplier and they want to assure we're ready for the growth that is coming our way. And so that's a tangible thing we can point to, tied to the Navy. So there's no concerns looking out to '27 and potentially having a $1.5 trillion budget is very exciting, and we're doing the things to make sure we're ready for the growth that our customers are signaling to us.

因此，無論是我們與金色穹頂周圍系統的協調一致，或是我們在造船方面的協調一致。我認為，撇開你剛才提到的造船問題不談，事實上，在我們的投資者日上，我們獲得了 1500 萬美元的海事工業融資，而這筆資金總額已達到 5500 萬美元。這清楚地表明了海軍如何看待柯蒂斯-萊特公司作為關鍵供應商，他們希望確保我們為即將到來的成長做好準備。所以，這是我們可以指出的與海軍相關的實際的事情。因此，展望 2027 年，我們沒有任何擔憂，擁有 1.5 兆美元的預算非常令人興奮，我們正在採取各種措施，確保我們為客戶向我們發出的成長訊號做好準備。

Okay. Perfect. That's really helpful. And then maybe just totally shifting gears back to nuclear. You've given us sort of the end market waterfall detail for '25 and '26.

好的。完美的。這真的很有幫助。然後或許會完全轉向核能。您已經為我們提供了 2025 年和 2026 年的最終市場瀑布式銷售細節。

So we can probably back into what looks to be maybe $60 million of OE revenue on new nuclear builds this year growing close to 40% over last year. Is anything else you mentioned X-Energy transitioning into the prototype build? Are there any other SMR reactors that are expected to transition to drive that growth? Or can you point to other specific platforms or partnerships that are kind of driving that sort of SMR growth this year?

因此，我們或許可以預測，今年新建核電廠的營運收入可能達到 6,000 萬美元，比去年成長近 40%。您還提到過 X-Energy 在原型機製造階段的其他進展嗎？還有哪些小型模組化反應器有望轉型以推動這一成長？或者您能否指出今年推動SMR成長的其他具體平台或合作關係？

So we've made some announcements on our partnership with Rolls-Royce. We continue to build out the capabilities of what we're going to do with Rolls-Royce, and some of those will turn into early prototyping types of revenue in 2026. We're well positioned with TerraPower. We really work across the gamut, and everyone is maturing in their designs and working hard to be bringing plants online in the 2030s. So without getting ahead of our customers, I don't think I would say anything else.

我們已經就與勞斯萊斯的合作關係發布了一些公告。我們將繼續拓展與勞斯萊斯合作的能力，其中一些能力將在 2026 年轉化為早期原型類型的收入。我們與 TerraPower 的合作非常有利。我們真正涉足各個領域，每個人在設計上都在不斷進步，努力在 2030 年代將植物帶入網路世界。所以，為了不搶在客戶前面，我想我不會再多說什麼了。

But the revenues from these three restarts to trying to build out and complete some of the reactors that were installed. All in all, these things are all very active, very real, and our teams doing real work and gaining real business opportunities across the industry. And so the thing I like is it is very widespread. It's not one thing. And as we said, the AP1000 work is still in our future.

但這三次重啟帶來的收入將用於建造和完成一些已安裝的反應爐。總而言之，這些都是非常活躍、非常真實的事情，我們的團隊正在進行實際工作，並在整個行業中獲得真正的商業機會。所以，我喜歡它的一點就是它非常普及。這不是單一因素造成的。正如我們所說，AP1000 的工作仍然是我們未來的計劃。

The order we believe strongly is coming in 2026, and that will be pretty dramatic when it comes in a very, very good way.

我們堅信，秩序將在 2026 年到來，而當它以非常非常好的方式到來時，將會帶來非常巨大的影響。

And Mike, I would just add one other kind of interesting data point as you think about this because we get a lot of questions about new builds and the AP1000 and SMRs, but we also have content on other reactors. As you look at the APR1400 out of South Korea, and we talked about $10 million to $20 million of content per new build there. Now those are multiyear projects, but we did have some order activity here in the fourth quarter for new build in South Korea. So I'll have some content there that's affecting the newbuild splits as well.

麥克，在你考慮這個問題的時候，我只想補充一點有趣的數據點，因為我們收到了很多關於新建項目、AP1000 和小型模組化反應器的問題，但我們也有關於其他反應器的內容。看看韓國的 APR1400，我們之前討論過，那裡每輛新車的零件成本在 1000 萬到 2000 萬美元之間。這些都是多年期項目，但我們在第四季度確實在韓國獲得了一些新建項目的訂單。所以，我也會在那裡發布一些影響新版本拆分的內容。

(Operator Instructions) Louie DiPalma, William Blair.

（操作說明）Louie DiPalma，William Blair。

In December, the Secretary of the Navy, John Seelan announced the implementation of the shipbuilding operating system powered by Palantir to use AI to achieve supply chain efficiencies for submarine construction. And (inaudible) indicated that 30 key suppliers were on the platform. Has this software platform had any impact on Curtiss-Wright in terms of volumes and the impressive margin expansion that you're seeing?

去年 12 月，海軍部長約翰·西蘭宣布實施由 Palantir 提供技術支援的造船操作系統，利用人工智慧提高潛艇建造的供應鏈效率。（聽不清楚）表示，該平台上有 30 家主要供應商。該軟體平台是否對柯蒂斯-萊特公司的銷售和利潤率的顯著增長產生了任何影響？

So very much in tuned with what's going on and have had discussions with Palantir around that topic. I'd say to date, it's definitely still in the forming stage. And so no, I wouldn't say there's any impact to-date, but it is something that is an initiative by the Navy and Curtiss-Wright will participate as is appropriate for us as a business. And those discussions have begun.

我對當前情況非常了解，並已就此話題與 Palantir 進行過討論。我認為，就目前而言，它肯定還處於形成階段。所以，不，我不會說到目前為止有任何影響，但這確實是海軍的一項舉措，柯蒂斯-萊特公司將根據我們企業的實際情況參與其中。這些討論已經開始。

Makes sense. And is there the potential -- another topic that's been in the news, is there a potential for Curtiss-Wright to be involved in the development for a lunar nuclear reactor? The Secretary of NASA discussed the need for like nuclear propulsion in space and a nuclear reactor to provide consistent power generation. Do you view these opportunities as viable over the long term? Or is it just something that's just too early to provide a specific opinion on?

有道理。另一個新聞熱點是，柯蒂斯-萊特公司是否有可能參與月球核反應器的開發？美國國家航空暨太空總署署長討論了在太空中使用核動力推進系統以及利用核反應器提供持續電力供應的必要性。您認為這些機會在長期來看是否可行？或者說，現在就對此發表具體意見還為時過早？

So there's different ways that we potentially will have an impact. And we -- when we talk about our nuclear footprint, we tend to talk and focus and we have as a company on the 300-megawatt and larger reactors. But we do work with a variety of the more micro reactors. And there's a few names that are more in the press, and we have content with a lot of those. It's not something that's ever going to -- it appears today anyways, be as significant to Curtiss-Wright revenue-wise is say, what's going on with AP1000.

因此，我們可以透過多種方式產生影響。當我們談到我們的核能足跡時，我們傾向於談論並專注於300兆瓦及以上的反應堆，而我們公司也確實如此。但我們確實使用各種更微型的反應器。還有一些名字在媒體上比較常見，我們有很多關於他們的內容。就目前來看，這件事對柯蒂斯-萊特公司的營收影響，似乎永遠不會像AP1000那麼大。

But we do work with them. Our capability and quality as you put something into space and wanting to assure you're going to have that generations of reliability. That fits into Curtiss-Wright's sweet spot. So we will see on top of electronics capabilities, in that space. So nothing specific to mention yet, but there could be relevance.

但我們確實與他們有合作。我們的能力和質量，就像您將某物送入太空並希望確保您獲得幾代人的可靠性一樣。這正符合柯蒂斯-賴特的優勢所在。所以，我們將看看電子技術在這個領域的表現。所以目前還沒有什麼具體的事情要提，但可能有關聯。

Great. And as it relates to your -- the last question and answer. Do you expect to announce more SMR content agreement similar to what you announced with Rolls Royce and X-Energy and TerraPower?

偉大的。至於你最後一個問題和答案，那就另當別論了。您是否計劃宣布更多類似與勞斯萊斯、X-Energy 和 TerraPower 達成的 SMR 內容合作協議？

Yes. I do -- I mean, we are continuing to develop and expand our content across some of the providers and -- or most of the providers and believe we'll have more announcements in 2026 of new systems that we've reached a level of confidence with our customer that they're okay with us talking about it publicly. And again, we really work very hard to be a great supplier into our customers and not get ahead of them with things that we're announcing. But there's a lot more activity going on, and there will definitely be more announcements.

是的。我的意思是，我們正在繼續開發和擴展我們在一些供應商和/或大多數供應商中的內容，並且相信我們將在 2026 年發布更多關於新系統的公告，我們已經與客戶建立了足夠的信任，他們同意我們公開談論這些系統。再次強調，我們非常努力地成為客戶的優秀供應商，而不是搶在客戶前面發布訊息。但目前還有很多其他活動正在進行，肯定還會有更多公告發布。

Tony Bancroft, Gabelli Funds.

Tony Bancroft，Gabelli Funds。

Congratulations, Lynn and Chris and team on all your accomplishments very well done. There's been a lot of discussion, you heard major OEM, commercial OEM talking about supply chain improvements. And on the other side, you've seen maybe some countervailing commentary that there's still a lot of need especially further down the supply chain, just difficulties in getting those up to speed. What are you seeing maybe in your supply chains? And is there any opportunities to -- for M&A, where it would make sense, it would be accretive for you to have that being internalized and obviously, other opportunities there with that?

恭喜 Lynn、Chris 和團隊取得的所有成就，你們做得非常出色！已經有很多討論，你也聽到了各大OEM廠商、商業OEM廠商都在談論供應鏈改進的問題。另一方面，你可能也看到了一些相反的評論，認為仍然存在許多需求，尤其是在供應鏈的下游，只是在提高這些環節的效率方面存在困難。您在供應鏈中發現了哪些問題？那麼，在併購方面，是否存在一些機會？如果能夠實現內部化，對公司而言將是有益的，顯然，這還會帶來其他方面的機會？

Any thoughts on that line?

對這句話有什麼看法？

Yes. I think broadly speaking, our supply chain remained fairly stable in 2025, and there wasn't a lot of disruption. But that's not to say we don't have watch items. One of the things that's very much in the news is memory, high-bandwidth memories and storage parts as tie as there are common things used in this AI infrastructure build-out. And then there's some raw materials in rare earth that are watch items for us.

是的。我認為總體而言，我們的供應鏈在 2025 年保持了相當穩定，沒有太多中斷。但這並不代表我們沒有手錶類商品。記憶體、高頻寬記憶體和儲存部件是人工智慧基礎設施建置中常用的元件，因此也是新聞熱點之一。此外，稀土中的一些原料也是我們手錶所需的材料。

But really what I -- for Curtiss-Wright, we have learned a lot as a company, and it started in -- during COVID, we've implemented many, many new tools that we use across the organization in all 3 segments, and have added these centralized resources that I mentioned a moment ago to really assure we're driving the best performance we can broadly across where we're leveraging the supply chain.

但實際上，就柯蒂斯-萊特公司而言，我們學到了很多東西，這一切始於新冠疫情期間。我們實施了許多新的工具，並在整個組織的三個部門中使用，也增加了我剛才提到的這些集中資源，以真正確保我們在利用供應鏈的各個方面都能取得最佳績效。

We do things like we look for getting dual sources. We very much leverage our government high-priority ratings, which is very often that we're able to do with a lot of our Naval work and even some of our Defense Electronics work. And so that keeps us at the front. And we spend a lot of time in with our supply chain, working with them. So the team does a great job and is really staying on top of it.

我們會做一些事情，例如尋找雙重資訊來源。我們非常重視政府的高優先級評級，這通常能幫助我們完成許多海軍項目，甚至一些國防電子項目。所以這讓我們始終保持領先。我們花很多時間與供應鏈上的合作夥伴一起工作。所以團隊做得很好，而且一直掌控著局面。

It's something you have to continuously be in tune to and work. From an acquisition standpoint, it's not something that's currently a high priority for us. It does not -- our strategic priorities but it's not to say I would never say never to a lot of things that if there was an opportunity, it could be something we would consider if we were looking for global diversification to be able to be better aligned to end markets where they want localization would be an example where it really opened up the ability for you to have a good active business in an end market. And so I wouldn't say never, but the team does a great job managing it.

這是你需要持續關注和努力的事情。從收購的角度來看，這目前並不是我們的首要任務。雖然目前還沒有明確的策略重點，但這並不代表我不會對很多事情說「不」。如果出現機會，我們可能會考慮一些事情，例如，如果我們尋求全球多元化，以便更好地適應終端市場的需求，本地化就是一個很好的例子，它確實能讓你在終端市場擁有良好的業務。所以我不會說絕對不可能，但團隊在這方面做得非常好。

And ladies and gentlemen, in the interest of time, that will conclude today's Q&A session. I would like to turn the floor back over to Lynn Bamford, Chair and Chief Executive Officer, for any additional or closing remarks.

女士們、先生們，為了節省時間，今天的問答環節就到此結束。我謹將發言權交還給董事長兼執行長林恩·班福德，請她作補充或總結發言。

Thank you, everybody, for joining us today, and we look forward to speaking to you either on the road or when we release our first quarter results. Have a good day.

感謝各位今天蒞臨，我們期待在旅途中或發布第一季業績報告時與大家再次交流。祝你有美好的一天。

Thank you. This concludes today's Curtiss-Wright earnings conference call. Please disconnect your line at this time, and have a wonderful day.

謝謝。今天的柯蒂斯-萊特公司財報電話會議到此結束。請您暫時斷開電話，祝您有美好的一天。