Diebold Nixdorf Inc (DBD) 2025 Q3 法說會逐字稿

Hello. Good day, and welcome to Diebold Nixdorf's third quarter 2025 earnings call. My name is Eric, and I'll be coordinating your call today. (Operator Instructions)

你好。大家好，歡迎參加迪堡多富2025年第三季財報電話會議。我叫艾瑞克，今天我將負責協調您的通話。（操作說明）

I'd now like to turn the call over to our host, Maynard Um, Vice President of Investor Relations. Maynard, please go ahead.

現在我想把電話交給我們的主持人，投資人關係副總裁梅納德‧烏姆。梅納德，請繼續。

Hello, everyone, and welcome to our third quarter 2025 earnings call. To accompany our prepared remarks, we posted our slide presentation to the Investor Relations section of our website. Before we start, I will remind all participants that you will hear forward-looking statements during this call. These statements reflect the expectations and beliefs of our management team at the time of the call, but they are subject to risks that could cause actual results to differ materially from these statements.

大家好，歡迎參加我們2025年第三季財報電話會議。為了配合我們準備好的發言稿，我們將幻燈片簡報發佈到了我們網站的投資者關係版塊。在正式開始之前，我要提醒各位參與者，本次電話會議中你們會聽到一些前瞻性陳述。這些陳述反映了我們管理團隊在電話會議時的預期和信念，但它們存在風險，可能導致實際結果與這些陳述有重大差異。

You can find additional information on these factors in the company's periodic and annual filings with the SEC. Participants should be mindful that subsequent events may render this information to be out of date. We will also discuss certain non-GAAP financial measures on today's call. As noted on slide 3, a reconciliation between GAAP and non-GAAP measures can be found in the supplemental schedules of the presentation.

您可以在公司向美國證券交易委員會提交的定期和年度文件中找到有關這些因素的更多資​​訊。參與者應注意，後續事件可能會導致這些資訊過時。我們也將在今天的電話會議上討論一些非GAAP財務指標。如投影片 3 所示，GAAP 和非 GAAP 指標之間的調節表可在簡報的補充附表中找到。

With that, I'll turn the call over to Octavio.

接下來，我將把電話交給奧克塔維奧。

Thank you, Maynard. Good morning, everyone, and thank you for joining us. Starting on slide 4. Q3 was another solid quarter for Diebold Nixdorf. I'm proud of our team's execution as we grew revenue, profit and earnings per share. This morning, we also announced a new $200 million share repurchase program, reflecting our continued confidence in the strength and cash generation of our business.

謝謝你，梅納德。各位早安，感謝各位的參與。從第4張投影片開始。迪堡多富第三季業績依然穩健。我為我們團隊的執行力感到自豪，我們實現了收入、利潤和每股盈餘的成長。今天上午，我們也宣布了一項新的 2 億美元股票回購計劃，這反映了我們對公司業務實力和現金流的持續信心。

In Q3, we continue to see healthy demand across our business segments, giving us the confidence to reaffirm our full year outlook. We continue to trend toward the higher end of our guidance ranges across total company revenue, adjusted EBITDA and free cash flow. Product orders grew 25% year-over-year, driven by strength in both banking and retail, with backlog now standing at approximately $920 million.

第三季度，我們各個業務部門的需求持續保持健康成長，這讓我們有信心重申全年展望。公司總收入、調整後 EBITDA 和自由現金流均繼續朝著預期範圍的較高水準邁進。受銀行業和零售業強勁成長的推動，產品訂單年增 25%，目前積壓訂單約 9.2 億美元。

Total revenue grew 2% year-over-year and was up 3% sequentially, fueled by acceleration in our retail business and continued steady contributions from bank. Operating profit grew 4% year-over-year and 19% sequentially, while adjusted earnings per share grew to $1.39, up over $1 per share year-over-year and up about 50% sequentially.

總營收年增 2%，季增 3%，這主要得益於零售業務的加速成長以及銀行業務的持續穩定貢獻。營業利潤年增 4%，季增 19%，調整後每股收益成長至 1.39 美元，年增超過 1 美元，季增約 50%。

Retail delivered particularly strong results in the quarter as the second half recovery gained momentum. Revenue was up 8% year-over-year and order entry grew 40%, reflecting solid demand and execution. I'm very optimistic about our retail growth trajectory going into Q4. We also achieved an important milestone this quarter, positive free cash flow for the fourth consecutive quarter, another new record for Diebold Nixdorf. In addition, we received a credit rating upgrade from Standard & Poor's.

隨著下半年經濟復甦勢頭增強，零售業在本季表現尤為強勁。營收年增 8%，訂單量成長 40%，反映出強勁的需求和執行力。我對我們第四季的零售成長前景非常樂觀。本季我們也實現了一個重要的里程碑，連續第四個季度實現正自由現金流，這是迪堡多富的另一個新紀錄。此外，我們也獲得了標準普爾的信用評等提升。

As I mentioned, we announced a new $200 million share repurchase program. This underscores the strength of our business, our fortress balance sheet, robust cash flow generation and continued commitment to returning capital to shareholders, a top priority for us and a clear reflection of our confidence in the long-term value of Diebold Nixdorf.

正如我之前提到的，我們宣布了一項新的 2 億美元股票回購計畫。這凸顯了我們業務的實力、穩健的資產負債表、強勁的現金流生成能力以及我們持續致力於向股東返還資本的承諾，這是我們的首要任務，也清楚地反映了我們對迪堡多富長期價值的信心。

Let's move on to slide 5. Three quarters into our 3-year plan, we are firmly on track to deliver the key objectives we outlined at our investor day. In 2024, we stabilized the business and built strong operational teams. In 2025, we strengthened our foundation, both operationally and financially, with tangible improvements in manufacturing, service and profitability.

我們來看第5張投影片。三年計畫已進行到四分之三，我們正穩步朝著在投資者日上提出的關鍵目標邁進。2024年，我們穩定了業務，並建立了強大的營運團隊。2025年，我們在營運和財務方面都加強了基礎，在製造、服務和盈利能力方面取得了切實的進步。

These gains have translated into sustainable, profitable growth and continued positive cash flow. We have multiple levers to achieve our targets from operational and manufacturing efficiencies to product and service innovation to disciplined capital allocation. As we already demonstrated, we have multiple ways to win across a dynamic market environment.

這些收益已轉化為可持續的獲利成長和持續的正現金流。我們擁有多種手段來實現我們的目標，包括提高營運和生產效率、創新產品和服務以及進行嚴格的資本配置。正如我們已經證明的那樣，我們在瞬息萬變的市場環境中有很多種制勝之道。

We remain committed to our long-term goals, generating $800 million in cumulative free cash flow by 2027, achieving 60% plus conversion and approximately 15% adjusted EBITDA margins, all while maintaining a fortress balance sheet and returning capital to shareholders. With a clear strategy and a strong execution track record, Diebold Nixdorf is well positioned to deliver sustainable value for all stakeholders.

我們將繼續致力於實現長期目標，到 2027 年累計產生 8 億美元的自由現金流，實現 60% 以上的轉換率和約 15% 的調整後 EBITDA 利潤率，同時保持穩健的資產負債表並向股東返還資本。憑藉著清晰的策略和強大的執行力，迪堡多富完全有能力為所有利害關係人創造可持續的價值。

Now let's turn to slide 6. Year-to-date, we've made significant progress across the four pillars of our growth strategy. In banking, our annual Intersect event in Nashville brought together hundreds of customers and marked the formal launch of our branch automation solutions. This is not just a single product. It's a comprehensive approach across hardware, software and services that redefines how banks operate by seamlessly integrating and automating digital and physical channels.

現在我們來看第6張投影片。今年以來，我們在成長策略的四大支柱方面都取得了顯著進展。在銀行業，我們在納許維爾舉辦的年度 Intersect 活動匯集了數百名客戶，標誌著我們分行自動化解決方案的正式推出。這不僅僅是單一產品。它採用硬體、軟體和服務方面的綜合方法，透過無縫整合和自動化數位和實體管道，重新定義了銀行的運作方式。

As the banking landscape evolves, automation will be the defining factor for a bank's success. Roughly 70% of global bank operating expenses are tied to branches. Our solutions help banks reduce those costs, enhance efficiency and improve the customer experience. We continue to see steady refresh activity in ATM cash recyclers and have successfully rolled out teller cash recycling solutions to our first customers, reinforcing our confidence in the broader branch automation strategy.

隨著銀行業格局的演變，自動化將成為決定銀行成敗的關鍵因素。全球銀行營運支出中約有 70% 與分行相關。我們的解決方案可以幫助銀行降低成本、提高效率並改善客戶體驗。我們持續看到 ATM 現金循環機的更新換代活動穩步推進，並已成功向首批客戶推出櫃員現金循環解決方案，這增強了我們對更廣泛的網點自動化策略的信心。

On the service side, leveraging common components between DN Series ATMs and teller cash recyclers is driving greater efficiency, scale and flexibility in how we support our customers. At the same time, our software enables seamless end-to-end cash management and integration into digital channels, helping banks modernize their operations.

在服務方面，利用 DN 系列 ATM 和櫃員現金循環機之間的通用組件，提高了我們為客戶提供支援的效率、規模和靈活性。同時，我們的軟體能夠實現無縫的端到端現金管理，並整合到數位管道中，幫助銀行實現營運現代化。

Together, these capabilities strengthen customer relationships and position us to capture the growing opportunity in branch automation. In retail, while the broader industry continues to face headwinds, our retail product business is bucking that trend. We anticipated an inflection in the second half, and that's exactly what we're seeing.

這些能力共同加強了客戶關係，並使我們能夠抓住分公司自動化領域日益增長的機會。在零售業，儘管整個產業持續面臨逆風，但我們的零售產品業務卻逆勢而上。我們預料到下半場會出現轉折點，而我們現在看到的正是如此。

We have important new wins with key customers in the point-of-sale and self-checkout spaces as retailers maintain focus on optimizing and improving the customer experience. Feedback on our AI-powered dynamic SmartVision deployment has been overwhelmingly positive, helping us differentiate from competitors and expand our pipeline.

隨著零售商持續專注於優化和改善客戶體驗，我們在銷售點和自助結帳領域與重要客戶取得了重要的新合作成果。我們基於人工智慧的動態 SmartVision 部署獲得了壓倒性的積極回饋，這有助於我們從競爭對手中脫穎而出，並擴大我們的業務範圍。

Our ability to rapidly develop, pilot and most importantly, scale this technology is positioning us as an industry leader. Dynamic SmartVision is now live in over 50 stores, and we're expanding the use cases to address shrinkage and point of sale in manned lanes with future opportunities to extend and tackle shrink across the store aisles.

我們能夠快速開發、試點，最重要的是，能夠擴大這項技術的規模，這使我們成為產業領導者。Dynamic SmartVision 目前已在 50 多家門市投入使用，我們正在擴展其應用場景，以解決有人值守收銀通道的損耗和銷售點問題，未來還有機會將其擴展到整個門市的過道，以解決損耗問題。

Our service organization continues to deliver. SLA performance has improved meaningfully versus last year. We accelerated investments in technology and people to deliver a premier service experience, because great service drives customer loyalty and market share gains. As we've refined our branch automation solution strategy, customers are increasingly asking for a single provider to manage all their service needs.

我們的服務機構持續提供優質服務。與去年相比，服務等級協定 (SLA) 的執行情況有了顯著改善。我們加快了對技術和人才的投資，以提供一流的服務體驗，因為優質的服務能夠提高客戶忠誠度和市場份額。隨著我們不斷完善分支機構自動化解決方案策略，客戶越來越希望由單一供應商管理他們所有的服務需求。

In line with our disciplined capital allocation strategy, we've completed a targeted tuck-in acquisition in the service area to enhance our multi-vendor capabilities. As we look at our operations, we have multiple ways to win. I'm proud to report that we saw strong progress in working capital with year-over-year improvements in both DSO and DIO. This highlights the strong cross-functional collaboration across the company.

為了貫徹我們嚴謹的資本配置策略，我們在服務領域完成了一項有針對性的補充收購，以增強我們的多供應商能力。審視我們的營運情況，我們有多種獲勝途徑。我很自豪地報告，我們在營運資金方面取得了顯著進展，DSO 和 DIO 都實現了同比改善。這凸顯了公司內部強大的跨部門協作能力。

In our manufacturing operations, our lead times are down, quality is up and our supply chain execution remains a strength. North American operations are benefiting from higher throughput at our Ohio facility and increased sourcing of parts in the US. We are also on track to achieve at least $50 million in SG&A run rate reductions next year.

在我們的生產製造業務中，交貨週期縮短了，品質提高了，供應鏈執行力依然強大。北美業務受益於俄亥俄州工廠更高的產能以及美國零件採購量的增加。我們預計明年銷售、管理及行政費用年度削減額將至少達到 5,000 萬美元。

Overall, the pillars of our company are strong and provide us with multiple ways to achieve our goals. Now on to slide 7. We continue to advance in our lean and continuous improvement journey. This approach now extends well beyond manufacturing, empowering teams across the organization to identify and act on new opportunities for efficiency and effectiveness.

整體而言，我們公司的支柱產業十分穩固，為我們實現目標提供了多種途徑。現在來看第7張投影片。我們在精益化和持續改進的道路上不斷前進。這種方法現在已經遠遠超出了製造業的範疇，使整個組織的各個團隊能夠發現並抓住提高效率和效益的新機會。

In Q3, our European operations held a Kaizen week in France, resulting in safety improvements and an optimized invoicing process that accelerated collections. Our field and logistics teams also uncovered process improvements, including a redesign of our logistics network in France that is expected to generate meaningful cost savings and serve as a blueprint for other regions.

第三季度，我們的歐洲業務在法國舉辦了一週的改善活動，從而提高了安全性並優化了發票流程，加快了收款速度。我們的現場和物流團隊也發現了流程改善之處，包括重新設計我們在法國的物流網絡，預計這將帶來顯著的成本節約，並可作為其他地區的藍圖。

In Paderborn, our teams focused on eliminating energy waste, implementing daily energy management programs and new LED lighting initiatives that will deliver immediate and growing savings over time. The facility also achieved ISO 50001 certification, underscoring our commitment to sustainability. I am pleased to share that Diebold Nixdorf was recently named one of the world's best companies by Time Inc.

在帕德博恩，我們的團隊專注於消除能源浪費，實施日常能源管理計劃和新的 LED 照明計劃，這些計劃將帶來立竿見影且隨著時間的推移不斷增長的節能效果。該工廠還獲得了 ISO 50001 認證，凸顯了我們對永續發展的承諾。我很高興地宣布，迪堡多富公司最近被時代公司評為全球最佳公司之一。

After a comprehensive analysis of employee satisfaction, revenue growth and sustainability that included participants from thousands of global companies, Diebold Nixdorf earned a place in this prestigious annual list. My thanks goes out to the talented global Nixdorf team. With one quarter left in 2025, we are well positioned to finish another strong year, delivering on our commitments and continuing to create value for all stakeholders.

經過對員工滿意度、收入成長和永續性的全面分析（參與者包括來自全球數千家公司），迪堡多富榮登這項享有盛譽的年度名單。我衷心感謝才華洋溢的尼克多夫全球團隊。2025 年還剩一個季度，我們已做好充分準備，再創佳績，履行承諾，繼續為所有利害關係人創造價值。

With that, I'll turn it over to Tom to walk through our financial results.

接下來，我將把發言權交給湯姆，讓他來介紹我們的財務表現。

Thank you, Octavio. First, I want to express my sincere appreciation to all Diebold Nixdorf employees for their dedication and hard work. Q3 was yet another quarter where we demonstrated our commitment to doing what we say. Turning to slide 8. Diebold Nixdorf posted solid Q3 revenue growth, which rose 2% year-over-year and was up 3% sequentially.

謝謝你，奧克塔維奧。首先，我要向迪堡多富全體員工表達我由衷的感謝，感謝他們的奉獻和辛勤工作。第三季我們再次證明了我們言出必行的承諾。翻到第8張幻燈片。迪堡多富公佈了穩健的第三季營收成長，年成長 2%，季增 3%。

We finished Q3 with very solid product backlog of $920 million, down from $980 million at the end of the second quarter on planned deliveries, partially offset by strong new order entry, which was up 25% year-over-year, led by retail. As we previously shared, we expected revenue to be weighted toward Q4. Given the momentum we're seeing and our backlog, we have line of sight to deliver one of the strongest Q4s in recent history for the company and achieve our full year guidance.

第三季末，我們的產品積壓訂單非常穩健，達到 9.2 億美元，低於第二季末的 9.8 億美元（按計劃交付），部分被強勁的新訂單所抵消，新訂單同比增長 25%，其中零售業務表現突出。正如我們之前所宣布的，我們預計第四季度的收入將佔比較高。鑑於我們目前的發展勢頭和積壓訂單，我們預計將實現公司近年來最強勁的第四季度業績之一，並實現全年業績目標。

Gross margin improved 10 basis points year-over-year and declined 30 basis points sequentially. Product gross margin improved significantly year-over-year, rising by 140 basis points. There are a number of puts and takes, but the strong performance was primarily driven by favorable geographic mix as well as improved pricing.

毛利率年增 10 個基點，季減 30 個基點。產品毛利率較去年同期顯著提高，成長了140個基點。雖然存在一些利弊，但強勁的業績主要得益於有利的地域組合以及價格的改善。

On a sequential basis, product gross margin declined by 60 basis points, which was expected and primarily due to the normalization in mix and continued strength in point-of-sale units, which generally realized lower margins. Importantly, we remain well ahead of our initial expectations with product gross margins on track to exceed the 50-basis point year-over-year improvement we projected earlier this year at investor day.

與上一季相比，產品毛利率下降了 60 個基點，這在預期之內，主要是由於產品組合的正常化以及銷售點單元的持續強勁增長，而這些單元的毛利率通常較低。重要的是，我們的業績仍然遠遠超出最初的預期，產品毛利率預計將超過我們在今年早些時候投資者日上預測的同比增長 50 個基點。

On the service side, gross margins declined by 10 basis points sequentially and 80 basis points year-over-year. In prior quarters, we discussed how vital delivering the best service in the industry is to our customers and to us. To that end, we accelerated and increased investments in the rollout of our enhanced field services software, new field technicians and the consolidation of our spare parts and distribution facilities in Europe.

服務方面，毛利率較上月下降 10 個基點，較去年同期下降 80 個基點。在前幾個季度，我們討論了為我們的客戶和我們自身提供業內最佳服務的重要性。為此，我們加快並增加了對歐洲地區增強型現場服務軟體、新現場技術人員以及備件和分銷設施整合的投資。

Strength on the product side of the business gives us the conviction to make and accelerate investments we believe will generate profitable growth for products and services going forward. By continually raising the bar, we'd strengthen our relationships and create a positive cycle. Outstanding service leads to greater customer loyalty and over time, more opportunities for product sales.

公司產品的實力使我們有信心進行並加快我們認為將為未來的產品和服務帶來獲利成長的投資。透過不斷提高標準，我們可以加強彼此的關係，並創造一個正向的循環。卓越的服務能夠提高客戶忠誠度，並隨著時間的推移，帶來更多的產品銷售機會。

As a result of these investments, we now expect margins for services to be comparable to last year at approximately 26%. These service headwinds are offset by product margins and OpEx improvements, demonstrating that DN has multiple ways to win. Turning to operating expense. We continue to take disciplined cost actions through focusing on facilities and indirect procurement.

由於這些投資，我們現在預計服務業利潤率將與去年持平，約為 26%。這些服務方面的不利因素被產品利潤率和營運支出改善所抵消，這表明 DN 有多種獲勝途徑。接下來談談營運費用。我們繼續採取嚴格的成本控制措施，並專注於設施和間接採購。

Operating expense was down sequentially, reflecting these efforts. This is part of our ongoing actions to improve our cost structure. 2025 is about strengthening our foundation for accelerated profitable growth in 2026. As part of this effort, we've conducted a comprehensive review of SG&A spend across the organization, identifying over 200 actions, which are expected to deliver up to $50 million in net run rate savings next year.

營運費用環比下降，反映了這些努力。這是我們持續改善成本結構措施的一部分。 2025年的目標是夯實基礎，為2026年實現加速獲利成長奠定基礎。作為這項工作的一部分，我們對整個組織的銷售、一般及行政費用進行了全面審查，確定了 200 多項措施，預計明年將實現高達 5000 萬美元的淨運行率節省。

We're confident in our ability to sustain cost discipline while reinvesting in areas that support long-term growth. Continuing to slide 9. We continue to see strong trends across our profitability and cash flow metrics. In Q3, adjusted EBITDA reached $122 million with margin expansion of 70 basis points. sequentially and 20 basis points year-over-year, underscoring our commitment to driving higher quality earnings growth.

我們有信心在保持成本控制的同時，將資金再投資於支持長期成長的領域。繼續瀏覽第9張幻燈片。我們的獲利能力和現金流指標持續呈現強勁成長動能。第三季度，調整後 EBITDA 達到 1.22 億美元，利潤率環比增長 70 個基點，同比增長 20 個基點，這凸顯了我們致力於推動更高質量盈利增長的決心。

Operating expense controls contributed to 4% year-over-year and 19% sequential increase in operating profit, reaching $87 million for the quarter and a very solid 9.2% operating margin. We're also making significant progress on non-GAAP EPS, which increased about 50% sequentially to $1.39 and increased by over $1 a share year-over-year.

營運費用控制使營業利潤年增 4%，季增 19%，本季達到 8,700 萬美元，營業利潤率達到非常穩健的 9.2%。我們在非GAAP每股收益方面也取得了重大進展，季增約50%至1.39美元，年增超過1美元。

In Q3, our effective non-GAAP tax rate came in at approximately 19%. This improvement was primarily driven by the recent announcement of lower tax rates in Germany. As a result, we now expect our non-GAAP effective tax rate for the full year of 2025 to be in the 35% to 40% range, down from 45%. Free cash flow nearly doubled sequentially to approximately $25 million.

第三季度，我們的非GAAP有效稅率約為19%。這項改善主要得益於德國近期宣布降低稅率。因此，我們現在預計 2025 年全年的非 GAAP 有效稅率將在 35% 至 40% 之間，低於先前的 45%。自由現金流環比幾乎翻了一番，達到約 2500 萬美元。

Q3 marks the first time the company has generated positive free cash flow for four consecutive quarters, a clear demonstration of our ability to build and sustain a consistent quarterly cash flow generating business. We're very proud of the continuous progress we've made in working capital management. As of the third quarter, we have realized year-over-year improvements of days inventory outstanding, or DIO, by 11-days, and days sales outstanding or DSO by nine-days. Looking ahead, we see continued opportunities.

第三季這是公司首次連續四個季度實現正自由現金流，清楚地表明了我們有能力建立和維持持續的季度現金流業務。我們為在營運資金管理方面取得的持續進步感到非常自豪。截至第三季度，我們的庫存週轉天數（DIO）年減了 11 天，應收帳款週轉天數（DSO）年減了 9 天。展望未來，我們看到了持續的機會。

Moving to slide 10. Banking continued to deliver solid results. We achieved sequential growth across key global markets. Revenue was roughly flat year-over-year and up $11 million sequentially. Gross margin in our Banking segment increased by 20 basis points year-over-year and was down 70 basis points sequentially. Last quarter, we benefited from a favorable geographic mix, while this quarter was more balanced.

切換到第10張投影片。銀行業持續取得穩健的業績。我們在主要全球市場實現了持續成長。營收與去年同期基本持平，季增1100萬美元。我們銀行業務部門的毛利率年增 20 個基點，較上季下降 70 個基點。上個季度，我們受益於有利的地域組合，而本季則更加平衡。

Looking ahead, we expect to continue driving steady ATM refresh activity in all geographies, and we're encouraged by the first orders of our teller cash recyclers in our branch automation solutions strategy. Turning to slide 11. Our retail segment delivered strong results for the second consecutive quarter with sequential growth in order entry, revenue and backlog.

展望未來，我們預計將在所有地區持續推進 ATM 更新活動，並且我們對分公司自動化解決方案策略中櫃員現金循環機的首批訂單感到鼓舞。翻到第11張幻燈片。我們的零售業務連續第二季取得強勁業績，訂單量、營收和積壓訂單量均較上季成長。

Gross margin was up 100 basis points sequentially with improvement in service margins and continued point-of-sale strength. As we committed to last quarter, retail revenue and gross margin grew sequentially. We expect to continue driving sequential growth in this segment through year-end. Moving ahead, let's review our guidance on slide 12.

毛利率環比上升 100 個基點，這得益於服務利潤率的提高和銷售點持續強勁的銷售勢頭。正如我們上個季度所承諾的那樣，零售收入和毛利率環比增長。我們預計到年底，該業務板塊將繼續保持環比成長。接下來，讓我們回顧一下第 12 頁的指導說明。

We're maintaining the guidance we shared last quarter and continue to trend toward the higher end of the ranges across total revenue, adjusted EBITDA and free cash flow. The strong performance we posted so far, along with what we see shaping up to be one of the strongest Q4s in recent history, gives us a high level of confidence we can close the year well positioned to achieve further growth in 2026.

我們維持上個季度發布的業績指引，並繼續朝著總收入、調整後 EBITDA 和自由現金流的較高預期目標邁進。我們迄今為止取得的強勁業績，以及我們看到的有望成為近年來最強勁的第四季度之一的前景，讓我們非常有信心能夠以良好的狀態結束今年，並在 2026 年實現進一步增長。

And as we've shown, we have multiple ways to win. Turning to slide 13. We remain committed to maintaining our fortress balance sheet, which underpins our disciplined capital allocation strategy. During the quarter, we received a credit rating upgrade from S&P Global from B to B+, validating our efforts to strengthen financial performance and focus on maintaining our strong balance sheet.

正如我們所展示的，我們有多種獲勝方式。翻到第13張幻燈片。我們將繼續致力於維持穩健的資產負債表，這是我們嚴格資本配置策略的基礎。本季度，我們的信用評級從標普全球的 B 提升至 B+，這證明了我們為加強財務業績和專注於保持強勁的資產負債表所做的努力是值得肯定的。

Also today, we announced our new $200 million share repurchase program. Our goal is to maintain the momentum established with our prior program. This action reflects our disciplined approach to capital allocation and our confidence in the long-term value of the company. We will continue to prioritize actions that drive profitable growth, maintain our fortress balance sheet and deliver value to our shareholders.

今天，我們也宣布了新的 2 億美元股票回購計畫。我們的目標是保持先前專案所取得的良好動力。這項措施體現了我們對資本配置的嚴謹態度以及對公司長期價值的信心。我們將繼續優先採取能夠推動獲利成長、維持穩健資產負債表並為股東創造價值的行動。

At the end of the quarter, we had approximately $590 million of liquidity, including $280 million in cash and short-term investments and $310 million of our revolving credit facility, which remains untapped. Our net leverage ratio remains comfortably within our targeted range of 1.25 times to 1.75 times.

截至季末，我們擁有約 5.9 億美元的流動資金，其中包括 2.8 億美元的現金和短期投資，以及 3.1 億美元的循環信貸額度，該額度尚未動用。我們的淨槓桿率仍維持在 1.25 倍至 1.75 倍的目標範圍內。

With that, I'll turn it back to Octavio for closing remarks.

接下來，我將把發言權交還給奧克塔維奧，讓他做總結發言。

Thanks, Tom. To wrap things up on slide 14, our banking business continues posting solid performance, and we're executing well. We're seeing strong growth in APAC and the Middle East, which is expanding our installed base and driving recurring service revenue. In North America, we expect to build further momentum with our branch automation solutions.

謝謝你，湯姆。最後總結第 14 頁的內容，我們的銀行業務持續保持穩健的業績，我們執行得很好。我們在亞太地區和中東地區實現了強勁成長，這擴大了我們的用戶基礎，並推動了經常性服務收入的成長。在北美，我們期望透過我們的分公司自動化解決方案進一步擴大發展勢頭。

In retail, we're back to year-over-year and sequential growth, and our solutions continue to resonate well with the market, driving efficiency and enhancing customer experience. Across the organization, we're streamlining our structure, aligning functional expertise with strategic objectives and leveraging AI and standardizing processes.

在零售領域，我們恢復了同比成長和環比成長，我們的解決方案繼續受到市場的歡迎，提高了效率並增強了客戶體驗。在整個組織範圍內，我們正在精簡結構，使職能專長與策略目標保持一致，並利用人工智慧和標準化流程。

These actions are expected to further reduce SG&A and enable faster, more scalable growth. Finally, we strongly believe in the long-term value of Diebold Nixdorf and remain laser-focused on delivering shareholder value. We appreciate your support as we advance on our journey building a stronger Diebold Nixdorf for many years to come.

這些措施可望進一步降低銷售、管理及行政費用，並實現更快、更具規模化的成長。最後，我們堅信迪堡多富的長期價值，並將繼續全力以赴為股東創造價值。感謝您在我們努力建立更強大的迪堡多富，並使其在未來多年保持強勁發展勢頭的過程中給予的支持。

And with that, operator, please open up the call for questions.

話音剛落，接線員，請開始接受提問。

(Operator Instructions) Matt Summerville, DA Davidson.

（操作說明）Matt Summerville，DA Davidson。

Maybe first, can you talk about the magnitude of impact on service profitability associated with the accelerated investments you referenced and if this changes kind of the margin cadence into '26 and '27 as it relates to your targets? And then I have a follow-up.

首先，您能否談談您提到的加速投資對服務獲利能力的影響程度，以及這是否會改變 2026 年和 2027 年的利潤率節奏，從而影響您的目標？然後我還有一個後續問題。

Yes. Sure, Matt. So service margins this quarter and what we're looking at for the year, we expect now to be flat to slightly up, really driven by -- you heard Octavio on the call mention our product margins and some of the OpEx resilience that we're seeing, and this is the best thing about sort of the new Diebold, right? We have multiple ways to win.

是的。當然可以，馬特。因此，本季的服務利潤率以及我們對全年的展望，我們預計將持平或略有上升，這主要得益於——您在電話會議上聽到了 Octavio 提到的我們的產品利潤率以及我們看到的一些運營支出韌性，這正是新迪堡最棒的地方，對吧？我們有多種獲勝方式。

So although service margins are going to be flat, what we decided to do because of the product margins and some of the OpEx upside that we saw earlier was to accelerate some of the investments that we need to make into that service business to get to a world-class service level for our customers.

因此，儘管服務利潤率將保持不變，但由於產品利潤率和我們先前看到的營運支出成長，我們決定加快對服務業務的一些必要投資，以達到為客戶提供世界一流服務水準的目標。

That included the consolidation of repair and spare parts depots across Europe, and we're looking at other opportunities in labs and where we have commercial offices as well, but also the field technician software rollout, the acceleration of that in North America. And then lastly, as our C-base has expanded, we've added more field technicians to the mix as well to really help improve our SLAs.

這包括整合歐洲各地的維修和備件倉庫，我們也在實驗室和設有商業辦事處的地方尋找其他機會，以及現場技術人員軟體的推廣，加速在北美的推廣。最後，隨著我們的 C 基地不斷擴大，我們也增加了更多現場技術人員，以真正幫助改善我們的服務等級協定 (SLA)。

So that investment was about $10 million, and that will be spread between Q3 and Q4. So that's really what drives the service margins down. But again, we're still able to do what we said we were going to do and meet total EBITDA expectations because of the multiple ways to win on product margins and OpEx.

所以這筆投資大約是 1000 萬美元，將在第三季和第四季分期支付。這就是導致服務利潤率下降的真正原因。但是，我們仍然能夠實現我們所謂的目標，並達到 EBITDA 總預期，因為我們有多種方法可以在產品利潤率和營運支出方面取得成功。

And then maybe spend a minute focused on the retail business, specifically in North America. Some of the KPIs you've been disclosing around proof of concepts, pilots, no mention of that this quarter. Maybe just a refresh on where things stand. And obviously, no logos mentioned per se. So maybe talk about how that effort is tracking versus your expectations.

然後或許可以花一分鐘時間關註一下零售業，特別是北美地區的零售業。您先前揭露的一些關於概念驗證、試點計畫的關鍵績效指標，本季卻隻字未提。或許只是想回顧事情的現況。顯然，沒有直接提及任何標誌。所以，或許可以談談這項工作的進展與你的預期相比如何。

Yes, Matt, and again, sorry for not talking to more in this call about proof of concept. But again, we keep increasing the number of proof of concepts globally, particularly in North America. We're happy that we're now in several dark stores at some large grocers where they're testing our solutions. So we remain optimistic that we've created a differentiated product for the market. It keeps resonating.

是的，馬特，再次抱歉這次通話中沒有更多地談到概念驗證。但是，我們仍在不斷增加全球範圍內的概念驗證數量，尤其是在北美地區。我們很高興現在一些大型雜貨店的幾家暗店正在測試我們的解決方案。因此，我們仍然樂觀地認為，我們已經為市場創造了一個差異化的產品。它持續引起共鳴。

And as you know, we're trying to unseat some very long-standing incumbents in those markets. But we remain very optimistic that through the strength of our technology, the strength of our service team and the focus that our new sales team is putting on things, we should be seeing results. And we remain very, very optimistic about the retail business. As you saw, order growth was very substantial.

如您所知，我們正試圖在這些市場中取代一些長期佔據主導地位的現有企業。但我們仍然非常樂觀地認為，憑藉我們強大的技術實力、強大的服務團隊以及新銷售團隊的專注，我們應該會看到成果。我們對零售業依然非常非常樂觀。正如你所看到的，訂單成長非常顯著。

Revenue growth was substantial as well. And we're very well positioned to do that again in Q4. So we remain very optimistic about the retail business.

營收成長也相當顯著。我們完全有能力在第四季再次做到這一點。因此，我們對零售業依然保持非常樂觀的態度。

Antoine Legault, Wedbush Securities.

安托萬‧勒戈，韋德布希證券公司。

Just on the banking front, Octavio, I think you had mentioned expecting a pace of about 60 to 70 annual refresh orders on your installed base. Is that still the right way to think about cadence? And are those typically simple refresh orders of existing machines? Or are those -- can those be orders that are upgrades to recyclers? Can you just help us think about that?

奧克塔維奧，就銀行業務方面而言，我想你曾經提到過，預計你的現有客戶群每年會有大約 60 到 70 個更新訂單。這種思考節奏的方式現在還正確嗎？這些通常是對現有機器的簡單刷新訂單嗎？或者說，這些訂單是否可以被視為回收商的升級？您能幫我們思考一下這個問題嗎？

So Antoine, I think that, that pace of around 60,000 machines every year is the right way to think about it, and all these will be new placements. We are not upgrading old machines into recyclers. It's more cost effective and it's a much better machine, the BS Series, every customer I talk to keeps reminding me that we have the best product in the industry there and that we should just accelerate the deployment of those because of the reliability, the functionality that it provides to customers. So yes, keep thinking about it that way, 60-plus thousand machines every year for the foreseeable future.

所以安托萬，我認為每年大約 6 萬台機器的增產速度是正確的，而且所有這些都是新的安裝位置。我們不會將舊機器升級改造成回收機。BS 系列產品性價比更高，性能也更好。當我跟每個客戶交談時，他們都不斷提醒我，我們擁有業內最好的產品，我們應該加快部署這些產品，因為它們可靠性高，功能強大，能夠為客戶提供優質服務。所以，沒錯，繼續這樣想吧，在可預見的未來，每年將有超過 6 萬台機器投入使用。

Noted. And on the gross margin front, you are looking at Q4, I think last year, gross margins dipped a bit sequentially due to geographic mix in the ATM business. How should we think about it this year? I know you mentioned you're expecting continued sequential improvement in retail in the fourth quarter, but how should we think about it from both on a segment basis and on a consolidated basis?

著名的。至於毛利率方面，我認為去年第四季度，由於 ATM 業務的地域組合變化，毛利率較上季略有下降。今年我們該如何看待這個問題？我知道您提到預計第四季度零售業務將繼續環比改善，但我們應該如何從分部和合併兩個層面來看待這個問題？

Yes. So margins for Q4 we expect a pretty -- in total, I would say, pretty similar run rate to what we saw in Q3 as we finish out the year. And the split between banking and retail, I would say, is compared to last year, banking coming in closer at 20 -- where do we end the year at 24% last year, probably closer to 26.5-ish, which is very consistent with what we did last quarter, and then retail coming in at 2024.

是的。因此，我們預計第四季度的利潤率總體上會與第三季度非常相似，從而為今年畫下一個圓滿的句號。至於銀行業和零售業的佔比，我認為，與去年相比，銀行業佔比接近 20%——我們今年的佔比為 24%，可能接近 26.5% 左右，這與我們上個季度的業績非常一致，而零售業佔比則為 2024%。

So a little -- that was last year and then this year, it would be closer to 25%. So again, you'll see sequential improvement quarter-over-quarter and year-over-year. So think mid-25s on retail.

所以去年略有成長，而今年，應該接近 25%。所以，你會看到季度環比和年度環比都有所改善。所以零售業的目標客戶群是25歲以上的人。

Justin Ages, CJS Securities.

賈斯汀·阿格斯，CJS證券。

Can you give us a bit more detail on that small acquisition you mentioned? What capabilities are you getting out of it and how it better serves your customers or what your customers are looking to do?

您能否詳細介紹一下您提到的小規模收購？您從中獲得了哪些功能？它如何更好地服務您的客戶，或滿足客戶的需求？

Yes. So yes, Justin. So it's a fairly small acquisition, but it gives us a very important capability that we didn't have in the US, which is to serve different brands of equipment in the branch. When you think of our branch automation solutions, we're clearly very focused on having our own teller cash recyclers in the branch. But this is a process for most banks that are already using teller cash recyclers or teller cash dispensers, replacing those machines.

是的。是的，賈斯汀。所以這是一筆規模較小的收購，但它賦予了我們在美國所不具備的一項非常重要的能力，那就是為分公司不同品牌的設備提供服務。說到我們的網點自動化解決方案，我們顯然非常注重在網點配備我們自己的櫃員現金循環機。但對於大多數已經使用櫃員現金循環機或櫃員現金分配機的銀行來說，這是一個更換這些機器的過程。

So there has to be a transition period where they're asking us to maintain their old fleet from different vendors. So with this small acquisition, we've acquired the skill set to repair third-party parts. And this company had also a fairly robust process on how to serve third-party products. So that's the capabilities that we're acquiring, something that will expand our addressable market going into this multi-vendor space, particularly around branch products.

因此，必須有一個過渡期，在此期間，他們會要求我們維護他們來自不同供應商的舊車隊。透過這次小規模收購，我們獲得了維修第三方零件的技能。而這家公司在如何提供第三方產品方面也有一套相當完善的流程。所以，這就是我們正在獲得的能力，這將擴大我們進入多供應商領域（尤其是在分公司產品方面）的潛在市場。

Okay. That's helpful. And then now that BAS has formally launched, can you give us some insight into the response versus the big national banks and the smaller regional banks? Are you seeing more demand on one side than the other?

好的。那很有幫助。既然 BAS 已經正式推出，您能否向我們介紹一下它與大型國家銀行和小型區域銀行相比的反響如何？你覺得哪一方的需求量比較大？

So Justin, as with everything in banking, kind of the leading banks of the world set the pace for the rest of the market. So we had the opportunity a couple of weeks ago to -- or a couple of months ago to have some of our largest customers present our customer event.

所以賈斯汀，就像銀行業的一切一樣，世界領先的銀行為市場其他部分樹立了榜樣。所以，幾週前（或幾個月前），我們有機會讓一些最大的客戶在我們的客戶活動中進行演講。

Some of our large customers were up on stage with us touting the benefits of this closed-end cash ecosystem where you have the ATM recycler, the teller cash recycler, the interchangeability of the cassettes inside the devices, the overall management software that not only controls the cash at the branch level, but that helps integrate the branches more to the digital world of banking.

我們的一些大客戶和我們一起上台，大力宣傳這種封閉式現金生態系統的好處，其中包括 ATM 現金循環機、櫃員現金循環機、設備內部鈔箱的互換性，以及不僅可以控制分行現金，還能幫助分行更好地融入數位銀行體系的整體管理軟體。

So big banks are very excited about that. And the response is that as we presented this to literally hundreds of our smaller customers, there's now increased interest on them on how can they actually deploy similar solutions. So I think that the thing that would happen with recycling, we started with the larger banks and it's trickled down to the regionals, now to the smaller credit unions, community banks, I think that we will see that same trend with our branch automation solutions.

所以各大銀行對此都非常興奮。而回饋是，當我們向數百家小型客戶展示這項方案後，他們現在對如何實際部署類似的解決方案產生了濃厚的興趣。所以我認為，就像回收一樣，我們最初是從大型銀行開始的，然後逐漸普及到區域性銀行，現在又普及到小型信用社和社區銀行，我認為我們的分行自動化解決方案也將出現同樣的趨勢。

Matt Summerville, DA Davidson.

馬特·薩默維爾，地方檢察官戴維森。

Just a couple of quick follow-ups. Obviously, you accelerated pretty materially the cadence of your share repurchase wrapping up that $100 million. How should we be thinking about how that $200 million just announced, how that unfolds heading into 2026?

還有一些後續問題。顯然，你們大幅加快了股票回購的步伐，最終完成了1億美元的回購。我們應該如何看待剛剛宣布的這 2 億美元，以及它在 2026 年將如何發揮作用？

Yes. Look, our goal is to really maintain the momentum that we established under the prior program and maintain as much flexibility as we can for the company as we go forward. But look, Matt, as we're looking at 2026 as a year where we end up converting more cash, our EBITDA conversion, our cash conversion number increases by over 10% year-over-year.

是的。我們的目標是保持先前專案所取得的勢頭，並盡可能為公司未來的發展保持靈活性。但是，馬特，你看，當我們展望 2026 年，我們最終將獲得更多現金時，我們的 EBITDA 轉換率，我們的現金轉換率將同比增長 10% 以上。

We're going to have more cash during the year to deploy. And right now, we think given the stock price, and we just feel very confident in our company's ability to generate cash. And we feel the stock is the best return on investment that we can make at this point in time. So again, we're dealing with stock that we feel is undervalued and underappreciated.

今年我們將有更多現金可用於投資。而就目前而言，鑑於股價，我們對公司創造現金流的能力非常有信心。我們認為，就目前而言，這支股票是我們所能獲得的最佳投資回報。所以，我們再次強調，我們處理的是我們認為被低估、未被充分賞識的股票。

And we're going to continue to be in the market, I would think, at a similar pace that you saw, but we reserve the right to be flexible as opportunities like HTx come up or other type of bolt-on acquisitions as well. So -- but right now, our plan is to sort of maintain that same level of buyback that you saw over the last two quarters.

我認為我們將繼續以與你們看到的類似的速度進入市場，但我們也保留靈活應對的機會，例如 HTx 或其他類型的補充收購。所以——但就目前而言，我們的計劃是保持過去兩個季度以來所看到的股票回購水準。

Got it. And then, Octavio, I always find it useful if you take a minute and just kind of talk through the ATM side of the business in terms of what you're seeing with respect to geographic demand trends?

知道了。然後，奧克塔維奧，如果你能花點時間，從地理需求趨勢的角度，談談ATM業務方面的情況，我總是覺得很有幫助？

Yes. So thank you, Matt. So I'll -- let's walk around the world. So North America, I would say we see a very steady business. The refresh cycle in large banks continues to evolve at the same pace that it's been over the past couple of quarters. Recyclers are now, I would say, basically the only product that we sell in North America with a few exceptions that customers that still require cash dispensers, particularly like in the casino space or customers that have a large presence in convenience stores.

是的。所以，謝謝你，馬特。所以，我們一起環遊世界吧。就北美市場而言，我認為業務非常穩定。大型銀行的更新周期繼續以過去幾季的速度發展。現在，可以說，回收器基本上是我們目前在北美銷售的唯一產品，只有少數例外，例如仍然需要現金分配器的客戶，特別是像賭場或在便利商店擁有大量業務的客戶。

But North America remains at a very steady pace. I'm happy with the progress that we're making. I think that's a big opportunity in North America is as we mature branch automation solutions, teller cash recyclers will start becoming a bigger part of the mix. So I'm happy that we're manufacturing them here in Ohio because that clearly creates a competitive advantage for us.

但北美市場依然保持著非常穩定的成長速度。我對我們所取得的進展感到滿意。我認為，隨著北美地區分公司自動化解決方案的成熟，櫃員現金循環機將成為其中更重要的組成部分，這是一個巨大的機會。所以我很高興我們能在俄亥俄州生產這些產品，因為這顯然為我們創造了競爭優勢。

As far as Europe, Europe, to be honest, is having a blockbuster year. I'm super proud of the team there. The -- as Tom likes to say, they found multiple ways to win in a market that is not really growing that much. We continue to gain share, gain customers, significantly improve our service capabilities there. So I'm very happy with Europe.

就歐洲而言，坦白說，歐洲今年可謂是碩果累累。我為那裡的團隊感到無比自豪。正如湯姆喜歡說的那樣，他們找到了多種在成長並不快的市場中獲勝的方法。我們持續擴大市場份額，贏得更多客戶，並顯著提升我們在當地的服務能力。所以我對歐洲非常滿意。

We had strong orders from all major markets in Europe. So again, I think Europe will end the year in a very strong note. So Europe continues to be very healthy. Asia Pacific, we made that big decision to reenter, as you know, India create fit-for-purpose devices for multiple markets. The Middle East with the high capacity cash recycler, the highest capacity device in the world, India with a more energy-efficient, smaller footprint device, and we've been winning business, which is very important because, as you know, we have been -- had a shrinking installed base in that part of the world, which we are now starting to reverse the trend.

我們收到了來自歐洲各大市場的大量訂單。所以，我再次認為歐洲將以非常強勁的勢頭結束這一年。所以歐洲的經濟依然非常健康。如您所知，我們做出了重返亞太地區的重大決定，在印度為多個市場生產合適的設備。我們在中東地區推出了大容量現金循環機，這是世界上容量最大的設備；在印度推出了更節能、佔地面積更小的設備，我們一直在贏得業務，這非常重要，因為正如您所知，我們在世界那個地區的裝機量一直在減少，而我們現在開始扭轉這一趨勢。

So that provides significant upside for us in future years around the service and software opportunity. Lastly, let me talk about Latin America. As you know, it's always been dear to my heart. This year hasn't been as strong in Latin America overall. It hasn't been a bad year, but it hasn't been as strong as we had hoped for. There's a little bit of political turmoil in most markets in Latin America.

因此，未來幾年我們在服務和軟體領域將迎來巨大的發展機會。最後，我想談談拉丁美洲。如你所知，它一直是我心中非常珍惜的東西。今年拉丁美洲整體經濟情勢並不樂觀。今年不算糟糕，但也沒有達到我們預期的水平。拉丁美洲大部分市場都存在一些政治動盪。

So banks are a little bit more cautious. But -- as we look at our opportunity there, continues to be the most heavy cash usage society in most places. So we're optimistic that as we enter Q4 and go into next year, Latin America will once again pick up the pace. And again, I always separate Brazil from Latin America because it's such a unique market.

所以銀行方面會更加謹慎。但是——當我們審視我們在那裡的機會時，會發現大多數地方仍然是現金使用最嚴重的社會。因此，我們樂觀地認為，隨著第四季的到來和明年的到來，拉丁美洲將再次加快成長步伐。而且，我總是將巴西與拉丁美洲區分開來，因為它是一個非常獨特的市場。

But now that Brazil is manufacturing devices for all of Latin America, we're gaining also a lot of efficiency in our Brazilian manufacturing. And we're still waiting for some of these big government RFPs that keep being postponed, but we know that we will get them. We're just hoping that they can materialize faster. But again, Latin America, still very optimistic about the market, even if this year wasn't as strong as we had hoped for.

但現在巴西為整個拉丁美洲生產設備，我們在巴西的製造業效率也大大提升。我們仍在等待一些政府大型招標項目的審批，這些項目一直被推遲，但我們知道最終會得到它們。我們只是希望它們能更快實現。但是，拉丁美洲市場依然非常樂觀，即使今年的市場表現不如我們預期的那麼強勁。

But once again, that's the importance of having the geographic diversity that we have that when one market is suffering, then a couple of others can pick up. So North America picked up some of the slack, Europe picked up some of it, Asia Pac. So we're very confident that the model that we have, the distributed manufacturing footprint, the local to local clearly is a strength for the company.

但再次強調，這就是我們擁有地域多樣性的重要性所在：當一個市場遭受損失時，其他幾個市場可以彌補損失。所以北美彌補了一些缺口，歐洲彌補了一些缺口，亞太地區也彌補了一些缺口。因此，我們非常有信心，我們現有的模式，即分散式製造佈局和本地化生產，顯然是公司的優勢。

Thank you. At this time, we have no further questions. I'll now turn the call over to Maynard Um for his closing remarks.

謝謝。目前我們沒有其他問題了。現在我將把電話交給梅納德·烏姆，請他作總結發言。

Thanks, everyone, for participating in today's call and your interest in Diebold Nixdorf. If you have any follow-up questions, feel free to reach out to the investor relations team. So thanks again, and have a great rest of the day.

感謝各位參加今天的電話會議，也感謝大家對迪堡多富的關注。如果您有任何後續問題，請隨時聯絡投資者關係團隊。再次感謝，祝您今天餘下的時間過得愉快。