Diebold Nixdorf Inc (DBD) 2026 Q1 法說會逐字稿

Hello, good day, and welcome to Diebold Nixdorf's first-quarter 2026 earnings call. My name is Carly, and I will be coordinating today's call. (Operator Instructions)

您好，祝您有美好的一天，歡迎參加 Diebold Nixdorf 2026 會計年度第一季財報電話會議。我叫 Carly，將負責協調今天的會議。(接線員指示)

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

現在我想把電話會議交給我們的主持人——投資人關係副總裁 Maynard Um。Maynard，請開始。

Hello, welcome to our first-quarter 2026 earnings call. To accompany our prepared remarks, we posted our slide presentation to the Investor Relations section of our website.

大家好，歡迎參加我們 2026 會計年度第一季財報電話會議。為配合我們的事先準備講稿，我們已將簡報投影片上傳至公司網站的投資人關係專區。

Before we start, I'll 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.

在開始之前，我要提醒各位與會者，您將在本次電話會議中聽到前瞻性陳述。這些陳述反映管理團隊在會議當下的預期與信念，但仍受各項風險影響，可能導致實際結果與這些陳述出現重大差異。

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 Participants should be mindful that subsequent events may render this information to be out of date.

您可在公司向美國證券交易委員會（SEC）提交的定期與年度申報文件中，找到關於這些因素的更多資訊。與會者應注意，後續事件可能使本資訊不再即時或適用。

We will also discuss certain non-GAAP financial measures on today's call. As noted on slide 3, reconciliations between GAAP and non-GAAP financial measures can be found in the supplemental schedules of the presentation.

我們也將在今天的電話會議中討論若干非 GAAP 財務衡量指標。如投影片第 3 頁所示，GAAP 與非 GAAP 財務衡量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, who will begin on slide 4.

接下來，我將把電話會議交給 Octavio，他將從投影片第 4 頁開始。

Thank you, Maynard. Good morning, everyone, and thank you for joining us. The first quarter was a strong start to the year and another quarter of delivering on our commitments, continuing the operating momentum we have built. We grew revenue 6% year over year to $888 million, and adjusted EBITDA increased 14% to $99 million. At the same time, backlog grew sequentially to approximately $790 million, reinforcing the underlying demand we're seeing across both Banking and Retail.

謝謝你，Maynard。各位早安，感謝各位參與。第一季為今年帶來強勁開局，也是我們持續兌現承諾、延續既有營運動能的又一季。我們的營收年增 6% 至 8.88 億美元，調整後 EBITDA 年增 14% 至 9,900 萬美元。同時，積壓訂單（backlog）較前一季增加至約 7.90 億美元，進一步印證我們在銀行與零售兩大業務所看到的基本需求。

In Banking, we continue to build on the strength of our core ATM franchise while expanding our role inside the branch. We are seeing good momentum in Teller Cash Recyclers and broader branch automation, which are increasing our relevance with customers and expanding our opportunity set.

在銀行業務方面，我們在核心 ATM 業務的優勢基礎上持續深化，同時擴大我們在分行內部的角色。我們在櫃員現金循環機（Teller Cash Recyclers）及更廣泛的分行自動化方面看到良好動能，這提升了我們對客戶的相關性，並擴大了我們的機會版圖。

In Retail, we're seeing growth accelerate as we expected, with revenue up double-digits.In North America, we're gaining critical mass with a large and growing pipeline of deals and had important wins in electronic point of sale in the fuel and convenience space and with a regional grocer.

在零售業務方面，我們如預期看到成長加速，營收呈現兩位數成長。在北美，我們在龐大且持續成長的交易案源（pipeline）中逐步形成關鍵規模，並在加油站與便利商店領域的電子銷售點（electronic point of sale）以及一家區域型雜貨零售商取得重要勝利。

In self-checkout, we delivered initial deployments with a large pharmacy chain. In Europe, we had a large number of electronic point of sale wins that drove growth.

在自助結帳方面，我們已為一家大型連鎖藥局完成初期部署。在歐洲，我們取得大量電子銷售點（electronic point of sale）訂單，帶動成長。

Free cash flow continues to be a clear point of strength. We generated $21 million in Q1, more than tripling year over year. This marks our sixth consecutive quarter of positive free cash flow, and we expect to remain consistently positive each quarter going forward.

自由現金流持續是我們明確的強項。我們在第一季產生 2,100 萬美元自由現金流，較去年同期增加逾三倍。這是我們連續第六季實現正向自由現金流，且我們預期未來每一季都將維持穩定為正。

We maintained our fortress balance sheet, ending the first quarter with a net debt leverage ratio of 1.2 times while remaining fully committed to returning the majority of our free cash flow generation to shareholders through our $200 million share repurchase program. We had a strong quarter. We did what we said we would do, and importantly, this performance reflects the continued compounding of the strategic and operational improvements we have implemented.

我們維持堅實的資產負債表，第一季結束時淨負債槓桿比率為 1.2 倍；同時，我們仍全力致力於透過 2 億美元庫藏股回購計畫，將我們所產生自由現金流的大部分回饋給股東。我們本季表現強勁。我們做到了我們所承諾的事；更重要的是，這樣的表現反映出我們已推動的策略與營運改善持續累積並發酵。

Let's now turn to slide 5 to review our Banking strategy. In Banking, we continue to see supportive secular tailwinds. Financial institutions are investing in their branch networks to improve efficiency and enhance the customer experience, while at the same time remaining under pressure to lower the cost to serve. Importantly, in the US, we're seeing a shift from prior years, with leading financial institutions actively expanding their branch footprints. That is creating a clear need for solutions that both improve the customer experience and structurally reduce the operating cost.

接著請看投影片第 5 頁，我們將回顧銀行業務策略。在銀行業務方面，我們持續看到有利的長期結構性順風。金融機構正投資其分行網路，以提升效率並改善客戶體驗，同時也持續承受降低服務成本的壓力。值得注意的是，在美國，我們看到與過去幾年不同的趨勢：領先的金融機構正積極擴大其分行據點。這清楚地帶來對解決方案的需求——既能提升客戶體驗，也能在結構上降低營運成本。

Our strategy is built for that environment. We go beyond the ATM to help banks automate and run the entire branch ecosystem, combining hardware, software, and services to improve customer experience, employee efficiency, and overall branch economics. The objective is straightforward: take cost out while improving service levels. Our integrated ecosystem optimizes how cash moves through the branch, reducing the need for cash-in-transit activity and the expense that comes with it, because the best cost is no cost. This is a key differentiator in how we approach the market. We use technology to eliminate cost and improve the customer experience, not just to manage or reallocate it. We're seeing that the strategy translates into results across three areas.

我們的策略正是為這樣的環境而打造。我們不僅止於 ATM，而是協助銀行自動化並營運整個分行生態系，結合硬體、軟體與服務，以提升客戶體驗、員工效率與整體分行經濟效益。目標很明確：在提升服務水準的同時降低成本。我們的整合式生態系可最佳化現金在分行內的流動方式，降低現金運送（cash-in-transit）活動的需求及其相關費用，因為最好的成本就是零成本。這是我們切入市場方式的一項關鍵差異化。我們運用科技來消除成本並改善客戶體驗，而不只是管理或重新分配成本。我們看到這項策略在三個面向轉化為成果。

First, in our core self-service business, recycling ATMs continue to gain momentum across customer segments and geographies. In the US, we won a full network upgrade with a major credit union based in the Southeast, with more than 1 million members, deploying over 200 DN Series cash recyclers across their footprint.

第一，在我們核心的自助服務業務中，循環式 ATM（recycling ATMs）在各類客戶族群與不同地區持續加速成長。在美國，我們贏得一家位於東南部、擁有超過 100 萬名會員的大型信用合作社的全網路升級案，將在其據點部署超過 200 台 DN Series 現金循環機。

This is a strong proof point that recyclers are gaining traction across a broad range of institutions. Second, inside the branch, we're expanding our footprint with Teller Cash Recyclers and branch automation solutions. During the quarter, we secured a significant competitive displacement with one of the largest financial institutions in the US, winning 100% of their Teller Cash Recycler install base.

這是循環機在廣泛機構類型中持續獲得採用的有力佐證。第二，在分行內部，我們透過櫃員現金循環機（Teller Cash Recyclers）與分行自動化解決方案擴大我們的覆蓋。本季我們在美國最大型的金融機構之一取得重大競爭替換（competitive displacement），贏得其櫃員現金循環機全部裝機基礎（install base）的 100%。

In addition, we were selected by FOREX as the single trusted partner to manage and optimize their ATM network end to end, reinforcing our ability to deliver both operational efficiency and service performance at scale. At the same time, we've grown our pipeline and backlog in India for our Fit-for-Purpose devices, and we have plans to expand this product family into additional markets across Asia. We also plan to extend our Teller Cash Recycler footprint into international markets, further broadening our addressable opportunity. Third, we are increasingly orchestrating how transactions are processed and routed across multiple customer touchpoints. During the quarter, we won a major engagement with a leading US financial institution to modernize transaction processing across thousands of branches.

此外，FOREX 選擇我們作為唯一可信賴的合作夥伴，端到端管理並最佳化其 ATM 網路，進一步強化我們在規模化交付營運效率與服務表現方面的能力。同時，我們在印度針對「適用於特定用途」（Fit-for-Purpose）設備的案源與積壓訂單持續成長，並計畫將此產品系列擴展至亞洲更多市場。我們也計畫將櫃員現金循環機的覆蓋延伸至國際市場，進一步擴大我們可服務的市場機會。第三，我們正日益主導（orchestrating）交易在多個客戶接觸點之間的處理與路由方式。本季我們與一家美國領先金融機構取得重大合作案，將在數千家分行推動交易處理現代化。

Our platform supports transactions not only at the ATM, but also at the teller and across digital channels, enabling banks to manage and optimize transaction flow across both physical and digital environments. Importantly, these are not standalone wins. They are part of a broader strategy to increase our integration and wallet share within the branch and transaction ecosystem. When customers deploy across ATMs, Teller Cash Recyclers, and software, it creates a natural path to broader branch automation, strengthening our relationships and expanding our role over time. Stepping back, we're executing well. We're strengthening our core, expanding inside the branch, and using technology to structurally improve cost and performance for our customers, while also extending our reach into new geographies.

我們的平台不僅支援 ATM 交易，也支援櫃檯（teller）及各數位通路的交易，使銀行能在實體與數位環境中管理並最佳化交易流。重要的是，這些並非單一、孤立的勝利。它們是更廣泛策略的一部分，旨在提升我們在分行與交易生態系中的整合程度與錢包占有率（wallet share）。當客戶同時部署 ATM、櫃員現金循環機與軟體時，便會自然形成通往更全面分行自動化的路徑，隨時間推進強化合作關係並擴大我們的角色。回到整體來看，我們執行表現良好。我們強化核心業務、向分行內部擴張，並運用科技在結構上改善客戶的成本與績效，同時也將觸角延伸至新的地理市場。

Moving to slide 6, turning to Retail, we delivered a very strong Q1, with revenue growth north of 25% year over year. We continue to see strong momentum building across the business as we move through the year. In North America, the traction we're building continues to strengthen. About a year ago, we identified our top 40 target accounts. Today, we have active projects with the vast majority of them.

接著看投影片第 6 頁，轉到零售業務，我們第一季表現非常強勁，營收年增超過 25%。隨著我們推進今年的進程，我們持續看到整體業務動能強勁累積。在北美，我們所建立的市場牽引力持續增強。約一年前，我們鎖定了前 40 大目標客戶。如今，我們已與其中絕大多數客戶展開進行中的專案。

Our pipeline has grown approximately threefold over that period. That momentum is converting into wins. During the quarter, we secured a major deployment with a top 10 fuel and convenience retailer for thousands of point-of-sale units. In addition, we won an initial self-checkout deployment with a leading pharmacy chain. Scored an Electronic Point of Sale win with a regional grocer in the US. Both of those opportunities create pathways for much larger rollouts over time.

在此期間，我們的商機管道約成長了三倍。這股動能正在轉化為得標。本季，我們與一家前十大燃料與便利零售商達成一項重大部署，涵蓋數千台銷售點（POS）設備。此外，我們也與一家領先的連鎖藥局贏得了初期自助結帳部署。並在美國與一家區域性雜貨零售商拿下電子銷售點（EPOS）案。這兩個機會都為未來逐步擴大至更大規模的推廣奠定了路徑。

We're encouraged by the quality of the opportunities in front of us and increasingly confident in our ability to convert that pipeline into meaningful growth as the year progresses. In Europe, we continue to see strong execution with solid point-of-sale performance and wins across multiple markets.

我們對眼前機會的品質感到鼓舞，並且隨著年度推進，對於將該商機管道轉化為具意義的成長愈發有信心。在歐洲，我們持續看到強勁的執行力，銷售點業務表現穩健，並在多個市場取得勝利。

Turning to Smart Vision AI, we are positioning Smart Vision as a platform that supports multiple use cases across the store. It delivers strong ROI by reducing shrink, improving operational efficiency, and enhancing the checkout experience. What started at the self-checkout has now expanded across additional parts of the store, from the aisle to the manned checkout, demonstrating the flexibility and scalability of the platform.

談到 Smart Vision AI，我們正將 Smart Vision 定位為一個可支援店內多種使用情境的平台。它透過降低損耗、提升營運效率並改善結帳體驗，帶來強勁的投資報酬率（ROI）。最初從自助結帳起步，如今已擴展到店內更多區域，從走道到有人值守的收銀台，展現了該平台的彈性與可擴展性。

We are already seeing early adoption. One of the largest retailers globally has deployed Smart Vision in several stores to address shrink across both the aisle and the point of sale. Strategically, this platform is opening doors.

我們已經看到早期採用。全球最大的零售商之一已在多家門市部署 Smart Vision，以因應走道與銷售點兩端的損耗問題。在策略上，這個平台正在為我們打開更多大門。

It allows us to engage earlier with customers, often starting with a targeted use case and then expanding into broader discussions around self-checkout, point-of-sale, and software. Creates a natural path to larger, more strategic programs over time. This also aligns well with where the market is going. Retailers, particularly in North America, are increasingly prioritizing open modular solutions. The model we've already proven in Europe. We're pleased with the strong momentum we're seeing across retail. Our focused account strategy is working, our pipeline is building, and our platform approach is positioning us to continue expanding share.

它讓我們能更早與客戶互動，通常先從一個聚焦的使用情境切入，接著擴展到更廣泛的自助結帳、銷售點與軟體相關討論。並隨時間推進，自然形成通往更大規模、更具策略性專案的路徑。這也與市場走向高度一致。零售商，特別是在北美，正日益優先採用開放式模組化解決方案。這是我們已在歐洲驗證過的模式。我們對零售領域所見到的強勁動能感到滿意。我們聚焦的客戶策略正在奏效，商機管道持續建立，而我們的平台化方法也正使我們得以持續擴大市占。

Turning to slide 7, in services, we're making solid progress. As we've previously indicated, margins are modestly down year over year as we continue to invest in the business to strengthen execution and service quality.

接著看第 7 頁，在服務方面，我們正取得穩健進展。如同先前所提，隨著我們持續投資以強化執行與服務品質，毛利率年對年小幅下滑。

These investments are progressing as planned and positioning us for sequential margin expansion as we move through the year. These investments are delivering results. We are now achieving some of the highest service levels in our history in North America, with meaningful improvements in SLAs and overall availability. That level of performance is critical as it drives customer satisfaction, supports product growth, and increases service attach rate over time. At the same time, as we expand our installed base across Banking and Retail, we're increasing service density, which drives incremental, highly recurring revenue without the proportional increase in cost. We're also entering the next phase of our efficiency journey. With the rollout of our field technician software, we now have much more granular visibility into operations, allowing us to optimize dispatch, routing, and parts management.

這些投資正按計畫推進，並使我們在今年接下來的季度中具備逐季毛利率擴張的條件。這些投資正在帶來成果。我們目前在北美達成了歷史上最高水準之一的服務表現，SLA 與整體可用性均有顯著改善。這樣的表現至關重要，因為它能提升客戶滿意度、支撐產品成長，並隨時間提高服務附加率。同時，隨著我們在銀行與零售領域擴大已安裝基礎，我們也在提升服務密度，從而在成本不成比例增加的情況下，帶來增量且高度經常性的收入。我們也正進入效率提升旅程的下一階段。隨著現場技術人員軟體的推行，我們現在能更細緻地掌握營運狀況，進而最佳化派工、路線規劃與零件管理。

For example, in Chicago, a cross-functional team used these tools to redesign service zones, improving first-time fix rates, reducing drive time, and lowering dispatcher requirements. Overall, we're seeing the right progression, stronger execution, a growing installed base, and increasing opportunities to drive efficiency and margin expansion.

例如在芝加哥，一個跨職能團隊運用這些工具重新設計服務區域，提升一次修復率、縮短行車時間，並降低對調度人力的需求。整體而言，我們看到正確的進展：執行力更強、已安裝基礎持續成長，並且有更多機會推動效率提升與毛利率擴張。

Let's turn to slide 8. Our approach to continuous improvement is now a core part of how we operate the business and has become a meaningful competitive advantage in how we execute. This is not just a set of initiatives. It is an operating rhythm and cultural shift across the organization. We're focused on identifying incremental improvements, scaling them across the enterprise, and compounding those gains over time to drive margin expansion and reduce complexity. We are seeing that translate into tangible results.

接著看第 8 頁。我們的持續改善方法如今已成為公司營運的核心部分，並在執行層面形成具意義的競爭優勢。這不僅僅是一組專案。它是一種營運節奏，也是全組織的文化轉變。我們專注於辨識增量改善，將其在全企業擴大推行，並隨時間累積這些成果，以推動毛利率擴張並降低複雜度。我們正看到這些努力轉化為具體成果。

During the quarter, we held Kaizen events across our Asia Pacific service and logistics operations focused on improving repair cycles, dispatch efficiency, and billing capture. More importantly, these efforts are generating both cost savings and incremental revenue, and they are repeatable and scalable across our network. In manufacturing, we're also driving meaningful improvements. In North Canton, we reduced our sub-assembly footprint by about 40%, freeing up space for additional future production capacity. In Brazil, we redesigned our manufacturing process, reducing footprint by approximately 50% while increasing capacity and reinforcing our local for local strategy. These are good examples on how we're simplifying the business, improving productivity, and structurally strengthening margins. Remember, when I first took over as CEO and prior to launching Lean, product banking margins were in the low teens. This quarter, they were above 30%.

本季，我們在亞太地區的服務與物流營運中舉辦了 Kaizen 活動，聚焦於改善維修週期、派工效率與帳單收取。更重要的是，這些努力同時帶來成本節省與增量收入，且可在我們的網路中重複推行並具備可擴展性。在製造方面，我們也在推動具意義的改善。在北坎頓（North Canton），我們將次組裝（sub-assembly）占用面積縮減約 40%，釋放空間以支援未來額外產能。在巴西，我們重新設計製造流程，在將占用面積縮減約 50% 的同時提升產能，並強化我們的在地供應在地（local for local）策略。這些都是我們如何簡化業務、提升生產力並在結構上強化毛利率的良好例子。請記得，當我剛接任 CEO、且在推動 Lean 之前，銀行產品毛利率僅在十幾個百分點的低檔。本季則已超過 30%。

Lean has been a key driver of the margin profile you're seeing today. During the quarter, we received multiple global banking and finance awards recognizing innovation and the strength of our end-to-end banking solutions. We were added to the S&P SmallCap 600 index earlier this month. That inclusion reflects the consistency of our execution, the discipline we've built into the business, and the credibility we've gained with the investment community. Overall, this is about building a better company with solid financials, one that is more efficient, has a fortress balance sheet, and continues to deliver sustainable value for our shareholders and customers.

Lean 一直是推動你們今天所看到毛利結構的關鍵驅動因素。本季，我們獲得多項全球銀行與金融獎項，表彰我們的創新能力以及端到端銀行解決方案的實力。本月稍早，我們被納入 S&P SmallCap 600 指數。這項納入反映了我們執行的一致性、我們在業務中建立的紀律，以及我們在投資社群中累積的可信度。整體而言，這是關於打造一家更好的公司：財務穩健、更有效率、擁有堡壘式資產負債表，並持續為股東與客戶創造可持續的價值。

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

接下來，我把時間交給 Tom，請他帶大家回顧我們的財務結果。

Thank you, Octavio. Beginning on slide 9, Q1 was a strong start to the year and reinforces that our strategy is working. Our products and solutions solve real problems for our customers, and the foundation we've laid out for our growth initiatives is seeing momentum across the portfolio.

謝謝你，Octavio。從第 9 頁開始，第一季是今年強勁的開局，也再次證明我們的策略正在奏效。我們的產品與解決方案能解決客戶的真實痛點，而我們為成長計畫所奠定的基礎，正帶動整個產品組合的動能。

Non-GAAP revenue was $888 million, up 6% year over year, driven by strength in retail, currency, and solid execution across services. Backlog increased sequentially, reflecting healthy demand across both segments and giving us stronger visibility as we progress through the year. Non-GAAP gross margin in Q1 expanded 10 basis points year over year to 25.4%. Product gross margin increased 60 basis points to 26.3%, driven primarily by disciplined pricing, favorable mix in our Banking portfolio, and continuing manufacturing cost and productivity improvements.

非 GAAP 營收為 8.88 億美元，年對年成長 6%，主要受零售、鈔券（currency）以及服務業務穩健執行所帶動。積壓訂單（backlog）較前一季增加，反映兩大事業部需求健康，並在年度推進過程中提供更強的能見度。第一季非 GAAP 毛利率年對年擴張 10 個基點至 25.4%。產品毛利率提升 60 個基點至 26.3%，主要受嚴謹的定價紀律、銀行產品組合的有利組合，以及製造成本與生產力持續改善所驅動。

Non-GAAP service margins were 24.8%, down 30 basis points as we continued planned investments into people and technology. We're on track and starting to realize the early benefits and already seeing tangible improvements in service levels and fleet efficiency. While you'll see us continue these investments in North America and expand the rollout of our field technician software internationally, we expect service margins to increase both sequentially and year-over-year moving forward in 2026. Non-GAAP operating profit rose 27% year-over-year to $61 million, and operating margin expanded 120 basis points to 6.9%, reflecting higher volume, better product margin, and continued operating expense discipline. In Q1, we held operating expenses flat year-over-year while continuing to invest in areas that support service performance and growth.

非 GAAP 服務毛利率為 24.8%，下滑 30 個基點，因我們持續按計畫在人員與技術方面投入。我們進度如期，並開始實現早期效益，且已看到服務水準與車隊效率的具體改善。雖然你們會看到我們在北美持續這些投資，並將現場技術人員軟體的推行擴展至國際市場，但我們預期服務毛利率在 2026 年起將同時呈現逐季與年對年提升。第一季非 GAAP 營業利益年對年成長 27% 至 6,100 萬美元，營業利益率擴張 120 個基點至 6.9%，反映出更高的出貨量、更佳的產品毛利率，以及持續的營運費用紀律。第一季，我們在持續投資於支援服務表現與成長的領域之際，仍將營運費用維持與去年同期持平。

That's a strong signal of the operating rigor we're building into the company. Operating expense discipline continues to be a major focus across the enterprise. We're seeing real progress. We have a broad pipeline of over 200 actions that are well underway as part of our $50 million cost reduction program. We're beginning to see some of the green shoots from that work, both from the traditional cost actions and from Lean and technology-enabled simplification that removes work altogether. In 2026, we expect these run rate savings to result in approximately a 1% to 2% reduction in operating expense with benefits building as we move through the year and additional opportunities are identified.

這是我們正在為公司建立的營運嚴謹度的一個強烈訊號。營運費用紀律仍然是全企業的主要重點。我們看到實質進展。作為我們5,000萬美元成本削減計畫的一部分，我們有超過200項行動的廣泛管線正在順利推進。我們開始看到這些工作的初步成果，既來自傳統的成本行動，也來自精實（Lean）與技術賦能的簡化，後者能將部分工作完全移除。在2026年，我們預期這些按年化（run rate）計算的節省將帶來約1%至2%的營運費用下降，且效益將隨著年度推進而逐步累積，並在辨識出更多機會後進一步擴大。

Continuing on to slide 10, we continue to see strong trends across our profitability and cash flow metrics. In Q1, adjusted EBITDA grew 14% year over year to $99 million, with margins expanding 80 basis points to 11.2%, demonstrating strong operational execution. We're also making significant progress on non-GAAP EPS, which grew about 81% year over year to $0.67, driven by strong operating profit.

接著看第10頁，我們在獲利能力與現金流指標上持續看到強勁趨勢。第一季，調整後EBITDA年增14%至9,900萬美元，利潤率擴張80個基點至11.2%，展現強勁的營運執行力。我們在非GAAP每股盈餘（EPS）方面也取得顯著進展，年增約81%至0.67美元，主要由強勁的營業利益所帶動。

Turning to cash flow, which is an important measure of earnings quality and supports our capital return priorities, our free cash flow in Q1 more than tripled versus a year ago to approximately $21 million. We drove strong working capital performance with days inventory outstanding improving by 6 days and day sales outstanding improving by 4 days.

轉到現金流，這是衡量獲利品質的重要指標，並支撐我們的資本回饋優先事項；第一季自由現金流較去年同期增加逾三倍，約達2,100萬美元。我們推動了強勁的營運資金表現，存貨周轉天數改善6天，應收帳款周轉天數改善4天。

Moving to slide 11, we delivered a solid quarter with gross profit dollars and margins growing year over year. Octavio spoke about some of the secular tailwinds in the Banking space and our portfolio solutions for ATMs, teller cash recyclers, and our branch automation solutions align very well to help banks transform their branches, enhance the customer experience, and achieve their goals of reducing costs and increasing efficiency.

來到第11頁，我們交出穩健的一季，毛利金額與毛利率皆較去年同期成長。Octavio談到銀行領域的一些長期結構性順風，而我們針對ATM、自助櫃員現金循環機（Teller Cash Recycler）以及分行自動化解決方案的產品組合，與協助銀行改造分行、提升客戶體驗、並達成降本增效目標高度契合。

Revenue was down slightly year over year, primarily reflecting the timing of product deliveries, but our solid order entry and sequential backlog growth along with encouraging momentum in Latin America gives us very good visibility. Banking services revenue was up slightly year over year, and our continued delivery of improved SLAs gives us the opportunity for further wins both in our product and service businesses. Gross margins in our Banking segment increased 90 basis points year over year to 26.6%.

營收較去年同期小幅下滑，主要反映產品交付時點的影響；但穩健的接單表現與積壓訂單（backlog）逐季成長，加上拉丁美洲令人鼓舞的動能，讓我們具備非常良好的可視性。銀行服務營收較去年同期小幅成長，而我們持續交付更佳的服務水準協議（SLA），使我們在產品與服務業務上都有機會取得更多勝利。我們銀行事業部的毛利率年增90個基點至26.6%。

Within that, product margins expanded meaningfully to 31.4%, up 370 basis points versus last year, driven by product and geographical mix as well as continued cost control in manufacturing. Service margin was 23.7%, down 80 basis points compared to last year, reflecting the investments in field technicians, our field technician software, and the ongoing consolidation of our repair and service centers. Looking ahead, we expect to continue to see steady global ATM shipments with refresh activity in all geographies, and we're encouraged by the momentum in our Teller Cash Recycler adoption, Fit-for-Purpose rollout, and overall branch automation solutions.

其中，產品毛利率顯著擴張至31.4%，較去年提升370個基點，主要受產品與地理組合影響，並受惠於製造端持續的成本控管。服務毛利率為23.7%，較去年下降80個基點，反映我們對外勤技術人員、外勤技術人員軟體，以及維修與服務中心持續整併的投資。展望未來，我們預期全球ATM出貨將維持穩健，各地區皆有汰換更新活動；同時，我們對自助櫃員現金循環機的採用動能、Fit-for-Purpose推廣，以及整體分行自動化解決方案的進展感到鼓舞。

Turning to slide 12, Retail delivered strong results with revenue up 26% year over year, driven by double-digit growth in both product and services as the recovery in Europe continues, as well as revenue growth of nearly 70% in North America. While this is off a small base, these results demonstrate that our growth initiatives are gaining traction and meaningfully advancing us towards the sizable opportunities that we see ahead. Retail customers remain focused on automation, efficiency, and lower total cost of ownership. Our platform aligns well with these priorities, supported by complementary software and services that can be layered to fit each store's specific needs. In product, point-of-sale continued to perform well across our markets as customer deployments accelerated, reinforcing our number one position in Europe. As Octavio mentioned earlier, we're seeing important early wins across retail verticals in the North American market.

轉到第12頁，零售業務表現強勁，營收年增26%，主要由產品與服務皆達雙位數成長所帶動，歐洲復甦持續，同時北美營收成長近70%。雖然基期較小，但這些結果顯示我們的成長計畫正在取得進展，並實質推動我們邁向前方可觀的機會。零售客戶仍聚焦於自動化、效率與更低的總持有成本（TCO）。我們的平台與這些優先事項高度一致，並由可疊加的互補軟體與服務支援，以符合各門市的特定需求。在產品方面，銷售點（POS）在各市場持續表現良好，隨著客戶部署加速，進一步鞏固我們在歐洲的第一名地位。如Octavio先前提到，我們在北美市場的零售垂直領域正看到重要的早期勝利。

This is another example of our multiple ways to win as the strength in retail gave us the flexibility across our portfolio. We would expect the shape of retail product revenue to be more balanced across the year versus prior years. Service revenue benefited from higher installation volumes, which grew year-over-year. Gross profit dollars increased 17% year over year to $61 million. Total gross margin was 22.6%, down 180 basis points year over year. Product margins declined 330 basis points, primarily driven by mix as point-of-sale devices carry a lower gross margin within our portfolio. We also saw some impact from higher DRAM and memory costs, but are taking appropriate pricing actions and adjusting our quoting cadence. This does not change our confidence in our full year guidance.

這是我們「多種致勝方式」的另一個例子，零售的強勁表現讓我們在產品組合上更具彈性。我們預期今年零售產品營收在全年分布上將較過往年度更為均衡。服務營收受惠於較高的安裝量，且安裝量較去年同期成長。毛利金額年增17%至6,100萬美元。總毛利率為22.6%，較去年下降180個基點。產品毛利率下降330個基點，主要由組合影響所致，因為在我們的產品組合中，POS設備的毛利率較低。我們也看到DRAM與記憶體成本上升帶來一些影響，但我們正採取適當的定價行動並調整報價節奏。這不會改變我們對全年財測指引的信心。

Retail service margin improved 80 basis points year-over-year to 27.7%, driven by higher revenues and benefits from the investments we're making in our service operations. Looking ahead, we expect more favorable product mix in the second half of the year, which will improve product margins and a steady performance in services for the remainder of 2026.

零售服務毛利率年增80個基點至27.7%，主要由較高營收以及我們對服務營運所做投資帶來的效益所驅動。展望未來，我們預期下半年產品組合將更有利，進而改善產品毛利率，並在2026年剩餘期間維持服務業務的穩健表現。

Moving to slide 13, let's review our 2026 guidance. We had a great start to the year with a very strong Q1, we're seeing very good momentum in our key growth initiatives. Despite a dynamic macro environment, we feel good about where we are and the diversity of our business that provides us multiple ways to win, both of which give us the confidence in our outlook for 2026.

來到第13頁，我們回顧2026年指引。我們在第一季有非常強勁的開局，並在關鍵成長計畫上看到非常好的動能。儘管宏觀環境多變，我們對目前的狀況以及業務多元性帶來的多種致勝方式感到樂觀，這兩點也讓我們對2026年的展望更具信心。

For revenue, we expect a range of $3.86 billion-$3.94 billion. Again, this outlook is supported by our $790 million of product backlog, as well as the strong structural work we've implemented to reduce product lead times. We continue to expect total gross margin to increase 25-50 basis points year-over-year, and service margin to improve up to 50 basis points for the full year as our service initiatives translate into better productivity and performance.

在營收方面，我們預期區間為38.6億至39.4億美元。同樣地，這一展望受到7.9億美元產品積壓訂單的支撐，也受惠於我們已實施的強化結構性措施，以縮短產品交期。我們仍預期全年總毛利率將年增25至50個基點，且隨著服務計畫轉化為更佳的生產力與表現，全年服務毛利率可改善最多50個基點。

As a reminder, after a very strong 2025, with product margins increasing 300 basis points, we expect product margins to remain comparable. In service gross margin, we expect both sequential and year-over-year improvement through the remainder of 2026 as our scale increases and our investments continue to deliver further returns. For adjusted EBITDA, we project a range of $510 million to $535 million, representing growth of approximately 8% at the midpoint.

提醒一下，在2025年表現非常強勁、產品毛利率提升300個基點之後，我們預期產品毛利率將維持大致相當。在服務毛利率方面，隨著規模擴大且投資持續帶來更多回報，我們預期在2026年剩餘期間，無論逐季或年對年都將持續改善。調整後EBITDA方面，我們預估區間為5.10億至5.35億美元，以中位數計約成長8%。

Turning to free cash flow, we forecast free cash flow in the range of $255 million to $270 million, representing roughly 10% growth at the midpoint, supported by continued working capital improvements and disciplined capital allocation. We currently expect to generate positive free cash flow in every quarter of this year. We expect adjusted EPS to be in the range of $5.25 to $5.75, assuming an effective full-year tax rate in the range of 35% to 40%.

轉到自由現金流，我們預測自由現金流區間為2.55億至2.70億美元，以中位數計約成長10%，並由持續的營運資金改善與嚴謹的資本配置所支撐。我們目前預期今年每一季都將產生正的自由現金流。我們預期調整後每股盈餘（EPS）將落在5.25至5.75美元區間，假設全年有效稅率介於35%至40%。

From a shareholder value perspective, we view free cash flow as a more direct measure of the value we're generating, as it reflects the cash available to return to shareholders and to strengthen the balance sheet while preserving flexibility for disciplined capital allocation.

從股東價值的角度來看，我們將自由現金流視為衡量我們所創造價值的更直接指標，因為它反映可用於回饋股東與強化資產負債表的現金，同時保留進行嚴謹資本配置所需的彈性。

On that basis, we expect our free cash flow per share for 2026 of approximately mid-seven dollars would be meaningfully higher than our 2026 adjusted EPS guidance, reflecting strong cash flow generation and working capital performance. As we think about the quarterly cadence, let me give you a little color on how we think about Q2. We expect Q2 revenue to represent approximately 24% of the full year, consistent with 2025. We expect gross margin to be at almost similar levels to prior year, driven more by services, which we said we expect will be up both quarter over quarter and year over year.

基於此，我們預期 2026 年每股自由現金流約為 7 美元中段，將明顯高於我們對 2026 年調整後每股盈餘（adjusted EPS）的指引，反映出強勁的現金流創造能力與營運資金表現。談到季度節奏，讓我補充一些我們對第二季（Q2）的看法。我們預期 Q2 營收約占全年 24%，與 2025 年一致。我們預期毛利率將與前一年幾乎相近，主要由服務業務帶動；我們先前也提到，服務預期將呈現季增與年增。

Turning to adjusted EBITDA, though we continue to expect a stronger second half weighted contribution, we now see the first half of the year contributing just above 40% of this year's total adjusted EBITDA. We expect operating expenses to be up slightly quarter over quarter, but down on a year-over-year basis. The tax rate in Q2, we expect the rate more in line with our full-year rate. With regard to free cash flow, we expect positive free cash flow comparable to the prior year second quarter in $25 amount.

轉到調整後 EBITDA，雖然我們仍預期下半年貢獻權重較高，但我們現在看到上半年將貢獻今年調整後 EBITDA 總額的略高於 40%。我們預期營業費用將較上季小幅增加，但相較去年同期將下降。Q2 的稅率方面，我們預期將更接近我們的全年稅率。就自由現金流而言，我們預期自由現金流為正，金額約與去年第二季相當，約 2,500 萬美元。

Unlike some of our direct peers in this market, we've been able to generate positive free cash flow every quarter for six consecutive quarters, which is a testament to the durability and consistency of our operating model. For adjusted earnings per share, we expect Q2 to compare favorably versus the prior year quarter.

不同於本市場的一些直接同業，我們已連續六個季度每季都能產生正的自由現金流，這證明了我們營運模式的耐久性與一致性。就調整後每股盈餘而言，我們預期 Q2 相較去年同期將有不錯的表現。

Turning to slide 14, we continue to operate with a fortress balance sheet with approximately $680 million of liquidity at the end of Q1, comprised of $374 million in cash and cash equivalents and a fully undrawn $310 million revolving credit facility. The net debt leverage ratio stood at only 1.2 times. Our progress continues to be recognized. Fitch Ratings recently initiated a BB- with a stable outlook, our highest credit rating yet and a notch higher than our other current credit ratings.

轉到第 14 張投影片，我們在第一季末仍維持如堡壘般的資產負債表，流動性約 6.8 億美元，其中包括 3.74 億美元的現金及約當現金，以及一筆 3.10 億美元、尚未動用的循環信用額度。淨負債槓桿比僅為 1.2 倍。我們的進展持續獲得肯定。惠譽（Fitch Ratings）近期首次給予 BB- 評等並給予穩定展望，這是我們迄今最高的信用評等，也比我們其他現有信用評等高一級。

We view this as a meaningful third-party validation of the progress we've made in strengthening our credit profile, supported by our continued focus on free cash flow generation. During the quarter, we repurchased approximately 747,000 shares at an average price of $73.66 per share. In total, we returned $55 million to shareholders in Q1 under our existing $200 million share repurchase program and have $117 million remaining. In 2026, we're targeting 50% plus free cash flow conversion, and we remain committed to returning the vast majority of our free cash flow to shareholders in the form of share repurchases. We continue to believe that our shares are undervalued and our ability to consistently generate cash flow is underappreciated.

我們將此視為第三方對我們強化信用體質所取得進展的重要驗證，而這也受到我們持續聚焦於自由現金流創造的支持。本季我們以每股平均 73.66 美元回購約 74.7 萬股。合計而言，我們在第一季透過既有的 2 億美元庫藏股回購計畫向股東回饋 5,500 萬美元，目前尚餘 1.17 億美元額度。2026 年我們目標為 50% 以上的自由現金流轉換率，並仍致力於以股票回購的形式，將我們絕大部分的自由現金流回饋給股東。我們仍相信公司股價被低估，而我們持續穩定產生現金流的能力也尚未被市場充分認可。

Our fortress balance sheet and strengthened financial profile have increased confidence in our ability to achieve our target of $800 million of cumulative free cash flow from 2025 through 2027 while still providing us flexibility for disciplined M&A. With that, I'll turn it back to Octavio for closing remarks.

我們如堡壘般的資產負債表與更強健的財務體質，提升了我們達成 2025 至 2027 年累計 8 億美元自由現金流目標的信心，同時仍能保有進行審慎併購（M&A）的彈性。接下來我把時間交還給 Octavio 做結語。

Thank you, Tom. To wrap up, we delivered a strong start to 2026. Importantly, we delivered another quarter of doing what we said we would do. Momentum continues to build across the business. We're seeing consistent execution across the businesses.

謝謝你，Tom。總結來說，我們在 2026 年有一個強勁的開局。更重要的是，我們又一次在本季做到了我們說要做到的事。整體業務動能持續累積。我們看到各項業務都在穩定執行。

Our core franchise in Banking remains solid while we continue to expand our role inside the branch through automation, software, and services. In Retail, momentum continues to build, particularly in North America, with a growing pipeline that is starting to convert into meaningful wins.

我們在銀行業務（Banking）的核心版圖依然穩健，同時我們也透過自動化、軟體與服務，持續擴大在分行內部的角色。在零售（Retail）方面，動能持續增強，尤其在北美；我們的案源管線持續成長，並開始轉化為具規模的得標。

At the same time, we're continuing to improve the quality of the business. Our operating discipline is driving better margins, stronger cash flow, and more consistency quarter-to-quarter. That consistency matters. It is what gives us confidence in our outlook for the year, even in a dynamic environment.

同時，我們也持續提升業務品質。我們的營運紀律正帶來更好的利潤率、更強的現金流，以及季度之間更高的一致性。這種一致性很重要。即使在多變的環境中，這也是我們對今年展望保持信心的原因。

We're also maintaining a clear and disciplined approach to our capital allocation, supporting a strong balance sheet while returning the majority of our free cash flow to shareholders. Our story is straightforward. We have strong positions in attractive markets, a strategy that is working, and an operating model that continues to improve. That combination gives us confidence in our ability to deliver sustainable value over time. With that, operator, please open the line for questions.

我們也持續以清晰且嚴謹的方式進行資本配置，在支持強健資產負債表的同時，將我們大部分的自由現金流回饋給股東。我們的故事很直接。我們在具吸引力的市場中擁有強勢地位，有一套正在奏效的策略，以及一個持續改善的營運模式。這樣的組合讓我們有信心，能隨時間推進持續創造可持續的價值。接下來，請接線生開放提問。

(Operator Instructions) Matt Summerville, D.A. Davidson.

(接線生指示) Matt Summerville，D.A. Davidson。

Thanks. Can you maybe just talk a little bit about the cadencing of EBITDA? Just doing very quick rudimentary math, it sort of seems like in Q2, your adjusted EBITDA would be roughly flattish relative to the prior year. I'm hearing quite a bit of goodness overall on the call across the businesses and with profitability. Can you help me kind of connect the dots there? I have a couple of follow-ups.

謝謝。你們能否談一下 EBITDA 的季度節奏？我用非常粗略的方式快速算了一下，感覺 Q2 的調整後 EBITDA 大致會與去年同期持平。但我在電話會議中聽到你們在各項業務與獲利能力方面都有不少正面訊息。你能幫我把這些點串起來嗎？我還有幾個追問。

Yeah, we would. For Q2, we would expect slight growth in adjusted EBITDA. Whereas if we landed last year at 111, we do expect it to be north of that number. Does that answer your question, Matt, directionally?

可以。對 Q2 而言，我們預期調整後 EBITDA 會小幅成長。如果去年落在 111，我們確實預期會高於那個數字。Matt，這樣在方向上有回答你的問題嗎？

Yeah. I guess I'm curious, when I look at the EBITDA growth in Q1, and I kind of listen to all of the positivity you guys are talking about, I guess I'm a little surprised that we wouldn't see more adjusted EBITDA growth in Q2. Having said that, I also think it's important for you guys to give maybe a little bit more color on some of the goodness you're seeing in North American retail. If there's a way to quantify the funnel and maybe how we should be thinking about your conversion rate on that funnel as you look out over the next 12 to 24 months or so. Then I'll have one more. Thanks.

有。我想問的是，當我看到 Q1 的 EBITDA 成長，再聽你們談到這麼多正面進展時，我有點意外 Q2 不會看到更高的調整後 EBITDA 成長。話雖如此，我也認為你們或許需要就北美零售看到的一些利多提供更多細節。如果可以的話，能否量化一下漏斗（funnel），以及在未來約 12 到 24 個月，你們的轉換率應該如何看待。然後我還有一個問題。謝謝。

Yeah, look, I would just to follow up on the adjusted EBITDA, right? If our adjusted EBITDA margins in Q2 at 25 were closer to 12.2%, right, we would expect Q2 to be closer to 13% or just under that as well. You are seeing that increased growth sequentially and over prior year. Again, that's going to be driven by some of the margins and disciplined CapEx that we have, or OpEx that we have.

好的，我先補充一下調整後 EBITDA。如果我們在 2025 年 Q2 的調整後 EBITDA 利潤率比較接近 12.2%，那我們預期今年 Q2 會更接近 13% 或略低於 13%。你確實會看到相較上季以及相較去年同期的成長提升。同樣地，這將由我們在利潤率上的改善，以及我們在資本支出（CapEx）或營業費用（OpEx）上的紀律所驅動。

Good morning, Matt. This is Octavio. To give you a little bit of color on retail. This quarter, I think it's important to realize we have three very significant wins. One of the largest fuel and convenience retailers decided for our Electronic Point of Sale to replace their entire estate. It's literally thousands of point of sale devices. A regional grocer, again, a very important win with them, replacing the Electronic Point of Sale systems across their footprint as well. A large, very large pharmacy chain now set our initial orders for our self-checkout products. As you know, these are literally thousands of units that need to be deployed across large geographic regions. You'll start seeing as we every quarter, we keep adding more wins to that.

早安，Matt。我是 Octavio。我補充一些零售方面的細節。本季我認為重要的是，我們拿下三個非常重大的案子。其中一家最大的燃油與便利零售商選擇我們的電子銷售點（Electronic Point of Sale）系統，來替換其全體門市的整套設備。這真的是數千台 POS 設備。另外，一家區域型雜貨零售商同樣是非常重要的得標，他們也將在其營運版圖內全面替換電子銷售點系統。還有一家大型、非常大型的連鎖藥局，已對我們的自助結帳（self-checkout）產品下了首批訂單。如你所知，這些都需要在廣大地理區域內部署，數量同樣是數千台。你會開始看到我們每一季都持續新增更多得標。

We'll start building even more critical mass that will continue to support the growth that we see in North America. We're very excited. As I mentioned in the prepared remarks, we have a very targeted account strategy on the accounts that are in that process of upgrading their self-checkout software or point of sale. We see that we're achieving very very favorable success rates. If you couple that with all the investments that we've made in our Vynamic Smart Vision technology, it's really opening doors to more meaningful conversations with retailers on how we truly improve store operations for them. Remember, the opportunity in North America.

我們將開始建立更大的關鍵規模，持續支撐我們在北美所看到的成長。我們非常興奮。如同我在事先準備的發言中提到的，我們針對那些正處於升級自助結帳軟體或銷售點（POS）流程中的客戶，制定了非常聚焦的客戶策略。我們看到我們取得了非常、非常有利的成功率。若再結合我們在 Vynamic Smart Vision 技術上的所有投資，這確實為我們打開了大門，能與零售商就如何真正為他們改善門市營運展開更有意義的對話。請記住，北美的機會。

Just last --

就在剛剛--

Is extremely large.

是極其龐大的。

Understood. Just lastly from me, can you maybe, Octavio, kind of talk through the geographic kind of walk around for your ATM business? Thanks.

了解。最後我想再問一下，Octavio，你能否大致談談你們 ATM 業務在各地區的概況？謝謝。

Sure. I'll throw a little bit of retail as well, Matt, so that the retail side of the house doesn't feel bad as we walk through the geographies. North America, very again, we've been very successful deploying recyclers at large financial institutions. I used the example today, you'll see a press release from that customer, I think, coming up in the coming days. Recyclers are now finding their way into large credit unions, community banks. You will start seeing that technology permeate even more into the market. North America continues to be strong market. I would say the most exciting thing about North America is this is where we launched the Teller Cash Recycler for initially.

當然。Matt，我也會稍微帶到一點零售，這樣我們在談各地區時，零售端也不會覺得被冷落。北美方面，我們再次在大型金融機構成功部署了回收式設備（recyclers）。我今天舉了個例子，你們應該會在接下來幾天看到該客戶的新聞稿。回收式設備現在也開始進入大型信用合作社、社區銀行。你們將開始看到這項技術更進一步滲透市場。北美仍然是強勁的市場。我認為北美最令人興奮的是，我們最初就是在這裡推出櫃員現金回收機（Teller Cash Recycler）的。

This quarter, we won the complete replacement of a large bank at stake for teller cash recyclers. Again, in North America, we're very focused on continue the deployment of recyclers downstream and also expanding the teller cash recycler market. This will start adding to our service density and really improving the profile of our service business. Very, very happy about that. Clearly, we talked a lot about retail in the prior question that you asked. Again, the opportunity is very vast for us in North America retail. Remember, it's still a very small part of our overall revenue portfolio, but one that is growing at a very fast pace.

本季，我們贏得了一家大型銀行在櫃員現金回收機方面的全面汰換案。同樣在北美，我們非常專注於持續將回收式設備向下游推進部署，同時也擴大櫃員現金回收機市場。這將開始提升我們的服務密度，並真正改善我們服務業務的輪廓。我們對此非常、非常滿意。顯然，我們在你前一個問題中已談了很多零售。再次強調，北美零售對我們而言機會非常龐大。請記住，這仍只占我們整體營收組合中很小的一部分，但成長速度非常快。

We continue to be very encouraged by the pipeline, the types of customers that we're talking to, and just the overall recognition that we're now getting in the market, where before we had to be knocking on many doors. Today, many retailers are actually calling us to participate in different projects with them. We're excited about that.

我們持續對商機管線、我們正在洽談的客戶類型，以及我們如今在市場上獲得的整體認可感到非常鼓舞；過去我們必須敲很多門。而今天，許多零售商其實會主動打電話給我們，邀請我們參與他們的不同專案。我們對此感到興奮。

Latin America, moving on, Latin America, as you know, very cash-intensive market. We continue to see now a recovery in many of the markets that last year had been a little bit slow due to economic or political things. Latin America, we're very excited that it's now returning to to the type of growth that we've seen in the past.

拉丁美洲，接著談拉丁美洲，如你所知，這是一個高度依賴現金的市場。我們持續看到許多去年因經濟或政治因素而稍顯疲弱的市場，如今正在復甦。拉丁美洲方面，我們非常興奮它正回到過去我們所見的那種成長型態。

We're still pending some of the large RFPs from Brazil to be concluded, but we're very optimistic that that we will win them and that they'll form part of our revenues in the second half of the year. I would say in Europe, when we talk about banking, we're really benefiting from this trend in Europe of pooling ATMs across customer bases. I had the opportunity this past week to be in Europe with 150 of our customers in one of our customer events. To be honest, I left very energized as we see projects in France from large banks pooling their ATMs together. That really creates an opportunity for us to really refresh and modernize their estates. We're very excited about what's going on in Europe.

我們仍在等待巴西一些大型 RFP（招標案）完成定案，但我們非常樂觀，認為我們將贏得這些案子，並在下半年成為我們營收的一部分。我想在歐洲方面，談到銀行業務時，我們確實受惠於歐洲「跨客群共用 ATM」的趨勢。我上週有機會在歐洲與 150 位客戶一起參加我們的一場客戶活動。坦白說，看到法國的大型銀行把他們的 ATM 進行整合共用的專案，我離開時感到非常振奮。這確實為我們創造了機會，能夠刷新並現代化他們的設備資產。我們對歐洲正在發生的事情感到非常興奮。

Also our branch automation solutions, the example I gave about FOREX. FOREX runs all these different exchange stores all over the you'll probably seen them in airports. They run ATMs, physical stores. We're now managing the entirety of their operation, outsourcing all the parts that they need to run their ATM network. That is also opening new doors for us in this market that remains very attractive for us. I would say when we move to Asia Pacific our Fit-for-Purpose strategy is gaining momentum. I don't know if I should say this, we're ahead of our plan on how many devices we plan for the year.

另外還有我們的分行自動化解決方案，也就是我舉的 FOREX 例子。FOREX 在各地經營許多外匯兌換門市，你們可能在機場看過。他們營運 ATM、實體門市。我們現在正在管理他們整體營運，將他們運行 ATM 網路所需的各個環節進行外包管理。這也為我們在這個對我們仍非常具吸引力的市場打開了新的大門。我想當我們轉到亞太地區時，我們的「Fit-for-Purpose」策略正在取得動能。我不知道我是否該這麼說，但我們在年度計畫的設備數量上已經超前進度。

Strong adoption in India. Some of the large tenders we've been able to win. We're very, very excited about the our Fit-for-Purpose strategy, and we're actually going to expand our Fit-for-Purpose strategy, not just to deploy those devices in India but in other APAC markets where we think that that product will also be a very good fit. We're excited about how that is going, Matt. Hope that helps.

在印度的採用非常強勁。我們也贏得了一些大型標案。我們對「Fit-for-Purpose」策略感到非常、非常興奮，而且我們實際上將擴大這項策略，不僅在印度部署這些設備，也會推廣到其他我們認為該產品同樣非常適配的亞太市場。Matt，我們對目前進展感到興奮。希望這能解答你的問題。

Hey, Matt, just a quick follow-up, as it relates to EBITDA we similar to last year and the linearity, we expect to see a stronger second half way to contribution. That mix that we talked about is usually 40, 60. What we see now for the first half of the year is contributing just above 40% of this year's total adjusted EBITDA, with the remainder flowing out in the second half of the year. That's kind of what I said on the call. Hopefully, that adds some more clarity to your question.

Matt，我再快速補充一下，關於 EBITDA，我們與去年類似，就其季節性/線性而言，我們預期下半年貢獻會更強。我們談到的那個組合通常是 40/60。我們目前看到上半年對今年調整後 EBITDA 的貢獻略高於 40%，其餘將在下半年釋出。這就是我在電話會議上所說的。希望能讓你的問題更清楚一些。

Yeah, it does. I must have missed that nuance, but that totally checks out then. Thanks, guys.

是的，有幫助。我可能漏聽了那個細節，但這樣就完全說得通了。謝謝各位。

Justin Ages, CJS Securities.

Justin Ages，CJS Securities。

Hi. Morning, all.

嗨。各位早安。

Morning.

早安。

Can we get a little more color on the strong retail growth in the first quarter 25% plus, really solid. Wanna know if we could parse that between growth in Europe versus North America?

能否再多提供一些背景，說明第一季零售業務強勁成長（超過 25%），表現很扎實。我想知道能否把這拆分為歐洲與北美的成長？

Justin, we mentioned in the call, North America grew 70%. It's a small base still, but very, very fast growth. In Europe, we had an extraordinary quarter. As we've been saying, we've been seeing the momentum and the recovery in retail in Europe. It started last year Q2, Q3, Q4, where we kept growing sequentially.

Justin，我們在電話會議中提到，北美成長了 70%。基期仍然不大，但成長非常、非常快。在歐洲，我們有一個非常突出的季度。正如我們一直在說的，我們看到歐洲零售的動能與復甦。它從去年第二季、第三季、第四季開始，我們持續呈現逐季成長。

You can see that this first quarter, again, a very strong quarter for Europe, driven by strength, I would say, across all product lines, whether it was the software, the self-checkout, or the ePOS, which was particularly strong. All of them growing. In North America, again, very targeted wins, three very strategic ones this first quarter just because of the magnitude and size of the footprint that we will be covering now with point of sale and the opportunity in self-checkout.

你可以看到今年第一季，歐洲再次是一個非常強勁的季度，我認為主要是由各產品線的強勢所帶動，無論是軟體、自助結帳，或是 ePOS（電子銷售點），其中 ePOS 特別強勁。全部都在成長。北美方面，同樣是非常聚焦的勝出案，第一季有三個非常具策略性的案子，主要因為我們現在將以銷售點覆蓋的規模與足跡之大，以及在自助結帳上的機會。

We're excited. Again, probably the one of the areas that I love talking about is our Smart Vision. We continue with one of the largest retailers globally, deploying Smart Vision to test shrink in the aisle, shrink at demand checkout, and obtaining really outstanding results with these initial rollouts that will undoubtedly lead to expanding that footprint across the retailer. We're very excited. Retail is a huge opportunity. Europe is our core has been our core franchise.

我們很興奮。再說一次，我很喜歡談的一個領域是我們的 Smart Vision。我們持續與全球最大的零售商之一合作，部署 Smart Vision 來測試走道端的損耗、需求結帳端的損耗，並在這些初期導入中取得非常出色的成果，這無疑將促使在該零售商內擴大部署版圖。我們非常興奮。零售是一個巨大的機會。歐洲是我們的核心，也一直是我們的核心主力市場。

It's stable and growing now, and the opportunity in North America is huge in front of us, and we're very excited on how we can capitalize against it.

目前它穩定且正在成長，而北美的機會非常巨大，就在我們眼前，我們也非常期待如何把握並加以變現。

Thanks for that. In some of the disclosures you noted, shutting down non-core operations in the APMEA region. Just wanted to get a little more color on the thinking behind that, as well as more broadly any impact to deployments around the Middle East region to some of these Fit-for-Purpose or cash recyclers, just due to the conflict.

謝謝你的說明。在你們的一些揭露中提到，將關閉 APMEA 區域的非核心業務營運。我想更了解背後的考量；另外更廣泛地，鑑於衝突因素，對中東地區一些「適用型（Fit-for-Purpose）」或現金循環機（cash recyclers）的部署是否有任何影響？

Well, I'll answer the second part of your question first. No, we haven't seen any real logistical problems that we haven't been able to overcome in the quarter, and we don't anticipate any going forward given the situation there. Look, as it relates to what I refer to as the exiting of a non-core business, it's part of our normal sort of portfolio review to streamline the business. We want revenue, but it's gotta be good profitable revenue. The business overall is not material to our position in the region, and we don't have any other current plans or any other actions like that we're going to be taking.

我先回答你問題的第二部分。沒有，我們在本季沒有看到任何無法克服的實質物流問題，而且考量當地情勢，我們也不預期未來會有。至於我所說的退出非核心業務，這是我們例行性的投資組合檢視的一部分，用以精簡業務。我們想要營收，但必須是優質且具獲利性的營收。整體而言，該業務對我們在該區域的地位並不具重大性，我們目前也沒有其他計畫或將採取類似的其他行動。

All right. Thanks for the color.

好的。謝謝補充說明。

Yeah.

好的。

Antoine Legault, Wedbush Securities.

Antoine Legault，Wedbush Securities。

Thanks for taking my questions, congrats on, like, good results and momentum here. I wanted to ask about two key input costs, which you briefly touched on earlier, but specifically memory and fuel prices. There's been a lot of chatter around rising memory costs, and I appreciate that memory may not represent a significant part of your hardware bill of materials. Given the sharp increase in memory costs, can you tell us a bit more about how you're managing that? Similarly we've seen oil prices surpassed $100 a bbl diesel and gas both up pretty meaningfully over the past few months. How is that impacting you, how are you managing it?

謝謝回答我的問題，也恭喜你們取得不錯的成果與動能。我想問兩項關鍵投入成本，你們先前稍微提到過，具體是記憶體與燃料價格。市場上對記憶體成本上升有很多討論，我也理解記憶體可能不是你們硬體物料清單中的大宗。在記憶體成本大幅上升的情況下，能否多談談你們如何管理？同樣地，我們看到油價已突破每桶 100 美元，柴油與汽油在過去幾個月也明顯上漲。這對你們有何影響、你們如何因應？

Thank you, Antoine. Tom and me are arguing who should answer for that. Since I jumped in, I'll answer first and let Tom elaborate a little bit more. I think when you think about the memory pricing, and in general, hard drives and other components, in the ATM side of the house, it's a very small portion of our total bill of materials. There I say we're well-covered. On the retail side, particularly in electronic point of sale, clearly that is a one of the cost drivers there. What we've done, and we know we are adjusting pricing with our customers, that's why Thomas Timko mentioned how you will see our margins continue to improve as we go through the year.

謝謝你，Antoine。我和 Tom 正在爭論該由誰來回答。既然我先開口，我先回答，然後讓 Tom 再補充一些。談到記憶體定價，以及一般而言硬碟與其他零組件，在 ATM 這一端，它只占我們整體物料成本中非常小的一部分。我可以說我們在那方面覆蓋得很充分。在零售端，特別是電子銷售點（EPOS），顯然那是其中一個成本驅動因素。我們所做的是——我們知道我們正在與客戶調整定價——這也是 Thomas Timko 提到你們會看到我們的毛利率在今年逐步改善的原因。

We're working with our customers. Luckily, we have secured the supply that we need for the year. Now it's just a matter of renegotiating with some customers on existing orders and in some cases, all new orders are being quoted with the appropriate cost structure now. I think we're well covered on that side.

我們正與客戶合作。幸運的是，我們已確保今年所需的供應。現在只是與部分客戶就既有訂單重新協商；在某些情況下，所有新訂單目前都會以適當的成本結構進行報價。我認為我們在這方面準備得很充分。

I will add to that, the impact of the quarter of that higher cost from memory was probably $3 million-$5 million. We think that between repricing and the supply chain impact that we'll be able to mitigate the majority of that headwind in Q2. As it relates to the fuel costs we're managing that. We have a new fleet rollout that's been going on. Our fleet was aging, so think about much higher miles per gallon vehicles that are out there.

我補充一下，本季因記憶體成本較高帶來的影響大約是 300 萬至 500 萬美元。我們認為透過重新定價以及供應鏈面的影響，我們將能在第二季緩解大部分這項逆風。至於燃料成本，我們也在管理。我們正在推動新的車隊汰換/導入計畫。我們的車隊原本較老舊，所以可以想像現在導入的是油耗效率更高（每加侖里程更高）的車輛。

Then when you couple that with our field technician software rollout, and the routing and the options that it gives, and making sure that we're doing one-time visits and being able to repair the machine with the right people and the right parts we've reduced the overall amount of miles that our fleet is traveling. The combination of more highly efficient fuel vehicles and better routing technology, our consumption of fuel is actually down year-over-year. We would expect that to continue on a comparable basis quarterly going forward. No real impact from the fuel costs in Q1. Depending on where prices remain, we really don't see it as much of a headwind for us and still very confident in our guidance.

再加上我們現場技術人員軟體的上線，以及它所提供的路線規劃與選項，並確保我們能一次到位完成維修、由合適的人員帶著正確的零件去修機，我們已降低車隊整體行駛里程。更高燃油效率的車輛加上更好的路線技術，使得我們的燃料消耗量年對年其實是下降的。我們預期在未來各季以可比基礎來看，這種趨勢會持續。第一季燃料成本沒有造成實質影響。視價格維持在何處而定，我們不太把它視為對我們的重大逆風，並且對我們的財測仍非常有信心。

Understood. Thank you. This is very helpful. Tom, can you give us an update maybe on your 200 action points to reduce OpEx, how's that going, and how much of that -- the expected $15 million in run rate OpEx improvement exiting in 2026? How much of that is re-reflected in your Q1 results, or is it still early days on that front?

了解。謝謝。這非常有幫助。Tom，你能否更新一下你們用來降低營業費用（OpEx）的 200 項行動點進展如何，以及到 2026 年退出時預期可帶來 1,500 萬美元的 OpEx 年化改善？其中有多少已反映在你們第一季的結果中，還是說目前仍在早期階段？

It's still kind of early days. Look, I think when you're able to grow revenue at 6% in any given quarter year over year and hold OpEx flat, that's a win for us. We do have 200 actions that are underway and we're starting to be able to offset some of the wage inflation that we're seeing in general overall cost inflation. We're going to take Q1 as a win with the flat OpEx, and we expect to be able to continue to sort of see that throughout the remainder of the year, flat to comparable. Overall, we expect it to be down 1% or 2% as we exit 2026. We feel like we're in really good shape. We're continuing to execute against it.

目前仍算是早期階段。你看，我認為如果我們能在任何一個季度做到營收年增 6%，同時把 OpEx 持平，對我們來說就是一場勝利。我們確實有 200 項行動正在進行中，而且我們開始能抵消我們所看到的薪資通膨，以及整體成本通膨。我們會把第一季 OpEx 持平視為一個勝利，並預期在今年剩餘期間大致也能維持持平到可比的水準。整體而言，我們預期到 2026 年退出時將下降 1% 到 2%。我們覺得目前狀態非常好。我們會持續按計畫執行。

It's like anything you do, when you start to dive deeper, you have other opportunities that come up, not necessarily all in OpEx. Some are in cost of goods sold. I would say the entire team is very focused on cost takeout and it's being done through deploying the Lean methodology, which allows us to either improve the way we process workflow or altogether just take that work out. We remain encouraged on those savings.

就像你做任何事情一樣，當你開始更深入挖掘時，會出現其他機會，不一定都在 OpEx。有些是在銷貨成本（COGS）。我會說整個團隊都非常專注於成本削減，而這是透過導入精實（Lean）方法論來完成，讓我們要嘛改善工作流程的處理方式，要嘛乾脆把那些工作直接移除。我們對這些節省仍然感到鼓舞。

Thank you. Appreciate it.

謝謝。感謝。

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

目前沒有其他問題。我現在把電話會議交給 Maynard Um 做結語。

Thanks everyone for joining us and for your interest in Diebold Nixdorf. If you have any follow questions, please feel free to reach out to any of us on the investor relations team. Thanks again. Have a great day.

謝謝各位參與，也謝謝大家對 Diebold Nixdorf 的關注。如果你們有任何後續問題，歡迎隨時聯繫我們投資人關係團隊的任何一位。再次感謝。祝各位有美好的一天。

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

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。