Ferguson Enterprises Inc (FERG) 2026 Q2 法說會逐字稿

Hello, and welcome, everyone, to the Ferguson's results for the Year Ended December 31, 2025, Earnings and the Market Opportunity and Strategy Update. My name is Becky, and I will be your operator today. (Operator Instructions)

大家好，歡迎收聽 Ferguson 公司截至 2025 年 12 月 31 日的年度業績、收益以及市場機會和策略更新。我叫貝基，今天由我來為您接聽電話。（操作說明）

I will now hand over to your host, Brian Lantz, to begin. Please go ahead.

現在我將把發言權交給主持人布萊恩·蘭茨，由他開始。請繼續。

Good morning, everyone, and welcome to Ferguson's Earnings Conference Call and Webcast. Today's call will also cover an update on our market opportunity and strategy. Hopefully, you had a chance to review the earnings announcement we issued this morning. The announcement is available in the Investors section of our corporate website and on our SEC filings web page. A recording of this call will be made available later today.

各位早安，歡迎參加弗格森公司的財報電話會議和網路直播。今天的電話會議也將介紹我們最新的市場機會和策略。希望您有機會查看我們今天早上發布的盈利公告。該公告可在我們公司網站的投資者關係欄位和美國證券交易委員會備案網頁上查閱。本次通話的錄音將於今日稍後公佈。

I want to remind everyone that some of our statements today may be forward looking and are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected, including the various risks and uncertainties discussed in our Form 10-K available on the SEC's website. Also, any forward-looking statements represent the company's expectations only as of today, and we disclaim any obligation to update these statements.

我想提醒大家，我們今天發表的一些聲明可能具有前瞻性，並受到某些風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預測結果有重大差異，包括我們在美國證券交易委員會網站上提供的 10-K 表格中討論的各種風險和不確定性。此外，任何前瞻性陳述僅代表本公司截至今日的預期，我們不承擔更新這些陳述的任何義務。

In addition, on today's call, we will discuss certain non-GAAP financial measures. Therefore, all references to operating profit, operating margin, diluted earnings per share effective tax rate and earnings before interest, taxes, depreciation and amortization reflects certain non-GAAP adjustments. Please refer to the appendix of the accompanying presentation for additional information regarding those non-GAAP measures, including reconciliations to the most directly comparable GAAP financial measures. Further, please note that some of the information discussed on this call is derived from third-party sources. We have not independently verified this data and make no representation as to the accuracy of this data nor do we undertake to update such data after the date of this presentation.

此外，在今天的電話會議上，我們將討論一些非GAAP財務指標。因此，所有提及營業利潤、營業利潤率、稀釋每股收益、有效稅率以及息稅折舊攤銷前利潤均反映了某些非公認會計準則調整。有關這些非GAAP指標的更多信息，請參閱隨附演示文稿的附錄，包括與最直接可比較的GAAP財務指標的調節表。此外，請注意，本次電話會議中討論的部分資訊來自第三方管道。我們並未獨立核實這些數據，也不對這些數據的準確性做出任何聲明，更不承諾在本次發布日期之後更新這些數據。

Please refer to the accompanying presentation for additional information. With me on the call today are Kevin Murphy, our CEO; and Bill Brundage, our CFO. I will now turn the call over to Kevin.

更多資訊請參閱隨附的簡報。今天和我一起參加電話會議的有我們的執行長凱文墨菲和我們的財務長比爾布倫戴奇。現在我將把通話轉給凱文。

Thank you, Brian, and welcome, everyone, to Ferguson's conference call. Before we begin, we'd like to flag something from this morning's release. I'd like to congratulate Brian on his decision to retire in May and thank him for his significant contribution to Ferguson over the past 5 years. He has been instrumental in our transition from the United Kingdom to the United States, in setting up our New York Stock Exchange listing and in establishing a strong investor relations presence here in the U.S.

謝謝布萊恩，歡迎各位參加弗格森的電話會議。在開始之前，我們想先提一下今天早上發布的一些內容。我謹祝賀布萊恩決定在五月退休，並感謝他在過去五年為弗格森做出的重大貢獻。他為我們從英國過渡到美國、在紐約證券交易所上市以及在美國建立強大的投資者關係發揮了重要作用。

We're also pleased to announce that Pete Kennedy has been promoted to Vice President of Investor Relations, based out of our headquarters in Virginia. He's been with Ferguson for more than 10 years, initially in finance in the past 7 years within Investor Relations. Thank you both. And again, congratulations, Brian.

我們很高興地宣布，皮特·肯尼迪已晉升為投資者關係副總裁，辦公地點位於維吉尼亞州的總部。他在弗格森公司工作超過 10 年，最初在財務部門工作，過去 7 年在投資者關係部門工作。謝謝你們兩位。再次恭喜你，布萊恩。

Moving back to today's call. We'll initially cover highlights of our recent performance and our calendar 2026 guidance before moving on to a broader update on how we are uniquely positioned to provide essential water and air solutions for the complex needs of the specialized professional looking specifically at how our scale and capabilities combined with multiyear market opportunities allow us to continue outperforming the market and deliver shareholder value over the longer term. We'll have time to take your questions at the end.

回到今天的電話會議。我們將首先介紹我們近期的業績亮點和 2026 年的業績指引，然後再更廣泛地更新我們如何憑藉獨特的優勢，為專業客戶的複雜需求提供必要的水和空氣解決方案，重點關注我們的規模和能力如何與多年的市場機遇相結合，使我們能夠繼續超越市場，並在長期內為股東創造價值。最後我們會留出時間回答大家的問題。

Turning to our full year performance. Our associates delivered another strong year, while faced with a challenging market. Revenue of $31.3 billion was 5% ahead of last year. The actions we took to diligently manage gross margins and streamline our business resulted in operating profit of $3 billion, up 11.3% and represents a 9.6% operating margin for the calendar year. Diluted earnings per share came in at $10.58, a 13.4% increase over last year.

接下來回顧我們全年的業績。面對充滿挑戰的市場環境，我們的員工又取得了強勁的業績。營收達313億美元，比去年成長5%。我們採取了實際有效的措施來管理毛利率並精簡業務，最終實現了 30 億美元的營業利潤，成長了 11.3%，本年度營業利潤率為 9.6%。稀釋後每股收益為 10.58 美元，比去年增長 13.4%。

Cash generation was strong with $2.2 billion of operating cash flow which allowed us to continue investing in our growth areas and executing our capital allocation priorities. We welcome associates from 8 acquisitions, continuing our strategy of consolidating our fragmented markets while also returning $1.6 billion to shareholders via dividends and share repurchases during the year. And we continue to deliver a strong overall return on capital of 31% for the year.

公司現金流強勁，營運現金流達 22 億美元，這使我們能夠繼續投資於成長領域並執行資本配置優先事項。我們歡迎來自 8 項收購的員工加入，繼續推動我們整合分散市場的策略，同時在年內透過股利和股票回購向股東返還 16 億美元。我們全年持續保持強勁的整體資本回報率，達到 31%。

We're also pleased to declare a quarterly dividend of $0.89, which will be paid in April. Despite the challenging environment, we drove continued outperformance in our markets and delivered strong profit expansion in calendar year '25.

我們很高興地宣布派發季度股息，每股0.89美元，將於4月支付。儘管面臨充滿挑戰的環境，我們仍在市場中持續取得優異表現，並在 2025 年實現了強勁的利潤成長。

Turning to our performance by end markets in the United States. Net sales grew by 5%. Residential end markets representing approximately half of revenue remain challenged. New residential housing starts and permit activity were down on the prior year, and repair, maintenance and improvement work also remains soft. Overall, we continued to outperform weak markets with residential revenue flat for the year.

接下來我們來看看我們在美國各終端市場的表現。淨銷售額成長了5%。佔收入約一半的住宅終端市場仍面臨挑戰。新住宅開工量和許可證發放量較前一年下降，維修、維護和改造工作依然疲軟。整體而言，我們持續跑贏疲軟的市場，住宅收入全年保持穩定。

Nonresidential end markets performed better than residential. Our scale, expertise, multi customer group approach and value-added solutions drove strong share gains with nonresidential revenue up 11%. Large capital project activity remains good, and we've seen solid shipments with growth in open order volumes and bidding activity. Our intentional balanced approach to end markets continues to position us well.

非住宅終端市場表現優於住宅市場。我們的規模、專業知識、多客戶群方法和增值解決方案推動了強勁的市場份額成長，非住宅收入成長了 11%。大型資本項目活動依然良好，我們看到出貨量穩定成長，未完成訂單量和投標活動也有所增加。我們有意採取的平衡策略，使我們始終處於有利地位。

Moving next to the full year revenue performance across our customer groups in the U.S. We grew Waterworks revenues by 13% as our highly diversified customer group saw strength across large capital projects public works, general municipal and metering technology, offsetting weakness in residential. Ferguson Home grew 1% in a challenging new construction and remodel market. Our ability to present a unified experience combining best-in-class showrooms with a digital experience as we cater to higher-end projects drove outperformance against the broader market. Residential trade plumbing declined by 3% due to headwinds in both new construction and RMI construction.

接下來來看我們在美國各客戶群的全年收入表現。由於我們高度多元化的客戶群在大型資本項目、公共工程、一般市政和計量技術領域表現強勁，抵消了住宅業務的疲軟，我們的水務收入增長了 13%。在充滿挑戰的新建和翻新市場中，Ferguson Home 的業績成長了 1%。我們能夠提供統一的體驗，將一流的展廳與數位化體驗相結合，以滿足高端專案的需求，從而在更廣泛的市場中脫穎而出。由於新建房屋和RMI施工均面臨不利因素，住宅管道貿易下降了3%。

HVAC declined by 1% against a strong 10% comparable and weaker end markets impacted by the industry's transition to new efficiency standards, and weak new residential construction activity as well as a pressure consumer.

暖通空調產業較去年同期下降 1%，而同期可比產業成長強勁，達到 10%。這主要是由於產業向新的能源效率標準過渡，以及新建住宅建設活動疲軟和消費者面臨壓力，導致終端市場疲軟所致。

We remain pleased with our execution of our counter build-out for the dual trade, our greenfield expansion and M&A opportunities. The commercial mechanical customer group grew 18% on top of a 5% prior year comparable, driven by large capital projects such as data centers and partially offset by weaker activity in traditional nonresidential projects. Our Fire & Fabrication, facility supply and industrial customer groups all saw growth during the year as we take share and leverage the benefits of our unique multicustomer group approach. Our customer groups are better together as we share expertise to provide end-to-end solutions that help simplify complex projects and drive construction productivity.

我們對雙重貿易櫃檯建設、綠地擴張和併購機會的執行情況仍然感到滿意。商業機械客戶群在去年同期 5% 的成長基礎上成長了 18%，這主要得益於資料中心等大型資本專案的推動，但部分被傳統非住宅專案活動的疲軟所抵消。今年，我們的消防製造、設施供應和工業客戶群均實現了成長，因為我們擴大了市場份額，並充分利用了我們獨特的多客戶群模式的優勢。我們的客戶群透過共享專業知識，提供端到端的解決方案，從而更好地簡化複雜專案並提高施工效率，因此我們能夠更好地合作。

Now let me pass the call over to Bill for the financial results in more detail.

現在我把電話交給比爾，讓他更詳細地介紹財務表現。

Thank you, Kevin, and good morning, everyone. Calendar year 2025 net sales of $31.3 billion were 5% ahead of last year, driven by organic revenue growth of 4.5% and acquisition growth of 1%, partially offset by 0.4% from one fewer sales day and 0.1% from the combined adverse impact of foreign exchange rates and a divestment in Canada.

謝謝你，凱文，大家早安。2025 年日曆年淨銷售額為 313 億美元，比上年增長 5%，主要得益於有機收入增長 4.5% 和收購增長 1%，但部分被銷售日減少一天造成的 0.4% 的下降以及外匯匯率和在加拿大剝離業務造成的 0.1% 的不利影響所抵消。

Price inflation was low single digits for the year, with improvement in finished goods pricing, offset by deflation in certain commodity-related product categories. Gross margin of 31% increased 70 basis points over last year, driven by our associates' disciplined execution as well as the timing and extent of supplier price increases. Operating profit of $3 billion was up 11.3%, delivering a 9.6% operating margin with 50 basis points of expansion over the prior year. Diluted earnings per share of $10.58 was 13.4% above last year, driven by operating profit growth and the impact of share repurchases. And our balance sheet remains strong at 1.1 times net debt to EBITDA.

今年物價通膨率維持在個位數低位，成品價格有所改善，但某些大宗商品相關產品類別的通貨緊縮抵消了這一改善。毛利率為 31%，比去年增長了 70 個基點，這得益於我們員工的嚴格執行以及供應商提價的時機和幅度。營業利益達 30 億美元，成長 11.3%，營業利益率為 9.6%，較上年成長 50 個基點。稀釋後每股收益為 10.58 美元，比去年增長 13.4%，主要得益於營業利潤成長和股票回購的影響。我們的資產負債表依然穩健，淨負債與 EBITDA 比率為 1.1 倍。

Now turning to the calendar fourth quarter results. Net sales of $7.5 billion were 3.6% ahead of last year driven by organic revenue growth of 3% and acquisition growth of 0.9%, partially offset by 0.3% from the combined adverse impact of foreign exchange rates and a divestment in Canada. Price inflation was low to mid-single digits. Gross margin of 30.6% increased 90 basis points over last year. Operating profit of $625 million was up 13.8%, delivering an 8.3% operating margin with 70 basis points of expansion over the prior year. Diluted earnings per share of $2.10 was 11.7% above last year, driven principally by operating profit growth.

現在來看第四季業績。淨銷售額達 75 億美元，比去年增長 3.6%，主要得益於 3% 的有機收入增長和 0.9% 的收購增長，但部分被匯率波動和在加拿大剝離業務的綜合不利影響所抵消，降幅為 0.3%。物價通膨率處於個位數低至中等水準。毛利率為30.6%，比去年提高了90個基點。營業利益為 6.25 億美元，成長 13.8%，營業利益率為 8.3%，較上年成長 70 個基點。稀釋後每股收益為 2.10 美元，比去年增長 11.7%，主要得益於營業利潤的成長。

Moving next to our calendar fourth quarter revenue performance across our customer groups in the U.S. Many of the trends that Kevin highlighted for the full year have remained consistent during the quarter. We've continued to see strong Waterworks growth, up 9% on top of a 10% growth comparable. Commercial mechanical also saw a strong performance with 18% growth against a 5% growth comparable. The more residential exposed customer groups have been more pressured due to weaker markets.

接下來，我們來看看美國各客戶群第四季的營收表現。凱文在全年強調的許多趨勢在本季都保持不變。水務業務持續強勁成長，在去年同期10%的成長率基礎上又成長了9%。商業機械產業也表現強勁，成長了 18%，而同期同期成長率為 5%。由於市場疲軟，住宅用戶群面臨的壓力更大。

Ferguson Home was flat. Residential trade plumbing was down 4%, and HVAC was down 7% against a very strong 16% comparable. We're pleased with the continued growth of Fire & Fabrication, facility supply and industrial as we rounded out the year. Across our two end markets, our residential revenue was down 2% and nonresidential revenue was up 10% in the quarter. Once again, our multi-customer group approach and balanced end market exposure continue to serve us well.

弗格森之家是平的。住宅管道工程下降了 4%，暖通空調工程下降了 7%，而同期同期成長了 16%，表現非常強勁。我們很高興看到消防製造、設施供應和工業業務在年末繼續保持成長。本季，我們兩大終端市場的住宅收入下降了 2%，非住宅收入成長了 10%。再次證明，我們的多客戶群策略和均衡的終端市場佈局繼續為我們帶來良好效果。

Moving next to our cash flow performance for the year. EBITDA of $3.2 billion was $338 million ahead of prior year. Working capital investments of $294 million were up from $106 million in the prior year as we selectively invested to support growth areas in the business. Interest and tax remained broadly stable year-over-year, resulting in operating cash flow of $2.2 billion, up $110 million on prior year. We continue to invest in organic growth through CapEx, investing $354 million during the year, resulting in free cash flow of $1.9 billion compared to $1.8 billion in the prior year. We also invested $276 million in M&A, returned $656 million to shareholders in dividends and repurchased $4.5 million of our shares for $902 million during the year.

接下來我們來看看今年的現金流表現。息稅折舊攤提前利潤為 32 億美元，比上年同期成長 3.38 億美元。營運資本投資從去年的 1.06 億美元增加到 2.94 億美元，因為我們有選擇地投資於業務成長領域。利息和稅收與上年基本保持穩定，營運現金流為 22 億美元，比上年增加 1.1 億美元。我們繼續透過資本支出投資於內生成長，本年度投資 3.54 億美元，自由現金流為 19 億美元，而前一年為 18 億美元。年內，我們還投資了 2.76 億美元用於併購，以股息形式向股東返還了 6.56 億美元，並以 9.02 億美元的價格回購了價值 450 萬美元的股票。

Now turning to our calendar 2026 guidance. While our markets remain mixed as we enter 2026, we expect another year of outperformance strong operational execution and continued investment to expand our market-leading capabilities and scale. We expect markets to be broadly flat for the year, with residential down low to mid-single digits, and nonresidential up low to mid-single digits. Against this backdrop, we expect low to mid-single-digit revenue growth, and we expect an operating margin range of 9.4% to 9.8%. Interest expense is expected to be approximately $200 million. We estimate CapEx of approximately $350 million to $400 million, and we continue to expect an effective tax rate of approximately 26%. We believe we are well positioned as we head into the new calendar year.

現在來看我們 2026 年的行程。儘管進入 2026 年，我們的市場依然喜憂參半，但我們預計，憑藉強勁的營運執行力和持續的投資，我們將在新的一年裡繼續保持優異的業績，擴大我們市場領先的能力和規模。我們預計今年市場整體將保持平穩，住宅市場將出現個位數低至中段的下滑，而非住宅市場將出現個位數低至中段的上漲。在此背景下，我們預期營收成長將達到個位數中低水平，營業利潤率預計在 9.4% 至 9.8% 之間。預計利息支出約2億美元。我們預計資本支出約為 3.5 億美元至 4 億美元，並且我們繼續預期實際稅率約為 26%。我們相信，在新的一年到來之際，我們已經做好了充分的準備。

Now let me pass the call back to Kevin to give an update on our market opportunities and strategy.

現在我把電話轉回給凱文，讓他介紹我們的市場機會和策略。

Thank you, Bill. Moving on to our update on market opportunities and strategy. Our goal today is to provide a clear view of who Ferguson is, our core strengths and the structural trends that we believe will drive continued market growth over the medium and long term. Ferguson is the largest value-added distributor of essential water and air solutions, and we are proud to partner with our customers as they build and maintain the infrastructure that keeps North America running on projects, big and small, in communities across the country.

謝謝你，比爾。接下來，我們將介紹市場機會和策略的最新進展。我們今天的目標是清楚地展現 Ferguson 的面貌、我們的核心優勢以及我們認為將在中長期內推動市場持續成長的結構性趨勢。Ferguson 是北美最大的加值水和空氣解決方案經銷商，我們很榮幸能與客戶合作，共同建造和維護支撐北美運作的基礎設施，參與全國各地社區的各種規模的計畫。

Together, our residential and nonresidential construction markets represent a $340 billion market opportunity. And even with our current size and scale, there's still tremendous growth opportunities ahead. Our intentionally balanced business mix allows us to capitalize on the full spectrum of demand across our markets. Our balance of 50% residential and 50% nonresidential with two-third repair, maintenance and improvement and one-third new construction help provide durability and resilience regardless of market conditions.

我們的住宅和非住宅建築市場合計代表著 3,400 億美元的市場機會。即使以我們目前的規模和體積來看，未來仍然有巨大的成長機會。我們精心平衡的業務組合使我們能夠充分利用各個市場的全部需求。我們50%的住宅項目和50%的非住宅項目，以及三分之二的維修、維護和改造項目和三分之一的新建項目，有助於確保項目的耐久性和韌性，不受市場狀況的影響。

Our strategy is built on a foundation of core strengths that allow us to leverage our size and scale to provide exceptional service in our local markets as this is an intentionally local business. Our business strategy is aligned with structural trends that are shaping the North American construction market in the short, medium and long term. We're well positioned to take advantage of these structural tailwinds to deliver a strong and consistent financial performance. Ferguson is operating from a position of strength today and our business model will allow us to continue to compound growth and deliver shareholder value.

我們的策略建立在核心優勢的基礎上，使我們能夠利用自身的規模優勢，在本地市場提供卓越的服務，因為這是一家有意識地紮根於本地的企業。我們的商業策略與正在塑造北美建築市場短期、中期和長期的結構性趨勢一致。我們已做好充分準備，利用這些結構性利多因素，實現強勁且穩定的財務表現。Ferguson 目前處於強勢地位，我們的商業模式將使我們能夠繼續實現複合成長並為股東創造價值。

One of our most powerful differentiators is our ability to integrate across multiple customer groups and provide products and solutions across the full life cycle of water and air applications from water treatment and transmission to storm water management to plumbing and HVAC systems to industrial pipe valve and fittings, fire suppression and much more. Our associates collaborate as experts on the entirety of the project, partnering with our customers in early stages of the design and engineering process. We aid decision-making while providing products and solutions throughout the life cycle of the project, whether new construction or RMI.

我們最強大的差異化優勢之一是能夠整合多個客戶群體，並為水和空氣應用的整個生命週期提供產品和解決方案，從水處理和輸送到雨水管理，再到管道和暖通空調系統，以及工業管道閥門和配件、消防等等。我們的同事們作為專家參與整個項目，在設計和工程過程的早期階段與客戶合作。我們為專案生命週期內的各種專案（無論是新建專案或RMI專案）提供產品和解決方案，並協助決策。

Our comprehensive water and air expertise allow us to help simplify complexity for our customers and provide end-to-end solutions that our communities rely on every day. The ability to deliver these solutions is made possible by where we are positioned in the broader supply chain. We connect 37,000 suppliers with over 1 million customers, providing them with choice of over 1 million products, all delivered through our extensive supply chain network. We strive to be the best path to market for our suppliers.

我們擁有全面的水和空氣專業知識，可以幫助客戶簡化複雜問題，並提供我們社區每天依賴的端到端解決方案。我們之所以能夠提供這些解決方案，是因為我們在更廣泛的供應鏈中的位置。我們連接了 37,000 家供應商和超過 100 萬客戶，為他們提供超過 100 萬種產品的選擇，所有產品均透過我們廣泛的供應鏈網路交付。我們力求為供應商提供最佳的市場管道。

Be the best path to market for our suppliers. Our scale allows us to offer customers more product options with shorter lead times and convenient delivery options. And our relationships in the local market ensure our customers receive the right product at the right time from people they like and trust. Additionally, our markets are highly fragmented with more than 10,000 small and midsized competitors serving individual geographies or specific customer types. This creates opportunity for consolidation and reinforces the relevance of our scale and enabling us to deliver differentiated value to both customers and suppliers.

為我們的供應商提供最佳的市場管道。憑藉我們的規模優勢，我們可以為客戶提供更多產品選擇、更短的交貨時間和更便利的配送方式。我們在當地市場建立的關係確保我們的客戶能夠在適當的時間從他們喜歡和信任的人那裡獲得合適的產品。此外，我們的市場高度分散，有超過 10,000 家中小競爭對手服務於不同的地區或特定的客戶類型。這為整合創造了機會，並強化了我們規模的重要性，使我們能夠為客戶和供應商提供差異化的價值。

The projects we support demand the expertise of specialized professionals, plumbers, HVAC technicians, Waterworks contractors, fire protection installers, commercial mechanical contractors and the many skilled traits that keep water flowing buildings functioning and essential infrastructure operating across North America.

我們支援的專案需要專業人員的專業知識，包括水管工、暖通空調技術人員、自來水承包商、消防安裝人員、商業機械承包商以及許多技能嫻熟的人員，他們確保北美各地的建築物正常運轉，重要的基礎設施持續運作。

The tangible value we provide is even more important when you consider the environment our customers are operating in, essentially, a trade starved world. Skilled labor is increasingly scarce. Demand continues to rise and the pressure on contractors to do more with less has never been greater. As these labor pressures intensify, our ability to unlock productivity becomes even more valuable to the over 1 million customers that we serve. Our job is to make their job easier.

考慮到我們的客戶所處的經營環境——一個貿易匱乏的世界——我們提供的實際價值就顯得更加重要了。熟練勞動力日益稀缺。需求持續成長，承包商面臨的壓力也前所未有地大，他們必須用更少的資源完成更多的工作。隨著勞動力壓力的加劇，我們釋放生產力的能力對於我們服務的超過 100 萬客戶來說變得更加有價值。我們的工作就是讓他們的工作更輕鬆。

We help the industry overcome these challenges and unlock construction productivity through our ability to deliver the right products, the right solutions guided by our people when and where our customers need them.

我們能夠隨時隨地為客戶提供合適的產品和解決方案，並透過我們的人員指導，幫助業界克服這些挑戰並釋放建築生產力。

Our strategic footprint puts 95% of our customers within 60 miles of a Ferguson location and allows us to deliver same day or next day. Our product strategy includes access to over 1 million products with a multi-brand offering in almost every major category. This includes 21 owned brands that make up approximately 10% of our overall revenue and span multiple product categories across our customer groups. The backbone of our business is the 35,000 associates that bring deep industry knowledge, technical expertise and strong long-term customer relationships. Our training program is designed to build a solid pipeline of talent and our culture emphasizes long-term career development and an unrelenting commitment to service.

我們的策略性佈局使 95% 的客戶位於 Ferguson 門市 60 英里範圍內，並使我們能夠當天或隔天送達。我們的產品策略包括提供超過 100 萬種產品，幾乎涵蓋所有主要類別，並提供多品牌產品。這其中包括 21 個自有品牌，約占我們總收入的 10%，涵蓋我們客戶群的多個產品類別。我們業務的支柱是 35,000 名員工，他們帶來了深厚的行業知識、技術專長和強大的長期客戶關係。我們的培訓計劃旨在建立一支強大的人才儲備隊伍，我們的文化強調長期的職業發展和對服務的不懈承諾。

Our multi-customer group strategy allows us to serve customers and have a greater impact on the entire project, whether it's a multimillion dollar data center or a residential remodel. We currently hold leading positions in the markets that we serve. We believe we are uniquely positioned to take advantage of the growth opportunities created when these groups come together on large, more complex jobs, jobs that are tailor-made for our business, jobs that require scale, product breadth and the ability to coordinate across multiple trades.

我們的多客戶集團策略使我們能夠更好地服務客戶，並對整個專案產生更大的影響，無論是價值數百萬美元的資料中心還是住宅改造。我們目前在所服務的市場中處於領先地位。我們相信，當這些團隊齊聚一堂，共同完成大型、更複雜的專案時，我們將擁有獨特的優勢來掌握由此產生的成長機會。這些項目是為我們的業務量身定制的，需要規模、產品廣度和跨多個行業的協調能力。

For our customer, it means fewer handoffs, fewer delays, tighter coordination and a level of integration that drives meaningful construction productivity. In a trade starve world, our customers don't just need product. They need productivity. And that's exactly what our value-added solutions deliver. We're continually looking for ways to save our customers' time on the job and deepen our partnership with them based on the unique needs of that project.

對於我們的客戶而言，這意味著更少的交接、更少的延誤、更緊密的協調以及更高水準的整合，從而顯著提高施工效率。在貿易蕭條的當下，我們的客戶需要的不僅僅是產品。他們需要提高生產力。而這正是我們增值解決方案所能提供的。我們不斷尋找各種方法，幫助客戶節省工作時間，並根據專案的具體需求，加深與客戶的合作關係。

We have intentionally added or expanded services like virtual design and construction, custom fabrication and valve automation to streamline design, bidding, ordering, staging and overall project management. And our digital tools give customers the ability to transact with us 24/7, making it easy to do business with us when and wherever they need.

我們特意增加了虛擬設計和施工、客製化製造和閥門自動化等服務，以簡化設計、投標、訂購、籌備和整體專案管理。我們的數位化工具讓客戶能夠全天候與我們進行交易，無論何時何地，都能輕鬆與我們開展業務。

Shifting to a more macro view. We've identified four structural trends that are shaping the residential and nonresidential markets. Large capital projects, water infrastructure, climate and comfort and aging and underbuilt housing, each represent fundamental trends that are tailwinds for our business and catalyst for future growth. We are well positioned to capitalize on these trends, providing a foundation for long-term consistent above-market growth. Across the U.S., we're in the middle of a once-in-a-generation build-out of large capital projects with more than 4,000 projects planned through 2031 and an estimated $6 trillion of projected spend. This represents a potential market opportunity across our customer groups of approximately $90 billion.

轉向更宏觀的視角。我們已經確定了影響住宅和非住宅市場的四個結構性趨勢。大型資本項目、水利基礎設施、氣候與舒適度以及老舊和住房不足，每一項都代表著對我們業務有利的基本趨勢，也是未來成長的催化劑。我們已做好充分準備，利用這些趨勢，為長期持續高於市場平均的成長奠定基礎。在美國各地，我們正處於一代人一次的大型資本項目建設浪潮之中，到 2031 年，計劃建設的項目超過 4000 個，預計支出將達 6 兆美元。這代表著我們面向客戶群約 900 億美元的潛在市場機會。

Data centers, semiconductor facilities, advanced manufacturing, energy, biotech. These are long cycle, high-complexity projects that require the very best in water and air solutions. The demand we're seeing for these types of projects goes beyond incentives. It's demand from onshoring, reshoring, GLP-1 production, AI infrastructure and power generation, demand that we believe will continue well into the future. We're not securing these jobs by being a distributor moving boxes from point A to point B.

資料中心、半導體設施、先進製造業、能源、生物技術。這些專案週期長、複雜度高，需要最好的水處理和空氣處理解決方案。我們看到這類項目的需求不僅來自於激勵措施。我們認為，來自本土化、回流生產、GLP-1 生產、人工智慧基礎設施和發電的需求，將會持續到未來很長一段時間。我們不是靠充當經銷商，把箱子從 A 點運到 B 點來保障這些工作崗位的。

It's because of the value Ferguson can uniquely bring to projects of this size and scale, from our multi-customer group expertise and our speed of our supply chain to full project management capabilities and value-added solutions. These projects are tailor-made for Ferguson.

這是因為 Ferguson 能夠為這種規模的專案帶來獨特的價值，從我們多客戶集團的專業知識和我們快速的供應鏈，到全面的專案管理能力和增值解決方案。這些項目是為弗格森量身定制的。

As an example, this data center project demanded scale, highly technical precision and coordination across multiple trades. We partnered with the general contractor and the contractor on the virtual model design and led the development of the liquid cooling build strategy in early stages of the project. Our skilled associates are using industry-leading fabrication technology to preassemble the custom design piping system. This project will deliver 5,700 liquid cooling assemblies, 57,000 valves, 12 miles of copper pipe and over 19 miles of water and fire lines.

例如，這個資料中心專案需要規模、高度的技術精度以及跨多個產業的協調。我們與總承包商和分包商合作進行虛擬模型設計，並在專案早期階段領導制定液冷建造策略。我們技術精湛的員工正在使用業界領先的製造技術對客製化設計的管道系統進行預組裝。該項目將交付 5700 個液冷組件、57000 個閥門、12 英里銅管和超過 19 英里的水管和消防管道。

To date, we've generated over $40 million in revenue with over $100 million in open orders. By combining the expertise and capabilities of our four specialized customer groups with our project management capabilities, we will seamlessly support coordination and execution throughout every phase of the project, both on and off-site.

截至目前，我們已創造超過 4,000 萬美元的收入，未完成訂單總額超過 1 億美元。透過將我們四個專業客戶群的專業知識和能力與我們的專案管理能力相結合，我們將無縫支援專案各個階段的協調和執行，無論是在現場還是在非現場。

As we shift to water infrastructure, the reality is America's water systems are aging, underfunded and in need of modernization. Significant investment is required to upgrade and replace critical water, wastewater and storm water infrastructure. Our Waterworks business engages early in the project with both public and private utilities as well as engineers to offer solutions for the entire life cycle of water from collection and treatment to transmission and distribution. We're also on the forefront of smart technology in the water space providing the metering, monitoring and intelligent infrastructure tools that help utilities manage usage, detect leaks and improve efficiency. Wherever water flows, we play a vital role and we're well positioned to take advantage of one of the most durable, high priorities and essential needs in the country with scale, capabilities and customer reach to lead it.

隨著我們轉向水利基礎建設，現實情況是美國的供水系統老化、資金不足，亟需現代化改造。需要大量投資來升級和更換關鍵的供水、污水和雨水基礎設施。我們的水務業務在專案初期就與公共和私營公用事業公司以及工程師合作，為水的整個生命週期（從收集和處理到輸送和分配）提供解決方案。我們在水務領域的智慧技術方面也處於領先地位，提供計量、監控和智慧基礎設施工具，幫助公用事業公司管理用水量、檢測洩漏並提高效率。凡是有水的地方，我們都扮演著至關重要的角色。憑藉規模、能力和客戶覆蓋面，我們完全有能力引領國家最持久、最受重視和最基本的需求之一。

Warmer summers, higher cooling loads, changing regulations and rising expectations for indoor comfort, it's changing how we heat, cool and ventilate our homes and buildings. We don't see this as a one-season trend, but as a long-term shift in how climate systems are being designed, installed and serviced. Demand is moving more toward efficient equipment, smarter systems and dual trade capabilities that blend HVAC and plumbing.

夏季氣溫升高、冷氣負荷增加、法規變化以及人們對室內舒適度的期望不斷提高，這些都在改變我們對房屋和建築物進行供暖、製冷和通風的方式。我們認為這不是一季的趨勢，而是氣候系統設計、安裝和服務方式的長期轉變。市場需求正朝著更有效率的設備、更智慧的系統以及整合暖通空調和管道的雙重專業能力發展。

Consolidation in the industry has led to larger multi-trade businesses with broader footprints and the need for a partner that understands this evolution and can scale with them. Ferguson now has over 650 full-service dual trade HVAC and plumbing locations that offer broad access to multiple equipment lines, parts and supplies and includes Ferguson's own brand products as well as national partnerships with the industry's leading manufacturers. We continue to invest in additional counter expansion, greenfield locations and M&A to drive further growth while expanding our digital tools to help our customers be more productive. We view climate and comfort as a durable structural growth driver for Ferguson and our investment in initiatives, along with our strong position in both HVAC and plumbing, provide us with a unique opportunity to capitalize on this industry evolution.

產業整合導致規模更大、業務範圍更廣的多產業企業出現，因此需要一個了解這種變化並能與它們共同擴展的合作夥伴。Ferguson 目前擁有 650 多個全方位服務的雙產業 HVAC 和管道服務點，可廣泛提供多種設備系列、零件和用品，包括 Ferguson 自有品牌產品以及與業內領先製造商的全國性合作關係。我們將繼續投資於櫃檯擴張、新門市和併購，以推動進一步成長，同時擴展我們的數位化工具，以幫助我們的客戶提高生產力。我們認為氣候和舒適度是 Ferguson 持久的結構性成長動力，我們對相關舉措的投資，以及我們在暖通空調和管道領域的強大地位，為我們提供了一個獨特的機會，讓我們能夠利用這一行業發展趨勢。

While the residential market remains challenged in the short term, we believe the combination of aging housing stock and a housing shortage underpins strong demand over the longer term. The average home in America is now more than four decades old, and we're still millions of units short of meeting our current demand. That gap isn't closing quickly. It's a long-term challenge and a long-term opportunity. Older homes need repair.

儘管短期內住宅市場仍面臨挑戰，但我們認為，老舊住房存量和住房短缺的雙重因素將支撐長期強勁的需求。美國房屋的平均房齡現在超過四十年，而我們仍然缺少數百萬套房屋來滿足目前的市場需求。這一差距不會很快縮小。這是一個長期的挑戰，也是一個長期的機會。老房子需要維修。

They need replacements. They need upgrades. And when new homes are built, they require everything from water delivery and metering to rough and finished plumbing to HVAC, appliances, lighting and in some cases, residential fire protection. Ferguson is uniquely positioned to serve both new construction and repair, maintenance and improvement through our multi-customer group approach. At Ferguson Home, and we're known for our strong relationship-driven approach.

他們需要更換。他們需要升級。新建房屋需要從供水和計量到粗裝修和精裝修的管道，再到暖通空調、電器、照明，在某些情況下還需要住宅消防設施。Ferguson 採用多客戶集團模式，在新建工程、維修、維護和改進方面擁有獨特的優勢。Ferguson Home 以其以顧客關係為導向的經營理念而聞名。

Once again, with our multi-customer group approach, we're poised to take advantage of a residential recovery. Ferguson combines the reach, resources and capabilities of North America's largest value-added distributor serving the water and air specialized professional with the speed, relationships and decision-making of a local partner. It's how we leverage our scale, earn trust in the local market and drive organic growth while also helping our customers be more productive in today's trade starved world.

憑藉我們多客戶群的方法，我們再次做好了從住宅復甦中獲益的準備。Ferguson 結合了北美最大的加值經銷商（服務於水和空氣專業領域）的覆蓋範圍、資源和能力，以及當地合作夥伴的速度、人脈和決策能力。我們正是利用自身規模優勢，贏得本地市場的信任，推動有機成長，同時幫助客戶在當今貿易匱乏的世界中提高生產力。

And when you look at it, the favorable long-term structural trends in front of us, our strategy, capabilities and value-added solutions position us to take advantage of the demand created by these tailwinds. These are multiyear, multi-decade opportunities where we believe Ferguson is uniquely positioned to lead. The result is a sustainable business model that's designed to deliver strong, consistent financial performance driven by above-market organic growth.

從長遠來看，我們所處的有利的長期結構性趨勢，以及我們的策略、能力和增值解決方案，使我們能夠利用這些順風帶來的需求。這些都是多年甚至幾十年的機遇，我們相信弗格森擁有獨特的優勢來引領這些機會。最終形成了一種可持續的商業模式，旨在透過高於市場平均的內生成長，實現強勁、穩定的財務表現。

And I'll now hand over to Bill, who will expand on our financial opportunity.

現在我將把麥克風交給比爾，他將詳細介紹我們的投資機會。

Thank you, Kevin. You've heard today about who we are, how we win and the significant opportunities ahead of us. At our foundation, we have a long-term proven track record of consistent execution and strong financial performance.

謝謝你，凱文。今天你們已經了解了我們是誰，我們如何取勝，以及我們面前的重大機會。我們基金會擁有長期穩定的執行力和強勁的財務業績，並已證明了這一點。

Looking back over the past decade, we've generated annual revenue growth of 8% with operating profit growth of 11% and operating margin expansion of 210 basis points to 9.6%. Over this time, our sustainable business model with balanced end market exposure has proven an ability to perform against a wide range of market conditions. From a more steady market growth period to a hyperinflationary supply chain constrained period to a deflationary period with a more challenging market in recent years. Through this time, we've reached record sales of $31.3 billion, record operating profit of $3 billion and a new level of operating margin while delivering a 545% total shareholder return, and we've done this while generating strong cash flow and cash conversion.

回顧過去十年，我們實現了年收入成長 8%，營業利潤成長 11%，營業利潤率成長 210 個基點至 9.6%。在此期間，我們以均衡的終端市場涵蓋為支撐的可持續商業模式，已經證明我們能夠在各種市場條件下取得成功。近年來，市場經歷了從較穩定的成長期到惡性通貨膨脹、供應鏈受限期，再到通貨緊縮、市場更具挑戰性的時期。在此期間，我們實現了創紀錄的 313 億美元銷售額、創紀錄的 30 億美元營業利潤以及新的營業利潤率，同時實現了 545% 的股東總回報，而且我們是在產生強勁現金流和現金轉換率的同時完成這一切的。

We take a disciplined approach to working capital investment, balancing the growth needs of the business while continuing to optimize our supply chain network. Over the past five fiscal years, we've generated approximately $9 billion in operating cash flow with an operating cash flow to net income conversion of 107%, we allocate that cash across four clear capital priorities. First and foremost, we make the investments necessary to drive above-market organic growth. Next, we invest in bolt-on geographic and capability acquisitions. We've moved this up in our allocation framework ahead of the dividend.

我們對營運資金投資採取嚴謹的態度，在滿足業務成長需求的同時，也持續優化我們的供應鏈網路。在過去的五個財政年度中，我們產生了約 90 億美元的營運現金流，經營現金流與淨收入的轉換率為 107%，我們將這些現金分配到四個明確的資本優先事項。首先，我們會進行必要的投資，以推動高於市場平均的內生成長。接下來，我們將投資於附加的地域和能力收購。在派息之前，我們已將此項投資提前納入資產配置架構。

While we've not had to choose between acquisitions and sustainably growing our dividend, we believe this repositioning more appropriately reflects our growth focus and the returns we can generate for shareholders on quality acquisitions. Next, we look to sustainably grow the dividend over time.

雖然我們不必在收購和永續成長股利之間做出選擇，但我們相信，這種重新定位更能恰當地反映我們的成長重點以及我們透過優質收購為股東創造的回報。接下來，我們將著眼於隨著時間的推移實現股息的可持續成長。

And finally, if we're below the low end of our target leverage range of 1 time to 2 times net debt to EBITDA, we return capital to shareholders via share repurchases. That consistency of capital allocation has enhanced growth and shareholder value. Over the past five fiscal years, we've deployed nearly $12 billion of capital and we've done this while driving strong returns on capital and maintaining a strong balance sheet that will provide great resilience should we encounter a tougher economic cycle and also optionality to further invest as opportunities arise.

最後，如果我們的淨負債與 EBITDA 的比率低於目標槓桿範圍的下限（1 倍至 2 倍），我們將透過股票回購向股東返還資本。這種持續的資本配置促進了成長並提升了股東價值。在過去的五個財政年度裡，我們投入了近 120 億美元的資金，同時實現了強勁的資本回報，並保持了穩健的資產負債表，這將使我們在遇到更嚴峻的經濟週期時具備強大的韌性，並在機會出現時擁有進一步投資的選擇權。

Turning now to acquisitions. We have a proven track record of success buying quality businesses in our highly fragmented markets. Over the past 5 fiscal years, we've completed over 50 acquisitions bringing in over $2 billion of revenue and accounting for just under 2% of our annual growth over that period. We acquired these companies at attractive multiples that leverage our scale to drive revenue, gross margin and operating cost synergies to generate strong returns.

接下來談談收購方面。我們在高度分散的市場中收購優質企業方面擁有良好的成功記錄。在過去的 5 個財政年度中，我們完成了 50 多項收購，帶來了超過 20 億美元的收入，佔該時期我們年增長率的近 2%。我們以極具吸引力的倍數收購了這些公司，利用我們的規模優勢推動收入、毛利率和營運成本的協同效應，從而產生強勁的回報。

Our strategy targets two types of bolt-on acquisitions. First, geographic, which allow us to expand and fill in our existing footprint, consolidate our markets and bring in local associate expertise and customer relationships. We have a repeatable process that allows us to quickly integrate these acquisitions, leverage our scale and generate synergies. In addition to geographic opportunities, we look for capability acquisitions in which we bring in new products, new value-added solutions, associate expertise and new vendor relationships that we can leverage across our platform.

我們的策略目標是兩種類型的補充性收購。首先是地理位置，這使我們能夠擴大和完善我們現有的業務範圍，鞏固我們的市場，並引入本地員工的專業知識和客戶關係。我們擁有可重複的流程，使我們能夠快速整合這些收購，利用我們的規模優勢並產生協同效應。除了地理上的機會，我們還尋求能力收購，以引入新產品、新的增值解決方案、員工專業知識和新的供應商關係，從而在我們的平台上加以利用。

In both cases, while we're acquiring physical assets such as locations, trucks and inventory, the real gain we have is from the people, their expertise and the customer and vendor relationships they bring into our business. We spent significant time evaluating cultural fit and alignment of values to support successful acquisitions. As we look forward, our pipeline remains healthy and acquisitions will continue to be a core component of our growth focus.

無論哪種情況，雖然我們獲得了諸如場地、卡車和庫存之類的有形資產，但我們真正的收益來自員工、他們的專業知識以及他們為我們的業務帶來的客戶和供應商關係。我們花了大量時間評估文化契合度和價值觀一致性，以支持收購成功。展望未來，我們的專案儲備依然充足，收購仍將是我們成長策略的核心組成部分。

Now turning to our financial opportunity in the future. We are and will continue to be an organic growth first company. Historically, our markets have outgrown GDP and we believe a reasonable expectation of market growth over the long term is approximately 2% to 4% a year, and we will continue to take share and outpace these markets. We've demonstrated a track record of above-market organic growth, and we believe our market-leading capabilities and favorable structural trends will drive continued above-market growth in the range of 300 basis points to 400 basis points a year. We'll continue to consolidate our fragmented markets through acquisitions, driving a further 1% to 3% incremental annual growth. Our markets are over market growth in our acquisition strategy, collectively result in a total annual growth expectation over the long term in the range of 6% to 11%.

現在讓我們來談談我們未來的財務機會。我們現在是，將來也會繼續是一家以有機成長為先的公司。從歷史上看，我們的市場成長速度超過了GDP成長速度，我們認為長期市場成長的合理預期約為每年2%至4%，我們將繼續擴大市場份額並超越這些市場。我們已經證明了我們擁有高於市場平均水平的有機成長記錄，我們相信我們市場領先的能力和有利的結構性趨勢將推動我們繼續保持高於市場平均水平的增長，每年增長幅度在 300 到 400 個基點之間。我們將繼續透過收購來整合分散的市場，從而推動每年1%至3%的增量成長。我們的市場成長速度超過了市場成長速度，我們的收購策略也推動了市場成長，長期來看，預計年增長率將達到 6% 至 11%。

In addition to continued growth, we have a wide variety of initiatives focused on driving sustainable margin expansion. We're utilizing analytics and dynamic pricing tools to enhance project bids and quotes while tailoring pricing based on segment, service level and job complexity. We're expanding value-added solutions and ensuring that we charge for that value. We guide our customers to the right product for their project. In doing so, we can drive higher margin products, leveraging our vendor partnerships and, in some cases, own brand to enhance overall gross margins.

除了持續成長之外，我們還推出了一系列旨在推動永續利潤率擴張的措施。我們正在利用分析和動態定價工具來改進專案投標和報價，同時根據細分市場、服務水準和工作複雜性來調整價格。我們正在拓展增值解決方案，並確保我們為這些價值收取費用。我們會引導客戶選擇適合其項目的產品。透過這樣做，我們可以推動利潤率更高的產品，利用我們的供應商合作關係，並在某些情況下利用自有品牌來提高整體毛利率。

And we're focused on improving the productivity of our operations, leveraging technology and AI to drive labor and cost productivity and we're further investing in and optimizing our supply chain network and automation to drive efficiencies to reduce the cost to serve our customers.

我們致力於提高營運效率，利用技術和人工智慧來提高勞動力和成本效率，並進一步投資和優化供應鏈網路和自動化，以提高效率，降低服務客戶的成本。

As we invest in these areas, we expect to incrementally expand our operating margins over time. As we bring all this together, we will continue to execute our growth and improvement strategy. Over the long term, we expect revenue growth rates of 6% to 11%, combined with flow-through in the range of 11% to 14% resulting in operating margin expansion of roughly 10 basis points to 30 basis points a year. As we do this, we will continue to deliver strong cash flow and cash conversion. We'll remain disciplined in the deployment of that cash across our four capital priorities, all while maintaining a strong balance sheet.

隨著我們對這些領域的投資，我們預計隨著時間的推移，我們的營業利潤率將逐步提高。我們將把所有這些因素整合起來，繼續執行我們的成長和改進策略。從長遠來看，我們預計營收成長率為 6% 至 11%，加上 11% 至 14% 的利潤率，將使營業利潤率每年增長約 10 至 30 個基點。在此過程中，我們將繼續保持強勁的現金流和現金轉換率。我們將繼續嚴格把控資金在四大資本優先事項上的運用，同時維持穩健的資產負債表。

Collectively, this will drive continued strong earnings per share growth which we estimate would be in the low double-digit to mid-teens range. To give a sense of our growth trajectory, we believe the combination of our large, fragmented and growing markets, our ability to deploy scale locally, our ability to capitalize on structural market trends and our disciplined approach to capital allocation will propel us over the medium term to deliver our next milestone of $40 billion in revenue, with over $4 billion in adjusted operating profit at over a 10% operating margin. We have laid a firm foundation and believe we are strongly positioned to continue generating additional shareholder value.

總而言之，這將推動每股盈餘持續強勁成長，我們預期成長速度將達到兩位數低點至十度。為了展現我們的成長軌跡，我們相信，憑藉我們龐大、分散且不斷成長的市場，我們在本地部署規模的能力，我們利用結構性市場趨勢的能力，以及我們嚴謹的資本配置方法，我們將在中期內實現下一個里程碑，即營收達到 400 億美元，調整後營業利潤超過 40 億美元，營業利潤率超過 10%。我們已經奠定了堅實的基礎，並相信我們有能力繼續為股東創造更多價值。

Thank you again for your time. And now let me hand it back to Kevin to wrap up.

再次感謝您抽出時間。現在讓我把總結部分交還給凱文。

Thank you, Bill. Ferguson is North America's largest value-added distributor of essential water and air solutions, from water treatment and transmission to storm water management, to plumbing and HVAC systems to industrial pipe valves and fittings, fire suppression and more. We operate in large fragmented and growing markets, and we believe our business is well positioned to take advantage of durable, long-term structural trends across large capital projects, water, climate and housing.

謝謝你，比爾。Ferguson 是北美最大的增值分銷商，提供從水處理和輸送到雨水管理、管道和 HVAC 系統、工業管道閥門和配件、消防等各種必要的水和空氣解決方案。我們在規模龐大、分散且不斷增長的市場中開展業務，我們相信，我們的業務已做好充分準備，可以利用大型資本項目、水資源、氣候和住房等領域持久的、長期的結構性趨勢。

What differentiates us is a set of core strengths to allow us to win in the marketplace while driving construction productivity for our customers. Scale deployed locally, a multi-customer group approach and a strong combination of supply chain capabilities, value-added solutions and expert associates. This has resulted in a long track record of growth and outperformance. And combined with our disciplined capital allocation, positions us to compound growth and drive shareholder returns over the medium and long term.

我們的優勢在於一系列核心優勢，使我們能夠在市場競爭中脫穎而出，同時提高客戶的施工效率。規模化部署在本地，採用多客戶群方法，並結合強大的供應鏈能力、增值解決方案和專家團隊。這造就了公司長期以來持續成長和優異的業績。結合我們嚴謹的資本配置，這使我們能夠實現複合成長，並在中長期內推動股東回報。

Thank you for your time. Bill and I are happy to take your questions.

感謝您抽出時間。我和比爾很樂意回答你們的問題。

(Operator Instructions) Our first question comes from Phil Ng from Jefferies. Please go ahead.

（操作說明）我們的第一個問題來自 Jefferies 的 Phil Ng。請繼續。

Congrats, Pete and Brian, and then Kevin thanks for all the great color in terms of how you guys are positioned longer term. I think what has been standing out in your really strong performance in the past year is certainly the nonres capital project side of things. Give us a little more color on how you're thinking about the outgrowth in that category when we think about 2026, are you starting to see share gains there accelerate? Give us a little perspective in when you bid for these projects, is that competitive landscape pretty limited just because we figure there's not a lot of competitors have that ability or that's not even how the process works. I mean, you foster a relationship where it's pretty sticky. It's really just you in some of these projects.

恭喜 Pete 和 Brian，也感謝 Kevin 為我們提供了許多關於你們長期策略定位的精彩見解。我認為過去一年你們表現非常出色，其中最突出的肯定是非住宅資本項目方面。請您更詳細地談談您對該類別在 2026 年的成長有何看法，您是否開始看到該類別的市佔率成長加速？請您從另一個角度談談您競標這些專案的情況，是因為我們覺得沒有太多競爭對手具備這種能力，還是因為競標流程本身就不是這樣的，所以競爭格局才比較有限？我的意思是，你要培養一種非常強的關係。有些項目其實只有你一個人。

Yes. Thank you, Phil. Thank you for both the comments as well as the question. When we look at large capital construction projects, it really does take a structural trend that is very attractive and put it together with what our business strategy has been over the past 5-plus years as we've looked to develop a multi-customer group approach, bring scale to best local relationships and then engage earlier in the project to help with the design process so that we can deliver the right product at the right time, on budget. And all that's come together well.

是的。謝謝你，菲爾。感謝您的評論和提問。當我們審視大型基礎建設專案時，它確實需要一個非常有吸引力的結構趨勢，並將其與我們過去 5 年多來的業務策略結合起來，因為我們一直在尋求發展多客戶群體方法，擴大規模以建立最佳的本地關係，然後在專案早期參與以幫助設計過程，以便我們能夠在預算範圍內按時交付正確的產品。一切都進展得很順利。

Is there a competitive dynamic that's different than the general market that we compete in from a nonresidential perspective? Slightly. We still compete with great local competitors in every one of our different customer groups. But we think that we offer something different collectively as we engage with the GC, the owner, and we think we bring something different when you talk about the supply chain, being able to deliver on those local relationships.

從非住宅市場的角度來看，是否存在與我們所處的一般市場不同的競爭動態？輕微地。我們在各個不同的客戶群中仍然要與優秀的本地競爭對手競爭。但我們認為，在與總承包商和業主合作的過程中，我們能夠提供一些不同的服務；而且，在談到供應鏈時，我們能夠更好地維護與當地客戶的關係，從而帶來一些不同的價值。

Additionally, what we've seen, especially in the data center market is the need to complement some of the activities of the contractor base in areas like fabrication, valve and automation and off-site construction to make sure that they can deliver on that project on time. So the competitive landscape, albeit different is very much attractive for the business model that we've built. And people ask us all the time about the large capital construction project tailwind when that goes away, then what does that mean? It really is a new way of operating for us as a company that we think will serve us well for decades to come.

此外，我們看到，尤其是在資料中心市場，需要對承包商的一些活動進行補充，例如製造、閥門和自動化以及異地施工，以確保他們能夠按時交付專案。因此，儘管競爭格局有所不同，但對於我們所建立的商業模式來說，這種競爭格局仍然非常有吸引力。人們總是問我們，當大型基礎建設計畫帶來的順風消失時，這意味著什麼？對我們公司而言，這確實是一種全新的營運方式，我們認為這種方式將在未來幾十年對我們大有裨益。

And Phil, you're seeing that in the growth rates on nonres over the last three quarters, three quarters in a row of double-digit growth rates and back to the multi-customer group approach, as Kevin outlined, real strength in not only the commercial mechanical business, up 18% in the quarter, up 18% for the calendar year, but also in the Waterworks business, up 9% in the quarter and 13% for the year. So really seeing that strength play across that multicustomer group approach.

菲爾，你可以看到，過去三個季度非住宅業務的增長率連續三個季度達到兩位數，這再次印證了凱文所概述的多客戶群體方法，不僅商業機械業務表現出真正的強勁勢頭（本季度增長 18%，全年增長 18%），而且自來水業務也表現強勁（本季度增長 9%，全年增長 13%）。所以，我們確實看到了這種優勢在多客戶群方法中所扮演的角色。

Okay. Super, question for you, Bill. The outlook for 2026 top line looks really good. Margins look quite good, but you're calling for more flattish margins, you typically do see some sort of flow-through with organic growth. Are there any things that you want to call out from an investment standpoint that you're making that mitigate some of these gains from a top line standpoint? Or the mix dynamics? Perhaps we're not really appreciating.

好的。太好了，比爾，我有個問題想問你。2026 年的營收前景看起來非常好。利潤率看起來相當不錯，但你要求的是更平穩的利潤率，通常情況下，有機成長會帶來一些連鎖效應。從投資角度來看，您認為有哪些做法會抵銷部分營收成長？或是混音的動態特性？或許我們並沒有真正懂得欣賞。

Yes. Maybe to give a little bit of context and color on it. First off, if you take a step back, Phil, we grew the operating margin of the business from 9.1% in calendar '24 to 9.6% in calendar '25. So we had a 50 basis point very strong step up during the year. As we went throughout the year, we did highlight that we had some outsized gross margin quarters driven by the timing and extent of supplier price increases that came through the middle part of the year, and we flagged that, that there was going to be some normalization on that gross margin. And that's what you've seen as we've stepped through the back half of the calendar year.

是的。或許可以補充一些背景資訊和細節。首先，菲爾，如果你回顧一下，我們把公司的營業利潤率從 2024 年的 9.1% 提高到了 2025 年的 9.6%。因此，我們在這一年中實現了 50 個基點的強勁成長。在這一年中，我們確實強調了一些季度毛利率異常高的現象，這是由於供應商在年中提價的時機和幅度造成的，我們也指出，毛利率將會趨於正常化。這就是我們回顧下半年所看到的。

So for the full year, we delivered 31% gross margins. As we exited the year, you saw that gross margin come back into a more normalized range at about 30.6%. So if you just roll that forward into next year, there's going to be a little bit of year-over-year gross margin compression, which we tried to flag as we went through those summer months as that being a bit of an outsized gain. So there'll be a touch of gross margin pressure. We do expect to generate good SG&A leverage to offset that.

因此，全年毛利率為 31%。隨著年底的臨近，毛利率回落到較正常的水平，約 30.6%。因此，如果將這種情況延續到明年，毛利率將會出現同比略微下降，我們在夏季幾個月裡就試圖指出這一點，因為那是一個相當大的增長。因此，毛利率會面臨一些壓力。我們預計能夠透過良好的銷售、管理及行政費用槓桿作用來抵銷這種影響。

And then, of course, we've provided a range of operating margin outcomes. So 9.4 to 9.8 the top end and the bottom end of that range are largely going to be bookended and driven by what kind of market we find ourselves operating in. So if we find ourselves operating in a bit of a stronger market and growth is a bit on the higher end of our expectation, we would expect to expand those operating margins and get a little bit more SG&A leverage.

當然，我們也提供了一系列營業利潤率結果。因此，9.4 到 9.8 這個範圍的上限和下限很大程度上將取決於我們所處的市場類型。因此，如果我們發現自己在一個相對強勁的市場中運營，並且成長略高於我們的預期，我們預計營業利潤率將擴大，並獲得更多的銷售、一般及行政費用槓桿。

And then if markets are a bit weaker, we'd expect to be towards the bottom end of that range. But regardless, when you take a step back and you look at the progression of the operating margin of this business over time, we continue to improve it over the long term, and that's our expectation as we look forward.

如果市場走弱，我們預期價格會接近該區間的下限。但無論如何，從長遠來看，我們一直在不斷提高這項業務的營業利潤率，這也是我們展望未來時的預期。

Our next question comes from Sam Reid from Wells Fargo.

下一個問題來自富國銀行的薩姆·里德。

Brian, congrats on the forthcoming retirement. Just wanted to stick on the -- awesome. Just wanted to stick on the EBIT topic here for a second. So looking at your long-term growth target on top line, I believe it's 6% to 11%. Just want to contextualize that in the context of your long-term EBIT margin expansion outlook.

布萊恩，恭喜你即將退休。只是想加上——太棒了。我想在這裡再談談息稅前利潤（EBIT）這個主題。因此，就你們的長期營收成長目標而言，我認為應該是 6% 到 11%。我想結合您長期息稅前利潤率擴張的預期來解釋。

And maybe talk to how EBIT margins look over the long term in a scenario where growth tracks at the low end or below the low end of that top line growth target. Just want to think through how EBIT could look let's just say, if growth doesn't always cooperate.

或許也可以探討一下，如果營收成長處於或低於營收成長目標的低端水平，那麼長期來看 EBIT 利潤率會如何變化。我只是想思考一下，如果成長並非總是如預期般順利，息稅前利潤 (EBIT) 可能會是什麼樣子。

Yes. Sure, Sam. Thanks for the question. And to your point, we've provided that long-term growth algorithm of 6% to 11%. And if we're within that range, we expect to expand those operating margins in that roughly 10 basis points to 30 basis points a year range.

是的。當然可以，山姆。謝謝你的提問。正如您所說，我們已經提供了 6% 到 11% 的長期成長演算法。如果目標在這個範圍內，我們預計每年營業利潤率將提高約 10 到 30 個基點。

Look, if growth is a bit lower than that, certainly, there are continued investments that we make in the business. Certainly, there's a bit of wage inflation that we expect to have in the business. And generally, we say if we're growing in the low single-digit range, we will work very hard and can kind of hold serve on operating margin. When you get to that mid-single-digit growth range, we can generally generate a touch of SG&A leverage.

你看，如果成長速度略低於預期，我們當然會繼續對業務進行投資。當然，我們預期產業內會出現一些薪資上漲現象。一般來說，如果我們的成長速度保持在個位數低位，我們會非常努力，並且能夠勉強維持營運利潤率。當成長率達到個位數中段時，我們通常可以稍微利用銷售、一般及行政費用槓桿。

And then when you get obviously into that call it, mid-single to low double-digit range, that's the growth algorithm. That's where we get a bit more flow-through and operating cost leverage. Certainly, we're continuing to add value-added services and solutions and so we do expect each of our businesses, each of our customer groups to incrementally grow those gross margins over time. But clearly, we expect the progression of operating margins, as I said earlier, to be expansionary as we look forward over the medium to long term.

然後，當你明顯進入那個範圍（個位數中段到兩位數低段）時，那就是成長演算法。這樣我們就能獲得更多的利潤分成和營運成本槓桿。當然，我們正在不斷增加增值服務和解決方案，因此我們預計我們的每個業務部門、每個客戶群的毛利率都會隨著時間的推移而逐步增長。但顯然，正如我之前所說，我們預期從中長期來看，營業利潤率將呈現擴張趨勢。

And as we've said, we believe that as the specialized professional in the trades for water and air continues to be pressured from a headcount perspective and growth of those trades. Productivity inside the construction space is going to become even more paramount. And if we can add those value-added services that Bill referenced, we believe that we can expand our gross margins over time because we're more valuable to the supply chain as a whole.

正如我們所說，我們認為，水和空氣產業的專業人員在人員數量和產業發展方面持續面臨壓力。建築業的生產力將變得更加至關重要。如果我們能夠增加比爾提到的那些增值服務，我們相信隨著時間的推移，我們可以提高毛利率，因為我們對整個供應鏈的價值更高。

That helps, guys. And then maybe one, let's call it, a bigger picture question here. It looks like the business is about one-third new construction today. I believe you brought that down over the last decade and by comparison also brought your mix of RMI up as well, which is great. What I'd love to hear though would be the split that one-third new construction between residential and non-residential just so we have a rough sense as to how much of your business is being driven by new commercial construction, maybe contrast that with the new build channel on the Residential side?

這很有幫助，夥計們。然後，或許還有一個，我們姑且稱之為，更宏觀的問題。如今看來，該產業約有三分之一的業務是新建案。我相信你在過去十年裡降低了這個數值，相較之下，你的RMI組合也提高了，這很棒。不過，我更想聽到的是，將這三分之一的新建項目細分為住宅和非住宅項目，這樣我們就能大致了解貴公司有多少業務是由新建商業項目推動的，或許還可以將其與住宅方面的新建項目渠道進行對比？

Yes, Sam, it's broadly similar across residential and nonresidential in terms of that one-third, two-third split. Today, to your point, there's probably a touch more new construction slightly higher than one-third on the nonresidential, just given the large capital projects. But a lot of the work that we're doing in the non-Residential space, particularly when you look at things like Waterworks infrastructure is still repair, replace, remodel.

是的，Sam，住宅和非住宅的情況大致相似，都是三分之一和三分之二的比例。正如您所說，今天非住宅建築的新建數量可能略高於三分之一，這主要是因為大型基建項目。但是，我們在非住宅領域所做的許多工作，特別是像自來水基礎設施之類的工作，仍然是維修、更換和改造。

Our next question is from Ryan Merkel from William Blair.

下一個問題來自威廉·布萊爾的瑞安·默克爾。

My first question is just on calendar first quarter and if sales is trending in that low single-digit to mid-single-digit range or we've had a bit of weather, and I know the new resi construction is soft. So just a little clarity on what you're seeing would be helpful.

我的第一個問題是關於日曆年第一季的，如果銷售額呈現個位數低到個位數中段的成長趨勢，或者我們遇到了一些天氣問題，我知道新的住宅建設市場疲軟，那會怎麼樣？所以，如果您能更清楚地描述一下您所看到的情況，那就很有幫助了。

Yes, Ryan. To date, in the first quarter, revenue has been a touch weaker than Q4 so we're trending in that low single-digit range. To your point, we're continuing to face that new residential weakness along with a bit of HVAC pressure. And look, while we never want to blame the weather, there's certainly been some year-on-year negative impact from the number of severe storms that we've seen in January and February. So a touch softer at the start of the year than Q4, but we expect modest improvement in growth as we move throughout the year, and that's embedded in our low to mid-single-digit guidance for the full calendar year.

是的，瑞恩。截至目前，第一季營收略低於第四季度，因此我們正處於個位數低幅的趨勢。正如您所說，我們正繼續面臨住宅市場疲軟以及暖通空調方面的一些壓力。你看，雖然我們永遠不想責怪天氣，但一月和二月發生的強風暴數量確實對每年的經濟造成了一些負面影響。因此，年初的成長速度比第四季略慢，但我們預計隨著全年的推進，成長速度將略有改善，這已體現在我們對全年低至中等個位數的成長預期中。

Got it. All right. That's helpful. And then my second question is on the '26 guide. It looks like volumes are kind of up in that 1% range. So correct me if that's not correct. But -- and then could you just talk about -- you did 5% volume growth in '25. So frame for us why it's a bit slower as you're thinking about '26. I realize the market is muted. But just talk about why the volumes are a bit slower in the outlook.

知道了。好的。那很有幫助。我的第二個問題是關於 '26 指南的。看起來成交量似乎上漲了1%左右。如果我說錯了，請糾正我。但是——然後你們能談談——你們在 2025 年實現了 5% 的銷量成長嗎？所以，請您解釋一下，為什麼您在考慮 '26' 時速度會慢一些。我意識到市場行情低迷。但請談談為什麼前景展望中的交易量增速略有放緩。

Yes. To your point, with a low to mid-single-digit overall revenue guidance, look, there's very little acquisition tail in that. So the vast majority of that is organic. From a planning assumption perspective, and it's -- look, it's really hard to predict, but we are expecting, call it, low single-digit inflation. So that does imply a little bit of volume growth through the calendar year.

是的。正如你所說，考慮到整體營收預期只有個位數中低水平，你看，這其中幾乎沒有收購的餘地。所以其中絕大部分都是有機的。從規劃假設的角度來看，雖然很難預測，但我們預期通貨膨脹率將維持在個位數低點。所以這確實意味著全年銷量會有小幅成長。

But it really goes back to why has that stepped down from last year. It goes back to those same headwinds that we're facing, particularly early in the year on new residential along with HVAC and then a touch of weather at the start of the year.

但歸根結底，問題在於為什麼這個數字比去年有所下降。這又回到了我們目前面臨的那些不利因素，尤其是在年初，新建住宅和暖通空調系統都面臨挑戰，再加上年初的一些天氣因素。

So we would still expect volume growth but maybe a bit on the lighter side versus last year, again, driven by that resi pressure as we're still seeing good, strong volume growth on nonres.

因此，我們仍然預期銷量會成長，但與去年相比可能會略微放緩，這同樣是由於住宅市場的壓力所致，因為我們仍然看到非住宅市場的銷量保持良好強勁的成長。

And clearly, we are seeing across the market, the pressure on movement to repair versus replace on the HVAC side of the world when it comes to equipment sales. And we enter the calendar year with that pressure that we think will start to alleviate as we go through the calendar year.

顯然，我們看到整個市場，在暖通空調設備銷售方面，維修而非更換的壓力越來越大。我們帶著這種壓力進入了新的一年，我們認為隨著時間的推移，這種壓力會開始緩解。

Our next question is from Keith Hughes from Truist.

下一個問題來自 Truist 的 Keith Hughes。

The question on pricing with the tariffs changing is -- are you anticipating any price pressure assuming tariffs fall away on some of the imported goods as you progress through the year?

關於關稅變動對定價的影響，問題是－假設隨著時間的推移，部分進口商品的關稅會降低，您是否預期會出現任何價格壓力？

Yes, Keith, I mean, the short answer is and thank you for the question. Sitting here today, we don't anticipate deflation. We continue to see normal annual price increase announcements across our finished goods spectrum. And if you recall, when we had deflation back in '23 and '24, that was driven by commodities, not finished goods. And as we've said earlier, PVC pipe still remains in deflationary territory but we have seen a mild step-up in inflation across finished goods.

是的，基思，我的意思是，簡而言之就是，謝謝你的提問。就目前來看，我們預計不會出現通貨緊縮。我們看到，我們所有成品產品都持續發布正常的年度價格上漲公告。如果你還記得的話，我們在 2023 年和 2024 年經歷通貨緊縮的時候，是由大宗商品價格上漲引起的，而不是成品價格上漲引起的。正如我們之前所說，PVC管道仍然處於通縮區間，但我們已經看到成品價格的通膨略有上升。

And if you go back to some previous quarters when we were talking about tariff impact, we told you that the vast majority, if not all of the realized price increases that we saw were not attributable to tariffs, but we're part of like a normalized price increase environment after what was really several quarters of flat or deflating pressure.

如果你回顧一下我們之前幾個季度討論關稅影響的時候，我們說過，我們看到的絕大多數（如果不是全部）實際價格上漲都不是關稅造成的，而是經歷了幾個季度價格持平或下降的壓力之後，價格上漲環境趨於正常化的結果。

And in fact, as you know, going back to that commodity side, during '23 and '24, we experienced 6 straight quarters of deflation. So we're not sitting here today anticipating deflation.

事實上，如你所知，回到大宗商品方面，在 2023 年和 2024 年，我們經歷了連續 6 個季度的通貨緊縮。所以，我們今天坐在這裡並不期待通貨緊縮。

Okay. Great. I guess a little bit long-term question. You had the four pillars of growth. Waterworks was one of them. If you could talk about what kind of growth you would expect out of the sector and then maybe your growth on top of that over the next several years? What role does it play in the 6% to 11% that you highlighted as your long-term growth goals?

好的。偉大的。我想這算是比較長遠的問題吧。你們擁有成長的四大支柱。自來水廠就是其中之一。如果您能談談您對該行業未來幾年成長的預期，以及您自身在未來幾年內的成長預期，那就太好了。它在您強調的長期成長目標（6%至11%）中扮演什麼角色？

Maybe I'll take a step back, Keith and just talk about why we are bullish on that trend and the business generally. If I take our business, we have worked very hard to make sure that we have a diversified Waterworks business coming from a place years ago where we were very much a new residential construction business, to one that is broadly based in residential, commercial, public works, water, wastewater treatment, soil stabilization, storm water management, and that served us very well.

或許我應該退後一步，基思，談談我們為什麼看好這一趨勢以及整個業務。以我們的業務為例，我們一直努力確保我們的水務業務多元化，從多年前一家以新建住宅建築為主的企業，發展成為一家業務範圍廣泛涵蓋住宅、商業、公共工程、供水、污水處理、土壤穩定、雨水管理的企業，這給我們帶來了非常好的效益。

And then as we look out, not only is Waterworks a key component to a large capital projects, and we are performing well with that multicustomer group approach and how we're driving up funnel. But we're also seeing when you think about data center activity that's out there today, there is a knock-on effect for power generation needs as well as water. And when you look at water and wastewater treatment and what that investment looks like that is a very good place for again, that diversified Waterworks business. So we think the public work side of our Waterworks business will be a strong tailwind for us as we go forward and set up well for the company.

然後，當我們放眼未來，水務不僅是大型資本項目的關鍵組成部分，而且我們在多客戶群方法以及推動銷售漏斗向上方面也表現出色。但我們也看到，當你思考當今的資料中心活動時，會對發電需求和用水產生連鎖反應。當你審視水和廢水處理以及這項投資的前景時，你會發現這對多元化的水務業務來說是一個非常好的領域。因此，我們認為自來水業務的公共工程部分將成為我們前進的強勁助力，並為公司的發展奠定良好的基礎。

And when you say diversified Waterworks, are you talking [inaudible], fresh and wastewater what exactly is entailed in that?

你說的多元化水務，是指（聽不清楚），新鮮水和污水，這具體包含哪些內容？

I mean transmission mains and the reinvestment in transmission and distribution, water and wastewater treatment plant construction as well as rehabilitation, what we look at in controls, pumps and process equipment inside of those water and wastewater treatment plants. And as we see that moving maybe to even private installations adjacent to data center construction. There are good tailwinds that are out there that play well to the business.

我的意思是輸電幹線以及對輸配電的再投資、水和污水處理廠的建設和改造，以及我們對這些水和污水處理廠內部的控制系統、泵浦和製程設備的關注。而且我們看到，這種趨勢甚至可能蔓延到資料中心建設附近的私人設施。目前存在一些對企業有利的順風因素。

And final thing on that. You're really talking about a combining of the traditional wastewater with some of your commercial and industrial capabilities. Is that what I'm hearing and what you just listed out?

最後還有一點。你實際上是在談論將傳統廢水處理與你的一些商業和工業能力結合起來。我聽到的和你剛才列出的內容一樣嗎？

That and in addition, new product categories that expand the addressable market and allow us to be involved in specifying complex projects that would normally not lend themselves well to distribution.

此外，新的產品類別擴大了目標市場，使我們能夠參與制定通常不適合分銷的複雜項目。

Our next question comes from Matthew Bouley from Barclays.

下一個問題來自巴克萊銀行的馬修·布雷。

Congrats to Brian and Pete. So on nonresidential really helpful color there. You updated the TAM for large capital projects to $90 billion. I think it was $50 billion a couple of years ago. So my question is maybe just kind of link that with the next 12 months, your non-residential guidance for low to mid-single digit in 2026.

恭喜布萊恩和皮特。所以，在非住宅區域，這種顏色真的很有幫助。您將大型資本項目的總潛在市場規模 (TAM) 更新為 900 億美元。我記得幾年前是500億美元。所以我的問題是，能否將此與未來 12 個月聯繫起來，你們對 2026 年非住宅市場低至中個位數增長的預測。

You just grew 10% in Q4. Obviously, everything you're saying today, it sounds like that portion of non-res continues to be strong. Is this just sort of tougher comps, kind of light commercial activity a little bit choppy or is there scope to maybe outperform that low to mid-single digits as you look out kind of giving -- in light of that large capital projects business?

你們第四季成長了10%。顯然，你今天所說的一切，聽起來都表明非住宅部分的強勁勢頭依然存在。這只是比較艱難的比較，商業活動比較少且波動較大，還是說，考慮到大型資本項目業務，有潛力超越個位數低到中等的增長率？

Yes. Thanks for the question, Matt. When you look at our guidance and on the low to mid-single-digit growth for nonresidential, that is our market guide, clearly. And that does assume that large capital project strength is still there. But to your point, light commercial, traditional nonres is still a bit pressured as we go through the year.

是的。謝謝你的提問，馬特。當你查看我們的指導意見，以及非住宅市場低至中等個位數的成長預期時，這顯然就是我們的市場指導方針。但這前提是大型資本項目實力依然強勁。但正如你所說，隨著時間的推移，輕型商業、傳統非住宅物業仍然面臨一些壓力。

Against that backdrop, we do continue to expect to outperform that market. And not to repeat everything that we've said today, but we do believe we're well positioned to continue outperforming that market given our investments in the multi-customer group approach.

在此背景下，我們仍然預期能夠跑贏大盤。我們今天已經說過很多話，但為了避免重複，我們相信，鑑於我們在多客戶群方法上的投資，我們有能力繼續跑贏市場。

As you look forward to what does that mean for actual growth rates for us on nonres as we go through calendar '26, certainly, there is some reality to those tougher comps. I just talked about earlier, three quarters in a row of low double digit to mid-double digit or to mid-teens growth rates that we're going to comp against. But regardless of that, we are expecting strong nonres growth out of our business. When you take a step back further, our open orders and our backlogs are continuing to build, particularly in the commercial mechanical space as well as the Waterwork space. So we feel pretty optimistic about another strong year out of our nonres customer groups.

展望 2026 年，這對我們非住宅物業的實際成長率意味著什麼，當然，那些更嚴峻的比較確實具有一定的現實意義。我剛才提到過，我們將要與之比較的是連續三個季度兩位數低點到兩位數中位數或十幾位數的成長率。但即便如此，我們預計非住宅業務將實現強勁成長。從更宏觀的角度來看，我們的未完成訂單和積壓訂單仍在增加，尤其是在商業機械領域以及水務領域。因此，我們對非住宅客戶群今年的業績再創新高感到非常樂觀。

Perfect. Okay. That's very helpful color. And yes, so the expectation is to continue to outperform that market guide. Perfect. I wanted to ask a second question on M&A. I think you did basically 1% in 2025. Obviously, you're talking about 1% to 3% going forward. I guess just if you look back kind of what drove you towards the lower end of that in 2025 in terms of target availability, anything along those lines? And then when you look at these, I think you said 100 top targets. Where are you focusing that M&A investment by customer group? Where is it you want to continue to lean into?

完美的。好的。那是一個非常有用的顏色。是的，因此預期是繼續跑贏市場預期。完美的。我想問第二個關於併購的問題。我認為你到 2025 年的成果基本上只有 1%。顯然，你指的是未來1%到3%的成長。我想，如果你回顧一下，是什麼原因導致你認為 2025 年的目標可用性會降低，是這方面的原因嗎？然後當你查看這些目標時，我想你提到了100個頂級目標。依客戶群劃分，你們的併購投資重點放在哪些方面？你希望繼續在哪方面投入精力？

Yes. If you look at the historically on M&A, and we highlighted this throughout the prepared comments, we delivered roughly 50 acquisitions over the last 5 years, roughly 2%. Certainly, over the last 12 months to 18 months, that delivery, the number of deals that we've executed has been a bit on the lighter side. But our pipeline still remains extremely healthy. We're still very bullish about our opportunity to consolidate our markets.

是的。從併購的歷史來看（我們在準備好的評論中也強調了這一點），過去 5 年我們完成了大約 50 項收購，約佔 2%。當然，在過去的 12 個月到 18 個月裡，我們的交付量，也就是我們完成的交易數量，確實有點偏少。但我們的供應鏈依然非常健康。我們仍然非常看好整合市場的機會。

And quite frankly, with M&A, sometimes you just can't control the timing, what assets are available, when those assets come to market. But as we look forward, we do expect calendar '26 to be a more active year from an M&A perspective than what we had in calendar '25.

坦白說，在併購中，有時你根本無法控制時機，無法控制哪些資產可用，也無法控制這些資產何時進入市場。但展望未來，我們預計 2026 年在併購方面將比 2025 年更加活躍。

And it's fair to say that we have a pretty full pipeline right now of opportunities that are out there. And if you look across our customer groups and where our focus areas are, although all of our customer groups are growth engine businesses, as we look at them, we have a fairly good focus on the residential side of our house within the HVAC space as we look to build out our capabilities, build out our equipment brands across the country and build out those local relationships.

可以毫不誇張地說，我們目前有很多機會擺在眼前。如果你縱觀我們的客戶群和我們的重點領域，雖然我們所有的客戶群都是增長引擎企業，但當我們審視它們時，我們會發現我們在暖通空調領域的住宅方面投入了相當多的精力，因為我們正在努力提升我們的能力，在全國範圍內推廣我們的設備品牌，並建立本地關係。

And then on the non-residential side of the house, we are focused on those areas of capabilities that we can then leverage across the nation and across our customer groups to add construction productivity, areas like fabrication, valve and automation, process equipment and applied services. So there's a good pipeline that's ahead of us, both on the nonres side as well as on HVAC on the residential side.

在非住宅領域，我們專注於那些我們可以在全國範圍內以及我們的客戶群中利用的能力領域，以提高建築生產力，例如製造、閥門和自動化、工藝設備和應用服務等領域。所以，無論是在非住宅領域還是在住宅領域的暖通空調方面，我們都面臨著良好的發展前景。

Our next question comes from Mike Dahl from RBC Capital Markets. Please go ahead.

下一個問題來自加拿大皇家銀行資本市場的麥克達爾。請繼續。

Great thanks for taking my questions and the mini Investor Day here. Obviously, some of these long-term dynamics, your growth algorithm, the opportunities, it's all really compelling. I think if I had to maybe critique or question one thing the opportunity that has grown so dramatically over the past few years and your capabilities have improved so much. Your execution has been great when we think about all these large capital projects, the HVAC and water. And if I compare your set of midterm expectations today versus your virtual Investor Day in '22, all of those assumptions are largely similar. I think growth is actually a touch lower. The margin assumptions are pretty similar.

非常感謝您回答我的問題，並主持這次小型投資者日活動。顯然，這些長期動態、你的成長演算法、機會等等，都非常具有吸引力。如果非要我批評或質疑一件事的話，那就是過去幾年機會的成長如此之大，而你的能力也提高了這麼多。考慮到所有這些大型資本項目、暖通空調和水務項目，你們的執行力非常出色。如果我比較一下你們今天對中期業績的預期和你們在 2022 年虛擬投資者日上的預期，會發現所有這些假設都大體上是相似的。我認為實際成長率會略低一些。利潤率假設非常相似。

So I think the question would be why not -- why are they similar? What are some of the puts and takes and things that have kind of held you back on maybe even stronger growth outside of, obviously, the near-term macro or more specifically, margin progression. I would think some of the scale benefits your margins even more so over time given how things have evolved. Maybe just walk us through how you thought about that.

所以我認為問題應該是：為什麼不呢？ ——為什麼它們相似？除了近期宏觀經濟因素或更具體地說是利潤率成長之外，還有哪些因素阻礙了您實現更強勁的成長？我認為，隨著情勢的發展，規模效應會隨著時間的推移，對利潤率帶來更大的好處。或許您可以跟我們說說您是怎麼想到這一點的。

Yes. Sure, Mike. When you take a step back and you look at the overall growth algorithm, certainly what underpins that is the assumption on what the market growth is going to be. And you look at historically, our markets have outperformed GDP, we do expect that to continue as we look forward based on some of the tailwinds that we talked about today, we think our markets are going to be healthy over the longer term.

是的。當然可以，麥克。當你退後一步，審視整個成長演算法時，你會發現支撐這項演算法的，無疑是對市場成長前景的假設。從歷史角度來看，我們的市場表現優於GDP，我們預期這種情況會持續下去。基於我們今天討論的一些利多因素，我們認為從長遠來看，我們的市場將會保持健康。

As we think more near term, there's certainly more short-term residential pressure. And so we've maybe been a touch conservative on our expectation of market growth of 2% to 4%. That's where that slight difference came from our Investor Day a few years back. But regardless, I think all of us would have a difficult time predicting what the market is going to be with precision over the long term. So regardless of that, the key for us is continuing to outperform that on an organic basis.

如果我們多考慮近期發展，短期住房壓力肯定會更大。因此，我們先前對市場成長的預期可能略顯保守，預計為 2% 至 4%。這就是幾年前我們投資者日活動帶來的細微差別。但無論如何，我認為我們所有人都很難準確預測市場長期趨勢。所以無論如何，對我們來說，關鍵在於繼續在自然增長的基礎上超越這個水平。

And we believe 300 basis points to 400 basis points is still a strong performance, and it still gives us the right -- it's still the right place for us to be as we think about approaching this with a balance of continued investment for the long term as well as we develop those capabilities and outperforming a strong underlying market.

我們認為 300 到 400 個基點仍然是強勁的表現，這仍然讓我們有理由——這仍然是我們應該採取的正確策略，即在持續進行長期投資的同時，發展這些能力，並在強勁的基礎市場中取得更好的業績。

So we still believe that somewhere in that mid-single digit to low double-digit growth rate over the long term is a good place for us to be. We believe we can generate strong operating margin leverage there and real high-quality EPS growth as well as returns for shareholders. And if you look at that progression going back a few years, I mean, this was a sub 8% operating margin business. We've built it to a, call it, mid 9%, 9.6% operating margin business and we intend to continue to expand that over time.

因此，我們仍然認為，長期來看，保持在個位數中段到兩位數低段的成長率對我們來說是一個比較好的位置。我們相信，我們可以在那裡實現強勁的營業利潤率槓桿效應，以及真正高品質的每股盈餘成長，並為股東帶來回報。如果你回顧過去幾年的發展歷程，你會發現，當時這家公司的營業利益率不到 8%。我們已經將其打造成為營業利潤率在 9% 到 9.6% 左右的企業，並且我們打算隨著時間的推移繼續擴大這一利潤率。

Okay. Yes. That's helpful. I think just then dovetailing to that, again, obviously, it's all been really strong, particularly on the large project work. Maybe on -- still on that margin dynamic. I know there's a different mix of business that goes into that, that might be lower gross margin, but then cost to serve or scale benefits kind of offset that. Can you just update us on kind of directionally what are your typical margins on jobs like that, on data centers or large capital projects?

好的。是的。那很有幫助。我認為正好與此相吻合，顯然，一切都非常順利，尤其是在大型專案工作方面。或許會持續下去——仍處於這種利潤動態之中。我知道這其中涉及不同的業務組合，毛利率可能會較低，但服務成本或規模效益在某種程度上可以抵消這一點。您能否大致介紹一下，像是資料中心或大型資本專案這類工作的典型利潤率是多少？

And then if you have any updated figures to give us on kind of what your relative market share or win rates have been in those categories versus maybe the last couple of years or your broader business overall?

那麼，如果您有任何更新的數據，可以告訴我們您在這些類別中的相對市場份額或勝率與過去幾年或您整個業務相比如何嗎？

Yes. And it's one of the reasons -- the mix of our business, the type of jobs that we have will clearly vary across our customer groups. It's one of the reasons that we really focus on guiding to operating margins rather than the components of gross margin and SG&A leverage. So when you look at large capital projects, in general, given the size and scale of them, they have slightly lower gross margins, but also a slightly lower cost to serve. And so net operating margins are very strong and returns on capital are very strong for them.

是的。其中一個原因是──我們業務的組合，我們所從事的工作類型，顯然會因客戶群的差異而有所差異。這也是我們真正關注營業利潤率而不是毛利率和銷售、管理及行政費用槓桿率的原因之一。因此，從大型資本項目的角度來看，考慮到它們的規模和範圍，它們的毛利率通常略低，但服務成本也略低。因此，他們的淨營業利潤率和資本回報率都非常高。

So we could see some mix impact on the gross margin line over time within our business. But overall, we, again, intend to and expect to continue to grow those operating margins regardless of the mix across those customer groups.

因此，隨著時間的推移，我們可能會看到業務組合對毛利率產生一些影響。但總的來說，無論客戶群組成如何，我們都打算並期望繼續提高營業利潤率。

And Mike, we've been very pleased with our outperformance and it being even better than our traditional outperformance in the nonresidential space. If you look at plus 18 on the commercial mechanical side of our business, plus 9 on the Waterworks business, plus 7 on the Industrial business, that plays out to a better share performance inside that large capital construction project space. And so we'll continue to press that advantage as we look at working up funnel, making sure that we've got access to the best product breadth and we're going to continue, as Bill said, on the working capital side of the large capital project space. We're going to make sure that we've got the right product at the right time for that customer in the local market. because this is a unique opportunity, and we want to make sure that we take advantage of it.

麥克，我們對目前的優異表現非常滿意，甚至比我們在非住宅領域的傳統優異表現還要好。如果看看我們業務的商業機械方面成長了 18%，水務業務成長了 9%，工業業務成長了 7%，那麼在大型資本建設專案領域，這將帶來更好的市場佔有率表現。因此，我們將繼續發揮這一優勢，著眼於向上拓展管道，確保我們能夠獲得最廣泛的產品選擇，並且正如比爾所說，我們將繼續在大資本項目領域的營運資金方面深耕。我們將確保在適當的時間為當地市場的客戶提供合適的產品。因為這是一個難得的機會，我們希望確保能夠抓住它。

We will now take our final question from David Manthey from Baird.

現在讓我們來回答來自 Baird 公司的 David Manthey 的最後一個問題。

Thank you. Kevin, Bill, good morning. And congratulations, Brian and Pete. My first question, as we look at the long term, it looks like Slide 22 is pretty well unchanged versus what you said previously. But Slide 24, I think we've talked about a little of this, but the revenue growth is down just a touch.

謝謝。凱文，比爾，早安。恭喜布萊恩和皮特。我的第一個問題是，從長遠來看，第 22 頁的內容與您之前所說的基本沒有變化。但是，正如我們在第 24 張幻燈片中討論到的，收入成長略有下降。

The contribution margin up slightly on the high end. I know these are minor changes, and you talked about these. But I just I'm interested always in these long-term trajectory changes because they matter when you're launching satellites. Can you just talk about the thought process behind those slight changes in that -- in the growth outlook?

高端部分的貢獻毛利率略有上升。我知道這些都是小小的改動，你也討論過這些。但我一直對這些長期軌跡變化很感興趣，因為它們在發射衛星時很重要。您能否談談成長前景中這些細微變化背後的思考過程？

Yes. I think, Dave, we just talked about with Mike, the slight changes in the market growth assumptions, but no changes in the underlying outperformance expectation and the acquisition expectation. To your point, we did take the flow-through or the incremental operating margins up slightly on the higher end as we're continuing to invest in the business. And we talked about some of the margin expansion opportunities we have where we're driving additional productivity within the business. So that has moved up a touch.

是的。戴夫，我想，我們剛才和麥克討論的是市場成長假設的細微變化，但潛在的超額收益預期和收購預期沒有變化。正如您所說，隨著我們繼續投資這項業務，我們確實略微提高了利潤率或增量營業利潤率。我們也討論了一些提高利潤率的機會，這些機會旨在提升公司內部的生產力。所以這個數字稍微上升了一點。

Now given the fact that our baseline operating margins are now 9.6%, we've got to continue to expand that over time to keep that 10 basis point to 30 basis point year in, year-out expansion. So no real significant change, but we are trying to drive and do expect to drive a touch more productivity particularly with technology and AI investments in the core of the business.

鑑於我們目前的基準營業利潤率為 9.6%，我們必須隨著時間的推移不斷擴大利潤率，以保持每年 10 到 30 基點的成長。所以不會有真正的重大變化，但我們正在努力推動，並且確實希望推動生產力略有提高，尤其是在業務核心的技術和人工智慧投資方面。

Okay. That's clear. Moving M&A up the capital allocation hierarchy, is that a reflection of a better pipeline or just a change in strategy if you -- Bill, earlier you mentioned that the pipeline was strong, but I'm not sure if you mean it's stronger relative to a year or 2 years ago or if it's just characteristically strong normally today?

好的。這一點很清楚。將併購在資本配置層級提升，這反映的是專案儲備更充足，還是只是策略的改變？ ——比爾，你之前提到專案儲備充足，但我不太確定你是指比一年前或兩年前更充足，還是指目前專案儲備本身就很充足？

I would judge it as more characteristically strong. I mean it does -- M&A does Ebb & Flow. And so we're at a point now, as Kevin said, the pipeline is very healthy, and we would expect 2026 to be a more active year. So I would characterize it as that.

我會認為它更具特色的強度。我的意思是，併購的確有起有落。所以，正如凱文所說，我們現在的情況是，管道狀況非常健康，我們預計 2026 年將是更加活躍的一年。所以我會這樣描述它。

In terms of the movement from bucket number 3 in our capital priorities to bucket number 2. I think that just reflects the growth aspirations that we have and the growth focus that we have but also is probably a more appropriate reflection of the returns we expect we can generate on M&A versus shareholder returns. I think it's important to go back and we said this in the prepared comments, we've never had to choose historically between doing a specific deal or doing acquisitions and growing the dividend sustainably over time. We don't expect to have to make that decision or choice. It's not a binary choice in the future.

就資本優先事項從第 3 類資金轉移到第 2 類資金而言。我認為這不僅反映了我們的成長願望和成長重點，也可能更適當地反映了我們預期透過併購獲得的收益與股東回報之間的差異。我認為有必要回顧一下，我們在準備好的評論中也說過，從歷史上看，我們從來不需要在進行特定交易或進行收購以及隨著時間的推移可持續地提高股息之間做出選擇。我們不希望需要做出這樣的決定或選擇。未來並非非此即彼的選擇。

But we think it more appropriately reflects growth and returns that we can generate.

但我們認為，這更能恰當地反映我們所能創造的成長和回報。

Okay. Small changes around the edges, but a good strategic update. Thank you very much for doing this.

好的。雖然只是一些細微的改動，但總體來說是一次不錯的策略更新。非常感謝你做這件事。

Thank you. I will now hand the call back to Kevin Murphy, CEO, for closing remarks.

謝謝。現在我將把電話轉回給執行長凱文墨菲，請他作總結發言。

Thank you, operator. And I'll close with a special thank you to our associates who delivered another strong year while faced with overall what is a challenging market. And I then thank you to our customers and suppliers for their ongoing support of our company as we go through these markets. We're really pleased with the continued growth and improvement inside the business and what it delivered in calendar year '25, but we're more pleased with what the future can hold with large capital projects with Water Infrastructure, wastewater Infrastructure with climate and comfort and with what will be a residential rebound, both in RMI as well as in new construction in time.

謝謝接線生。最後，我要特別感謝我們的同事們，在整體市場充滿挑戰的情況下，他們又取得了強勁的業績。最後，我要感謝我們的客戶和供應商在我們開拓這些市場的過程中給予公司的一如既往的支持。我們對公司內部的持續成長和改​​進以及在 2025 年取得的成績感到非常滿意，但我們更欣慰的是未來大型資本項目（包括水利基礎設施、污水處理基礎設施以及氣候和舒適度）以及住宅市場的複蘇，無論是 RMI 還是新建住宅，都將在未來有所發展。

And so we want to say thank you to all that are on the call for your time. We appreciate it more than you know. Please take care, and we'll talk soon. Thank you.

因此，我們要感謝所有參加電話會議的人抽出時間。我們對此感激不盡。請多保重，我們很快再聊。謝謝。

This concludes today's call. Thank you for joining us. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。