漢威聯合 (HON) 2025 Q4 法說會逐字稿

Thank you for standing by and welcome to the Honeywell fourth quarter 2025 earnings conference call. (Operator Instructions) I would now like to hand the call over to Sean Meakim, Vice President of Investor Relations. Please go ahead.

感謝您的耐心等待，歡迎參加霍尼韋爾2025年第四季財報電話會議。（操作員指示）現在我將把電話交給投資者關係副總裁肖恩·米金。請繼續。

Thank you. Good morning and welcome to Honeywell's fourth quarter 2025 earnings and 2026 Outlook conference call. On the call with me today, our Chairman and Chief Executive Officer Vimal Kapur and senior Vice President and Chief Financial Officer Mike Stepniak, as well as Mark Macaluso, who will be leading Investor Relations for Honeywell going forward.

謝謝。早安，歡迎參加霍尼韋爾2025年第四季財報及2026年展望電話會議。今天與我通話的還有我們的董事長兼執行長 Vimal Kapur、高級副總裁兼財務長 Mike Stepniak，以及將領導霍尼韋爾未來投資者關係的 Mark Macaluso。

This webcast and the presentation materials, including non-GAAP reconciliations are available on our investor relations website. From time to time, we post new information that may be of interest or material to our investors on this website.

本次網路直播及簡報資料（包括非GAAP財務報表調整表）可在我們的投資者關係網站上取得。我們會不時在本網站上發布一些可能對投資者有價值或重要的最新資訊。

Our discussion today includes forward-looking statements that are based on our best view of the world and of our businesses as we see them today and are subject to risks and uncertainties, including the ones described in our recent SEC filings.

我們今天的討論包含前瞻性陳述，這些陳述是基於我們目前對世界和我們業務的最佳看法，但存在風險和不確定性，包括我們最近向美國證券交易委員會提交的文件中描述的風險和不確定性。

This morning, we'll review our financial results for the fourth quarter and full year 2025 and discuss our guidance for the first quarter and full year 2026.

今天上午，我們將回顧 2025 年第四季和全年的財務業績，並討論我們對 2026 年第一季和全年的業績展望。

As a reminder, we began reporting advanced materials as discontinued operations beginning in the fourth quarter of 2025, following the successful spin of solstice Advanced Materials on October 30, 2025.

提醒一下，自 2025 年 10 月 30 日 Solstice Advanced Materials 成功分拆以來，我們從 2025 年第四季開始將先進材料業務列為終止經營業務。

The fourth quarter results we present today exclude solstice. As always, we'll leave time for your questions at the end. With that, it's my pleasure to turn the call over to Vimal, who'll begin on slide 3.

我們今天公佈的第四季業績不包括冬至日。像往常一樣，我們會在最後留出時間回答大家的問題。接下來，我很高興將電話交給維馬爾，他將從第 3 張投影片開始。

Thank you, Sean, and good morning, everyone.

謝謝你，肖恩，大家早安。

Honeywell delivered a strong fourth quarter to close 2025, exceeding our expectations for both adjusted sales and adjusted EPS, with orders up 23%, driving our backlog to over $37 billion. This performance reinforces the strength of our end market positions and execution.

霍尼韋爾在 2025 年第四季表現強勁，調整後銷售額和調整後每股盈餘均超出預期，訂單成長 23%，使積壓訂單超過 370 億美元。這項業績鞏固了我們在終端市場的地位和執行力。

We exited the year with the sales growth of 6%, excluding the impact of 2024 Bombardier Agreement, which demonstrates the outcome of our portfolio actions and our emerging focus on innovation stemming from continued investment in R&D.

不計2024年龐巴迪協議的影響，我們以6%的銷售成長結束了這一年，這表明我們投資組合行動的成果以及我們對創新日益增長的關注，源於對研發的持續投資。

This gives us conviction in another year of meaningful top and bottom-line growth of 2026. Looking ahead, we expect to once again drive strong organic growth fueled by conversion of our record backlog, discipline, price, execution, and momentum in new product introductions.

這讓我們有信心在 2026 年繼續實現營收和利潤的顯著成長。展望未來，我們預計將再次實現強勁的內生成長，這得益於我們創紀錄的積壓訂單轉換率、紀律性、價格、執行力和新產品推出的勢頭。

The strong organic growth coupled with productivity and an aggressive reduction in stranded costs related to the spins will enable us to deliver 6% to 9% earnings growth in 2026 along with accelerating cash generation.

強勁的內生成長，加上生產效率的提高以及與分拆相關的擱淺成本的大幅削減，將使我們能夠在 2026 年實現 6% 至 9% 的盈利增長，同時加快現金流的產生。

It was about a year ago that we announced our intention to spin off aerospace, which will result in the creation of three leading pure play independent public companies. We have made tremendous progress throughout the year with the advanced material spin complete, and we now expect to complete the aerospace spin in the third quarter of 2026.

大約一年前，我們宣布了剝離航空航天業務的計劃，這將催生三家領先的純粹的獨立上市公司。今年以來，我們在先進材料旋印方面取得了巨大進展，目前預計將於 2026 年第三季完成航空航天旋印。

Both Aerospace and Automation will host Investor Day in June, and I hope many of you can join us then. Our teams are working around the clock to ensure this gets done as quickly and judiciously as possible, and I want to thank all our employees for their commitment and dedication to this process.

航空航太和自動化部門都將在六月舉辦投資者日活動，希望屆時各位都能參加。我們的團隊正在日以繼夜地工作，以確保盡快、盡可能妥善地完成這項工作，我要感謝我們所有員工對這一過程的投入和奉獻。

We also remain very excited about the progress at Quantinuum on key technological and commercial milestone that position the business to lead the way in quantum computing. I will talk more about Quantinuum and its progress in a few minutes.

我們對 Quantinuum 在關鍵技術和商業里程碑方面的進展感到非常興奮，這些進展使公司能夠在量子運算領域處於領先地位。稍後我將詳細介紹 Quantinuum 及其進展。

2026 will be exciting year as we move forward the final stages of our portfolio simplification. This positions each business with the right strategic focus, organizational agility and tailored capital allocation strategies needed to grow faster and drive incremental value for our all stakeholders.

2026年將是令人興奮的一年，因為我們將推進投資組合簡化的最後階段。這使得每個業務部門都擁有正確的策略重點、組織靈活性和量身定制的資本配置策略，從而實現更快成長，並為所有利害關係人創造更多價值。

Let's now turn to Slide 3 to discuss the latest update on our portfolio transformation. As I mentioned, we are progressing faster than originally anticipated on our separation milestones. On October 30, Solstice began trading as an independent public company and we now expect the Aerospace to occur in quarter 3. To that end, we announced the Aerospace leadership team last week comprised of tenured aerospace veterans and made key Board appointments to bring extensive operating experience to our teams. Jim Currier, who was served as President and CEO of Honeywell Aerospace at the time of separation, will be joined by Josh Jepsen, who will serve as Chief Financial Officer.

現在讓我們翻到第 3 張投影片，討論一下我們投資組合轉型的最新進展。正如我之前提到的，我們在分離里程碑方面進展比最初預期的要快。10 月 30 日，Solstice 開始作為一家獨立的上市公司進行交易，我們現在預計航空航天業務將在第三季度實現。為此，我們上週宣布了由經驗豐富的航空航天業資深人士組成的航空航天領導團隊，並任命了關鍵的董事會成員，為我們的團隊帶來豐富的營運經驗。在公司分拆時擔任霍尼韋爾航空航天公司總裁兼首席執行官的吉姆·庫裡爾將與喬什·傑普森一起加入公司，後者將擔任首席財務官。

Additionally, we announced that Craig Arnold, the former Chairman and CEO of Eaton Corporation, will serve as non-executive Chair of Honeywell Aerospace Board of Directors. Craig brings more than 2 decades of experience in leadership roles at industrial and tech businesses where he delivered transformational results through operational excellence and disciplined capital allocation.

此外，我們宣布伊頓公司前董事長兼執行長克雷格·阿諾德將擔任霍尼韋爾航空航太公司董事會非執行主席。Craig 在工業和科技企業擔任領導職務超過 20 年，透過卓越的營運和嚴謹的資本配置，取得了變革性的成果。

Together, Craig, Jim and Josh bring the right mix of industry, company and capital market experience to maximize the value for our customers, partners, employees and our shareowners. We're also excited to welcome Indra Nooyi, Former Chair and CEO of PepsiCo to Honeywell's Board of Directors, further strengthening our team with a prudent track record of leading diverse global businesses and accelerating long-term growth.

Craig、Jim 和 Josh 三人齊心協力，憑藉在行業、公司和資本市場方面豐富的經驗，為我們的客戶、合作夥伴、員工和股東創造最大價值。我們也非常高興地歡迎百事公司前董事長兼執行長 Indra Nooyi 加入霍尼韋爾董事會，她擁有領導多元化全球業務和加速長期成長的穩健業績，這將進一步加強我們的團隊。

Beginning in 2026, we reorganized Honeywell segment into more simplified structure focused on cohesive, synergetic business model. Moving forward, we'll be reporting four segments: Aerospace Technologies, Building Automation, Process Automation and Technology and Industrial Automation, the three automation reporting segments will be organized into six strategic business units enable us to better solve customer challenges and deliver in-house outcomes with Honeywell Forge platform.

從 2026 年開始，我們對霍尼韋爾業務部門進行了重組，使其結構更加簡化，專注於更具凝聚力、協同效應的商業模式。展望未來，我們將報告四個業務板塊：航空航天技術、樓宇自動化、流程自動化和技術以及工業自動化。其中，自動化業務板塊將分為六個策略性業務單元，使我們能夠更好地解決客戶挑戰，並利用Honey韋爾 Forge 平台實現內部成果。

Finally, we concluded the strategic review of productivity solution and services and warehouse and workflow solutions and have announced that we intend to pursue a sale of both businesses in first half of 2026. All of these actions position both aerospace and automation for a strong beginning as new industry-leading public companies in 2026.

最後，我們完成了對生產力解決方案和服務以及倉儲和工作流程解決方案的策略評估，並宣布我們打算在 2026 年上半年出售這兩項業務。所有這些舉措都為航空航太和自動化產業在 2026 年成為業界領先的上市公司奠定了良好的開端。

Let's turn to Slide 4 to discuss the recent advancements of Quantinuum. Following the recent raising in which Quantinuum raised approximately $840 million at a $10 billion pre-money valuation, the pace of both technological and commercial progress that Quantinuum is rapidly increasing.

讓我們翻到第 4 張幻燈片，討論 Quantinuum 的最新進展。在最近一次融資中，Quantinuum 以 100 億美元的投前估值籌集了約 8.4 億美元，Quantinuum 的技術和商業進展速度正在迅速加快。

Close cabinet shareowners as Quanta -- such as Quanta, NVIDIA, JPMorgan, Amgen and Mitsui have led to new commercial partnership that are supporting the development of critical applications for improving drug recovery, cybersecurity and encryption for large financial institution.

與 Quanta 等密切的股東——例如 Quanta、NVIDIA、摩根大通、安進和三井——建立了新的商業夥伴關係，以支持開發關鍵應用程序，從而改善大型金融機構的毒品回收、網路安全和加密。

In November, Quantinuum announced the launch of Helios, the world's most accurate commercial quantum computer, which nearly doubles the qubit count of its predecessor H2, and we believe sets a new standard for quantum computing performance with the highest futility for quantum computing qubits ever released in the market. Helios groundbreaking design and advanced software stack brings quantum programming closer to the ease and flexibility of classical computing, which we believe positions the company to accelerate Quantum's commercial adoption.

11 月，Quantinuum 宣布推出 Helios，這是世界上最精確的商用量子計算機，其量子位元數量幾乎是其前身 H2 的兩倍，我們相信它為量子計算性能樹立了新的標準，並擁有市場上發布過的最高量子計算量子比特的無效性。Helios 的突破性設計和先進的軟體堆疊使量子程式設計更接近經典運算的便利性和靈活性，我們相信這將使公司能夠加速量子技術的商業化應用。

Quantinuum also announced a partnership to integrate Helios with NVIDIA's AI supercomputing technology to create powerful new architecture that can solve the world's most pressing challenges. This collaboration between Quantinuum and NVIDIA is creating a future where AI becomes more expansive through quantum computing and quantum computing becomes more powerful through AI.

Quantinuum 也宣布與 NVIDIA 建立合作夥伴關係，將 Helios 與 NVIDIA 的 AI 超級運算技術相結合，以創建強大的新架構，從而解決世界上最緊迫的挑戰。Quantinuum 和 NVIDIA 的此次合作正在創造一個未來，在這個未來中，人工智慧將透過量子運算得到更廣泛的應用，而量子運算也將透過人工智慧得到更強大的支援。

As Quantinuum achieve these important technological and commercial milestone, I am confident of the company's future, and the best is yet to come.

隨著 Quantinuum 取得這些重要的技術和商業里程碑，我對公司的未來充滿信心，相信最好的還在後頭。

And before Mike talks about 4Q results, let's move to Slide 5 to discuss our recent growth acceleration. This chart demonstrates the recent acceleration in organic growth stemming from a combination of strong end market demand, our portfolio simplification and innovation, this drove a 300 basis points to 400 basis points improvement in LTM average organic growth since the beginning of 2024.

在 Mike 談論第四季業績之前，讓我們翻到第 5 張投影片，討論一下我們最近的成長加速。此圖表顯示，由於終端市場需求強勁、產品組合簡化和創新等因素，近期有機成長加速，自 2024 年初以來，LTM 平均有機成長率提高了 300 至 400 個基點。

As I noted earlier, we see favorable end market dynamics across aerospace and defense, process and building automation. We are enabling this further with an intentional shift to higher-growth verticals.

正如我之前提到的，我們看到航空航太和國防、流程和樓宇自動化等領域的終端市場動態良好。我們正在透過有意識地轉向高成長垂直領域來進一步推動這一目標。

Our performance simplification efforts are positioning the company towards less cyclical and less capital-intensive markets where we can build our installed base and leverage this to drive software and services growth. This is being compounded by recent acquisition Access solutions, LNG process technology, compressor controlled and defense technology.

我們透過簡化效能來推動公司向週期性較小、資本密集度較低的市場轉型，從而建立我們的用戶基礎，並利用這一基礎來推動軟體和服務的成長。近期收購的接入解決方案、液化天然氣製程技術、壓縮機控制和國防技術加劇了這一局面。

On innovation, we delivered 4% organic growth from our new product introduction in 2025, with majority coming from innovation in new markets offering as opposed to upgrade on existing core products. This is a direct result of our meaningful step-up in R&D investments in 2025, which continues at each level in 2026 as well as management's focus on growth through new products.

在創新方面，我們透過 2025 年推出的新產品實現了 4% 的有機成長，其中大部分成長來自新市場產品的創新，而不是現有核心產品的升級。這是由於我們在 2025 年大幅增加了研發投入，並在 2026 年繼續在各個層面加大投入，同時也得益於管理層專注於透過新產品實現成長。

On the people side, we have made concerted effort to enhance our talent pool to drive growth. We added approximately 600 engineers to our workforce in 2025, which has greatly bolstered our R&D capacity and have also allocated the overwhelming majority of R&D to new product development.

在人才方面，我們已做出共同努力，以增強我們的人才儲備，從而推動成長。2025年，我們新增了約600名工程師，大幅增強了我們的研發能力，並將絕大部分研發投入新產品開發。

Additionally, our sales team incentives are now better aligned to our objective of prioritizing the commercialization of new products further reinforcing our plan to drive growth innovation while building stronger customer intimacy.

此外，我們的銷售團隊激勵機制現在與我們優先考慮新產品商業化的目標更加一致，進一步強化了我們推動成長創新並加強與客戶關係的計畫。

With that, I will now turn the call over to Mike to go through our fourth quarter results, starting on Slide 6.

接下來，我將把電話交給麥克，讓他從第 6 張投影片開始，介紹我們第四季的業績。

Thank you, Vimal, and good morning. We ended the year with robust fourth quarter results. Sales grew 11% organically or 6%, excluding the impact of the 2024 Bombardier agreement, led by double-digit growth in Aerospace and high single-digit growth in Building Automation. We also continue to drive price across the portfolio, as Vimal noted, which contributed roughly 4 percentage points to the top line.

謝謝你，維馬爾，早安。我們以強勁的第四季業績為這一年畫上了圓滿的句點。銷售額有機成長 11%，若不計入 2024 年龐巴迪協議的影響，則成長 6%，這主要得益於航空航太領域的兩位數成長和樓宇自動化領域的高個位數成長。正如 Vimal 指出的那樣，我們也在持續推動整個產品組合的價格上漲，這為營收貢獻了約 4 個百分點。

On a segment basis, Aerospace sales grew 11% organically, excluding Bombardier, led by continued strength in both commercial aftermarket and defense and space. Commercial OE growth accelerated as expected from the third quarter as shipments continue to recouple customers' bill rates.

從業務板塊來看，航空航太銷售額（不包括龐巴迪）實現了 11% 的有機成長，這主要得益於商業售後市場以及國防和航太領域的持續強勁成長。如預期，隨著出貨量持續與客戶的帳單費率重新掛鉤，商業OE成長從第三季開始加速。

Robust demand across all end markets led the third consecutive quarter of strong double-digit order growth and book-to-bill of 1.2. Building Automation grew 8% organically, supported by growth of 9% in Solutions and 8% new products. Regionally, North America and Middle East led to overperformance, with Europe and up strong mid-single digits as well.

各終端市場的強勁需求推動訂單連續第三個季度實現兩位數的強勁增長，訂單出貨比達到 1.2。樓宇自動化業務有機成長 8%，解決方案業務成長 9%，新產品業務成長 8%。從區域來看，北美和中東地區表現優於預期，歐洲也實現了強勁的中位數成長。

Orders increased both year-over-year and sequentially, driven by ongoing momentum across both building solutions and products and highlighted by strength in the projects and fire businesses. Industrial Automation grew for a second consecutive quarter with organic sales up 1% led by Warehouse and Workforce Solutions and Sensing as well as return to growth in productivity solutions and services.

訂單量同比增長和環比增長，這得益於建築解決方案和產品業務的持續增長勢頭，尤其體現在項目和消防業務的強勁表現上。工業自動化業務連續第二季實現成長，有機銷售額成長 1%，這主要得益於倉儲和勞動力解決方案以及感測技術的成長，同時生產力解決方案和服務也恢復了成長。

Process Solutions sales were flat as strength in aftermarket services was offset by lower volumes in measurement and controls products.

過程解決方案銷售額持平，售後服務強勁成長被測量和控制產品銷售下降所抵消。

Finally, organic sales in Energy & Sustainability Solutions declined 7%, stemming from lower petrochemical catalyst shipments coming in slightly below our expectations due to continued project deferrals. However, orders momentum in UOP continued with over 40% orders growth in refining and petrochemicals projects, which supports our confidence in a gradual 2026 recovery.

最後，由於專案持續延期，石化催化劑出貨量略低於預期，導致能源與永續發展解決方案的有機銷售額下降了 7%。然而，UOP 的訂單動能依然強勁，煉油和石化項目的訂單成長超過 40%，這增強了我們對 2026 年逐步復甦的信心。

In total Honeywell orders grew 23% organically after 22% growth in the third quarter, wins in long-cycle aerospace, energy and broad-based demand in building automation led the way, resulting in total book-to-bill above 1 and pushing backlog, up 15% to a new record.

霍尼韋爾訂單總量在第三季成長 22% 之後，有機成長 23%。在長週期航空航太、能源和建築自動化領域的廣泛需求推動了訂單總量成長，使得訂單出貨比超過 1，積壓訂單成長 15%，創下新紀錄。

On profitability, adjusted segment profit increased 23% or 2% excluding Bombardier, with segment margin of 22.8%, led by ongoing margin expansion in building automation, partially offset by the timing of high-margin catalyst shipments in ESS and a headwind from a step-up in R&D.

在獲利能力方面，經調整後的分部利潤增長了 23%，若不計龐巴迪則增長了 2%，分部利潤率為 22.8%，這主要得益於樓宇自動化業務利潤率的持續擴張，但部分被高利潤率的儲能係統催化劑出貨時間以及研發投入增加帶來的不利影響所抵消。

In Aerospace, adjusted segment margin expanded 30 basis points sequentially to 26.5% as we again delivered stronger volumes enabled by supply chain improvements, while in BA, margins expanded 20 basis points year-over-year to 27%, driven by commercial excellence and volume leverage.

在航空航太領域，由於供應鏈的改善，銷量再次強勁增長，經調整後的部門利潤率環比增長 30 個基點至 26.5%；而在 BA 領域，由於商業卓越性和銷量槓桿作用，利潤率同比增長 20 個基點至 27%。

This was partially offset by declines in IA and ESS, driven principally by a favorable mix from lower catalyst volumes and cost inflation. As a reminder, ESS fourth quarter and full year 2025 results include only the UOP business unit following the fourth quarter reclassification of Advanced Materials to discontinued operations. And this will be the last quarter we present results for ESS.

IA 和 ESS 的下降部分抵消了這一影響，這主要是由於催化劑產量下降和成本上漲帶來的有利組合所致。提醒一下，ESS 2025 年第四季和全年業績僅包括 UOP 業務部門，因為第四季度先進材料業務已重新歸類為終止經營業務。這將是我們最後一次公佈 ESS 的業績。

Adjusted earnings per share of $2.59 was up 17% and down 3% excluding the impact of the Bombardier agreement driven primarily by higher segment profit and a lower share count, overcoming a $0.24 year-over-year headwind from the timing of taxes. You can find additional information on the fourth quarter adjusted EPS bridge in the appendix of our presentation.

經調整後的每股收益為 2.59 美元，同比增長 17%，若不計龐巴迪協議的影響，則同比下降 3%，主要得益於更高的部門利潤和更少的股份數量，從而抵消了因稅收時間安排而導致的 0.24 美元的同比不利影響。您可以在我們的簡報附錄中找到有關第四季度調整後每股收益過渡期的更多資訊。

Finally, free cash flow of $2.5 billion was up 48% or up 13%, excluding the impact of prior year Bombardier agreement. Growth in free cash flow was driven by higher operational income and collections offset by higher cash taxes and interest payments.

最後，自由現金流為 25 億美元，成長 48%，若不計入上一年龐巴迪協議的影響，則成長 13%。自由現金流的成長主要得益於更高的營運收入和收款，但部分被更高的現金稅和利息支出所抵銷。

On capital deployment, we returned $900 million to shareholders in the quarter through dividends and share repurchases, while funding $300 million in high-return capital projects. We also repaid $2 billion to $3 billion of debt in fourth quarter.

在資本部署方面，本季我們透過股利和股票回購向股東返還了 9 億美元，同時為高回報資本項目提供了 3 億美元的資金。我們在第四季也償還了20億至30億美元的債務。

For the full year, sales increased 7% organically or 6% excluding the impact of the Bombardier agreement exceeding the high end of original full year guidance by 2 points. Adjusted segment profit grew 11% or 6% excluding Bombardier, with adjusted segment margin expansion of 40 basis points or contraction of 40 basis points, excluding Bombardier to 22.5%. Adjusted earnings per share was $9.78, up 12% year-over-year or up 7% excluding Bombardier.

全年銷售額有機成長 7%，若不計龐巴迪協議的影響，則成長 6%，比原全年預期上限高出 2 個百分點。經調整後的分部利潤成長了 11%，若不計入龐巴迪公司則成長了 6%；經調整後的分部利潤率擴大了 40 個基點，若不計入龐巴迪公司則收縮了 40 個基點，至 22.5%。經調整後的每股收益為 9.78 美元，年增 12%，若不計入龐巴迪公司，則較去年同期成長 7%。

Finally, free cash flow was $5.1 billion, up 20% or up 7%, excluding the impact of the Bombardier agreement, representing 14% margin. We put $10 billion to capital in 2025, including $3.8 billion to repurchase [ 18 million] shares, $2.2 billion to acquisitions, $1 billion to capital expenditures and $3 billion to dividends. We also repaid $3.8 billion of debt to lower interest expense. All in all, a very strong performance to end the year with plenty of momentum heading into 2026.

最後，自由現金流為 51 億美元，成長 20%，若不計龐巴迪協議的影響，則成長 7%，利潤率為 14%。我們將在 2025 年投入 100 億美元資本，其中包括 38 億美元用於回購 [1,800 萬股] 股票，22 億美元用於收購，10 億美元用於資本支出，以及 30 億美元用於分紅。我們也償還了38億美元的債務，以降低利息支出。總而言之，這是一場非常精彩的結束之戰，為2026年奠定了良好的發展動能。

With that, let's turn to Slide 8 to discuss our 2026 segment outlook. In Aerospace, we expect top line growth in the high single-digit range organically. We anticipate continued end market strength supported by resilient supply chain that continues to grow its output.

接下來，讓我們翻到第 8 張投影片，討論我們對 2026 年細分市場的展望。在航空航太領域，我們預計營收將實現接近兩位數的有機成長。我們預計終端市場將持續強勁，這得益於韌性十足且產量不斷增長的供應鏈。

Commercial OE growth should accelerate in 2026 as we move past customer destocking and ramp our shipments alongside increasing production rates, particularly in commercial air travel. The transitory space should maintain its momentum as higher global spending drives substantial orders growth and record backlog, steady increases in flight hours in air transport and business jet underpin ongoing commercial aftermarket stream though we expect modest normalization in growth rates from the prior year.

隨著客戶逐步減少庫存，以及生產力的提高，特別是商業航空旅行領域的生產力提高，商業 OE 的成長將在 2026 年加速。由於全球支出增加推動訂單大幅增長和積壓訂單創歷史新高，航空運輸和公務機飛行小時數的穩步增長支撐了持續的商業售後市場，因此過渡空間應保持其增長勢頭，儘管我們預計增長率將比上一年略有正常化。

Segment margins should expand modestly as volume leverage, better pricing alignment with tariff costs and papering acquisition integration costs more than offset mix pressure from stronger growth in defense and space and commercial OE.

由於銷售槓桿作用、價格與關稅成本的更好匹配以及收購整合成本的減少，各業務板塊的利潤率應該會小幅增長，這些增長足以抵消國防、航太和商業OE業務強勁增長帶來的組合壓力。

For Building Automation, we expect full year sales growth above mid-single digits highlighted by strength in growing data center and health care end markets. We expect growth to be led by North America and acceleration in Europe on increased investments in health care and organization infrastructure buildup.

對於樓宇自動化，我們預計全年銷售額將實現中等個位數以上的成長，這主要得益於資料中心和醫療保健終端市場的成長勢頭強勁。我們預計北美將引領成長，歐洲將隨著醫療保健和組織基礎設施建設投資的增加而加速成長。

For the year, both products and solutions will grow at similar rates. We anticipate BA margin to expand over 50 basis points driven by volume leverage, pricing and productivity actions. Process Automation and technology sales are expected to be roughly flat organically year-over-year. Slower first half growth in petrochemicals and refining should be offset by robust demand in global projects, particularly in life sciences and cybersecurity solutions. We expect margin to be roughly flat with pricing and productivity offsetting material cost inflation.

今年，產品和解決方案的成長速度將大致相同。我們預計，在銷售成長、定價和生產力提升措施的推動下，波音的利潤率將擴大 50 個基點以上。預計流程自動化和技術銷售額將與去年同期基本持平。上半年石化和煉油產業成長放緩，但全球專案（尤其是生命科學和網路安全解決方案）的強勁需求應該可以抵消這一影響。我們預計利潤率將大致持平，價格上漲和生產效率提高將抵消材料成本上漲的影響。

And finally, in Industrial Automation, we expect sales to be down low single digits to roughly flat with stable growth in Industrial Solutions, offset by headwinds from a challenging prior year comparison in products. Within this framework, we are not assuming any rebound in underlying end market demand. We expect IA fleet margin expansion across all segments in 2026 through meaningful productivity actions and fixed cost reduction.

最後，在工業自動化領域，我們預計銷售額將出現個位數百分比的下降，或基本持平，而工業解決方案將保持穩定增長，但上一年產品銷售的同比基數較高，這將抵消部分增長。在此框架下，我們不假設潛在的終端市場需求會出現任何反彈。我們預計，透過實際提高生產力和降低固定成本，IA 機隊利潤率將在 2026 年在所有細分市場中實現擴張。

Let's now turn to Slide 9 to double click on Process Automation & Technology dynamics in 2026. During the second half of 2025, we saw 17% organic orders growth in the new PA&T segment, which led a corresponding 16% rise in the opening backlog. This continues to be a significant part of our long-cycle order strength, particularly in LNG and refining, both in the U.S. and internationally. The backlog growth gives us confidence in an expected second half ramp, especially when measured against our historical backlog conversion rates.

現在讓我們翻到第 9 張投影片，雙擊查看 2026 年的流程自動化和技術動態。2025 年下半年，我們在新的 PA&T 細分市場實現了 17% 的有機訂單增長，帶動期初積壓訂單相應增長了 16%。這仍然是我們長期訂單實力的重要組成部分，尤其是在液化天然氣和煉油領域，無論是在美國還是國際上。積壓訂單的成長讓我們對下半年的預期成長充滿信心，尤其是與我們歷史上的積壓訂單轉換率相比更是如此。

When seeing LNG and a number of large module equipment deals are expected to convert to sales in the back half of the year. In addition, we're encouraged by our pipeline in PA&T, which grew high single digits year-over-year, signaling that the strength of long-cycle orders is expected to persist contingent on the base of final investment decisions from our customers.

預計液化天然氣和許多大型模組化設備交易將在下半年轉化為銷售。此外，我們在賓州和德州的業務成長勢頭良好，年成長接近兩位數，這讓我們倍感鼓舞。這表明，長週期訂單的強勁勢頭有望持續，但最終取決於客戶的投資決策。

We are diligently tracking the slower-than-expected aftermarket order rates for catalysts, particularly within petrochemicals, which has been influenced by overcapacity in the market. Catalyst shipments can be temporarily delayed in the short term but are ultimately necessary for our customers to maintain yields and those can only be deferred for a period of time.

我們正在密切關注催化劑售後市場訂單增速低於預期的情況，尤其是在石化領域，這受到了市場產能過剩的影響。催化劑的出貨在短期內可能會暫時延遲，但對於我們的客戶來說，為了維持產量，催化劑的出貨最終是必要的，而產量只能暫時推遲。

While we acknowledge the challenges this business faced in 2025. We're encouraged by orders growth and backlog as well as pent-up catalyst demand that should eventually fuel strong growth as we progress through 2026 and into 2027.

我們承認這項業務在 2025 年面臨的挑戰。訂單成長和積壓訂單以及被壓抑的催化需求都令我們感到鼓舞，這些因素最終將推動我們在 2026 年和 2027 年實現強勁成長。

Let's move to Slide 10 to talk further about our expected segment margin expansion for 2026. In 2026, we anticipate the demand for our differentiated, high-value solutions and continued pricing that is outpacing inflation will drive further margin expansion. On a segment basis, we expect improved volume leverage principally in our building automation aerospace technology businesses, which will drive solid incremental margins our PA&T margins will be roughly flat in 2026 due to the impact of stronger projects growth in the second half.

讓我們翻到第 10 張投影片，進一步討論我們對 2026 年分部利潤率擴張的預期。預計到 2026 年，市場對我們差異化、高價值解決方案的需求以及持續高於通膨率的定價將推動利潤率進一步擴大。從業務板塊來看，我們預計樓宇自動化和航空航天技術業務的銷售槓桿作用將會改善，這將推動利潤率穩定成長。由於下半年專案成長強勁，預計到 2026 年，我們的 PA&T 利潤率將大致持平。

Our focus on productivity action and rigorous fixed cost management will continue in 2026. We're working diligently to rightsize our cost structure ahead of the planned aerospace spin and expect to eliminate the stranded costs in 12 to 18 months after the spin. We have already neutralized the impact of Solstice stranded costs in 2025 through productivity and fixed cost reduction in the rest of the business.

2026年，我們將繼續專注於提高生產力和嚴格控制固定成本。我們正在努力調整成本結構，為計劃中的航空航太業務分拆做準備，並預計在分拆後的 12 至 18 個月內消除擱淺成本。我們已經透過提高其他業務的生產效率和降低固定成本，抵消了 Solstice 在 2025 年造成的擱淺成本的影響。

Finally, Quantinuum investments in R&D and technology will be a modest headwind to margin in 2026. As Vimal noted, Quantinuum is making significant commercial and R&D investment to maintain its leadership position in quantum computing.

最後，Quantinuum 在研發和技術方面的投資將在 2026 年對利潤率造成輕微的不利影響。正如 Vimal 所指出的那樣，Quantinuum 正在進行大量的商業和研發投資，以保持在量子運算領域的領先地位。

With that as the backdrop, let's move to Slide 11 to go through the details of our full year 2026 guidance. Before we get into the specifics, I want to point out that our 2026 guidance includes full year outlook for Aerospace, Productivity Solutions and Services and Warehouse and Workflow solutions, and does not incorporate the pending acquisition of Johnson Matthey’s Catalyst Technologies business. We intend to update our outlook when these transactions are complete.

在此背景下，讓我們轉到第 11 張投影片，詳細了解我們 2026 年全年的業績指引。在深入探討具體細節之前，我想指出，我們對 2026 年的業績指引包括航空航太、生產力解決方案和服務以及倉儲和工作流程解決方案的全年展望，但不包括對 Johnson Matthey 的 Catalyst Technologies 業務的待定收購。我們計劃在這些交易完成後更新我們的展望。

For the full year 2026, we anticipate sales of $38.8 billion to $39.8 billion, up 3% to 6% organically. We expect growth to be led by Aerospace on higher commercial demand and increased defense budgets and building automation driven by new product innovations.

我們預計 2026 年全年銷售額將達到 388 億美元至 398 億美元，有機成長 3% 至 6%。我們預計，航空航太業將因更高的商業需求和增加的國防預算而引領成長，而建築自動化產業則因新產品創新而受益。

This will be partially offset by a slower start to the year in process automation technology, which turns to growth in the second half driven by order visibility and significantly easier comps and mix, regional and end market dynamics in industrial automation.

製程自動化技術在年初增速放緩，但下半年將迎來成長，這在一定程度上抵消了上述趨勢。下半年，在訂單可見度提高、比較基數和產品組合顯著降低、工業自動化區域和終端市場動態改善的推動下，該技術將實現成長。

Segment margins are expected to be up 20 basis points to 60 basis points to 22.7% to 23.1% as the benefits from price execution and productivity actions more than offset cost inflation and roughly 30 basis points headwind from increased investments in Quantinuum.

由於價格執行和生產力提升措施帶來的收益超過了成本上漲和 Quantinuum 投資增加帶來的約 30 個基點的不利影響，預計分部利潤率將上升 20 至 60 個基點，達到 22.7% 至 23.1%。

Industrial Automation will lead for the year, driven by targeted fixed cost takeout, followed by Building Automation as higher volumes continue to drive margin expansion. Aerospace margins should expand modestly as volume leverage is partially dampened by mix pressures.

工業自動化將成為今年的領頭羊，這主要得益於有針對性的固定成本削減；其次是建築自動化，因為更高的銷售將繼續推動利潤率的擴張。由於產品組合壓力部分抑制了銷售槓桿作用，航空航太利潤率應該會小幅增長。

Finally, we expect PA&T segment margins to be roughly flat year-over-year with pricing of productivity offsetting material cost inflation. We expect a combination of strong top line growth, coupled with productivity and fixed cost reduction will drive adjusted earnings per share of $10.35 to $10.65, up 6% to 9%.

最後，我們預期 PA&T 部門的利潤率將與去年同期基本持平，生產力提升帶來的價格上漲將抵銷材料成本上漲的影響。我們預計，強勁的營收成長，加上生產效率和固定成本的降低，將推動調整後每股收益達到 10.35 美元至 10.65 美元，成長 6% 至 9%。

Our guidance assumes a 1% reduction in share count stemming from share repurchases. As we have signaled, we intend to focus our cost deployment in 2026 on reducing debt ahead of the separation.

我們的預測假設股票回購將導致股份數量減少 1%。正如我們之前所表明的，我們計劃在 2026 年將成本部署重點放在分拆前減少債務。

Moving to cash. We expect free cash flow of $5.3 billion to $5.6 billion, up 4% to 10%, which represents an approximately 14% free cash flow margin and 83% conversion at the high end or 90% excluding noncash pension income. Capital expenditures anticipated to increase by roughly $250 million to support growth investment attached to orders we already have in. This increase in spending will be funded by improvements in working capital efficiency with a continued focus on aerospace inventory.

轉為現金交易。我們預計自由現金流為 53 億美元至 56 億美元，成長 4% 至 10%，這意味著自由現金流利潤率約為 14%，最高轉換率為 83%，若不計入非現金退休金收入，則轉換率為 90%。預計資本支出將增加約 2.5 億美元，以支持與現有訂單相關的成長投資。此次支出增加將透過提高營運資金效率來籌集資金，同時繼續專注於航空航太庫存。

Let's move to Slide 12 to briefly review our full year 2026 EPS bridge. The main takeaway on this slide is that the overwhelming majority of our earnings growth in 2026 is expected to come from segment profit growth, adding approximately $0.64 at the midpoint. We expect to benefit from higher volumes, enhanced productivity and favorable price cost, offset by higher investment in Quantinuum, as I noted. As you can hopefully see, we have fairly clean, high-quality and straightforward path to our 2026 outlook.

讓我們翻到第 12 張投影片，簡單回顧一下我們 2026 年全年 EPS 橋樑計畫。這張投影片的主要訊息是，我們預計 2026 年絕大部分收益成長將來自分部利潤成長，中位數約為 0.64 美元。正如我之前提到的，我們預計將受益於更高的產量、更高的生產效率和有利的價格成本，但同時也被對 Quantinuum 的更高投資所抵消。正如您所看到的，我們通往 2026 年的前景有一條相當清晰、高品質且直接的道路。

A few other points to note. Below the line expenses should be roughly flat year-over-year as higher pension income of approximately $660 million is offset by increased repositioning expenses as we prepare for separation, while net interest expense remains in line with 2025 levels. We expect the tax rate to remain roughly 19% and average shares outstanding to decline approximately 1%, adding $0.08 to earnings per share. Additional below-the-line details are available in the appendix of the presentation.

還有幾點要注意。由於退休金收入增加約 6.6 億美元，而為分離做準備而增加的重新定位費用抵消了這一增長，因此，線下支出應與上年大致持平，而淨利息支出仍與 2025 年的水平保持一致。我們預計稅率將維持在 19% 左右，平均流通股數將下降約 1%，每股盈餘將增加 0.08 美元。更多線下細節資訊請參考簡報的附錄。

Now let's turn to Slide 13 to talk briefly about 1Q guidance. We anticipate first quarter organic sales growth of 3% to 5% organically. By segment, we anticipate organic sales growth in aerospace, building automation and industrial automation to look very similar to our full year outlook for these businesses, while process automation technology will be more in line with 4Q '25 levels given the slow start, as mentioned earlier. In addition, we expect to see normal seasonal step down in revenue from 4Q to 1Q, similar to past years.

現在讓我們翻到第 13 張投影片，簡單談談第一季業績指引。我們預計第一季有機銷售額將成長 3% 至 5%。以業務板塊來看，我們預計航空航太、建築自動化和工業自動化領域的有機銷售成長將與我們對這些業務的全年展望非常相似，而製程自動化技術由於開局緩慢（如前所述），將更接近 2025 年第四季度的水平。此外，我們預計營收將從第四季到第一季出現正常的季節性下降，與往年類似。

We expect segment margin to be in the range of 22.4% to 22.6%, flat to up 20 basis points, led by productivity actions in our automation businesses. We anticipate aerospace margins to be down slightly from the prior quarter on seasonally lower volumes. This will drive adjusted earnings per share growth in the first quarter of 2% to 6%. We expect a rough $70 million increase in below the line, driven by higher interest expense from recent acquisition and increased repositioning expense ahead of the separation. Additionally, as we announced last week, following a settlement of all flagship related matters, we made a onetime cash payment of $377 million in the first quarter, which is excluded from our full year free cash flow guidance.

我們預計該業務部門的利潤率將在 22.4% 至 22.6% 之間，持平或上升 20 個基點，主要得益於自動化業務的生產力提升措施。我們預計，由於季節性銷量下降，航空航太業的利潤率將比上一季略有下降。這將推動第一季調整後每股收益成長 2% 至 6%。我們預計，由於近期收購帶來的利息支出增加以及分拆前重新定位費用增加，營業利潤將增加約 7,000 萬美元。此外，正如我們上周宣布的那樣，在所有旗艦相關事項達成和解後，我們在第一季度一次性支付了 3.77 億美元現金，這筆款項不計入我們全年的自由現金流預期。

I'll now hand the call back over to Vimal to wrap up before Q&A.

現在我將把電話交還給維馬爾，讓他總結一下，然後再進行問答環節。

Thank you, Mike. We are pleased with our strong finish to 2025 with adjusted sales and adjusted earnings per share exceeding the high end of our guidance range. This performance underscores the resilience of our business model approach and highlights the growing demand for our innovative solution.

謝謝你，麥克。我們對2025年強勁的業績表現感到滿意，調整後的銷售額和調整後的每股盈餘都超過了我們預期範圍的上限。這項業績凸顯了我們商業模式的韌性，並突顯了市場對我們創新解決方案日益增長的需求。

Looking ahead, our guidance for 2026 is underpinned by continued strength in our orders growth price execution and record beginning backlog. As always, our guidance serves as a prudent baseline for performance that we have a strong conviction we can achieve.

展望未來，我們對 2026 年的業績指引得益於訂單成長、價格執行以及創紀錄的期初積壓訂單的持續強勁表現。一如既往，我們的指導方針為我們堅信能夠實現的業績目標提供了一個審慎的基準。

Moreover, we continue to progress our separation milestone, which we are tracking ahead of plan, paving a clear path for both aerospace and automation to emerge as industry-leading companies in 2026.

此外，我們的分離里程碑也在持續推進，目前進展順利，比計劃提前，為航空航天和自動化在 2026 年成為行業領先公司鋪平了道路。

We look forward sharing more about our strategy and long-term growth at the upcoming Honeywell Aerospace Investor Day on June 2, and 3, in Phoenix, followed by Honeywell Automation Investor Day on June 11, in New York City. These events will provide an excellent opportunity for us to engage with our investors and showcase the strength of our portfolio.

我們期待在即將於 6 月 2 日和 3 日在鳳凰城舉行的霍尼韋爾航空航太投資者日上，以及隨後於 6 月 11 日在紐約市舉行的霍尼韋爾自動化投資者日上，與大家分享更多關於我們的策略和長期增長的信息。這些活動將為我們提供與投資者互動並展示我們投資組合實力的絕佳機會。

And before turning to Q&A, I want to take a moment to acknowledge our Head of Investor Relations, Sean Meakim, for all his contribution over the past four years. As you know, Sean will be moving to Aerospace with the spinoff to establish another world-class Investor Relations function as he did in Honeywell. \

在進入問答環節之前，我想藉此機會感謝我們的投資者關係主管肖恩·米金在過去四年裡所做的所有貢獻。如您所知，肖恩將隨著分拆公司的成立而加入航空航太領域，以建立像他在霍尼韋爾公司那樣世界一流的投資者關係部門。\

He will be an incredible asset to Craig, Jim and Josh as the being their journey as a standalone entity. Sean effectively communicated the vision and value of Honeywell's strategy with credibility and conviction, laying the framework with investors for our emergence post separation.

他將是 Craig、Jim 和 Josh 的寶貴財富，幫助他們開啟獨立自主的旅程。肖恩以令人信服和充滿信心的方式有效地傳達了霍尼韋爾戰略的願景和價值，為我們分拆後的崛起與投資者建立了框架。

On behalf of the leadership team and shareholders, I want to thank Sean for your dedication and commitment and say that I could not be happier to have you lead the IR function at Honeywell Aerospace.

我謹代表領導團隊和股東，感謝肖恩的奉獻和付出，並表示非常高興能有你領導霍尼韋爾航空航太公司的投資者關係部門。

Congratulations. And with that, Sean, let's take questions.

恭喜。那麼，肖恩，接下來我們來回答問題。

Thanks for the kind words Vimal.

謝謝你的好意，維馬爾。

I'm very grateful for the opportunity to lead IR and be part of this team. It's been a great learning experience, and I'm really excited about what's ahead for both aerospace and Honeywell. Vimal and Mike are now available to answer your questions. We ask you to please be mindful of others in the queue by only asking one question and one related follow-up. Operator, please open the line for Q&A.

我非常感謝有機會領導投資者關係部門並成為這個團隊的一員。這是一次非常寶貴的學習經歷，我對航空航天和霍尼韋爾的未來發展都感到非常興奮。Vimal 和 Mike 現在可以回答您的問題。請您體諒排隊中的其他人，每次只提一個問題和一個相關的後續問題。接線員，請開通問答線。

(Operator Instructions).

（操作說明）

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Hi, good morning, and, Yes, I want to say thank you, Sean, for all the help. If we think about the margin progression, just to try and understand that a little bit more for the total company. So it's sort of flattish year-on-year in the first quarter, picks up steam over the balance of the year. Maybe help us understand how second half weighted that margin acceleration is? And are there any specific items on a segment level driving that, please?

嗨，早安。是的，我想對肖恩說聲謝謝，謝謝你的幫忙。如果我們考慮一下利潤率的變化，只是為了更好地了解這對整個公司的影響。所以第一季同比基本持平，之後下半年逐漸加速成長。或許可以幫助我們理解下半年利潤率加速成長的權重是多少？那麼，在細分市場層面，有哪些具體因素在推動這現象呢？

Sure, Julian. Thank you for the question. So we -- on the headline numbers, we're expending 20 to 60. Operationally, we really are expanding margins about 50 basis points to 90 basis points. And we have a little bit of a headwind, about 30 basis points this year from Quantinuum.

當然可以，朱利安。謝謝你的提問。所以，從總體數字來看，我們的支出在 20 到 60 之間。從營運角度來看，我們的利潤率確實提高了約 50 到 90 個基點。今年我們面臨一些不利因素，來自 Quantinuum 的大約 30 個基點。

That headwind is a little bit higher in the first quarter. In the first quarter, we also -- our taxes are the highest, and we're paying our interest expense for the year is the highest.

第一季的逆風稍微大一些。第一季度，我們的稅收最高，而且我們全年的利息支出也最高。

So that's easing. So I think what you'll see from us, 20 bps in the first quarter and then sequentially improving, second half looks much better than the first half.

所以情況有所緩解。所以我認為你們會看到，我們第一季能取得 20 個基點的提升，然後逐年改善，下半年的情況看起來比上半年好得多。

Yeah, Julian, what I'll add is that the fundamental playbook which Honeywell always executed on margin expansion, which is price, volume, productivity, that will be in full play this year. We do expect, as Mike mentioned, our operational margins to expand 50 basis points to 90 basis points and invest some money back in Quantinuum.

是的，朱利安，我要補充的是，霍尼韋爾一直以來在利潤率擴張方面所執行的基本策略，即價格、銷量、生產力，今年將全面發揮作用。正如麥克所提到的那樣，我們預計我們的營運利潤率將擴大 50 個基點至 90 個基點，並將一些資金重新投資於 Quantinuum。

But we are very well programmed to deliver margin expansion as we did in the past, like 2023, we have 100 basis points margin expansion. So we are very confident on delivering our margin expansion for 2026.

但我們擁有非常完善的程序來實現利潤率擴張，就像我們過去所做的那樣，例如在 2023 年，我們實現了 100 個基點的利潤率擴張。因此，我們對實現 2026 年利潤率成長目標非常有信心。

And I would just also maybe add that last year, we talked about it, we stepped up on engineering from a R&D standpoint. That's now normalized going into 2026. It's not a headwind for us. And last year, it was about, I think, 50 bps of headwind if you take 2025 as a whole.

我還要補充一點，去年我們討論過這個問題，我們從研發的角度加強了工程上的投入。這種情況在2026年已經趨於正常化。這對我們來說不是逆風。去年，如果把 2025 年作為一個整體來看，我認為大約有 50 個基點的不利因素。

That's helpful. And then just a quick follow-up on the Aerospace margins specifically. I think they're starting out the year maybe down a touch year-on-year and then up a few tens of basis points for the year in aggregate. Maybe clarify kind of how you see those mix impacts playing out through the year, and there's been some discussion on commercial OE contract renewal timing and so forth? Is that a factor this year affecting the aero margins at all?

那很有幫助。最後，我想快速跟進一下航空航太領域的利潤率。我認為他們年初的同比數據可能會略有下降，然後全年整體數據可能會上升幾十個基點。或許可以解釋一下您認為這些組合變化的影響將如何貫穿全年，另外，也討論過商業OE合約續約時間等問題？今年這是否會對航空業利潤率產生影響？

Sure. So maybe I'll just start with the 2025 progression, but I think it's important as you think about 2026. So we entered 2025, and we said we'll finish about 26% for the year. That's exactly what we did and the team did well despite the liberation day having to contend with the tariffs. Largely tariffs are behind us.

當然。所以也許我會先從 2025 年的計劃開始，但我認為在考慮 2026 年的計劃時，這一點很重要。所以我們進入了 2025 年，並​​預測這一年我們將完成大約 26% 的目標。我們正是這麼做的，儘管解放日當天要應付關稅問題，但團隊表現出色。關稅問題基本上已經過去。

Going to 2026, price we better for aerospace, acquisition integration costs are abating, that's also a tailwind and supply chains continue to improve.

展望 2026 年，航太產業的價格將更加有利，收購整合成本正在下降，這也是一個利多因素，供應鏈也將持續改善。

So for 2026, really, to me, it's a margin expansion question is really just a question of how much. And that's a factor of mix and how is mix going to play out in the business as well as how we continue to unlock and scale the supply chain and how the trajectory progresses. But 2026, I fully expect margin expansion in aerospace.

所以對 2026 年來說，對我來說，利潤率擴張的問題其實只是擴張幅度的問題。這取決於產品組合的組成，以及這種組成將在業務中如何發揮作用，以及我們如何繼續解鎖和擴大供應鏈，以及發展軌跡如何演變。但我完全預期到 2026 年航空航太領域的利潤率將會擴大。

And Julian, to your question on the OE contracts, we are indeed negotiating our contracts with multiple OEs as we peak, both on the commercial side and business jet side.

朱利安，關於你提出的OE合約問題，我們確實正在與多家OE公司就我們的合約進行談判，因為我們正處於業務高峰期，包括商用飛機和公務機領域。

Those are under progress right now. And what I can share you is that longer term, it will play board on quite well for Aerospace margin expansion.

這些項目目前正在進行中。我可以告訴大家的是，從長遠來看，這將對航空航太利潤率的擴張起到相當好的作用。

Nature of these are long term. So we remain very confident that this going to have a positive impact on our margin expansion story for the business in the times ahead.

這些情況的性質是長期的。因此，我們仍然非常有信心，這將對我們公司未來一段時間的利潤率擴張產生積極影響。

And Julian, one last piece I would just add on. Just thinking about the first quarter reminder that Liberation Day was in April. So there's a little bit of lapping where we have that -- a little bit of lag on the pricing impact relative to the tariffs in Aerospace in the first quarter for the OE business.

最後，朱利安，我還要補充一點。突然想起第一季提醒，解放日是在四月。因此，在第一季度，航空航太領域的 OE 業務的價格影響相對於關稅存在一些滯後。

Great, thank you.

太好了，謝謝。

Nigel Coe, Wolf Research.

Nigel Coe，狼研究公司。

Thanks, good morning. So a lot going on here, guys. Quantinuum, you announced, you filed a confidential [S-1] earlier this month. Are you fully committed to an IPO at this point? Or is there an option to you bring in a strategic investor? And I just want to make sure we got the right numbers on the investment spending.

謝謝，早安。各位，這裡發生了很多事。Quantinuum公司宣布，你們在本月初提交了一份保密的[S-1]文件。您目前是否已完全決定進行IPO？或者，你們有沒有引入策略投資者的方案？我只是想確保我們獲得了正確的投資支出數據。

It looks like is picking up by about $100 million year-over-year. So that would be, what, $250 million of total spend within corporate. I just want to make sure that's the number. And does the free cash flow or rather the cash burn kind of equate to that number as well?

看起來比前一年增長了約 1 億美元。所以，企業內部總支出將達到2.5億美元。我只是想確認一下是不是這個數字。那麼自由現金流或現金消耗量是否也與這個數字相符呢？

So I'll start and I'll let Vimal comment on the -- just on the commercial progress, et cetera. But you're exactly right. It's about $100 million year-over-year increase we fully consolidate Quantinuum right now. As you know, our raise was quite successful.

那我就先開始，然後讓維馬爾評論一下——就商業進展等等方面而言。但你說得完全正確。目前，我們已將 Quantinuum 完全併入公司，年增約 1 億美元。如你所知，我們的加薪非常成功。

So Quantinuum has plenty of cash, but it flows through for Honeywell's preferential. But it's about $100 million year-over-year increase in terms of maturation and commercial efforts that the team is progressing.

所以 Quantinuum 手頭現金充裕，但這些資金卻流向了 Honeywell 的優先股。但就團隊正在推進的成熟度和商業努力而言，這相當於每年增長約 1 億美元。

And Nigel, you put it well. A lot going on in Honeywell. So we are absolutely working on the Quantinuum lag. What I can share with you is we're obviously seeing the legal restrictions on what we can share. But as a practical matter, the progression on platform continues to be very promising, which is the reason we are investing more R&D dollars to continue to progress to launch the next version of our Quantum machine, which is committed in 2027-time frame.

奈傑爾，你說得對。霍尼韋爾公司發生了很多事。所以我們正在全力解決量子滯後問題。我可以告訴大家的是，我們顯然看到了在分享內容方面存在的法律限制。但實際上，該平台的進展仍然非常令人鼓舞，這也是我們投入更多研發資金以繼續推進下一代量子機器研發的原因，我們承諾在 2027 年左右推出這台機器。

So that's a driver. And I actually spend a lot of time with the customers now to talk about leveraging Quantum for commercial applications.

所以這就是驅動因素。我現在確實花了很多時間和客戶討論如何利用 Quantum 進行商業應用。

So think about banks thinks about pharmaceutical companies and think about large government, they're all very interested, given we are coming closer to time to value.

所以想想銀行、製藥公司和大型政府機構，它們都非常感興趣，因為我們越來越接近價值實現的時間節點。

And they are also building a leadership team of Quantinuum business, expanding its capability so that it could stand alone as an independent company at the right time. So that's what I can share. I think a lot of wheels in motion, and we continue to work very hard to make it a successful business.

他們也正在組建 Quantinuum 業務的領導團隊，擴大其能力，以便在合適的時機使其成為獨立的公司。這就是我能分享的內容。我認為很多事情都在進行中，我們將繼續努力，使其成為一項成功的業務。

That's very helpful. And then my follow-on is really just wanted to dig into the extraordinary strength in the process orders. Last time we checked in with you guys, you're talking about softness in large project activity that seems to have changed 180.

那很有幫助。接下來，我真正想深入探討的是流程訂單中蘊含的非凡力量。上次我們和你們聯絡時，你們還在談論大型專案活動中的軟弱問題，而現在情況似乎發生了180度的大轉變。

So just -- just wondering what's changed and perhaps a bit more detail on where you're seeing the strength by geography or end market?

所以，我只是想知道發生了哪些變化，以及您認為在哪些地區或終端市場觀察到了強勁的成長？

So Nigel, there are two dynamics going on in the market. On the positive side, people are spending capital to build more capacity in LNG and refining that define that showing our orders are so substantially in backlog up by 15%. So that's positive. Those are long cycle and we, therefore, will show more revenue accretion from them in second half of 2026 because the cycle time is 12 to 18 months. So we started lapping up our bookings from quarter three of last year and build the backlog, which will convert now Q3 and Q4 of 2026.

所以奈傑爾，目前市場有兩種動態變化。從正面的方面來看，人們正在投入資金來建造更多的液化天然氣和煉油產能，這表明我們的訂單積壓量大幅增加，增幅達 15%。這是個好消息。這些產品週期較長，因此，我們將在 2026 年下半年看到它們帶來更多收入成長，因為週期時間為 12 至 18 個月。因此，我們從去年第三季開始就積極接受預訂，並累積訂單，這些訂單將在 2026 年第三季和第四季轉化為實際訂單。

On the -- also on the positive side, the LNG business continues to do quite well. Sundyne business we acquired is going to become baseline and organic growth, that's going to help in the second half of the year. On the other side of the ledger, we continue to see pressure on the catalyst demand on petrochemical side. Petrochemical has excess capacity in the world.

從積極的一面來看，液化天然氣業務繼續表現良好。我們收購的 Sundyne 業務將成為基礎和內生成長，這將有助於下半年的發展。另一方面，我們看到石化產業的催化劑需求持續承壓。全球石化產能過剩。

So our customers are shying to buy more catalysts and also, I would say, in automation side, some of our migration offerings.

因此，我們的客戶不願意購買更多的催化劑，而且，我想說，在自動化方面，我們的一些遷移產品也面臨同樣的問題。

So there's certainly a slowness there. Our guide doesn't factor any change in that in 2026, I'm not suggesting it won't change, but we are cautious on what we are guiding at this point. And that remains the low point in the business. So strength in long cycle in LNG and refining and weakness in short cycles, specifically in the petrochemical side.

所以，那裡的確存在著速度緩慢的問題。我們的指南沒有考慮到 2026 年的任何變化，我並不是說它不會改變，但我們目前在提供指導方面持謹慎態度。那仍然是該行業最黑暗的時期。因此，LNG 和煉油產業在長週期方面具有優勢，而石化產業在短週期方面則較為薄弱。

Okay, that's great, thanks, Bill.

好的，太好了，謝謝你，比爾。

Scott Davis, Melius Research.

Scott Davis，Melius Research。

Hey, good morning, guys. Glad to see the funnel spin-off moving up here. But look, I wanted to talk a little bit about price because forever, Honeywell was kind of a 1% to 2% price company and now the last couple of years, you've been able to capture meaningfully more 4% now, which is still meaningfully more than the peer group average. But what -- can you guys walk through there's kind of two angles here.

嘿，大家早安。很高興看到這個衍生產品在這裡發展壯大。但是，我想稍微談談價格，因為霍尼韋爾一直以來都是一家價格佔比在 1% 到 2% 的公司，而最近幾年，你們已經能夠獲得顯著更高的價格，達到了 4%，這仍然顯著高於同行平均水平。但是──你們能解釋一下嗎？這裡有兩個角度。

I mean, one is kind of passing through tariff impacts, and that's not a structural price increase that's more of a pass-through. But can you talk about really how much of this price is kind of a change in pricing strategy, how you guys' approach projects, contracts, obviously, new products help, I would imagine. And how much of that 4% is kind of just the run of the mill passing on tariffs.

我的意思是，其中一種情況是關稅影響的轉嫁，而不是結構性的價格上漲，而更像是價格的轉嫁。但您能否談談這個價格究竟有多少是定價策略的改變造成的，你們處理專案和合約的方式有哪些改變，當然，新產品肯定也有幫助。而這 4% 有多少只是普通的關稅轉嫁呢？

Thanks.

謝謝。

Yes. Scott, it's a great question. And I think a lot about it on the dynamic. I think fundamentally, the inflation drivers have become more persistent in the markets we serve and I drive the insistent the inflation drivers into three buckets. Labor cost is increasing typically 3% to 4%.

是的。斯科特，這是一個很好的問題。我常常思考其中的動態因素。我認為從根本上講，我們所服務的市場中的通膨驅動因素變得更加持續，我堅持認為通膨驅動因素可以分為三類。勞動成本通常成長 3% 至 4%。

In a typical year, we have labor shortages. There is enough messaging around that. We also see cost increase in electronics prices. Memory is a new driver now of course, it's a small portion of what we buy, but it all starts compounding.

通常情況下，我們都會面臨勞動力短缺的問題。關於這方面的宣傳已經夠多了。我們也看到電子產品價格上漲。當然，記憶體現在是一種新的驅動因素，雖然它在我們購買的商品中佔比很小，但所有因素都會累積起來。

And then commodity prices keep going up. I mean there's a lot of news on gold, but then there's also other commodities, which keep ramping up.

然後，大宗商品價格持續上漲。我的意思是，關於黃金的新聞很多，但其他大宗商品的價格也在不斷上漲。

So when you put it all together, fundamentally, the inflationary trend in Industrial segment and segment specifically, Honeywell serve, they remain quite persistent.

所以，綜合來看，工業領域，特別是霍尼韋爾所服務的領域，其通膨趨勢仍然相當持續。

And our pricing strategy, therefore, have become more mature, really to look at as a long-term trend, work with our customers and align with them that what's being ahead and minimize the impact on their businesses to the extent we can and deploy pricing, which is also different by regions.

因此，我們的定價策略變得更加成熟，真正將其視為一種長期趨勢，與客戶合作，與他們保持一致，引領未來，盡可能減少對他們業務的影響，並根據不同地區採用不同的定價策略。

It could be one in U.S. different in Europe, different in other parts of the world, also different for new products because we need to see where we have some leverage there based upon feature function, which are differentiated.

在美國可能是一種，在歐洲可能是一種，在世界其他地區可能是一種，新產品也可能是一種，因為我們需要根據差異化的功能特性來判斷我們在哪裡擁有優勢。

So a lot going on in the pricing front. And I would say 2026 is going to look very similar to 2025 in the same ZIP code. And we spend a lot of time to make sure that the price cost doesn't become a headwind for us, and we do maximum to preserve our volume, while we are preserving our margins.

所以價格方面有很多事情要發生。我認為，在同一個郵遞區號區域內，2026 年的情況將與 2025 年非常相似。我們花費大量時間確保價格成本不會成為我們的阻礙，並且我們盡最大努力保持銷量，同時保持利潤率。

That's very helpful.

那很有幫助。

I would just maybe just add that if you look at our portfolio, we've been migrating to high-growth verticals where we can afford better pricing. And we have a bigger step-up in terms of revenue that is generated by NPI and these products tend to be accretive and give us better pricing as well.

我只想補充一點，如果你看一下我們的投資組合，你會發現我們一直在向高成長的垂直領域轉型，在這些領域我們能夠負擔得起更優惠的價格。而且，新產品上市帶來的營收成長幅度更大，這些產品往往能帶來收益成長，並為我們帶來更好的定價。

Yeah, no, and then just the natural follow-up would just be, is there -- you -- when you talk about NPI and you talked about product launches but is there -- do you guys use a vitality index or anything internally in any kind of way to kind of compare that acceleration of NPI versus the past?

是的，沒有，那麼很自然的後續問題就是，你們在談到新產品導入 (NPI) 和產品發佈時，是否使用活力指數或其他內部指標來比較新產品導入 (NPI) 的加速與過去的情況？

Yeah, you saw one of the mentions of that in our growth acceleration chart in the -- our prepared remarks. One thing we certainly start measuring is how much of revenue in a given year is coming from new products, net new growth coming from new products. And last year, it was approximately 4%.

是的，您在我們準備的發言稿中的成長加速圖表中看到了這一點。我們肯定會開始衡量的一件事是，某一年的收入有多少來自新產品，即新產品帶來的淨新增收入。去年，這一數字約為 4%。

It means our R&D dollars are creating differentiated demand into our offerings, and we are able to either keep share or gain share or able to move to new verticals.

這意味著我們的研發投入正在為我們的產品創造差異化需求，我們能夠保持市場份額或獲得市場份額，或能夠進入新的垂直領域。

So we are measuring two key KPIs. One is vitality. We used to measure that Scott for many years. And what I learned is some of segments, high vitality is just right to play because the turnaround of the price is so fast and if your vitality is not 40s and 50s, you basically may start losing share.

因此，我們正在衡量兩個關鍵績效指標。一是活力。多年來，我們一直都在測量那個斯科特。我發現，在某些細分市場，高活力值才是合適的入場時機，因為價格波動非常快，如果你的活力值不在 40 到 50 之間，你基本上可能會開始失去市場份額。

So incrementally, while you continue to measure vitality and RemainCo Honeywell will have vitality in high 40s, think about 45% or so we also now measure every quarter, new product -- revenue coming from new products. And our internal target is like we did 4% last year, like to maintain that rate.

因此，逐步地，雖然您繼續衡量活力，而 RemainCo Honeywell 的活力將達到 40 多，大約 45% 左右，但我們現在也每個季度衡量新產品——來自新產品的收入。我們的內部目標是像去年一樣維持 4% 的成長率。

That requires a lot of editions working with the customers, having the right ideas and so on, but that's going to be the new playbook for Honeywell that we want to grow through new products and then whatever market allows us to pick up on price. So yes, that's how I would summarize that comment.

這需要與客戶進行大量的版本迭代，擁有正確的想法等等，但這將是霍尼韋爾的新策略，我們希望透過新產品實現成長，然後在任何允許我們透過價格取勝的市場中獲利。是的，這就是我對那條評論的總結。

Very helpful, thanks. I'll pass it on and best of luck this year guys.

非常有用，謝謝。我會轉達的，祝你們今年好運。

Steve Tusa, JP Morgan.

史蒂夫圖薩，摩根大通。

Hey, good morning. So just to clarify that answer, so you're expecting roughly 3% price this year?

嘿，早安。所以為了澄清這個問題，你是說你預計今年的價格漲幅大約是3%嗎？

Price will be above 3%. I would say most likely 3.5%, depending on geography and the vertical, we're deploying 3% to 4% on average should be 3.5% and quarterly also, there will be a little bit of movement, but that's kind of the framework we're using for the year with the teams.

價格將高於3%。我認為最有可能的是 3.5%，具體取決於地理位置和垂直行業，我們平均部署的比例是 3% 到 4%，應該是 3.5%，而且每個季度都會有一些調整，但這大致是我們今年與團隊一起使用的框架。

So at the low end of the range, you have volume down, 50 bps.

所以，在範圍的低端，音量下降了 50 個基點。

It, no, It really just depends on the -- we deployed price at level essentially. So it's depending on how fast if the product is growing at 1%, and market doesn't allow us to deploy more price. We won't do that.

不，這真的取決於——我們基本上把價格設定在了水平上。所以這取決於產品的成長速度，如果成長速度為 1%，而市場不允許我們提高價格。我們不會那樣做。

I think low end, I would say, Steve, is volume growth in the low end of the guide, 3% to 6% is zero, high end, it is about 3%. So that's kind of how you want to look at the guide 3% to 6% price being somewhere around 3% to 3.5%, and the balance is volume.

我認為低端市場，像是史蒂夫，銷售成長，在指南的低端市場，3%到6%是零，高端市場大約是3%。所以，你應該這樣看待這個指導價：3% 到 6% 的價格區間大約在 3% 到 3.5% 之間，其餘部分則取決於成交量。

Yes. It seems pretty conservative with your order growth rate, but I won't belabor that point. Just on the stranded costs, it seems like -- I would have maybe expected the advanced material stranded cost to come out a little bit quicker.

是的。你的訂單成長率看起來相當保守，但我不會在這點上過多贅述。就擱淺成本而言，似乎——我原本可能預期先進材料的擱淺成本會更快體現出來。

Can you maybe just level set us on where those stranded costs lie today, especially on the aero side, what to expect? And how those should layer out of the numbers because that seems to be a relatively heavy burden that you're leaving in there but should be a tailwind at some point in the next 18 months or so.

您能否簡要說明一下目前這些滯留成本的具體情況，尤其是在航空領域，以及我們可以預期的情況？這些因素該如何從數字中體現出來呢？因為這似乎是一個相對較重的負擔，但在未來 18 個月左右的時間裡，它應該會成為一種助力。

No, You're right, Steve. So we have already neutralized Advanced Materials stranded costs in 2026. So that's one of the walks we are showing in our margin expansion that it is net neutral.

不，你說得對，史蒂夫。因此，我們已經抵銷了2026年先進材料擱淺成本。所以，這是我們在利潤率擴張過程中所展現的淨中性成長路徑之一。

So the headwind of that is gone, which shows that we are looking ahead and executing it as simultaneously as we're working to spin. Now specifically coming to the aerospace question, right now, I will admit that we are so heavily focused to make spend happen in Q3.

所以，那股逆風已經消失了，這表明我們正在展望未來，並在努力實現目標的同時執行目標。現在具體來說，就航空航太議題而言，我承認，我們目前正全力以赴地爭取在第三季實現支出目標。

We'll share the specifics of stranded costs, et cetera, during our Investor Day coming up in June, but we are absolutely confident and committed that we will eliminate stranded costs in 12 to 18 months' time. Earlier, the better, we absolutely get it. But that's the range we expect to take it out.

我們將在 6 月的投資者日上分享擱淺成本等具體細節，但我們絕對有信心並致力於在 12 到 18 個月內消除擱淺成本。越早越好，我們完全明白。但我們預計它的射程就是如此。

Okay. And then just one last one in Aero. Can you give us any kind of magnitude of margin improvement embedded in the guidance for Aero this year? Is it 25 bps, 50 bps, like maybe just a little bit of color on directionally magnitude.

好的。最後，在 Aero 裡再來一個。您能否提供一下今年航空業利潤率預期中預期的提升幅度？是 25 bps、50 bps，還是只是在方向幅度上加一點顏色？

Yes. I would say modest, you think like low 30s incremental.

是的。我覺得不算多，大概是30%左右的增量吧。

Got it. Okay. Thanks guys.

知道了。好的。謝謝各位。

Deane Dray with RBC Capital Markets.

迪恩‧德雷，加拿大皇家銀行資本市場公司。

Thank you. Good morning, everyone, and congrats to the team on hitting these transformation milestones earlier and also best to Sean, and welcome back to Mark.

謝謝。大家早安，恭喜團隊提前實現了這些轉型里程碑，也祝福肖恩一切順利，歡迎馬克回歸。

Just a first question, just you've been now more specific about the portfolio cleanups for PSS and warehouse. What can you tell us about the sales process?

第一個問題，您先前對 PSS 和倉庫的投資組合清理工作做了更具體的說明。您能跟我們說說銷售流程嗎？

So I would say at this point, we have a lot of interest on both the businesses, and we expect to do a sign of the deals in quarter two. On the specific within the quarter, it's hard to pinpoint a month here at this point, but we do expect that quarter two, we'll be able to sign it and the close will be customary regulatory approvals, so that you can then estimate that the total time this business may not be part of Honeywell.

所以我想說，目前我們對這兩家公司都非常感興趣，我們預計在第二季簽署交易協議。至於本季內的具體時間，目前很難確定具體月份，但我們預計在第二季度，我們將能夠簽署協議，完成交割的前提是獲得慣例的監管批准，這樣您就可以估計這項業務可能在一段時間內不會成為霍尼韋爾的一部分。

What it does is being interestingly, when we complete the transaction of warehouse automation business and Productivity Solutions business, it simplifies us into three market, process, buildings and industrial because this allows us to make a choice not to be in a transportation logistics and warehouse markets, not that these are bad markets, it's more a question of where we want to participate as a company. So it's a choice to be made.

有趣的是，當我們完成倉庫自動化業務和生產力解決方案業務的交易後，它將我們的市場簡化為三個部分：流程、建築和工業，因為這使我們能夠選擇不進入運輸物流和倉儲市場，並不是說這些市場不好，而是我們作為一家公司想要參與哪些領域的問題。所以，這是一個需要做出的選擇。

And the second thing as is it makes industrial automation as a sensing and measurement business. We had one of the challenge of Industrial Automation being a complex business to understand with a lot of segments and a lot of drivers.

第二點是，它將工業自動化變成了一個感測和測量業務。我們面臨的挑戰之一是，工業自動化是一個複雜的產業，涉及眾多細分領域和眾多驅動因素，很難理解。

So with this decision, we are able to narrow down the business to sensing and measurement, which gives us a platform on which we will build upon through organic growth and hopefully, we look at more inorganic actions in the future. So it plays out extremely well in our overarching strategy.

因此，透過這項決定，我們可以將業務範圍縮小到感測和測量領域，這為我們提供了一個平台，我們將在此基礎上透過內生成長不斷發展壯大，並希望未來能夠採取更多外延式成長措施。因此，它與我們的整體策略完美契合。

That's real helpful. And the second question, there was a reference about pockets of weakness in Europe and China. Maybe just give us a sense of when the geographies, what you're seeing at the margin.

這真的很有幫助。第二個問題提到了歐洲和中國的一些弱點。或許可以讓我們了解地理環境，以及你在邊緣地帶看到的景象。

I would say that those comments are specifically for Industrial Automation business. Industrial Automation business is seeing strength in North America and U.S. in particular.

我認為這些評論專門針對工業自動化產業。工業自動化業務在北美，尤其是美國，表現強勁。

The segments are performing extremely well. But the segments of IA business in China and in Europe, the exposures we have in end markets we see pressure there, and that's the weakness in short cycle in Europe. Now that's not true for other parts of Honeywell.

各個細分市場表現都非常出色。但是，我們在中國和歐洲的 IA 業務板塊，以及我們在終端市場的風險敞口，都面臨著壓力，而歐洲的短期週期疲軟正是壓力所在。但霍尼韋爾的其他部門並非如此。

If you see building automation, they don't see pressure in Europe and China because they serve different markets, and they have different product lines.

如果你觀察樓宇自動化，你會發現歐洲和中國並沒有感受到壓力，因為它們服務於不同的市場，有不同的產品線。

So it's very specific to industrial automation at this point, and we'll observe how the year progresses. What we are doing is we are focused on launching much more new products so that we are able to generate more demand organically to offset some of these drivers and we'll observe how the year progresses with our actions to counter some of these market conditions.

所以目前來看，它主要針對工業自動化領域，我們將觀察這一年的發展。我們正在專注於推出更多新產品，以便能夠自然地創造更多需求，從而抵消部分不利因素。我們將觀察今年以來，我們採取的因應措施如何應對這些市場狀況。

Thank you.

謝謝。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Good morning, guys and thank you. I'll focus on Aerospace, if that's okay. All three end markets grew double digits in '25. Maybe if you could tell us the rank order of how you're thinking about 2026 end markets? And any changes around the medium-term growth trajectories as we prefer Investor Day in June?

各位早安，謝謝。如果可以的話，我將專注於航空航太領域。2025年，所有三個終端市場均實現了兩位數的成長。或許您可以告訴我們您對 2026 年終端市場的發展趨勢的排名順序？鑑於我們更傾向於在六月舉行投資者日，中期成長軌跡方面是否有任何變化？

Thanks, Sheila. Yes, I would say that we were really pleased with the progress the team made on supply chain, really big performance on volume, especially the end of the year. So great momentum, particularly with the order rates going into '26.

謝謝你，希拉。是的，我認為我們對團隊在供應鏈方面取得的進展感到非常滿意，尤其是在產量方面，特別是年底的表現非常出色。因此，勢頭強勁，尤其是在 2026 年的訂單量方面。

Looking at the growth rates by end market, we'd say defense and space is likely to lead. So high single digits, maybe creeping in a low double depending on supply chain progress.

從終端市場的成長率來看，我們認為國防和航太領域可能會領先。所以，可能會達到個位數高位，也可能會根據供應鏈進度緩慢降至兩位數低點。

We then expect OE to be high single-digit growth and then still strong performance in aftermarket but continue on that path towards normalization, so call it mid- to high single-digit growth as the range. And all of that should blend to a high single-digit performance for 2026.

我們預計 OE 將實現高個位數成長，售後市場仍將保持強勁表現，但將繼續朝著正常化方向發展，因此我們將其成長範圍定為中高個位數。所有這些因素加在一起，應該會使2026年的經濟表現達到接近兩位數的水平。

Got it. And then one on -- I know a lot has been asked on margins already, but just specifically around incremental investments as we see from the defense contractors, how are you thinking about incremental investments surrounding your portfolio within aerospace and R&D focus areas?

知道了。還有一個問題——我知道關於利潤率已經有很多問題了，但具體來說，就我們從國防承包商那裡看到的增量投資而言，您是如何看待您在航空航天和研發重點領域的投資組合中的增量投資的？

We have been investing -- if you look at the broader team of investments, we have been investing in supply chain. We have telegraphed that earlier more than $1 billion investment, and then we have delivered volume growth over 14 quarters now, double-digit volume growth, which results into our organic growth.

我們一直在進行投資——如果你看看更廣泛的投資領域，你會發現我們一直在投資供應鏈。我們之前已經宣布了超過 10 億美元的投資，並且在過去 14 個季度中實現了兩位數的銷售成長，從而帶來了我們的內生成長。

Now in 2025, 2026, overall Honeywell CapEx increases about $250 million. Aero is a large part of it. And it's a good news in my view because Aero needs more volumes, it needs to expand supply chain capacity. There are other parts of investment and other parts of automation business, but Aero has a large share of it.

現在到 2025 年、2026 年，霍尼韋爾的總資本支出將增加約 2.5 億美元。航空學是其中很重要的一環。在我看來，這是個好消息，因為航空需要更大的銷售量，需要擴大供應鏈產能。投資領域還有其他部分，自動化業務還有其他部分，但 Aero 佔了很大一部分。

So fundamentally speaking, we are able to deliver to Department of War needs for more volume. And in fact, we are close to PO and heartly with any past due, which shows that we have ability to meet their needs and the volume they are looking for.

從根本上講，我們能夠滿足戰爭部對更大數量的需求。事實上，我們與採購訂單保持密切聯繫，並積極處理任何逾期款項，這表明我們有能力滿足他們的需求以及他們所期望的產量。

So we are very well positioned there. I think our volume capacity, our investments are always in order, and we'll continue to make more if it is necessary to grow the business.

所以我們在那裡處於非常有利的地位。我認為我們的產能和投資始終處於合理水平，如果業務發展需要，我們將繼續加大投入。

it's about $150 million in CapEx increase next year, a majority of it is going to be funded through working capital improvement. No impact.

明年資本支出將增加約 1.5 億美元，其中大部分將透過改善營運資金來籌集。無影響。

Okay, got it. Thank you.

好的，明白了。謝謝。

Amit Mehrotra, UBS.

阿米特·梅赫羅特拉，瑞銀集團。

Thanks operator. Hi everybody. Vimal, the building automation growth has been good the last few quarters. And I think some of that is applicable to kind of the success you've had in plugging the assets into Forge. And I guess the question I have is, what is the -- how you can replicate that in the process and industrial businesses whereby maybe the most cyclical parts of the business, you can generate more recurring revenue by upselling some of the services by plugging into your platform. Can you just talk about that? Or are those just two different things?

謝謝接線生。大家好。Vimal，近幾季樓宇自動化市場成長良好。我認為其中一些因素也適用於你們在將資產導入 Forge 方面的成功。我想問的是，如何在流程和工業企業中複製這種模式，從而在業務中最具週期性的部分，透過接入你的平台來追加銷售一些服務，以產生更多經常性收入。你能談談這件事嗎？或者說，這兩者其實是兩碼事？

Yes. No, the -- excellent question, Amit. We have been working very hard to change our business model to more recurring revenue and the basis of that is stronger linkage to our IoT platform Forge.

是的。不，——問得好，阿米特。我們一直在努力改變我們的商業模式，使其獲得更多經常性收入，而其基礎是與我們的物聯網平台 Forge 建立更緊密的聯繫。

Building started that first and process started that later. I would say the [GAAP] between that is about nine to 12 months.

先開始建造，後開始施工。我認為 [GAAP] 這兩個時間段之間的時間大約是 9 到 12 個月。

And we can clearly see results in the building. What we have been able to do is really build -- I'm going to use word ontology-based models. It means that we are able to -- when we connect the building, we are able to identify all assets and really build a reference data model for our customer, which allows us to then build different applications on top of it.

我們可以清楚地看到建築效果。我們已經能夠真正建構——我將使用基於詞本體的模型。這意味著，當我們連接建築物時，我們能夠識別所有資產，並真正為我們的客戶建立參考資料模型，使我們能夠在此基礎上建立不同的應用程式。

And hopefully, when -- we are -- in Investor Day, we'll be able to show you agents on top of Forge, which are managing different operations, maintenance, energy management, so we are moving now to a genetic way of working on our customer base. And you're absolutely right, that kind of innovation is driving the growth pull-through of our products because it's a bond solution, it's not separated from other.

希望在投資者日那天，我們能夠向大家展示 Forge 平台上的代理，這些代理負責管理不同的營運、維護和能源管理，因此我們現在正朝著以基因工程的方式服務客戶群的方向發展。您說得完全正確，這種創新正在推動我們產品的成長，因為它是一種黏合解決方案，它與其他解決方案密不可分。

Now it is the same journey in the process. We are just about nine months, 12 months behind, connected plant is our key offering.

現在，這個過程和之前一樣。我們落後了大約九個月到十二個月，互聯工廠是我們的核心產品。

It takes our customer installed base, both on process technology and process automation, and again, ability to build this ontology-based model and then give a much stronger capability to optimize their operations.

這需要我們客戶在製程技術和製程自動化方面的現有安裝基礎，以及建立這種基於本體的模型的能力，然後才能賦予他們更強大的能力來優化他們的營運。

So that's coming soon. And we do expect that to become an enabler for recurring revenue growth in the process segment in the near future.

所以，很快就會有了。我們預計這將成為不久的將來流程領域經常性收入成長的推動因素。

And then finally, in the industrial side, our business is far more becoming sensing and measurement. It's less about our controls. But we have to evolve that strategy there. But I remain very confident we are going to see the same pattern in process in the very near future.

最後，在工業領域，我們的業務正變得越來越偏向感測和測量。這與我們的控制力關係不大。但我們必須調整那方面的策略。但我仍然非常有信心，在不久的將來，我們將看到同樣的模式在過程中重現。

And just sort of very much related to that, you're building automation revenue forecast is kind of mid-single-digit plus this year. It feels like that journey and connecting those 11,000 to 12,000 assets in the field is kind of [third] of the way through.

與此密切相關的是，你們今年的自動化業務收入預測是中等個位數成長。感覺這段旅程，以及將現場的 11,000 到 12,000 個資產連接起來，就像是完成了三分之一的路程。

And I think you guys have a goal of kind of accelerating that this year. So I'm just wondering, is it just conservatism? Because it seems like as you get to that journey of fully connected asset, you can actually drive sustainability in that kind of high single-digit organic growth.

我認為你們今年的目標是加快這一進程。所以我想知道，這只是保守主義嗎？因為似乎當你實現資產完全互聯時，你就能以極高的個位數有機成長推動永續發展。

Yeah, I mean our penetration, Amit, actually is much lower, which gives us sort of runway and upside. We'll share those details during Investor Day, how much of installed base is penetrated from connected assets but also bear in mind that recurring revenue takes time to scale.

是的，Amit，我的意思是，我們的市場滲透率實際上要低得多，這給了我們一定的發展空間和上升潛力。我們將在投資者日分享這些細節，包括聯網資產在已安裝用戶群中的滲透率，但也要記住，經常性收入需要時間才能擴大規模。

So if I -- as our recurring revenue bank is building, it just compounds every year at a bigger scale. So we are at a low base at this point.

所以，如果我——隨著我們的經常性收入不斷積累，它每年都會以更大的規模複利增長。所以目前我們的起點很低。

But we do believe that we also will continue to ramp it up at a much higher rate in the times ahead as our ARR is growing there. And we expect to share two things during the Investor Day. Our offerings on Forge, both for buildings and process, industrial, some initial ideas. And then our ARR strategy, how much it is and how much we expect it to compound in the times ahead.

但我們相信，隨著我們在該地區的年度經常性收入 (ARR) 不斷增長，未來我們也將以更快的速度繼續提高該領域的業務量。我們預計將在投資者日上分享兩件事。我們在 Forge 上提供的產品和服務，包括建築、工藝流程和工業領域，以下是一些初步的想法。然後是我們的年度經常性收入 (ARR) 策略，它目前有多少，以及我們預計它在未來一段時間內能成長多少。

Okay, yeah, that'll be helpful.

好的，那會很有幫助。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Yeah, thanks. Good morning guys. Just wanted to start on some of the order trends that you saw during the quarter. Can we talk to them about how short cycle order trends generally trended? And not just relative to 3Q, but also throughout the cadence of each month of the quarter?

嗯，謝謝。各位早安。我想先談談本季觀察到的一些訂單趨勢。我們可以和他們談談短週期訂單趨勢的整體情況嗎？不僅是相對於第三季而言，而且是貫穿該季度每個月的整個週期？

Sure. So I would tell you that generally, if you have to look at it regionally. So U.S. Meta, India, short-cycle orders performed well throughout the year and in the fourth quarter as well.

當然。所以，我通常會告訴你，如果你要從區域角度來看這個問題的話。因此，美國 Meta、印度的短期訂單在全年以及第四季度都表現良好。

On the other hand, Europe and China, at least for where we participate specifically in industrial automation, we're just okay, great.

另一方面，就我們專門參與的工業自動化領域而言，歐洲和中國的情況還不錯，甚至可以說非常好。

Going into the first quarter, we see that orders generally will be high single digits on the short side, probably mid-single digits for BA and aerospace. And then on IA and PA&T, we will continue to monitor. But as Vimal mentioned earlier, the catalyst and conversions are all bit slow.

進入第一季度，我們看到短期訂單將整體達到個位數高位，而英國航空和航空航太領域的訂單可能達到個位數中位。至於 IA 和 PA&T，我們將繼續密切關注。但正如 Vimal 之前提到的，催化劑和轉化率都比較慢。

Okay. Got it. Mike, that's helpful. And then maybe just a question on Industrial Automation margins. I think you mentioned in the prepared remarks that this is where you guys expect the greatest year-on-year margin expansion in 2026.Can you maybe elaborate a little bit on that with respect to the magnitude of potential margin expansion?

好的。知道了。麥克，這很有幫助。然後或許可以問一個關於工業自動化利潤率的問題。我認為您在準備好的演講稿中提到，你們預計 2026 年該領域的同比利潤率將出現最大幅度的增長。您能否就潛在的利潤率成長幅度做一些詳細說明？

Thank you.

謝謝。

Yes. So vis a vis our guide of 20 to 60 and what are we driving operationally. We have industrial automation at close to 100 bps. And the reason for it, if you look at the margin trajectory and progression, we feel like industrial automation has the most opportunity both from a productivity operationally as well as pricing and leverage volume and demand. And so that's how we instrumented the year, and I have high confidence and the team will execute on that.

是的。所以，相對於我們 20 到 60 的指導方針，我們在營運上推動的是什麼。我們的工業自動化水準接近 100 bps。原因在於，如果你觀察利潤率的軌跡和發展情況，我們認為工業自動化在營運生產力、定價以及利用銷售和需求方面都擁有最大的機會。這就是我們今年的計劃，我對團隊充滿信心，相信他們能夠執行到位。

Thank you.

謝謝。

Christopher Snyder, Morgan Stanley.

克里斯多福‧史奈德，摩根士丹利。

Thank you. I wanted to follow up on some of the commercial OE contracting discussion. Just given the very long nature of these contracts, I imagine these negotiations are a lot more comprehensive than just pricing for some of the tariff pressure that's come through over the last year.

謝謝。我想就商業OE合約的一些討論進行後續探討。鑑於這些合約的期限非常長，我認為這些談判的內容遠不止於價格談判，還要考慮到過去一年來出現的一些關稅壓力。

So I don't know, maybe you don't want to kind of frame the magnitude of these conversations, but any color there would be helpful or if you could just maybe talk about like when was the last time the company did a big comprehensive commercial OE price reset?

所以我不知道，也許你不想過多描述這些對話的規模，但任何相關資訊都會有所幫助，或者你能不能談談公司上一次進行大規模、全面的商業原廠設備價格調整是什麼時候？

So Chris, these contract negotiations don't span one particular OE, first of all. I mean this is more than one. Few are large, few are small that's just a matter of fact. And -- some of these are due for a long time, think about five years plus in some cases.

克里斯，首先，這些合約談判並不涉及某個特定的OE（原始設備製造商）。我的意思是，這不只一個。大的少，小的也少，這是事實。而且──其中一些問題可能要很久以後才會解決，有些甚至還要五年以上。

So the impact of that, you're absolutely right because when you're renegotiating a contract after five, seven, eight years, not only are looking at the pricing changes, but other aspects of the contract.

所以，你說的完全正確，這會產生影響，因為當你在五年、七年、八年後重新談判合約時，不僅要考慮價格變化，還要考慮合約的其他方面。

And that's why it takes a very long time to renegotiate a long-term contracts there.

這就是為什麼在那裡重新談判長期合約需要很長時間的原因。

And as I said before, these renegotiated contracts will be very well for Aerospace margin expansion in the future. So it will be a great setup because we lap all the previous long-term inflation we have been absorbing in some of these contracts, that won't be a headwind anymore.

正如我之前所說，這些重新談判的合約將非常有利於未來航空航天利潤率的擴大。這將是一個很好的安排，因為我們將抵消之前我們在這些合約中吸收的所有長期通膨，這將不再是一個不利因素。

No, thank you, I really appreciate that. Yes, certainly a lot of cost inflation over the last five, seven years. Maybe just a quick one.

不，應該是我謝謝你，我真的很感激。是的，過去五到七年間，成本確實上漲了很多。或許就簡單說一下。

I think you guys mentioned that R&D was kind of at the full run rate, obviously, an increase in '25, so is that right, is R&D kind of at a full run rate level now? And I know Aero takes a long time to convert in sales.

我想你們提到研發投入基本上已經達到滿載運轉水平，顯然在 2025 年有所成長，所以是這樣嗎？現在研發投入是否已達到滿載運轉水準？我知道 Aero 需要很長時間才能轉換為實際銷售。

But I would imagine the industrial side of the business converts quicker. So can you just maybe talk about how you think some of the R&D spend converts to sales on industrial? And could there be any tailwinds from that over the next 12 months?

但我認為工業領域的業務轉型速度會更快。那麼，您能否談談您認為工業領域的一些研發支出是如何轉換為銷售額的呢？未來 12 個月內，這是否會帶來任何有利因素？

Yes. So like I said earlier, I think the R&D right now is at the level that we wanted. It's about 4.8% of sales that we feel is a sweet spot for us quarterly going from -- into the first quarter, that will continue to abate. And will be more normalized, and we're obviously getting revenue growth, which will be a talent from margin standpoint.

是的。正如我之前所說，我認為目前的研發水準已經達到了我們想要的水準。我們認為，每季銷售額的 4.8% 左右是我們的理想水平——從第一季開始，這種情況將繼續緩解。而且會更加正常化，我們顯然會獲得收入成長，從利潤率的角度來看，這將是一個優勢。

And the cycle time, Chris, varies from, I would say, 18 months, 15 months to 18 months for the short cycle and for the long-cycle business like aerospace and some of our process technology could be three to five years.

克里斯，週期時間因情況而異，短週期業務的週期約為 18 個月到 15 個月，長週期業務（如航空航天和我們的一些工藝技術）的週期可能為 3 到 5 年。

So these are long bets in some cases, and it's our job as leadership to put those bets so that we could not deliver even short-term growth but also position to compete well for the long-term growth.

所以，在某些情況下，這些都是長期投資，而我們身為領導階層的職責就是進行這些投資，這樣我們不僅能夠實現短期成長，還能在長期成長方面佔據有利地位。

And -- if you look at our corporate costs, I mean, it's really, for us, the 30 bps drag on Quantinuum, no impact from R&D, stranded costs, we addressed in the -- throughout last year. So we don't have a lot of stranded costs as far as Solstice. So we feel really good about the progression we're making on our structural cost.

而且——如果你看看我們的公司成本，我的意思是，對我們來說，真正的問題是 Quantinuum 的 30 個基點拖累，研發沒有影響，擱淺成本，我們在去年全年都解決了這個問題。所以就Solstice而言，我們並沒有很多擱淺成本。因此，我們對在結構性成本控制方面取得的進展感到非常滿意。

Thank you guys. Much appreciated.

謝謝大家。非常感謝。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Yes, good morning, the question on building automation. Just a follow-up. Can we just talk about how much growth is coming from Access Solutions cross-sell? And also, how much exposure do you have there to data centers just because you are the market leader in building automation, I would imagine that's a nice tailwind as well.

是的，早安，關於樓宇自動化的問題。補充一下。我們能不能談談Access Solutions交叉銷售帶來了多大的成長？另外，身為樓宇自動化領域的市場領導者，您在資料中心領域有多少業務？我想這應該也是不錯的助力。

Yeah, so Andrew, the Access Solutions acquisition is playing extremely well. And overall, the revenue in that segment is growing high single digit, in line with building automation, which is growing high single digits. So our thesis has played out quite well. The second part of your question that sales synergies have been a big feature of it.

是的，安德魯，收購 Access Solutions 的交易進展非常順利。總體而言，該領域的收入正以接近兩位數的速度成長，與樓宇自動化領域的高個位數成長一致。所以我們的論點得到了很好的驗證。你問題的第二部分提到，銷售綜效一直是其一大特色。

That was one of the main drivers we thought this business will create our value, and that's been additive to the overall growth. And again, it's reflected in building automation numbers because that growth is not only coming in Access Solutions business, we're able to pull through a lot of Access Solutions suasion in our projects business in our solution side of the house here. So that certainly is becoming an important play.

這是我們認為這項業務能夠創造價值的主要驅動力之一，也促進了整體成長。而且，這一點也反映在樓宇自動化數據中，因為這種成長不僅來自門禁解決方案業務，我們還能夠在專案業務和解決方案方面取得許多門禁解決方案方面的成功。所以這無疑正在成為一部重要的劇目。

And finally, data center overall position of Honeywell in building automation is becoming slowly material. We are inching towards that becoming greater than 5% of our revenue. Think about it, that number was zero a couple of years back.

最後，霍尼韋爾在樓宇自動化資料中心領域的整體地位正逐漸變得至關重要。我們正逐步接近使這一比例超過我們收入的 5%。想想看，幾年前這個數字還是零。

So we are inching our way through across all the three solutions we provide in data center, the safety for fire, the environmental controls to building measurement system and security. So we continue to work our way through.

因此，我們正在逐步推進我們在資料中心提供的所有三個解決方案，即消防安全、環境控制、樓宇測量系統和安防。所以我們會繼續努力。

And as that market is performing, that will continue to help the growth of building automation.

而隨著該市場的發展，這將持續促進樓宇自動化的發展。

Thank you. And another question, follow-up question, after selling productivity solutions and warehouse and workflow solutions, do you anticipate further portfolio actions on industrial automation side or beyond that?

謝謝。還有一個後續問題，在銷售了生產力解決方案、倉庫和工作流程解決方案之後，您是否預期在工業自動化方面或其他方面會有進一步的產品組合拓展？

No. I mean we are very pleased with the end state. And as I mentioned, Andrew, that we have built now a business in Industrial Automation, which is heavily focused on sensing and measurement. So we have a common block sending in sensors for aerospace, sensors for medical devices, measurement system for gas detection in industrial, in semiconductor, measurement of gas and others.

不。我的意思是，我們對最終結果非常滿意。正如我之前提到的，安德魯，我們現在已經建立了一家工業自動化企業，該企業主要專注於感測和測量。因此，我們有一個通用模組，用於向航空航天領域發送感測器、向醫療設備發送感測器、向工業領域發送氣體檢測測量系統、向半導體領域發送氣體測量系統等等。

So we have a common team, which allows us to build a business around it. So we'll scale from here, so stay tuned and as we share our strategy for industrial automation during our Investor Day.

因此，我們擁有一個共同的團隊，這使我們能夠圍繞它建立業務。因此，我們將以此為基礎擴大規模，敬請關注，我們將在投資者日上分享我們的工業自動化策略。

Look forward to that. Thanks so much.

期待那一天的到來。非常感謝。

Thank you ladies and gentlemen, I'm sorry, go ahead sir.

謝謝各位，先生們，不好意思，請您繼續。

No.

不。

This concludes our question-and-answer session. I'll turn the floor back to Mr. Kapur for any final comments.

我們的問答環節到此結束。我把發言權交還給卡普爾先生，請他作最後的總結發言。

Thank you. So as always, I would like to thank our shareholders, our customers and all the Honeywell future shapers across the world for a strong finish to 2025, we remain confident in our path ahead, and we look forward to sharing more with everyone in the quarters to come. So thank you for all listening and please stay safe and healthy.

謝謝。因此，一如既往，我要感謝我們的股東、客戶以及全球所有塑造霍尼韋爾未來的人們，感謝他們為2025年畫下完美的句點。我們對未來的道路充滿信心，期待在接下來的幾季與大家分享更多資訊。謝謝大家的收聽，請大家注意安全，保持健康。

Thank you. This concludes today's conference call. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。

Thank you for your participation.

感謝您的參與。