Hubbell Inc (HUBB) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the fourth-quarter 2025 Hubbell Incorporated earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Hubbell Incorporated 2025 年第四季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Dan Innamorato, Vice President of Investor Relations. Please go ahead.

現在，我謹將會議交給今天的第一位發言人，投資者關係副總裁丹·伊納莫拉托。請繼續。

Thanks, operator. Good morning, everyone, and thank you for joining us. Earlier this morning, we issued a press release announcing our results for the fourth-quarter and full-year 2025. The press release and slides are posted to the Investors section of our website at hubbell.com. I'm joined today by our Chairman, President and CEO, Gerben Bakker; and our CFO, Joe Capozzoli.

謝謝接線生。各位早安，感謝各位的參與。今天早些時候，我們發布了一份新聞稿，公佈了我們 2025 年第四季和全年的業績。新聞稿和幻燈片已發佈在hubbell.com網站的投資者關係板塊。今天與我一同出席的有我們的董事長、總裁兼執行長Gerben Bakker，以及我們的財務長Joe Capozzoli。

Please note our comments this morning may include statements related to the expected future results of our company. These are forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Please note the discussion of forward-looking statements in our press release and considered incorporated by reference into this call. Additionally, comments may also include non-GAAP financial measures. Those measures are reconciled to the comparable GAAP measures, which are included in the press release and slides.

請注意，我們今天早上的發言可能包含與公司未來預期業績相關的內容。這些是1995年《私人證券訴訟改革法案》所定義的前瞻性陳述。請注意我們在新聞稿中討論的前瞻性陳述，這些陳述已透過引用納入本次電話會議。此外，評論中可能還會包含非GAAP財務指標。這些指標已與相應的 GAAP 指標進行核對，相關內容已包含在新聞稿和幻燈片中。

Now let me turn the call over to Gerben.

現在我把電話交給格爾本。

Great. Good morning, and thank you for joining us to discuss Hubbell's fourth-quarter and full-year 2025 results. Hubbell delivered strong financial results in the fourth quarter, highlighted by 12% total sales growth, 140 basis points of adjusted operating margin expansion, 19% adjusted operating profit growth, and 15% adjusted earnings per share growth.

偉大的。早安，感謝各位參加本次會議，共同探討 Hubbell 2025 年第四季及全年業績。Hubbell 在第四季度取得了強勁的財務業績，其中總銷售額增長 12%，調整後營業利潤率增長 140 個基點，調整後營業利潤增長 19%，調整後每股收益增長 15%。

Organic growth of 9% in the fourth quarter was driven by double-digit organic growth in our Electrical Solutions segment as well as our Grid Infrastructure businesses within the Utility Solutions segment. Our core utility and electrical markets remain strong as data center build-outs, load growth, and aging infrastructure resiliency investments generate robust project activity in front and behind the meter.

第四季有機成長率為 9%，這主要得益於我們電氣解決方案部門以及公用事業解決方案部門內電網基礎設施業務的兩位數有機成長。由於資料中心建設、負載成長和老化基礎設施彈性投資，我們的核心公用事業和電力市場仍然強勁，在表前和表後都產生了強勁的專案活動。

Hubbell's portfolio of critical components and solutions is uniquely positioned at the intersection of grid modernization and electrification megatrends and strong recent sales and order activity, along with continued execution on our strategy positions us well to deliver on an attractive outlook in 2026 and beyond.

Hubbell 的關鍵組件和解決方案組合獨特地處於電網現代化和電氣化大趨勢的交匯點，近期強勁的銷售和訂單活動，以及我們戰略的持續執行，使我們能夠很好地實現 2026 年及以後的良好前景。

Before I turn the call over to Joe to walk through our financial performance in more detail, I'd like to highlight a few key accomplishments in 2025.

在將電話交給喬，讓他更詳細地介紹我們的財務表現之前，我想重點介紹一下 2025 年的一些主要成就。

Starting with Electrical Solutions, we made significant progress in 2025 on our strategy to unify this segment to compete collectively. We generated above-market growth in attractive verticals with an integrated solutions-oriented service model for our customers, while simultaneously driving business simplification and operational efficiencies to expand margins. These efforts resulted in 7% organic growth and 14% adjusted operating profit growth for the full year. Additionally, full-year adjusted operating margins at HES exceeded 20% for the first time in history.

從電氣解決方案業務開始，我們在 2025 年的策略上取得了重大進展，該策略旨在統一該業務板塊，以進行集體競爭。我們透過為客戶提供一體化解決方案的服務模式，在具有吸引力的垂直領域實現了高於市場平均水平的成長，同時推動業務簡化和營運效率提升，從而擴大了利潤率。這些努力使全年有機成長率達到 7%，調整後營業利潤成長率達到 14%。此外，HES 的全年調整後營業利潤率歷史上首次超過 20%。

In our Utility Solutions segment, while full-year organic growth was negatively impacted by metering and AMI markets, we delivered strong performance in the larger, higher-margin Grid Infrastructure businesses in our portfolio. Our leading positions in strong transmission and substation markets enabled double-digit growth for the full year, while distribution markets accelerated throughout 2025 as customer inventories normalized amid a healthy market backdrop.

在我們的公用事業解決方案部門，雖然全年有機成長受到計量和 AMI 市場的負面影響，但我們在投資組合中規模更大、利潤更高的電網基礎設施業務方面取得了強勁的業績。我們在強大的輸電和變電站市場中的領先地位，使全年實現了兩位數的成長，而隨著客戶庫存在一個健康的市場背景下趨於正常化，配電市場在 2025 年加速成長。

Over 80% of our HUS portfolio is aligned to electric T&D components and solutions, where our leading installed base and depth and breadth of product offering uniquely positions Hubbell to benefit from a highly visible long-term investment cycle. Importantly, we also continue to invest and allocate capital to high-return areas while further differentiating our unique service advantage with customers. Most notably, we closed on a high-growth and margin acquisition in DMC Power.

我們 HUS 產品組合中超過 80% 的產品都與電力輸配電組件和解決方案相關，我們領先的裝機量以及產品種類的深度和廣度使 Hubbell 能夠從高度可見的長期投資週期中獲益。重要的是，我們將繼續投資並將資金分配到高回報領域，同時進一步凸顯我們獨特的服務優勢，從而贏得客戶的青睞。最值得一提的是，我們完成了對 DMC Power 的收購，這是一筆高成長、高利潤的收購。

We invested in automation and expanded production capacity in high-growth areas. We positioned our sales force to gain share in attractive vertical markets. We successfully launched new innovative solutions, and we continue to be recognized and awarded by our customers for our industry-leading service level.

我們在高成長地區投資了自動化技術並擴大了生產能力。我們調整了銷售團隊的部署，以期在具有吸引力的垂直市場中贏得市場份額。我們成功推出了創新解決方案，並因我們行業領先的服務水平而不斷獲得客戶的認可和獎勵。

We plan to continue investing in each of these critical levers of our long-term strategy to drive ongoing growth and productivity benefits in 2026 and beyond. Hubbell's 2025 free cash flow margin of 15% and return on invested capital of 19% are strong evidence of the quality of our business model and of our ability to invest on behalf of our shareholders to generate strong returns, both now and over the long term.

我們計劃繼續投資於我們長期策略的每一個關鍵槓桿，以推動2026年及以後的持續成長和生產力提升。Hubbell 2025 年自由現金流利潤率達到 15%，投資資本回報率達到 19%，這有力地證明了我們商業模式的質量，以及我們代表股東進行投資以產生強勁回報的能力，無論現在還是長期。

Let me call -- turn the call over right now to Joe to provide some more details on the financial results.

讓我把電話轉給喬，讓他提供更多關於財務表現的細節。

Thank you, Gerben. I'm starting my comments on slide 5. Hubbell's fourth-quarter financial performance was strong with double-digit growth across sales, adjusted operating profit and adjusted diluted earnings per share. Net sales of $1.493 billion in the fourth quarter of 2025 increased by 12% as compared to the prior year, driven by 9% organic growth and acquisitions contributing 3%.

謝謝你，格爾本。我的發言從第5張投影片開始。Hubbell 第四季財務業績強勁，銷售額、調整後營業利潤和調整後攤薄每股收益均實現了兩位數成長。2025 年第四季淨銷售額為 14.93 億美元，比上年同期成長 12%，其中 9% 為內生成長，3% 為收購貢獻。

Both Electrical Solutions and Grid Infrastructure products within our Utility segment delivered double-digit organic growth in the fourth quarter, an acceleration versus prior quarters driven by incremental price realization and stronger demand in data center and utility T&D markets. This strength was partially offset by continued softness in grid automation, though declines in this business have moderated relative to prior quarters.

在第四季度，我們公用事業部門的電氣解決方案和電網基礎設施產品均實現了兩位數的有機增長，與前幾個季度相比增速加快，這主要得益於價格逐步上漲以及數據中心和公用事業輸配電市場需求的增強。這一優勢被電網自動化業務的持續疲軟部分抵消，儘管與前幾季相比，該業務的下滑幅度有所緩和。

From an operational standpoint, we generated $349 million of adjusted operating profit and expanded adjusted operating margins by 140 basis points in the fourth quarter, which, combined with strong sales growth, generated adjusted operating profit growth of 19%. While cost inflation accelerated in the fourth quarter as anticipated, our pricing and productivity actions have been successful in more than offsetting these costs. Our strong positions in attractive markets and our execution in proactively managing our cost structure drove positive price/cost productivity in the quarter.

從營運角度來看，我們在第四季度實現了 3.49 億美元的調整後營業利潤，並將調整後營業利潤率提高了 140 個基點，再加上強勁的銷售成長，最終實現了 19% 的調整後營業利潤成長。雖然第四季成本通膨如預期加速，但我們的定價和生產力提升措施已成功抵銷了這些成本，而且收益遠超預期。我們在具有吸引力的市場中佔據強勢地位，並積極主動地管理成本結構，從而在本季度實現了積極的價格/成本生產力。

Adjusted diluted earnings per share were $4.73 in the fourth quarter, representing a 15% increase versus the prior year and were driven by strong operating profit growth, partially offset by higher interest expense associated with the DMC Power acquisition and a higher year-over-year tax rate. Fourth-quarter free cash flow generation of $389 million was strong to close the year. On a full-year 2025 basis, we generated $875 million of free cash flow, representing 90% conversion on adjusted net income, which was in line with our previous outlook.

在第四季度調整後稀釋每股收益為 4.73 美元，比上年同期增長 15%，主要得益於強勁的營業利潤增長，但部分被與 DMC Power 收購相關的較高利息支出和較高的同比稅率所抵消。第四季自由現金流達到 3.89 億美元，為全年畫上了圓滿的句號。以 2025 年全年為基礎，我們產生了 8.75 億美元的自由現金流，相當於調整後淨收入的 90%，這與我們先前預期的一致。

Our balance sheet remains strong with net debt-to-EBITDA of 1.3 times exiting the year, which positions us well to continue reinvesting in our business and deploying capital for shareholders at high rates of return, as Gerben just highlighted.

截至年底，我們的資產負債表依然強勁，淨債務與 EBITDA 之比為 1.3 倍，這使我們能夠繼續對業務進行再投資，並以高回報率為股東部署資本，正如 Gerben 剛才強調的那樣。

Turning to page 6 to review our performance by segment. Utility Solutions delivered a strong quarter with double-digit growth in sales and adjusted operating profit. Starting with the top line, Utility Solutions generated net sales in the fourth quarter of $936 million, which represents growth of 10% versus the prior year and includes organic growth of 7% and acquisitions contributing 4%.

請翻到第 6 頁，按業務板塊查看我們的業績。公用事業解決方案部門本季業績強勁，銷售額和調整後營業利潤均實現了兩位數成長。從營收數據來看，公用事業解決方案業務第四季淨銷售額為 9.36 億美元，比上年同期成長 10%，其中有機成長 7%，收購貢獻 4%。

Grid Infrastructure, which, as a reminder, represents approximately three-fourths of the segment sales, was up 12% organically. Grid Infrastructure strength was broad-based with strong growth across distribution, substation and transmission markets.

電網基礎設施業務（需要提醒的是，該業務約佔該業務板塊銷售額的四分之三）實現了 12% 的有機成長。電網基礎設施實力強勁，配電、變電站及輸電市場均強勁成長。

Utility customers continue to aggressively invest in new transmission and substation infrastructure to interconnect new sources of load and generation on the grid, while aging infrastructure trends drove solid hardening and resiliency activity in distribution markets against easier prior year comparisons. Outside of T&D markets, telecom and gas markets experienced solid growth in the quarter. Grid automation sales were down 8% in the quarter as solid growth in grid protections and controls was more than offset by weaker new project activity in meters and AMI.

公用事業客戶繼續積極投資新的輸電和變電站基礎設施，以將新的負載和發電源連接到電網，而老化的基礎設施趨勢推動了配電市場在與往年相比較為容易的比較基礎上，採取了穩健的強化和彈性措施。除輸配電市場外，電信和天然氣市場在本季也實現了穩健成長。由於電網保護和控制領域的穩健成長被電錶和智慧網聯 (AMI) 新項目活動的疲軟所抵消，電網自動化銷售額在本季度下降了 8%。

Operationally, HUS achieved $235 million of adjusted operating profit in the fourth quarter, representing 20% growth in adjusted operating profit versus the prior year, with adjusted operating margins expanding 200 basis points year over year. Operating profit growth was primarily driven by strong volumes in Grid Infrastructure, favorable price/cost productivity, and acquisitions partially offset by volume declines within grid automation.

在營運方面，HUS 第四季實現了 2.35 億美元的調整後營業利潤，比上年同期增長了 20%，調整後營業利潤率同比增長了 200 個基點。營業利潤成長主要得益於電網基礎設施業務的強勁銷售、有利的價格/成本生產力以及收購，但部分被電網自動化業務的銷售下降所抵消。

Turning to page 7. Electrical Solutions results were strong in the quarter, with double-digit growth in net sales and adjusted operating profit. For the fourth quarter, Electrical Solutions generated net sales of $557 million. Organic growth of 13% was driven by significant strength in data center markets and solid growth in light industrial markets as well as strong price realization, partially offset by softer heavy industrial and nonresidential markets.

翻到第7頁。本季電氣解決方案業務業績強勁，淨銷售額和調整後營業利潤均實現了兩位數成長。第四季度，電氣解決方案業務淨銷售額達 5.57 億美元。13% 的有機成長率主要得益於資料中心市場的強勁表現、輕工業市場的穩健成長以及強勁的價格實現，但部分被重工業和非住宅市場的疲軟所抵消。

Data center growth exceeded 60% in the quarter. In addition to healthy end-market dynamics, our data center performance in the fourth quarter was bolstered by targeted capacity investments in our balance of systems components as well as strong project activity in our modular power distribution skid business. Overall, our vertical market strategy and commercial alignment initiatives as well as new product introductions continue to drive outgrowth in key markets.

本季資料中心成長率超過 60%。除了健康的終端市場動態外，我們第四季的資料中心業績還得益於對系統平衡組件的定向容量投資，以及模組化配電撬裝業務的強勁專案活動。總體而言，我們的垂直市場策略和商業協調舉措以及新產品推出繼續推動關鍵市場的成長。

Operationally, HES delivered $114 million of adjusted operating profit in the fourth quarter, representing 18% growth in adjusted operating profit versus the prior year, with adjusted operating margins expanding 60 basis points year over year. Operating profit growth was primarily driven by strong volumes and favorable price/cost productivity in the quarter, including attractive returns from our ongoing restructuring investments.

在營運方面，HES 第四季實現了 1.14 億美元的調整後營業利潤，比上年同期增長了 18%，調整後營業利潤率同比增長了 60 個基點。本季營業利潤成長主要得益於強勁的銷售量和有利的價格/成本生產力，包括我們正在進行的重組投資帶來的可觀回報。

Before I turn the call back over to Gerben to provide our full-year outlook, I'd like to highlight on slide 8 some recent investments we've made in our HES segment, which are generating increased output in high-growth areas as well as enhanced productivity across our manufacturing footprint.

在我將電話轉回給 Gerben 以介紹我們全年的展望之前，我想在第 8 張投影片上重點介紹我們最近在 HES 部門進行的一些投資，這些投資不僅提高了高成長領域的產量，還提高了我們整個製造業務的生產效率。

Our Burndy brand is a leader in electrical connectors and grounding products across a wide range of industrial end markets, including data center markets where Burndy has strong specified positions with major customers who value our leading product quality and service levels. With the significant demand inflection we've experienced in high-growth verticals like data center, we've had the opportunity to leverage capacity expansion investments to reconfigure our production workflows and drive productivity through automation.

我們的 Burndy 品牌是電氣連接器和接地產品的領導品牌，產品廣泛應用於各種工業終端市場，包括資料中心市場。在資料中心市場，Burndy 擁有強大的指定地位，主要客戶重視我們領先的產品品質和服務水準。由於我們在資料中心等高成長垂直領域經歷了顯著的需求轉變，我們有機會利用產能擴張投資來重新配置我們的生產工作流程，並透過自動化提高生產力。

The example on the page highlights our recent investment in four specialized enclosed automation work cells for copper lug production, where we've been able to combine six manual production processes into single flow automated lines for high-running SKUs, reducing factory processing time from days to minutes for certain product lines and reduce manufacturing complexity. The end result of these investments is that we are able to increase output to serve strong customer demand while also driving productivity through reductions in labor and factory floor space.

頁面上的範例重點介紹了我們最近對四個專門用於銅接線片生產的封閉式自動化工作單元的投資，我們已將六個手動生產流程合併為高流通量 SKU 的單一流程自動化生產線，將某些產品線的工廠加工時間從幾天縮短到幾分鐘，並降低了製造的複雜性。這些投資的最終結果是，我們能夠提高產量以滿足強勁的客戶需求，同時透過減少勞動力和廠房面積來提高生產力。

While this is one example of a major product line in one of our businesses, it demonstrates our ability to utilize CapEx investments to meet customer needs and drive both enhanced growth and margin expansion. This has been one of many critical components of our successful HES segment transformation strategy over the last several years, and we see further opportunity across both segments to invest in high-return growth and productivity initiatives within our factories.

雖然這只是我們某項業務中一條主要產品線的一個例子，但它顯示了我們利用資本支出投資來滿足客戶需求並推動成長和利潤率擴張的能力。這是我們過去幾年成功實施 HES 業務轉型策略的眾多關鍵組成部分之一，我們看到這兩個業務領域還有更多機會投資於工廠內的高回報成長和生產力提升計劃。

With that, I will turn the call back over to Gerben to provide our 2026 outlook.

接下來，我將把電話轉回給 Gerben，讓他介紹我們對 2026 年的展望。

Great. Turning to page 9. We anticipate 5% to 7% organic growth across our portfolio in 2026. Similar to the preliminary view we provided in October, we anticipate broad-based strength across our largest businesses serving attractive utility T&D, data center, and light industrial end markets.

偉大的。翻到第9頁。我們預計到 2026 年，我們投資組合的有機成長率將達到 5% 至 7%。與我們 10 月提供的初步觀點類似，我們預計我們服務於極具吸引力的公用事業輸配電、資料中心和輕工業終端市場的最大業務將呈現全面強勁的成長勢頭。

In Utility Solutions, we anticipate 5% to 7% organic growth for the full year. Transmission and substation demand remains strong, and we expect our leading positions in these end markets to drive continued success in converting on high-visibility project pipelines as utility customers invest in grid interconnections. Utility distribution activity is healthy, driven by both routine maintenance and systematic upgrade to aging infrastructure in order for customers to meet key outage and performance metrics.

在公用事業解決方案領域，我們預計全年有機成長率為 5% 至 7%。輸電和變電站需求仍然強勁，我們預計我們在這些終端市場的領先地位將推動我們在高知名度項目儲備方面繼續取得成功，因為公用事業客戶正在投資電網互聯。公用事業配電活動運作良好，這得益於日常維護和對老化基礎設施的系統性升級，以便客戶滿足關鍵的停電和性能指標。

In Grid Automation, modernization initiatives targeted at delivering more insights and control capabilities in the field are expected to lead to continued strength in Protection & Controls Solutions in 2026, more than offsetting a more modest outlook for meters and AMI markets.

在電網自動化領域，旨在提供更多現場洞察力和控制能力的現代化舉措預計將在 2026 年繼續推動保護和控制解決方案的強勁增長，足以抵消電錶和 AMI 市場較為溫和的前景。

In Electrical Solutions, we anticipate 4% to 6% organic growth for the full year. And similar to 2025, we expect growth to be led by data center markets, which now represent more than 10% of segment sales and are expected to expand mid-teens. While we expect non-residential and heavy industrial market growth to be more muted, industrial reshoring and electrical mega project activities are expected to drive continued solid growth in light industrial and renewable markets.

在電氣解決方案領域，我們預計全年有機成長率為 4% 至 6%。與 2025 年類似，我們預計成長將由資料中心市場引領，該市場目前佔細分市場銷售額的 10% 以上，預計將成長 15% 以上。雖然我們預期非住宅和重工業市場的成長將較為溫和，但工業回流和大型電力項目活動可望推動輕工業和再生能源市場持續穩健成長。

Looking across our portfolio, we expect a strong year of organic growth in 2026, and we believe our largest, highest-margin end markets are still early in multiyear, highly visible investment cycle, which will enable attractive growth for the next several years and beyond.

縱觀我們的投資組合，我們預計 2026 年將實現強勁的內生成長，我們相信我們最大、利潤最高的終端市場仍處於多年、高度可見的投資週期的早期階段，這將使未來幾年及以後實現可觀的成長。

Concluding our prepared remarks on page 10, we are initiating our 2026 outlook this morning for 7% to 9% total sales growth, $19.15 to $19.85 of adjusted earnings per share and approximately 90% free cash flow conversion on adjusted net income. At the midpoint of the range, this outlook anticipates approximately 10% year-over-year growth in adjusted operating profit, driven primarily by strong organic growth and core operating leverage as well as wraparound contribution from the DMC Power acquisition.

在結束我們在第 10 頁準備好的發言後，我們今天早上開始展望 2026 年，預計總銷售額增長 7% 至 9%，調整後每股收益為 19.15 美元至 19.85 美元，調整後淨收入的自由現金流轉化率約為 90%。該展望的中點預計，調整後的營業利潤將年增約 10%，主要得益於強勁的內生成長和核心營運槓桿作用，以及 DMC Power 收購帶來的額外貢獻。

Operationally, we anticipate another year of margin expansion in 2026 as we are well positioned to manage price and productivity to at least offset inflation while also reaccelerating investment back into our business following a period of proactive cost management over the last couple of years. Our 2026 outlook is in line with our long-term financial framework, which we are confident will continue to deliver long-term value creation for our shareholders off of a strong multiyear base of performance.

在營運方面，我們預計 2026 年利潤率將再次擴張，因為我們有能力透過控制價格和提高生產力來至少抵消通貨膨脹，同時在過去幾年積極進行成本管理之後，重新加速對業務的投資。我們對 2026 年的展望與我們的長期財務框架相符，我們有信心在多年強勁的業績基礎上，繼續為股東創造長期價值。

With that, let me turn the call over to questions and answers.

接下來，我將把通話交給問答環節。

(Operator Instructions)

（操作說明）

Jeffrey Sprague, Vertical Research.

Jeffrey Sprague，Vertical Research。

There was a comment about orders in the prepared remarks. I'm sure that's contemplated in your revenue guide. But can you just give us a little bit more color on what you're seeing in orders, kind of the complexion across the business?

準備好的發言稿中提到了命令問題。我相信你們的收入指南中已經考慮到了這一點。您能否更詳細地介紹一下您看到的訂單情況，以及整個業務的整體情況？

And one of the things I am wondering about is just the strong load growth and CapEx you're seeing. Is that negatively impacting MRO activity kind of in the core legacy business? Or is that sort of chugging along at a normal rate?

我一直很懷疑的是，你們看到的強勁的負荷成長和資本支出。這是否會對核心傳統業務中的MRO活動產生負面影響？或者說，那隻是以正常速度緩慢推進嗎？

Yes. Let me maybe start with a general comment on orders, Jeff. And certainly, the recent momentum has been strong. And as we talked on our last call, we started to see this inflection in our order book in like the September timeframe and particularly in the areas of T&D and data center.

是的。傑夫，或許我可以先就訂單問題說幾句。當然，近期的發展勢頭十分強勁。正如我們在上次電話會議中所討論的那樣，我們開始看到訂單簿在9月左右出現這種轉變，尤其是在輸配電和資料中心領域。

As a reminder, we are primarily a book-to-bill business. But in that, the order strength over the fourth quarter really drove our organic sales growth. So it wasn't working backlog or anything. This was reflected in the actual orders that we saw. And I would say even exiting the year, that was very positive, and we've even built a little bit of backlog in some of our businesses like the T&D business.

再次提醒，我們主要是一家以訂單到帳單結算為核心的業務公司。但第四季強勁的訂單成長確實推動了我們的有機銷售成長。所以這不是工作積壓之類的問題。這一點在我們看到的實際訂單中得到了體現。而且我認為，即使到了年底，情況也非常樂觀，我們甚至在一些業務領域，例如輸配電業務，累積了一些積壓訂單。

That order momentum going into '26 has continued. So I would say this visibility, together with what we know are favorable end markets, provides us confidence for '26.

這種訂單成長動能延續到了2026年。因此，我認為這種可見性，加上我們所了解的有利的終端市場，讓我們對 2026 年充滿信心。

Now of course, being a book-and-bill business, our visibility doesn't extend throughout the entire year of '26. We do have a few businesses where we're fully filled with backlog. But the majority of the business being book and bill we need to see how the year unfolds. But I would say it's off to a good start ending the year and starting this year.

當然，作為一家帳務公司，我們的業務範圍不可能涵蓋整個 2026 年。我們確實有一些業務已經積壓了大量訂單。但由於大部分業務是應收帳款和應收帳款，我們需要看看今年的情況如何發展。但我認為，無論是去年年底還是今年年初，開局都很好。

And particularly to your question of CapEx with OpEx, and that's a question related to our utility and infrastructure business. As you see those percent, there's clearly a very strong inflection in the CapEx. It's very hard to say because a lot of the materials that we supply, Jeff, are fungible to whether the same materials go into CapEx that go into OpEx as well.

特別是關於您提出的資本支出與營運支出的問題，這是與我們的公用事業和基礎設施業務相關的問題。從這些百分比可以看出，資本支出明顯出現了非常明顯的轉折點。很難說，因為我們提供的許多材料，傑夫，都是可以互換的，同樣的材料既可以用於資本支出，也可以用於營運支出。

What we are seeing shorter term, there's a lot of investment right now going into generation. And I would say that too falls within the general budgets that we have. And our exposure, of course, is less in generation. But that said, what we see in transmission and substation, what we see in distribution, it's certainly very supportive of our long-term framework and positive going into '26.

短期來看，目前有許多投資都流向了發電領域。而且我認為這也在我們現有的預算範圍內。當然，我們這一代接觸到的信息就少得多。但即便如此，我們在輸電和變電站、在配電方面所看到的，無疑對我們的長期框架和2026年的前景都非常有利。

And then just on meters and AMI, I thought we might be done talking about it declining in the third quarter, but we're still heading south. I see you don't have any real expectation of note through 2026.

然後，就電錶和AMI而言，我以為我們可能在第三季就結束了關於其下降的討論，但我們仍然在走下坡路。我看得出你對2026年之前的發展並沒有什麼真正的預期。

But I mean, is there something else going on with that business? Or is it just a total lack of project activity? We know the backlogs are depleted, but any other color there?

但我的意思是，那家公司是不是還有其他事情發生？或者只是完全缺乏專案活動？我們知道積壓的訂單已經處理完畢，但還有其他顏色的訂單嗎？

Yes. It's a little bit what you said, Jeff. It's -- as we worked through '25 and as we communicated, we're still working through that large project backlog and through a lot of '25, we actually consumed backlog as we did that. What we haven't seen return is a lot of those larger projects. So the business right now is more smaller projects, more replacement product.

是的。有點像你說的，傑夫。就像我們在 2025 年所做的那樣，就像我們一直在溝通一樣，我們仍在處理那個龐大的專案積壓，而且在 2025 年的大部分時間裡，我們實際上在處理積壓工作的同時也消耗掉了這些專案。但我們還沒有看到很多大型專案回歸。所以目前公司的業務主要是小型專案和替換產品。

It's evidenced for us when we see the book-to-bill at 1 or close to 1 that we kind of have stabilized that business off this lower base. I'd say the good part with that is we're now working off of this lower base, and we do expect from here on to modestly grow that business.

當訂單出貨比達到 1 或接近 1 時，就表示我們已經在這個較低的基數上穩定了這項業務。我認為好處是我們現在是從這個較低的起點開始，我們預計從現在開始，這項業務將穩步成長。

Now of course, if you compare that to last year, where throughout the year, that business declined, we have some comps to lap here in the first quarter. But if you think about it sequentially from here, I would say it's really at the bottom and for here, it should start to grow modestly.

當然，如果與去年同期相比，由於該業務全年都在下滑，我們第一季的業績要好得多。但如果你從這裡開始按順序思考，我會說它實際上處於底部，從這裡開始應該會小幅增長。

Great. And maybe just one other quick one, if I could. Just kind of you're indicating maybe Q1, right, a little bit tougher. Are you suggesting Q1 would be sort of outside the recent normal of sort of 19% to 20% of the year?

偉大的。如果可以的話，也許還能再快速地寫一篇。你這話的意思大概是說第一季有點難吧。你是說第一季的業績會超出近年來通常的19%到20%的水平嗎？

Yes. I think the interesting part on Q1 is a little bit the comps. I think for us, the better way always to look at this is year over year in this. And from that perspective, it will be a very strong quarter if you compare to how we started last year.

是的。我認為第一季最有趣的部分是競爭對手的情況。我認為對我們來說，更好的方法是逐年分析這個問題。從這個角度來看，如果和去年同期相比，這將是一個表現非常強勁的季度。

But I think if you think about the year in total, it's a fairly normal year. So I think in the kind of things that -- the percentage that you're thinking about. The only thing I would say in percentage is to not use it as the sole factor because those things, as you will do your models, are very, very sensitive to 0.1 percentage point.

但我覺得，如果從全年來看，這其實是相當正常的一年。所以我認為，在你所考慮的那種百分比方面。我唯一要說的是，不要把它當作唯一的因素，因為正如你在建立模型時會發現的那樣，這些因素對 0.1 個百分點都非常非常敏感。

But you're in the right. There's really nothing specifically to highlight of '26 that's -- as we think throughout the year.

但你是對的。2026 年並沒有什麼特別值得一提的事情——正如我們全年所思考的那樣。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Sorry about that. I think I was maybe muted. So maybe just to start off with, could you help us understand on the margin front? I think the guide is embedding maybe 50 basis points of operating margin expansion for the year for the total company. Maybe help us understand if that's correct?

抱歉。我當時可能被靜音了。那麼，或許可以先從您幫我們了解利潤率方面的問題開始吧？我認為該指南可能包含了公司全年營業利潤率成長 50 個基點的預期。或許可以幫我們確認一下這是否正確？

And how we should think about that sort of playing out through the year? And is it weighted to any one segment of the two?

那麼我們該如何看待這種情況在一年中的發展呢？而且，這種權重更偏向這兩個部分中的任何一個？

Yes. Julian, yes, I would say that you're thinking about that level of margin expansion is about right. Like Gerben had mentioned, thinking about the way that our 2026 is kind of taking shape in terms of a bit of a normal, let's say, seasonal head-and-shoulders-type shape from 1Q, we peak in 3Q, come back down in 4Q, but still higher than one. I think that's a good way to think about it.

是的。朱利安，是的，我認為你認為的利潤率擴張幅度差不多是正確的。正如 Gerben 所提到的，考慮到我們 2026 年的走勢大致呈現出一種正常的季節性頭肩頂形態，從第一季度開始，我們在第三季度達到峰值，然後在第四季度回落，但仍然高於第一季。我覺得這是個不錯的思考方式。

And Julian, I would just -- I would say maybe just from a timing perspective, we anticipate investing roughly $15 million to $20 million of restructuring this year. I think you'll probably see that a little front-end loaded. Maybe you see a third of it come through in the first quarter. And I'd probably also highlight our tax rate tends to be a little higher in the first quarter as well.

朱利安，我只想說——從時間安排的角度來看，我們預計今年將投資約 1500 萬至 2000 萬美元用於重組。我想你可能會看到前端加載速度有點快。或許第一季就能看到三分之一的成果。另外，我還想強調一下，我們的稅率在第一季往往也會略高一些。

I understand. And so just to sort of follow up a little bit on that first-quarter point. Should we assume organic sales growth is sort of front-loaded a little bit because of comps? And then in light of what you just said on the sort of BTLs and so forth, are we thinking sort of first quarter is about 20% of the year's EPS, that type of typical cadence?

我明白。所以，我想稍微補充一下第一季的觀點。我們是否應該認為，由於同店銷售額的成長，有機銷售成長在前期略有加速？鑑於您剛才提到的 BTL 等情況，我們是否認為第一季約佔全年 EPS 的 20%，這是典型的節奏？

Yes. I think, Julian, we'll see a strong start to the year from an organic perspective, and Gerben highlighted that. So I think you'll see nice 1Q year-over-year growth. And I think that's how we would anticipate starting off the year.

是的。朱利安，我認為從自然成長的角度來看，今年將會有一個強勁的開端，而格爾本也強調了這一點。所以我認為你會看到第一季同比增長的良好業績。我想這就是我們預期的新年開端。

Got it. And that sort of 20% share of the year for EPS is roughly sensible?

知道了。每股盈餘佔全年業績的20%左右，這個比例大致合理嗎？

Yes. I would say on that, you will be careful with using the percentage. As I said to Jeff's earlier question, those tend to be very, very sensitive in tens of a percentage point if you do that math. So I wouldn't use that as the sole determinant of a first quarter, rather think about the moving parts.

是的。關於這一點，我想說的是，使用百分比時要謹慎。正如我之前回答 Jeff 的問題時所說，如果你進行計算，這些數值往往非常非常敏感，誤差在百分之幾以內。所以，我不會把這當作第一季業績的唯一決定因素，而是會考慮各種影響因素。

Chris Snyder, Morgan Stanley.

克里斯‧史奈德，摩根士丹利。

I wanted to follow up on some of the margin commentary. So as you said, to Julian's question, maybe the guide calls for about 50 bps up in '26 at the midpoint. But I mean, is it fair to think that Q1 would be well ahead of that level?

我想就一些旁注進行補充說明。正如你所說，對於朱利安的問題，指南可能建議 2026 年中點上漲約 50 個基點。但我的意思是，認為第一季會遠遠超過這個水平是否合理？

I know it's always the -- Q1 is always the lowest margin quarter of the year, but the comp a year ago just seems much easier in Q1 relative to Q2 to Q4. So just kind of any color on that?

我知道第一季總是全年利潤率最低的季度，但與第二季度到第四季度相比，第一季的同比數據似乎更容易比較。所以，隨便什麼顏色都行？

Yes. I think we are anticipating solid margin expansion throughout the year, including the first quarter. And so I think, again, we're anticipating the momentum that we're carrying out of the fourth quarter positions us well to start the year.

是的。我認為我們預計全年利潤率將穩定成長，包括第一季。因此，我認為，我們預計從第四季度延續下來的勢頭將使我們在新的一年伊始就處於有利地位。

And maybe adding to that, and it was asked in an earlier question as well, the margin expansion we expect in not only the company, but in both segments.

或許還可以補充一點，這一點在之前的問題中也有人問過，我們預計不僅公司整體，而且兩個業務部門的利潤率都會擴張。

I appreciate that. And then if I could just follow up on price. I believe you guys pushed some incremental price during the quarter in Q4. So could you provide any color just on how price shook out in Q4? And then any expectations that's underwriting the guide for '26? And if you could share anything around the wrap versus the incremental '26 action, that would be helpful.

我很感激。然後，如果可以的話，我想再了解一下價格。我相信你們在第四季提高了一些價格。那麼，您能否透露一下第四季的價格走勢？那麼，2026 年的指南背後有哪些預期呢？如果您能分享一些關於包裝與 '26 增量行動之間的區別，那就太好了。

Sure. So you're right to highlight that we did have some incremental price actions that were implemented in the fourth quarter. And I think we highlighted previously, we were anticipating about 3 points of price for the full year, and that's consistent with what we saw come through.

當然。所以您說得對，我們在第四季度確實實施了一些增量價格調整措施。而且我認為我們之前已經強調過，我們預計全年價格會上漲約 3 個百分點，這與我們看到的實際情況相符。

Certainly, that will have some wraparound impact that will carry price into 2026. We'll also carry some cost inflation into 2026. And I think consistent with how we've been managing price/cost productivity and again, consistent with our guide, we're anticipating neutral to positive on that front.

當然，這將產生一定的連鎖反應，並將價格推高至 2026 年。我們也會將部分成本通膨因素延續到 2026 年。我認為，根據我們一直以來對價格/成本效率的管理方式，以及我們的指導方針，我們預計這方面將保持中性至積極的態勢。

Steve Tusa, JPMorgan and Chase.

史蒂夫圖薩，摩根大通銀行。

Just on the flip side of that question, what -- I know FIFO kind of changes things, but like what is your current assumption on raw materials prices? Are you guys just taking what the spots are today and then kind of running that through? Are you assuming some sort of average, some forecast? Like what are you assuming for kind of the underlying metals pricing, acknowledging it's not as big of a swing factor in the near term as it used to be?

反過來問一下——我知道先進先出法會改變一些事情，但你們目前對原物料價格的預期是什麼？你們是就照今天的狀況來安排，然後慢慢推進？你是不是在假設某種平均值或預測值？您對基礎金屬價格的期望是什麼？要知道，在短期內，金屬價格不像以前那樣是影響價格走勢的重要因素。

Sure, Steve. And yes, we're -- we've been watching the materials, the metal prices very closely, and we did see some creep coming out of the fourth quarter with higher copper, aluminum, steel. And we're anticipating -- maybe more broadly, including metals and other inflation, we're anticipating about mid-single digits for cost inflation in 2026. And our price actions and productivity is anticipated to address that level of cost inflation that we're expecting.

當然可以，史蒂夫。是的，我們一直在密切關注原材料和金屬價格，我們確實看到第四季度銅、鋁、鋼的價格上漲。我們預期——或許更廣泛地說，包括金屬和其他通膨因素在內——2026 年的成本通膨率將達到個位數中段。我們的價格策略和生產力提升預計將能應對我們預期的成本上漲。

Certainly, we'll manage as the year progresses, but similar to levels of inflation that we addressed last year, I think that's how we're thinking about 2026, Steve.

當然，隨著時間的推移，我們會應對的，但就像我們去年討論的通貨膨脹水平一樣，我認為我們對 2026 年的看法也是如此，史蒂夫。

And is that inflation based on what price level, like at year-end, where we are today, like what does that inflation assume for the actual price levels?

那麼，這種通貨膨脹是基於什麼物價水準嗎？例如年底的價格水平，或者我們今天的物價水平？這種通貨膨脹假設實際價格水準是多少？

Yes, it's in and around where we exited the year, which, again, you're kind of coming out of the fourth quarter, we saw some rising metals prices. That's kind of continued a little bit here in January, and we'll continue to keep our finger on the pulse with how they move and what we're doing on the price and productivity side.

是的，就在我們年底前後，也就是第四季末，我們看到一些金屬價格上漲。這種情況在1月有所延續，我們將繼續密切關注他們的動向以及我們在價格和生產力方面所採取的措施。

Okay. And then one last quick one on this first-quarter question. Did you mean that like the 20% or whatever the guys talked about earlier that we're not -- that first quarter should be better than that? Or like I'm having trouble kind of reading the tea leaves, whether better than the 20% or a little bit less than the 20% of the year [point EPS]?

好的。最後，關於第一季的問題，還有一個簡短的問題。你是說像之前他們說的20%或其他什麼數字，我們沒達到──第一季應該會比那好？或者說，我好像很難看清情勢，不知道是比一年中那20%的機率好，還是比那20%的機率略低。[EPS點數]？

What we said, Steve, is we get off to a strong start from an organic growth- and margin-expansion perspective. I think, again, if you're looking at percentages of the year, it can be very sensitive. So if you just look at how we exited '25 from a revenue perspective, that's good to think about seasonally. And from a year-over-year margin perspective, we'd expect expansion, right? So.

史蒂夫，我們說過，從有機成長和利潤率擴張的角度來看，我們開局強勁。我認為，如果你查看的是一年中的百分比，那可能會非常敏感。所以，如果僅從收入角度來看，看看我們 2025 年的業績，這對季節性思考是有益的。從年比利潤率的角度來看，我們應該會預期利潤率會擴張，對吧？所以。

Yes, I wouldn't necessarily be thinking about that, that number is higher.

是的，我未必會考慮那個數字，那個數字更高。

Joe O'Dea, Wells Fargo.

喬‧奧迪亞，富國銀行。

Can you talk a little bit about first-half versus second-half growth in grid infrastructure and in particular, the transmission and substation side versus the electrical distribution side and trying to get a little bit of color around electrical distribution comps, what you think kind of that underlying growth rate is in the back half of the year when the comps adjust?

您能否談談電網基礎設施上半年和下半年的成長情況，特別是輸電和變電站方面與配電方面的情況？能否就配電業務的比較數據做一些分析，您認為在下半年進行調整後，配電業務的潛在成長率是多少？

And then in addition, just what the backlog looks like on the transmission and substation side and visibility that you have into something like high-single digit, low-double digit throughout the year versus kind of stronger first half over second half?

此外，輸電和變電站方面的積壓訂單狀況如何？你們能否預測全年訂單量將維持在個位數高點或兩位數低位，還是上半年比下半年更強勁？

Yes. I would say if we think about those markets, clearly, we're optimistic about the investments that are going in. And I would say on the transmission and substation, that's been growing in the high-single, low-double digits for a while. And that's how we continue to see that unfolding.

是的。我認為，如果我們考慮這些市場，很顯然，我們對正在進行的投資持樂觀態度。至於輸電和變電站，我想說，其成長率已經持續了一段時間，保持在個位數高點到兩位數低點。而我們目前看到的正是這種情況的持續發展。

In distribution, that was strengthening throughout last year, right? That's why we said earlier in the year, we're still somewhat challenged by that growth, but that we expected that to come, and we did see that come. So if you think about that, it partially drives, of course, the better comp -- easier comps earlier in the year to later. But fundamentally thinking about these markets, think about the substation and transmission in the kind of the high-single digits and distribution mid-single digits for '26 is the right way to be thinking about that.

去年，分銷管道一直在加強，對吧？這就是為什麼我們在今年早些時候說過，我們仍然在某種程度上受到這種增長的挑戰，但我們預料到了這種情況，而且我們也確實看到了這種情況的發生。所以如果你仔細想想，這當然在某種程度上導致了更好的比較——年初到年末的比較更容易。但從根本上考慮這些市場，2026 年變電站和輸電業務的成長率應為個位數高位，配電業務的成長率應為個位數中位，這才是正確的考慮方式。

Okay. And then on free cash flow, it looks like maybe shake out in a range of kind of $900 million to $1 billion for the year. Just how you're thinking about the spend opportunity there with respect to the M&A pipeline, appetite on share repo? Just how we can think about your approach to some pretty good free cash generation.

好的。至於自由現金流，預計全年可能在 9 億美元到 10 億美元之間。您是如何看待這方面的支出機會，尤其是在併購專案方面，以及您對股票回購的興趣？我們不妨思考一下您這種創造相當可觀自由現金流的方法。

Sure, Joe. So we're -- yes, you're right that we're thinking about $900 million to $1 billion of free cash flow next year. And I think 2025 was a really good year of deploying capital to a combination of high-quality CapEx program.

當然，喬。是的，你說得對，我們預計明年的自由現金流將達到 9 億至 10 億美元。我認為 2025 年是投資高品質資本支出項目組合的絕佳年份。

Our M&A was rather successful with three deals at roughly $950 million deployed. And we also layered in some share repurchase over the course of 2025. So with that level of cash flow we're anticipating next year, I think we would think about deploying in a similar fashion to the extent that there's attractive bolt-on M&A that fits very complementary to our portfolio. And I think with that level of cash flow, we would probably think about supplementing with some more share repo as well.

我們的併購活動相當成功，完成了三筆交易，總金額約 9.5 億美元。此外，我們也在 2025 年期間分階段實施了一些股票回購計畫。因此，鑑於我們預計明年將有如此水平的現金流，我認為我們會考慮以類似的方式進行部署，只要有有吸引力的附加併購交易與我們的投資組合非常契合。我認為，有了這樣的現金流水平，我們可能還會考慮增加一些股票回購。

So I think going into the year, that's how we would think about it. The deal pipeline, maybe, Gerben, you can comment on that, but it looks pretty good to start the year, but a lot still has to come together on the M&A front to be more specific.

所以我認為，展望新的一年，我們應該這樣看待這個問題。交易管道方面，Gerben，你可以評論一下，但今年開局看起來相當不錯，不過在併購方面還有很多事情需要具體落實。

Yes. And I think as we think about the return, CapEx continues to be our highest-return project followed by acquisitions. And I would say as far as acquisitions, that pipeline has bolt-ons in it that has some larger deals in the timing, as we always say, it's very hard to predict, but focused on the areas where we clearly have the right to play and right to win. So think about T&D markets, think about some of the core electrical markets is where we focused on.

是的。我認為，從回報的角度來看，資本支出仍然是我們回報最高的項目，其次是收購。至於收購方面，我想說的是，該計劃中包含一些補充性收購，其中一些規模更大的交易將在時機上進行，正如我們一直所說，這很難預測，但我們會專注於我們顯然有權參與和有權獲勝的領域。所以想想輸配電市場，想想一些核心的電力市場，這就是我們關注的重點。

So I feel good in our ability to continue to deploy capital, but we will remain very disciplined, and we see dividend and share repurchases as a good alternative in periods where that acquisition pipeline is perhaps -- or the execution on that pipeline is a little bit lower.

因此，我對我們繼續部署資本的能力感到滿意，但我們將保持非常自律，我們認為在收購計劃可能有所減少或執行速度稍慢的情況下，分紅和股票回購是一個不錯的選擇。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Just want to follow up on Steve's question on the cost inflation side, 6% on COGS, I think, is the metric. Maybe can you just break that down between sort of your -- the metals and raw materials, which I think is about 25% of your COGS, if I'm not mistaken, and then maybe components and then other COGS. And I'm wondering, is that 6% a gross number? Or would that be net of productivity?

我想就史蒂夫提出的成本通膨問題做個後續說明，我認為銷售成本的6%是衡量標準。或許您可以把成本細分一下——金屬和原材料，如果我沒記錯的話，這大約佔您銷售成本的 25%，然後是零部件，再然後是其他銷售成本。我想知道，6% 這個數字是總額嗎？或者說，這是扣除生產力後的淨值嗎？

Yes. The -- you have the cost pie split about right. Half of the cost pool is materials, which includes metals and components and about half of that cost pool is -- or one-fourth is more on the metals side. So that's about right. The mid-single digits that we're anticipating for total inflation on our total cost pool is not net of productivity. Price and productivity would be outside of that to manage that mid-single-digit cost pool.

是的。——你對成本分配的比例大致正確。成本池的一半是材料，包括金屬和組件，而這部分成本池中大約一半——或者說四分之一——更多的是金屬。差不多就是這樣。我們預期總成本池的總通膨率將達到個位數中段，但這並未扣除生產率的影響。為了控制這部分中個位數的成本，價格和生產力將不予考慮。

And Nigel, I'd probably also highlight we saw about a similar level of inflation -- total inflation in 2025, mid-single digits. And again, that was managed effectively with price and productivity levers throughout the year.

奈傑爾，我可能還要強調，我們看到的通貨膨脹水準也大致相同——2025 年的總通貨膨脹率將達到個位數中段。同樣，全年都透過價格和生產力槓桿有效地控制了這種情況。

Okay. Maybe as part of my follow-up, if I could maybe just clarify, is there additional price actions in the plan in the first quarter to address that? Or does the wraparound price address that.

好的。作為後續跟進的一部分，我能否澄清一下，第一季的計劃中是否有額外的價格調整措施來解決這個問題？或者說，包含在內的價格是否解決了這個問題？

But just a quick follow-on really on the data center growth. I think you said mid-teens, which -- mid-teens isn't shabby, but certainly seems to be a bit below where the market is trending in '26. So just wondering what gives you sort of informs the mid-teens view?

但其實只是想簡單跟進一下資料中心的發展。我想你說的是十幾歲，十幾歲不算差，但肯定比 2026 年的市場趨勢低。所以我想知道，是什麼因素影響了你對青少年中期人群的看法？

So I'll start with the wraparound price. And yes, so we're anticipating wraparound price and modest incremental price to start the year as we typically have first quarter price increases roll through, and those are in motion and having conversations with customers.

那我就先從總價說起。是的，我們預計年初會出現包月價格和適度的增量價格，因為我們通常會在第一季進行價格上漲，這些上漲正在進行中，我們正在與客戶溝通。

On the data center side, we highlighted 60% data center growth in the fourth quarter. I think that was roughly 40% growth for the full year in data center. And data center for us kind of discretely, the way we describe that is more on the electrical side, and that's coming from two places primarily.

在資料中心方面，我們重點介紹了第四季度資料中心成長了 60%。我認為資料中心全年成長率約為 40%。對我們來說，資料中心是一個比較特殊的概念，我們更傾向於從電氣方面來描述它，而這主要來自兩個方面。

One is our modular power distribution skid business. And that side of the business had a pretty heavy project load throughout 2025, which really drove a lot of those strong year-over-year growth rates from '25 versus '24. They anticipate to continue a heavy project load in 2026. So those growth rates in '26 versus '25 will step down a little bit. And then we certainly have our connectors and grounding products, which also service data center and continue to grow nicely.

一是我們的模組化配電撬裝業務。2025 年，該業務部門的專案負荷相當重，這確實推動了 2025 年與 2024 年相比強勁的同比增長率。他們預計2026年將繼續承擔繁重的專案任務。因此，2026 年的成長率與 2025 年相比會略有下降。當然，我們還有連接器和接地產品，這些產品也服務於資料中心，並且持續穩定成長。

So to start the year, we feel really good coming out of '25 on data center. And we're looking at that mid- to high-teens on our outlook for data center on the electrical side.

所以，今年開始，我們對2025年資料中心的發展感到非常滿意。我們對資料中心電力方面的前景展望是十幾到二十幾個百分點。

You maybe add a good part of that business is short cycle, right? If you think about Burndy connectors. So the visibility isn't out there that last year was a good year. And I would say it's a good example that we show where we're adding capital, we're expanding. And if that proves out to be conservative, we'll do better this year, but we'll serve that demand.

你可能還要補充一點，這部分業務的周期很短，對吧？如果你想想伯恩迪連接器。所以，外界並不清楚去年是個好年。我認為這是一個很好的例子，它顯示了我們在哪些方面增加了資本，我們正在擴張。如果事實證明這是保守估計，我們今年會做得更好，但我們會滿足這一需求。

Chad Dillard, Bernstein.

查德·迪拉德，伯恩斯坦。

So I wanted to focus on your price cost through the year. So how do you expect that to trend? What's baked into your guidance? And then can you just remind us the total tariff impact in '25 versus '26? And what is IEEPA versus 232?

所以我想重點關註一下你全年的價格成本。那麼你預計這種趨勢會如何發展？你的指導原則中蘊含了哪些內容？那麼，您能否提醒我們 2025 年和 2026 年的關稅總影響是多少？IEEPA 與 232 有什麼不同？

Yes. Price cost throughout 2026, it's a little hard to kind of pinpoint or walk that quarter to quarter. We certainly anticipate as the year progresses, we'll see more inflation kind of settle in. And we would certainly anticipate between our price and productivity actions, they continue to ramp throughout the year. And so we're confident that we'll navigate that equation of managing price/cost productivity to neutral or better throughout the year, and we don't anticipate a tremendous amount of lumpiness.

是的。至於 2026 年全年的價格成本，很難準確預測或逐季進行估算。我們預計，隨著時間的推移，通貨膨脹將會逐漸穩定下來。我們預計，透過價格和生產力方面的舉措，這些措施將在全年持續推進。因此，我們有信心在全年內將價格/成本生產力平衡調整到中性或更高水平，並且我們預計不會出現太大的波動。

Tariffs is a -- that's certainly -- I think we said in the middle of 2025, there's roughly -- we saw about $150 million worth of tariff and related cost. And over the back half of 2025, we managed that number down a little lower than the $150 million level. And there really haven't been a whole lot of changes in tariff rates recently.

關稅是一個——這當然——我想我們說過，到 2025 年年中，大約會有——我們看到了價值約 1.5 億美元的關稅及相關成本。2025 年下半年，我們成功地將這個數字降至 1.5 億美元以下。近期關稅稅率並沒有太大變動。

Obviously, that can change at any point in time. We feel like we're managing that very effectively at the moment. And we're ready to react and respond if there's large changes in tariffs going forward.

顯然，這種情況隨時都可能改變。我們感覺目前我們在這方面做得非常有效。如果未來關稅出現重大變化，我們已做好應對準備。

Got you. That's helpful. And then just a second question for you. It sounds like there's larger transmission projects that are in the wings over the next couple of years. And you guys have talked about, I think, 85% of the polls addressable to Hubbell.

抓到你了。那很有幫助。我還有一個問題想問你。聽起來未來幾年還有一些規模更大的輸電項目正在籌備中。我認為，你們已經討論了 Hubbell 可以觸及的 85% 的民調結果。

But if we just like zoom in on like the transmission portion alone, what does that look like? And how should we think about the TAM opportunity for Hubbell?

但如果我們只放大觀察傳輸部分，那看起來是什麼樣的呢？我們該如何看待 Hubbell 的 TAM 機會？

Yes. Certainly, I would say it's an area of strength. And if you look at our portfolio, I would say our portfolio is very similar, whether you're talking distribution or whether you're talking transmission and substation in the percentage of materials that we provide on it.

是的。當然，我認為這是我們的強項。如果你看一下我們的產品組合，我會說，無論是配電還是輸電和變電站，我們提供的材料比例都非常相似。

Now while we provide a very large percentage of the material, the cost tends to be low because of the nature of this component. And that speaks to really the strength of our portfolio where the quality of that and the service of that is extremely important, but it represents a lower percentage of the cost. So it's a really good position that price is not the first leading indicator there to compete rather some of these other ones.

雖然我們提供的材料比例很高，但由於該部件的特性，成本往往很低。這充分體現了我們產品組合的優勢，其品質和服務極為重要，但成本佔比卻較低。因此，價格並不是首要的領先指標，而是其他一些指標，這是一個非常好的局面。

But these markets are very strong, and we'll -- the visibility is further out on it. You're right to point out some of these projects go into '26, '27 MBO. The scale and scope of these, both in length of project of miles and in voltages of it, we very much participate in. And so our position is quite good in this market and the markets are strong. So I'd say well positioned.

但這些市場非常強勁，而且──我們對它們的可見度還比較高。您說得對，其中一些項目屬於 2026 年和 2027 年的管理層收購 (MBO)。無論是專案的長度（以英里計）還是電壓（以伏特計），我們都深度參與了這些專案的規模和範圍。因此，我們在這個市場中的地位相當不錯，而且市場形勢強勁。所以我覺得我們處境不錯。

Scott Graham, Seaport Research Partners.

Scott Graham，Seaport Research Partners。

On Aclara, I know that I think we generally stated earlier and in other calls that there was supposed to be sort of a bottoming maybe in the fourth quarter. And now it seems like maybe it's at the bottom going forward.

關於 Aclara，我知道我們之前在其他電話會議中也提到過，第四季可能會出現某種程度的觸底反彈。而現在看來，它未來的發展可能已經跌到谷底了。

I'm just wondering, was there a business there that you walked away from perhaps repositioning it? And what is really the long-term portfolio fit here?

我只是好奇，你之前是不是在那裡經營一家公司，後來放棄了，或者重新定位了它？那麼，這裡真正合適的長期投資組合是什麼呢？

Yes. Maybe I'd say there's nothing specific to point out of business we walked away from. But what we have talked about in the past is that this business has traditionally served munis and co-ops really well. And a few years ago, we made a quite large investment in the technology to also be able to serve large IOU. And the technology is just a little bit different in those utility.

是的。也許我會說，我們放棄的那些業務沒有什麼特別值得一提的。但我們過去討論過的是，這項業務歷來對市政當局和合作社都非常有利。幾年前，我們對這項技術進行了相當大的投資，以便能夠為大型 IOU 提供服務。而這些公用事業中使用的技術略有不同。

That proved to be hard. Both projects were being delayed during the COVID period of time, but even the adoption of that technology at large IOUs proved more difficult. So we did a pivot last year. We reshaped that business a little bit. We took a lot of cost out of that business to really continue to focus it on the market where we have a really strong position. And I think that business could do really well in that market that we're focused on. So that's really our focus for that business right now.

事實證明這很難。這兩個項目在新冠疫情期間都被推遲了，但即便如此，大型公用事業公司採用這項技術變得更加困難。所以我們去年進行了轉型。我們對那項業務做了一些調整。我們大幅削減了該業務的成本，以便真正繼續專注於我們擁有強大市場地位的領域。我認為這家公司在我們關注的市場中可能會發展得非常好。所以，這就是我們目前在該業務上的重點。

It's a quite small percentage of the overall utility business. If you look at it, it's about half of the grid automation business. And I would say the rest of the portfolio, the other half of that grid automation business as well as the grid infrastructure business is very attractive margins and very attractive growth.

這在整個公用事業業務中所佔比例很小。你看，它大約佔電網自動化業務的一半。而且我認為，投資組合的其餘部分，包括電網自動化業務的另一半以及電網基礎設施業務，都具有非常誘人的利潤率和非常誘人的成長。

So I'd look at this as a business that we expect to do better, that we expect the margin to improve from here going forward. It fits the portfolio. But that said, we continue to look at our portfolio, what I said before. So at this point, though, that's the path that we're on for this business.

所以我認為這家公司未來會發展得更好，我們預計利潤率會從現在開始提高。它符合投資組合的要求。但即便如此，我們仍會繼續審視我們的投資組合，正如我之前所說。所以，就目前而言，這就是我們這項業務的發展方向。

That's very helpful. I very much appreciate that. You made a comment about a number of your divisions being early in a multiyear investment cycle. And obviously, I think we know most of those. But I wanted to maybe just focus on substation, which has been a great business for you for some time now.

那很有幫助。我非常感激。您曾提到，您的多個部門正處於多年投資週期的早期階段。顯然，我想我們大多數人都知道這些。但我可能只想專注於變電站業務，這方面你們的業務一直都很成功。

Is that one of the businesses where you think it's still early? And why? And if I may also say, how much of that business' growth has been sort of aided by data centers, if you could?

你認為這是還處於早期階段的產業之一嗎？為什麼？如果可以的話，我還想問一下，資料中心在多大程度上促進了該業務的成長？

Yes. Yes, that's a great question. So the short of it is very, very attractive. We're very well positioned. We've historically been well positioned in it. But if you look at some of our recent acquisitions, if you look at systems control, that's very much in that space. If you look at DMC that we just acquired, very much in that space. So we're growing our -- continue to grow our scale and scope of the products we offer in there.

是的。是的，這是一個很好的問題。總之，它非常非常有吸引力。我們處於非常有利的地位。我們歷來在這方面都處於有利地位。但如果你看看我們最近的一些收購，如果你看看系統控制，你會發現它非常符合這個領域。如果你看看我們剛收購的DMC，你會發現它正是處於那個領域。所以我們正在擴大——繼續擴大我們在該領域提供的產品規模和範圍。

And I would say attractive area without data center, but clearly aided by data centers right now as well. And it's -- sometimes it's very specific. A data center will be putting up the infrastructure and they'll put the substation right next to it. And I would say those are very directly related.

我會說，即使沒有資料中心，這區域也很有吸引力，但顯然現在資料中心也起到了促進作用。而且——有時候，它非常具體。資料中心將在此搭建基礎設施，變電站就建在旁邊。我認為這兩者之間有著非常直接的關聯。

But utilities are investing a lot of this to just interconnect more power throughout the countries, and that requires a lot of substations. So it's very -- sometimes very hard to pinpoint, is it specific or not today, but the space is very attractive, Scott. And we're very well positioned in it.

但電力公司投入大量資金只是為了在全國範圍內實現更多電力互聯，而這需要大量的變電站。所以，有時候很難準確指出，今天這種情況是否具體，但這個領域非常有吸引力，斯科特。我們在這方面處於非常有利的地位。

Yes. And the substations themselves, the infrastructure itself is pretty old still, right?

是的。而這些變電站本身，這些基礎設施本身也相當老舊，對吧？

Absolutely, absolutely.

當然，當然。

Tommy Moll, Stephens.

湯米·莫爾，史蒂芬斯。

It sounds like the market conditions for your Electric Distribution business are somewhat normal now. I think you mentioned channel inventories seem normalized. I'm curious for any more detail you can give us there just given some of the uncertainty if we go back, say, a year ago.

聽起來貴公司電力分銷業務的市場狀況目前基本上正常。我想你提到過渠道庫存似乎已經恢復正常。考慮到如果回到一年前，情況會存在一些不確定性，我很想知道您能否提供更多細節。

And when we look at the mid-singles guide you provided for this year, should we think of that as an accurate reflection of the underlying demand? Or is there a little bit of help from perhaps a restock in that number?

那麼，當我們查看您今年提供的單月中期價格指南時，我們是否應該認為它準確反映了潛在的需求？或者，如果能補充一些庫存，或許會有所幫助？

Yes. I would maybe start with the last one. It's an accurate reflection of the end demand. Clearly, last year, we still saw that destock, and I'm glad to stop talking about destock because it lasted way too long and first with distribution and with end customers not going homogeneous, different parts of the region, different customers going at different rates there. But we're through there.

是的。我或許會從最後一個開始。它準確反映了最終需求。顯然，去年我們仍然看到了去庫存現象，我很高興不再談論去庫存，因為它持續了太長時間，首先是分銷渠道不暢，最終客戶群也不統一，該地區的不同地區，不同的客戶群體以不同的速度進行交易。但我們已經通過那裡了。

And I think the best indication that we saw that early in the year starting to reflect with orders. Then later in the year, we started to see it by actually shipping and the book-to-bill staying at that level. So we really feel confident that we're through that.

我認為今年年初訂單量開始反映出這一點，這無疑是最好的跡象。然後到了年底，我們開始透過實際出貨和訂單出貨量保持在該水準上來驗證這一點。所以我們真的很有信心，我們已經度過了難關。

What we didn't see, though, is customers, both retailers and distributors, over pivot that. So what didn't happen is that they actually ran those inventories way down, too far down and that they had to restock. Our conversations with our customers are what were days they were targeting, how were they coming to getting to those days, specifically in distribution, and there was not an overshoot to that. So I'd say indicative of demand, Tommy.

但我們沒有看到的是，無論是零售商還是分銷商，客戶都過度轉向了這一點。所以，實際情況並不是他們的庫存真的消耗殆盡，以至於必須補貨。我們與客戶的對話內容包括他們計劃的目標日期、他們如何實現這些目標日期（尤其是在分銷方面），並且沒有出現任何超出預期的情況。所以我覺得這顯示了市場需求，湯米。

Yes. Perhaps this is indeed the last quarter we'll have to address this topic.

是的。或許這真的是我們最後一次討論這個話題了。

I hope so.

我希望如此。

A follow-up question for you on M&A. It sounds like the pipeline is still pretty full. There have been a number of pretty high-profile transactions in your space, several of which you've been involved in, where you've been able to acquire at pretty reasonable multiples despite some of the impressive growth in the out years.

關於併購，我還有一個後續問題。聽起來管道仍然很滿。在你的領域，已經發生了很多備受矚目的交易，其中一些你也參與其中。儘管近年來成長勢頭強勁，但你仍然能夠以相當合理的倍數進行收購。

So I'm just curious, from where you sit today, does it still feel like that's going to be possible in the year ahead? Or how would you characterize the seller versus the buyer expectations here?

所以我很好奇，從你目前的角度來看，你覺得在未來一年裡這仍然有可能實現嗎？或者，您會如何描述賣方和買方的期望？

Yes. Yes. I mean, what you point out, clearly, multiples have gone up over the [lab]. I mean we were buying companies not too long ago in the single-digit multiples, and that's clearly increased. But you're pointing out correctly, the returns on those businesses are still very good for us because the growth rates have gone up.

是的。是的。我的意思是，正如你所指出的，很明顯，倍數已經上漲了。[實驗室]。我的意思是，不久前我們還在以個位數倍數收購公司，而現在這個倍數顯然已經提高了。但你指出的沒錯，這些業務的回報仍然非常好，因為成長率上升了。

Those are more attractive businesses. We do really well with those. When there are businesses that what we call right down the fairway, the bolt-ons, even some of the larger ones. The synergies that we can get out of those businesses, the complementary growth that we can out of it, it's -- we're very good buyers of those businesses and can generally get more out of them probably than the average acquirer because it scales with the rest of our portfolio.

這些企業更有吸引力。我們在這方面做得很好。當一些企業位於球道正下方，也就是我們所說的附屬建築，甚至是一些規模較大的企業。我們能夠從這些業務中獲得協同效應，以及從中獲得的互補成長——我們是這些業務的優秀買家，而且通常能夠從中獲得比一般收購者更多的收益，因為它可以與我們投資組合中的其他業務規模相匹配。

So any one deal, depending on the competition for it, could, of course, be an outlier. We do see the entire pipeline. I can tell you that even though we don't always own every business that goes through this process. It's not because we didn't see it coming, right? There's different reasons at times where we don't end up owning these businesses.

因此，任何一筆交易，根據其競爭情況，當然都可能是例外。我們可以看到整個管道。我可以告訴你，即使我們並非總是擁有經歷這過程的每一家企業。這並非因為我們沒有預料到，對吧？有時，我們最終未能擁有這些企業的原因有很多。

But we're very active in it. And I would say kind of the multiples that you see, I would say, is about where we continue to see pricing right now, not higher, not necessarily lower.

但我們在這方面非常積極。我認為，你看到的這種倍數，基本上就是我們目前看到的定價水平，既不會更高，也不一定會更低。

Brett Linzey, Mizuho.

Brett Linzey，瑞穗銀行。

Just back to the outlook and specifically the non-res, heavy industrial piece you're planning for continued softness this year, exit rates appear to be pretty soft in Q4. How do we think about those markets in the context of the mega-project momentum you noted in the prepared remarks? Are those just longer duration? Or any color would be great.

回到前景展望，特別是您預計今年非住宅、重工業部分將持續疲軟，第四季的退出率似乎相當疲軟。在您事先準備好的演講稿中提到的大型專案發展動能下，我們該如何看待這些市場？這些只是持續時間更長嗎？或任何顏色都可以。

Yes. I think we've seen non-res and heavy industrial have both been flattish, low growth for the last couple of years. And we're not really seeing tangible signs of meaningful acceleration there, which is kind of consistent with what you saw us lay out on our '26 revenue outlook.

是的。我認為我們已經看到，過去幾年非住宅和重工業的成長都比較平緩，成長率較低。但我們並沒有真正看到有意義的加速成長的跡象，這與你們看到的我們在 2026 年收入展望中提出的觀點基本一致。

I think for us, we see mega projects really impacting our light industrial business, and light industrial and data center has been a source of strength over the last couple of years. So I think that's probably where we're seeing it more so is on the light industrial side.

我認為對我們來說，大型專案確實對我們的輕工業業務產生了影響，而輕工業和資料中心在過去幾年一直是我們的優勢來源。所以我覺得我們可能更多是在輕工業領域看到這種情況。

Cautious on non-res and heavy. And again, when we start to see that come through more tangibly, I think we feel better about the outlook on those markets.

謹慎對待非資源型和重型設備。再次強調，當我們開始更切實地看到這種情況發生時，我認為我們會對這些市場的前景感到更加樂觀。

All right. Understood. And then just one quick follow-up on the price cost productivity equation. So the payback on the $15 million to $20 million of restructuring, is that contemplated within the netting? Or should we think of the associated savings as maybe some cushion as those paybacks convert through the year?

好的。明白了。最後，我想快速補充一下關於價格成本生產力方程式的問題。那麼，1500萬至2000萬美元重組的回報是否已納入淨額結算的考慮範圍？或者我們應該把相關的節省視為一種緩衝，因為這些收益會在一年內逐步轉化為實際收益？

Yes. Those paybacks tend to convert through the year. And discretely, we start in action, and they're typically two- to three-year paybacks. They're quite attractive. And our history, the last several years has been investing a similar amount, $15 million to $20 million a year.

是的。這些回報往往會在一年內逐步轉化為收益。我們悄悄地開始行動，通常需要兩到三年才能收回成本。它們非常漂亮。過去幾年，我們的投資金額一直維持在每年 1,500 萬至 2,000 萬美元之間。

So we have some really nice momentum from all the initiatives that we have rolling. So think about them like in the year, they're kind of self-funding with productivity from prior actions. We're investing for the future. Those future projects have two- to three-year paybacks, and there'll be nice tailwinds for next -- for '27, '28 and beyond. And we see a horizon with really attractive ongoing R&R opportunities.

因此，我們正在推動的各項措施都取得了非常好的進展。所以你可以這樣想：它們在一年中，依靠先前行動的生產力來實現自我資助。我們是在為未來投資。這些未來的項目將在兩到三年內收回成本，而且在接下來的幾年（2027 年、2028 年及以後）將會有良好的發展勢頭。我們看到前景廣闊，持續的研發和再投資機會極具吸引力。

It's tough to do a lot of them at a single time because they can be complicated. They can be -- there's some risk associated with them, but we've been managing them very thoughtfully, and that's contemplated in our --

要一次完成很多這類事情很困難，因為它們可能很複雜。它們確實存在一些風險，但我們一直在非常謹慎地管理它們，這一點也已在我們的計劃中考慮。--

Alexander Virgo, Evercore ISI.

Alexander Virgo，Evercore ISI。

I wondered if you could just pick up a couple of small ones for me. DMC coming in, in 2026, I think you talked about it being in line with prior expectations. But I'm just wondering about the benefits of margin accretion from the deal versus the cost to integrate and if you could give us any color on that.

我想問你能不能幫我買幾個小的。DMC 將於 2026 年推出，我想你之前說過這符合先前的預期。但我只是想知道這筆交易帶來的利潤成長收益與整合成本相比如何，您能否就此給我們一些見解。

And then on HES, it looks like ex DC, the business kind of built to a decent mid-single-digit exit to the year. The implication in the guide, I guess, is that, that perhaps inverses somewhat in the back half. I'm just wondering if there's anything specific you're baking in there or if it's just a bit of caution on lack of visibility and whether there's anything that you've got in there in terms of new product contribution to growth that can help offset that?

然後，就 HES 而言，看起來就像是前 DC 一樣，該業務發展得相當不錯，最終在年底實現了個位數的中等收益。我猜，指南中的含義是，這種情況在後半部分可能會逆轉。我只是想知道你們是否在醞釀什麼具體的計劃，或者只是出於對缺乏可見性的謹慎考慮，以及你們在新產品對增長的貢獻方面是否有任何措施可以彌補這一點？

Yes. So on the -- I'll take the DMC margin first. I think DMC was with us for basically a full quarter in the fourth quarter, their sales and their margin was right in line with our expectations and what we had previously communicated. And our outlook contemplates $130 million of revenue and roughly 40% operating margins, which is net of integration costs. So that -- no change in how we were thinking about DMC and communicating that coming out of the fourth quarter to start the year, and we're very excited about what DMC adds to the portfolio.

是的。所以，接下來──我先考慮DMC利潤率。我認為DMC在第四季度基本上和我們合作了一個季度，他們的銷售額和利潤率都符合我們的預期以及我們先前溝通的內容。我們的展望是，營收將達到 1.3 億美元，營業利潤率約為 40%，這已扣除整合成本。所以，我們對 DMC 的看法和溝通方式在第四季結束後到年初並沒有改變，我們對 DMC 為產品組合帶來的貢獻感到非常興奮。

On the HES side, with that -- with the fourth-quarter exit rate, that fourth quarter was pretty heavy with data center projects. And so we would anticipate and we have good line of sight to data center projects throughout the duration of 2026. And so I think what you would see on Electrical is nice year-over-year growth rates as we progress through the year. And naturally, with such a strong fourth quarter of '25, you'd see that year over year when we get out to 4Q of '26, for Electrical, that will shrink a little bit because of that surge in 4Q '25 dynamic.

就 HES 而言，第四季的退出率很高，因為第四季資料中心專案非常多。因此，我們可以預見，並且對 2026 年期間的資料中心專案有良好的展望。因此，我認為隨著時間的推移，電氣行業將會出現良好的年成長率。當然，由於 2025 年第四季表現強勁，到了 2026 年第四季度，電氣產業的年比數據將會略有下降，這是因為 2025 年第四季的成長勢頭強勁。

I'm showing no further questions at this time. I'll now turn it back to Dan Innamorato for closing remarks.

我目前沒有其他問題要問。現在我將把發言權交還給丹·伊納莫拉托，請他作總結發言。

Great. Thanks, everybody, for joining us. We're around all day for calls and follow-ups. Thank you.

偉大的。謝謝大家的參與。我們全天都有空接聽電話並進行後續跟進。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。