Ituran Location and Control Ltd (ITRN) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Kenny Green, and I'm part of the Investor Relations team at Ituran. I would like to welcome all of you to Ituran's results Zoom webinar, and I would like to thank Ituran's management for hosting this call.

各位女士、先生，感謝各位耐心等候。我叫Kenny Green，是Ituran投資人關係團隊的一員。我謹代表公司歡迎各位參加Ituran業績Zoom網路研討會，並感謝Ituran管理層主持本次電話會議。

(Operator Instructions) I would like to remind everyone that this conference call is being recorded, and the recording will be available from the link in the earnings press release and on Ituran's website from tomorrow.

(接線員指示) 我想提醒各位，本次電話會議將被錄音，錄音將可透過財報新聞稿中的連結取得，並將自明日起於Ituran網站提供。

With me today on the call are Mr. Eyal Sheratzky, CEO; Mr. Udi Mizrahi, Deputy CEO and VP Finance; and Mr. Eli Kamer, CFO of Ituran. Eyal will begin with a summary of the quarter's results, followed by Eli with a summary of the financials.

今天與我一同出席電話會議的有：Eyal Sheratzky先生，執行長；Udi Mizrahi先生，副執行長兼財務副總裁；以及Ituran財務長Eli Kamer先生。Eyal將先就本季業績作摘要，接著由Eli就財務數據作摘要說明。

We will then open the call for the question-and-answer session.

之後我們將開放問答環節。

You should have all by now received the company's press release. If not, please view it on the company's website. I'd like to remind everyone that the safe harbor statement in today's press release also covers the contents of this conference call and the associated presentation.

各位現在應已收到公司的新聞稿。若尚未收到，請至公司網站查閱。我也想提醒各位，今日新聞稿中的安全港聲明同樣適用於本次電話會議及相關簡報內容。

And now Eyal, would you like to begin, please?

現在請Eyal開始，好嗎？

Thank you, Kenny. I'd like to welcome all of you to our fourth quarter and full year 2025 results call, and thank you for joining us today. Before I begin, I'd first like to acknowledge the war between Israel and the United States against Iran.

謝謝你，Kenny。歡迎各位參加我們2025年第四季及全年業績電話會議，感謝各位今天加入。在開始之前，我想先提及以色列與美國對伊朗的戰爭。

We honor the braver balls of the Israeli defense forces and US military personnel and their Air Forces, and we sincerely wish for their swift and safe return home. We hope the war will draw to a quick resolution and lead to lasting peace for all countries in the Middle East.

我們向以色列國防軍與美國軍方人員及其空軍的英勇致敬，並衷心祝願他們能迅速且平安返家。我們希望戰事能盡快落幕，並為中東所有國家帶來持久的和平。

And now to the results. We are very happy with the results of the fourth quarter as well as the full year of 2025, our best ever and record across all key parameters.

接下來談業績。我們對第四季以及2025年全年的業績成果感到非常滿意，這是我們有史以來最佳表現，並在所有關鍵指標上創下紀錄。

For the quarter, overall revenue growth was 13% to almost $94 million, a record, with subscriber revenue growth at 15%, EBITDA growth to over $25 million, a record for us and puts our yearly EBITDA run rate in excess of the $100 million milestones for the first time.

就本季而言，整體營收成長13%至接近9,400萬美元，創下新高；訂閱營收成長15%；EBITDA成長至超過2,500萬美元，同樣創下紀錄，並使我們年度EBITDA年化運行率首次突破1億美元里程碑。

In addition, we generated a significant amount of cash in the quarter at $29.4 million, our highest ever. And as I will discuss later, given our very strong balance sheet, we have decided to share all the rewards of our success in 2025 with our shareholders through a special dividend and increased buyback in addition to the regular dividend.

此外，本季我們產生了2,940萬美元的大量現金，為歷史新高。如我稍後將討論的，鑑於我們非常強勁的資產負債表，我們決定透過特別股利與提高庫藏股回購（除例行股利外），與股東分享我們在2025年成功的全部成果。

Our growth and success in 2025 continue to be driven by our long-term efforts in bringing new value-adding telematics and connected car products and services to both existing as well as new customers globally. Throughout the year, we were particularly successful at bringing additional new OEM partners to our growing roster.

我們在2025年的成長與成功，持續來自我們長期努力，為全球既有與新客戶帶來具附加價值的新型車聯網（telematics）與連網車產品及服務。在全年期間，我們在新增OEM合作夥伴、擴大合作名單方面尤其成功。

Examples during 2025 were Stellantis, Renault, Yamaha and BMW. We are in active discussions with others. Beyond our new partnership with Fiat that we announced last week, we hope to bring additional ones in future.

2025年的例子包括Stellantis、Renault、Yamaha與BMW。我們也正與其他業者積極洽談。除了我們上週宣布與Fiat的新合作外，我們希望未來能再新增更多合作夥伴。

Our results show an ongoing expansion in our large subscriber base, reaching at year-end year over 2.6 million subscribers. In the fourth quarter, we added 42,000 net subscribers, adding 221,000 net new subscribers in 2025, a record year for subscriber growth for Ituran.

我們的業績顯示龐大的訂閱用戶基礎持續擴張，至年底訂閱用戶數已超過260萬。第四季我們淨新增42,000名訂閱用戶，2025年全年淨新增221,000名訂閱用戶，為Ituran訂閱用戶成長的創紀錄年度。

I remind you that in Q1, our new OEM agreement with Stellantis brought the subscribers into Ituran, which gave us a bump in net new subscriber adds in that quarter.

我提醒各位，在第一季，我們與Stellantis的新OEM協議為Ituran帶來訂閱用戶，使該季的淨新增訂閱用戶數出現一次性提升。

Our net adds in recent years has tended to be in the 40,000 plus per quarter range. Looking ahead, while the rate can vary between quarters, we expect to maintain this overall current net subscribers at run rate, which means for 2026, we would expect to add between 160,000 to 180,000 net during the year.

近年來，我們每季的淨新增通常落在40,000以上的區間。展望未來，雖然各季增速可能有所波動，但我們預期可維持目前整體淨新增訂閱用戶的運行率；也就是說，2026年我們預期全年淨新增約160,000至180,000名。

I want to summarize some of our new activities, which we believe will contribute to our growth and success in the midterm over the coming years. This all have the potential to completely transform the company.

我想總結我們的一些新動向，我們相信這些將在未來幾年中期內為我們的成長與成功做出貢獻。這些都有潛力徹底改變公司。

First, our Ituranmob smart mobility platform is differentiated solution enabling remote vehicle access, real-time telematics and efficient management for shared mobility, rental fleet and specialized vehicle application.

首先，我們的Ituranmob智慧移動平台是一項差異化解決方案，可實現遠端車輛存取、即時車聯網數據，以及對共享出行、租賃車隊與專用車輛應用的高效率管理。

Ituranmob was first launched in Brazil and Israel, where it has gained solid traction among fleet operators and rental companies. Building on this success, we recently introduced the platform to the US market and recently established dedicated Ituranmob operations there.

Ituranmob最初在巴西與以色列推出，並在車隊營運商與租車公司之間獲得穩健的採用與成效。在此成功基礎上，我們近期將該平台引入美國市場，並在當地新設專責的Ituranmob營運團隊。

We see a clear opportunity among small and midsized car rental companies seeking to improve operational efficiency and the end-user rental experience.

我們看到小型與中型租車公司在提升營運效率與終端用戶租車體驗方面存在明確機會。

This is the first time we are coming to the U.S. market, the largest rental market in the world with over 17,000 small to midsized car rental companies with a solution that is unique with a real need in the market and therefore, has the potential to gain significant market share.

這是我們首次進入美國市場——全球最大的租車市場，擁有超過17,000家小型至中型租車公司——我們帶來的解決方案具獨特性，且市場確有需求，因此有潛力取得可觀的市占率。

In addition, Ituranmob is expanding into new verticals. In the past few weeks, we announced a partnership with leading Israel-based motorsport data analytics company, Griiip. Under this agreement, Ituranmob becomes Griiip official IoT technology provider, combining Ituran's real-time telemetry with Griiip, AI-powered analytics platform for racing drivers.

此外，Ituranmob也正擴展至新的垂直領域。在過去幾週，我們宣布與以色列領先的賽車運動數據分析公司Griiip建立合作夥伴關係。依據該協議，Ituranmob成為Griiip的官方IoT技術供應商，將Ituran的即時遙測與Griiip以AI驅動的賽車手分析平台結合。

Based on industry estimates, there are over 60,000 racing events each year with closer to 1 million participants, representing a large addressable market for our technology. Our goal is that this partnership will already connect thousands of new vehicles in 2026.

根據產業估計，每年有超過60,000場賽事、參與者接近100萬人，代表我們技術可觸及的龐大市場。我們的目標是，這項合作在2026年就能連接數千輛新車。

As you may have seen in the video we published together with the press release, the technology is deployed in some of the most demanding operating environments, professional racing and truck day driving, demonstrating the robustness, per session and scalability of our solution.

如各位可能已在我們與新聞稿一同發布的影片中看到，該技術已部署於一些最嚴苛的運行環境——專業賽車與卡車日常駕駛——展現了我們解決方案的強韌性、每次作業（session）的表現以及可擴展性。

The higher complexity of this technology allows us to generate a high ARPU for these type of services. Ituranmob represents another new long-term growth avenue alongside our core telematics and subscriber-based businesses.

此技術較高的複雜度，使我們能為此類服務創造較高的ARPU（每用戶平均收入）。Ituranmob代表除我們核心車聯網與訂閱制業務之外，另一條新的長期成長途徑。

Credit carbon is a new and unique initiative being developed by Ituran that enable drivers of electric and other zero-emission vehicles to participate economically in the global transition to low-carbon transportation, something that has not previously been accessible to individual drivers.

Credit carbon是Ituran正在開發的一項全新且獨特的倡議，使電動車及其他零排放車輛的駕駛者能在全球向低碳運輸轉型的過程中獲得經濟參與機會，而這在過去並未對個人駕駛者開放。

Today, while companies that emit carbon dioxide can purchase carbon credits to offset their emissions, there has been no efficient scalable mechanism for individuals who actively reduce emissions such as electric vehicle drivers to generate and monetize verified carbon savings.

目前，排放二氧化碳的公司可以購買碳權以抵銷其排放，但對於主動減排的個人（例如電動車駕駛者）而言，尚不存在一套高效率、可擴展的機制，讓其能產生並變現經驗證的碳減量成果。

This solution will create a new incentive for EV adoption while opening an additional revenue stream for Ituran by providing the platform that connects carbon emitters with carbon savers. It leverages our existing technology, subscriber base and infrastructure with minimal incremental cost.

此解決方案將為電動車（EV）採用創造新的激勵，同時透過提供連結碳排放者與減碳者的平台，為 Ituran 開啟額外的營收來源。它以極低的新增成本，運用我們既有的技術、訂戶基礎與基礎設施。

This initiative has been developed internally over years, leveraging our regulatory, technological and data expertise. The solution is highly differentiated and is currently undergoing testing and validation.

此項倡議多年來由內部開發完成，並運用我們在法規、技術與數據方面的專業能力。該解決方案具高度差異化，目前正進行測試與驗證。

We are in advanced stages and have received encouraging early feedback. We expect initial commercial deployment toward the year-end 2026. The timing is favorable right now as global awareness and regulatory pressure to reduce carbon emissions around the world continue to accelerate, expanding the addressable market.

我們已進入相當後期階段，並收到令人鼓舞的早期回饋。我們預期在 2026 年底前後進行初步商業部署。目前時機有利，因為全球對降低碳排放的意識與監管壓力持續加速，擴大了可服務市場。

Another new initiative is leveraging our big data capabilities. Over many years, Ituran has built one of the largest and richest vehicle telematics data sets in our markets. I'm compassing decades of driving behavior, usage patterns, location data and vehicle performance across millions of connected vehicles.

另一項新倡議是運用我們的大數據能力。多年來，Ituran 在我們的市場建立了規模最大且最豐富的車聯網（telematics）數據集之一。其涵蓋數十年的駕駛行為、使用模式、位置數據與車輛性能，橫跨數百萬輛已連網車輛。

Anonymized and aggregate insight derived from our extensive road use, driver behavior and transportation data set with decades of data can support governments, transport, ministries and local authorities in optimizing traffic flow, improving road safety and informing infrastructure planning.

從我們涵蓋數十年資料、廣泛的道路使用、駕駛行為與運輸數據集中所萃取的匿名化與彙總洞察，可協助政府、交通部門、各部會與地方主管機關優化交通流量、提升道路安全，並為基礎建設規劃提供資訊。

Our data can also support leading vehicle OEMs in advancing driver assistance and autonomous driving capabilities, providing deep understanding of actual road usage and training systems to better reflect real-world driving behavior. We are actively exploring multiple avenues to monetize this significant asset.

我們的數據亦可支援領先的車輛 OEM（原始設備製造商）推進駕駛輔助與自動駕駛能力，提供對實際道路使用的深度理解，並訓練系統以更貼近真實世界的駕駛行為。我們正積極探索多種途徑，將這項重要資產變現。

Overall, our big data capabilities strengthen customer retention, support margin expansion and provide a highly scalable platform for future growth beyond traditional subscription revenues and finally, as I discussed earlier, 2025 was the most successful year in Ituran's history.

整體而言，我們的大數據能力可強化客戶留存、支持毛利率擴張，並提供高度可擴展的平台，以推動未來超越傳統訂閱收入的成長；最後，如我先前所述，2025 年是 Ituran 歷史上最成功的一年。

As such, given our strong profitability, very strong cash generation and balance sheet with well over $100 million in cash and no debt, the Board declared a total dividend of $30 million for the fourth quarter, consisting of our regular $10 million quarterly dividend and an additional $20 million special dividend.

因此，鑑於我們強勁的獲利能力、非常強勁的現金創造能力，以及資產負債表上超過 1 億美元現金且無負債，董事會宣布第四季合計股利 3,000 萬美元，包含例行每季 1,000 萬美元股利，以及額外 2,000 萬美元特別股利。

Therefore, for the full year, we will have shared a total of $60 million in dividends, representing approximately 100% of our net income, which amounts to dividend yield of around 7% based on our year-end share price.

因此，全年我們將合計分配 6,000 萬美元股利，約相當於我們淨利的 100%，以年末股價計算，股利殖利率約為 7%。

This is an excellent dividend yield for a strong, stable and continually growing company, demonstrating record results year in, year out. Beyond all this and in line with the feedback we hear from many of our investors, we also declared an addition to our buyback of up to $10 million.

對一家強健、穩定且持續成長、年年創下紀錄成果的公司而言，這是非常優異的股利殖利率。此外，並呼應我們從許多投資人聽到的回饋，我們也宣布將庫藏股回購額度再增加最多 1,000 萬美元。

During 2025, we bought back $3.1 million in shares for a total of 85,000 Ituran shares. We believe, all this reflects our commitment to creating value and generating capital for our shareholders, while at the same time, continuing to develop new products and services and invest in long-term growth at Ituran.

2025 年期間，我們以 310 萬美元回購股份，合計回購 85,000 股 Ituran 股票。我們相信，這些措施反映了我們致力於為股東創造價值並回饋資本的承諾，同時也持續在 Ituran 開發新產品與服務，並投資於長期成長。

We see our ongoing dividend and share buyback as a reward to our shareholders for their loyalty and long-term support of our company.

我們將持續的股利與股票回購視為對股東忠誠與長期支持本公司的回饋。

In summary, we remain very pleased with Ituran performance in the fourth quarter and more generally, Ituran's long-term and ongoing performance in 2025.

總結而言，我們對 Ituran 第四季的表現，以及更廣泛而言 Ituran 在 2025 年的長期與持續表現，仍感到非常滿意。

At the same time, we look for more avenues to bring further growth to our business across all our regions and the recent product launches I spoke about earlier are examples for this.

同時，我們也在各個地區尋找更多途徑，為業務帶來進一步成長；我先前提到的近期產品上市就是例子。

Additionally, we will continue to partner with the new OEMs as we have successfully done throughout 2025 as well as new financing companies and other lending companies. 2025 marked 20 years as a public company and 30 years as a company.

此外，我們將持續與新的 OEM 合作，如同我們在 2025 年成功推動的一樣，並與新的融資公司及其他放款機構合作。2025 年是我們成為上市公司滿 20 週年，也是公司成立滿 30 週年。

We look forward to continued success over the next decades, and I thank our shareholders for their long-term support of our business.

我們期待未來數十年持續成功，並感謝股東長期支持我們的業務。

And with that, I hand over to Eli. Eli, please go ahead.

接下來，我把時間交給 Eli。Eli，請開始。

Thanks, Eyal. I will provide a short summary of the financial results. You can find the more detailed results that we issued in the press release earlier today.

謝謝你，Eyal。我將簡要總結財務結果。更詳細的結果可參考我們今天稍早發布的新聞稿。

Fourth quarter revenues were $93.5 million, a 13% increase year-over-year. Subscription revenues were $71.1 million, up 15% and representing 76% of total revenues.

第四季營收為 9,350 萬美元，年增 13%。訂閱收入為 7,110 萬美元，年增 15%，占總營收的 76%。

Product revenues were $22.4 million, up 5% year-over-year. Our subscriber base reached 2,630,000 at the end of 2025, an increase of 42,000 in the fourth quarter and 221,000 year-over-year.

產品收入為 2,240 萬美元，年增 5%。截至 2025 年底，我們的訂戶數達到 2,630,000，第四季增加 42,000，年增 221,000。

The geographic breakdown of revenues in the fourth quarter was as follows Israel, 55%; Brazil, 23%; Rest of World, 22%. EBITDA in the fourth quarter was $25.3 million representing 27.1% of revenues and a 12% increase year-over-year.

第四季營收的地理分布如下：以色列 55%；巴西 23%；世界其他地區 22%。第四季 EBITDA 為 2,530 萬美元，占營收 27.1%，年增 12%。

Net income for the fourth quarter was $15.3 million or diluted earnings per share of $0.77, an increase of 10% year-over-year and compared to $13.8 million or diluted earnings per share of $0.70 in the fourth quarter of last year. Cash flow from operations for the fourth quarter of 2025 was $29.4 million.

第四季淨利為 1,530 萬美元，或稀釋後每股盈餘 0.77 美元，年增 10%；相較去年第四季淨利 1,380 萬美元，或稀釋後每股盈餘 0.70 美元。2025 年第四季營運活動現金流為 2,940 萬美元。

Now taking a look at the full year 2025 results. Revenues for 2025 were a record $359 million, a 7% increase over the $336.3 million reported in 2024. 74% of revenues were from location-based services subscription fees and 26% were from product revenues.

接著看 2025 年全年結果。2025 年營收創新高達 3.59 億美元，較 2024 年的 3.363 億美元成長 7%。營收中 74% 來自以位置為基礎的服務訂閱費，26% 來自產品收入。

Revenues from subscription fees were $264.6 million, representing an increase of 9% over 2024. Product revenues were $94.5 million, representing an increase of 1% compared with 2024.

訂閱費收入為 2.646 億美元，較 2024 年成長 9%。產品收入為 9,450 萬美元，較 2024 年成長 1%。

EBITDA for 2025 were $96.2 million, 26.8% of revenues, an increase of 5% compared year-over-year. Net income in 2025 was $58 million, 16.1% of revenues or fully diluted earnings per share of $2.92, an increase of 8% compared with net income of $53.7 million, 16% of revenues or fully diluted earnings per share of $2.70 in 2024.

2025 年 EBITDA 為 9,620 萬美元，占營收 26.8%，年增 5%。2025 年淨利為 5,800 萬美元，占營收 16.1%，或完全稀釋後每股盈餘 2.92 美元；相較 2024 年淨利 5,370 萬美元、占營收 16%，或完全稀釋後每股盈餘 2.70 美元，年增 8%。

Cash flow from operations for the year was $8.6 million. As of December 31, 2025, net cash and marketable securities totaled $107.6 million. This is compared with net cash, including marketable securities of $77.2 million as of year-end 2024.

全年營運活動現金流為 860 萬美元。截至 2025 年 12 月 31 日，淨現金與有價證券合計為 1.076 億美元。相較之下，截至 2024 年底（含有價證券）的淨現金為 7,720 萬美元。

The Board declared a $30 million dividend for the fourth quarter, including a $20 million special dividend and a $10 million dividend in line with our dividend policy.

董事會宣佈第四季股利總額為3,000萬美元，其中包含2,000萬美元特別股利，以及依照我們股利政策發放的1,000萬美元股利。

In addition, during the quarter, we purchased $1.6 million in shares under our buyback program. As of the end of the year, we had around $3.5 million remaining available under this program.

此外，在本季期間，我們依據庫藏股回購計畫回購了160萬美元的股份。截至年底，該計畫下仍約有350萬美元可供回購。

However, the Board today approved a $10 million increase to the existing buyback authorization, which will be funded from available cash and executed in accordance with SEC Rule 10b-18.

不過，董事會今日核准將既有回購授權額度增加1,000萬美元，將以可用現金支應，並依據美國證券交易委員會（SEC）Rule 10b-18 規則執行。

This means that as of today, there is $13.5 million available under the buyback program. The current dividend and buyback takes into account the company's continuing strong profitability, ongoing positive cash flow and strong balance sheet.

這表示截至今日，回購計畫下可用額度為1,350萬美元。目前的股利與回購安排已考量公司持續強勁的獲利能力、持續正向的現金流，以及穩健的資產負債表。

And with that, I'd like to open the call for the question-and-answer session. Operator?

接下來，我想開放電話會議進入問答環節。接線員？

(Operator Instructions) Chris Rayer of Barclays. Chris, please go ahead.

(接線員指示) 巴克萊（Barclays）的 Chris Rayer。Chris，請開始。

My question.

我的問題。

And now, can you repeat your question?

現在，您可以重複一下您的問題嗎？

I'm just going to write it on the chat.

我會把它寫在聊天視窗裡。

For you, okay, we'll move to question will be from Sergeili Glianov of Freedom Capital Markets. Sergei.

好的，那我們將進入下一個提問，來自 Freedom Capital Markets 的 Sergeili Glianov。Sergei。

So good day, great results. Could you please some color on ARPU and EBITDA dynamics in 2026 and after your initiatives are fully deployed, I mean, carbon credits, et cetera?

大家好，成果很棒。能否請您談談在2026年以及在你們的各項倡議全面部署之後，ARPU與EBITDA的變化趨勢？例如碳權等等。

Hi Sergey, so first of all, we are not providing any guidance, as you know. But practically and in a general way, we are not -- I think that the ARPU, as of today, should continue more than 2.6 million subscribers. This is a big shift of customer base. So one year is not changing the total ARPU.

嗨，Sergey，首先，如你所知，我們不提供任何財測指引。但就實務面與一般性而言，我認為截至目前，ARPU應會隨著超過260萬名訂戶而持續。這是客戶基礎的一個重大轉變。因此，單一年份不會改變整體ARPU。

But looking forward, we really believe that the ARPU is not going to go down because things that I didn't mention today, I said it in the past, we're always having additional service to our current subscribers, which allow us to provide kind of an upsell of services.

但展望未來，我們確實相信ARPU不會下滑，因為有些我今天未提到、但過去提過的事情：我們一直在為現有訂戶提供額外服務，讓我們能夠進行某種程度的服務加購（upsell）。

So this is regard our traditional services, the fleet management, the store and vehicle recovery, the UBI, et cetera.

這部分是針對我們的傳統服務，例如車隊管理、門市與車輛尋回、UBI（依使用量計費保險）等等。

But regarding new technologies and offers that we have, as I mentioned, it's important to say again, those initiatives are after a few years of putting R&D, development and making all the technological and regulatory infrastructure for us.

至於我們所提到的新技術與新方案，如我所說，重要的是再強調一次：這些倡議是在投入數年的研發、開發，以及建立我們所需的技術與法規基礎設施之後才得以推進。

Commercially, it will be ready, as I said, mid to the end of 2026. So I must say that contribution, the financial contribution in 2026 of those initiatives will be very low.

在商業化方面，如我所說，預計在2026年年中到年底準備就緒。因此我必須說，這些倡議在2026年的財務貢獻將會非常低。

The idea to put more colors on those items was to show a little bit longer future from '27, '28 and of course, ahead. We will see because we know some negotiations and we know some customer attractions in the carbon -- the credit carbon as well as in the rental solution.

我之所以更具體談這些項目，是想展示更長期的未來，也就是從2027、2028年，當然還包括更往後。我們將拭目以待，因為我們已掌握一些談判進展，也看到在碳權（carbon credit）以及租賃解決方案方面的一些客戶吸引力。

But the main idea is to show it, to expose it. And the majority of the contribution will be in the next years. But I believe that we will show at the second half of 2026, we will be able to talk or discuss about some deals and contribution.

但主要目的就是把它展示出來、讓大家了解。大部分的貢獻會在接下來幾年出現。不過我相信在2026年下半年，我們將能夠談論或討論一些交易與貢獻。

Okay good, thank you. And the next question about motorcycle.

好的，謝謝。下一個問題是關於機車。

And by the way, Sergey, regarding EBITDA, I didn't answer. We are not providing guidance, but all these things should leverage our EBITDA margins, of course.

順帶一提，Sergey，關於EBITDA我還沒回答。我們不提供指引，但所有這些事情當然應該會提升我們的EBITDA利潤率。

So do you believe that new initiatives could change your margin profile in the long term?

所以你認為這些新倡議在長期可能改變你們的利潤率結構嗎？

Absolutely. First of all, if you look backwards, you will see that our margins are growing. I mean we show the operating leverage dynamics happened in the margins. I totally believe that it will continue, based on the new services and the upsells that we can do to the current customers.

絕對會。首先，如果你回頭看，你會看到我們的利潤率正在成長。也就是說，我們在利潤率上展現了營運槓桿的動態。我完全相信這會持續，基於新服務以及我們能對現有客戶進行的加購。

Okay. Great. And the next question about motorcycle market in Brazil. So how is it going on? And did you gain any additional market share on this market?

好的。很棒。下一個問題是關於巴西的機車市場。目前進展如何？你們在這個市場是否取得了更多市占？

Can you repeat? There were some noises here. So can you repeat?

你可以再說一次嗎？這裡有些雜音。所以可以重複一下嗎？

The question about motorcycle market. Did you gain any additional portion of this market in Brazil?

問題是關於機車市場。你們在巴西是否取得了這個市場的更多份額？

So first of all, this market in Brazil is very, very big. And we didn't touch this segment until about a year ago until the moment that we understood or we developed the right device that can be very productive, and we can go then to motorcycles OEM distributors as well as to insurance companies.

首先，巴西的這個市場非常、非常大。直到大約一年前我們才開始切入這個區隔，因為當時我們理解到、或我們開發出了合適的裝置，能夠非常有效率地運作，接著我們就能夠面向機車OEM經銷商以及保險公司。

As you remember, we already report about two OEM deals, one with Yamaha Brazil, the second one with BMW Brazil. And this year, we will see along the year or we already started thousands of motorcycles or maybe even closer to 10,000 subscribers from this segment in 2026.

如你所記得的，我們已經公告過兩筆OEM合作案，一筆是與 Yamaha Brazil，第二筆是與 BMW Brazil。而在今年，我們將在全年看到進展；或者我們已經開始，來自這個區隔的機車數量將達到數千台，甚至在2026年可能接近10,000名訂戶。

We start with the OEM, but now we expand it to the retail market after we get more confidence, and we have more to show to the retail market after Yamaha and BMW. And as always, I also believe that we will add more motorcycle producer, international producers during this year and the next year.

我們從OEM開始，但現在在更有信心之後，我們把它擴展到零售市場；在 Yamaha 與 BMW 之後，我們也有更多成果可以向零售市場展示。而且一如既往，我也相信在今年與明年，我們會新增更多機車製造商、國際製造商。

Awesome, thank you for taking my question. That's all from me.

太好了，謝謝回答我的問題。我這邊就到這裡。

Derek Greenberg, Maxim Group.

Maxim Group 的 Derek Greenberg。

Hey guys, thanks for taking my questions. I know it's still a little early as you expect commercialization towards the end of the year. But I was wondering if you could help just walk through maybe what you would expect the economics to look like for the new big data and credit carbon products you're rolling out.

各位好，謝謝讓我提問。我知道現在可能還稍早，因為你們預期在年底左右開始商業化。但我想請你們協助說明一下，你們即將推出的新大數據與碳權產品，其經濟模型大概會是什麼樣子。

Maybe just in terms of on big data, maybe what like deal sizing and contract terms could potentially look like? And then on credit carbon, maybe just the economics for drivers, EV drivers in terms of the additional benefits they gain from the product.

例如在大數據方面，交易規模與合約條款可能會是什麼樣子？另外在碳權方面，對駕駛人、電動車（EV）駕駛而言，從產品中可獲得的額外利益，其經濟效益大概如何？

Since we are very optimistic and we see the reaction, I wouldn't come with any guidance because it can be not realistic or not serious that we will do it.

由於我們非常樂觀，也看到市場反應，我不會提出任何指引，因為那可能不切實際，或我們這樣做不夠嚴謹。

It's like new start-ups among our business. But it's a start-up that are done by a very big or the largest telematics company in the world. So we will continue to use our connections, our brand, our infrastructure in every country that we work.

這就像是在我們業務之中的新創。但這個新創是由一家非常大、或是全球最大的車聯網（telematics）公司所推動。因此，我們將持續運用我們在各個營運國家的連結、品牌與基礎設施。

And I must say that it -- for example, the credit carbon, once we start to commercialize it, we are talking about situation where, for example, taxi drivers or truck drivers or truck companies can get with Ituran solution additional revenues.

我必須說，舉例來說，碳信用額度一旦開始商業化，我們談的是一種情境：例如計程車司機或卡車司機或卡車公司，透過 Ituran 的解決方案可以獲得額外收入。

So they have a totally interest to come and put our solution because just as an example, if I can give a truck driver per truck on an average mileage, something like EUR200, EUR250, EUR300 a month from emitters through a worldwide or European broker, why should they give up for it?

因此，他們完全有動機來安裝我們的解決方案；因為只是舉例，如果我能讓一位卡車司機以每輛卡車、按平均里程計算，透過全球或歐洲的經紀商，從排放方那裡每月拿到大約 200 歐元、250 歐元、300 歐元，那他們為什麼要放棄呢？

Or if I'm in Brazil, giving kind of Uber type of company, the drivers to get additional income, additional resource of revenue, that without me, they cannot get it while they drive an electric vehicle. So I think that the request is going to be tough but there is questions.

或者如果我在巴西，讓某種類似 Uber 的公司之司機在駕駛電動車時獲得額外收入、額外的營收來源；沒有我，他們是拿不到的。所以我認為需求會很嚴格，但也確實存在一些問題。

First of all, it's new to the world.

首先，這對全世界來說是新的。

This is the first time, except in some smaller market in the world where people get money for non accurate information, not regulatory, the rest of the world required a very, very tough regulatory to approve credit for emitters. So at that case, I think that the request should be tough.

這是第一次（除了世界上一些較小的市場，人們因為不精準、非監管的資訊而拿到錢之外），世界其他地方都要求非常、非常嚴格的監管，才能核准給排放方的信用額度。因此在那種情況下，我認為要求確實應該很嚴格。

No one, no one up until now didn't show it to the world how EV drivers can get money just for drive. for example, take a taxi driver that doesn't have a client and he just drive from place to place, he get money. So I think that this is something that can be big. But still, it's not yet on a commercialized place.

到目前為止，沒有人、沒有人向世界展示過電動車駕駛只要開車就能拿到錢。比如說，一位沒有載客的計程車司機，只是從一個地方開到另一個地方，他就能拿到錢。所以我認為這可能會很大。但目前仍未進入商業化階段。

So I don't want just to come and through numbers. But it can be something with high contribution. But again, it will take time. It will take time to market it, to stabilize it, et cetera.

所以我不想只是丟出一些數字。但它可能會是高貢獻的項目。不過再說一次，這需要時間。需要時間去推向市場、讓它穩定下來等等。

The same is the rental -- remote rental company in the US. US is a huge market, but we are not -- as Ituran, we are conservative. We are not starting with tens of millions of dollars of marketing, et cetera. We go step by step with strategic partners in the US and I believe that we'll do it.

美國的租賃——遠端租賃公司也是一樣。美國是個巨大的市場，但我們——作為 Ituran——是保守的。我們不會一開始就投入數千萬美元的行銷等等。我們會在美國與策略夥伴一步一步來，我相信我們會做到。

Regarding the big data, we already start to sell data in Israel, mainly to governmental like road operators, like road accident authorities, et cetera.

關於大數據，我們已經開始在以色列銷售數據，主要是賣給政府單位，例如道路營運單位、道路事故主管機關等等。

We -- up until now, we charge a few, let's say, hundreds of thousands of dollars for pilot, only one pilot, but I believe that this will continue and will support our results. But again, I don't want anyone to wait for a major contribution in 2026.

到目前為止，我們對一個試點（僅一個試點）收取了幾十萬美元左右的費用，但我相信這會持續並支撐我們的業績。但再說一次，我不希望任何人期待 2026 年會有重大貢獻。

Okay, got it. That's really helpful. And then in terms of -- could you maybe just quantify the FX impact you saw this year and maybe what you're expecting for next year?

好的，了解。這真的很有幫助。接著就——你能否量化一下你們今年看到的匯率（FX）影響，以及你們對明年的預期？

Yes. I will ask Udi to answer it. It has the pages. Udi?

可以。我會請 Udi 來回答。他那邊有資料頁。Udi？

Yes. Can you repeat the question, please?

是的。可以請你重複一下問題嗎？

Just on the FX impact to the business in '25 and then maybe expectations in '26.

就是 2025 年匯率對業務的影響，以及可能對 2026 年的預期。

So I'll start with the future. I mean it's really hard to say what will be the FX in '26 due to all the parameters that can change or affect the FX. Regarding '25, I would say that about -- if we look at the annual basis, I mean, the FX in the EBIT, for example, was about between $1 billion to $1.5 billion. This is more or less.

那我先從未來談起。我的意思是，由於所有可能改變或影響匯率的參數，真的很難說 2026 年的匯率會如何。至於 2025 年，我會說大約——如果以全年來看，例如在 EBIT 上的匯率影響大約在 10 億美元到 15 億美元之間。大致如此。

Okay. Got it. And then my last question is just with everything that's going on, I was wondering with just geopolitically and the war, if you're expecting any potential disruptions to your business or any maybe supply chain issues or just how you view the situation?

好的。了解。那我最後一個問題是，考量目前發生的一切，我想問在地緣政治與戰爭方面，你們是否預期業務會有任何潛在中斷，或任何供應鏈問題，或你們如何看待這個情勢？

Since we -- unfortunately, for many years, we get used to this situation. So there is -- I think I will divide my answer to two. First of all, there is a major part of our business revenues and profits comes out of the Middle East. So this is, of course, never was influenced by that.

因為我們——不幸地——多年來已經習慣這種情況。所以——我想我會把答案分成兩部分。首先，我們業務的收入與獲利有很大一部分來自中東。因此，這當然從來沒有受到影響。

And regard our operation in Israel, which, of course, it's a major operation, it's not nothing; as you may be heard from today, the market in Israel also already -- I mean, not the stock market, I mean, the commercial life in Israel also back to get authorization to work half a day.

至於我們在以色列的營運，當然這是主要營運之一，不是小事；如同你們今天可能聽到的，以色列的市場也已經——我的意思是，不是股市，我指的是以色列的商業活動——也已恢復到獲准半天上班。

But up until now, of course, the last three or four days, the market was shut down. But those was anyway a holiday, a Jewish holiday that in any case, it was in the diary day offs for car dealers, insurance, et cetera.

但截至目前，當然，過去三、四天市場是關閉的。不過那本來就是假期，是猶太節日，無論如何本來就已經排在行事曆上，對車商、保險等都是休假日。

So currently, we don't see damage or nothing majority. In the past, in June, for example, of course, there was about 12 days in the last war where car dealers in Israel were shut down. So after those 12 days, we cover the gap or those dealers cover the gap in the next month or two.

所以目前我們沒有看到損害或任何重大影響。過去例如在 6 月，當然，在上一場戰爭中，以色列的車商曾關閉大約 12 天。而在那 12 天之後，我們補上了缺口，或那些經銷商在接下來一到兩個月補上了缺口。

So overall, with our experience in the past, with what's happening in Israel today and with the situation that we get used to, I don't believe there will be any major influence on the 2026 results. It might move one month or two weeks from month-to-month kind of volatility, but no more than that, as I expect.

因此整體而言，根據我們過去的經驗，對於今天以色列正在發生的事情，以及我們已經習慣的情況，我不認為會對 2026 年的業績造成任何重大影響。可能會出現一到兩週或一個月的月與月之間的波動，但我預期不會超過這個程度。

Okay. Got it. That's helpful. All right. Well, thanks for taking my questions.

好的。了解。這很有幫助。好。謝謝你回答我的問題。

Eric Gregg, Four Tree Advisory.

Eric Gregg，Four Tree Advisory。

I'm here.

我在。

Oh great, okay.

喔太好了，好的。

Okay. Great. First of all, tremendous results, and we hope you all stay safe through this situation. If you could tease out the big data, initiative sounds very interesting. Can you tease out a little bit more there beyond just some of the use cases in terms of how you think your data could be used for various different initiatives?

好的。太好了。首先，成果非常亮眼，也希望你們在這種情況下都能平安。如果你能再多談一點大數據這個計畫，聽起來非常有意思。除了目前提到的一些使用案例之外，你能否再多拆解一下，你認為你們的數據可以如何用於各種不同的計畫？

I understand the road accident, maybe the road repair maybe for civic uses. But are there other things you think you could be using the big data for? Yes. And I have another.

我理解道路事故，也許道路維修、也許是市政用途。但你覺得還有其他你們可能把大數據用在的事情嗎？是的。我還有另一個問題。

So I will answer first and then you ask your second question. So first of all, just to illustrate one deal that we already did in Israel, the road authorities want to know where most of the trucks arriving between specific hours along the evening to create parking lots for nights around the country.

所以我會先回答，然後你再問第二個問題。首先，為了說明我們在以色列已經做過的一筆案子，道路主管機關想知道在傍晚特定時段之間抵達的卡車大多集中在哪裡，以便在全國各地規劃夜間停車場。

So they wanted to get 1 month of movement of trucks in the country and find the most traffic places. And they asked to do it for a month, historically, of course.

因此他們希望取得全國卡車一個月的移動軌跡，並找出交通最繁忙的地點。而且他們要求做一個月的歷史資料，當然。

So they paid for it. And of course, in less than one second, we had this raw data get into customized data for them. And for that only, we charge a few hundreds of thousands of dollars, only for that.

所以他們為此付費了。當然，不到一秒鐘，我們就把這些原始資料轉成為他們量身打造的資料。而光是這一項，我們就收了數十萬美元，只是為了這個。

Now we have, for example, now potential fees for entering cities from highways. And this, which is a nationwide project in Israel. And for that, they need a lot of data for those movements, those traffic from highways to the gates of municipal and central of cities.

現在例如，以色列正在討論從高速公路進入城市可能要收取費用。而這是一個全國性的專案。為此，他們需要大量關於這些移動、這些從高速公路到各城市市政入口與市中心閘門的交通流量資料。

Like today, if you know in London, local British, they paid money when they get with the car inside London. So for that, there is need for a lot of data.

就像今天你如果知道倫敦，英國當地人開車進入倫敦市區時要付費。所以為此就需要大量資料。

So this is something that we are almost the only one in the country that has so big and so accurate data. And of course, this will lead to, I believe, to much more larger deal with those governmental office. This is from a governmental point of view.

因此，這是我們幾乎是全國唯一擁有如此龐大且如此精準資料的業者。當然，我相信這將促成與這些政府機關更大規模的交易。這是從政府角度來看。

But let's think about approach that we have from commercial malls that want to know, for example, specific hours a day, how many cars valued more than $50,000 are driving in order to customize advertisement and coupon for specific high-end shops? They're willing to pay for that.

但我們也可以從商業角度思考，例如商場想知道一天中特定時段，有多少價值超過5萬美元的車在行駛，以便為特定高端店家量身打造廣告與優惠券？他們願意為此付費。

Everything should be anonymous, of course, because we are according to the -- all the regulation of anonymous. But the data itself is something that for us, exists almost for 30 years.

當然，一切都必須匿名，因為我們遵循所有匿名化的相關法規。但就資料本身而言，對我們來說幾乎已經存在了30年。

Up until a year ago, we didn't do anything with that because the market and the technology and our AI capabilities was not enough to customize it, but to customize it with low cost.

直到一年前，我們都沒有用它做任何事，因為市場、技術以及我們的AI能力還不足以把它客製化，至少無法以低成本完成客製化。

Today, that's what we developed and that's what we offer. And really, the potential customers are across all the segments, as I said, governmental, commercial.

而今天，這正是我們所開發、也是我們所提供的。而且如我所說，潛在客戶橫跨所有領域，包括政府、商業。

Car dealers, they want to know in which area in the country -- because people sell their car to a second and then they buy again.

汽車經銷商也一樣，他們想知道全國哪些區域——因為人們把車賣掉之後，之後又會再買車。

We realized for one of the car dealers in Israel that only one third of the people that sell the car come back to him. He want to issue to all of his client campaign and sales on a specific time that they sell their car and he doesn't know anymore after they sold it once.

我們替以色列某家汽車經銷商分析後發現，只有三分之一賣車的人會回到他那裡。他想在客戶賣車的特定時間點，對所有客戶發起行銷活動與促銷，但客戶一旦賣過一次車之後，他就不知道他們後續的動向了。

So there are many, many aspects. We have a technology. We have today a software that know how to get the raw data in and bring out customized data upon any request, any request. So this is an example for a big data product that we're going to charge for. And we talk with everybody today.

所以有很多很多面向。我們有技術。我們現在有一套軟體，知道如何把原始資料匯入，並依任何需求、任何需求輸出客製化資料。所以這就是我們將要收費的一個大數據產品例子。而我們目前也正在和所有人洽談。

That's tremendous. That's very helpful. Second is on capital allocation. You -- if you take consensus estimates that based on these very strong Q4 results, I think, are going to be going higher. Net of your cash position, you trade at less than 13x forward earnings, which is less than what your growth rate of services was in Q4.

那太驚人了。非常有幫助。第二個問題是關於資本配置。如果你採用市場一致預估，基於第四季非常強勁的結果，我認為預估值會上修。扣除你的現金部位後，你的交易估值不到13倍的預估本益比，這甚至低於你第四季服務業務的成長率。

And as your growth keeps on accelerating, kind of a peg of less than one, which is very inexpensive. So the question is, it's great how generous you've been with shareholders in terms of dividends and the special dividend. But why aren't you emphasizing stock repurchase more versus the dividends here, given how cheap you seem to be?

而且隨著你的成長持續加速，PEG不到1，顯得非常便宜。所以問題是，你在股利與特別股利方面對股東非常慷慨，這很好。但鑑於你看起來這麼便宜，為什麼你不更強調庫藏股回購，而是相對更偏向發放股利？

So practically, when we do only this -- so investors ask why not this? You may be right, but it runs volume will grow in the last 12, 15 months.

所以實務上，當我們只做這個——投資人就會問為什麼不做那個？你可能是對的，但過去12到15個月成交量確實有成長。

The volume in the market is low. And we don't want by going with $30 million or $50 million to the market a year to create -- to shrink the volume because one of the interesting for the shareholders is the volume. So this is kind of -- we find a balance between dividend and shares repurchase project.

市場的成交量偏低。而我們不希望每年拿3,000萬或5,000萬美元進市場，反而造成——讓成交量縮小，因為對股東而言，有趣的一點之一就是成交量。所以這有點——我們在股利與回購計畫之間尋找平衡。

And as you see in the past and even now, every month, or better to say every quarter when we have a discussion -- Board discussion about it; we check it again and we take a new decision.

而且如你所見，過去如此、現在也是如此，每個月，或者更準確地說每一季，當我們進行討論——董事會討論時；我們都會再檢視一次，並做出新的決定。

But I totally accept what you say, but we have to balance and this is the current decision of the Board and as we did in the past, this might grow. We look on the volume. We get advice with some brokers and bankers, how it can influence and we do as best at the moment that we can.

但我完全接受你說的，不過我們必須取得平衡，這就是董事會目前的決定；而且如同我們過去所做的，這個比例未來可能會提高。我們會看成交量。我們也會向一些券商與銀行家徵詢建議，了解可能的影響，並在當下盡我們所能做出最佳決策。

Okay, thank you for that clarity. Appreciate it.

好的，謝謝你說得這麼清楚。感謝。

Evan Tindell, Bireme Capital.

Evan Tindell，Bireme Capital。

Hi, yes, thanks for taking my question. Just a quick comment, if you don't mind, one second on the buyback issue and volume.

嗨，是的，謝謝讓我提問。如果你不介意，我想先快速補充一句，關於回購與成交量的議題，只要一秒鐘。

My personal advice as a shareholder is don't listen to the shareholders or the bankers that tell you that volume is a big problem because I think there's research that shows that actually, if you have a buyback in place, it actually can increase the volume in the stock, even though you're shrinking the float if the price goes up and the valuation is more reasonable, that can actually bring volume and interest into the company.

我以股東身分的個人建議是，不要聽那些股東或銀行家跟你說成交量是大問題，因為我認為有研究顯示，實際上如果你有回購計畫，即使你在縮減流通股數，只要股價上漲、估值更合理，反而可能提高股票的成交量，並為公司帶來成交量與關注度。

So I would just say maybe don't listen to those people and go ahead and buy back the stock if that's what you think is the right thing to do based on the valuation. So sorry for that aside. Sorry for that.

所以我只是想說，也許不要聽那些人的，若你認為基於估值回購股票是正確的事，就去做。抱歉我插題了。抱歉。

But no comment.

不予置評。

Okay yeah, I'd say just do based on what you think the value of the stock is in the open market versus the fair value. But okay. Can you talk about competition in both Brazil -- and I know in Israel, there's not much competition, but can you just talk about the state of your competitors in both markets in terms of market share and pricing and kind of competitive positioning and things like that?

好的，是的，我會說就依你認為股票在公開市場的價格相對於其公允價值的差距來決定。好。你能談談巴西的競爭情況嗎——我知道在以色列競爭不多，但你能否談談你在兩個市場的競爭對手現況，包括市占率、定價，以及競爭定位之類的？

Okay. So first of all, as you said regarding shares, I will tell you regarding competition. We have a very strong competition also in Israel, but we win it. And this is totally different than no competition. Pointer is in the market more or before it run, this is the main competitor.

好的。首先，正如你提到的關於市占率，我先談談競爭。我們在以色列也面臨非常激烈的競爭，但我們贏了。而這與「沒有競爭」是完全不同的情況。Pointer 在市場上的時間更久或更早進入，這是主要競爭對手。

And along the years, we succeed to gain more and more market share and then what we do today. But in order to keep and gain this market share more and more, in Israel, it's a very -- we have to be the best every day.

而且多年來，我們成功取得越來越多的市占率，這也反映在我們今天所做的事情上。但為了在以色列持續維持並進一步提升市占率，我們必須每天都做到最好，因為那裡的競爭非常——

And this is why we develop more and more technology, why we have to have more recovery rates -- better recovery rate, et cetera, because for insurance companies and for car dealer to change is a day because they want better results, they want better solution, they want their customers to be satisfied.

這就是為什麼我們不斷開發更多技術、為什麼我們必須有更高的尋回率——更好的尋回率等等；因為對保險公司與車商而言，改變供應商只需要一天，因為他們想要更好的成果、更好的解決方案，也希望他們的客戶滿意。

So we have an everyday competition. But 30 years, we succeed to win and gain market share. This is regard Israel regard Brazil, I think that it's almost the same. The market is much bigger. The size of Brazil is much bigger.

所以我們每天都在競爭。但在過去 30 年，我們成功勝出並提升市占率。這是以色列的情況；至於巴西，我認為幾乎也是一樣。市場大得多。巴西的規模也大得多。

There are specific geographies in Brazil, in the north, in the Amazonas area, where there are some small companies that might have some subscribers. But when you talk about the main commercial area in Brazil, which is Sao Paulo state, Rio de Janeiro, Brasilia and all the main urban areas we are also, I think, controlling the telematics market, we are the main provider.

巴西有一些特定地區，例如北部的亞馬遜地區，那裡有一些小公司可能擁有一些訂戶。但當你談到巴西主要的商業區，也就是聖保羅州、里約熱內盧、巴西利亞以及所有主要都會區時，我認為我們也在掌控車聯網（telematics）市場，我們是主要供應商。

And what's happened in the last two years, and I believe that we will show it this year and later, we also see in the B2B market, customers like leasing companies, like big fleets that even they try our competitor now they change their supplier to Ituran.

而在過去兩年發生的事情——我相信我們今年以及之後也會展現出來——我們也看到在 B2B 市場中，像租賃公司、像大型車隊這類客戶，即使他們現在嘗試過我們的競爭對手，也會把供應商改成 Ituran。

So the situation in Brazil is that we're also gaining more and more market share. In the telematics business, I think that we are the largest and the situation is very close to Israel.

所以巴西的情況是，我們也在取得越來越多的市占率。在車聯網業務方面，我認為我們是最大的，而整體情況與以色列非常接近。

The competitive landscape is bigger. I mean there are more competitors than in Israel, but the market is also more -- the geography is bigger. But I think that overall, in the ongoing new subscribers in the telematics industry, we are the one that's adding the major portion of those subscribers.

競爭版圖更大。我的意思是，競爭對手比以色列更多，但市場也更——地理範圍更大。但我認為整體而言，在車聯網產業持續新增的訂戶中，我們是新增占比最大的那一家。

Okay. And I have one more question. On the fleet business, I know you also have a fleet business where you sell to fleets. It seems like the leaders in that business, whether it's Samsara or Geotab, I'm thinking of Geotab mostly; they really have built out their kind of the software suite and the integration with other providers and things like that to go with their telematics platform for fleet owners.

好的。我還有一個問題。關於車隊業務，我知道你們也有一個車隊業務，會把產品賣給車隊客戶。看起來該領域的領導者，不論是 Samsara 或 Geotab——我主要想到的是 Geotab——他們確實建立了一整套軟體套件，以及與其他供應商的整合等，來搭配他們提供給車隊主的車聯網平台。

And I'm just wondering, like how much thought and effort you guys put into thinking about trying to match that capability over time to make your product more competitive in the fleet segment? Because it seems like that could be a pretty -- that's going to be a really big market over time.

我只是想了解，你們在思考並投入多少心力，去嘗試隨時間推進而匹配那種能力，讓你們的產品在車隊細分市場更具競爭力？因為看起來那可能會是相當——而且長期來看會是一個非常大的市場。

The main difference, if you mentioned Samsara and Geotab, the main difference is the market that we choose to go to. If I put aside Samsara, was their video solution that we're adding it from a third parties today or in the last two years, but Geotab is mainly focused in the European market and other markets.

如果你提到 Samsara 和 Geotab，主要差異在於我們選擇進入的市場。如果先不談 Samsara——他們的影像解決方案我們目前是透過第三方在導入，這是今天或過去兩年做的——但 Geotab 主要聚焦在歐洲市場以及其他市場。

But in Latin America, specifically in Mexico and Brazil, when we consider market share; it run as larger market share in fleet management.

但在拉丁美洲，特別是在墨西哥與巴西，若以市占率來看；Ituran 在車隊管理方面擁有更大的市占率。

In Israel, totally -- this is totally right. So I think that the most differentiated issue is that Samsara, mainly in the US, it ran from beginning, we didn't start to go to lion caves to fight with companies that put billions of dollars in order to penetrate markets, and we went to the market where we are strong, when we have brand, when we have relationship.

在以色列，完全——這完全正確。所以我認為最具差異化的一點是：Samsara 主要在美國；從一開始，我們就沒有去「獅子洞」裡跟那些為了滲透市場而投入數十億美元的公司正面交鋒；我們選擇進入我們強勢的市場——我們有品牌、我們有關係的市場。

So from a technological point of view, and if you will judge our technology as a fleet manager, I'm totally sure that you will see state-of-the-art solution, not one single point under Geotab or Samsara. It's only the markets.

所以從技術角度來看，如果你以車隊管理者的角度來評估我們的技術，我非常確定你會看到最先進的解決方案，在任何一個點上都不會輸給 Geotab 或 Samsara。差別只在市場。

We didn't went to Europe, we didn't went to the US. We are very focused on Israel and Latin America. And currently, that's what we do.

我們沒有去歐洲，也沒有去美國。我們非常專注在以色列與拉丁美洲。而目前，這就是我們在做的事。

In the future, if we will decide to go to other geographies, probably we will do it based on acquisition. We will not start from scratch.

未來如果我們決定進入其他地理區域，我們可能會以併購為基礎來做。我們不會從零開始。

Okay, thank you.

好的，謝謝。

We'll now try and go back to Chris Reimer from Barclays. Chris, are you able to talk? We can't hear you, Chris.

我們現在嘗試回到 Barclays 的 Chris Reimer。Chris，你可以說話嗎？我們聽不到你，Chris。

Maybe you will approach us not in this platform.

也許你可以不要用這個平台與我們聯繫。

I can't hear you. Sorry. Chris, we'll speak to you offline. That ends our question-and-answer session. The call will be available on Ituran's website in the next day for download. Other than that, Eyal, please make your concluding statements.

我聽不到你。抱歉。Chris，我們會線下再跟你聯繫。問答環節到此結束。本次電話會議將於明天在 Ituran 的網站上提供下載。除此之外，Eyal，請做結語。

Okay, no problem.

好的，沒問題。

Thank you, Kenny. On behalf of the management of Ituran, I would like to thank you, our shareholders, for your continued interest and long-term support of our business. We look forward to continuing our accomplishments over the next decade. If you are interested in meeting or speaking with us, feel free to reach out to our Investor Relations team. And with that, we end our call. Have a good and safe day. Thank you very much.

謝謝你，Kenny。我謹代表 Ituran 管理團隊，感謝各位股東持續關注並長期支持我們的業務。我們期待在未來十年持續延續我們的成果。如果各位有興趣與我們會面或交流，歡迎聯繫我們的投資人關係團隊。至此，我們結束本次電話會議。祝各位有個美好且平安的一天。非常感謝。