ITT Inc (ITT) 2025 Q4 法說會逐字稿

(technical difficulty), 2026. Today's call is being recorded and will be available for replay beginning at 12:00 p.m. Eastern time. (Operator Instructions). It is now my pleasure to turn the floor over to Carlene Salvage, Vice President, Investor Relations and FPNA. You may begin.

（技術難題），2026 年。今天的電話會議正在錄音，將於美國東部時間下午 12 點開始提供回放。（操作說明）現在我很高興將發言權交給投資者關係和 FPNA 副總​​裁卡琳·薩爾瓦格。你可以開始了。

Thank you, Gigi, and good morning. Joining me in Stamford today are Luca Savi, ITT's Chief Executive Officer and President; and Emmanuel Caprais, Chief Financial Officer. Today's call will cover ITT's financial results for the 3 and 12 months periods ended December 31, 2025, which we announced this morning.

謝謝你，吉吉，早安。今天與我一同來到史丹福的有 ITT 執行長兼總裁 Luca Savi 和財務長 Emmanuel Caprais。今天的電話會議將涵蓋 ITT 截至 2025 年 12 月 31 日的 3 個月和 12 個月期間的財務業績，我們今天早上公佈了這些業績。

Please refer to Slide 2 of the presentation available on our website, where we note that today's comments will include forward-looking statements that are based on our current expectations. Actual results may differ materially due to several risks and uncertainties, including those described in our 2024 annual report on Form 10-K and other recent SEC filings.

請參考我們網站上提供的簡報第 2 頁，其中我們指出，今天的評論將包含基於我們目前預期的前瞻性陳述。實際結果可能因多種風險和不確定因素而與預期有重大差異，包括我們在 2024 年 10-K 表格年度報告和其他近期提交給美國證券交易委員會的文件中所述的風險和不確定因素。

Except where otherwise noted, the fourth quarter and full year results we present this morning will be compared to the fourth quarter and full year 2024 and include certain non-GAAP financial measures. The reconciliation of such measures to the most comparable GAAP figures are detailed in our press release and in the appendix of our presentation, both of which are available on our website. With that, it is now my pleasure to turn the call over to Luca, who will begin on Slide 3.

除另有說明外，我們今天上午公佈的第四季度和全年業績將與 2024 年第四季度和全年業績進行比較，並包括某些非 GAAP 財務指標。這些措施與最可比較的 GAAP 資料的核對詳情已在我們的新聞稿和簡報附錄中列出，這兩份文件均可在我們的網站上查閱。接下來，我很高興將電話交給盧卡，他將從第 3 張投影片開始。

Thank you, Carleen, and good morning. Before we begin, I want introduce Carleen Salvage, our new Vice President of Investor Relations and Financial Planning and Analysis. Carleen brings extensive experience in financial and operational leadership and is returning to ITT, where she spent over nine years in roles of increasing responsibility, culminating in the position of Vice President and CFO of Industrial Process.

謝謝你，卡琳，早安。在正式開始之前，我想先介紹我們新投資者關係、財務規劃和分析副總裁卡琳·薩爾瓦格。卡琳在財務和營運領導方面擁有豐富的經驗，她將重返 ITT，此前她曾在 ITT 工作九年多，擔任職責不斷提升的職位，最終擔任工業流程副總裁兼首席財務官。

In our new expanded role at ITT, Carleen will lead our global IR and FP&A organization, driving ITT's performance and continuing to provide compelling communication of our long-term value proposition. Welcome, Carleen.

在 ITT 新的擴展職位上，Carleen 將領導我們的全球投資者關係和財務規劃與分析部門，推動 ITT 的業績，並繼續有力地傳達我們的長期價值主張。歡迎你，卡琳。

We're very happy to have you back. I would like to thank both our existing and new shareholders for participating in the equity raise we completed in December to fund the pending SPX FLOW acquisition. We are grateful for your support, and we will work hard to make this acquisition a success.

我們非常高興您回來。我要感謝我們現有的和新的股東參與了我們在 12 月完成的股權融資，以資助即將進行的 SPX FLOW 收購。我們感謝您的支持，並將努力確保此次收購成功。

Finally, I'm also deeply grateful to our ITTers for their contributions in 2025. And a year that marked a milestone in the execution of our long-term strategy.

最後，我也衷心感謝我們的 ITT 成員在 2025 年所做的貢獻。這一年標誌著我們長期策略執行的里程碑。

I'm humbled by what you have accomplished. Now to the results. The dominant theme of the year was growth and we delivered growth across every metric outlined at Capital Markets Day, revenue, margin, cash, orders and all these compounded with M&A. Let's get into 2025 financial highlights. We grew revenue 8% in total and 5% organically.

你的成就令我敬佩不已。現在公佈結果。今年的主題是成長，我們在資本市場日概述的每項指標上都實現了成長，包括收入、利潤率、現金、訂單，所有這些都與併購密切相關。讓我們來看看2025年的財務亮點。我們總收入成長了 8%，其中 5% 為有機成長。

We grew EPS 14% or 18% excluding the $0.16 impact from the Walgreen divestiture and the $0.03 dilutive impact from the equity offering related to the Svanehj acquisition. We grew operating income 11% and expanded margin by 40 basis points to 18.2%.

我們每股收益成長了 14%，若不計沃爾格林剝離帶來的 0.16 美元影響以及與 Svanehj 收購相關的股權發行帶來的 0.03 美元稀釋影響，則增長了 18%。我們的營業收入成長了 11%，利潤率提高了 40 個基點，達到 18.2%。

In addition, our recent acquisitions, Svanehj and kSARIA both expanded margins compared to prior year. The fourth quarter was equally strong. ITT hit a milestone with orders and revenue both exceeding $1 billion for the very first time.

此外，我們最近收購的 Svanehj 和 kSARIA 兩家公司都提高了利潤率，與前一年相比有所增長。第四節的表現同樣出色。ITT 創下里程碑式的成就，訂單和收入均首次超過 10 億美元。

Orders grew 15% or 9% organic. Specifically, CCT grew an outstanding 40% organic with equal contribution from our legacy business and from kSARIA. Revenue grew 13% or 9% organic. Of note, both IP and CCT grew more than 11% organically. Operating margin grew 90 basis points to 18.4%, with all segments expanding versus prior year.

訂單量增加了 15%，其中 9% 為自然成長。具體來說，CCT 實現了 40% 的出色有機成長，這主要得益於我們原有業務和 kSARIA 的共同貢獻。營收成長13%，其中9%為有機成長。值得注意的是，IP 和 CCT 的有機成長率均超過 11%。營業利益率成長90個基點至18.4%，所有業務板塊均較前一年成長。

EPS of $1.85 grew 23% and 26% excluding the dilutive impact of the equity raise to fund the pending SPX FLOW acquisition. I would also like to take a moment to underscore our cash performance in 2025. We grew free cash flow to over $550 million, up 27%. Free cash flow margin of 14% was up to 100 basis points. Cash conversion was well over 100.

每股收益為 1.85 美元，增長了 23%，若不計入為收購 SPX FLOW 而進行的股權融資的稀釋影響，則增長了 26%。我還想藉此機會重點介紹一下我們 2025 年的現金流表現。我們的自由現金流成長至超過 5.5 億美元，成長了 27%。自由現金流利潤率從 14% 提高了 100 個基點。現金轉換率遠超過100%。

And during the year, we put this cash to work, investing in productivity, growth and innovation as well as deploying $500 million to repurchase shares early in 2025. Now turning to drivers of future growth. We grew orders 10% to $4 billion, up 5% organically.

今年，我們利用這筆資金，投資生產力、成長和創新，並於 2025 年初投入 5 億美元回購股票。現在來談談未來成長的驅動因素。訂單額成長了 10%，達到 40 億美元，其中 5% 為自然成長。

Backlog ended at $1.9 billion, up 18% year-over-year. We continue to look for ways to elevate our commercial performance and win market share in all our businesses.

積壓訂單總額為 19 億美元，較去年同期成長 18%。我們將繼續尋找提升商業業績和在所有業務領域贏得市場份額的方法。

Earlier this year, we held our first sales conference, where the ITT sales team spent two days together in the Middle East to review our performance, hear from our customers, learn from various speakers and strategize to win and conquer in 2026 and beyond.

今年早些時候，我們舉辦了第一次銷售大會，ITT 銷售團隊齊聚中東，進行了為期兩天的會議，回顧了我們的業績，聽取了客戶的意見，向多位演講者學習，並製定了在 2026 年及以後贏得勝利和取得成就的戰略。

Looking at our investments in new products, by their inflow and high performance in friction will continue to feed the growth in previously unaddressed market. And the pending acquisition of SPX FLOW, the largest in recent ITT history will be a significant accelerator as we focus on a higher growth, higher margin flow business.

從我們對新產品的投資來看，其流入量和在摩擦方面的高性能將繼續推動以前未開發的市場的成長。即將完成的 SPX FLOW 的收購是 ITT 近年來規模最大的收購，這將大大加速我們專注於更高成長、更高利潤率的流動業務。

On SPX FLOW, we still expect to close the transaction in March. Let me share a few highlights on the performance for 2025. Total orders grew in the mid-teens for the full year driven by strength in the Nutrition & Health segment and in mixers.

在 SPX FLOW 上，我們仍然預計在 3 月完成交易。讓我來分享一下2025年業績的一些亮點。全年總訂單量成長了兩位數以上，主要得益於營養與健康品類及攪拌機品類的強勁表現。

Backlog was up in the high teens with a book to be comfortably above one. EBITDA margin was in line with our expectations with significant runway for expansion driven by volume growth, pricing, operational efficiencies and synergies.

積壓書籍數量已超過十幾本，其中至少有一本書的數量超過一本。EBITDA 利潤率符合我們的預期，由於銷售成長、價格上漲、營運效率提高和協同效應，仍有很大的擴張空間。

On the integration front, our teams are preparing for day one readiness. We're identifying best practices to deploy and defining priorities and integration must have.

在整合方面，我們的團隊正在為第一天的就緒做好準備。我們正在確定部署的最佳實踐，並定義優先順序和整合必須具備的條件。

We are currently defining the future organizational structure and aligning on performance measures to ensure clear and effective accountability and delivery. We are also very happy to have secured many key leaders from SPX FLOW ahead of closing.

我們目前正在確定未來的組織結構，並制定績效衡量標準，以確保清晰有效的問責制和績效交付。我們也非常高興在交易完成前成功招募了 SPX FLOW 的許多關鍵領導人。

We are fully engaged for the long-term success of this new platform. And from a synergy standpoint, expected savings related to G&A are on track. We continue to identify further procurement synergies, and we are evaluating footprint and best cost country opportunities to plan for seamless execution, leveraging SPX FLOW size in Poland and China.

我們全力以赴，致力於這個新平台的長期成功。從綜效的角度來看，與一般及行政費用相關的預期節省正在按計劃進行。我們將繼續尋找進一步的採購綜效，並評估佈局和最佳成本國家的機會，以便規劃無縫執行，利用 SPX FLOW 在波蘭和中國的規模。

Let's return to ITT on Slide 4. I would like to talk about the incredible work our sales and engineering teams have done this past year to win in the marketplace and ensure we sustain the high single-digit growth ITT delivered over the past five years.

讓我們回到投影片 4 中的 ITT。我想談談我們的銷售和工程團隊在過去一年中為贏得市場、確保我們保持 ITT 在過去五年中實現的高個位數成長所做的出色工作。

As we discussed during Capital Markets Day, we're focused on delivering growth organically and through M&A. On the organic front, I want to highlight three specific platforms for growth. Flow.

正如我們在資本市場日上所討論的那樣，我們專注於透過內生成長和併購來實現成長。在有機成長方面，我想重點介紹三個具體的成長平台。流動。

What honestly started an opportunistic award in the carbonization in Australia has grown into an approximately $50 million win for our bond multiphase pumps. Bornemann technological superiority convince the customer to source sources on the entire project, consisting of three expansion phases. We shipped the first system in Q3 of 2025 and we delivered a follow-on system in 2026 and 2027.

最初只是澳洲碳化領域的機會性獎項，沒想到卻發展成了我們邦德多相泵價值約 5000 萬美元的獎金。Bornemann 的技術優勢讓客戶相信，整個專案（包括三個擴建階段）的資源都來自 Bornemann。我們在 2025 年第三季交付了第一套系統，並在 2026 年和 2027 年交付了後續系統。

Great job and Bornemann. In Latin America, we are supporting Argentina's oil production ramp and our BB3 pumps were chosen for one of the largest unconventional oil reserves outside of North America.

幹得好，博內曼。在拉丁美洲，我們正在支持阿根廷提高石油產量，我們的 BB3 泵被選中用於北美以外最大的非常規石油儲量之一。

This was thanks to the perseverance of Gabriela and Fernando, who executed the perfect commercial strategy for a project where we started as the underdog.

這要歸功於 Gabriela 和 Fernando 的堅持不懈，他們為這個一開始處於劣勢的計畫制定了完美的商業策略。

Finally, we are well on our way to supply 100% of the biopharma valve for a leading GLP-1 drug maker for their US and European expansion phases. Our patented EnviZion technology and the intimacy we developed with both the EPC and the end user made it happen. Moving to defense.

最後，我們正朝著為一家領先的 GLP-1 藥物製造商在美國和歐洲擴張階段提供 100% 生物製藥閥門的目標穩步邁進。我們憑藉著專利的 EnviZion 技術以及與 EPC 和最終用戶建立的密切關係，才實現了這一目標。轉入防守。

Enidine, a leading brand of rotorcraft energy absorption is benefiting from defense modernization. Specifically in the US, we have been selective for the development of a FLRAA energy absorption system by Bell.

Enidine是旋翼機能量吸收領域的領導品牌，正受惠於國防現代化。具體來說，在美國，我們專注於選擇了貝爾公司開發的 FLRAA 能量吸收系統。

This is a platform that could be worth more than $60 million over 10 years, starting in 2028. Connectivity is another growing trend in defense that continues to benefit our connector business. In 2025, we grew orders by 27% as we secured several high-profile solder warn and drone applications.

這是一個從 2028 年開始的 10 年內，價值可能超過 6000 萬美元的平台。互聯互通是國防領域另一個不斷發展的趨勢，它將繼續惠及我們的連接器業務。2025年，我們的訂單成長了27%，因為我們獲得了幾個備受矚目的焊接警告和無人機應用專案。

In land size applications, KONI Hydroride is roughly gaining shares in the US and Europe, our marquee platforms spending ramps up. KONI defense business is approaching $50 million in orders after growing more than 70% in 2025.

在陸地規模應用方面，KONI Hydroride 在美國和歐洲的市佔率正在穩定成長，我們的旗艦平台支出也不斷增加。KONI 防務業務在 2025 年成長超過 70% 後，訂單金額接近 5,000 萬美元。

Finally, on Transportation. In Q4, we renewed a multiyear contract that will ensure aerospace control supports Boeing growth plans.

最後，談談交通運輸。第四季度，我們續簽了一份多年期合同，以確保航空航太控制能夠支持波音公司的成長計畫。

Great job, and Aerospace team. In rail, KONI keeps on gaining market share as the only validated source of the CR450 high-speed train platform, thanks to the incredible work of Team and Charles and they could not talk about platforms for growth without mentioning our friction business.

幹得好，航空航天團隊！在鐵路領域，KONI 作為 CR450 高速列車平台的唯一認證供應商，不斷擴大市場份額，這要歸功於團隊和 Charles 的出色工作，而他們談到增長平台時，也絕不會不提及我們的摩擦業務。

Which has outperformed global OE production again for the 13th year in a row while our team in Barge continues to make progress on the geopath, that is now in trials with a major European OEM for a start of production in 2028.

該產品連續第 13 年再次超越全球 OE 生產水平，而我們在 Barge 的團隊也在繼續推進 geopath 的研發，該產品目前正在與一家主要的歐洲 OEM 進行試驗，預計將於 2028 年開始生產。

Amazing job Umberto and Alexandre. As you can see, we have a long organic growth runway ahead of asset ITT, we are compounding it with M&A as you have seen with Svanehj in Marine Energy transition, with kSARIA in defense and now with the SPX FLOW acquisition that we expect to close in March.

Umberto和Alexandre，你們做得太棒了！如您所見，在資產 ITT 之前，我們有很長的內生成長空間，我們正在透過併購來鞏固這一成長，正如您所看到的，我們在海洋能源轉型領域收購了 Svanehj，在國防領域收購了 kSARIA，現在我們又收購了 SPX FLOW，預計將於 3 月完成。

Let me now turn the call over to Emmanuel to discuss Q4 results in detail.

現在我將把電話交給伊曼紐爾，讓他詳細討論第四季業績。

Thank you, Luca, and good morning. We ended the year with another strong quarter. In Q4, we delivered strong performance across the board in orders, revenue, margin, EPS and cash.

謝謝你，盧卡，早安。我們以又一個強勁的季度業績結束了這一年。第四季度，我們在訂單、收入、利潤率、每股盈餘和現金流方面均取得了強勁的業績。

Our teams delivered over $1 billion in revenue, up 13% in total and 9% organically from higher volumes and price realization. Within IP, Svanehj grew over 50%, while legacy pump projects were up 30% organically.

我們的團隊實現了超過 10 億美元的收入，總收入成長了 13%，其中 9% 的有機成長來自更高的銷售和價格實現。在 IP 領域，Svanehj 成長超過 50%，而傳統泵浦專案則實現了 30% 的有機成長。

CCT grew 11% organically thanks to strong aerospace and defense, up 27% and 17%, respectively, while kSARIA grew 11%. In MT, KONI defense grew 13% as we continue to penetrate the ground vehicle market in Europe. Friction OE outperformed global automotive production by 400 basis points, while aftermarket was up 9% from an easy 2024 compare.

由於航空航太和國防業務分別成長了 27% 和 17%，CCT 實現了 11% 的有機成長，而 kSARIA 成長了 11%。在MT領域，KONI Defense成長了13%，因為我們持續滲透歐洲的地面車輛市場。摩擦原廠配套市場表現比全球汽車生產市場高出 400 個基點，而售後市場比 2024 年同期成長了 9%。

On profitability, operating income grew 19%, driven primarily by strong operational performance and contributions from our acquisitions. MT operating income grew 13% and margin reached 19.7%.

在獲利能力方面，營業收入成長了 19%，主要得益於強勁的營運表現和收購帶來的貢獻。MT 營業收入成長 13%，利潤率達到 19.7%。

The team at IP drove 100 basis points of margin expansion, including Svanehj EBITDA improvement of 350 basis points. Moreover, CCT margin was up 240 basis points, excluding M&A dilution. With the Boeing contract negotiation now closed, we are confident that our teams can focus on supporting the accelerated aerospace growth expected in the next few years.

IP 團隊推動利潤率提升 100 個基點，其中 Svanehj 的 EBITDA 提升了 350 個基點。此外，不計併購稀釋，CCT利潤率上升了240個基點。隨著與波音公司的合約談判結束，我們有信心讓我們的團隊專注於支持未來幾年航空航太業的加速成長。

EPS of $1.85 was up 23% or 26% excluding the dilutive impact of the equity offering related to the SPX FLOW acquisition. Lastly, on free cash flow.

每股盈餘為 1.85 美元，成長 23%，若不計 SPX FLOW 收購相關的股權發行帶來的稀釋影響，則成長 26%。最後，關於自由現金流。

Our performance accelerated sequentially to deliver 27% growth for the full year and 14% free cash flow margin. We are already at the level we targeted for 2030 at Capital Markets Day. Here, I want to point out the significant progress regarding customer advances.

我們的業績環比加速成長，全年成長率達到 27%，自由現金流利潤率達到 14%。我們已經達到了在資本市場日上設定的2030年目標水準。在此，我想指出客戶發展的顯著進展。

Following the example of Svanehj, the team in IP collected 20% more cash advances compared to the prior year, which represents 300 basis points improvement as a percentage of the inventory brought in-house. Great momentum with more opportunities to drive further improvement in working capital.

以 Svanehj 為例，IP 團隊收取的現金預付款比前一年增加了 20%，相當於內部庫存百分比增加了 300 個基點。勢頭強勁，有更多機會進一步改善營運資金狀況。

Let's turn to the full year EPS bridge on Slide 6. For the full year, EPS grew 14% compared to the prior year and 15% excluding the dilutive impact of the December equity raise related to the SPX FLOW acquisition. The $0.62 from operational performance, including volume growth, pricing actions and productivity were compounded by $0.25 contribution from our acquisitions.

讓我們來看幻燈片 6 中的全年 EPS 過渡部分。全年來看，每股收益比上年增長 14%，如果排除 12 月份與 SPX FLOW 收購相關的股權融資的稀釋影響，則增長 15%。營運績效帶來的收益為 0.62 美元，其中包括銷售成長、定價策略和生產力提升；此外，收購帶來的收益為 0.25 美元。

The $0.16 headwind from the loss of income from the Wolverine divestiture, the impact from the high tax rate and interest expense was offset by a lower weighted average share count. Here, I would like to spend a moment describing the foundational progress we have made, particularly in IP and CCT as we're driving towards the empty benchmark.

出售 Wolverine 股份造成的收入損失 0.16 美元的不利影響、高稅率和利息支出的影響被較低的加權平均股數所抵消。在此，我想花一點時間來描述我們所取得的基礎性進展，尤其是在 IP 和 CCT 方面，因為我們正在朝著空基準邁進。

SQDC, or safety, quality, delivery and cost is the framework we use to measure our operational performance. On safety, both IP and CCT are below the injury frequency rate benchmark of 0.4. Specifically, IP delivered a 50% recordable incident reduction in 2025 compared to the price.

SQDC（安全、品質、交付和成本）是我們用來衡量營運績效的架構。在安全性方面，IP 和 CCT 的傷害頻率均低於 0.4 的基準值。具體而言，與價格相比，IP 在 2025 年實現了可記錄事故減少 50%。

Quality performance also improved with 20% fewer claims in IP and a 60% PPM reduction in CCT in 2025. On delivery, overall IP improved on-time performance by 600 basis points and our anti-pump product line improved by 2,700 basis points in December compared to the prior year.

品質表現也有所提高，到 2025 年，IP 索賠減少 20%，CCT 每百萬次索賠減少 60%。在交付方面，整體 IP 準時率提高了 600 個基點，而我們的防泵產品線在 12 月比上年同期提高了 2,700 個基點。

Both businesses significantly improved their cost position during the year, which led to the margin expansion performance we presented earlier. This positions us very well to grow profitably in the future. With that setup, let's now move to Slide 7 to discuss our 2026 outlook.

兩家企業在年內都顯著改善了成本狀況，從而實現了我們之前提到的利潤率擴張業績。這為我們未來實現獲利成長奠定了非常有利的地位。有了這些準備，我們現在轉到第 7 張投影片，討論我們對 2026 年的展望。

Let's review the assumptions underpinning our revenue growth outlook by segment, beginning with Connect & Control Technologies. Accelerating commercial aero production supported by a widebody recovery ramp is expected to drive meaningful growth across our aerospace portfolio.

讓我們按業務板塊回顧一下支撐我們營收成長前景的假設，首先從連接與控制技術板塊開始。加速商用航空生產，並藉助寬體客機復甦計劃，有望推動我們整個航空航天產品組合實現顯著增長。

Repricing of long-term aero contracts is poised to deliver multiyear benefits enhancing visibility and profitability over the cycle. In defense, expanding demand for advanced electronics and the introduction of product innovations will continue to drive of share gains.

重新調整長期航空合約的價格有望帶來多年收益，提高整個週期內的可見度和獲利能力。在國防領域，對先進電子產品的需求不斷增長以及產品創新不斷推出，將繼續推動市場份額的成長。

At the same time, kSARIA backlog conversion provides an additional tailwind, further strengthening CCT's outlook for sustained above-market growth. Industrial Process is positioned to strong growth as we convert our $1 billion backlog and continue gaining share in pump projects. Svanehj continues to benefit from the accelerating marine energy transition while our execution differentiation further drive short cycle demand.

同時，kSARIA 積壓訂單轉換率的提高也帶來了額外的利多因素，進一步增強了 CCT 持續高於市場平均的成長前景。隨著我們完成 10 億美元的積壓訂單並繼續在泵浦項目領域擴大市場份額，工業流程業務預計將實現強勁成長。Svanehj 持續受惠於海洋能源轉型加速，而我們差異化的執行力進一步推動了短期需求。

As mentioned previously, the expansion of GLP-1 production will support valves growth, thanks to our patented Envision technology. In Motion Technologies, continued Friction OE outperformance positions the business well despite flat vehicle production and softness in North America.

如前所述，GLP-1 產量的擴大將支持閥門業務的成長，這得益於我們專利的 Envision 技術。儘管北美汽車產量下降且市場疲軟，但 Motion Technologies 的摩擦 OE 產品持續優異表現，使公司在汽車生產平穩和市場疲軟的情況下仍保持良好地位。

Share gains in high-speed trains in China and Europe are fueling strong growth in our rail portfolio. Finally, high-teens growth in KONI defense driven by product differentiation and expanding military ground vehicle programs in the US and Europe provide an additional impetus for the segment.

中國和歐洲高速列車市場份額的成長正在推動我們鐵路業務的強勁成長。最後，KONI 防務產品憑藉產品差異化和美國及歐洲不斷擴大的軍用地面車輛計畫實現了接近 10% 的成長，這為該領域提供了額外的動力。

Let's move to Slide 8 to continue outlook discussion. The planned SPX FLOW closing in March, we'll focus today on Q1 guidance.

讓我們翻到第 8 張幻燈片，繼續討論展望未來。由於 SPX FLOW 計劃於 3 月結束，我們今天將重點放在第一季業績指引。

This does not include any of the accretion we expect from the acquisition. For Q1, we expect total revenue growth of approximately 11% and 5% organically. This is driven by mid-single-digit growth in IP and CCT due to share gains in pump projects and Aerospace and Defense.

這還不包括我們預期從此次收購中獲得的任何收益。我們預計第一季總營收將成長約 11%，其中有機成長約 5%。這主要得益於IP和CCT的個位數中成長，這源自於泵浦專案以及航空航太和國防領域的市場份額提升。

MT will continue to outperform global auto and rail production to deliver low single-digit growth. In addition, Q1 2026 will have four more days than prior year. All segments are expected to expand margin versus the prior year to deliver over 100 basis points of EBIT margin growth driven by higher volume, positive price costs and fixed cost controls. We expect both Svanehj and kSARIA to improve profitability year-over-year as revenue ramps up and productivity accelerate. All of this will translate into 17% EPS at the midpoint in Q1.

MT將繼續跑贏全球汽車和鐵路生產，實現個位數低成長。此外，2026 年第一季將比去年同期多出四天。預計所有業務板塊的利潤率將比上年有所提高，在銷售成長、價格成本上漲和固定成本控制的推動下，息稅前利潤率將成長超過 100 個基點。我們預計隨著收入成長和生產力提高，Svanehj 和 kSARIA 的獲利能力將逐年提高。所有這些因素將轉化為第一季中期每股收益成長17%。

On Slide 9, we can see the different components of the Q1 EPS outlook. We expect EPS to land at $1.07 for Q1 at the midpoint, up 29% when excluding the impact of the December equity offering. This is primarily driven by operational improvements.

在第 9 張投影片中，我們可以看到第一季每股收益展望的不同組成部分。我們預計第一季每股收益將達到 1.07 美元（取中間值），若不計入 12 月股權發行的影響，將成長 29%。這主要是由營運改善所驅動的。

We expect a flat tax rate, higher corporate expenses and a share count of 86 million shares given the December public offering. This does not include the impact related to the Lone Star equity consideration to be issued at the closing of the SPX FLOW acquisition.

我們預計稅率將保持不變，企業支出將增加，考慮到 12 月的公開發行，股份數量將達到 8,600 萬股。這不包括與 SPX FLOW 收購完成時將發行的 Lone Star 股權對價相關的影響。

For the full year, we expect ITT to grow organic revenue mid-single digits. This topline momentum, combined with favorable price cost, fixed cost discipline and productivity gains across our recent acquisitions position us to deliver at least 50 basis points of margin expansion for the full year.

我們預計 ITT 全年有機收入將實現中等個位數成長。這項營收成長勢頭，加上有利的價格成本、固定成本控制以及近期收購帶來的生產力提升，使我們預計在全年實現至少 50 個基點的利潤率成長。

We look forward to providing updated guidance inclusive of the acquisition impact of SPX FLOW at our next earnings call. As previously mentioned, we expect the SPX FLOW acquisition to close in March, and we continue to estimate it will generate a net single-digit EPS accretion in full year 2026.

我們期待在下次財報電話會議上提供更新後的業績指引，其中包括 SPX FLOW 收購的影響。如前所述，我們預計 SPX FLOW 的收購將於 3 月完成，我們繼續估計它將在 2026 年全年產生個位數的每股盈餘淨成長。

As a reminder, following the close of the transaction, ITT will revise the definitions of adjusted operating income and adjusted income from continuing operations to exclude all acquisition-related intangible amortization reflecting ITT's ongoing M&A activity.

再次提醒，交易完成後，ITT 將修改調整後營業收入和持續經營調整後收入的定義，以排除所有與收購相關的無形資產攤銷，從而反映 ITT 正在進行的併購活動。

Let me turn the call over to Luca on Slide 10.

讓我把電話交給盧卡，請他從第 10 張投影片開始解說。

Thanks, Emmanuel. A few points before Q&A, 2025 was a milestone, we executed on all fronts, delivering strong growth, higher profitability, and making strategic use of our capital, we delivered on all our commitments and we're starting the next chapter of strong.

謝謝你，伊曼紐。在問答環節之前，我想先說明幾點：2025 年是一個里程碑，我們在各個方面都取得了成功，實現了強勁增長、更高的盈利能力，並戰略性地利用了我們的資本。我們履行了所有承諾，現在我們即將開啟下一個強勁的篇章。

Our execution and innovation will continue to drive future growth, as you have seen in 2025. We're accelerating our 2030 vision as we compound our organic performance with the announced SPX flow acquisition. We're well positioned for continued value creation.

正如你們在 2025 年所看到的，我們的執行力和創新能力將繼續推動未來的成長。我們正在加速實現 2030 年願景，同時透過宣布收購 SPX Flow 來增強我們的內生成長勢頭。我們已做好充分準備，能夠持續創造價值。

Thank you for joining us today. As always, it has been my pleasure to speak with you. Gigi, please open the line for Q&A.

感謝您今天蒞臨。和以往一樣，很高興能與您交談。Gigi，請開啟問答環節。

(Operator Instructions) Jeff Hammond, KeyBanc.

（操作員說明）Jeff Hammond，KeyBanc。

Yeah, hi, good morning.

是啊，你好，早安。

Hi Jeff.

嗨，傑夫。

A lot of moving pieces, appreciate all the color. Maybe just to start with IP, I know those orders can be lumpy and the backlog sounds great and gives you visibility. But just wanted to get an update on the funnel and just how you see kind of orders flowing through the year just based on that fund of visibility.

很多環節都在變化，要好好欣賞所有的色彩。或許可以先從智慧財產權入手，我知道這些訂單可能會比較不穩定，積壓訂單聽起來很棒，而且能讓你了解訂單狀況。我只是想了解一下銷售漏斗的最新情況，以及根據目前的可見性數據，您如何看待全年的訂單流動情況。

Sure. When you look at the funnel in terms of the orders, the funnel is slightly down versus the prior year. But if you look at the quarter, Q4 funnel actually is stable versus Q3. and still very, very healthy. And within that funnel, you will actually see that the funnel in the Middle East and in Asia Pacific actually grew nicely.

當然。從訂單轉換率來看，與前一年相比，轉換率略有下降。但如果你看一下季度數據，第四季的銷售漏斗實際上與第三季相比保持穩定，而且仍然非常健康。在這個管道中，你會發現中東和亞太地區的通路實際上成長良好。

So we are feeling pretty good on the funnel. And just to give a little bit more color when we were in the Middle East and the expansion of our facilities in Saudi Arabia, and that was able to derank our customer, actually, they were quite positive about future investment and '26 be better than '25.

所以，我們覺得銷售漏斗的情況相當不錯。為了更詳細地說明一下，當時我們在中東，在沙烏地阿拉伯擴建了工廠，這實際上影響了我們的客戶，他們對未來的投資非常樂觀，認為 2026 年會比 2025 年更好。

And Jeff, if you look at our 2026 orders, we expect to deliver growth with really all end markets contributing to roughly probably low to mid-single growth -- single-digit growth.

傑夫，如果你看看我們 2026 年的訂單，我們預計所有終端市場都將實現成長，大致可能達到個位數低到中等的成長。

Okay. Great. And then on CCT, you talked specifically about, I think, kSARIA order, but just unpack that 40% organic growth and in the orders and if there's any kind of onetime issue or lumpiness in there. And then just separately, like just wanted to clarify, the 1Q guide still includes amortization. And then once you close SPX FLOW, you'll exclude it.

好的。偉大的。然後，在 CCT 上，你特別提到了 kSARIA 訂單，但請詳細分析 40% 的自然增長以及訂單情況，看看其中是否存在任何一次性問題或波動。另外，我想澄清一下，第一季指南仍然包括攤銷。然後，一旦你關閉 SPX FLOW，你就會把它排除在外。

Okay. Let me take the orders and of course, Emmanuel, you will track on the second one. So when you look at that incredible performance in terms of the orders in Q4, I would say that was -- everything was nicely up. It was -- connectors was up more than 20. Controls or up 70 aftermarket was up 35.

好的。讓我來接單，當然，伊曼紐爾，第二個任務由你來負責。所以，當你看到第四季訂單方面令人難以置信的表現時，我會說——一切都進展順利。連接器數量增加了 20 多個。控製或售後市場上漲了 70%，上漲了 35。

kSARIA was up 33. So all the orders were nicely up in the quarter, and this is very to also for the full year. I think that there is probably just one item which probably is a few million dollars, which is a price adjustment because of the contract renegotiation with Boeing. That's the only thing, but I would say very nice across the board. Emmanuel?

kSARIA 上漲了 33。因此，本季所有訂單都大幅成長，而且全年訂單量也非常可觀。我認為可能只有一項，金額可能高達數百萬美元，這是由於與波音公司重新談判合約而進行的價格調整。這是唯一一點不足之處，但總的來說，各方面都非常好。以馬內利？

Yes. And regarding our Q1 guidance, so we're very happy to deliver a 17% expected growth from an EPS standpoint. This does not include any change to the accounting we have on the intangible amortization. So we'll do that when the acquisition closed sometime in Q1. And so -- but it includes the dilution from the equity raise that we did in December.

是的。關於我們第一季的業績指引，我們非常高興地宣布，從每股收益的角度來看，我們預計將成長 17%。這不包括我們對無形資產攤銷會計處理方式的任何變更。所以我們會在第一季收購完成後進行這項工作。因此——但這包括了我們在 12 月進行的股權融資所帶來的稀釋。

Okay great. Appreciate it guys.

好的，太好了。謝謝各位。

Thank you, Jeff.

謝謝你，傑夫。

Mike Halloran, Baird.

麥克哈洛蘭，貝爾德。

Hey, good morning, everyone.

嘿，大家早安。

Hi, Mike.

嗨，麥克。

Hey.

嘿。

Can we start on some of the SPX comments you made there, Luca. Obviously, really good momentum exiting the year with the order trajectory, backlog commentary, et cetera. Maybe just dig into a little bit how sustainable that trajectory looks and what the core drivers for your perspective are that should allow that momentum to continue?

Luca，我們先來討論一下你剛才提到的SPX相關評論。顯然，從訂單軌跡、積壓訂單評論等方面來看，年底的動能非常強勁。或許可以深入探討一下這種發展軌跡的可持續性，以及在你看來，能夠使這種勢頭持續下去的核心驅動因素是什麼？

Sure. So we are working very closely with the SPX FLOW team. So we still haven't closed the deal yet. So more color will come later. But I can tell you that the -- when you look at the nutrition and health, I think that when you look at many of the customers that they're working with, they are in a good CapEx cycle.

當然。因此，我們正在與 SPX FLOW 團隊密切合作。所以，我們還沒完成交易。所以之後還會有更多色彩。但我可以告訴你，當你審視營養和健康時，我認為當你觀察他們正在合作的許多客戶時，你會發現他們正處於良好的資本支出週期。

And SPX FLOW is a very good position with several of them. As a matter of fact, I participate to a call together with the SPX leadership team with one of their major customers, and it was really good to see the intimacy that they have and how they work with the customer in building the CapEx and building the execution for the years to come.

SPX FLOW 是一個非常不錯的部位，其中包含了其中幾隻股票。事實上，我與SPX領導團隊和他們的一位重要客戶一起參加了一次電話會議，很高興看到他們與客戶之間的密切關係，以及他們如何與客戶合作，制定資本支出計劃並製定未來幾年的執行方案。

I think that this is confirming a little bit our visibility into what we said at the beginning when we communicated the acquisition that we see this SPX FLOW as really a growth opportunities. And when it comes us to mixers, I would say we have some good opportunities there as well. Granted, probably that was coming from an easy compare when it comes to 2024.

我認為這在一定程度上證實了我們最初在宣布收購時所說的觀點，即我們認為 SPX FLOW 確實是一個成長機會。至於我們參加聯誼活動，我認為我們也有一些不錯的機會。當然，這可能是因為與 2024 年相比比較容易得出這樣的結論。

And then maybe just a generic question and then a specific one associated with it. If you think about your outlook for '26, how much has changed over the last three, six months in terms of how you're thinking about next year or at least versus the 3Q earnings release? And more specifically, within the Motion piece, is there anything changed on how you're thinking about the end market outlook for auto?

然後或許可以先問一個一般性問題，然後再問一個與之相關的具體問題。展望 2026 年，過去三到六個月裡，你對明年的看法有了多大變化？或至少與第三季財報發佈時的看法相比，發生了多大變化？更具體地說，在 Motion 這部分內容中，您對汽車終端市場前景的看法是否有所改變？

Sure. I would say that some of the trend continues, some of the trend probably reinforced. So if you look at the aerospace recovery, we've been talking about the aerospace recovery now for a few quarters. And now you see some good results in there in terms of the orders and in terms of the revenue as well. And the aftermarket is strong.

當然。我認為部分趨勢仍在繼續，部分趨勢可能得到了加強。所以，如果你看看航空航太業的復甦，我們已經討論航空航太業復甦好幾個季度了。現在，無論是訂單量還是收入，都取得了不錯的成果。而且售後市場也很強。

We see the production ramp-up. We see also the widebodies. So those were something that were happening, and now they're getting a little bit stronger. Defense was good. It's getting it to be stronger, and that is what's happening.

我們看到產量正在提升。我們還看到了寬體客機。所以這些事情一直在發生，而且現在它們似乎愈演愈烈了。防守做得很好。它正在變得更強大，而這正是正在發生的事情。

So a confirmation. Now when you look specifically at Motion Technologies, I would say in terms of the auto market., If you look at 2025, it was a positive year in terms of growth of production. That was mainly because of China. Both Europe and North America were down less than what we expected at the beginning of the year. You look at 2026, we expect the production -- the global production to be flat, slightly down.

所以，這算是確認了。現在，具體來看運動技術公司，就汽車市場而言，展望2025年，就產量成長而言，這將是積極的一年。這主要是因為中國。歐洲和北美地區的降幅均小於我們年初的預期。展望 2026 年，我們預計全球產量將保持平穩，略有下降。

And once again, it will be across the Board, probably Europe being flattish and North America and China flat to low single digit down.

而且，這種情況將再次普遍發生，歐洲經濟可能保持平穩，北美和中國經濟則持平或出現個位數下滑。

Thank you, really appreciate Luca.

謝謝你，我真的很感激盧卡。

Thank you, mate.

謝謝你，夥計。

Joe Giordano, TD Cowan.

喬喬丹諾，TD·考恩。

Good morning.

早安.

Hey.

嘿。

Good morning, guys. So for businesses like Svanehj, kSARIA, it's great to see them scaling and getting orders to this magnitude. But like I guess the -- like the other side of that mountain is sometimes challenging, right? So how do you kind of prepare these companies? Like how -- is this -- are these like stable run rate orders? Or like are we going to have to kind of find new ways to keep the level of business to that magnitude? Like how do we prevent a plus 40 becoming an impossible comp in like all years?

各位早安。因此，對於像 Svanehj、kSARIA 這樣的企業來說，看到它們規模擴大並獲得如此規模的訂單，真是令人欣慰。但我想，就像翻過那座山一樣，有時候會充滿挑戰，對吧？那麼，你該如何幫助這些公司做好準備呢？比如說——這——這些是穩定的運行速率訂單嗎？或者說，我們是否需要找到新的方法來維持目前的業務規模？我們如何防止每年都出現 +40 的加分情況？

Sure. So when you look at the -- I would say there are slightly difference between kSARIA and Svanehj. I think that when you look at the kSARIA incredible order performance. And I would say that is, I would say, quite sustainable, if you think that more and more expenditure will happen in defense and kSARIA play -- 80% of the kSARIA business is actually in the fence. So I think that, that is sustainable in the short and medium term from our perspective.

當然。所以當你觀察時——我會說kSARIA和Svanehj之間存在一些細微的差別。我認為，當你觀察 kSARIA 令人難以置信的訂單表現時，你會發現這一點。而且我認為這相當可持續，如果你認為國防和 kSARIA 領域的支出會越來越多——kSARIA 業務的 80% 實際上都處於停滯狀態。所以我認為，從我們的角度來看，這在短期和中期內是可持續的。

The comments in terms of Svanehj, I think it will be difficult to repeat the level of performance of orders in 2026 versus 2025. I mean, '25 orders grew 44%. So obviously, that will not be repeated. Having said that, we are working to expand the opportunities in Svanehj with new product introduction and also from a small addition from an inorganic perspective like the acquisition of that we did at the end of last year, which introduces compressors into the mix. So working on that from an innovation and product point of view, Joe.

就 Svanehj 而言，我認為 2026 年的訂單表現很難達到 2025 年的水準。我的意思是，25 訂單成長了 44%。很顯然，這樣的事情不會再發生。話雖如此，我們正努力透過推出新產品來擴大 Svanehj 的機會，同時也從非有機成長的角度進行一些小規模的補充，例如我們在去年年底進行的收購，這將壓縮機引入到我們的產品組合中。所以，喬，你要從創新和產品的角度來研究這個問題。

Perfect. And Luca, you touched on this in your prepared remarks. But like as you get ready for to come in like it's a much larger deal than anything you guys have done. So how do you -- like when you do ahead of time before you can really dig -- before you get your hands on it, what can you do to prep internally to make like the early-stage integration as fast and efficient as possible?

完美的。盧卡，你在事先準備好的演講稿中也提到了這一點。但就像你們準備進來一樣，好像這比你們做過的任何事都要重要得多。那麼，當你提前做好準備，在你真正深入了解之前——在你真正接觸它之前——你可以做些什麼內部準備工作，以使早期階段的整合盡可能快速高效呢？

I can tell you that the team are working very closely together. Actually, it was really good to see the team working together over here in Stamford. We had it a few weeks ago. both the SPX team and the ITT team working to really kick the ground running on day one.

我可以告訴你，團隊成員之間的合作非常緊密。事實上，很高興看到團隊在斯坦福這裡齊心協力地工作。幾週前我們就這麼做了。 SPX團隊和ITT團隊都在努力，爭取在第一天就迅速進入狀態。

And know exactly how the organization is going to look like and working on those synergies that we expected to deliver in year one and also working commercially as said before as well, both Bartek and myself participate to a call with one of our major customers that we will meet in person after closing.

並且要確切地了解組織將如何運作，並努力實現我們預期在第一年實現的協同效應，同時還要像之前提到的那樣開展商業活動。我和 Bartek 都將與我們的一位主要客戶進行電話會議，我們將在交易完成後與他們見面。

Next week, I will be in London, and we'll be able to spend one day with the Nutrition & Health leadership team altogether, looking at the projects and the opportunities. So we are all in it already.

下週我將在倫敦，我們將有一天時間與營養與健康領導團隊一起探討專案和機會。所以我們都已經身處其中了。

Sure, so thanks guys.

當然，謝謝各位。

Thank you.

謝謝。

Nathan Jones, Stifel.

Nathan Jones，Stifel。

I guess just following up on some of the SPX stuff, interested in hearing a little bit more about the organizational structure post getting the deal closed here. There's some parts that -- where there's overlap, there's some completely different customer bases between your industrial process business and some of their flow businesses. So just any commentary on how you'll structurally go about integrating those? What will run separately? What gets integrated into IP?

我想繼續跟進一些關於SPX的事情，很想了解一下交易完成後公司的組織架構狀況。有些部分存在重疊，你的工業流程業務和他們的一些流程業務之間存在完全不同的客戶群。那麼，關於您將如何從結構上整合這些內容，您有什麼看法？哪些部分將單獨運行？IP 中包含哪些內容？

Just how you're thinking about running those businesses once you get them in the please?

您打算如何經營這些企業呢？

Sure. First of all, SPX is well run. We saw the margin that they were delivering, right? So we have a good, well-run company with a good management team really that we have in the businesses. So when we are approaching this, it's really to ensure that the businesses are performing well with strong management team are stable and they're delivering the base case.

當然。首先，SPX 的運作非常出色。我們看到了他們所實現的利潤率，對吧？所以，我們擁有一家營運良好的公司，以及一支優秀的管理團隊。因此，我們採取這種方法，是為了確保企業運作良好，擁有強大的管理團隊，並且能夠穩定發展，並實現基本目標。

And on top of that, we're going to deliver the synergies. But most of the synergies, particularly in year 1, are coming from the G&A from the fact that we are not going to have a duplication from a corporate point of view. So we are using the best leader, and we've got very good athlete and very good management team in SPX. So we will integrate some part and those are the must-have conversation that we're having today. But the parts that are running well, you want to keep on running well and ensure that you do not disturb them.

除此之外，我們還將實現協同效應。但大部分綜效，尤其是第一年，都來自一般及行政費用，因為從公司角度來看，我們不會重複建設。所以，我們啟用了最優秀的領導者，SPX 有非常優秀的運動員和非常優秀的管理團隊。所以我們會整合其中的一些內容，而這些正是我們今天必須討論的議題。但是對於運作良好的部分，你要保持其良好運作狀態，並確保不要幹擾它們。

I guess a question on the finalization of the contract negotiations with Boeing. I'm sure you're glad to finally have that behind you. Can you talk about the potential margin improvement that CCT sees those contract negotiations? I know that some of that benefit is coming over the last few years and some of it will come on over the next few years. Just where we get to or what the contribution is from that and how quickly that rolls in and over what time period?

我想問的是關於與波音公司合約談判最終結果的問題。我相信你一定很高興終於擺脫了這件事。您能否談談CCT在合約談判中看到的潛在利潤提升？我知道其中一些好處會在過去幾年內顯現，而另一些好處將在未來幾年內顯現。我們最終能達到什麼程度？或者說，這能帶來什麼貢獻？這種貢獻需要多久才能顯現出來？

Thanks, Nathan. We're very happy, as you said, about the conclusion of the Boeing contract. And here, really, we want to applaud the work of the CCT aerospace team that really worked really hard to deliver that contract. So this is a high double-digit price adjustment 4- or 5-year contract. So most of the price adjustment or the price increase is going to come in the first and the second year with additional price increase to offset expected inflation in year 3, 4 and 5.

謝謝你，內森。正如您所說，我們對波音合約的達成協議感到非常高興。在此，我們真的要讚揚 CCT 航空航天團隊的工作，他們為完成這份合約付出了巨大的努力。所以這是一份為期 4 年或 5 年、價格調整幅度高達兩位數的合約。因此，大部分價格調整或價格上漲將在第一年和第二年發生，而為了抵消第三年、第四年和第五年的預期通貨膨脹，還將進行額外的價格上漲。

This is obviously compensating for the absence of price adjustment we have had since 2015 and 2017 and the cost inflation that we have experienced. So as a result, as you can imagine, this will be a large improvement of our profitability, our aerospace profitability, specifically with Boeing. And we're very happy because it allows us to focus on supporting the growth at Boeing that we've seen both on the narrow-body and the wide-body platforms.

這顯然是為了彌補自 2015 年和 2017 年以來我們一直沒有進行價格調整以及我們所經歷的成本上漲。因此，正如你所想，這將大大提高我們的獲利能力，特別是航空航太業務的獲利能力，特別是波音公司的獲利能力。我們非常高興，因為這使我們能夠專注於支持波音公司在窄體和寬體平台上的成長。

Thanks for taking the questions.

謝謝您回答問題。

Thanks.

謝謝。

Amit Mehrotra, UBS.

阿米特·梅赫羅特拉，瑞銀集團。

Luca, we're just currently, I guess, in an environment where folks are getting maybe a bit more positive on some cyclical tempo improving. If you kind of just look at the more cyclical parts of your business, are you seeing any evidence of that? Because obviously, there are certain large parts of your businesses that sell into cyclical markets, but you've been able to outperform that, obviously, with autos. But if we were to just sort of isolate the cyclicality of the market I'd just be curious, does it feel better to you? Or is it really no change?

盧卡，我想，我們目前所處的環境是，人們對某些週期性節奏的改善可能變得更加樂觀。如果你只專注於公司業務中那些更具週期性的部分，你是否發現了任何這方面的證據？顯然，你們業務的某些很大一部分是在周期性市場中銷售的，但顯然，你們在汽車領域已經取得了優於週期性市場的表現。但如果我們只是把市場的周期性因素單獨拿出來考慮，我很好奇，你覺得這樣會不會好一些？還是真的沒有任何改變？

I would say that there are some small signs of improvement, I would say. If you look at the last, I will say, probably six weeks, if we look at some of the part in the short cycle in IP, the order book in terms of automotive in Europe, I will say, is stable. The aftermarket in Q4 was growing nicely, even granted was from an easy compare. So there are some signs, I mean, that will imply that maybe the situation is a little bit better, but it's probably too early to tell.

我認為，情況出現了一些小小的改善跡象。如果看看過去六週的情況，如果我們看一下知識產權領域短期週期中的一些部分，就歐洲汽車行業的訂單而言，我認為訂單量是穩定的。第四季汽車後市場成長良好，即使考慮到與去年同期相比的市場波動較大。所以有一些跡象表明情況可能有所好轉，但現在下結論可能還為時過早。

And I would add that our short cycle performance really is standing out. We are focusing on improving our on-time delivery which really brings a lot of opportunities forward for us to gain market share. And when you look at the short cycle in IP, we had pretty strong spares orders in Q4, and we started the year also super strong. And so we're very encouraged by this.

我還要補充一點，我們的短週期性能確實非常優秀。我們正致力於提高準時交貨率，這確實為我們贏得市場份額帶來了許多機會。從知識產權領域的短期週期來看，我們在第四季度獲得了相當強勁的備件訂單，而且年初的業績也非常出色。因此，我們對此感到非常鼓舞。

Okay. That's great. And just as a follow-up on SPX FLOW. I think the market obviously sort of understands and knows this asset as it used to exist. But it's come through a lot of change.

好的。那太棒了。作為對 SPX FLOW 的後續報告。我認為市場顯然對這種資產過去的樣子有所了解和認識。但它經歷了許多變化。

And Luca, I know you've -- I think you have Bartek and probably visited every single facility of the company over the last couple of years, I guess. And so I guess like there are some people that are skeptical of the asset, but now you guys are excellent executors. And they're just trying to reconcile that. And so I'd love it for you, Luca to just talk about what SPX was, what it is now and what you think you can make it just given sort of applying some of your track record and execution to that business?

盧卡，我知道你——我想你肯定去過巴特克公司，而且在過去幾年裡，你可能已經參觀過該公司的每一家工廠了。所以我覺得有些人對這項資產持懷疑態度，但現在你們都是優秀的執行者。他們只是想調和這兩種情況。所以，盧卡，我很想請你談談SPX是什麼，現在是什麼，以及你認為憑藉你以往的成功經驗和執行力，你能把SPX發展成什麼樣子？

So when you look at SPX, its true, I would say, but let's not forget that the acquisition that we're bringing in has already got a very good profitability and a very good EBITDA margin, right? So they've already done a good job in terms of that cost containment. Now on top of that, you need to lay the synergies that we have, which are roughly $80 million to be executed in the last 3 years. A lot of that will be from the G&A. 1/3 from the procurement and then there's going to be roughly 10% that is coming also from the footprint rationalization.

所以，當你觀察SPX時，我認為這是事實，但我們不能忘記，我們收購的公司已經擁有非常好的獲利能力和非常好的EBITDA利潤率，對吧？所以他們在成本控制方面已經做得很好。除此之外，你還需要落實我們擁有的綜效，這大約相當於過去 3 年內需要實現的 8,000 萬美元。其中很大一部分將來自一般及行政費用，三分之一來自採購，還有大約10%來自佈局合理化。

I think that this is the area where we are pretty good. And I believe that they also are good and we're working together on executing. I think that what we are going to add as well is the impetus on growth, on the growth momentum. And there are a lot of revenue synergies that are not in the model that we're already working on. You're talking about Latin America, where we have a very strong base throughout the Middle East, where we have a very strong base.

我認為這是我們做得相當不錯的領域。我相信他們也很優秀，我們正在共同努力執行。我認為我們還要增加的是成長動力和成長動能。而且，我們目前正在研究的模式中還沒有包含很多收入綜效。你指的是拉丁美洲，我們在那裡擁有非常強大的基礎；在中東，我們也擁有非常強大的基礎。

So that is an area where we will be able to grow. They have some product gaps that we'll be able to cover with our twin and twin screw pumps. And then I would say probably a little bit more focus on growth that is in our DNA. and probably be less religious when it comes to 80/20 market size and customer size.

所以，這是我們能夠發展壯大的領域。他們的產品存在一些空白，而我們的雙螺桿泵可以填補這些空白。然後，我認為我們應該更加重視我們與生俱來的成長，並且在市場規模和客戶規模的 80/20 比例方面不要那麼死板。

And just to confirm that, the high single-digit accretion in this year pro forma for the closing does not include any revenues. Have you talked about maybe the magnitude? I mean we're talking about a few hundred million dollars of revenue synergies as an opportunity. Any thoughts there?

再次確認一下，今年合併後的備考財務報表中接近兩位數的增幅並不包括任何收入。你們有沒有討論過規模的問題？我的意思是，我們談論的是數億美元的收入綜效帶來的機會。大家有什麼想法嗎？

Yes. So I think that when you think about revenue synergies, I think we expect them beyond the 2026. Right now, we're going to focus on understanding the business. Obviously, there's a short-term opportunity, we will take it. But I think it's fair to say that the cross-selling and the commercial synergies are going to happen most likely starting 2027.

是的。所以我認為，當你考慮到收入協同效應時，我們預計它們會持續到 2026 年以後。現在，我們將專注於了解業務。顯然，這是一個短期機會，我們會抓住它。但我認為可以公平地說，交叉銷售和商業協同效應很可能從 2027 年開始出現。

So we haven't really quantified how much those commercial synergies are, but we expect that they're going to be meaningful as we're really able to leverage the portfolio of both companies.

因此，我們還沒有真正量化這些商業協同效應有多大，但我們預計它們將意義重大，因為我們能夠真正利用兩家公司的產品組合。

Right, got it, thank you very much guys, appreciate it.

好的，明白了，非常感謝各位，感激不盡。

Thank you.

謝謝。

Vladimir Bistritsky, Citi.

弗拉基米爾·比斯特里茨基，花旗集團。

Impressive pronunciation of my last name there. I like it. So just following up on IP and your ability to continue to outperform the market there. Can you just talk about whether you've seen any change in competitive behavior in that business? Or are you thinking about potential risk for more aggressive competition on pricing or on terms and conditions?

那裡的人對我的姓氏發音非常準確。我喜歡。所以，接下來我想了解一下知識產權方面的情況，以及你們能否繼續在該領域超越市場表現。您能否談談您是否觀察到該行業的競爭行為發生了任何變化？或者，您是否在考慮價格或條款方面更激烈的競爭可能帶來的潛在風險？

Thanks, Vlad. No, we don't see any change in terms of behavior in the competitive landscape. That has not changed. I've never seen any change in the last 6 years as a matter of fact, I can tell you. But I think what is changing is really the performance that keeps on improving.

謝謝你，弗拉德。不，我們沒有看到競爭格局中出現任何行為上的變化。這一點沒有改變。事實上，我可以告訴你，過去六年我從未見過任何變化。但我認為真正改變的是表現，它一直在不斷進步。

Let's take the project example, the project business, Vlad. This was a business that was losing money, that was making a little bit of money and a bit, then we give a target of 15% plus than 20%. Today, those execution, those projects that executed and deliver margin in the high 20s. And they are perfectly on time. And when you have this level of performance in the market your customers tend to be loyal.

讓我們以專案為例，Vlad，這個專案業務。這是一個虧損的企業，它偶爾會賺一點錢，然後我們設定的目標就是 15% 以上的利潤率，而不是 20%。如今，那些執行到位、並帶來利潤率高達 20% 以上的項目。他們準時到達。當你在市場上擁有這樣的績效水準時，你的客戶往往會很忠誠。

And as I said, some of the best intimacy and loyalty. I've seen it actually when I was in Saudi and I met with the customers over there. This is what really is happening in the market.

正如我所說，這裡有著最美好的親密關係和忠誠。我之前在沙烏地阿拉伯的時候親眼見過，當時我還和那裡的客戶見了面。這就是市場正在發生的真相。

That's helpful and great to hear, Luca. And then maybe just sticking with IP and digging into the biopharma valves wins that you mentioned. We've heard from some others about pretty positive commentary around the capital investment cycle in pharma and biopharma. So can you just talk about sort of incremental opportunities that you see in the pipeline, specifically in that market segment and how you're thinking about potential for incremental wins over the course of '26 in the biopharma space?

聽到這個消息真是太好了，盧卡。然後或許可以繼續專注於智慧財產權，深入研究你提到的生物製藥閥門的成功案例。我們從其他人那裡了解到，關於製藥和生物製藥領域的資本投資週期，評論相當積極。那麼，您能否談談您在產品線中看到的增量機會，特別是在這個細分市場中，以及您如何看待2026年生物製藥領域取得增量成功的潛力？

Yes. Thanks, Vlad. So yes, the GLP-1 business opportunity that we have has been growing really fast. So this was a roughly $20 million opportunity that we got awarded a couple of years ago and then that has grown into more than $50 million as this customer is expanding production sites in the US and also in Europe.

是的。謝謝你，弗拉德。是的，我們擁有的 GLP-1 業務機會成長非常迅速。幾年前，我們獲得了一個價值約 2,000 萬美元的機會，隨著該客戶在美國和歐洲擴大生產基地，這個機會已經成長到超過 5,000 萬美元。

This is what's really interesting about this as well, is that those are diaphram valves. And so there's a meaningful recurring aftermarket when you have to replace diaphram every time you change the composition of the formula that you are developing. So this is really interesting for us. I think that when you look at our biopharma valves business, it has been expanding. I think it's up 10% this year from an order standpoint.

還有一點非常有趣，那就是這些是隔膜閥。因此，當你每次改變所研發配方的成分時都必須更換隔膜，這就產生了一個有意義的、反覆出現的售後市場。這對我們來說真的很有意思。我認為，從我們的生物製藥閥門業務來看，它一直在擴張。我認為從訂單量來看，今年上漲了10%。

And we continue to see other opportunities, especially because in Europe, we are much -- we have penetrated Europe much less than in the US So we have many opportunities. And then the last point I wanted to make is that Habonim is doing really well as well, more on the new energy, but this is a significant platform for growth for our valves business. Habonim now is a little bit more than $60 million business when we bought it, it was barely $50 million, and the margin is still very good, and we are finding new ways to grow and can gain market share, especially in the US.

我們繼續看到其他機會，尤其是在歐洲，我們在歐洲的滲透率遠低於美國，所以我們有很多機會。最後我想說的是，Habonim 也發展得非常好，尤其是在新能源領域，但這為我們的閥門業務提供了一個重要的成長平台。Habonim 目前的營業額略高於 6,000 萬美元，而我們收購它時，它的營業額還不到 5,000 萬美元。它的利潤率仍然非常高，我們正在尋找新的成長方式，並可以獲得市場份額，尤其是在美國。

Great, that's helpful. Emmanuel, thanks. I'll get back to you.

太好了，這很有幫助。伊曼紐爾，謝謝。我會盡快回覆你。

Matt Summerville, DA Davidson.

馬特·薩默維爾，地方檢察官戴維森。

Good morning, Matt.

早安，馬特。

Just a couple of quick ones. Can you talk about how much relative price capture you're expecting across the three reportable business segments that's embedded in your full year '26 organic outlook? And then I have a quick follow-up.

就簡單問幾個問題。您能否談談您預計在2026年全年有機成長展望中，三個可報告業務部門的相對價格獲取量是多少？然後我還有一個簡短的後續問題。

Yes. So let me start by saying that 2025 was a really successful year in terms of price capture. We were able to capture a lot of price in IP and CCT above our cost inflation. And we were able to limit the price decrease as well in Motion, Tech and Friction, compensated obviously by the raw material disinflation that we've seen during the year. In 2026, we expect our price capture to be as strong.

是的。首先我想說的是，2025 年在價格控制方面是一個非常成功的一年。我們能夠從 IP 和 CCT 中獲得遠高於成本通膨的收益。而且，我們在運動、技術和摩擦方面也限制了價格下降幅度，這顯然要歸功於今年我們看到的原物料價格下跌。我們預計到 2026 年，我們的價格獲取能力將同樣強勁。

Obviously, it's incremental. We expect IP and CCT to lead the way overcoming the cost inflation, so being positive price cost positive from a dollar and a margin standpoint. And in terms of MT, we expect to be neutral.

顯然，這是一個漸進的過程。我們預期 IP 和 CCT 將引領克服成本通膨，因此從美元和利潤率的角度來看，正價格成本是正的。至於MT，我們預計會保持中立。

Got it. And then you mentioned aftermarket in friction a couple of times being up 9% against an easy compare. How should we be thinking about kind of what's embedded in your guidance for friction aftermarket in '26 relative to how it performed over the course of the full year '25?

知道了。然後你提到，在摩擦材料售後市場，有幾次比一個簡單的比較對像上漲了 9%。我們該如何看待您在 2026 年對摩擦材料售後市場的指導意見中蘊含的內容，並將其與 2025 年全年的表現進行比較？

Yes. So in terms of the friction independent aftermarket, we expect this to be roughly flat in 2026. This is mainly a European business, and as we described, Europe is really flatlining from a growth standpoint. So that's why we don't expect much of an uptick. And then in terms of our the spares, the original equipment spares, we expect also to be flat.

是的。因此，就與摩擦無關的售後市場而言，我們預計到 2026 年該市場將大致保持穩定。這主要是一項歐洲業務，正如我們所描述的，從成長的角度來看，歐洲的業務確實已經停滯不前。所以這就是為什麼我們預計不會大幅成長的原因。至於我們的備件，特別是原廠備件，我們預計價格也會保持穩定。

Here, there's a lot of market share gains that are at play, and we're working with our customers to provide low-cost quality solutions.

這裡有許多市場佔有率成長的機會，我們正在與客戶合作，提供低成本的高品質解決方案。

Thank you.

謝謝。

Andrew Oben, Bank of America.

安德魯‧奧本，美國銀行。

Hey, good morning, everyone. You have Sabrina on for Andrew. Sabrina Abrams. You guys have had a really impressive trend of accelerating organic growth this year. I think we went from flat to four to six to 10 and you're ending the year on such a strong note and I think above the commentary from where we sat a quarter ago., Any comment on, I guess, what -- if so, like what went better than expectations? And then as a follow-up, other than guiding with some conservatism, any reason why things would decelerate to mid-single digits next quarter?

嘿，大家早安。薩布麗娜代替安德魯上場。薩布麗娜·艾布拉姆斯。今年你們的有機成長速度非常驚人，發展勢頭強勁。我認為我們從持平到四，再到六，最後到十，你們以如此強勁的勢頭結束了這一年，而且我認為比我們三個月前的情況要好得多。有什麼要補充的嗎？我想，如果有的話，例如哪些方面做得比預期更好？那麼，除了採取較保守的指引之外，還有什麼原因會導致下個季度增速放緩至個位數中段呢？

Yes. Thank you, Sabrina. So yes, we are very happy we were able to grow organically 5% in 2025 and almost 9% total. Large contribution from Industrial Process and Connect & Control Technologies. So when you think about what has driven that growth in Connect & Control Technologies, obviously, aerospace and defense is helping a lot.

是的。謝謝你，薩布麗娜。所以，是的，我們非常高興能夠在 2025 年實現 5% 的有機成長，總成長接近 9%。工業製程和互聯控制技術做出了重大貢獻。因此，當我們思考是什麼推動了連接與控制技術的成長時，很顯然，航空航太和國防領域起到了很大的推動作用。

And in that, we have a significant contribution from a sales standpoint from aftermarket. Aftermarket was -- aftermarket aero, especially from a sales standpoint, was up more than 20%. kSARIA is doing also really well. We talked about the orders that were able to get and convert some of them. So CCT, a lot of really good activity from an aerospace standpoint, as well as some price capture, as I mentioned about earlier.

在這方面，售後市場貢獻巨大。售後市場—尤其是售後空氣力學套件—銷量成長超過20%。 kSARIA的表現也非常出色。我們討論了那些能夠獲得訂單並轉換其中一部分訂單的情況。所以，CCT 從航空航太角度來看有很多非常好的活動，而且正如我之前提到的，價格方面也有一些進展。

In IP, I think here, what you see is all the pump projects that we've been able to deliver. When you think about the pump projects for the year, they were up 30%. And I would say that a large majority of those pump projects were delivered in quarter 3 and quarter 4 both at legacy IP and Svanehj.

在IP領域，我認為在這裡，你看到的是我們已經交付的所有泵浦項目。如果回顧今年的泵浦項目，它們成長了 30%。而且我認為，無論是傳統 IP 還是 Svanehj，絕大多數泵浦項目都是在第三季和第四季交付的。

And as a follow-up, sort of to the last comment. I know the project mix and IP is dilutive to margins. But I think we had the best I think we had the highest margins. You guys have seen since you closed Svanehj. So anything in particular you want to call out, like given the mix headwinds, anything in particular you want to call out that's gone super well and execution for the segment?

作為上一條評論的補充。我知道專案組合和智慧財產權會稀釋利潤率。但我認為我們取得了最好的成績，我認為我們的利潤率最高。自從你們關閉 Svanehj 以來，你們都看到了。那麼，考慮到各種不利因素，您有什麼特別想強調的嗎？例如，在這一環節中，有沒有特別出色、執行得特別好的面向？

Nothing in particular is really broad in terms of the execution of the projects. When you look at these projects, when we close and ship the projects, the margin is always higher than what we booked those projects at, which is a testament to the good project execution, good project management, management of the changes and also the cost management. So that -- and also good project order acquisitions. So this is general. We have seen the trend and the trend keeps on improving. So go to the next improvement.

就專案執行而言，並沒有特別廣泛的內容。當你審視這些專案時，當我們完成並交付專案時，利潤總是高於我們最初預定的價格，這證明了良好的專案執行、良好的專案管理、變更管理以及成本管理。因此——以及良好的項目訂單獲取。所以這是一般情況。我們已經看到了這種趨勢，而且這種趨勢還在不斷改善。所以，接下來進行下一步改進。

Thank you.

謝謝。

Thank you, Sabrina.

謝謝你，薩布麗娜。

Thank you. This does conclude today's teleconference. Please disconnect your lines at this time and have a wonderful day.

謝謝。今天的電話會議到此結束。請暫時斷開您的線路，祝您有美好的一天。