捷普科技 (JBL) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Jabil fourth quarter and fiscal year 2025 financial results and investor briefing. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to (inaudible) your host, Adam Berry. Please go ahead, sir.

大家好，歡迎參加 Jabil 2025 財年第四季及財務業績及投資人簡報會。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興（聽不清楚）採訪主持人亞當貝瑞。先生，請繼續。

Good morning, and welcome to Jabil's fourth quarter and fiscal-year 2025 earnings call. This is also Jabil's eighth annual investor briefing. I'm Adam Berry, Senior Vice President of Investor Relations and Corporate Affairs. This is an important day for us at Jabil, and we appreciate your continued interest in our company. Our investor briefing is always one of the highlights of our calendar. It's our opportunity to step back from the quarter-to-quarter rhythm and give you a deeper look at how we're shaping the business, how we're allocating capital, and how we're positioning Jabil for sustainable long-term growth.

早安，歡迎參加捷普 2025 財年第四季和財報電話會議。這也是捷普第八次年度投資者簡報會。我是亞當‧貝瑞 (Adam Berry)，投資人關係與公司事務資深副總裁。對於我們捷普公司來說，這是一個重要的日子，我們感謝您對我們公司的持續關注。我們的投資者簡報會始終是我們日程安排中的亮點之一。這是我們擺脫季度節奏的機會，讓您更深入地了解我們如何塑造業務、如何分配資本以及如何讓捷普實現可持續的長期成長。

Before we dive in, I need to cover a quick but important point. Some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding our financial guidance for the first quarter and fiscal-year 2026 and our future business outlook. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our expectations. Jabil disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

在我們深入探討之前，我需要簡單但重要地介紹一下這一點。您在我們今天的討論中會聽到的一些資訊將包括前瞻性陳述，包括但不限於有關我們對 2026 年第一季和財年的財務指導以及我們未來業務展望的陳述。這些聲明涉及風險和不確定性，可能導致實際結果或趨勢與我們的預期有重大差異。捷普不承擔更新或修改任何前瞻性聲明的任何意圖或義務，無論其是否由於新資訊、未來事件或其他原因。

Now, let me set the stage for what we'll cover today. You're going to hear from a number of our leaders across the organization. Each of them will bring their perspective on Jabil's performance, opportunities, and direction. We'll begin with Greg Hebard, our Chief Financial Officer, who will walk through our fiscal 2025 results and share the outlook for the first quarter of fiscal 2026. Greg will also frame how we think about the balance sheet, free cash flow, and capital allocation.

現在，讓我為我們今天要討論的內容做一下鋪墊。您將會聽到我們組織內多位領導人的發言。他們每個人都會從自己的角度闡述對捷普的業績、機會和發展方向的看法。首先，我們的財務長 Greg Hebard 將介紹我們的 2025 財年業績，並分享 2026 財年第一季的展望。格雷格也將闡述我們如何看待資產負債表、自由現金流和資本配置。

Next, Steve Borges will cover regulated industries. This is a critical part of our business, encompassing healthcare, automotive and transportation, and renewable and energy infrastructure. These are markets where quality and trust are non-negotiable, and Steve will share both the near-term realities and the long-term opportunities.

接下來，史蒂夫·博爾赫斯 (Steve Borges) 將介紹受監管行業。這是我們業務的關鍵部分，涵蓋醫療保健、汽車和運輸以及再生和能源基礎設施。在這些市場中，品質和信任是不容談判的，史蒂夫將分享近期的現實和長期的機會。

After Steve, you'll hear from Matt Crowley, who leads Intelligent Infrastructure. This is our fastest-growing segment and the growth is being fueled by unprecedented demand for AI-related systems from semiconductor capital equipment to racks, servers, and advanced cooling solutions. Matt will explain how Jabil is positioned to capture this wave of growth with system-level integration that very few companies can deliver.

在史蒂夫之後，您將聽到智慧基礎設施負責人馬特克勞利的演講。這是我們成長最快的領域，其成長動力來自於對人工智慧相關係統（從半導體資本設備到機架、伺服器和先進的冷卻解決方案）的空前需求。馬特將解釋捷普如何利用很少有公司能夠實現的系統級整合來抓住這一成長浪潮。

Following Matt, Andy Priestley will take us through Connected Living and Digital Commerce. This is a segment in transition as we deliberately move away from lower-margin legacy consumer programs and strengthen our position in automation and advanced technologies. Andy will share how this pivot is improving the quality of earnings today and positioning Jabil for long-term opportunity in robotics, warehouse automation, and next-generation connected devices.

繼馬特之後，安迪·普里斯特利將帶領我們了解互聯生活和數位商務。這是一個轉型階段，我們有意擺脫利潤率較低的傳統消費者項目，並加強我們在自動化和先進技術領域的地位。安迪將分享這一轉變如何提高當前的獲利質量，並為捷普在機器人、倉庫自動化和下一代連接設備領域的長期發展提供機會。

Finally, we'll conclude with our CEO, Mike Dastoor with help from EVP of Operations, Fred McCoy; and Chief Supply Chain and Procurement Officer, Frank McKay. Mike and team will bring it all together by describing how our portfolio strategy, capital allocation discipline, and culture of execution position Jabil to thrive in an evolving market. You'll also hear from Mike about the priorities that guide us, serving our customers with precision, driving sustainable earnings growth, and returning significant value to shareholders. All in, we expect today to give you a clear, transparent picture of how Jabil is positioned not just for fiscal 2026 but for the years ahead.

最後，我們將在執行長 Mike Dastoor 和營運執行副總裁 Fred McCoy 以及首席供應鏈和採購長 Frank McKay 的協助下結束演講。Mike 和他的團隊將透過描述我們的投資組合策略、資本配置紀律和執行文化如何使 Jabil 在不斷變化的市場中蓬勃發展來整合所有這些內容。您還將聽到 Mike 講述指導我們的優先事項，即精準服務客戶、推動可持續盈利增長以及為股東帶來可觀價值。總而言之，我們希望今天能為您提供一個清晰、透明的畫面，讓您了解捷普不僅在 2026 財年而且在未來幾年的定位。

With that, let's get started. It's my pleasure to introduce our Chief Financial Officer, Greg Hebard.

有了它，我們就開始吧。我很高興介紹我們的財務長 Greg Hebard。

Thank you, Adam. Good morning, everyone, and thank you for joining us. I'll begin this morning with our Q4 results. For the fourth quarter, our team delivered strong performance, reaching approximately $8.3 billion in revenue, which exceeded the midpoint of our guidance by roughly $800 million. This better-than-expected growth was broad-based as all three segments came in higher than anticipated.

謝謝你，亞當。大家早安，感謝大家的收看。今天上午我將首先介紹我們的第四季業績。第四季度，我們的團隊表現強勁，營收達到約 83 億美元，比我們預期的中點高出約 8 億美元。這種好於預期的成長是廣泛的，因為三個部門的表現都高於預期。

Driven by strong underlying revenue growth, core operating income for the quarter came in at $519 million, well above the high end of our expected range. Our core operating margin was 6.3% of revenue, representing a 50-basis-point improvement year-over-year. Net interest expense for Q4 was $65 million. On a GAAP basis, operating income totaled $337 million and diluted earnings per share came in at $1.99. Core diluted earnings per share was $3.29.

在強勁的基礎營收成長的推動下，本季核心營業收入達到 5.19 億美元，遠高於我們預期範圍的高端。我們的核心營業利潤率為營收的 6.3%，比去年同期提高了 50 個基點。第四季淨利息支出為 6,500 萬美元。以美國通用會計準則 (GAAP) 計算，營業利潤總計 3.37 億美元，每股攤薄收益為 1.99 美元。核心每股攤薄收益為 3.29 美元。

Moving on to our segment performance for Q4. Regulated Industries revenue was $3.1 billion, reflecting stronger-than-anticipated growth. Healthcare was in line while renewable and energy infrastructure and automotive and transportation, both exceeded expectations, supported by incentive-related demand pull forward and stronger volumes across core programs. On a year-over-year basis, revenue increased approximately 3% and core operating margin expanded by 40 basis points to 6.5% driven by a better mix.

接下來介紹我們第四季的分部業績。受監管行業的收入為 31 億美元，反映出強於預期的成長。醫療保健表現符合預期，而再生能源和能源基礎設施以及汽車和運輸均超出預期，這得益於激勵相關的需求拉動和核心項目交易量的增加。與去年同期相比，營收成長了約 3%，核心營業利潤率在更好的組合推動下擴大了 40 個基點，達到 6.5%。

Turning to Intelligent Infrastructure, where revenue for Q4 was $3.7 billion, $400 million above expectations. The upside was driven primarily by three factors within cloud and data center. First, we reached efficiency faster than planned for more than 700 new employees hired and trained as we move multiple sites to 24/7 operations in Q3, which lifted shipments. Second, we benefited from a more favorable mix versus Q3, leading to higher average selling prices. And third, in storage, we ramped our second hyperscaler faster than expected and saw stronger-than-anticipated end-of-quarter demand from traditional storage customers.

談到智慧基礎設施，第四季的營收為 37 億美元，比預期高出 4 億美元。上漲主要受雲端和資料中心的三個因素推動。首先，隨著我們在第三季將多個站點轉移到全天候運營，我們僱用和培訓了 700 多名新員工，從而比計劃更快地達到了效率，這提高了出貨量。其次，與第三季相比，我們受益於更有利的產品組合，導致平均售價上漲。第三，在儲存方面，我們以比預期更快的速度擴大了第二個超大規模，並且看到傳統儲存客戶的季度末需求強於預期。

Core operating margin for this segment was 5.9%. In Connected Living and Digital Commerce, revenue totaled $1.4 billion, coming in slightly ahead of our outlook from 90 days ago. On a year-over-year basis, revenue declined approximately 14%, primarily due to softness in consumer-driven products. This was partially offset by continued growth in warehouse and retail automation. Core operating margin for this segment was 6.6% in Q4, up 210 basis points year-over-year. The increase reflects cost actions taken earlier in the year and a deliberate shift towards higher-margin programs and markets within the segment.

該部門的核心營業利潤率為5.9%。在互聯生活和數位商務方面，總收入達到 14 億美元，略高於我們 90 天前的預期。與去年同期相比，營收下降了約 14%，主要原因是消費驅動產品疲軟。倉庫和零售自動化的持續成長部分抵消了這一影響。該部門第四季核心營業利潤率為 6.6%，較去年同期成長 210 個基點。這一增長反映了今年早些時候採取的成本行動以及該領域向利潤率更高的項目和市場的刻意轉變。

Let's move to our cash flow and balance sheet metrics. In the fourth quarter of fiscal 2025, inventory ended at 69 days, a 5-day improvement last quarter. Including inventory deposits, net inventory days were 55, down 4 days sequentially. This working capital discipline supported strong cash generation with cash from operations of $588 million in the quarter and $1.64 billion for the year. Net CapEx expenditures were $83 million in Q4 and $322 million for the full year or 1.1% of revenue.

讓我們轉向現金流和資產負債表指標。2025財年第四季，庫存週轉天數為69天，較上一季改善5天。包括庫存存款在內，淨庫存天數為55天，季減4天。這項營運資本紀律支持了強勁的現金產生，本季營運現金為 5.88 億美元，全年營運現金為 16.4 億美元。第四季淨資本支出為 8,300 萬美元，全年淨資本支出為 3.22 億美元，佔營收的 1.1%。

Full-year adjusted free cash flow came in very strong at more than $1.3 billion. We exited the fiscal year with a healthy balance sheet with debt to core EBITDA of 1.3 times, cash balances of approximately $1.9 billion. During the fourth quarter, we completed our prior $1 billion share repurchase authorization, consistent with our framework to return 80% of annual adjusted free cash flow to shareholders.

全年調整後的自由現金流非常強勁，超過 13 億美元。本財政年度結束時，我們的資產負債表狀況良好，債務與核心 EBITDA 比率為 1.3 倍，現金餘額約為 19 億美元。在第四季度，我們完成了先前 10 億美元的股票回購授權，這符合我們將 80% 年度調整後自由現金流返還給股東的框架。

With that, let's now turn to our capital structure. We ended FY '25 with $4 billion of unused capacity under our global credit facilities. Including that capacity and our year-end cash balance, total available liquidity exceeded $5.9 billion. Our debt and liquidity position remains strong and well structured. Maturities are appropriately staggered and carry attractive interest rates. Importantly, we remain fully committed to maintaining our investment-grade credit profile.

有了這些，現在讓我們來談談我們的資本結構。截至 2025 財年，我們的全球信貸安排仍有 40 億美元的未使用額度。包括該容量和我們的年終現金餘額，總可用流動資金超過 59 億美元。我們的債務和流動性狀況依然強勁且結構良好。到期日適當錯開，利率具吸引力。重要的是，我們仍然全力致力於維持我們的投資等級信用狀況。

Let's now turn to capital allocation and return to shareholders. Since FY13, we've reduced our shares outstanding from $203 million to $107 million in FY25, a 47% decline driven by our disciplined share repurchase strategy. Over that period, we've repurchased 136 million shares at an average price of approximately $52 contributing to total shareholder returns of $7.7 billion, including both dividends and buybacks.

現在讓我們來談談資本配置和股東回報。自 2013 財年以來，我們已將流通股數從 2.03 億美元減少至 2025 財年的 1.07 億美元，降幅達 47%，這得益於我們嚴格的股票回購策略。在此期間，我們以平均約 52 美元的價格回購了 1.36 億股股票，為股東帶來了 77 億美元的總回報，包括股息和回購。

As a reminder, in July, our Board authorized a new $1 billion share repurchase program, giving us continued flexibility to return capital thoughtfully and opportunistically, we intend to fully execute the current opposition in fiscal '26. With that, let's turn to the next slide for our Q1 FY26 guidance. Beginning with revenue by segment. For Q1, we anticipate regulated industries revenue will be $3.05 billion, up 3% year-on-year as we expect some of the dynamics that benefited Q4 particularly in automotive and renewables to carry into the early part of the first quarter.

提醒一下，7 月份，我們的董事會批准了一項新的 10 億美元股票回購計劃，使我們能夠繼續靈活地、適時地返還資本，我們打算在 26 財年全面執行當前的反對意見。接下來，讓我們翻到下一張投影片，了解 2026 財年第一季的指引。從各部門的收入開始。對於第一季度，我們預計受監管行業的收入將達到 30.5 億美元，同比增長 3%，因為我們預計第四季度的一些有利因素，特別是汽車和可再生能源領域的因素，將延續到第一季初。

For our Intelligent Infrastructure segment, we expect strong growth to continue with revenue for the quarter to be $3.67 billion, up approximately 47% year-over-year. We expect this increase to be driven by sustained broad-based AI-related growth in cloud data center infrastructure and capital equipment markets. In our Connected Living and Digital Commerce segment, revenues are expected to be $1.29 billion, down 16% year-on-year. This reflects continued softness in consumer-centric products, offset slightly by growth in warehouse and retail automation markets.

對於我們的智慧基礎設施部門，我們預計強勁成長將持續，本季營收將達到 36.7 億美元，年增約 47%。我們預計這一成長將受到雲端資料中心基礎設施和資本設備市場持續廣泛的人工智慧相關成長的推動。在我們的互聯生活和數位商務部門，預計收入為 12.9 億美元，年減 16%。這反映出以消費者為中心的產品持續疲軟，但被倉庫和零售自動化市場的成長略微抵消。

It's important to note that some of the year-on-year decline is intentional as we focus on strengthening the quality of the portfolio by exiting or pruning lower-margin programs and remixing the segment toward more durable growth opportunities. Putting it all together at the enterprise level, total company revenue for Q1 is expected to be in the range of $7.7 billion to $8.3 billion.

值得注意的是，部分同比下降是故意的，因為我們專注於透過退出或削減利潤率較低的專案並將該部門重新組合以尋求更持久的成長機會來加強投資組合的品質。從企業層面來看，預計第一季公司總營收將在 77 億至 83 億美元之間。

Core operating income for Q1 is estimated to be in the range of $400 million to $460 million. GAAP operating income is expected to be in the range of $263 million to $343 million. Core diluted earnings per share is estimated to be in the range of $2.47 to $2.87. GAAP diluted earnings per share is expected to be in the range of $1.27 to $1.84. Net interest expense for the fourth quarter is estimated to be approximately $64 million. And for the year, we expect to be in the range of $240 million to $250 million. Our core tax rate for Q1 and for the year is expected to be 21%, consistent with FY25.

第一季核心營業收入預計在 4 億美元至 4.6 億美元之間。預計 GAAP 營業收入將在 2.63 億美元至 3.43 億美元之間。核心稀釋每股盈餘預計在2.47美元至2.87美元之間。 GAAP稀釋每股盈餘預計在1.27美元至1.84美元之間。第四季淨利息支出預計約為6,400萬美元。我們預計今年的營收將在 2.4 億美元至 2.5 億美元之間。我們第一季和全年的核心稅率預計為 21%，與 25 財年一致。

In summary, turning to the next slide. FY25 was marked by disciplined execution. We sharpened the portfolio, improved business mix, delivered strong margins, and converted that execution into strong free cash flow. These results highlight the strength of our diversified model and the alignment of our business with secular growth drivers. We enter fiscal '26 to well positioned to continue delivering growth, margin expansion and robust free cash flow.

總結一下，請翻到下一張投影片。25 財年的特點是執行嚴格。我們完善了產品組合，改善了業務組合，實現了強勁的利潤率，並將這項執行轉化為強勁的自由現金流。這些結果凸顯了我們多元化模式的優勢以及我們的業務與長期成長動力的一致性。進入 26 財年，我們已準備好繼續實現成長、利潤率擴大和強勁的自由現金流。

With that, I'll now turn the call over to Steve.

說完這些，我現在將電話轉給史蒂夫。

Hello. I'm Steve Borges, and I lead Jabil's regulated industry segment. This segment spans three major areas: automotive and transportation, healthcare and renewables and energy infrastructure. Each of these markets are undergoing significant transformation. And our engineering led teams are deeply engaged in helping customers navigate that change with speed, precision, and a focus on long-term value.

你好。我是史蒂夫‧博爾赫斯 (Steve Borges)，負責領導捷普的受監管產業部門。該部門涵蓋三大領域：汽車和運輸、醫療保健以及再生能源和能源基礎設施。這些市場都在經歷重大轉型。我們的工程團隊致力於幫助客戶快速、精確地應對這項變化，並專注於長期價值。

Let's start with automotive and transportation. This industry is emerging from a global market correction. And while near-term growth in battery electric vehicles has slowed, the long-term outlook remains strong. Regulatory shifts, changing incentives, and trade pressures, particularly around Chinese EVs and US tariffs are reshaping OEM strategies.

讓我們從汽車和運輸開始。該行業正在從全球市場調整中復甦。儘管電動車的短期成長有所放緩，但長期前景依然強勁。監管變化、激勵措施變化和貿易壓力（尤其是圍繞中國電動車和美國關稅的壓力）正在重塑 OEM 戰略。

Customers continue to design platforms that can be leveraged across their entire portfolio versus being specific to an EV, hybrid, or ICE vehicle. As such, and throughout the softness in automotive, Jabil continues to add new customers in vehicle-agnostic programs, helping to bring more stability to the business. We are leaning into technologies that will define industry's future, software-defined vehicles, advanced driver assistance systems, compute, and other powertrain agnostic solutions are all growth areas.

客戶繼續設計可以應用於其整個產品組合的平台，而不是特定於電動車、混合動力汽車或內燃機汽車。因此，在汽車市場疲軟的背景下，捷普繼續在與汽車無關的專案中增加新客戶，幫助為業務帶來更多穩定性。我們正傾向於定義產業未來的技術，軟體定義汽車、高階駕駛輔助系統、運算和其他動力系統無關的解決方案都是成長領域。

Jabil continues to bring collaborations, like the one we announced recently with ABL to co-develop designs and manufacturing solutions for the automotive and transportation market. Beyond specific collaborations, our automotive teams continue to strengthen partnerships through execution and capability expansion. That combination of technical know-how and trusted relationships positions as well as this market continues its transformation.

Jabil 繼續合作，例如我們最近宣布與 ABL 合作，共同開發針對汽車和運輸市場的設計和製造解決方案。除了具體的合作之外，我們的汽車團隊還透過執行和能力擴展繼續加強合作夥伴關係。技術知識和信任關係的結合使得這個市場繼續轉型。

Turning to healthcare. We see an equally dynamic environment shaped by innovation, demographics, and patient needs. Connected Care continues to create new markets, enabling care and delivery in ways that are more accessible and more personal. Virtualized medicine is driving improved outcomes for chronic diseases, while new care settings from hospitals to the home are broadening opportunities renovation. At the same time, healthcare companies face growing pressure to simplify their supply chains. This is where Jabil will adds unique value.

轉向醫療保健。我們看到，創新、人口統計和患者需求塑造了一個同樣充滿活力的環境。互聯護理不斷開拓新市場，以更便利、更個人化的方式提供照護和照護服務。虛擬化醫療正在推動慢性病治療效果的改善，而從醫院到家庭的新型護理環境正在拓寬醫療改革的機會。同時，醫療保健公司面臨著簡化供應鏈的越來越大的壓力。這正是捷普能夠增添獨特價值的地方。

Our scale, quality systems and engineering expertise allows us to provide comprehensive solutions that are difficult for others to replicate. Our acquisition of PII has brought us into the CDMO space. And our sterilization initiative is opening doors with new customers. We're also advancing our capabilities in minimally invasive devices, medical device reprocessing, and injectables, including GLP-1s and biologics, which remain a key area of focus.

我們的規模、品質系統和工程專業知識使我們能夠提供其他人難以複製的全面解決方案。我們對 PII 的收購使我們進入了 CDMO 領域。我們的消毒措施正在為新客戶打開大門。我們也正在提升微創設備、醫療器材再處理和注射（包括 GLP-1 和生物製劑）方面的能力，這些仍然是我們關注的重點領域。

We remain committed to expanding our capabilities, whether through M&A or organic growth. We are unlocking new markets, creating more value for our customers and further differentiating Jabil in a competitive landscape. In short, Jabil is helping health care innovators bring life-changing solutions to patients faster, more reliably, and at scale.

我們始終致力於擴大我們的能力，無論是透過併購還是有機成長。我們正在開拓新市場，為客戶創造更多價值，並在競爭中進一步讓捷普脫穎而出。簡而言之，捷普正在幫助醫療保健創新者更快、更可靠、更大規模地為患者提供改變生活的解決方案。

Finally, in renewables and energy infrastructure, the macro picture is dynamic. Global electricity demand is projected to increase by as much as 70% by 2040, driven in large part by the growth of data centers and industrial use. Meanwhile, interest rates, tariffs, and policy changes are reshaping near-term demand in areas like solar and energy storage.

最後，在再生能源和能源基礎設施方面，宏觀情況是動態的。預計到 2040 年，全球電力需求將成長 70%，這主要得益於資料中心和工業用途的成長。同時，利率、關稅和政策變化正在重塑太陽能和能源儲存等領域的近期需求。

Even with these shifts, we've been able to support our customers without disruption, including complex product transfers. Despite the headwinds, renewables remain the fastest-growing and lowest-cost source of new energy. Solar continues to be the largest driver of growth worldwide, while energy storage systems and grid modernization are increasingly critical to balancing supply and demand.

即使發生了這些轉變，我們仍然能夠不間斷地為客戶提供支持，包括複雜的產品轉移。儘管面臨阻力，再生能源仍是成長最快、成本最低的新能源。太陽能繼續成為全球最大的成長動力，而能源儲存系統和電網現代化對於平衡供需越來越重要。

Here again, Jabil is leaning into complexity, supporting customers with design and manufacturing capabilities that extend from inverters to battery modules to smart grid technologies. We're also embedding ourselves deeper into building infrastructure. We're rising demand for HVAC systems, especially for data centers and the increasing need for modern security and access control solutions present strong opportunities.

捷普再次傾向於複雜性，為客戶提供從逆變器到電池模組再到智慧電網技術的設計和製造能力。我們也正在更深入地參與基礎建設。我們對 HVAC 系統的需求不斷增長，尤其是對資料中心的需求，以及對現代安全和存取控制解決方案日益增長的需求，帶來了強大的機會。

Across these markets, our ability to combine engineering depth with global manufacturing scale gives us a distinctive edge. To sum it up, in automotive and transportation, healthcare, and renewables and energy infrastructure, our strategy is thoughtful and deliberate. We build capabilities that matter. We deliver with speed and quality and stay ahead of what's next. This is how we're helping customers solve complex challenges in regulated environments, while driving long-term growth and value for Jabil and our shareholders. Thank you.

在這些市場中，我們將工程深度與全球製造規模相結合的能力為我們帶來了獨特的優勢。總而言之，在汽車和交通、醫療保健以及再生能源和能源基礎設施領域，我們的策略是深思熟慮的。我們建構重要的能力。我們以快速和優質的方式交付產品，並始終保持領先地位。這就是我們如何幫助客戶解決受監管環境中的複雜挑戰，同時推動捷普和股東的長期成長和價值。謝謝。

Good morning, everyone. For those of you I haven't met, my name is Matt Crowley, and I lead Jabil's Intelligent Infrastructure business. My team and I are focused on enabling growth across three key in markets that sit at the heart of today's technology transformation. Capital equipment, cloud and data center infrastructure, and networking and communications, AI and advanced compute are driving one of the most profound infrastructure build-outs in decades.

大家早安。對於那些我還沒有見過的人，我的名字是馬特·克勞利，我領導捷普的智慧基礎設施業務。我和我的團隊致力於推動當今技術轉型核心的三個關鍵市場的成長。資本設備、雲端和資料中心基礎設施、網路和通訊、人工智慧和先進運算正在推動幾十年來最深刻的基礎設施建設之一。

At the same time, our customers are demanding speed, resiliency and cost efficiency, and how they scale. Our role is clear: to be the trusted engineering-led manufacturing partner that helps our customers scale faster integrate more seamlessly, and deploy new platforms with confidence. And what differentiates ecosystem, not just a single piece of the puzzle, but the combination of compute, storage, networking, power, cooling, and the tools that make all of this possible.

同時，我們的客戶要求速度、彈性和成本效率以及如何擴展。我們的角色很明確：成為值得信賴的工程主導型製造合作夥伴，幫助我們的客戶更快地擴展規模、更無縫地集成，並滿懷信心地部署新平台。生態系統的不同之處不只是拼圖的一塊，而是計算、儲存、網路、電力、冷卻以及使這一切成為可能的工具的組合。

Let me start with cloud and data center infrastructure. This is where the acceleration of AI workloads is most visible. The largest global platforms are redesigning servers, racks, and data center architectures around liquid cooling, next-generation processors, and unprecedented bandwidth demand. Instead of supplying individual parts, we're integrating full racks into one deliverable system.

讓我先從雲端和資料中心基礎設施開始。這是人工智慧工作負載加速最明顯的地方。全球最大的平台正在圍繞液體冷卻、下一代處理器和前所未有的頻寬需求重新設計伺服器、機架和資料中心架構。我們不是提供單一零件，而是將整個機架整合到一個可交付的系統中。

That's a huge differentiator. It shortens our customers' time to deployment and allows them to scale with confidence. We've also aligned our footprint with these needs. In North America, for example, we're standing up new capacity that is perfectly built for liquid cool drags. That gives our customers not only scale but also the regional diversification they're asking for.

這是一個巨大的區別。它縮短了客戶的部署時間，並使他們能夠滿懷信心地擴展規模。我們也根據這些需求調整了我們的足跡。例如，在北美，我們正在建立專門用於液體冷飲的新產能。這不僅為我們的客戶提供了規模，而且還提供了他們所要求的區域多樣化。

Another critical piece of our data center strategy is thermal management. As processors get hotter and denser, traditional air cooled solutions aren't enough. We're investing in advanced cooling technologies and integrating them into our data-center platforms, and power is just as important as cooling. We're expanding into low and medium volt switch gear, PDUs, and UPS systems, integrating them directly into rack and data-center designs. This allows us to deliver a truly end-to-end solution where compute, networking, power, and cooling all come together in one integrated system.

我們的資料中心策略的另一個關鍵部分是熱管理。隨著處理器變得越來越熱、越來越密集，傳統的風冷解決方案已經不夠用了。我們正在投資先進的冷卻技術並將其整合到我們的資料中心平台中，電力與冷卻同樣重要。我們正在擴展到低電壓和中壓開關設備、PDU 和 UPS 系統，並將它們直接整合到機架和資料中心設計中。這使我們能夠提供真正的端到端解決方案，其中計算、網路、電源和冷卻都整合在一個整合系統中。

Turning to capital equipment. This is the technology that underpins the entire semiconductor industry from wafer fabrication to automated test equipment, the capital equipment market is where the building blocks of AI infrastructure are created. Here, our strategy is to move closer to the chamber to the most critical parts of the tool or precision, quality, and reliability matter most.

轉向資本設備。這是支撐整個半導體產業（從晶圓製造到自動化測試設備）的技術，資本設備市場是創建人工智慧基礎設施建構模組的地方。在這裡，我們的策略是讓腔室更靠近工具的最關鍵部分，或者說精度、品質和可靠性是最重要的。

We're working with leading equipment makers to expand our role in RF power systems, gas-delivery sensors, and other chamber-adjacent technologies. By doing this, we become more embedded in our customers' platforms, which makes us harder to replace and more valuable over time.

我們正在與領先的設備製造商合作，擴大我們在射頻功率系統、氣體傳輸感測器和其他腔室相關技術中的作用。透過這樣做，我們可以更深入地融入客戶的平台，這使得我們更難被取代，隨著時間的推移，我們的價值也會更高。

We're also investing in geographic expansion to align with our customers' global supply chains. That means adding capability in India, Poland, Southeast Asia, so that when our customers expand capacity, we're already there to support them. The same thermal-management automation and precision-manufacturing techniques we use in semiconductor tools are being leveraged in data center and networking applications.

我們也投資於地理擴張，以適應客戶的全球供應鏈。這意味著在印度、波蘭、東南亞增加產能，這樣當我們的客戶擴大產能時，我們就已經在那裡為他們提供支援。我們在半導體工具中使用的相同的熱管理自動化和精密製造技術正在資料中心和網路應用中得到利用。

That's the power of having a portfolio that spans multiple interconnected ones. The third piece of intelligent infrastructure is networking and communications. Here, our strategy is anchored in liquid-cooled switching and system-level integration. The explosive growth of AI workloads is driving unprecedented bandwidth requirements. And traditional air-cooled networking year is no longer sufficient.

這就是擁有一個涵蓋多個相互關聯的投資組合的力量。智慧基礎設施的第三個部分是網路和通訊。在這裡，我們的策略以液冷開關和系統級集成為基礎。人工智慧工作負載的爆炸性成長正在推動前所未有的頻寬需求。而傳統風冷的組網方式已經不夠用了。

We're investing in liquid-cooled switch technology, integrating it with compute, power, and thermal solutions to deliver complete rack-level systems. This is a space where Jabil is uniquely positioned because we're not just supplying a switch. We're engineering the entire system around it. And we continue to focus on our silicon photonics business where we've developed advanced packaging capabilities to support the ongoing scale out of transceiver platforms and the backbone of high-speed optics, and our strategic focus remains at the system level where all elements of the rack architecture are converging.

我們正在投資液冷交換機技術，將其與計算、電源和熱解決方案相結合，以提供完整的機架級系統。這是捷普具有獨特優勢的領域，因為我們不僅僅提供開關。我們正在圍繞它設計整個系統。我們繼續專注於我們的矽光子業務，我們已經開發了先進的封裝能力，以支援收發器平台和高速光學骨幹的持續擴展，我們的策略重點仍然在機架架構的所有元素融合的系統層級。

So let me bring it all together. Our customers are no longer looking at servers, racks, or switches in isolation. They're designing entire systems that must work together seamlessly. And Jabil is positioned uniquely to deliver that. By operating across capital equipment, data-center infrastructure, and networking, we bring insights and capabilities from each domain into the others creating leverage that few competitors can match. By executing flawlessly for our existing partners and continuing to invest in differentiated capabilities, we're laying the foundation not only for today's demand but for the data center and networks of the future. Thank you.

所以讓我把這一切都整合在一起。我們的客戶不再孤立地關注伺服器、機架或交換器。他們正在設計必須無縫協作的整個系統。而捷普憑藉其獨特的優勢，可以實現這一目標。透過跨資本設備、資料中心基礎設施和網路運營，我們將每個領域的見解和能力帶入其他領域，創造出很少有競爭對手能夠比擬的優勢。透過為現有合作夥伴提供完美的服務並持續投資於差異化能力，我們不僅為當今的需求奠定了基礎，也為未來的資料中心和網路奠定了基礎。謝謝。

Hello. I'm Andy Priestley, and I lead Jabil's Connected Living and Digital Commerce segment. This segment is built around two major areas: consumer devices, and digital commerce, and robotics. Together, they represent the best and dynamic mix of technologies that are shaping how people live, shop, and interact with the world around them.

你好。我是安迪‧普里斯特利 (Andy Priestley)，負責捷普的連結生活與數位商務部門。該部門圍繞著兩個主要領域：消費設備、數位商務和機器人技術。它們共同代表了最佳且最具活力的技術組合，正在塑造人們的生活、購物和與周圍世界互動的方式。

Let's start with digital commerce and robotics, where the pace of change is fastest. This part of our business includes retail automation e-commerce, robotics, and AI-driven systems that are being fueled by powerful mega trends. Across the supply chain, full-scale automation has taken hold from lights-out warehouses to autonomous last-mile delivery. Physical retail is being reimagined through smart shelf labels, connectivity and robotics, turning stores into digital assets that support omnichannel experiences.

讓我們從數位商務和機器人技術開始，這兩個領域變化的速度是最快的。我們的業務的這一部分包括零售自動化電子商務、機器人和人工智慧驅動的系統，這些系統都受到強大的大趨勢的推動。在整個供應鏈中，從無人值守倉庫到自動最後一英里交付，全面自動化已經紮根。實體零售正在透過智慧貨架標籤、連接和機器人技術進行重新構想，將商店轉變為支援全通路體驗的數位資產。

Payment technologies are also evolving. Fintech and biometrics are transforming how transactions happen, particularly in small and medium-sized markets where contactless and custom point-of-sale solutions are becoming the norm. Turning to Automated Retail. This market segment is growing very quickly, driven by demand for speed, convenience, and self-service in areas such as autonomous vending and ghost kitchens.

支付技術也在不斷發展。金融科技和生物辨識技術正在改變交易方式，特別是在非接觸式和客製化銷售點解決方案正在成為常態的中小型市場。轉向自動化零售。這個細分市場正在快速成長，這得益於自動販賣機和幽靈廚房等領域對速度、便利性和自助服務的需求。

Lastly, robotics and AI are both advancing quickly. GenAI and large language models are enabling robots even humanoids to learn from existing models and images, making them more adaptable, capable, and widespread. At Jabil, we're investing in engineering and design expertise that allows us to support the most complex and demanding technologies in the market.

最後，機器人技術和人工智慧都在快速發展。GenAI 和大型語言模型使機器人甚至類人機器人能夠從現有模型和影像中學習，使它們更具適應性、更強大、更廣泛。在捷普，我們投資於工程和設計專業知識，這使我們能夠支援市場上最複雜和最苛刻的技術。

From computer vision and high-speed automation to complex assembly, we're enabling the next generation of intelligent systems. These strengths are also opening doors into fast-growing markets where innovation and flawless execution are non-negotiable. The shift towards more complex, higher value technologies is driving margin expansion and positioning Jabil as a key enabler of next-generation commerce.

從電腦視覺和高速自動化到複雜的組裝，我們正在實現下一代智慧系統。這些優勢也為我們打開了快速成長市場的大門，在這些市場中，創新和完美的執行是不可妥協的。向更複雜、更高價值的技術轉變正在推動利潤率的擴大，並使捷普成為下一代商業的關鍵推動者。

This is where Jabil moves up the value chain. Not just producing systems, but partnering with customers to solve labor challenges, improve performance, and deliver better customer experiences. Jabil is the largest manufacturing solutions provider for digital commerce and warehouse-automation customers.

這就是捷普提升價值鏈的地方。不僅生產系統，還與客戶合作解決勞動力挑戰、提高性能並提供更好的客戶體驗。Jabil 是數位商務和倉庫自動化客戶的最大製造解決方案供應商。

Our scale and expertise allows us to support the largest players in this industry as they navigate today's challenges and beyond. On the consumer devices side, we're focused on products that enhance everyday life, from small and major appliances to home comfort and outdoor living. Consumers want smarter, more connected products enabled by AI, machine learning, and IoT. Wireless power, energy efficiency, and intuitive interfaces are becoming standard. At the same time, there's a growing appetite for creating experiences at home, bringing indoor comfort outdoors, and elevating how people live.

我們的規模和專業知識使我們能夠支持該行業的最大參與者應對當今及未來的挑戰。在消費性設備方面，我們專注於改善日常生活的產品，從小型和大型家電到家庭舒適和戶外生活。消費者希望獲得由人工智慧、機器學習和物聯網支援的更智慧、更互聯的產品。無線電源、能源效率和直覺式介面正在成為標準。同時，人們越來越渴望創造居家體驗，將室內的舒適帶到戶外，並提升人們的生活水平。

Safety and security is becoming a critical pillar of our future success. Our work in commercial drones and vision systems continues to support safer environments and a more enjoyable experience. We're extremely proud of the innovation happening in these areas. While segment revenues show a slight year-over-year decline, the underlying story reflects a thoughtful evolution towards more sophisticated technologies in digital commerce and robotics.

安全和保障正在成為我們未來成功的關鍵支柱。我們在商用無人機和視覺系統方面的工作將繼續支援更安全的環境和更愉快的體驗。我們對這些領域的創新感到非常自豪。雖然分部收入同比略有下降，但其根本原因反映出數位商務和機器人技術向更複雜技術的深思熟慮的演變。

Over time, we will concentrate our consumer device business in areas where our engineering debt provide margin of creative opportunities with premium brands. It's also very important to note that our consumer business remains a vital driver of positive cash flow, helping to fuel the innovation and investment that power our growth in areas such as automation, AI, and robotics.

隨著時間的推移，我們將把消費設備業務集中在那些我們的工程債務能夠為高端品牌提供創造機會的領域。值得注意的是，我們的消費者業務仍然是正現金流的重要驅動力，有助於推動我們在自動化、人工智慧和機器人等領域的成長的創新和投資。

Connected Living and the Digital Commerce segment has been playing a major role in our geographic mix shift since 2023, with strategic moves from China to Mexico. That said, China remains essential to our future success. It continues to teach the world how to manufacture with efficiency at scale, and we value its role in the larger ecosystem.

自 2023 年以來，互聯生活和數位商務部門在我們的地理組合轉變中發揮著重要作用，戰略重點從中國轉移到墨西哥。儘管如此，中國對於我們未來的成功仍然至關重要。它繼續教導世界如何有效地進行大規模生產，我們重視它在更大的生態系統中的作用。

To summarize, the Connected Living and Digital Commerce segment is evolving quickly. We're enabling smarter systems, more connected experiences, and helping our partners stay ahead of the curve. That's how Jabil is creating value today while building the foundation for long-term growth.

總而言之，互聯生活和數位商務領域正在快速發展。我們正在實現更智慧的系統、更互聯的體驗，並幫助我們的合作夥伴保持領先地位。這就是捷普在為長期成長奠定基礎的同時創造當今價值的方式。

In closing, I'd like to thank the extended team for what has been an exceptional year. This team has delivered record performance and won multiple new programs with new and existing customers.

最後，我要感謝全體團隊，感謝他們為我帶來的非凡的一年。該團隊取得了創紀錄的業績，並贏得了新舊客戶的多個新項目。

Thank you.

謝謝。

Thanks, Andy. Good morning, everyone, and thank you for joining us. As you heard from the group today, fiscal 2025 was a great year for Jabil. We delivered solid revenue growth, expanded core operating margins, grew core EPS, and generated strong free cash flow and extremely strong return on invested capital. Upon taking a closer look, the dynamics varied by end market.

謝謝，安迪。大家早安，感謝大家的收看。正如大家今天從小組聽到的，2025 財年對捷普來說是一個偉大的一年。我們實現了穩健的收入成長，擴大了核心營業利潤率，提高了核心每股收益，並產生了強勁的自由現金流和極高的投資資本回報率。仔細觀察就會發現，終端市場的動態各不相同。

In regulated industries, automotive and renewable space pressure. In shop contrast, Intelligent Infrastructure was a growth engine as AI-related demand accelerated across capital equipment, data center, and networking. And in Connected Living and Digital Commerce, we continue to rationalize the portfolio and execute a deliberate mix shift, deemphasizing lower-margin legacy consumer programs while strengthening our position in advanced warehouse and retail automation.

在受監管的行業中，汽車和再生能源領域面臨壓力。相較之下，隨著資本設備、資料中心和網路領域對人工智慧相關需求的加速成長，智慧基礎設施成為了成長引擎。在互聯生活和數位商務領域，我們繼續合理化產品組合併進行深思熟慮的組合轉變，不再強調利潤率較低的傳統消費者計劃，同時加強我們在先進倉庫和零售自動化領域的地位。

So stepping back, FY25 demonstrated two things at once. Some in markets were choppy, yet the company remained resilient. Where automotive and renewables slowed, AI-driven demand more than offset. Where consumer categories soften, CLDC expanded margins through portfolio pruning, and across the enterprise, free cash flow came in extremely strong. Let me take a moment to talk about what sets Jabil apart, what we call the Jabil advantage. Our competitive success is driven by the effective integration of five key pillars.

回顧一下，25 財年同時證明了兩件事。儘管市場波動較大，但該公司仍保持著韌性。在汽車和再生能源成長放緩的情況下，人工智慧驅動的需求得到了充分的抵消。當消費類別疲軟時，CLDC 透過精簡產品組合來擴大利潤率，整個企業的自由現金流變得非常強勁。讓我花點時間談談捷普的與眾不同之處，也就是我們所說的捷普優勢。我們的競爭成功源自於五大關鍵支柱的有效整合。

First, our long-tenured team and culture of operational execution. Around the world, teams deliver with safety, quality, and accountability in a complex environment that consistency is difference between promises and performance. Second, a regional manufacturing footprint over the past decade, we've shifted to a regionalized model, designing, building and delivering products where they're consumed.

首先，我們擁有長期任職的團隊和營運執行文化。在世界各地，團隊在複雜的環境中以安全、品質和責任的方式交付產品，而一致性是承諾和績效之間的差異。第二，在過去十年中，我們轉向區域化製造模式，在產品消費地進行設計、製造和交付。

In today's environment of tariffs, policy shifts and supply chain complexity, this is proving to be a clear competitive advantage. Our geographic mix has also transformed. In FY18, we were heavily weighted towards Asia. By FY25, our revenue profile is more balanced, resilient, and flexible. Two factors drove the shift. The FY24 divestiture of our Mobility business which reduced concentration and free resources for higher growth opportunities and the rapid build-out of AI infrastructure in the US, which raised our Americas share of revenue from 25% in FY18 to 46% in FY25. This improved balance highlights the strength of Jabil's strategy, building capabilities everywhere to serve customers wherever they operate.

在當今關稅、政策轉變和供應鏈複雜的環境下，這被證明是一種明顯的競爭優勢。我們的地理分佈也發生了變化。在 2018 財年，我們的重點放在亞洲。到 25 財年，我們的收入狀況將更加均衡、有彈性且靈活。有兩個因素推動了這個轉變。我們在 24 財年剝離了行動業務，從而降低了集中度並釋放了資源用於更高的成長機會，並在美國快速建設了人工智慧基礎設施，這使我們在美洲的收入份額從 2018 財年的 25% 上升到了 2025 財年的 46%。這種改善的平衡凸顯了捷普策略的優勢，即在各地建立能力，為世界各地的客戶提供服務。

Third, scale rationalization and diversification. Hundreds of customers across a number of end markets trust us with mission-critical programs. That diversification provides both stability and optionality as technologies converge and market demand ships. Today, as we continue to scale in AI-related growth areas, rationalized part of our portfolio, particularly in CLDC and diversify further within customers and end markets, the same strengths have well positioned Jabil to keep delivering through various cycles.

三是規模合理化、多元化。眾多終端市場的數百名客戶信任我們，將關鍵任務程序委託給我們。隨著技術融合和市場需求的變化，這種多樣化既提供了穩定性，也提供了可選性。如今，隨著我們繼續在人工智慧相關的成長領域擴大規模，合理化部分投資組合（特別是在 CLDC），並在客戶和終端市場進一步實現多元化，同樣的優勢使捷普能夠在各個週期中繼續保持交付。

Fourth, supply chain orchestration. We managed one of the world's most complex supply chains with over 38,000 global suppliers and over 700,000 unique parts, which enables us to help customers redesign biller materials, qualify new suppliers, and secure continuity. That capability matters most when markets are tight or trade policy shared.

第四，供應鏈協同。我們管理著世界上最複雜的供應鏈之一，擁有超過 38,000 個全球供應商和超過 700,000 個獨特零件，這使我們能夠幫助客戶重新設計帳單材料、鑑定新供應商並確保連續性。當市場緊張或貿易政策共享時，這種能力最為重要。

And finally, our last pillar is automation and AI-inside our factories. As programs move into higher cost regions, competitiveness depends not just on labor cost, but also on labor availability and the concentration of skilled workers in certain areas. To address this, we embed robotics, predictive maintenance, automated optical inspection, and scheduling optimization, to name a few, across our operations.

最後，我們的最後一根支柱是工廠內部的自動化和人工智慧。隨著專案轉移到成本更高的地區，競爭力不僅取決於勞動力成本，還取決於勞動力的可用性和某些地區熟練工人的集中度。為了解決這個問題，我們在營運過程中嵌入了機器人技術、預測性維護、自動光學檢測和調度優化等。

These tools improve quality, accelerate ramps, and reduce cost. With more than 30 sites in the US, our footprint here has never been larger. At this time, I would like to invite Fred to discuss how we are leveraging AI and automation throughout our factory network, followed by Frank, who will share insights into how advanced AI tools are enabling and optimizing our supply chains.

這些工具可以提高品質、加速發展並降低成本。我們在美國擁有 30 多個站點，業務範圍從未如此廣泛。這次，我想邀請 Fred 討論我們如何在整個工廠網路中利用人工智慧和自動化，然後是 Frank，他將分享有關先進的人工智慧工具如何實現和優化我們的供應鏈的見解。

Thanks, Mike. I'm Fred McCoy, and I lead Jabil's global operations. At Jabil, we're building the future of manufacturing, where intelligent automation, AI-driven processes, and a fully connected ecosystem empower our people to deliver value to customers and elevate our performance. The reality is that we've been using AI and operations for years.

謝謝，麥克。我是 Fred McCoy，負責領導 Jabil 的全球營運。在捷普，我們正在建立製造業的未來，智慧自動化、人工智慧驅動的流程和完全互聯的生態系統使我們的員工能夠為客戶創造價值並提升我們的績效。事實上，我們已經使用人工智慧和營運多年了。

On our production lines, we deploy several 1,000 proprietary cameras with embedded AI computer vision models for inline quality inspections. We use tools for modeling our inventory levels and logistics planning. And we optimize our equipment utilization across our network.

在我們的生產線上，我們部署了數千台嵌入 AI 電腦視覺模型的專有攝影機，用於線上品質檢查。我們使用工具來模擬我們的庫存水準和物流規劃。我們優化了整個網路的設備利用率。

By connecting our more than 400 SMT lines, and now our injection molding and CNC machining equipment, we're deploying AI agents to categorize and optimize downtime, attrition, and yield loss, which helps us self-correct and improve efficiency and make faster decisions.

透過連接我們的 400 多條 SMT 生產線以及注塑和 CNC 加工設備，我們正在部署 AI 代理來對停機時間、損耗和產量損失進行分類和優化，這有助於我們自我糾正、提高效率並做出更快的決策。

We've deployed Generative AI tools that give our operators quick access to the information they need on the manufacturing floor. This means problems can be solved in place without interrupting production and teams have more confidence in the data behind their decisions.

我們部署了生成式人工智慧工具，使我們的操作員能夠快速存取製造車間所需的資訊。這意味著可以在不中斷生產的情況下就地解決問題，而團隊對其決策背後的數據更有信心。

Simultaneously, automation is expanding rapidly across our network. Today, we have more than 25,000 robots in production and a team of over 2,000 trained automation engineers and technicians. They design, build, and maintain solutions ranging from simple robotic arms to complex high-speed systems.

同時，自動化正在我們的網路中迅速擴展。如今，我們擁有超過 25,000 台投入生產的機器人和一支由 2,000 多名訓練有素的自動化工程師和技術人員組成的團隊。他們設計、建造和維護從簡單的機械手臂到複雜的高速系統的各種解決方案。

For mid-volume production, our proprietary modular gear delivers flexible and cost-effective automation that can be reconfigured as products change, lowering costs, and accelerating deployment. We've also developed and are deploying a blueprint for material automation, including autonomous-guided vehicles and automated storage and retrieval systems. These solutions improve safety, provide real-time material traceability, and eliminate millions in manual handling costs.

對於中等批量生產，我們專有的模組化設備可提供靈活且經濟高效的自動化，並可隨著產品的變化而重新配置，從而降低成本並加速部署。我們還開發並正在部署物料自動化藍圖，包括自動導引車和自動儲存和檢索系統。這些解決方案提高了安全性，提供了即時材料可追溯性，並消除了數百萬的人工處理成本。

Across the industry and at Jabil, investment in AI and automation is accelerating. Our job is to embrace these technologies, partner with customers and suppliers, and industrialize them at scale across our facilities.

在整個產業以及捷普，對人工智慧和自動化的投資正在加速。我們的工作是採用這些技術，與客戶和供應商合作，並在我們的設施中大規模實現這些技術的工業化。

The future of our factories will bring even more collaboration between people and machines, and our employees will focus on higher value tasks that drive quality, safety, and innovation. The result will be a new level of agility, traceability, and competitiveness that sets Jabil apart in the marketplace.

我們工廠的未來將帶來人與機器之間更多的協作，我們的員工將專注於推動品質、安全和創新的更高價值的任務。其結果將是敏捷性、可追溯性和競爭力達到一個新的水平，使捷普在市場上脫穎而出。

I'll now pass it off to Frank to talk about the work we're doing in embedding AI into our procurement and supply chain processes.

現在我將把話題交給弗蘭克，讓他談談我們在將人工智慧嵌入採購和供應鏈流程中所做的工作。

Thank you, Fred. Hello. My name is Frank McKay, and I lead Jabil's global procurement and supply chain operations. At Jabil, we are integrating AI into every layer of our supply chain to make it smarter and more resilient. Our vision is an autonomous supply chain built in an AI technology stack that combines machine learning agent. Our vision is an autonomous supply chain built on an AI-technology stack that combines machine learning, Agentic AI, and Generative AI with Jabil's decades of global experience.

謝謝你，弗雷德。你好。我叫法蘭克‧麥凱 (Frank McKay)，負責領導捷普的全球採購與供應鏈營運。在捷普，我們將人工智慧融入供應鏈的每一層，使其更加智慧、更具彈性。我們的願景是建立在結合機器學習代理的人工智慧技術堆疊中的自主供應鏈。我們的願景是建立一個基於人工智慧技術堆疊的自主供應鏈，將機器學習、代理人工智慧和產生人工智慧與捷普數十年的全球經驗相結合。

One example is V-command, our supply chain intelligence and orchestration platform. V-command gives our global teams full end-to-end visibility and provides customers with a secure window into their supply chain. By connecting real-time data across our ecosystem, we can break down silos, run simulations, and act quickly on the most important insights. AI-powered dashboards and intelligent alerts help us prioritize issues as they arise real time. Whether that means mitigating supply risk, tracking shipments, or improving freight performance.

其中一個例子是 V-command，我們的供應鏈智慧和編排平台。V-command 為我們的全球團隊提供了完整的端到端視覺性，並為客戶提供了進入其供應鏈的安全視窗。透過連接我們生態系統中的即時數據，我們可以打破孤島，運行模擬，並根據最重要的見解迅速採取行動。人工智慧儀表板和智慧警報可協助我們即時確定問題的優先順序。這是否意味著降低供應風險、追蹤貨物或提高貨運績效。

The platform is also evolving with an AI-driven roadmap that includes new capabilities such as end-to-end supply chain footprint mapping, disruptive event management, and advanced tariff analytics. These features will build on the intelligent dashboards and alerts that are already in place, giving our teams and our customers even greater resiliency, transparency, and speed to action.

該平台還透過人工智慧驅動的路線圖不斷發展，其中包括端到端供應鏈足跡映射、破壞性事件管理和高級關稅分析等新功能。這些功能將建立在現有的智慧儀表板和警報之上，為我們的團隊和客戶提供更高的彈性、透明度和行動速度。

We also use AI in our proprietary procurement intelligence platform, which brings together billions of data points from millions of parts and suppliers. With this data, we can benchmark costs on sourcing scenarios and negotiate with much greater speed than ever before.

我們也在專有的採購智慧平台中使用人工智慧，該平台匯集了來自數百萬零件和供應商的數十億個數據點。有了這些數據，我們可以根據採購場景對成本進行基準測試，並以比以往更快的速度進行談判。

And in one particular case, we reduced the sourcing cycle from two weeks to one day across hundreds of thousands of parts, freeing up our teams to focus on far more strategic efforts. Through IDA Global, our joint venture was ciphered, a native AI SaaS provider, were advancing even further. This platform combines Jabil supply-chain expertise with cipher self-learning AI to autonomously manage multi-tier supply chains, respond to disruptions in real time, and deploy new applications in weeks rather than months.

在一個特定案例中，我們將數十萬個零件的採購週期從兩週縮短到一天，使我們的團隊能夠專注於更具策略性的工作。透過 IDA Global，我們的合資企業 ciphered（一家本土 AI SaaS 供應商）正在進一步發展。該平台將捷普的供應鏈專業知識與密碼自學人工智慧相結合，自主管理多層供應鏈，即時回應中斷，並在數週而不是數月內部署新的應用程式。

Together, these tools are reshaping our procurement and supply chain management works at Jabil by embedding AI into our operations, we're improving agility, transparency, and efficiency, while setting a new standard for overall supply chain performance.

透過將人工智慧嵌入我們的營運中，這些工具正在重塑捷普的採購和供應鏈管理工作，我們正在提高敏捷性、透明度和效率，同時為整體供應鏈績效設定新的標準。

I'd now like to pass it back off to Mike.

現在我想把它交還給麥克。

Thanks, Frank. As you just heard from the team, the five pillars are not abstract. They shape how we operate in highly regulated markets, how we capture AI growth in intelligent infrastructure, and how we're reshaping CODC per margin and durability. With that, I'd now like to walk you through the dynamics across each of our segments for FY26. I'll begin with regulated industries. Think of regulated industries as the place for reliability, compliance, and quality are non-negotiable. The near-term picture is mixed but the long-term teams are positive.

謝謝，弗蘭克。正如您剛才從團隊那裡聽到的，這五大支柱並不是抽象的。它們決定了我們如何在高度監管的市場中運營，我們如何在智慧基礎設施中抓住人工智慧的成長，以及如何重塑每個利潤率和耐用性的 CODC。現在，我想向您介紹 26 財年我們各部門的動態。我先從受監管的行業開始。將受監管的行業視為可靠性、合規性和品質不容商榷的地方。短期前景好壞參半，但長期前景樂觀。

I'll start with the headwinds are most visible in the short term. While EV adoption is strong in China in both the US and Europe, demand has slowed at intensifying competition among automakers is affecting customer market share and influencing technology strategies. These dynamics will weigh on FY26. As a result, we believe our auto and transport end market will decline by 5%. Even so, there is reason for optimism.

我首先要說的是短期內最明顯的不利因素。儘管中國、美國和歐洲的電動車普及率很高，但由於汽車製造商之間競爭加劇，電動車需求放緩，影響了客戶市場份額和技術策略。這些動態將對 26 財年產生影響。因此，我們認為我們的汽車和運輸終端市場將下降 5%。即便如此，我們仍有理由保持樂觀。

The long-term trends remain promising as BEV still represents the fastest-growing powertrain. This, in addition to the adoption of software-defined vehicles and ADAS is increasing the content per vehicle. The team is deeply embedded with leading OEMs on the technologies that are expected to define the industry's future. Compute modules, advanced driver assistance systems, and other powertrain agnostic solutions are all growth areas as we support our customers' next-generation vehicles.

由於 BEV 仍然是成長最快的動力系統，因此長期趨勢依然樂觀。除此之外，軟體定義汽車和 ADAS 的採用也增加了每輛車的內容。該團隊與領先的原始設備製造商深度合作，共同研究有望決定產業未來的技術。隨著我們支援客戶的下一代汽車，計算模組、高級駕駛輔助系統和其他動力系統無關的解決方案都是成長領域。

And in renewables and energy infrastructure over the last years, we have helped customers rebalance portfolios, localized supply chains, and diversify across commercial and residential projects. These actions improve resilience now and position us for upside as economics, interest rates, and demand improve. Said differently, we have done the blocking and tackling to be ready when demand improves. By contrast, we believe healthcare outsourcing is entering a growth phase.

在過去幾年中，我們在再生能源和能源基礎設施領域幫助客戶重新平衡投資組合、在地化供應鏈，並實現商業和住宅項目的多元化。這些措施現在提高了我們的韌性，並使我們隨著經濟、利率和需求的改善而處於上行趨勢。換句話說，我們已經做好了阻止和應對的準備，以便在需求改善時做好準備。相較之下，我們認為醫療保健外包正進入成長階段。

Growth in FY26 is expected to be led by drug delivery systems, including GLP-1 auto injectors and on-body monitoring such as continuous glucose monitors. Although these programs have long incubation lead times, they are sticky for customers, valuable for patients, and margin accretive for Jabil. It's worth noting healthcare with a healthy pipeline of new business awarded is expected to be an important contributor to our path towards 6% core operating margins.

預計 26 財年的成長將由藥物輸送系統主導，包括 GLP-1 自動注射器和連續血糖監測儀等體內監測系統。儘管這些項目的孵化週期很長，但它們對客戶來說很有吸引力，對患者來說很有價值，並且能為捷普增加利潤。值得注意的是，醫療保健領域擁有大量新業務，預計將成為我們實現 6% 核心營業利潤率的重要貢獻者。

Putting the segment together in FY26, we expect regulated industries to be flat on revenue with margin expansion as healthcare growth helps offset automotive and renewables. If regulated industries is about trust and durability, intelligent infrastructure is about velocity.

綜合考慮 2026 財年各部門的情況，我們預計受監管行業的收入將持平，利潤率將擴大，因為醫療保健的增長有助於抵消汽車和可再生能源的影響。如果受監管的行業關乎信任和耐久性，那麼智慧基礎設施就關乎速度。

Our strategy here is clear within at the system level. Instead of treating servers, racks, switches, power and cooling as separate silos, we design and deliver integrated systems that combine compute, networking, power distribution, and advanced cooling. That integration shortens time to deploy and lowers total cost for customers exactly what they need as AI capacity scales.

我們的策略在系統層面上是明確的。我們不會將伺服器、機架、交換器、電源和冷卻視為獨立的孤島，而是設計並提供集計算、網路、配電和先進冷卻於一體的整合系統。這種整合縮短了部署時間並降低了客戶的總成本，這正是他們在 AI 容量擴展時所需要的。

You can see the strategy at work across the three end markets in this segment. In capital equipment, we're moving closer to the chamber with RF power, gas delivery, and sensors, capabilities at the heart of semiconductor tools that manufacture AI chips.

您可以看到該策略在該領域的三個終端市場中發揮作用。在資本設備方面，我們正在朝向具有射頻功率、氣體輸送和感測器的腔室邁進，這些功能是製造人工智慧晶片的半導體工具的核心。

As AI continues to drive demand for more large memory and system on-chip designs, we expect demand for automated test equipment to remain strong for the foreseeable future. As we said today, we expect another strong year with 16% revenue growth year-over-year. And in cloud and data center infrastructure, we operate at rack scale, designing and delivering complete systems with advanced liquid cooling and integrated power spanning low- and medium-voltage switchgear and other solutions that enable power delivery from grid to chip and thermal management from chip to the outside.

隨著人工智慧持續推動對更大記憶體和系統單晶片設計的需求，我們預計在可預見的未來對自動化測試設備的需求將保持強勁。正如我們今天所說，我們預計今年將是另一個強勁的一年，營收將年增 16%。在雲端和資料中心基礎設施方面，我們以機架規模運營，設計和交付具有先進液體冷卻和整合電源的完整系統，涵蓋低壓和中壓開關設備和其他解決方案，可實現從電網到晶片的電力輸送以及從晶片到外部的熱管理。

And in networking and communications, we are scaling liquid cold switching today while preparing for the eventual shift to co-packaged optics as industry standards mature. In the meantime, pluggable optics remain the backbone and we continue to build those platforms. Strength in networking is expected to be offset with continued softness in the 5G infrastructure market. Putting it all together for the II segment, Jabil's engineering-led system-level capabilities extend across multiple interconnected markets in the AI space.

在網路和通訊領域，我們正在擴大液體冷切換的規模，同時為隨著行業標準的成熟最終轉向共封裝光學器件做準備。同時，可插拔光學器件仍然是支柱，我們將繼續建造這些平台。預計網路領域的強勢將被 5G 基礎設施市場的持續疲軟所抵消。綜合 II 領域的所有優勢，捷普以工程為主導的系統級能力已擴展到人工智慧領域的多個互聯市場。

That reach enable us to transfer technologies and connect these markets seamlessly and it's this integration that stands out as a key differentiator, placing us right at the center of the AI ecosystem. In FY24, our AI-related revenues to approximately $5 billion, rising to approximately $9 billion in FY25 as we brought on additional capacity in the US. Looking ahead, we expect AI-related revenue to grow by roughly 25% in FY26, reaching about $11.2 billion. It's worth noting that demand continues to be extremely strong, as evidenced by our recent performance.

這種覆蓋範圍使我們能夠轉移技術並無縫連接這些市場，這種整合成為我們的關鍵差異化因素，使我們處於人工智慧生態系統的中心。在 24 財年，我們的人工智慧相關收入約為 50 億美元，隨著我們在美國增加產能，25 財年的收入將增加至約 90 億美元。展望未來，我們預期 26 財年人工智慧相關營收將成長約 25%，達到約 112 億美元。值得注意的是，需求持續非常強勁，正如我們最近的表現所證明的那樣。

However, it's also worth noting that we're now bumping up against capacity in the US. As you may recall, in June, we announced a new facility in North Carolina to address these capacity constraints. Notably, this new state-of-the-art side is set to come online in the summer of 2026 and will serve as a showcase for Jabil's AI rack manufacturing capabilities and will be designed from day one with key part capabilities like NVIDIA's Omniverse and endeavors power and cooling solutions. Which positions us very well to meet future demand with greater agility and expertise.

然而，值得注意的是，我們現在正面臨美國的產能問題。您可能還記得，今年 6 月，我們宣佈在北卡羅來納州建立新工廠來解決這些產能限制問題。值得注意的是，這個新的最先進的資料中心預計將於 2026 年夏季上線，並將成為 Jabil 的 AI 機架製造能力的展示，並且將從第一天起就採用 NVIDIA 的 Omniverse 等關鍵部件功能進行設計，並致力於電源和冷卻解決方案。這使我們能夠以更高的靈活性和專業知識來滿足未來的需求。

Once operational, we expect the site to empower us to sustain robust double-digit growth in AI-related revenue in fiscal '27 and beyond. For FY26, overall, we expect Intelligent Infrastructure revenue to grow 18% with double-digit contributions from cloud and data center and from capital equipment. Segment margins should remain consistent with Jabil's overall level in the mid-5% range.

一旦投入運營，我們預計網站將使我們能夠在 27 財年及以後保持人工智慧相關收入的強勁兩位數成長。總體而言，我們預計 26 財年智慧基礎設施收入將成長 18%，其中雲端運算和資料中心以及資本設備將貢獻兩位數的貢獻。分部利潤率應與捷普整體水準保持一致，並保持在 5% 左右的範圍內。

Turning now to our CLDC segment, which is in the midst of a planned transition and the logic is straightforward. On one hand, we are pruning lower margin short life-cycle programs in legacy consumer electronics that don't match the margin profile we desire. On the other hand, we're investing with growth and margin stronger like digital commerce where automation has become essential for customers to accelerate the delivery of products to and from putamen centers and physical stores.

現在轉向我們的 CLDC 部門，該部門正處於計劃中的過渡期，其邏輯很簡單。一方面，我們正在削減傳統消費性電子產品中利潤率較低、生命週期較短、不符合我們預期利潤率的項目。另一方面，我們正在投資具有更高成長和利潤率的領域，例如數位商務，其中自動化對於客戶來說至關重要，可以加快產品往返於殼核中心和實體店之間的交付。

We design, manufacture and scale robotics, warehouse-automation systems, and physical AI platforms, helping customers move from pilots to global deployments with speed and confidence. Over time, we expect our early engagement in humanoids will be another option for growth and diversification. In Connected Living, the pivot is towards advanced technologies, wireless power, human-machine interfaces, and connectivity platforms.

我們設計、製造和擴展機器人、倉庫自動化系統和實體 AI 平台，幫助客戶快速、自信地從試點轉向全球部署。隨著時間的推移，我們預計我們早期對人形機器人的參與將成為成長和多樣化的另一種選擇。在互聯生活中，重點是先進技術、無線電源、人機介面和連接平台。

We pay these technologies to realize manufacturing in Mexico, Eastern Europe, and Southeast Asia to shorten supply chains and reduce tariff exposure. The anticipated result is a smaller yet healthier business with better earnings quality.

我們支付這些技術在墨西哥、東歐和東南亞實現製造，以縮短供應鏈並降低關稅風險。預期的結果是業務規模較小但更健康，獲利品質更好。

For FY26, we expect CLDC revenue declined about 13%. So what does all this mean for the enterprise level? Yes, the FY26 outlook. Collectively, our portfolio remains balanced and well positioned for sustainable value creation. For FY26, we expect approximately 5% revenue growth to about $31.3 billion. We expect core operating margin to expand by roughly 20 basis points to around 5.6% in spite of the underutilized capacity in multiple geographies. Core earnings per share is expected to be $11 in FY26 and we anticipate free cash flow to be greater than $1.3 billion.

對於 26 財年，我們預計 CLDC 營收將下降約 13%。那麼這一切對於企業層面又意味著什麼呢？是的，26 財年的展望。總體而言，我們的投資組合保持平衡，並且能夠很好地創造可持續的價值。對於 26 財年，我們預計營收將成長約 5%，達到約 313 億美元。儘管多個地區的產能未充分利用，但我們預計核心營業利潤率將擴大約 20 個基點，達到 5.6% 左右。預計 26 財年每股核心收益為 11 美元，我們預計自由現金流將超過 13 億美元。

Moving on to capital allocation, our priorities are straightforward. First, we'll invest organically in the highest return areas such as AI infrastructure, healthcare, and advanced warehouse and retail automation. Second, we pursue acquisitions that build capability and where it makes sense, step into higher-value markets where we bring something distinctive to customers. Our M&A philosophy is simple. one plus one must equal three.

談到資本配置，我們的優先事項很簡單。首先，我們將對回報率最高的領域進行有機投資，例如人工智慧基礎設施、醫療保健以及先進的倉庫和零售自動化。其次，我們尋求能夠增強能力的收購，並在合理的情況下進入更高價值的市場，為客戶帶來獨特的產品。我們的併購理念很簡單：一加一等於三。

Third, over time, we expect to return about 80% of free cash flow to shareholders through a mix of buybacks and dividends while maintaining a strong, flexible balance sheet. The filter is simple. Every dollar must raise returns, build resilience, or both.

第三，隨著時間的推移，我們預計透過回購和股息等方式將約 80% 的自由現金流返還給股東，同時保持強勁、靈活的資產負債表。過濾器很簡單。每一美元都必須提高回報、增強韌性，或者兩者兼具。

Looking beyond FY26, here is the long-term model. Stepping past the next four quarters, our focus is unchanged. We target 6%-plus core operating margins and north of $1.5 billion in adjusted free cash flow over time. How do we get there? Three levels: first, better mix leaning into healthcare, AI, and digital commerce, where our system-level capabilities can be leveraged best. Second, better execution, embedding automation, AI, and robotics in our operations to raise quality and speed while lowering cost. Third, better capacity utilization across our global network. So every site contributes more often. In short, better mix, better execution, better asset terms.

展望 26 財年以後，這是長期模型。展望未來四個季度，我們的重點沒有改變。我們的目標是實現核心營業利潤率達到 6% 以上，調整後的自由現金流達到 15 億美元以上。我們怎樣才能到達那裡？三個層面：第一，更好地整合醫療、人工智慧、數位商務，讓我們的系統級能力得到最大程度的發揮。第二，更好地執行，將自動化、人工智慧和機器人技術嵌入我們的營運中，以提高品質和速度，同時降低成本。第三，提高我們全球網路的產能利用率。因此每個站點都會更頻繁地做出貢獻。簡而言之，更好的組合，更好的執行，更好的資產條款。

Before I close the word to our people, strategy is only as strong as the team that runs it. In Asia, the Americas, and Europe, I see the same hallmarks as I visit Jabil sites, a commitment to safety, respect, culture, and belonging, execution, and customer focus. Thank you for what you do every day for our customers and communities. Let me close by answering a straightforward question. Why do I feel Jabil is uniquely positioned for continued success?

在結束對我們的員工說這句話之前，我要說的是，策略的強度取決於執行策略的團隊。在亞洲、美洲和歐洲，當我造訪捷普公司時，我看到了同樣的標誌，即對安全、尊重、文化和歸屬感、執行力和客戶關注的承諾。感謝您每天為我們的客戶和社區所做的一切。最後，讓我回答一個簡單的問題。為什麼我覺得捷普有獨特的優勢能夠持續成功？

Let me bring it back to where I began. FY25 demonstrated the strength of our diversified resilient portfolio and our ability to successfully navigate a complex and dynamic tariff environment even as market conditions shifted and geopolitical uncertainty increased. Our competitive edge is clear. System-level engineering expertise, robust regionalized manufacturing footprint and global scale, world-class supply chain management, and a culture that executes. We are powering the buildout of AI infrastructure, operating with precision in regulated markets, automating digital commerce and building capabilities such as humanoids for the future, all while consistently returning the vast majority of cash flow to shareholders.

讓我回到我開始的地方。25 財年展現了我們多元化彈性投資組合的實力，以及即使在市場條件變化和地緣政治不確定性增加的情況下，我們也能成功應對複雜而動態的關稅環境的能力。我們的競爭優勢顯而易見。系統級工程專業知識、強大的區域化製造足跡和全球規模、世界一流的供應鏈管理以及執行力強的文化。我們正在推動人工智慧基礎設施的建設，在受監管的市場中精準運營，實現數位商務自動化，並為未來建立人形機器人等能力，同時持續向股東返還絕大部分現金流。

Thank you. I'll now turn it back over to Adam.

謝謝。現在我將把發言權交還給亞當。

Thanks, Mike. As we wrap up our prepared remarks and before we move into Q&A, let me leave you with five key takeaways from today's discussion. First, fiscal 2025, we believe, proved out the strength of Jabil's diversified model. Second, regulated industries highlights both resilience and long-term opportunity. Third, Intelligent Infrastructure continues to be our growth engine. Fourth, our deliberate portfolio shift in Connected Living and Digital Commerce is paying off. And fifth, capital allocation remains disciplined and consistent.

謝謝，麥克。在我們結束準備好的發言並進入問答環節之前，請允許我向大家介紹今天討論的五個關鍵要點。首先，我們相信，2025財年證明了捷普多元化模式的優勢。其次，受監管產業既凸顯韌性，也蘊藏長期機會。第三，智慧基礎設施持續成為我們的成長引擎。第四，我們在互聯生活和數位商務領域深思熟慮的投資組合轉變正在取得成效。第五，資本配置保持紀律和一致性。

On behalf of the entire leadership team, thank you for spending the time with us today. We appreciate your engagement, your feedback, and your continued interest in Jabil.

我代表整個領導團隊感謝您今天抽出時間與我們在一起。我們感謝您的參與、回饋以及對 Jabil 的持續關注。

With that, let's open it up for questions. Operator, we're now ready for Q&A.

好了，讓我們開始提問吧。接線員，我們現在可以進行問答了。

(Operator Instructions) Ruplu Bhattacharya, Bank of America.

（操作員指示）美國銀行 Ruplu Bhattacharya。

Hi, thanks for taking my questions. I want to start with AI. Can you give us some more details on which of the three areas you see more growth? Is it in core rack manufacturing or go transceivers or in switching, where do you see Jabil outpacing market growth? And there's some investor concern that Jabil could be losing some share in data center and AI. Can you talk about any share shifts that are happening? And how do you see margins in this segment?

你好，謝謝你回答我的問題。我想從人工智慧開始。您能否向我們詳細介紹您認為哪三個領域成長更快？是在核心機架製造、收發器還是交換器領域，您認為捷普在哪些方面超越了市場成長？一些投資者擔心捷普可能會失去資料中心和人工智慧領域的部分份額。您能談談正在發生的任何份額變化嗎？您如何看待這領域的利潤率？

Hey, Ruplu, this is Matt. Thanks for the question. So first, I would just start with -- Mike mentioned in his prepared remarks, but we're growing 25% in our AI revenue year-on-year. So going from $9 billion to $11.2 billion. And when you think about the base that we built up in '25, we're really pleased with that business and where it's going. Now across the three sectors, we're growing pretty well in H1. In capital equipment, we'll maintain our positions with the right customers that we have.

嘿，Ruplu，我是 Matt。謝謝你的提問。首先，我想說的是——麥克在他的準備好的發言中提到，我們的人工智慧收入年增了 25%。因此從 90 億美元增加到 112 億美元。當你想到我們在 25 年建立的基礎時，我們對這項業務及其發展方向感到非常滿意。現在，在三個領域，我們在上半年都取得了相當不錯的成長。在資本設備方面，我們將維持與現有合適客戶的地位。

We'll also add capabilities to get us closer to the chamber, which will help us defend our positions that we have that exist and also go get new business. In the cloud and data center infrastructure, that's probably where we see the most position to take share. So if you think about our data center infrastructure business, that will grow triple digits where we build electrical switch gear, et cetera. And our cloud business will continue to grow.

我們還將增加一些能力，使我們更接近商會，這將有助於我們捍衛現有的地位並獲得新的業務。在雲端運算和資料中心基礎設施領域，這可能是我們認為最有潛力佔據份額的領域。因此，如果您考慮我們的資料中心基礎設施業務，那麼它將成長三位數，其中包括我們製造電氣開關設備等等。我們的雲端業務將持續成長。

So we feel really good about it. That's headed. And while in the networking and comms space, our communications business is offsetting the networking growth. We're going to grow at roughly 25% networking. So across the board, we feel good about the share that we're taking. We actually don't see any share loss. We feel like we're gaining share, especially in the data center infrastructure business. So we feel good across the board about where our AI revenue trajectories head.

所以我們對此感覺非常好。這就是目的。而在網路和通訊領域，我們的通訊業務正在抵銷網路成長。我們的網路業務將以大約 25% 的速度成長。因此，總體而言，我們對所佔的份額感到滿意。我們實際上沒有看到任何份額損失。我們感覺我們的份額正在增加，特別是在資料中心基礎設施業務方面。因此，我們對人工智慧收入的發展軌跡感到十分樂觀。

Okay. Thanks for that, Matt. Maybe I'll switch to healthcare. So it looks like from your fiscal '26 guide, you're guiding to the low end of mid-single-digit growth. Can you talk about where you see growth? Is it in devices, equipment, or drug delivery? And specifically, the Croatia facility? It seems like it's getting delayed in terms of getting populated, how do you see the impact to margins of that in fiscal '26? And then how should we think about margins beyond that?

好的。謝謝你，馬特。也許我會轉向醫療保健產業。因此，從您的 26 財年指南來看，您預期的成長將處於中個位數成長的低端。您能談談您認為哪些方面有所成長嗎？它是在設備、器械還是藥物傳輸？具體來說，克羅埃西亞設施？看起來它在人口成長方面有所延遲，您如何看待這對 26 財年的利潤率的影響？那我們該如何考慮超出這個範圍的利潤呢？

Hey, Ruplu, Steve here. Thanks for the question. So to answer your question, first, let me go back to my comments this time last year and then I'll give you the go-forward perspective. First, I mentioned last year at this time, the overall med device market is growing roughly 3% to 4%. And on that call, I said my expectation was we would return to growth in fiscal year '26, driven by our past wins in the areas that Mike mentioned in his opening remarks, GLP and biologics growing and getting into production. And that's continued as planned, most especially to answer your question on Croatia, in Croatia, it's on track as planned. There has been no changes. There are no delays. So that's moving forward as we anticipated.

嘿，Ruplu，我是史蒂夫。謝謝你的提問。因此，為了回答您的問題，首先，讓我回顧一下我去年這個時候的評論，然後我會給您未來的觀點。首先，我提到去年此時，整個醫療器材市場的成長速度約為 3% 至 4%。在那次電話會議上，我表示，我預計我們將在 26 財年恢復成長，這得益於我們在 Mike 在開場白中提到的領域、GLP 和生物製劑的成長和投入生產方面取得的過去勝利。一切都按照計劃進行，特別是回答您關於克羅埃西亞的問題，在克羅埃西亞，一切都按照計劃進行。沒有變化。沒有延遲。一切正如我們預期的那樣向前發展。

In addition, this year, your question about new wins, in addition, I'd say that we have quite a few new wins. They're in the areas of med devices, CGMs and general auto-injector growth. That's driven not just by GLP-1s though, but by biologics. I've mentioned in prior calls, the growth that we're seeing in the Pharma segment as it relates to biologics and the need for injectors to support that. And as a matter of fact, we recently added a new win for our Dominican Republic site that's going to leverage our new sterilization capability, which we recently invested in.

此外，今年，您問到的新勝利，另外，我想說我們取得了不少新勝利。它們處於醫療設備、連續血糖監測 (CGM) 和通用自動注射器領域的發展階段。但這不僅是由 GLP-1 推動的，也是由生物製劑推動的。我在之前的電話會議中提到過，我們在製藥領域看到的與生物製劑相關的增長以及對注射器支援的需求。事實上，我們最近在多明尼加共和國的工廠又取得了一項新勝利，這將利用我們最近投資的新型消毒能力。

But as we've talked about before, these rents due to automation, real-time regulatory validation requirements will take some time to ramp, but those are some really, really good new wins for us. And I'd say, in addition, we sit today with our largest funnel of B2Bs, which is obviously not forecasted, but could create some opportunities this fiscal year depending on timing.

但正如我們之前所討論的，由於自動化、即時監管驗證要求而產生的租金需要一些時間來提升，但這些對我們來說確實是非常好的新勝利。此外，我想說的是，我們今天擁有最大的 B2B 管道，這顯然沒有被預測到，但根據時機的不同，可能會在本財年創造一些機會。

And then I'd say last but not least, in our video, we mentioned the PII transaction, and it is on track, and we're excited that the team has already added a new customer, and we have many visits planned now that the integration is complete. So to summarize, a very long answer, sorry, is what I'm trying to say is that with the new wins even from last year and the ones this year that I expect growth rate in healthcare to be at or above the 5% range going forward.

最後但同樣重要的是，在我們的影片中，我們提到了 PII 交易，並且它正在按計劃進行，我們很高興團隊已經增加了一個新客戶，並且由於整合已經完成，我們計劃進行多次訪問。總而言之，答案很長，抱歉，我想說的是，有了去年和今年的新勝利，我預計未來醫療保健的成長率將達到或超過 5%。

If I could just add, I think your question around Croatia in FY26. Croatia was never meant to be an FY26 event. It was always in FY27, almost second half of FY27 event. And that's completely planned and that is exactly how it's turning out. So absolutely no delays, as Steve mentioned.

如果我可以補充的話，我認為您的問題是關於 26 財年的克羅埃西亞。克羅埃西亞從來就不是 FY26 賽事。它總是發生在 FY27，幾乎是 FY27 活動的後半段。這完全是計劃好的，而且事情也確實如此。所以，正如史蒂夫所提到的，絕對不會延誤。

Okay. Thanks for the details there, Steve and Mike. I'm going to try and sneak one more in. Mike, looks like you met with the Indian Prime Minister Shri Narendra Modi. Can you talk about how the meeting went. And give us specifically your thoughts on investing in the US versus in India because there are different tariff rates. How do you prioritize those two regions in terms of investment?

好的。感謝史蒂夫和邁克提供的詳細資訊。我要嘗試再偷偷溜進去一次。麥克，看起來你與印度總理莫迪會面了。能談談會議的進展嗎？由於關稅稅率不同，請具體談談您對在美國和印度投資的看法。在投資方面，您如何優先考慮這兩個地區？

Thank you, Ruplu. Very positive meeting, very pro-business. I think, the pro-investment atmosphere there is very pleasing to see. Of course, by meeting was before the whole tariff situation, so we're monitoring that. But having said that, don't forget, India has the largest middle-class population in the world, huge domestic demand. So it has a manufacturing right by South regardless of tariffs. One of the things we focused on quite a bit here in the US is the manufacturing.

謝謝你，Ruplu。非常積極的會議，非常有利於商業。我認為，那裡的投資氛圍令人欣喜。當然，這次會議是在整個關稅情況公佈之前舉行的，所以我們正在關注這一情況。但話雖如此，別忘了，印度擁有世界上最大的中產階級人口，國內需求龐大。因此，無論關稅如何，它都擁有南方的製造權。我們在美國非常關注的事情之一就是製造業。

We've gone from 14, 15 sites, to more than 30 sites in the US Over the last few years, we prioritized our manufacturing to the US. And that paying dividends, all our AI growth is coming through these sites in the US as well. We're opening up a new facility in North Carolina. It will be a state-of-the-art facility. It will probably be our largest site in the US going forward as well. So we're focused on both. I think, the US obviously is a priority for us. We're a US-domiciled company with -- we've been here for 60 years in the US, so definitely prioritizing the US.

我們在美國的工廠數量已從 14、15 個增加到 30 多個。在過去幾年裡，我們優先在美國進行生產。而這帶來了回報，我們所有的人工智慧成長也都來自美國的這些網站。我們正在北卡羅來納州開設一家新工廠。這將是一座最先進的設施。它也可能成為我們未來在美國最大的站點。因此，我們將重點放在這兩方面。我認為，美國顯然是我們的優先考慮對象。我們是一家美國公司——我們在美國已經經營了 60 年，因此我們絕對優先考慮美國市場。

Okay. Thanks for all the details.

好的。感謝您提供所有詳細資訊。

Mark Delaney, Goldman Sachs Asset Management.

高盛資產管理公司馬克·德萊尼。

Hi, yes. Thank you, and good morning very much for taking the questions. I wanted to start, if I could please, with the data-center business. Can you help us better understand how Jabil is managing its capacity in order of data center related products both in the first quarter and also this fiscal year? And I ask because you've commented that some of your sites are running 24/7 and have been at peak levels. So what are you doing in order to meet that demand? And what does that mean for the shape of growth this year?

你好，是的。謝謝大家，早安，歡迎回答我的提問。如果可以的話，我想從資料中心業務開始。您能否幫助我們更了解捷普在第一季和本財年如何管理其資料中心相關產品的產能？我之所以問這個問題，是因為您評論說，您的一些網站全天候運行，並且處於峰值水平。那麼，為了滿足這項需求，您正在做些什麼呢？這對今年的成長情勢意味著什麼？

Yeah. So -- hey, thanks, Mark, this is Matt. First, I would say we are going to continue to operate sites at 24/7. Additionally, we're going to sites in the US where we had some underutilization and we're going to go and consume that capacity. So in our data-center infrastructure business where we're going to be building chillers, we'll be consuming capacity in our Salt Lake City facility. So we're utilizing the network of capacity across the country. And then in addition to that, we are going right now to start retrofitting the sites that exist to be prepared for liquid cooling.

是的。所以——嘿，謝謝，馬克，我是馬特。首先，我想說我們將繼續全天候經營網站。此外，我們還將前往美國一些利用率不足的站點，並利用這些站點的產能。因此，在我們的資料中心基礎設施業務中，我們將建造冷水機組，並消耗鹽湖城工廠的產能。因此，我們正在利用全國的容量網絡。除此之外，我們現在就開始改造現有的場地，為液體冷卻做好準備。

So as customers transition and as data centers move from air to liquid to liquid to liquid, we have to be ready to manufacture at the same scale and support that liquid and power requirement. So we are in the process right now across the network of factories in the US retrofitting them so that we can build liquid-cooled infrastructure. And that will be throughout the year, which is why you see the shape of the year coming together the way it does. But as we get through the year, it positions us perfectly for '27. So we feel good about where we're headed.

因此，隨著客戶的轉變以及資料中心從空氣到液體再到液體的轉變，我們必須準備好以相同的規模進行生產並支援液體和電力需求。因此，我們目前正在對美國工廠網路進行改造，以便能夠建造液冷基礎設施。這種情況會持續一整年，這就是為什麼你會看到一年的形態以現在的方式形成。但隨著我們度過這一年，它為我們 27 年做好了完美的準備。因此，我們對於未來的發展方向感到十分滿意。

Thanks for that, Matt. And so I wanted to understand the margin dynamics within the Intelligent Infrastructure business. If I heard correctly, company is expecting margins this year to be in the mid-5% range. That's relatively flattish on very robust top line growth. So maybe help us understand some of the puts and takes to that segment for fiscal '26. And how should investors think about in that space over the longer term, there's been a lot of growth. There's also been some investor debates around the degree of competition. So if you can share more around thinking about profitability, that would be helpful. Thank you.

謝謝你，馬特。因此我想了解智慧基礎設施業務的利潤動態。如果我沒聽錯的話，公司預計今年的利潤率將在 5% 左右。在營收成長非常強勁的情況下，這一成長相對平穩。因此也許可以幫助我們了解 26 財年該部分的一些投入和產出。投資者應該如何看待該領域的長期發展，目前該領域已經取得了很大的成長。投資者也就競爭程度展開了一些爭論。因此，如果您可以分享更多關於盈利能力的想法，那將會很有幫助。謝謝。

Yeah. I mean, look, so we're absolutely across the portfolio. We have a business that's going to be accretive. We have a business that's going to be in line with the enterprise, and we're managing the portfolio appropriately. I would tell you that where we have invested in specific capabilities like our silicon photonics business, like our data-center infrastructure business, we expect margins to be accretive. But across the portfolio, there is going to be a business that is more in line with the enterprise.

是的。我的意思是，你看，我們的投資組合絕對涵蓋了整個投資組合。我們的業務將會不斷增值。我們的業務將與企業保持一致，並且我們正在適當地管理投資組合。我想告訴你，我們在矽光子業務、資料中心基礎設施業務等特定能力上進行​​了投資，我們預計利潤率將會增加。但在整個投資組合中，將會有一個更符合企業的業務。

So we're trying to manage and invest in the right places. And by the way, this year, we will be investing in more capability position us well into the future. So we're going to manage the portfolio appropriately to enterprise-level targets.

因此，我們正努力在正確的地方進行管理和投資。順便說一句，今年我們將投資更多能力，為未來做好準備。因此，我們將根據企業級目標適當地管理投資組合。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good morning, everyone. I had a couple of questions. I guess, first off, could you guys unpack the gross -- the operating margin guidance for the new fiscal year? It looks like sales are going up about $1.5 billion and margins by 20 basis points. But it seems like I'm just listening to the conversation so far, there's a lot of puts and takes in there. So I was just wondering of you could address some of those and to figure out how we got to the guidance there. And then I had a follow-up.

大家好，早安。我有幾個問題。我想，首先，你們能否解釋一下新財年的營業利潤率指引？看起來銷售額將增加約 15 億美元，利潤率將增加 20 個基點。但到目前為止，我似乎只是在聽對話，其中有很多爭論。所以我只是想知道您是否可以解決其中的一些問題並弄清楚我們是如何得到那裡的指導的。然後我進行了後續跟進。

Yeah. Hey, Steve, it's Greg. Yes, so we do see a 20-basis-point pickup in our margins from '26 to '25. It's really -- we're seeing a good mix in the business that's improving margins. We still have some headwinds on unutilized capacity outside of the US. So that's still a 20 to 25 basis points of headwinds for us for this fiscal year. But as we look at the shape of the year, it's a little bit more flat versus last year, more of a 50-50 first half, second half, where we do see margins continuing to increase as we go through the balance of the year.

是的。嘿，史蒂夫，我是格雷格。是的，因此我們的利潤率確實從 26 年到 25 年上升了 20 個基點。確實，我們看到業務的良好組合正在提高利潤率。我們在美國以外未利用的產能方面仍面臨一些阻力。因此，對我們本財年來說，這仍然意味著 20 到 25 個基點的阻力。但從今年的情況來看，與去年相比，今年的業績略顯平緩，上半年和下半年的利潤率各佔一半，而且我們確實看到，隨著今年餘下時間的推移，利潤率將繼續上升。

That's helpful. And but maybe can you add color just on the product pruning and also the investments in II, whether those are like material headwinds that we'll notice, within that five, six or something that's flying under the radar more?

這很有幫助。但是也許您能僅對產品修剪以及對 II 的投資進行補充說明，這些是否是我們會注意到的物質阻力，在五、六或其他不太引人注意的事物中？

Yeah. So I'll let m --, let's hand over the call to Andy to talk about the product pruning on on consumer --

是的。所以我會讓——，讓我們把電話交給安迪，讓他談談產品對消費者的修剪--

Sure. Hi, Steve, it's Andy here. And so I think you heard in the prepared remarks from from Greg and Mike. We have made a conscious decision over the last 12, 18 months, and a deliberate shift away from some of the lower margins, and commoditized products towards more of an engineering-led and margin-accretive product, with some of the most premium brands on the planet. So that that's certainly having an effect on the overall revenues, but having a positive effect on the [annual growth] margins.

當然。嗨，史蒂夫，我是安迪。所以我想你們已經聽到了格雷格和麥克準備好的發言。在過去的 12 到 18 個月裡，我們做出了一個明智的決定，那就是從利潤率較低、商品化的產品轉向以工程為主導、利潤率更高的產品，並與全球一些最優質的品牌合作。因此，這肯定會對整體收入產生影響，但對[年度成長]利潤率產生積極影響。

And if I can just, add, I think, I talked about it in my prepared remarks a little bit. We're still marching strong towards the 6%, 6%-plus target, I should say, that we have for the enterprise. I talked about mix efficiency and capacity utilization. The mix is actually one of the key factors that we're focused on. In healthcare, you have margins getting better. The growths coming through. We've actually booked a decent pipeline, obviously, but the longer incubation that will take a little bit of time.

如果可以的話，我想補充一下，我在準備好的發言中稍微談到了這一點。我們仍在朝著企業 6%、6% 以上的目標奮力邁進。我談到了混合效率和產能利用率。混合實際上是我們關注的關鍵因素之一。在醫療保健領域，利潤率正在不斷提高。生長物正在出現。顯然，我們實際上已經預定了一條不錯的管道，但孵化期較長，需要一點時間。

In AI data-center infrastructure we see growth. There's absorption of SG&A, so that's going well. Capital equipment, liquid cooling, again, higher margin profiles. And then if you look at digital commerce and robotics, that's higher margin as well. So overall, that AI -- or that sorry, the mix that we're focused on will help us get to that 6% efficiency is another one that I've talked about. I, think, Fred and Frank talked about on the video automation, AI, just normal efficiencies.

在人工智慧資料中心基礎設施方面，我們看到了成長。銷售、一般及行政費用已吸收，因此進展順利。資本設備、液體冷卻，再次帶來更高的利潤率。如果你看看數位商務和機器人技術，利潤率也更高。所以總的來說，人工智慧——或者抱歉，我們關注的組合將幫助我們達到 6% 的效率，這是我談到的另一個方面。我認為，弗雷德和弗蘭克談論的是視訊自動化、人工智慧以及正常的效率。

Can I expect contribution of about 10 bps annually from efficiency and then. Greg talked about capacity utilization. Our capacity utilization normally runs at 85%. Today, it's still at 75%. A lot of the growth that we've seen has come in the US. There's been a little bit of a mismatch between where our capacity was surplus and where we have to put up new sites and new capacity.

我是否可以預期效率每年帶來約 10 個基點的貢獻？格雷格談到了產能利用率。我們的產能利用率通常為 85%。如今，這一比例仍為 75%。我們看到的許多成長都來自美國。我們的產能過剩和我們必須建立新站點和新產能之間存在一些不匹配的情況。

The bad thing is it's hurting our margins right now. The good thing is the surplus capacity is available for new business going forward, so that would be a greater to the margins as well. So overall, no change in our 6% profile. I know your question was more on up by 26%, but I want to make sure that the investors understand that 6% is very much in play for us.

糟糕的是，它現在正在損害我們的利潤。好消息是，剩餘產能可用於未來的新業務，因此利潤率也會更高。因此總體而言，我們的 6% 概況沒有變化。我知道您的問題更多的是關於上漲 26%，但我想確保投資者明白 6% 對我們來說非常重要。

Great, Mike, that's very helpful. And just one question for Matt. Maybe just -- I know there's a lot of detail here on this question, but maybe from a big-picture standpoint, when we think of -- you mentioned chillers and other power-management products. I mean on one hand, there's traditional EMS production and programs that you're doing. On the other hand, you guys have obviously increased your capabilities, as you mentioned. Like how is that all play out in terms of the market, especially when we think of a large competitor of yours that is more of an OEM play on power? How is Jabil compare within that range of what you could be doing and what it means for the margins? Thanks.

太好了，麥克，這非常有幫助。只想問馬特一個問題。也許只是——我知道這個問題有很多細節，但也許從大局來看，當我們想到——你提到了冷水機組和其他電源管理產品。我的意思是，一方面，您正在進行傳統的 EMS 生產和程序。另一方面，正如你所說，你們的能力顯然已經提高了。就市場而言，這一切將如何發揮作用，尤其是當我們想到您的大型競爭對手更像是 OEM 的權力遊戲時？在你們能做的事情範圍內，捷普的表現如何？這對利潤率意味著什麼？謝謝。

Yeah, thanks Steve. So I mean we've really focused on building capability. If you think about the market today and where a ton of volume is being driven, especially in the hyperscale space products, OEM approached, we don't see that as the future. We see the ability to configure and support scale globally as what these customers want.

是的，謝謝史蒂夫。所以我的意思是我們確實專注於能力建構。如果你考慮一下今天的市場以及大量的銷量，特別是在超大規模空間產品、OEM 領域，我們並不認為這是未來。我們認為這些客戶想要的是在全球範圍內配置和支援規模的能力。

So that's where we've invested, that's the capability we've created. And we feel really good about how that business is growing and as I mentioned, it's grown in the triple digits. So we think as we scale out across our first hyperscale customer, our second hyperscale customer, it is probably where we will land our third hyperscale customer. So it's -- a focus area where we've invested and we think it's going to help us grow.

這就是我們投資的地方，這就是我們創造的能力。我們對這項業務的成長感到非常滿意，正如我所提到的，它已經實現了三位數的成長。因此，我們認為，隨著我們擴展到第一個超大規模客戶、第二個超大規模客戶，我們很可能會獲得第三個超大規模客戶。所以這是我們投資的重點領域，我們認為它將幫助我們成長。

Great. Thank you very much.

偉大的。非常感謝。

Melissa Fairbanks, Raymond James.

梅麗莎·費爾班克斯、雷蒙德·詹姆斯。

Hey guys, thanks so much. I wanted to start off with a question for Steve. This may not be a fair question because it all just materialized overnight, but I'm curious about any trends that you're seeing with some of your healthcare customers related to the latest Section 232 issues. I know there hasn't been much time to digest, and from what I understand, it was kind of unexpected. I'd expect that most of your programs, like in Mexico, are MCA compliant. But I'm just wondering if you've seen any changes in customer behavior, given the possibility of more tariffs, or if this might just be a net neutral impact to your customer plans?

嘿夥計們，非常感謝。首先我想問史蒂夫一個問題。這個問題可能不太公平，因為這一切都是一夜之間發生的，但我很好奇您在一些醫療保健客戶身上看到的與最新的第 232 條問題相關的趨勢。我知道沒有太多時間去消化，而且據我所知，這有點出乎意料。我希望你們的大多數專案（例如在墨西哥的專案）都符合 MCA 標準。但我只是想知道，考慮到可能增加關稅，您是否看到客戶行為發生了任何變化，或者這是否可能對您的客戶計劃產生淨中性影響？

Yeah, thanks Melissa. Yeah, it is fresh news for sure. But when we look at it on the surface, there's areas such as the gloves, wheelchairs, et cetera, and commodity stuff that we actually don't play in. But then there are areas like pharma and others that we do. The good news is that, as we've talked about before, our healthcare business and our auto business for that matter is region-for-region consumption. So we're in a good place from a manufacturing standpoint.

是的，謝謝梅麗莎。是的，這確實是新鮮消息。但從表面上看，有些領域，像是手套、輪椅等等，以及商品，我們其實並沒有涉足。但我們也涉足製藥等領域。好消息是，正如我們之前談到的，我們的醫療保健業務和汽車業務都是區域對區域的消費。因此，從製造角度來看，我們處於有利地位。

I actually view the potential impact on the pharmaceutical side of the business is a great opportunity because if that business gets tariffs at a certain rate then the opportunity for US production would actually be good for us, especially in our PII operations. So we'll have to see how it plays out, but I view it as a net positive.

我實際上認為，對製藥業務的潛在影響是一個很好的機會，因為如果該業務以一定的稅率獲得關稅，那麼美國生產的機會實際上對我們來說是有利的，特別是在我們的 PII 業務中。所以我們必須看看它如何發展，但我認為它會產生積極的影響。

Okay, great, thanks. That's very helpful. Maybe just one for the team. I -- well, Steve, this might be for you too. I'd also like to ask about the overall capacity utilization or the inefficiencies that you've been seeing. Correct me if I'm wrong, but I think a lot of the margin headwinds are inefficiencies outside the US were related to the auto business. If we do finally see an inflection point in that auto-transport business, do you have the capacity to address potential upside or is this something that it's going to take some time to flow through the P&L?

好的，太好了，謝謝。這非常有幫助。也許對團隊來說只是一個。我——好吧，史蒂夫，這可能也適合你。我也想問一下您所看到的整體產能利用率或效率低下的情況。如果我錯了，請糾正我，但我認為，美國以外的許多利潤阻力都是與汽車業務相關的低效率。如果我們最終看到汽車運輸業務出現轉折點，您是否有能力解決潛在的上升空間，或者這是否需要一些時間才能在損益表中體現？

Yeah. I mean, I guess, I'd say this as it relates to the auto part of the business. We have capacity in place to be able to support upside. Now as you can tell by our numbers, we're not predicting in this fiscal year to see growth, and I can certainly talk to you a little bit about that in terms of the why. But going forward, we do see growth coming back, especially with the advent of software-divine vehicle architecture becoming stronger into the vehicle which is adding more electronic content. So I do see growth down the road and that'll fill that capacity, so we're in a good place because it relates to that for auto.

是的。我的意思是，我想，我會這樣說，因為它與汽車業務部分有關。我們有能力支持上行。現在，正如您從我們的數據中看到的那樣，我們預測本財年不會出現成長，我當然可以向您稍微解釋一下原因。但展望未來，我們確實看到了成長的回歸，特別是隨著軟體神聖車輛架構的出現，車輛變得更加強大，並增加了更多的電子內容。所以我確實看到了未來的成長，這將填補這一產能，所以我們處於一個良好的位置，因為它與汽車有關。

Okay. Great. And maybe just sneak in one more. The new North Carolina facility that's coming on mid next year. I'm wondering what the expectations are to get that facility fully loaded in terms of timeline. It kind of seems like it might be more of what you're already doing. So maybe the demand is already there to support it right off. Maybe for Greg, what should we expect in terms of either the margin profile of that facility, revenue contribution toward late next year into fiscal '27 and even expectation for the depreciation expense.

好的。偉大的。也許再偷偷溜進去一次。北卡羅來納州的新工廠將於明年年中投入使用。我想知道從時間表上看，該設施全面投入使用的預期是怎樣的。這看起來可能更像是您已經在做的事情。因此，也許已經存在需求來支持它。或許對格雷格來說，我們應該對該設施的利潤狀況、明年年底至 27 財年的收入貢獻，甚至是折舊費用的預期抱持著怎樣的期望。

Hey Melissa, this is Matt. Let me take part of that and I can hand the depreciation expense back to Greg. But --

嘿，梅麗莎，我是馬特。讓我承擔一部分，然後我可以將折舊費用還給格雷格。但--

Okay. (laughter)

好的。（笑聲）

So we are expecting, number one, we do have plenty of demand. So we feel good about getting the side sail. Now the site will be ready in the back half of the second half. So we don't expect for it to get to be fully loaded until probably middle of '27 as we ramp and bring on new customers. It's going to be 500, it'll be a 500 square foot facility. It's going to have 12 megawatts piped in to start. We'll move to 25 over 18 months and then over the next 3 years, it'll get to 80 megawatts.

因此，我們預計，首先，我們確實有大量的需求。因此，我們很高興能得到側帆。現在網站將在下半年後半段準備就緒。因此，隨著我們不斷擴大規模並吸引新客戶，我們預計它要到 27 年中期才能完全滿載。它將達到 500 平方英尺。該計畫將啟動 12 兆瓦的輸電管道。我們將在 18 個月內將發電量增加到 25 兆瓦，然後在接下來的 3 年內達到 80 兆瓦。

So as we grow and as we fill up the facility, clearly there will be a different revenue profile of what that facility will generate over time, but we feel really good about it. There is plenty of demand, and as I mentioned, the fact of the matter is that we are bumping up against capacity. So as soon as that comes on, we feel good about starting to get it filled up. I don't think you're going to see a big hit, a big impact in '26. It will make a significant contribution in '27.

因此，隨著我們的發展和設施的充實，隨著時間的推移，設施產生的收入狀況顯然會有所不同，但我們對此感到非常滿意。需求很大，正如我所提到的，事實是我們正在遇到產能限制。因此，一旦出現這種情況，我們就會很高興開始填補它。我認為你不會在 26 年看到巨大的打擊或影響。它將在27年做出重大貢獻。

Okay. Perfect.

好的。完美的。

Hey, Melissa. And just on the investment side of that, the North Carolina investment will be mostly in '26 from a CapEx perspective. We see that in the range of $75 million to $100 million, and that will absolutely be in our range of CapEx overall, which is in that 1.5% to 2% of of CapEx to revenue. And as you can see from our numbers we printed in '25, we -- we've been on the low end of CapEx, $1.1 billion in '25. So we still feel really comfortable on the overall investment that Jabil is doing in -- from a -- CapEx point of view.

嘿，梅麗莎。僅從投資方面來看，從資本支出的角度來看，北卡羅來納州的投資將主要集中在 26 年。我們看到這個數字在 7,500 萬美元到 1 億美元之間，這絕對在我們的整體資本支出範圍內，也就是資本支出佔收入的 1.5% 到 2%。從我們 25 年公佈的數據中可以看出，我們的資本支出處於低端，25 年為 11 億美元。因此，從資本支出的角度來看，我們仍然對捷普的整體投資感到非常滿意。

Great. Very helpful. Thanks so much, guys.

偉大的。非常有幫助。非常感謝大家。

[David Gold], UBS.

[David Gold]，瑞銀。

Hi, this is Brian on for David. Thanks for taking the question. Just to start, you guys touched on it, but why are you expecting EV to be down in fiscal year '26 when new programs should be ramping? I know you talked about weakness in Europe and the US as well as strength in China. But just further color there would be helpful. And then I have a follow-up.

大家好，我是 Brian，代表 David 發言。感謝您回答這個問題。首先，你們談到了這一點，但是為什麼你們預計 26 財年新項目應該會加速推進，而 EV 卻會下降呢？我知道您談到了歐洲和美國的弱點以及中國的優勢。但只要進一步添加顏色就會有幫助。然後我有一個後續問題。

Sure. This is Steve. Brian, I'll take that one. Yeah, I mean, we remain prudent, I'd say, in our thoughts related to the auto and transportation segment. I mean there's still lots of volatility as automakers reset their portfolio strategies between EVs, ICE, and hybrid based on the overall environment.

當然。這是史蒂夫。布萊恩，我接受這個。是的，我的意思是，我們在汽車和運輸領域的想法上仍然保持謹慎。我的意思是，由於汽車製造商根據整體環境重新調整電動車、內燃機汽車和混合動力汽車之間的投資組合策略，因此仍然存在很大的波動性。

So -- but I'd say inclusive of that, we continue to see a decline in EV market share in the US As you mentioned, yes, Europe is up, but off a very small base of only about 2 million units. China continues to be the growth area, and we're participating there to help offset softness in the US market. And what I'd say there is we've also been able to add -- we've doubled our business year-on-year with our first Chinese OEM customer.

所以 — — 但我想說，包括這一點在內，我們繼續看到美國電動車市場份額的下降，正如您所說，是的，歐洲的電動車市場份額正在上升，但基數很小，只有約 200 萬輛。中國仍然是成長地區，我們參與中國市場是為了幫助抵消美國市場的疲軟。我想說的是，我們還可以補充一點——我們與第一位中國 OEM 客戶的業務同比增長了一倍。

We've added a second Chinese OEM customer to our portfolio which will ramp, starting late '26 into '27, which gives us, the opportunity down the road for continued growth of that business. I'd also say that when I look at our ADAS strategy, which is agnostic to vehicle types. So think of domain controllers which control parts of the vehicle, zonal control is the same thing and compute modules, we continue to add those portfolios. But what's happening is that you have the decline that exists, the reset of the portfolios, the cancellation of some some programs is a new programs launched, and it takes a couple of years to launch those new platforms, and that's kind of where we're at at this point.

我們已將第二個中國 OEM 客戶添加到我們的產品組合中，該客戶將從 2026 年末到 2027 年開始逐步增加產量，這為我們未來繼續發展該業務提供了機會。當我審視我們的 ADAS 策略時，我也會說，它與車輛類型無關。因此，想想控制車輛部件的網域控制器，區域控制和計算模組是同一件事，我們繼續添加這些組合。但目前的情況是，市場已經出現下滑，投資組合被重置，一些項目被取消，一些新項目被推出，而推出這些新平台需要幾年時間，這就是我們目前所處的情況。

And Brian, if I can just add, I think if you look back at our history, we've been very conservative with our forecasts. Obviously, there's a lot of moving parts with what's going on in some of the end markets. So we err on the side of conservatism there. I think, Steve mentioned prudent, that's the perfect word to describe our philosophy, not just on [EVs] but on a number of end markets because we expect. Yeah, we'd rather be right than wrong there. So the conservative approach is something we've worked on over the last few quarters as well.

布萊恩，如果我可以補充一點的話，我想如果你回顧我們的歷史，你會發現我們的預測非常保守。顯然，一些終端市場正在發生很多變化。因此，我們在這方面犯了保守的錯誤。我認為，史蒂夫提到了謹慎，這是描述我們理念的完美詞語，不僅適用於[電動車]，也適用於許多終端市場，因為我們預期。是的，我們寧願正確，也不願錯誤。因此，我們在過去幾季也一直在努力採取保守的做法。

Got it. That's helpful. And then just to add on, I know you guys touched upon this as well. I just wanted to get your guys' thoughts if there's anything else that you could add regarding a warrant deal between one of your competitors in Amazon, just any implications for the industry or the company itself? Thank you.

知道了。這很有幫助。然後補充一下，我知道你們也談到了這一點。我只是想聽聽你們的想法，關於你們在亞馬遜的競爭對手之間的認股權證交易，你們還有什麼可以補充的嗎？這對產業或公司本身有什麼影響嗎？謝謝。

Hey, Brian, it's Matt. So I guess, first, I would say, we were the first EMS to do warrants with that company. That put us in a really good position. I would also point to the portfolio of warrants that they manage. It is not complementary, it's redundant. So it makes sense that they would go and acquire other similar-like companies from a warrant portfolio perspective. And again, the demand is just so great that having backup agreements make sense.

嘿，布萊恩，我是馬特。所以我想，首先，我想說，我們是第一家與該公司簽訂認股權證的 EMS。這讓我們處於非常有利的地位。我還要指出他們管理的認股權證組合。它不是互補的，而是多餘的。因此，從認股權證投資組合的角度來看，他們去收購其他類似的公司是有道理的。而且，由於需求量如此之大，因此簽訂備份協議是有意義的。

So from our perspective, we were the first to do it in the EMS space. It's going to be a benefit to us. We have very little to no concern over the fact that they would do it with a competitor because we expected them to.

因此從我們的角度來看，我們是第一個在 EMS 領域做到這一點的人。這對我們來說是有益的。我們幾乎不擔心他們會與競爭對手這樣做，因為我們預料到他們會這麼做。

Thank you. We reached end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

謝謝。我們的問答環節結束了。我想再次請大家發表進一步的評論或結束語。

That concludes our call today. If you have any further questions, please reach out. Thank you.

今天的通話到此結束。如果您還有其他問題，請與我們聯絡。謝謝。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。