Lear Corp (LEA) 2025 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Lear Corporation fourth quarter and full year 2025 earnings conference call. (Operator Instructions) Please note that today's event is being recorded.

各位早安，歡迎參加李爾公司2025年第四季及全年業績電話會議。（操作說明）請注意，今天的活動正在錄製中。

At this time, I'd like to turn the conference call over to Tim Brumbaugh, Vice President, Investor Relations. Please go ahead.

此時，我想把電話會議交給投資人關係副總裁提姆‧布倫博格。請繼續。

Thanks, Jamie. Good morning, everyone, and thank you for joining us for Lear's fourth quarter and full year 2025 earnings call. Presenting today are Ray Scott, Lear President and CEO; and Jason Cardew, Senior Vice President and CFO. Other members of Lear's senior management team have also joined us. Following prepared remarks, we will open the call for Q&A. You can find a copy of the presentation that accompanies these remarks at ir.lear.com.

謝謝你，傑米。各位早安，感謝各位參加李爾公司2025年第四季及全年財報電話會議。今天出席的嘉賓有李爾公司總裁兼執行長雷·斯科特，以及高級副總裁兼財務長傑森·卡迪尤。李爾公司高階管理團隊的其他成員也加入了我們。在發言結束後，我們將開放問答環節。您可以在 ir.lear.com 上找到與這些演講相關的簡報副本。

Before Ray begins, I'd like to take this opportunity to remind you that as we conduct this call, we will be making forward-looking statements to assist you in understanding Lear's expectations for the future. As detailed in our Safe Harbor statement on slide 2, our actual results could differ materially from these forward-looking statements due to many factors discussed in our latest 10-K and other periodic reports.

在雷開始發言之前，我想藉此機會提醒各位，在本次電話會議中，我們將發表一些前瞻性聲明，以幫助您了解李爾公司對未來的預期。正如我們在投影片 2 中的「安全港聲明」中詳細闡述的那樣，由於我們在最新的 10-K 報告和其他定期報告中討論的許多因素，我們的實際結果可能與這些前瞻性聲明存在重大差異。

I also want to remind you that during today's presentation, we will refer to non-GAAP financial metrics. You are directed to the slides in the appendix of our presentation for the reconciliation of non-GAAP items to the most directly comparable GAAP measures.

我還要提醒各位，在今天的示範中，我們將參考非GAAP財務指標。請參閱我們簡報附錄中的投影片，以了解非 GAAP 項目與最直接可比較的 GAAP 指標的調整。

The agenda for today's call is on slide 3. First, Ray will review the highlights from the year and provide a business update. Jason will then review our fourth quarter and full year financial results and provide our outlook for 2026. Finally, Ray will offer some concluding remarks.

今天的電話會議議程在第3頁投影片。首先，Ray 將回顧今年的亮點並提供業務最新進展。接下來，Jason 將回顧我們第四季和全年的財務業績，並展望我們對 2026 年的展望。最後，雷將作總結發言。

Following the formal presentation, we would be happy to take your questions. Now I'd like to invite Ray to begin.

正式報告結束後，我們很樂意回答您的問題。現在我請雷開始發言。

Thanks, Tim. Please turn to slide 5, which highlights our key financial metrics for the fourth quarter and full year 2025. Lear delivered a 5% increase in revenue in the fourth quarter, generating $223.3 billion for the full year -- sorry, $23.3 billion in the full year. Core operating earnings were $1.1 billion or 4.6% of net sales for the full year.

謝謝你，提姆。請翻到第 5 頁，其中重點介紹了我們 2025 年第四季和全年的關鍵財務指標。李爾第四季營收成長 5%，全年營收達 2,233 億美元——抱歉，全年營收為 233 億美元。全年核心營運利潤為 11 億美元，佔淨銷售額的 4.6%。

Adjusted earnings per share was $12.80, a 1% increase from 2024. This is our fifth consecutive year-over-year increase. Operating cash flow was $1.1 billion of free cash flow, and free cash flow was $527 million in 2025.

調整後的每股收益為 12.80 美元，比 2024 年增長 1%。這是我們連續第五年實現年成長。經營現金流為 11 億美元的自由現金流，2025 年自由現金流為 5.27 億美元。

Slide 6 summarizes key financial and business highlights from the fourth quarter and full year. Our strategic priorities continue to drive execution across four key areas: extending our global leadership position in Seating, expanding margins in E-Systems, growing our competitive advantage and operational excellence through IDEA by Lear, and supporting our sustainable value creation with disciplined capital allocation.

第 6 張投影片總結了第四季和全年的主要財務和業務亮點。我們的策略重點繼續推動四個關鍵領域的執行：擴大我們在座椅領域的全球領先地位，擴大電子系統領域的利潤率，透過李爾的IDEA專案提升我們的競爭優勢和卓越運營，並透過嚴格的資本配置支持我們的永續價值創造。

We made progress towards our goals in both Seating and E-Systems by finishing the year with some of the most significant new business awards in Lear's history. In Seating, we are awarded the complete seats for a major truck program from an American-based automaker, the largest Seating conquest award on record.

我們在座椅和電子系統領域都取得了進展，朝著我們的目標邁進了一步，並在年底獲得了李爾歷史上一些最重要的新業務獎項。在座椅領域，我們獲得了美國一家汽車製造商的大型卡車項目的全部座椅訂單，這是有史以​​來最大的座椅訂單。

General Motors awarded Lear the complete seats for their large SUVs and full-size pickup trucks to be produced at Orion Assembly starting in 2027. This award continues Lear's long history as GM seat supplier for full-size pickup trucks and SUVs while supporting GM's expansion of their US manufacturing footprint.

通用汽車公司授予李爾公司為其大型 SUV 和全尺寸皮卡提供整套座椅，這些座椅將於 2027 年開始在 Orion Assembly 工廠生產。該獎項延續了李爾作為通用汽車全尺寸皮卡和SUV座椅供應商的悠久歷史，同時也支持了通用汽車擴大其在美國的生產規模。

Our China team continues to grow business with domestic automakers. In the fourth quarter, we secured several complete seat programs with Changan, Dongfeng, and Leapmotor and a Thermal Comfort Award with BYD. I couldn't be more proud of the team for securing these critical awards that demonstrate how we are extending our global leadership position.

我們的中國團隊持續拓展與國內汽車製造商的業務。第四季度，我們與長安汽車、東風汽車和躍進汽車達成了多項完整的座椅項目，並與比亞迪汽車共同獲得了熱舒適獎。我為團隊獲得這些關鍵獎項感到無比自豪，這表明我們正在擴大我們的全球領導地位。

In E-Systems, we continued our strong momentum with new business awards for nine wire harness programs and several electronics and connection system programs across all major regions, including the Volkswagen Group in Europe and South America and key Chinese automakers, such as BAIC, Geely, and SAIC.

在電子系統領域，我們繼續保持強勁勢頭，獲得了九個線束項目和多個電子及連接系統項目的新業務，業務遍及所有主要地區，包括歐洲和南美的大眾汽車集團以及北汽、吉利和上汽等中國主要汽車製造商。

For the full year, we secured over $1.4 billion in E-Systems business awards, our strongest performance in over a decade and the second highest annual total in Lear's history. These awards will benefit from our operational improvements we have made, driving improved margins as it launches in future years.

全年來看，我們獲得了超過 14 億美元的電子系統業務訂單，這是我們十多年來的最佳業績，也是李爾公司歷史上第二高的年度總額。這些獎項將受益於我們所做的營運改進，並在未來幾年推出時推動利潤率的提高。

Our strong operating performance continued to the fourth quarter, with both segments exceeding expectations. For the full year, we generated approximately $195 million in net operating performance, translating to 60 basis points in Seating and 110 basis points in E-Systems, our best year of positive net performance. This is a testament to our commitment to operational excellence and the benefits we are capturing from our investments in digital tools, automation, and restructuring.

我們強勁的經營業績延續到了第四季度，兩個業務部門都超乎預期。全年來看，我們的淨經營業績約為 1.95 億美元，相當於座椅業務 60 個基點和電子系統業務 110 個基點，這是我們淨業績為正的最佳年份。這證明了我們對卓越營運的承諾，以及我們從對數位化工具、自動化和重組的投資中獲得的收益。

The capabilities we are developing through IDEA by Lear are a growing performance differentiator. 2025 marked a pivotal year in our digital transformation. We extended our partnership with Palantir and launched the inaugural Lear fellowship, the first program of its kind in our industry. Our first cohort completed the intensive 12-week training in the fourth quarter. In 2026, we're expanding the program with a second cohort focused on European operations and globally thereafter.

我們透過李爾IDEA平台開發的能力正日益成為我們提升績效的差異化優勢。 2025年是我們數位轉型歷程中的關鍵一年。我們擴大了與 Palantir 的合作關係，並推出了首屆 Lear 獎學金計劃，這是我們行業中首個此類計劃。我們的第一批學員在第四季度完成了為期 12 週的密集訓練。2026 年，我們將擴大該計劃的規模，推出第二批學員，重點關注歐洲業務，之後擴展到全球。

Our operational excellence and quality leadership continue to earn recognition. Lear achieved more top four finishes than any other supplier in the J.D. Power 2025 US Seat Quality and Satisfaction Study.

我們卓越的營運和品質領先優勢持續獲得認可。在 J.D. Power 2025 年美國座椅品質和滿意度研究中，李爾公司獲得的前四名成績比其他任何供應商都多。

In E-Systems, our multiyear quality improvement initiatives delivered results. Customers awarded us with a record 11 quality awards. Our foundation and operational excellence drives our quality and cost advantages, leading to new business and conquest wins while expanding margins in both segments.

在電子系統領域，我們歷時多年的品質改進計畫取得了成效。客戶授予我們創紀錄的 11 項品質獎。我們紮實的基礎和卓越的營運能力為我們帶來了品質和成本優勢，從而贏得了新業務和客戶，同時擴大了這兩個領域的利潤率。

Automotive News recognized our innovative zone control module with a 2025 PACE award. This award-winning technology will launch on the BMW new class architecture this year. In China, we took operating control of two joint ventures supporting several programs for BYD and Series. These consolidations also allow us to leverage our full operating capabilities and will drive growth in 2026 and beyond.

《汽車新聞》授予我們創新的區域控制模組 2025 年 PACE 獎。這項屢獲殊榮的技術將於今年在BMW全新架構車款上推出。在中國，我們接管了兩家合資企業的營運控制權，這兩家合資企業為比亞迪和索尼的多個項目提供支援。這些整合也使我們能夠充分發揮營運能力，並將推動2026年及以後的成長。

Last February, we acquired StoneShield Engineering to enhance our wire harness automation capabilities. In just one year, we rapidly scaled StoneShield's technology from Europe to our operations in South America, Mexico and the US The combination of our profitable growth in Seating and E-Systems supported by idea-driven productivity advances fuels efficient cash flow conversion. That cash supports our disciplined capital allocation and enables us to accelerate our share repurchase program.

去年二月，我們收購了 StoneShield Engineering 公司，以增強我們的線束自動化能力。短短一年內，我們就將 StoneShield 的技術迅速從歐洲推廣到我們在南美洲、墨西哥和美國的營運中。座椅和電子系統業務的獲利成長，加上以理念驅動的生產力提升，共同推動了高效的現金流轉換。這筆現金支持我們嚴格的資本配置，並使我們能夠加快股票回購計畫。

We repurchased $325 million in shares during 2025, significantly exceeding our initial $250 million target. Combined with our dividend, we returned almost $500 million to shareholders.

我們在 2025 年回購了價值 3.25 億美元的股票，遠遠超過了我們最初設定的 2.5 億美元的目標。加上股息，我們向股東返還了近 5 億美元。

Turning to slide 7. I'll provide more detail on our key Onshoring and Conquest Awards and how they demonstrated our ability to extend our global leadership in Seating. Lear was awarded the contract to supply complete seats for General Motors full-size SUVs and pickup trucks at the Orion plant projected to launch in 2027. Adding Orion extends Lear's strong partnership with General Motors, supporting their premier programs across the entire footprint.

翻到第7張投影片。我將詳細介紹我們獲得的關鍵本土化和市場拓展獎項，以及這些獎項如何展現了我們在座椅領域擴大全球領先地位的能力。李爾公司獲得了為通用汽車位於奧賴恩工廠的全尺寸SUV和皮卡車提供完整座椅的合同，該工廠預計將於2027年投產。收購 Orion 進一步鞏固了 Lear 與通用汽車的牢固合作關係，為其遍布全球的頂級項目提供支援。

The largest Seating Conquest Award in Lear's history is for a truck program with an American automaker, displacing the incumbent complete seat suppliers for multiple plants. Our industry-leading automation capabilities and superior quality performance were key factors that enabled us to win this business. We will share additional details for this award at the appropriate time.

Lear 歷史上最大的座椅征服獎是與美國汽車製造商合作的卡車項目，該項目取代了多家工廠原有的完整座椅供應商。我們行業領先的自動化能力和卓越的品質表現是我們贏得這項業務的關鍵因素。我們將在適當的時候公佈有關此獎項的更多細節。

Our strong customer relationships, proven execution, and extensive US manufacturing footprint give us a distinct competitive advantage. By investing in automation and designing capital specifically optimized for our manufacturing processes rather than relying on off-the-shelf solutions, we've enhanced operational efficiency, reduced costs, and accelerated our speed to market.

我們強大的客戶關係、成熟的執行力和廣泛的美國製造佈局使我們擁有明顯的競爭優勢。透過投資自動化和設計專門針對我們製造流程優化的資本，而不是依賴現成的解決方案，我們提高了營運效率，降低了成本，並加快了產品上市速度。

We also continue to win Conquest Awards in other regions, including China. For BMW, we will supply seats for vehicles that were previously exported to Asia. We will also support future production on the C11 for Leapmotor. These Onshoring and Conquest Awards will provide future growth while solidifying Lear's differentiation and leadership position in Seating.

我們在包括中國在內的其他地區也持續贏得征服獎。我們將為寶馬公司提供座椅，這些座椅將用於先前出口到亞洲的車輛。我們未來也將繼續支援 Leapmotor 的 C11 生產。這些本土化和市場拓展獎項將為未來的成長提供動力，同時鞏固李爾在座椅領域的差異化優勢和領導地位。

Slide 8 illustrates the significant progress and market leadership we have achieved in thermal comfort. Through our strategic acquisitions of Kongsberg and IGB combined with our organic development work on modularity, Lear has become the only seat supplier with a complete portfolio of thermal comfort solutions. From individual components to fully integrated systems, this vertical integration capability enables us to deliver innovative solutions to meet the demands of each of our customers.

第 8 張投影片展示了我們在熱舒適領域的重大進展和市場領先地位。透過對 Kongsberg 和 IGB 的策略性收購，以及我們在模組化方面的自主研發，李爾已成為唯一一家擁有完整熱舒適解決方案組合的座椅供應商。從單一組件到完全整合的系統，這種垂直整合能力使我們能夠提供創新的解決方案，以滿足我們每位客戶的需求。

Our value proposition for our customers is driving growth. To date, we have secured 33 awards for innovative thermal comfort solutions, including our ComfortFlex modules, our ComfortMax Seat systems, FlexAir form alternatives, and INTU applications. These awards will generate combined average annual revenue of approximately $170 million at peak production.

我們為客戶創造的價值正在推動成長。迄今為止，我們已憑藉創新的熱舒適解決方案獲得了 33 項獎項，其中包括我們的 ComfortFlex 模組、ComfortMax 座椅系統、FlexAir 形狀替代方案和 INTU 應用。這些獎項在生產高峰期將帶來平均每年約 1.7 億美元的總收入。

This is not a proof of concept. Nine programs are already in production and generating revenue today, with 14 additional launches secured for 2026, an inflection point for thermal comfort. Customers' acceptance is broad and diversified, spanning 15 automakers across all key regions, North America, Europe, and Asia. We are the only seat supplier with a scale, technology and integration capability to meet the accelerating demand for thermal comfort and innovation.

這並非概念驗證。目前已有九個項目投入生產並產生收入，另有 14 個項目已確定將於 2026 年推出，這將是熱舒適領域的轉捩點。客戶的接受度很高，涵蓋了北美、歐洲和亞洲所有主要地區的 15 家汽車製造商。我們是唯一擁有規模、技術和整合能力的座椅供應商，能夠滿足日益增長的熱舒適性和創新需求。

We also recognize that some of our customers prefer to maintain their traditional sourcing strategies, purchasing individual components rather than integrated systems. Our complete suite of products allow us to serve these customers as well. Awards won in 2025 for core components will generate a combined average annual sales of $80 million. Our flexibility and vertical integration make clear the only supplier capable of meeting customers' needs, whether they see cutting-edge full modularity innovative solutions or traditional individual components.

我們也意識到，有些客戶喜歡維持傳統的採購策略，購買單一組件而不是整合系統。我們全套產品也能為這些客戶提供服務。2025 年獲得的核心零件獎項將帶來平均每年 8,000 萬美元的銷售額。我們的靈活性和垂直整合能力表明，我們是唯一能夠滿足客戶需求的供應商，無論他們需要的是尖端的全模組化創新解決方案還是傳統的單一組件。

Turning to slide 9. We highlight our industry-leading commitment to automation and digital transformation. Our industry-first facility for fully automated assembly of ComfortFlex, ComfortMax, and FlexAir products demonstrates more than a decade of strategic investment in automation through both acquisitions and organic development.

翻到第9張投影片。我們強調我們在自動化和數位轉型方面處於行業領先地位的承諾。我們業內首個實現 ComfortFlex、ComfortMax 和 FlexAir 產品全自動組裝的工廠，體現了我們十多年來透過收購和自身發展對自動化進行策略性投資的成果。

We've built proprietary capabilities in vision systems, material handling, and purpose-built capital that enable us to develop solutions our competitors cannot replicate by simply purchasing off-the-shelf robots and cobots.

我們在視覺系統、物料搬運和專用資本方面建立了專有能力，使我們能夠開發出競爭對手無法透過簡單地購買現成的機器人和協作機器人來複製的解決方案。

Product innovation and process improvements have allowed us to reduce Seating costs for new programs by 200 to over 500 basis points. This durable cost advantage will allow us to increase our industry-leading seat margins and continue to separate ourselves from our competitors. You can see the advantage reflected in the awards we just discussed today.

產品創新和流程改進使我們能夠將新項目的座椅成本降低 200 到 500 多個基點。這種持久的成本優勢將使我們能夠提高業界領先的座位利潤率，並繼續與競爭對手拉開差距。從我們今天討論的獎項中，就可以看出這種優勢。

Our digital transformation is accelerating as we enter into 2026. Last year, our Palantir Foundry platform reached over 17,000 users and generated more than 300 custom applications. We're deepening our AI capabilities through our global Lear fellowship program, with our second cohort of the 12-week program launching in Europe earlier this year. These digital tools are delivering measurable results, enabling us to transform operations and respond rapidly to industry volatility.

隨著我們邁入2026年，我們的數位轉型正在加速。去年，我們的 Palantir Foundry 平台用戶超過 17,000 人次，並產生了 300 多個客製化應用程式。我們正在透過全球 Lear 獎學金計畫深化我們的人工智慧能力，該計畫為期 12 週，第二期學員已於今年稍早在歐洲啟動。這些數位化工具正在帶來可衡量的成果，使我們能夠轉變營運方式並快速應對產業波動。

I'm going to share a couple of examples with you. The first one is cycle time deviation. This tool provides real-time shop for performance data, allowing us to make immediate adjustments. For instance, we can quickly identify bottlenecks like specific equipment failures and reallocate resources accordingly. We've developed this across 100% of our North American and European just-in-time facilities, achieving a 3% to 5% efficiency gain.

我接下來要和你們分享幾個例子。第一個是周期時間偏差。該工具提供即時性能數據，使我們能夠立即進行調整。例如，我們可以快速識別瓶頸，例如特定設備故障，並相應地重新分配資源。我們已在北美和歐洲所有準時生產設施中推廣了這項技術，實現了 3% 至 5% 的效率提升。

This generated $10 million in savings in 2025, and we expect $15 million this year as we roll it out globally. The second example is our tariff tracking solution. When tariffs were announced in early 2025, we had 150 trucks carrying thousands of parts crossing borders daily. We needed to identify each parts HTS code and USMCA certification status, a massive undertaking.

這項措施在 2025 年節省了 1000 萬美元，隨著我們在全球推廣，預計今年將節省 1500 萬美元。第二個例子是我們的關稅追蹤解決方案。2025年初關稅宣佈時，我們有150輛卡車每天運送數千個零件跨境運輸。我們需要確定每個零件的 HTS 編碼和 USMCA 認證狀態，這是一項艱鉅的任務。

Our team partnered with Palantir to build an enterprise-wide solution in just 10 days. This tool provides real-time tracking, automatically applies HTS codes, checks USMCA status, and categorize tariff designations. The result, we recovered nearly 100% of our tariff costs within the year and accelerated cash reimbursements from our customers. Our commitment to automation, AI and digital tools is driving tangible operating performance and positioning Lear years ahead of our competition.

我們的團隊與 Palantir 合作，僅用 10 天就建立了一個企業級解決方案。該工具提供即時追蹤、自動應用 HTS 代碼、檢查 USMCA 狀態和對關稅指定進行分類。結果是，我們在一年內收回了近 100% 的關稅成本，並加快了從客戶那裡獲得的現金補償。我們對自動化、人工智慧和數位工具的投入，正在推動實際的營運績效提升，並使李爾公司領先競爭對手數年。

Slide 10 demonstrates how we delivered on key commitments we made at the beginning of the year. In Seating, we secured multiple Conquest Awards through the year, including three significant wins I highlighted earlier.

第 10 張幻燈片展示了我們如何兌現年初做出的關鍵承諾。在座椅領域，我們全年獲得了多項 Conquest 獎項，其中包括我前面提到的三項重大勝利。

In E-Systems, we won significant Conquest business in wearing with both American and key global automakers as well as with Stellantis for the Jeep Cherokee and Wrangler platforms. Our Thermal Comfort awards will help drive future growth in our Seating business and our strong relationships with Chinese domestic automakers continue to deliver new business wins.

在電子系統領域，我們贏得了與美國和全球主要汽車製造商以及 Stellantis 合作的大量 Conquest 業務，用於 Jeep Cherokee 和 Wrangler 平台。我們在熱舒適性方面獲得的獎項將有助於推動我們座椅業務的未來成長，而我們與中國國內汽車製造商的牢固關係也將繼續為我們帶來新的業務勝利。

Our IDEA by Lear initiatives and our investments in automation generated $70 million in savings for the full year. Earlier in the year, we identified additional near-term opportunities by focusing on restructuring actions. As a result, we achieved $85 million in restructuring savings for the full year, $30 million more than our original target of $55 million. The consolidation of our two joint ventures as well as changes in production schedules led to slightly higher hourly headcount than originally projected. However, we still reduced our global hourly headcount by 7,000 this year and by 22,000 over the last two years.

我們透過李爾的IDEA計畫和自動化投資，全年節省了7000萬美元。今年早些時候，我們透過專注於重組措施，發現了更多近期機會。因此，我們全年實現了 8,500 萬美元的重組節省，比我們最初設定的 5,500 萬美元目標多了 3,000 萬美元。兩家合資企業的合併以及生產計劃的變更導緻小時工人數略高於最初的預期。然而，今年我們全球小時工人數減少了 7,000 人，過去兩年減少了 22,000 人。

As a result of relentless focus across the entire company, our full year net performance savings was a record $195 million, 56% above our original target of $125 million. This contributed 60 basis points to net performance to Seating and 110 basis points to E-Systems. As a reminder, our net performance figures are after absorbing cost primarily from contractual price reduction agreements with our customers and any changes in commodities, transactional FX, and labor rates. Delivering this level of operational improvement in a year of significant industry volatility and production disruption is a remarkable accomplishment by the entire Lear team.

由於全公司上下堅持不懈地努力，我們全年的淨收益節省額達到了創紀錄的 1.95 億美元，比我們最初設定的 1.25 億美元的目標高出 56%。這為座椅業務的淨業績貢獻了 60 個基點，為電子系統業務貢獻了 110 個基點。再次提醒，我們的淨業績數據是在扣除主要來自與客戶簽訂的合約價格降低協議以及商品、交易外匯和勞動力價格的任何變化所產生的成本之後得出的。在產業波動劇烈、生產中斷嚴重的一年裡，李爾團隊能夠實現如此高水準的營運改進，是一項了不起的成就。

Now turning to slide 11. We continue our commitment to expanding margins and generating long-term revenue growth. As we begin 2026, we have a robust pipeline of Conquest opportunities in both Seating and E-Systems, some of which resulted from a number of delayed sourcing decisions as our customers continue to adjust their footprint and product strategies.

現在請看第11張投影片。我們將繼續致力於擴大利潤率並實現長期收入成長。2026 年伊始，我們在座椅和電子系統領域都有著強勁的征服機會，其中一些機會是由於我們的客戶不斷調整其佈局和產品戰略，導致一些採購決策被推遲而產生的。

For E-Systems, we have seen increased customer engagement in wire harness sourcing, and we have several key opportunities that we expect to be awarded in the first half of this year. We continue to see significant interest from our customers for our innovative modular seat products. These opportunities, along with our core thermal comfort products, will drive growth in our components business.

對於 E-Systems 而言，我們看到客戶對線束採購的參與度有所提高，我們預計今年上半年將獲得幾個重要的採購機會。我們持續看到客戶對我們創新模組化座椅產品表現出濃厚的興趣。這些機遇，加上我們的核心熱舒適產品，將推動我們零件業務的成長。

The strong relationship with our local teams with our key domestic Chinese automakers are driving new business opportunities. With our current backlog and additional sourcing wins, we expect more than 50% of our revenue in China to be from the Chinese domestic automakers next year.

我們與中國國內主要汽車製造商的本地團隊建立了牢固的關係，這正在推動新的商機。憑藉我們目前的積壓訂單和新增的採購訂單，我們預計明年我們在中國的收入將有超過 50% 來自中國國內汽車製造商。

The continued investments we are making in IDEA and automation projects are expected to generate an additional $75 million of savings this year. We also see significant opportunities from our restructuring investments. The savings from the actions we put in place last year, combined with the actions planned for this year, are expected to total $80 million. You will continue to see the benefits from these actions come through in the net performance we report on a quarterly basis.

我們持續投資於IDEA和自動化項目，預計今年將額外節省7,500萬美元。我們也看到了重組投資帶來的巨大機會。去年我們採取的措施，加上今年計畫採取的措施，預計可節省 8,000 萬美元。您將持續看到這些措施帶來的益處體現在我們每季公佈的淨業績報告中。

In 2026, we expect to deliver 40 basis points of net performance in Seating and 80 basis points in E-Systems. The introduction of these scorecard metrics in 2025 allowed our investors to hold us accountable and track our progress. We remain committed to once again delivering on these key metrics and drive sustainable growth and improved margins in both segments.

預計到 2026 年，座椅業務的淨績效將提高 40 個基點，電子系統業務的淨績效將提高 80 個基點。2025 年引入這些評分卡指標，可以讓我們的投資者對我們進行問責，並追蹤我們的進度。我們將繼續致力於實現這些關鍵指標，並在兩個業務領域推動永續成長和利潤率提升。

Please turn to slide 12, which shows our 2026 and 2027 sales backlog. As a reminder, our sales backlog includes awarded programs net of any lost business and programs rolling off. It excludes pursued business, net new business in a non-consolidated joint venture and the roll-off of the discontinued product lines in E-Systems.

請翻到第 12 頁，其中顯示了我們 2026 年和 2027 年的銷售積壓情況。再次提醒，我們的銷售積壓訂單包括已授予的項目，扣除任何損失的業務和即將終止的項目。它不包括已開展的業務、非合併合資企業的淨新增業務以及 E-Systems 中已停產產品線的淘汰。

In 2026, we expect approximately $60 million of net new business. Seatings is expected to deliver about $740 million, driven primarily by the key launches listed on the slide. E-Systems is expected to experience a headwind of about $140 million in 2026, primarily due to the roll-off of the Ford Escape, the Corsair in North America, as well as the Focus in Europe. However, this was partially offset by key new launches.

預計到 2026 年，淨新增業務額將達到約 6,000 萬美元。預計座椅業務將帶來約 7.4 億美元的收入，主要得益於幻燈片中列出的重點產品發布。E-Systems 預計在 2026 年將面臨約 1.4 億美元的不利影響，主要原因是福特 Escape 和 Corsair 在北美停產，以及 Focus 在歐洲停產。然而，一些重要的新產品發佈在一定程度上抵消了這種影響。

In 2027, we expect approximately $725 million in net new business with approximately $465 million in Seating and $260 million in E-Systems. The $1.325 billion two-year backlog provides a solid foundation of growth. The makeup of our backlog is strengthening as approximately half of our revenue is from new programs driven by ICE vehicles.

預計到 2027 年，淨新增業務額將達到約 7.25 億美元，其中座椅業務約 4.65 億美元，電子系統業務約 2.6 億美元。兩年積壓的13.25億美元訂單為成長提供了堅實的基礎。我們的積壓訂單組成正在增強，因為我們大約一半的收入來自以內燃機汽車為驅動的新項目。

Our China growth is led by domestic automakers, which represents approximately 85% of our consolidated backlog. Additionally, our non-consolidated joint ventures have approximately $550 million of backlog, 55% of which is with Chinese domestic automakers. This two-year backlog provides a solid foundation for growth. And when combined with the expected new business awards in 2026 will allow us to accelerate growth into 2028, 2029, and beyond.

我們在中國的成長主要由國內汽車製造商引領，約占我們合併訂單總量的 85%。此外，我們未合併的合資企業還有約 5.5 億美元的積壓訂單，其中 55% 來自中國國內汽車製造商。這兩年的積壓訂單為成長奠定了堅實的基礎。再加上預計在 2026 年獲得的新業務獎勵，這將使我們能夠加速成長到 2028 年、2029 年及以後。

Now I'd like to turn the call over to Jason for the financial review.

現在我想把電話交給傑森，讓他進行財務回顧。

Thanks, Ray. Slide 14 shows key performance highlights from 2025 that position us to deliver profitable growth in 2026. We finished the year strong in Q4 supported by both revenue growth and operating execution. Total company sales increased 5% year over year, reflecting the addition of new business in both segments and the impact of commercial recoveries.

謝謝你，雷。第 14 張幻燈片展示了 2025 年的關鍵業績亮點，這些亮點使我們能夠在 2026 年實現盈利增長。在營收成長和營運執行的雙重支撐下，我們在第四季度取得了強勁的收官成績。公司總銷售額年增 5%，反映了兩個業務部門新增業務以及商業復甦的影響。

Adjusted EPS grew by 16%, driven by a reduced share count due to our share repurchases as well as a lower tax rate relative to last year. Seating sales outgrew industry production by 2 percentage points, driven primarily by positive volume on their programs in North America and China and despite a 1 percentage point drag due to reduced JLR volumes.

經調整後的每股盈餘成長了 16%，這主要得益於我們回購股票導致的流通股數量減少，以及與去年相比較低的稅率。座椅銷售額比行業產量高出 2 個百分點，這主要得益於其在北美和中國的項目銷量增長，儘管捷豹路虎 (JLR) 的銷量下降導致銷量下滑 1 個百分點。

E-Systems margins improved by 30 basis points as compared to 2024 due to our strong operating performance. As a result, we met or exceeded our key 2025 initiatives. We delivered record net performance of $195 million. We started the year with a target of $125 million, increased by $25 million on our second-quarter call and outperformed the $170 million target that we had established during our last earnings call. The strong operating performance contributed 60 basis points of Seating and 110 basis points to E-Systems margins, exceeding our targets of 40 and 80 basis points, respectively.

由於我們強勁的營運業績，電子系統利潤率比 2024 年提高了 30 個基點。因此，我們實現了或超額完成了 2025 年的關鍵計劃。我們實現了創紀錄的淨利潤1.95億美元。年初我們設定的目標是 1.25 億美元，在第二季財報電話會議上增加了 2,500 萬美元，並且超過了我們在上次財報電話會議上設定的 1.7 億美元目標。強勁的營運績效為座椅業務利潤率貢獻了 60 個基點，為電子系統業務利潤率貢獻了 110 個基點，分別超過了我們 40 個基點和 80 個基點的目標。

Strong free cash flow of $527 million enabled us to repurchase $325 million of shares, $75 million above our initial $250 million target.

強勁的自由現金流 5.27 億美元使我們能夠回購 3.25 億美元的股票，比我們最初設定的 2.5 億美元的目標高出 7,500 萬美元。

The momentum generated in 2025 sets the foundation for continued execution in 2026. At the midpoint of our guidance, we expect year-over-year increases across the board for revenue, operating income, margins, and free cash flow. Our two-year backlog now stands at $1.325 billion, an increase of $125 million from our initial estimate given last quarter, giving us confidence in our commitment to meet or exceed our key growth and margin improvement targets.

2025 年形成的勢頭為 2026 年的持續推進奠定了基礎。根據我們的預期，在中點，我們預期收入、營業收入、利潤率和自由現金流將全面較去年同期成長。我們兩年的積壓訂單目前為 13.25 億美元，比上季給出的初步估計增加了 1.25 億美元，這讓我們有信心實現或超過我們的關鍵成長和利潤率提升目標。

Given our strong cash generation profile, we expect free cash flow conversion above 80%, and as a result, we are targeting share repurchases of more than $300 million in 2026. We remain focused on disciplined execution, margin expansion, cash generation and delivering value to our shareholders.

鑑於我們強勁的現金產生能力，我們預計自由現金流轉換率將超過 80%，因此，我們的目標是在 2026 年回購超過 3 億美元的股票。我們將繼續專注於嚴格執行、擴大利潤率、創造現金流，並為股東創造價值。

Slide 15 shows vehicle production and key exchange rates for the fourth quarter. Global production increased 1% compared to the same period last year. Production volumes were flat in North America and declined by 2% in Europe, while volumes in China were up 3%. The US dollar weakened against both the euro and the RMB.

第 15 張投影片顯示了第四季的汽車產量和主要匯率。全球產量比去年同期成長1%。北美地區的產量持平，歐洲地區的產量下降了 2%，而中國的產量則增加了 3%。美元兌歐元和人民幣均走弱。

Turning to slide 16. I will highlight our financial results for the fourth quarter of 2025. Our sales increased 5% year over year to $6 billion. Excluding the impact of foreign exchange, commodities, tariff recoveries, acquisitions, and divestitures, sales were up 2%, reflecting the addition of new business in both of our business segments, partially offset by lower volumes on Lear platforms.

翻到第16張幻燈片。我將重點介紹我們2025年第四季的財務表現。我們的銷售額年增5%，達到60億美元。剔除外匯、大宗商品、關稅回收、收購和剝離的影響，銷售額增長了 2%，這反映出我們兩個業務部門新增了業務，但部分被 Lear 平台銷量下降所抵消。

Core operating earnings were $259 million compared to $258 million last year, driven by positive net performance and our margin-accretive backlog, partially offset by lower volumes on Lear platforms. Adjusted earnings per share were $3.41 as compared to $2.94 a year ago, reflecting the benefit of our share repurchase program and a lower tax rate relative to last year. Fourth quarter operating cash flow was $476 million compared to $681 million last year due primarily to the timing of working capital.

核心營運利潤為 2.59 億美元，而去年同期為 2.58 億美元，這主要得益於積極的淨業績和利潤率提升的積壓訂單，但部分被 Lear 平台銷量下降所抵消。經過調整後的每股收益為 3.41 美元，而去年同期為 2.94 美元，這反映了我們的股票回購計劃的收益以及與去年相比較低的稅率。第四季經營現金流為 4.76 億美元，去年同期為 6.81 億美元，主要是因為營運資金到位時間不同所致。

Slide 17 explains the variance in sales and adjusted operating margins for the fourth quarter in the Seating segment. Sales for the fourth quarter were $4.4 billion, an increase of $222 million or 5% from 2024. Excluding the impact of foreign exchange, commodities, tariff recoveries, acquisitions, and divestitures, sales were up 3% due to the addition of new business such as the Series M7 in China and the Volkswagen Terra in South America, partially offset by lower volumes on Lear platforms, including several JLR programs.

第 17 張投影片解釋了座椅業務第四季銷售額和調整後營業利潤率的差異。第四季銷售額為 44 億美元，比 2024 年增加 2.22 億美元，增幅為 5%。剔除外匯、大宗商品、關稅回收、收購和剝離的影響，銷售額增長了 3%，這得益於新增業務，例如在中國推出的 M7 系列和在南美推出的大眾 Terra，但部分被 Lear 平台（包括幾個 JLR 項目）的銷量下降所抵消。

Adjusted earnings were $263 million, up $6 million or 2% compared to 2024, with adjusted operating margins of 6%. Operating margins were lower compared to last year, primarily due to lower volumes in the mix of production by program, partially offset by strong outperformance in our margin-accretive backlog.

經調整後的收益為 2.63 億美元，比 2024 年成長 600 萬美元或 2%，經調整後的營業利潤率為 6%。與去年相比，營業利益率下降，主要是由於各項目生產組合的產量下降，但部分被利潤率提升的積壓訂單的強勁表現所抵消。

Slide 18 explains the variance in sales and adjusted operating margins for the fourth quarter in the E-Systems segment. Sales for the fourth quarter were $1.6 billion, an increase of $51 million or 3% from 2024. Excluding the impact of foreign exchange, commodities, tariff recoveries, acquisitions and divestitures, sales were down 2% driven by lower volumes on Lear platforms, including GM electric vehicle platforms in the Colorado and Canyon in North America as well as several JLR programs in Europe, partially offset by the addition of new business, such as the GM XT5 in Asia and the Volvo EX30 in Europe.

第 18 張投影片解釋了 E-Systems 部門第四季銷售額和調整後營業利潤率的差異。第四季銷售額為 16 億美元，比 2024 年增加了 5,100 萬美元，增幅為 3%。剔除外匯、大宗商品、關稅回收、收購和剝離的影響，銷售額下降了 2%，主要原因是 Lear 平台的銷量下降，包括北美 Colorado 和 Canyon 的通用汽車電動汽車平台以及歐洲的幾個捷豹路虎項目，但部分被新增業務所抵消，例如亞洲的通用汽車 XT5 和歐洲的沃爾沃 EX30。

Adjusted earnings were $84 million or 5.3% of sales compared to $77 million and 5% of sales in 2024. Higher operating margins were driven by a strong outperformance, our margin-accretive backlog, and the impact of foreign exchange, partially offset by the reduction of volumes on Lear platforms and the impact of acquisitions and divestitures.

調整後的收益為 8,400 萬美元，佔銷售額的 5.3%，而 2024 年的收益為 7,700 萬美元，佔銷售額的 5%。較高的營業利潤率主要得益於強勁的業績表現、利潤率提升的積壓訂單以及外匯匯率的影響，但部分被李爾平台銷量的下降以及收購和剝離的影響所抵消。

Slide 19 explains the variance in sales and adjusted operating margins for the full year in the Seating segment. Sales for 2025 were $17.3 billion, an increase of $61 million or 0.4% from 2024. Excluding the impact of foreign exchange, commodities, tariff recoveries, acquisitions, and divestitures, sales were down less than 1% due to lower volumes on Lear platforms, including several JLR programs in Europe and several Mercedes programs in North America and Asia, partially offset by the addition of new business such as the Series M7 and Xiaomi SU7 in China as well as the CUPRA Terramar in Europe.

第 19 張投影片解釋了座椅業務全年銷售額和調整後營業利潤率的差異。2025 年銷售額為 173 億美元，比 2024 年增加 6,100 萬美元，增幅為 0.4%。剔除外匯、大宗商品、關稅回收、收購和剝離的影響，由於李爾平台銷量下降（包括歐洲的幾款捷豹路虎項目和北美及亞洲的幾款梅賽德斯項目），銷售額下降不到 1%，但部分被新增業務所抵消，例如中國的 M7 系列和小米 SU7，以及歐洲的 CUPRA Terramar。

Adjusted earnings were $1.1 billion, down 1% compared to 2024 with adjusted operating margins of 6.4%. Operating margins were lower compared to last year, primarily due to lower volumes and the mix of production by program, partially offset by strong underperformance in our margin-accretive backlog.

調整後的收益為 11 億美元，比 2024 年下降 1%，經調整後的營業利潤率為 6.4%。與去年相比，營業利潤率有所下降，主要原因是產量下降以及按項目劃分的生產組合，但部分被利潤率提升型積壓訂單的強勁表現所抵消。

Slide 20 explains the variance in sales and adjusted operating margins for the full year in the E-Systems segment. Sales for 2025 were $6 billion, a decrease of $108 million or 2% from 2024. Excluding the impact of foreign exchange, commodities, tariff recoveries, acquisitions, and divestitures, sales were down 5%. The decline in sales was driven by lower volumes on their platforms, including GM electric vehicle platforms in the Ford Escape in North America and several JLR programs in Europe as well as the wind down of discontinued product lines, partially offset by the addition of new business, such as the Renault 4 and 5 and the Citroen C3 and C3 Aircross in Europe.

第 20 頁解釋了 E-Systems 部門全年銷售額和調整後營業利潤率的差異。2025 年銷售額為 60 億美元，比 2024 年減少 1.08 億美元，降幅為 2%。剔除外匯、大宗商品、關稅回收、收購和剝離的影響，銷售額下降了 5%。銷量下滑是由於其平台銷量下降所致，包括北美福特翼虎的通用電動汽車平台和歐洲的幾個捷豹路虎項目，以及停產產品線的逐步退出，但部分被新增業務所抵消，例如歐洲的雷諾4和5以及雪鐵龍C3和C3 Aircross。

Adjusted earnings were $293 million or 4.9% of sales compared to $310 million and 5.1% of sales in 2024. Lower operating margins were driven by the reduction of volumes on Lear platforms and the wind down of discontinued product lines, partially offset by strong outperformance in our margin-accretive backlog.

經調整後的收益為 2.93 億美元，佔銷售額的 4.9%，而 2024 年的收益為 3.1 億美元，佔銷售額的 5.1%。營運利潤率下降是由於 Lear 平台產量減少和停產產品線逐步退出市場所致，但部分被利潤率提升的積壓訂單的強勁表現所抵消。

Slide 21 provides global vehicle production volume and currency assumptions that form the basis of our 2026 full year outlook. Our production assumptions are based on several sources, including internal estimates, customer production schedules, and S&P forecasts. At the midpoint of our guidance range, we assume that global industry production will be down 1% on a Lear sales weighted basis, driven by lower volumes in our largest markets, North America, Europe, and China.

第 21 頁提供了全球汽車產量和貨幣假設，這些假設構成了我們 2026 年全年展望的基礎。我們的生產假設是基於多個來源，包括內部估算、客戶生產計劃和標準普爾預測。在我們預測範圍的中點，我們假設全球工業產量將以李爾銷售額加權計算下降 1%，主要原因是我們在北美、歐洲和中國的銷售下降。

From a currency perspective, our 2026 outlook assumes an average euro exchange rate of $1.16 per euro and an average Chinese RMB exchange rate of RMB7.1 to the dollar.

從貨幣角度來看，我們對 2026 年的展望假設歐元兌美元的平均匯率為 1 歐元 1.16 美元，人民幣兌美元的平均匯率為 7.1 元 1 美元。

Slide 22 provides detail on our outlook for 2026. Our revenue is expected to be in the range of $23.2 billion to $24 billion. At the midpoint, this would be an increase of $351 million or 2% compared to 2025. Excluding the impact of foreign exchange, commodities, tariff recoveries, acquisitions, and divestitures, our revenue would be down 1%. Core operating earnings are expected to be in the range of $1.03 billion to $1.2 billion. At the midpoint, this implies an increase of 5% compared to 2025.

第 22 張投影片詳細介紹了我們對 2026 年的展望。我們預計營收將在 232 億美元至 240 億美元之間。中點來看，這將比 2025 年增加 3.51 億美元，增幅為 2%。剔除外匯、大宗商品、關稅回收、收購和資產剝離的影響，我們的收入將下降 1%。核心營運收益預計在 10.3 億美元至 12 億美元之間。中點意味著與 2025 年相比成長 5%。

Adjusted net income is expected to be in the range of $645 million to $765 million. Restructuring costs are expected to be approximately $175 million to support our footprint rationalization actions, as we continue to reduce excess capacity and improve manufacturing costs through automation and by shifting our footprint to lower-cost regions.

調整後淨收入預計在 6.45 億美元至 7.65 億美元之間。為支持我們的佈局合理化行動，預計重組成本約為 1.75 億美元，我們將繼續透過自動化和將佈局轉移到成本較低的地區來減少過剩產能並降低製造成本。

Capital spending is expected to be approximately $660 million to fund our new vehicle launches and investments in automation. Lear's strong focus on generating cash allows us to maintain a strong balance sheet while making organic and inorganic investments to strengthen our business as well as to continue funding share repurchases.

預計資本支出約為 6.6 億美元，用於資助我們的新車型發布和自動化投資。李爾公司非常注重創造現金流，這使我們能夠在進行有機和無機投資以加強業務的同時，保持強勁的資產負債表，並繼續為股票回購提供資金。

Our outlook for operating cash flow for the year is expected to be in the range of $1.2 billion to $1.3 billion, and our free cash flow is expected to be $600 million at the midpoint of our guidance. The midpoint of our outlook is consistent with our free cash flow conversion target of over 80%.

我們預計本年度的經營現金流將在 12 億美元至 13 億美元之間，自由現金流預計在預期中位數為 6 億美元。我們展望的中點與我們自由現金流轉換率超過 80% 的目標相符。

Slide 23 walks our 2025 actual results to the midpoint of our 2026 outlook. Year over year, revenue is expected to increase by $351 million, driven by new business and the positive impact from foreign exchange as well as the recovery of tariff expenses. We expect overall company adjusted margins to improve by 10 basis points, driven by strong net performance in our margin-accretive backlog.

第 23 頁將我們 2025 年的實際結果推算到我們 2026 年展望的中點。預計收入將比上年增長 3.51 億美元，這主要得益於新業務、外匯的正面影響以及關稅支出的回收。我們預計，在利潤率提升的積壓訂單強勁淨業績的推動下，公司整體調整後利潤率將提高 10 個基點。

Positive net performance primarily reflects the benefits from our IDEA by Lear initiatives and savings from restructuring actions with wage inflation, customer contractual price reductions and higher launch and engineering costs, largely offset by material cost reductions from our suppliers, cost technology optimization, commercial recoveries, and normal plant efficiency programs.

積極的淨業績主要反映了李爾公司 IDEA 計劃帶來的收益，以及透過重組措施節省的工資上漲、客戶合約價格降低和更高的上市及工程成本，但這些收益很大程度上被供應商的材料成本降低、成本技術優化、商業回收和正常的工廠效率提升計劃所抵消。

Leasing operating margins are expected to increase 10 basis points to 6.5%, reflecting strong net performance in our margin-accretive backlog, partially offset by the impact of lower volumes on existing platforms. E-Systems segment is expected to increase operating margins by 10 basis points to 5%, driven by continued performance improvements, partially offset by the impact of lower volumes on existing platforms, the wind down of discontinued product lines, and the build-out of the Escape and Corsair in our backlog.

租賃業務的營業利潤率預計將成長 10 個基點至 6.5%，這反映出我們利潤率提升的積壓訂單的強勁淨業績，但部分被現有平台銷售下降的影響所抵消。在持續的業績提升推動下，E-Systems 部門的營業利潤率預計將提高 10 個基點至 5%，但部分被現有平台銷量下降、停產產品線逐步退出市場以及 Escape 和 Corsair 積壓訂單的增加所抵消。

We have included detailed walks to the midpoint of our guidance for Seating and E-Systems in the appendix. We expect net performance to contribute 40 basis points of margin improvement in Seating and 80 basis points in E-Systems in 2026, reflecting the positive momentum in our automation and digital investments as well as our restructuring actions.

我們在附錄中加入了詳細的步行路線，直至我們座椅和電子系統指南的中點。我們預計到 2026 年，淨業績將使座椅業務的利潤率提高 40 個基點，電子系統業務的利潤率提高 80 個基點，這反映了我們在自動化和數位化投資以及重組措施方面取得的積極進展。

Moving to slide 24. We highlight our balanced capital allocation strategy. Our balance sheet and liquidity profile continues to be a significant competitive advantage for us. Our cost of debt is low, averaging less than 4%, and our debt structure has a weighted average life of approximately 11 years. In addition, we have $3 billion of available liquidity.

切換到第24張投影片。我們重點介紹我們均衡的資本配置策略。我們的資產負債表和流動性狀況仍然是我們的重要競爭優勢。我們的債務成本很低，平均低於 4%，我們的債務結構加權平均期限約為 11 年。此外，我們還有30億美元的可用流動資金。

Our capital allocation priorities remain consistent. We are focused on generating strong cash flow, investing in the core business to drive profitable growth and returning excess cash to shareholders. Given our current valuation and confidence in our ability to enhance the long-term value of the business, we believe the best near-term use of excess cash is to prioritize share repurchases and our sustained dividend.

我們的資本配置優先事項保持不變。我們專注於創造強勁的現金流，投資核心業務以推動獲利成長，並將多餘的現金回饋給股東。鑑於我們目前的估值以及我們對提升公司長期價值的能力的信心，我們認為近期使用多餘現金的最佳方式是優先進行股票回購和維持股息。

At this time, we do not see a compelling significant strategic acquisition opportunity in either segment that would deliver superior returns. In 2026, we are targeting over 80% free cash flow conversion, which will enable us to buy back at least $300 million worth of stock with additional repurchases depending on free cash flow generation and tuck-in acquisition opportunities.

目前，我們認為這兩個領域都沒有出現能夠帶來超額回報的、具有吸引力的重大策略收購機會。到 2026 年，我們的目標是自由現金流轉換率超過 80%，這將使我們能夠回購至少價值 3 億美元的股票，並根據自由現金流的產生情況和補充收購機會進行額外的回購。

Since initiating the share repurchase program in 2011, we have repurchased $5.9 billion worth of shares and returned over 85% of free cash flow to shareholders through repurchases and dividends. Our current share repurchase authorization has approximately $775 million remaining, which allows us to repurchase shares through December 31, 2026.

自 2011 年啟動股票回購計畫以來，我們已回購了價值 59 億美元的股票，並透過回購和分紅將超過 85% 的自由現金流返還給了股東。我們目前的股票回購授權還剩下約 7.75 億美元，這使我們能夠回購股票直至 2026 年 12 月 31 日。

Now I'll turn it back to Ray for some closing thoughts.

現在我把麥克風交還給雷，讓他做些總結性發言。

Thanks, Jason. Please turn to slide 26. In closing, 2025 was a year where we delivered on our commitments and advanced our strategic priorities. We delivered solid financial results and secured critical new business awards despite persistent industry and macroeconomic volatility. This performance positions Lear for sustained growth and margin expansion going forward.

謝謝你，傑森。請翻到第26頁投影片。總之，2025 年是我們履行承諾、推動策略重點的一年。儘管行業和宏觀經濟持續波動，我們仍取得了穩健的財務業績，並獲得了重要的新業務訂單。這一業績使李爾公司在未來能夠持續成長並擴大利潤率。

Our key wins underscore our competitive advantages. The Orion facility award with General Motors and the largest Conquest win in Lear's history were driven by our leadership in quality and automation, capabilities that are very difficult to replicate and increasingly valued by our customers. We delivered our key growth and margin improvement scorecard metrics for 2025, demonstrating our ability to execute on our commitments. This execution gives us confidence as we look ahead.

我們取得的關鍵勝利凸顯了我們的競爭優勢。我們憑藉在品質和自動化方面的領先地位，贏得了通用汽車的 Orion 工廠項目，並取得了李爾歷史上最大的 Conquest 項目勝利。這些能力很難複製，也越來越受到客戶的重視。我們實現了 2025 年的關鍵成長和利潤率提升指標，證明了我們有能力履行我們的承諾。這次成功讓我們對未來充滿信心。

Looking to 2026 and beyond, we see measurable progress against each of our strategic pillars. Our pace of business wins will support our continued growing leadership in Seating. Our momentum in E-Systems demonstrates our progress to improve the profitability of that business.

展望 2026 年及以後，我們看到我們在每個策略支柱方面都取得了可衡量的進展。我們快速的業務成長將支持我們在座椅領域持續擴大的領先地位。我們在電子系統領域的成長勢頭表明，我們在提高該業務的獲利能力方面取得了進展。

IDEA continues to expand and enhance our ability to deliver strong operating performance and serve our customers with innovative products and manufacturing solutions. It is all resulting in strong cash flow generation that enables us to continue rewarding shareholders while supporting our strong balance sheet. 2025 was a year where we built credibility by consistently meeting or exceeding our commitments. This track record provides strong momentum as we enter 2026, and we are confident in our ability to grow revenue, operating income, margins and free cash flow to continue to drive value for our shareholders.

IDEA 不斷擴大和提升自身能力，以實現強勁的營運業績，並透過創新產品和製造解決方案為客戶提供服務。這一切都帶來了強勁的現金流，使我們能夠在保持穩健資產負債表的同時，繼續為股東創造回報。 2025年，我們透過持續履行甚至超越承諾，贏得了良好的信譽。這項業績為我們進入 2026 年提供了強勁的動力，我們有信心提高收入、營業收入、利潤率和自由現金流，從而繼續為股東創造價值。

And now we'd be happy to take your questions.

現在我們很樂意回答您的問題。

(Operator Instructions) Dan Levy, Barclays.

（操作員指示）Dan Levy，巴克萊銀行。

I wanted to start out first, if you can just talk about the Conquest win and more so in the context of your broader aspiration to get your Seating share up to, I think it's 29%? When you look at that alongside what you're doing with TCS, do you still have that line of sight? Is it further upside? And maybe what is it that's driving these incremental wins? Is it superior cost, is it that maybe there is some weakness across some of your competitors? Maybe you could just unpack that a bit, please?

我想先從您談談征服賽的勝利，以及您在提升席位份額方面更廣泛的目標（我認為是 29%）。當你把這件事和你在 TCS 的工作結合起來考慮時，你還能保持這種想法嗎？還有上漲空間嗎？或許是什麼因素促成了這些漸進式的成功？是成本優勢嗎？還是你的某些競爭對手存在一些弱點？或許您能稍微解釋一下嗎？

Okay. First of all, that Conquest win, I think, was significant, first of all, the largest Conquest win in our history, and I'd argue Seating's history. But there's a lot of focus on innovation and technology. There is a specific -- I think we strategically really focused that platform. And the OEM was really focused on technology, both on the product side in the manufacturing side. And I think it's important to note that.

好的。首先，我認為征服者隊的勝利意義重大，首先，這是我們史上最大的征服者隊勝利，我認為也是席廷隊史上最大的勝利。但人們非常關注創新和技術。我認為我們確實在戰略上重點關注了這個平台。這家原始設備製造商非常注重技術，無論是在產品方面還是在製造方面。我認為這一點很重要。

And so having the innovation center that we recently announced here being able to take customers through that, demonstrating that this is in theory, this is actually in use in production, in different manufacturing plants, demonstrating our wins, I always talk about the strategy around modularity and that we are really reluctant to really start talking about modularity until we had a contract, a production win. And when we got that, we started talking a lot more openly about what we are doing and changing the actual product itself that was designed more efficiently from a cost standpoint, from a customer perspective, but more equally as important from a manufacturing adjacency perspective around manufacturing integration with just in time.

因此，我們最近宣布成立的創新中心能夠帶領客戶了解這一點，證明這在理論上是可行的，實際上已經在不同的製造工廠中投入生產使用，並展示了我們的成功案例。我總是談到模組化策略，但我們真的不願意在獲得合約、贏得生產專案之前就開始談論模組化。當我們意識到這一點後，我們開始更加公開地談論我們正在做的事情，並改變產品本身的設計，使其在成本和客戶角度上更加高效，但同樣重要的是，從製造鄰近性角度來看，圍繞著準時制製造的集成，產品也得到了改進。

And so what that win did, and I'd give you the feedback, the feedback I got from that particular OEM was, you won across the board. Every functional group was unanimous in the decision for Lear. And that's rare. I mean, the decisions we get can be mixed. You could have certain groups that support, some that don't, but at the end of the day, to have a unanimous decision across every single functional group within a particular customer was very unique.

所以，那場勝利帶來了什麼？我從那家原始設備製造商那裡得到的回饋是，你們全面獲勝。所有職能部門一致決定選擇李爾公司。這種情況很少見。我的意思是，我們得到的決定可能是喜憂參半。可能會有一些團體支持，有些團體不支持，但最終，在特定客戶的每個職能部門中達成一致決定是非常罕見的。

And I think secondly, it validated at the right time what we've been talking about. And it was focused on innovation and technology at a manufacturing level with product design that was very unique.

其次，我認為它恰逢其時地驗證了我們一直在討論的內容。它專注於製造層面的創新和技術，產品設計非常獨特。

And so we've acquired IGB, Kongsberg. It's been a great integration. We've been able to really take those products and integrate them into a modular solution. You have to have that engineering capability. You can't partner with anyone. We found that you have to have it. The acquisitions we've been doing for 10 years along automation, I mean, we are a manufacturing integrator. We've actually brought that in-house.

因此，我們收購了 IGB，即 Kongsberg。整合非常順利。我們已經能夠真正將這些產品整合到一個模組化解決方案中。你必須具備那種工程能力。你不能和任何人合作。我們發現你必須擁有它。過去 10 年，我們一直在進行自動化方面的收購，我的意思是，我們是一家製造整合商。我們實際上已經將這項技術引入公司內部。

And so our ability to manufacture capital that has very unique capabilities, you can buy cobots and robots, those are commodities and talk about it that you're doing automation. But where you differentiate -- and I'm even a little leery, we have a picture here of our innovation center, I don't want to show too much because is really revolutionary in how we're getting at this from a manufacturing perspective.

因此，我們有能力製造具有非常獨特能力的資本，你可以購買協作機器人和機器人，這些都是大宗商品，然後談論你正在實現自動化。但你們的獨特之處在於——我甚至有點猶豫，我們這裡有一張我們創新中心的照片，我不想展示太多，因為它從製造的角度來看，確實具有革命性意義。

So one, I think that win, yes, it's significant in the size of the win from a manufacturing perspective, two different manufacturing plants, significant. But it was more on the fact that our innovation and technology won it, not on the performance of the competitors that were in place. It was the OEM is really looking to change the supply chain around technology.

所以，首先，我認為這場勝利意義重大，從製造業的角度來看，這場勝利的規模很大，涉及兩家不同的製造工廠，意義重大。但最終獲勝更多是因為我們的創新和技術，而不是因為競爭對手的表現。這家原始設備製造商（OEM）確實希望改變圍繞技術的供應鏈。

And so your second question, why we've been at this well over a decade on how we're going to look at innovation on the manufacturing and the product side being tied together was all a part of our growth strategy. And so having that validation, we're seeing a lot more, I'll say, openness with some of the domestic Chinese were around innovation, technology. That's imperative. I think that's why we've been successful.

所以你的第二個問題，為什麼我們十多年來一直在研究如何將製造和產品的創新連結起來，這都是我們成長策略的一部分。因此，有了這種認可，我們看到，可以說，中國國內在創新和技術方面變得更加開放。這至關重要。我認為這就是我們成功的原因。

So we still have a very aggressive target on growth. We believe that 29% is something that we absolutely is reasonable and something we can achieve because of our technology innovation. We believe we can continue to grow with the traditional OEMs, even if their market share might be shifting. We also believe we have great innovation technology to grow with the domestic Chinese and you're seeing that. Year over year, it's been incredible. And we think there's significant opportunities with the Japanese. And we're starting those relationships and getting in around technology and innovation.

所以我們仍然設定了非常激進的成長目標。我們認為 29% 是一個絕對合理的數字，而且憑藉我們的技術創新，我們完全可以實現這個目標。我們相信，即使傳統OEM廠商的市佔率可能發生變化，我們仍然可以與他們共同發展。我們也相信我們擁有強大的創新技術，能夠與中國國內市場共同發展，而你們也正在看到這一點。年復一年，這真是太棒了。我們認為與日本市場存在著巨大的機會。我們正在建立這些關係，並參與技術和創新領域。

So we're not backing off our target. We think it's very reasonable. I'd tell you, that award was very satisfying, not just from a growth perspective, but it validates our strategy in a number of different key ways. And so we'll keep pushing. I talked a little bit about how -- I think we did a great job in '25.

所以我們不會放棄目標。我們認為這非常合理。我可以告訴你，獲得這個獎項非常令人滿意，不僅從發展的角度來看，而且從許多不同的關鍵方面也驗證了我們的策略。所以我們會繼續努力。我稍微談了一下——我認為我們在2025年做得非常出色。

We're not where we need to be. We know we have a lot of work to do. We need to continue on E-Systems, we need to continue on Seating, but boy, we have some momentum. We really have momentum. And so, we're not backing off that target of market share.

我們還沒有達到目標。我們知道我們還有很多工作要做。我們需要繼續推進電子系統，我們需要繼續推進座椅設計，但是，我們現在勢頭正勁。我們現在勢頭正盛。因此，我們不會放棄市場佔有率這一目標。

Great. As a follow-up, I wanted to ask about the net performance. And it seems like you're actually talking -- you initially, I think, downplayed some of the expectations on the magnitude net performance we can see in '26 relative to '25, but looks like it's going to be fairly comparable. Maybe you could just help us unpack what inning you're in on some of these automation savings, restructuring savings? I don't mean to -- you just gave your '26 outlook today, but how much more is there beyond what you've outlined for 2026?

偉大的。作為後續問題，我想詢問一下淨性能情況。而且你似乎確實在談論——我認為你最初低估了 2026 年相對於 2025 年的淨業績預期，但現在看來兩者應該相當接近。或許您可以幫我們分析一下，您在這些自動化節省成本和重組節省成本方面處於什麼階段？我不是那個意思──你今天剛展望了2026年，但除了你概述的2026年計畫之外，還有多少內容呢？

Yeah, I think as we look out to '27, '28, and beyond, we see a similar level of opportunity in terms of net performance, and we're committed to delivering that 40 and 80 basis points, again, not just in '26, but in '27 and beyond. And the mix of what will drive that is likely to shift as we get into '27 and '28, where there may be a little bit less in terms of restructuring savings in '27 than what we've enjoyed here in '25 and in what we expect in '26.

是的，我認為展望 2027 年、2028 年及以後，我們在淨業績方面看到了類似的機遇，我們致力於再次實現 40 到 80 個基點的目標，不僅在 2026 年，而且在 2027 年及以後。隨著我們進入 2027 年和 2028 年，推動這一趨勢的因素組合可能會發生變化，2027 年的重組節省金額可能會比 2025 年和我們預期的 2026 年少一些。

But the level of savings we expect from the digital and automation side under the IDEA umbrella, we expect will continue to grow. And the fellowship program that we started last year we've reviewed the initial projects that came out of that, and it's remarkable. And so we see an opportunity to really build momentum after a strong '25, a good start to '26 and see that number in the benefit from IDEA-related projects really increasing further in '27 and '28. And that will provide the primary support for that kind of reoccurrence of that 40 and 80 basis points of that performance growth year over year.

但我們預計，在 IDEA 框架下，數位化和自動化方面所帶來的節省水準將持續成長。我們去年啟動的獎學金項目，我們已經回顧了該項目產生的初步項目，結果令人矚目。因此，我們看到了一個機會，可以在 2025 年取得強勁成績之後，在 2026 年取得良好開端之後，真正建立起發展勢頭，並看到 IDEA 相關項目帶來的收益數字在 2027 年和 2028 年進一步增長。這將為這種逐年增長 40 到 80 個基點的業績增長再次出現提供主要支撐。

Colin Langan, Wells Fargo.

柯林‧蘭根，富國銀行。

Any color how should we think about the cadence of earnings as we go through the year, particularly with some of the T1 downtime in Q1 and later in the year?

我們應該如何看待全年的獲利節奏，特別是考慮到第一季和下半年的一些T1業務停擺期？

Yeah. We're not providing pinpoint guidance for the first quarter, but we're a month into the quarter. We have a pretty good line of sight on customer production schedules. And the year is off to, I would say, a fairly strong start. And we see the first quarter shaping up pretty similar to how we exited the fourth quarter, so revenues in that $6 billion range, operating income around $260 million.

是的。我們不提供第一季的具體業績指引，但第一季已經過了一個月。我們對客戶的生產計畫掌握得相當清楚。我認為，今年開局相當不錯。我們看到第一季的情況與第四季末的情況非常相似，收入在 60 億美元左右，營業收入在 2.6 億美元左右。

The mix between segments is likely to be a little bit different. We had a very strong fourth quarter in E-Systems. We do expect a modest step down there. You have the impact of the Escape, Corsair building out. We had a very strong quarter commercially in the fourth quarter.

各細分市場的組合可能會略有不同。我們在電子系統業務方面取得了非常強勁的第四季度業績。我們預計會有小幅下滑。你已經感受到了 Escape 和 Corsair 的發展所帶來的影響。我們在第四季的商業表現非常強勁。

So in terms of the margin by segments, we would expect Seating to be in the low 6s and E-Systems right around 5%. So we expect the year to get off to a solid start, and we don't expect or require sort of a hockey stick of improvement throughout the year to hit the full year guidance that we provided today.

因此，就各細分市場的利潤率而言，我們預期座椅業務的利潤率將在 6% 左右，而電子系統業務的利潤率將在 5% 左右。因此，我們預計今年將有一個良好的開端，我們並不期望或需要全年出現類似曲棍球棒式的成長，就能達到我們今天給出的全年預期目標。

The first quarter is sort of in line with how we see largely in line with how we see the year playing out. Now as the year progresses, you mentioned some downtime on the T1, the first plant will be going through a changeover that does weigh on volumes, particularly on the Seating side. So there'll be a little bit of choppiness from that. But we expect that we can get off to a good start in the first quarter. And as we normally do, Colin, we'll provide an update at an investor conference later in the quarter and how things are progressing there.

第一季的情況與我們對全年走勢的預期基本一致。隨著今年的推進，您提到 T1 生產線將有一些停機時間，第一家工廠將進行改造，這確實會影響產量，尤其是在座椅方面。所以可能會有一些許卡頓。但我們預計第一季能取得一個好的開局。科林，我們通常會在本季稍後的投資者會議上提供最新進展。

Got it. That's very helpful. Any color on -- you mentioned on the slide on-shoring. It sounds like the major congrats on the big win, but it sounds like that was a Conquest that was already here. How -- any way to size the onshoring wins you have?

知道了。那很有幫助。任何顏色－你在投影片上提到的靠岸作業。聽起來像是對這場重大勝利的熱烈祝賀，但聽起來好像這場勝利早已到來。如何衡量您在國內的成功？有什麼方法可以衡量嗎？

And then what is the potential of when these get actually launched? How quickly can some of these onshore actually come in? Can they actually even help '27 at this point or is all kind of bidding on '28-'29?

那麼，當這些產品真正推出時，其潛力又是什麼呢？這些陸上運輸設備實際到貨速度有多快？他們現在真的能幫助到 27 屆學生嗎？還是說大家都在為 28 屆和 29 屆學生做準備？

In terms of the onshoring, the Orion award will benefit '27. And we're using S&P volumes to sort of model the backlog impact of that. And we've included $75 million in our Seating backlog in 2027 attributed to that. So there's some cannibalization of existing program volumes and other plants, but there is some upside there, we believe, as a result of that additional capacity GM is putting in place.

就本土化而言，Orion 獎將使 2027 年受益。我們使用標普500指數的交易量來模擬積壓訂單的影響。我們已將 2027 年座位積壓訂單中的 7,500 萬美元計入其中。因此，雖然現有項目產量和其他工廠會受到一些蠶食，但我們認為，由於通用汽車正在投入額外的產能，也會帶來一些好處。

We don't see a lot of -- additional onshoring sourcing activities that would benefit '27. I think that's more likely '28 and '29, where you would see the effects of that, that sourcing play out. We've talked in the past about, for example, Mercedes putting production of another program here in the US, as one example.

我們沒有看到很多——額外的回流採購活動會使 '27 受益。我認為更有可能是在 2028 年和 2029 年，屆時你會看到這種影響，這種採購方式會發揮作用。例如，我們過去曾討論過梅賽德斯在美國生產另一個項目。

So those are going to happen a little bit later. And we're sort of taking these onshoring opportunities one at a time. It was very important to secure Orion, and we accomplished that in the fourth quarter, and now we'll move on to the next opportunity as this year progresses.

所以這些事情會稍晚發生。我們正在逐一把握這些本土化生產的機會。拿下 Orion 專案非常重要，我們在第四季度實現了這一目標，現在我們將隨著今年的推進，抓住下一個機會。

Yeah. I think to talk about how we're looking at this is One, what's come out early on between Conquest and Onshoring. It was absolutely targeted in something that we desired and we went after and everything we focus on is getting good returns, and it has reliable history, good production volume, something that we want to put our capital dollars and invest in in a way that we get a good return.

是的。我認為要談談我們是如何看待這件事的，首先要看 Conquest 和 Onshoring 之間早期出現的情況。它完全符合我們的預期，我們一直追求的就是獲得良好的回報，它擁有可靠的歷史、良好的產量，是我們想要投入資金並進行投資以獲得良好回報的項目。

And so every single onshoring opportunity doesn't look the same to us. And there's some that will make sense to us where we think we can get and drive like, for example, on this Conquest win, new technology that is going to be introduced into the industry in a very selective strategic way with a good history of volume that is a brand that's well recognized.

因此，在我們看來，每一個本土化生產機會都不盡相同。有些專案對我們來說很有意義，我們認為我們可以獲得並推動，例如，在這次 Conquest 的勝利中，新技術將以非常有選擇性的戰略方式引入行業，並且擁有良好的銷售歷史，這是一個廣為人知的品牌。

Others, we may focus on the component part of the business and focus on other parts of onshoring that makes more sense to us. And so I think you asked the timing, if I had to put it in an analogy of sports, we're probably in the fourth inning. I feel pretty good because I think we hit a couple of grand slams, Dingers out of the park, but we're going to be cautious and smart about how we look at this, but we're going to be focused on what is best for Lear. And we'll go at it every time we get an opportunity to look at what that business looks like. And so it's early, but I like the position we're in right now.

對於其他情況，我們可能會專注於業務的組成部分，並專注於對我們來說更有意義的其他本土化環節。所以，我想你問的是時機，如果非要用運動來打個比方，我們現在大概處於第四局。我感覺還不錯，因為我覺得我們取得了一些重大突破，就像打出了幾個全壘打一樣，但我們會謹慎而明智地看待這件事，我們會專注於對 Lear 最有利的事情。我們會抓住每一個機會，深入了解這項企業的經營狀況。現在說這些還為時過早，但我很喜歡我們目前的處境。

Joe Spak, UBS.

喬·斯帕克，瑞銀集團。

On the large Conquest win, I was just wondering if you call our back-of-the-envelope math suggests that could be like $400 million or $500 million in annual revenue. Just want to make sure we're in the right ballpark. And also, that's not in that '27 backlog, right? That program starts beyond that. I just want to confirm that and when you think you might need to start spending some capital for that huge win?

關於 Conquest 的巨大成功，我只是想知道，根據我們粗略的估算，這可能意味著每年 4 億或 5 億美元的收入。只是想確認一下我們的估算是否大致正確。而且，那也不在 2027 年的積壓工作中，對吧？那個專案是從那之後開始的。我只是想確認一下，你覺得什麼時候需要開始投入一些資金來贏得那場巨大的勝利？

Yes, Joe, that program is outside of the backlog window. That would launch at the tail end of '28 and really benefit '29. And we don't want to speak specifically about any individual program, as we mentioned in the prepared remarks, until the appropriate time. But what we can say is that between Seating and E-Systems, we had about $800 million of Conquest awards in 2025, so a really strong year of taking share in both Seating and Wire from competitors.

是的，喬，那個專案不在積壓工作範圍內。那將在 2028 年底啟動，並真正有利於 2029 年。正如我們在準備好的演講稿中所提到的，在適當的時候，我們不想具體談論任何具體的項目。但我們可以肯定的是，在座椅和電子系統領域，我們在 2025 年獲得了約 8 億美元的 Conquest 訂單，因此在座椅和電線領域從競爭對手手中奪取市場份額方面，這是非常強勁的一年。

And as we look out to 2026, we have about $1.5 billion of Conquest pipeline opportunity in Seating and about $600 million in E-Systems. So significantly more than what we've historically seen on the E-Systems side and maybe more of a typical year in terms of the seating opportunity. But we do see opportunities to continue taking share in both the jet business and in our Wire business.

展望 2026 年，我們在座椅領域有約 15 億美元的 Conquest 專案儲備機會，在電子系統領域有約 6 億美元的 Conquest 專案儲備機會。因此，與以往在電子系統方面所見到的情況相比，數量要多得多，而且就座位供應而言，可能更接近往年的平均水平。但我們確實看到了在噴射機業務和電線業務中繼續擴大市場份額的機會。

And I think it's important, like I mentioned earlier, is that we're being very strategic in how we're looking at the future growth opportunities. We learned quite a bit from the EV volume reductions here in North America, particular programs and the risk profile they may bring. The program that we're focused on are -- have a long history, a great brand, great volume.

我認為，正如我之前提到的，重要的是，我們要以非常策略性的方式看待未來的成長機會。我們從北美電動車產量下降的案例中學到了很多，包括具體的項目以及它們可能帶來的風險。我們重點關注的項目具有悠久的歷史、優秀的品牌和龐大的市場規模。

And where we invest that type of innovation technology is going to get nice returns. And I think equally as important, I was excited with Seating, E-Systems, I'll tell you, a $1.4 billion second to another year where we had a particular program, it was a large program in the year, a great year.

我們投資這類創新技術的地方，將會獲得豐厚的回報。我認為同樣重要的是，我對座椅和電子系統感到非常興奮，我可以告訴你，14 億美元的預算，僅次於我們去年的一個特定項目，那一年是一個很大的項目，也是很棒的一年。

And everything that we're targeting in E-Systems is that target or above margins. And so the backlog, as it comes in, should be healthy from a margin perspective. And what it did was -- why '25 was so important? Like I said, it gives us credibility. Our net performance and what we're doing operation is outstanding.

我們在電子系統方面所追求的一切，都是達到或超過該目標利潤率。因此，隨著訂單的增加，從利潤率的角度來看，積壓訂單應該是健康的。而它所揭示的是──為什麼「25」如此重要？正如我所說，這能提升我們的信譽。我們的淨業績和營運情況都非常出色。

We've got work to do. We're not where we need to be. I'll be very clear on that. I tell the team that all the time. But I like the momentum we have on the net performance. The growth equally is important because we're very -- we're in a competitive position, but we're winning business at healthy margins and that's what it's all about. We're not going to chase business. We're not going to chase programs that are risky. They don't have that history of longevity or volume. We're being very selective on what we go after.

我們還有工作要做。我們還沒有達到目標。我會把話說清楚。我一直都這麼跟隊員們說。但我喜歡我們目前在淨勝球方面取得的良好勢頭。成長同樣重要，因為我們處於競爭激烈的市場地位，但我們以健康的利潤率贏得業務，而這才是關鍵所在。我們不會主動追逐生意。我們不會去追逐那些風險很高的專案。它們既沒有悠久的歷史，也沒有龐大的規模。我們對追求的目標非常挑剔。

And that's what I keep mentioning is that it gives us an opportunity because of our innovation and technology, particularly in Seating, to really focus on what we think is important growth, programs and platforms globally.

我一直強調的是，憑藉我們的創新和技術，尤其是在座椅領域，這給我們提供了一個機會，讓我們能夠真正專注於我們認為在全球範圍內重要的成長、項目和平台。

Great. Actually, Ray, you just touched on part of my second question, which is we've seen some meaningful amount of dollars from the OEMs for some canceled programs, mostly related to EVs. You've obviously invested some capital for those programs. Can you just help us understand like are those discussions done? Are they ongoing? Is there any payments towards you embedded in your '26 outlook?

偉大的。實際上，Ray，你剛才已經觸及了我第二個問題的一部分，那就是我們已經看到一些 OEM 為一些取消的項目支付了相當可觀的款項，這些項目大多與電動汽車有關。顯然，你已經為這些項目投入了一些資金。您能幫我們了解一下，那些討論結束了嗎？這些項目還在進行中嗎？你的「2026 年展望」中是否包含任何針對你的付款？

Yeah. I would say, Joe, that the major negotiations are largely complete, and we do expect some cash benefit and that's embedded in the guidance for this year as those agreements are finalized and paid out. And there was some benefit to our net performance in the fourth quarter, that was probably the biggest positive surprise from our mid-quarter update was the magnitude of those settlements relative to what we had expected.

是的。喬，我想說，主要的談判已經基本完成，我們預計會有一些現金收益，隨著這些協議的最終敲定和支付，這筆收益已經納入了今年的業績指引中。第四季我們的淨業績也因此受益，其中季度中期更新中最大的驚喜可能是和解金額遠超預期。

They came in a little bit stronger than what we embedded in our guidance and what we provided to investors in terms of an update in December. But there aren't significant additional opportunities that we see beyond that impacting 2026. I think we're largely complete on the most significant of those negotiations.

他們的業績比我們在業績指引中體現的以及我們在 12 月向投資者提供的最新資訊中所描述的要強一些。但我們認為，到 2026 年之後，不會有其他重大機會產生影響。我認為我們已經基本完成了其中最重要的幾項談判。

Just a quick follow-up. Is that -- when we look at your walk, is that in that other $265 million? Is that where you're placing some of those recoveries?

再補充一點。當我們審視你的步道時，那是不是也包含在另外的 2.65 億美元裡？你打算把部分回收物放在那裡嗎？

Yeah. There is some deferred revenue associated with those agreements that shows up in that Other, both in the fourth quarter and for '26.

是的。這些協議會產生一些遞延收入，這些收入會體現在「其他」項下，無論是在第四季還是 2026 年。

Emmanuel Rosner, Wolfe Research.

Emmanuel Rosner，Wolfe Research。

Just a couple of quick follow-ups to earlier questions. First, on the cadence, it sounds like the first quarter is off to a pretty strong start, but then you also flagged that there may be some choppiness around some of the T1 downtime. Are you -- based on your schedule, are you seeing some of that downtime not in Q1 and sort of like in potentially future quarters?

針對之前的問題，我再補充幾個要點。首先，從節奏來看，第一節比賽似乎開局不錯，但你也提到在 T1 停頓期間可能會出現一些波動。根據您的日程安排，您是否看到一些停工時間不在第一季度，而是可能在未來的幾個季度？

Yeah. I think it's more in the third quarter in terms of the change over the first T1 facility, where we'll see the lower volumes more in the second half of the year than in the first half of the year.

是的。我認為，就第一座 T1 設施而言，變化主要發生在第三季度，我們將看到下半年的業務量比上半年有所下降。

Got it. And then my second follow-up was, there was not much mention at all of commodities and copper, in particular. Can you just remind us how do you think about a potential impact? I know that, obviously, most of it is passed through. But just how should we think about impact on this year?

知道了。我的第二個後續問題是，幾乎沒有提到大宗商品，尤其是銅。您能否提醒我們一下，您是如何考慮潛在影響的？我知道，很顯然，大部分都會被傳遞下去。但我們究竟該如何看待今年的影響力呢？

Yeah. We've worked hard over the last number of years to put indexing and pass-through agreements in place pretty much across the whole suite of commodities that impact our business. And so you're not going to see much impact in terms of earnings from changes in commodity prices, but you could see some choppiness in revenues.

是的。過去幾年，我們一直努力在幾乎所有影響我們業務的大宗商品領域建立指數化和轉嫁協議。因此，大宗商品價格的變動不會對收益產生太大影響，但可能會造成收入波動。

We've assumed $5.25 for copper for the year, which I know is a little bit lower than the current market price. That's almost $1 higher than last year, and it's slightly higher than what we experienced in the fourth quarter. So if it does remain at $6, there would be some additional revenue, but very little change in earnings. Most of those indexed agreements are on a one-quarter lag, so you could have a blip in one quarter, but afterwards, that has passed through.

我們假設今年的銅價為每盎司 5.25 美元，我知道這比目前的市場價格略低。這比去年同期高出近 1 美元，也略高於我們第四季的水平。因此，如果價格維持在 6 美元，雖然會有一些額外的收入，但盈利不會有太大變化。這些指數化協議大多存在一個季度的滯後，因此可能會在一個季度內出現波動，但之後這種波動就會過去。

Similar agreements in place for steel, largely insulated from fluctuations in steel costs. And overall, I think the commodity impact for the year, which is embedded in our net performance, is about a headwind of about 6 basis points. So it's pretty nominal.

類似的協議也適用於鋼鐵業，這些協議在很大程度上不受鋼鐵價格波動的影響。總的來說，我認為今年大宗商品價格的影響（已反映在我們的淨業績中）大約會帶來 6 個基點的不利影響。所以金額相當少。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Great. Just have a follow-up -- a couple of follow-ups on page 20 -- slide 23. On the roughly $800 million drag from volume mix this year, hoping you can give a bit more color about the drivers there, and also whether that includes some JLR recoveries after the disruption of last year.

偉大的。還有一些後續問題──第 20 頁第 23 頁投影片上有幾處後續問題。今年銷售組合造成的約 8 億美元的下滑，希望您能更詳細地說明背後的驅動因素，以及這是否包括捷豹路虎在去年中斷後的一些復甦。

Yes. Itay, short answer is yes, it does include the recovery with JLR. We've largely aligned our guidance with the S&P forecast, and so there are several kind of drags on the volume line for us that I can highlight provide a little bit more color. We talked about the changeover on the GM full-size pickup trucks, the first programs impacted by that. So that is one of the factors.

是的。Itay，簡而言之，是的，它確實包括與捷豹路虎的合作。我們基本上已經將業績指引與標普的預測保持一致，因此，成交量方面存在一些拖累因素，我可以重點介紹一下，以便提供更多細節。我們討論了通用汽車全尺寸皮卡的換代，這是第一批受到影響的項目。這是其中一個因素。

We also see significantly lower volumes on the GM electric vehicle platforms, consistent with what they've announced. I think also in Europe, while we do see the benefit of higher volumes with GLR, we do see lower volumes on a number of customers that we would attribute to a combination of share displacement, the Chinese taking share in that market as well as maybe a little bit lower volume on exports to the US because of tariffs, so we see lower volumes, for example, with Porsche, Stellantis, Nissan as some examples of that.

我們也看到通用汽車電動車平台的產量大幅下降，這與他們宣布的情況一致。我認為在歐洲，雖然我們確實看到了 GLR 銷售成長的好處，但我們也看到一些客戶的銷量下降，我們認為這是由於市場份額被擠佔、中國企業佔據市場份額以及對美出口量因關稅而略有下降等因素共同造成的。因此，我們看到保時捷、Stellantis 和日產等客戶的銷量下降。

And then in China, we do see lower volumes on some of our traditional customers with Audi and BMW to a lesser extent GM and Ford, and that's partially offset by some growth with BYD and Geely. Now that volume impact is largely offset by our strong backlog for the year. And I would -- at this stage of the year, I would characterize the volume assumptions as maybe shading towards the conservative end of the spectrum, particularly the way we're seeing the year start off here in the first quarter.

然後在中國，我們看到一些傳統客戶的銷量有所下降，例如奧迪和寶馬，以及程度較輕的通用和福特，但比亞迪和吉利的銷量成長在一定程度上抵消了這一影響。現在，銷售下滑的影響很大程度上被我們強勁的年度訂單儲備所抵消。而且，就今年的這個階段而言，我認為銷售預測可能偏向保守，特別是考慮到今年第一季的開局情況。

I think that if you look at S&P's outlook, they may be underestimating how the European automakers respond to the Chinese threat in the European market and adjust prices. We've heard customers talk about that publicly. We also think that the underlying strength in the US market may be not fully captured in the S&P outlook, and so you could see a little bit more improvement there.

我認為，如果你看看標普的展望，他們可能低估了歐洲汽車製造商如何應對中國對歐洲市場的威脅並調整價格。我們曾聽到顧客公開談論這件事。我們也認為，標普500指數的展望可能尚未完全反映出美國市場的潛在強勁勢頭，因此您可能會看到標普500指數還有進一步改善的空間。

And what we try to do is to have a wide enough range to capture those types of things at the high end of the guidance range, and then the low end of the range sort of captures the unknowns. Are there new trade and tariff-related disputes? Is there something that leads to structurally weaker demand than what we're anticipating?

我們努力的目標是讓導引範圍足夠寬廣，以便在導引範圍的高端捕捉到這類情況，然後在導引範圍的低端捕捉到未知情況。是否存在新的貿易和關稅相關爭端？是否存在某種因素導致需求結構性疲軟，低於我們的預期？

And as we sit here today, I feel pretty good about the midpoint and above. But just given what we've been through the last several years, I just think it's appropriate to have some caution built in and protect for that at the low end of the guidance range.

而就目前來看，我對中點以上的位置感覺相當不錯。但鑑於我們過去幾年所經歷的一切，我認為在指導範圍的下限中加入一些謹慎措施是合適的，以應對這種情況。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

You mentioned a number of TCS programs and progress you're making there. I'm hoping you can put that into context. And is TCS revenue still tracking to the $1 billion 2027 target you previously had and with a 10% EBIT margin?

您提到了一些TCS專案以及您在這些專案中取得的進展。我希望你能幫我理解這句話的意思。TCS 的營收是否仍能達到您先前設定的 2027 年 10 億美元的目標，且息稅前利潤率達到 10%？

Yeah. We're excited about the success and progress we're making with Thermal Comfort with the 33 awards that we've talked about, those programs beginning to launch last year and really inflecting even higher this year. With all that being said, the $1 billion target remains in place. We're pushing the timing of that out a little bit. And that business is impacted by the same factors that impacted the rest of the company, most notably, the lack of demand for electric vehicle platforms and how all those programs that were in the pipeline were canceled or launched at lower volumes.

是的。我們對熱舒適領域的成功和進展感到非常興奮，我們已經談到了 33 個獎項，這些項目從去年開始啟動，今年更是取得了更大的進步。綜上所述，10億美元的目標仍然不變。我們會把這件事的時間稍微延後。該業務也受到與公司其他業務相同的因素的影響，最顯著的是電動車平台需求不足，以及所有正在籌備中的項目都被取消或以較低的產量推出。

And so that will weigh on the '27 number, but that business is growing. We still have confidence in achieving both the $1 billion of revenue and the 10% margin target. But we are pushing that out a little bit at this stage, Mark.

因此，這將對 2027 年的數據產生影響，但這項業務正在成長。我們仍有信心實現10億美元的營收目標和10%的利潤率目標。但馬克，現階段我們打算把這件事延後一段時間。

Yeah. I think the good news is, and we talked about was now that we have this in production and it's gaining traction, we're not quoting against that -- we don't -- I haven't seen anyone that we're quoting against. So we're the only ones that can produce -- we talk to full modular assembly of comfort -- Thermal Comfort products.

是的。我認為好消息是，正如我們之前討論過的，既然我們已經投入生產並且正在獲得市場認可，我們就不會與它競爭——我們不會——我還沒有看到任何與它競爭的產品。所以只有我們能夠生產——我們談論的是舒適的完整模組化組裝——熱舒適產品。

And so I think as a read-across goal and as they look across their own platforms, we're going to be able to accelerate our own awards. But it feels really good where we're at 33 different awards. This new innovation center we put up, I think, is really the customers we are bringing through when they can actually touch and see and feel it is really helping. And like I said, it really helped us with this large Conquest win we got.

因此，我認為，作為一個可以藉鑑的目標，當他們審視自己的平台時，我們將能夠加快我們自己的獎項評選進程。但我們現在獲得了 33 個不同的獎項，感覺真的很棒。我認為，我們建立的這個新的創新中心，真正讓客戶親身體驗它的益處，讓他們能夠親自觸摸、親眼看到、親身感受到它的作用。正如我所說，這確實幫助我們取得了這場征服模式的大勝利。

When we walk the customers through that facility and they got to understand what's in production, man, it really hits home. And so, in order to continue to push it. I feel really good where we're at. Jason mentioned some of the volume collapses on the EVs where we had awarded programs and some of the delays, but still feel really good where we're at and what we're doing and how it's differentiating ourselves. And it's interesting.

當我們帶領客戶參觀那個工廠，讓他們了解正在生產什麼的時候，哇，這真的讓他們感觸很深。所以，為了繼續推進它。我覺得我們目前的狀態非常好。Jason 提到了一些電動車領域的銷量下滑，我們之前已經授予了一些項目，也遇到了一些延誤，但我們仍然對我們目前所處的位置、我們正在做的事情以及我們如何脫穎而出感到非常滿意。這很有意思。

We went back and kind of looked at the customers and where they're at, there's different customer strategies. And like I said, you have some that are still really focused on common architecture, single sourcing of components, so we can do a great job there. But the bulk of them are in this hybrid between manufacturing and product design around innovation, and that's where our sweet spot is.

我們回顧了客戶狀況，了解了他們的現狀，發現有不同的客戶策略。正如我所說，有些公司仍然非常注重通用架構和元件的單一來源，所以我們可以在這方面做得很好。但它們中的大多數都處於製造和產品設計之間的創新混合狀態，而這正是我們的優勢所在。

And we can still more of the, I'll call it, innovative kind of pushing the boundary of innovation, we can support those modular concepts. And so we can hit every one of our customers and in those two buckets I just talked about with hybrid and the further developed innovation customers. We're the only ones that we're quoting those type of solutions. And so I feel really good where we're at.

而且我們還可以繼續推進更多我稱之為創新的、突破創新邊界的領域，我們可以支持這些模組化概念。這樣我們就能滿足每位客戶的需求，包括我剛才提到的混合型客戶和進一步發展創新客戶這兩個群體。只有我們公司提供這類解決方案。所以我覺得我們目前的狀態非常好。

That's all helpful. One other question for me was a follow-up on the Conquest business, and congrats on the award you were able to announce today. You previously talked about $3 billion of Conquest opportunity in Seating. I'm hoping you could put the progress you have now into context with what's been won and what might still be available as you think about the Seating Conquest opportunity set specifically?

這些都很有幫助。我還有一個問題想跟進一下 Conquest 業務的情況，另外，恭喜你們今天宣布獲得的獎項。您之前提到座椅領域有價值 30 億美元的市場拓展機會。我希望您能將您目前的進展與已取得的成就以及在您考慮席位爭奪機會時可能仍然存在的機會聯繫起來進行分析？

Yeah. I think at the start of last year, there was a total opportunity of $3 billion in that. As we sit here today, we talked about $800 million of net Conquest awards in both Seating and Wire together, that's now been completed. We have $1.5 billion pipeline of Seating Conquest opportunities for this year. So we had a good year, we had a great year in '25, and I see continued opportunity in '26. And those two taken together put us on track to achieve that 29% market share over time.

是的。我認為去年年初，這方面總共有 30 億美元的機會。今天我們坐在這裡，討論的是座椅和線材業務共 8 億美元的淨 Conquest 訂單，現在這些訂單已經全部完成。今年我們有價值 15 億美元的座位爭奪項目儲備。所以我們度過了一個不錯的一年，2025 年我們度過了非常棒的一年，我認為 2026 年還有繼續的機會。這兩點結合起來，使我們有望最終實現 29% 的市場份額。

Yes. I think, again, last year, we talked about quite a bit the pipeline and what we're quoting in some of the canceled, delayed or pushed out programs, and that's resulted even into this early part of this year. I feel really good about E-Systems where they're at. We've got some good Conquest opportunities in front of us. Hopefully, in the next call, they'll make some announcements.

是的。我認為，去年我們再次多次談到項目儲備以及一些被取消、延期或推遲的項目，而這種情況甚至延續到了今年年初。我對E-Systems目前的發展狀況非常滿意。我們面前有一些不錯的征服機會。希望他們在下次通話中能宣布一些消息。

And Seating, I think, will be similar to this year where a lot of those will extend into the second half. But again, the pipeline is rich. And like I said, we're being very, very selective and strategic on where we're placing our bets and where we're going to invest our dollars. And so with this innovation in Seating and how we're differentiating ourselves, I think it's going to continue to keep us in a good position.

我認為，座位安排將與今年類似，許多比賽將持續到下半年。但話說回來，這條管道資源豐富。正如我所說，我們在選擇投資對象和資金投入方向時，都非常謹慎，並採取了策略性的做法。因此，憑藉我們在座椅方面的創新以及我們實現差異化的方式，我認為這將繼續使我們保持良好的地位。

But I think equally as important, E-Systems. We're seeing a lot of opportunities like I talked about in the Wire business. And so a lot of that's Conquest. And so it'll be -- it's a first half, second half, first half with E-Systems, I think we'll have some announcements. In the second half, I think we'll continue to have good announcements in Seating.

但我認為電子系統同樣重要。就像我剛才提到的電線產業一樣，我們看到了很多機會。所以，其中很多都是征服的結果。所以，事情會是這樣的——分為上半場、下半場，上半場是和 E-Systems 合作，我想我們會有一些消息公佈。下半年，我認為我們在座位安排方面還會繼續發布一些好消息。

Okay. That's it for the Q&A. I just want to, again, talk to the team that's on the phone. Again, you've heard me say this: great 2025. Our net performance almost $200 million, best performance in the history of Lear Corporation, all driven by your hard work.

好的。問答環節到此結束。我只想再和電話那頭的團隊談談。我再說一次：2025年會很棒。我們的淨利潤接近 2 億美元，是李爾公司歷史上最好的業績，這一切都歸功於你們的辛勤工作。

I know this year is going to be equally as tough, but I know -- like I always say we're built differently. We're built with that competitive attitude to continue to beat the numbers that we put in place and exceed expectations. New business wins, you guys know how happy I am about what you guys achieved. We're differentiating ourselves. We're doing it through innovation technology. The business that we're going after is very selective, and it's going to get us good returns as we launch that business.

我知道今年也會同樣艱難，但我知道──就像我常說的，我們與眾不同。我們秉持著這種競爭精神，不斷超越我們設定的目標，並且超乎預期。拿下新業務，你們知道我有多為你們所取得的成就感到高興。我們正在打造差異化優勢。我們正在透過創新技術來實現這一目標。我們正在追求的業務非常挑剔，一旦我們啟動這項業務，就會獲得良好的回報。

IDEA by Lear, we talked about it, and you guys continue to blow me away with the things that you're coming up with capital, non-production purchasing, purchasing components. It's across the board from free cash flow to inventory levels to OI. I think we're just scratching the surface. I know we got connected dots on a lot of different things, but man, you guys are doing a great job. And this value creation process that we're introducing throughout the company and really been focused longer term on strategic applications, a good business is going to be great, all making us a stronger company.

Lear 的 IDEA，我們討論過，你們在資本、非生產採購、零件採購方面不斷提出的想法讓我驚嘆不已。從自由現金流到庫存水準再到營業利潤，各個方面都受到了影響。我認為我們只是觸及了皮毛。我知道我們在很多不同的事情上都取得了聯繫，但是，夥計們，你們做得太棒了。我們正在公司內部推行的這種價值創造流程，真正著眼於長期的策略應用，一個好的企業將會變得更偉大，這一切都將使我們成為一家更強大的公司。

So thank you for everything you did in 2025. Little differently, I'm looking forward to a great year in 2026.

所以，感謝你在2025年所做的一切。與以往略有不同，我期待2026年會是美好的一年。

The conference has now concluded. We thank you for attending today's presentation. You may now disconnect your lines.

會議已經結束。感謝各位蒞臨今天的報告會。現在您可以斷開線路了。