Loar Holdings Inc. (LOAR) 2025 Q4 法說會逐字稿

Greetings, and welcome to Loar Q4 and full year 2025 earnings call. (Operator Instructions). As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Ian McKillop, Director of Investor Relations. You may begin.

各位好，歡迎參加 Loar 2025 年第四季及全年財報電話會議。（操作說明）再次提醒，本次會議正在錄影。現在我將把會議交給主持人，投資者關係總監伊恩·麥基洛普。你可以開始了。

Thank you, Brock. Good morning, everyone, and welcome to the Loar Q4 and full year 2025 earnings conference call. Presenting on the call this morning are Loar's Chief Executive Officer and Executive Co-Chairman, Dirkson Charles; Executive Co-Chairman, Brett Milgrim, Treasurer and Chief Financial Officer, Glenn D'Alessandro; as well as myself, Ian McKillop, the Director of Investor Relations. Please visit our website at loargroup.com to obtain a slide deck and call replay information.

謝謝你，布洛克。各位早安，歡迎參加 Loar 2025 年第四季及全年業績電話會議。今天早上參加電話會議的有 Loar 的首席執行官兼執行聯席主席 Dirkson Charles；執行聯席主席 Brett Milgrim；財務主管兼首席財務官 Glenn D'Alessandro；以及我本人，投資者關係總監 Ian McKillop。請造訪我們的網站 loargroup.com 以取得幻燈片和電話會議回放資訊。

Before we begin, we'd like to remind you that statements made during this call, which are not historical in fact, are forward-looking statements. For further information about important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, please refer to the company's latest filings with the SEC available through the Investor Relations section of our website or at sec.gov. We'd also like to advise you that during the call, we will be referring to adjusted EBITDA, adjusted EBITDA margin and adjusted earnings per share, each of which is a non-GAAP financial measure. Please see the tables and related footnotes in the earnings release for a presentation of the most directly comparable GAAP measures and applicable reconciliations.

在開始之前，我們想提醒各位，本次電話會議中所作的陳述，如果並非歷史事實，則均為前瞻性陳述。有關可能導致實際結果與前瞻性聲明中明示或暗示的結果存在重大差異的重要因素的更多信息，請參閱公司向美國證券交易委員會 (SEC) 提交的最新文件，這些文件可通過我們網站的“投資者關係”部分或 sec.gov 獲取。此外，我們謹此告知您，在本次電話會議中，我們將提及調整後 EBITDA、調整後 EBITDA 利潤率和調整後每股收益，這些均為非公認會計準則 (非GAAP) 財務指標。請參閱獲利報告中的表格和相關腳註，以了解最直接可比較的 GAAP 指標和適用的調整表。

To begin today, I'll now turn the call over to Dirkson.

今天，我將把電話交給迪爾克森。

Thanks, Ian. Good morning from my mates, and all our partners participating on this call. I am Dirkson, Founder, CEO, Executive Co-Chairman of Loar. As you all know, Loar was founded 14 years ago with the mission of building an aerospace, industrial cash compounder, wrapped in a culture that all our made can be proud of four years into our journey, I am as excited about our future as I've ever been.

謝謝你，伊恩。各位同事以及所有參與本次電話會議的合作夥伴，早安！我是 Dirkson，Loar 的創辦人、執行長兼執行聯席主席。如大家所知，Loar 成立於 14 年前，其使命是打造一個航空航太和工業領域的現金複合型企業，並創造一種讓所有員工都引以為傲的企業文化。四年過去了，我對我們的未來依然充滿信心。

In 2025, we once again delivered predictable and consistent financial performance exceeding all our key annual financial goals. Sales, adjusted EBITDA, adjusted EBITDA margins and free cash flow were all annual records for a but my excitement really comes from looking forward to 2026 and the opportunity to break all those records we set last year.

2025年，我們再次實現了可預測且穩定的財務業績，並超額完成了所有關鍵年度財務目標。銷售額、調整後 EBITDA、調整後 EBITDA 利潤率和自由現金流都創下年度紀錄，但我真正興奮的是展望 2026 年，並有機會打破我們去年創下的所有紀錄。

Look, looking into the future, all our end markets have strong tailwinds. The commercial aftermarket has experienced an increase in the average age of the in-service fleet. Pre-COVID, the average was approximately 11 years. Today, it sits at 14-plus years. So over the fleet, the more demand for aftermarket parts. We love that.

展望未來，我們所有的終端市場都迎來了強勁的順風。商業售後市場中，在役車隊的平均車齡增加。新冠疫情前，平均年齡約 11 年。如今，這個數字已經超過 14 年了。因此，隨著車隊規模的擴大，對售後零件的需求也會增加。我們很喜歡。

This is a trend we expect to continue well into the 2030s as the delivery of new aircraft continues to fall short of demand. In addition, the commercial aftermarket has witnessed a decrease in the number of aircraft retired each year. Historically, 2.5% of the fleet is retired. However, from 2022 to 2025 and the retirement rate is continuously decreased, reaching a low of 1.5% for 2025, aging fleets, reduced retirement, all lead to one thing. Greater demand for our parts into the future.

我們預計這一趨勢將持續到 2030 年代，因為新飛機的交付量將繼續低於需求。此外，商業售後市場每年退役的飛機數量也在減少。歷史上，艦隊中有 2.5% 的艦艇退役。然而，從 2022 年到 2025 年，退役率持續下降，到 2025 年達到 1.5% 的低點，機隊老化，退役率降低，這一切都導致了一個結果。未來對我們零件的需求將更大。

With regards to ritual equipment manufacturers who are sitting on record backlog of audits for future delivery. They have done an excellent job in addressing ongoing supply chain challenges, shortages of skilled labor and raw materials, constrained production and geopolitical uncertainty to now be able to increase production.

關於那些積壓了大量未來交付審核訂單的宗教儀式設備製造商。他們出色地應對了持續的供應鏈挑戰、熟練勞動力和原材料短缺、生產受限和地緣政治不確定性，現在能夠提高產量。

For example, Airbus and Boeing plan to produce approximately 1,900 and 1,300 aircraft over the next two years, respectively. This would represent a compound annual growth rate increase 15% over 2025 production rates. Our proprietary products that align fit on these aircraft will generate increased sales for us as production rents. Now with regard to the defense market, which has been heavily influenced by the current geopolitical environment European nations have increased their military spending for the highest percentage of GDP in decades. In the US, there is stock of a $1.5 trillion defense budget Combined, these trends will lead to greater opportunities for us to provide more products and solutions.

例如，空中巴士和波音計劃在未來兩年內分別生產約 1900 架和 1300 架飛機。這將意味著到 2025 年，年複合成長率將達到 15%。我們專有的產品與這些飛機完美契合，將為我們帶來更高的銷售額和生產租金。現在來說說國防市場，它受到了當前地緣政治環境的嚴重影響，歐洲各國將軍費開支佔GDP的比例提高到幾十年來的最高水準。美國擁有 1.5 兆美元的國防預算。綜合來看，這些趨勢將為我們提供更多產品和解決方案帶來更大的機會。

So given our balanced portfolio, 50% OE, approximately 50% aftermarket the board spectrum of our products across all end markets, combined with executing all our value drivers, we expect to continue to grow sales at 10% plus organically and adjusted EBITDA at 15% plus annually into the foreseeable future. We continue to grow inorganically as well. Every time we add a new member to our family of companies, we view it as adding capabilities to the law toolkit, the larger the tool kit, the larger the revenue synergies. I'm pleased to welcome our new makes from LMB and Harper.

因此，鑑於我們均衡的產品組合（50% 為原廠配套產品，約 50% 為售後市場產品），以及我們產品在所有終端市場的廣泛覆蓋，再加上我們所有價值驅動因素的執行，我們預計在可預見的未來，銷售額將繼續以每年 10% 以上的有機速度增長，調整後 EBITDA 將繼續以每年 15% 以上的速度增長。我們也繼續透過非有機成長來實現成長。每次我們為公司家族增添新成員時，我們都將其視為為法律工具包增加功能，工具包越大，收入協同效應就越大。我很高興地歡迎LMB和Harper的新產品加入我們。

LMB brings new capabilities to our toolkit and we're excited to add our new makes to the team. Harper is a company I've personally known for 18 years and could not be happier knowing that this once employee-owned company chose us to carry their brand into the future. No option, just a goal fashion of getting to know each other and realizing that our culture is made for a perfect match. Bob and Carlo, welcome to Team Loar. With that said, Loar is a family of companies with a very simple approach to creating shareholder value.

LMB 為我們的工具包帶來了新的功能，我們很高興將我們的新產品加入團隊。我認識 Harper 這家公司已經 18 年了，得知這家曾經是員工持股的公司選擇我們來傳承他們的品牌，我感到無比高興。別無選擇，只有相互了解並意識到我們的文化完美契合這一目標。Bob 和 Carlo，歡迎加入 Loar 團隊。也就是說，Loar 是一家公司集團，其創造股東價值的方式非常簡單。

First, we believe that providing our business units with an entrepreneurial and collaborative environment to advance their brands, we will generate above-market growth rates. Since our inception in 2012 through the end of calendar year 2025 and we have grown sales and adjusted EBITDA at a compound annual growth rate of over 30% and 40%, respectively. Second, we executed a long four value streams.

首先，我們相信，為各個業務部門提供創業和協作的環境來提升其品牌，將能帶來高於市場平均的成長率。自 2012 年成立以來，截至 2025 年年底，我們的銷售額和調整後 EBITDA 的複合年增長率分別超過 30% 和 40%。其次，我們執行了四個漫長的價值流。

We identified pain points within the aerospace industry and look to solve those problems through organically launching new products. In calendar year 2026, we expect that new product growth will be the number one driver of our organic growth as we qualify new parts in the first half of the year, fueling increased sales starting in the second half of 2026.

我們發現了航空航太產業的痛點，並希望透過自主推出新產品來解決這些問題。我們預計，在 2026 年日曆年，新產品成長將成為我們有機成長的第一驅動力，因為我們將在上半年完成新零件的認證，從而推動 2026 年下半年開始的銷售成長。

As you all know, we track this pipeline of opportunities and (inaudible). This pipeline represents a list of opportunities derived from listening to our customers, identifying their pain points and developing direct solutions for them. These solutions are created on the sharing of ideas, best practices and customer synergies across the group, which directly results in the high degree of collaboration that we foster across our business units.

如大家所知，我們一直在追蹤這些機會的來源，（聽不清楚）該管道代表了我們透過傾聽客戶意見、識別客戶痛點並為其開發直接解決方案而獲得的一系列機會。這些解決方案是在集團內部分享想法、最佳實踐和客戶協同效應的基礎上創建的，這直接促成了我們在各個業務部門之間培養的高度協作。

The pipeline represents over $600 million in sales over the next five years without including the benefit of top line synergies we expect to achieve since having the capability to produce fans, models, interior latching mechanisms and C-TRACK filings to our toolkit to the additions of LMB and Harper. We focus on optimizing the way we manufacture, go to market and manage our companies to enhance productivity. Each year, we'll identify initiatives that would allow us to continually improve our performance with a focus on one or two major efforts that can be expected to expand margins.

該專案預計在未來五年內將帶來超過 6 億美元的銷售額，這還不包括我們預期將實現的營收協同效應，因為我們擁有了生產風扇、模型、內部鎖定機構和 C-TRACK 檔案的能力，並將 LMB 和 Harper 納入了我們的工具包。我們專注於優化生產方式、市場推廣方式和公司管理方式，以提高生產效率。每年，我們都會確定一些舉措，使我們能夠持續提高業績，並專注於一到兩項有望擴大利潤率的重大舉措。

We continuously investigate ways to improve only mine, collect, gather and utilize data, enhancing our management, ERP and other systems and processes allows us to efficiently leverage data and drive financial and operational efficiencies. Each year, we achieved more price than our cost of inflation, which is one of the levers we use to continuously improve margins in the past year except for the occasional temporary dilution due to acquiring a business with diluted margins or incurring costs because of being a public company.

我們不斷探索改進資料探勘、收集、獲取和利用的方法，增強我們的管理、ERP 和其他系統和流程，使我們能夠有效地利用數據，提高財務和營運效率。每年，我們的價格都超過了通貨膨脹成本，這是我們在過去一年中不斷提高利潤率的手段之一，但偶爾也會因為收購利潤率降低的企業或因為成為上市公司而產生成本，導致利潤率暫時降低。

Regardless of these temporary headwinds we continue to improve our margins. Most importantly, we are committed to developing and improving the talent of our makes because our success is solely, solely a result of their dedication and commitment. To all my mates, as always, thank you so much for your commitment and hard work. I will now turn it over to Brett to walk you through the key characteristics of our portfolio, and our commitment to our inorganic growth.

儘管面臨這些暫時的不利因素，我們仍在不斷提高利潤率。最重要的是，我們致力於培養和提升員工的才能，因為我們的成功完全、完全歸功於他們的奉獻和投入。一如既往，感謝我所有的夥伴們的付出和努力。現在我將把發言權交給布雷特，讓他為大家介紹我們作品集的關鍵特徵，以及我們對非內生成長的承諾。

Thanks, Dirkson. Good morning, everybody. One of the key drivers of our exceptional performance this quarter and this year, and maybe more importantly, our consistent performance over a very long period of time is because we have a very diverse portfolio of products that covers virtually all end markets, platforms, customers and is balanced across the OE and aftermarket spectrum. Said another way, we have content on virtually anything that flies today and that's by design as opposed to relying on any particular platform, end market or specific product line.

謝謝你，迪克森。大家早安。本季和今年我們取得卓越業績的關鍵驅動因素之一，或許更重要的是，我們能夠長期保持穩定的業績，是因為我們擁有非常多元化的產品組合，幾乎涵蓋所有終端市場、平台和客戶，並且在原廠配套市場和售後市場領域都實現了平衡。換句話說，我們擁有關於當今幾乎所有飛行器的內容，這是我們有意為之，而不是依賴任何特定的平台、終端市場或特定產品線。

We just want to have exposure to and be balanced across a very large and growing overall aerospace and defense market. We accomplished this through a very broad portfolio, the vast majority of which consists of proprietary products which allows us to drive growth, achieve value pricing and create strong customer relationships and corresponding cross-selling opportunities.

我們只是想涉足並均衡發展龐大且不斷成長的航空航太和國防市場。我們透過非常廣泛的產品組合實現了這一目標，其中絕大多數是專有產品，這使我們能夠推動成長、實現價值定價、建立牢固的客戶關係以及相應的交叉銷售機會。

Effectively, we have positioned ourselves to capture the 40 or even 50 year annuity that any one particular platform may provide, whether it's a commercial aircraft, military aircraft, or in part of its OE or aftermarket portion of its life cycle. Our proprietary products are not only growing as a percentage of our total portfolio, but also growing in the aggregate. As we have a long history now of supplementing our organic growth with M&A activity and a large pipeline of opportunities. What we're seeing today with M&A is a very active market with many willing potential sellers.

實際上，我們已經做好準備，獲取任何特定平台可能提供的 40 年甚至 50 年的收益，無論是商用飛機、軍用飛機，還是其生命週期中的原始設備或售後市場部分。我們的專有產品不僅在整體產品組合中所佔比例不斷增長，而且總體數量也在增長。我們一直以來都透過併購活動來補充自身的有機成長，並且擁有大量的潛在機會。如今的併購市場非常活躍，有許多潛在的賣家。

But as such, we think a market like this requires an appropriate amount of discipline, whether it's related to price or just the quality of the assets for sale. That discipline is something we have been very focused about in creating the portfolio we have today. And as a result, we have done one to two deals a year for a fairly long time now, irrespective of macro conditions or the like, so we remain a very active and consistent acquirer of assets and fully inspect 2026 to be another active year.

但正因如此，我們認為這樣的市場需要適當的紀律，無論是價格方面的紀律，或是待售資產的品質方面的紀律。這種嚴謹的態度是我們打造現今產品組合過程中一直非常注重的面向。因此，無論宏觀經濟狀況如何，我們長期以來每年都會完成一到兩筆交易，所以我們仍然是一個非常積極和穩定的資產收購方，並充分考慮 2026 年將是另一個活躍的年份。

In fact, since going public, less than two years ago, we've invested over $1.1 billion of capital in M&A, which is far and away our greatest use of free cash flow and along with strong organic growth has resulted in us doubling the size of the business in two years as a public company when you include our latest announced deals. To Dirkson's earlier point, we feel very confident in our business model that through organic means and acquisition-related growth can at least triple every five years, and we are certainly ahead of that base since becoming a public company.

事實上，自上市以來不到兩年，我們已在併購方面投入了超過 11 億美元的資金，這遠遠超過了我們對自由現金流的最大利用，加上強勁的內生增長，使得我們在上市兩年內，包括我們最近宣布的交易在內，公司規模翻了一番。正如迪克森之前所說，我們對我們的商業模式非常有信心，透過內生成長和收購相關的成長，至少每五年可以成長三倍，而且自從成為一家上市公司以來，我們肯定已經超過了這個基準。

Our newest family members, LMB and Harper both represent the type of businesses that we want in the portfolio. We obviously haven't had the chance to speak since announcing the closures of either LMB or Harper but we're really excited about both. I think these companies represent what I was mentioning earlier, two very different product lines serving different end markets and customers but both right down the middle of the types of businesses we want to own, proprietary content in niche markets with meaningful aftermarket opportunities.

我們最新的家庭成員 LMB 和 Harper 都代表了我們希望納入投資組合的企業類型。自從宣布關閉 LMB 或 Harper 以來，我們顯然還沒有機會進行交流，但我們對這兩家店都感到非常興奮。我認為這些公司體現了我之前提到的情況，兩條截然不同的產品線服務於不同的終端市場和客戶，但都恰好是我們想要擁有的企業類型——在細分市場擁有專有內容，並具有重要的售後市場機會。

Just to review two of the names that are on this page here. LMB, I think, most of you know because that's a business that we announced many, many months ago. We're very glad to finally have closed that, I think, in the last week of December. LMB is a business located in the southern portion of France. It's a great business that manufacture what we call engineered cooling devices and solutions Said another way, seeing customized and ruggedized fans and motors and systems that go into niche applications in military content, whether it's an aircraft or a ground vehicle.

這裡只回顧一下本頁上的兩個名字。我想，你們大多數人都知道 LMB，因為這是我們幾個月前宣布成立的公司。我們很高興終於在十二月的最後一周完成了這項工作。LMB是一家位於法國南部的企業。這是一個很棒的行業，它生產我們稱之為工程冷卻設備和解決方案的產品。換句話說，就是客製化和加固的風扇、馬達和系統，這些產品應用於軍事領域的特定應用，無論是飛機還是地面車輛。

It's 100% proprietary product portfolio with what we think is a very, very meaningful opportunity to increase the aftermarket side of the business today, which is less heavily weighted towards currently.

這是 100% 自主研發的產品組合，我們認為這是一個非常有意義的機會，可以增加目前相對較少的售後市場業務。

It also serves an end market that we haven't really had a lot of exposure to, but has a lot of headwinds -- excuse me, a lot of tailwinds today, which is the European defense market. So we think that's going to be very strong for the next couple of years. And it's a business that today is margin accretive to overall or and it has a real growth opportunity to enter the world's largest loyalitary market here in the US, which it does very, very little. So we're very excited about the opportunities in front of us.

它也服務於一個我們之前接觸不多但如今面臨諸多不利因素──抱歉，應該說是許多有利因素──的終端市場，那就是歐洲國防市場。所以我們認為，未來幾年內，這種趨勢將會非常強勁。而且，這項業務目前能夠為整體帶來利潤成長，並且它擁有真正的成長機會，可以進入美國這個全球最大的忠誠度市場，而它在這方面做得非常非常少。因此，我們對擺在我們面前的機會感到非常興奮。

Harper, as Dirkson referenced, is actually a business that we've been through later with since our days at the (inaudible). This is a business that, again, we call has interior securing components but think until you're latching mechanisms and the like. We are familiar with it through (inaudible) because we had a latching business called Hartwell back in the 2007 to 2010 time frame, and we are very familiar with Harper due to its stellar reputation, high-quality products, an excellent, excellent relationship with Boeing. So Harper serves a completely different market than LMB and that it primarily serves the commercial market. Like I said, it has an excellent, excellent representation with Boeing.

正如迪克森所提到的，哈珀其實是我們後來在…時期就一直合作過的企業。（聽不清楚）這是一個我們稱之為具有內部安全組件的業務，但請仔細想想，直到你意識到閂鎖機構之類的東西。我們透過（聽不清楚）了解了它，因為我們在 2007 年至 2010 年期間有一家名為 Hartwell 的鎖扣業務，我們對 Harper 非常熟悉，因為它擁有卓越的聲譽、高品質的產品以及與波音公司非常好的關係。所以，Harper 服務的市場與 LMB 完全不同，它主要服務於商業市場。正如我所說，它與波音公司有著非常非常良好的合作關係。

They have been recognized as one of Boeing's most trusted suppliers.

他們被公認為波音公司最值得信賴的供應商之一。

And we think that relationship can foster further cross-selling opportunities with Boeing with other parts of the commercial market and really the value-added piece of the portfolio. We're really, really excited about both LMB and Harper, and we can already see the collaboration with other business units as we think these new products are going to be value-added to the overall portfolio, which Ian will tell you about next.

我們認為這種關係可以促進波音公司與其他商業市場領域以及產品組合中真正具有附加價值的部分的進一步交叉銷售機會。我們對 LMB 和 Harper 都感到非常興奮，我們已經看到了與其他業務部門的合作，因為我們認為這些新產品將為整體產品組合增添價值，Ian 接下來會向你們詳細介紹。

Every quarter, we share this slide about highlighting our products that the real power of this portfolio isn't just any one of these products. It's the combined capabilities that Dirkson spoke about earlier. We've added two new capabilities, interior latching assemblies, as you can see in the top right, hyper fans and cooling devices with our acquisition of LMB. This product offering with over 25,000 SKUs, of which no one more -- makes up more than 3% of our overall revenue. brings our customers something that is incredibly unique, a set of capabilities that can serve them and can be adjusted to meet their needs.

每個季度，我們都會分享這張投影片，重點介紹我們的產品，並強調這個產品組合的真正力量並非僅僅在於其中任何一款產品。這就是迪克森之前提到的綜合能力。我們收購 LMB 後，新增了兩個功能：內部鎖扣組件（如您在右上角所見）、超級風扇和冷卻設備。該產品系列擁有超過 25,000 個 SKU，其中沒有其他產品系列比它更多——占我們總收入的 3% 以上。它為我們的客戶帶來了極其獨特的產品，一系列能夠服務他們並可根據其需求進行調整的功能。

I'll now pass the call back to Glenn.

現在我把電話轉回給格倫。

Thank you, Ian. Good morning, everyone. Let me start by discussing sales by our end markets. This comparison will be on a pro forma basis as of each of our businesses were owned as of the first day of the earliest period presented. This market discussion includes the acquisition of Applied Avionics in Q3 '24 and B Light in Q3 '25.

謝謝你，伊恩。各位早安。首先，我想談談我們終端市場的銷售情況。本次比較將以模擬財務報表為基礎，因為我們每家企業的所有權都始於所列最早期間的第一天。本次市場討論包括 2024 年第三季對 Applied Avionics 的收購和 2025 年第三季對 B Light 的收購。

It does not include our latest acquisitions of LMB fans and Motors and Harper Engineering.

不包括我們最近收購的 LMB 風扇和馬達以及 Harper Engineering。

We achieved record sales during calendar year '25. In total, our sales decreased to $500 million, which is a 15% increase as compared to the prior year. Our Q4 sales were also a record, increasing 17% versus the prior year quarter. These increases were driven by strong performances in commercial aftermarket, commercial OEM and defense. Our commercial aftermarket sales saw an increase of 19% in calendar year '25 versus '24.

我們在2025年創下了銷售紀錄。我們的銷售額整體下降至 5 億美元，但與前一年相比成長了 15%。我們的第四季銷售額也創下紀錄，比去年同期成長了 17%。這些成長主要得益於商業售後市場、商業OEM和國防領域的強勁表現。2025 年的商業售後市場銷售額比 2024 年成長了 19%。

It increased 34% in Q4 '25 versus Q4 '24. This is primarily driven by the continued strength in demand for commercial air travel and an aging commercial fleet.

2025 年第四季比 2024 年第四季成長了 34%。這主要是由於商業航空旅行需求持續強勁以及商用飛機機隊老化所致。

Our total commercial OEM sales saw an increase of 11% in calendar year '25 versus '24. It increased 8% in Q4 '25 versus Q4 '24. This increase was driven by higher sales across a significant portion of the platforms we supply, along with an improving production environment for commercial OEMs. The increase of 19% in our defense sales in calendar year '25 versus 24% and 14% in Q4 '25 versus Q4 '24, was primarily due to strong demand across multiple platforms and an increase in market share as a result of new product launches.

2025 年，我們的商業 OEM 總銷售額比 2024 年成長了 11%。2025 年第四季比 2024 年第四季成長了 8%。這一增長得益於我們所供應的大部分平台銷售增加，以及商業 OEM 生產環境的改善。2025 年全年國防銷售額成長 19%，而 2024 年第四季成長 14%，這主要是由於多個平台的強勁需求以及新產品推出帶來的市場份額成長。

Defense sales will continue to be lumpy given the nature of the ordering patterns of our end customers for our products. Let me recap our financial highlights for the fourth quarter of Sales increased 19.3% or 16.9%, excluding acquisition sales over the prior period. Our gross profit margin for Q4 '25 increased by 320 basis points as compared to the prior year period. This increase was primarily due to our operating leverage the execution of our strategic value drivers as well as a favorable sales mix. Our increase in net income of $9 million in Q4 '25 versus Q4 '24 is primarily due to lower interest.

鑑於我們終端客戶對我們產品的訂購模式的特殊性，國防銷售將持續出現波動。讓我總結一下我們第四季的財務亮點：銷售額成長了 19.3%，如果不包括上一季的收購銷售額，則成長了 16.9%。2025年第四季度，我們的毛利率比去年同期增加了320個基點。這一成長主要歸功於我們的經營槓桿、策略價值驅動因素的執行以及有利的銷售組合。2025 年第四季淨收入比 2024 年第四季增加了 900 萬美元，主要是由於利息收入下降。

Adjusted EBITDA was up $10 million in Q4 '25 versus Q4 '24. Adjusted EBIT margin. Adjusted EBITDA margins were 38.7% due to our operating leverage the execution of our strategic value drivers and a favorable sales mix. This was partially offset by additional costs associated with being a public company, including Sarbanes-Oxley compliance and additional organizational costs to support our reporting, governance and control needs. For the full year of in sales increased 23.2% or 12.7%, excluding acquisition sales.

2025 年第四季調整後 EBITDA 比 2024 年第四季增加了 1,000 萬美元。調整後息稅前利潤率。由於我們的經營槓桿、策略價值驅動因素的執行以及有利的銷售組合，調整後的 EBITDA 利潤率為 38.7%。但這部分被上市公司的額外成本所抵消，包括薩班斯-奧克斯利法案合規成本以及為滿足我們的報告、治理和控制需求而產生的額外組織成本。全年銷售額成長 23.2% 或 12.7%（不包括收購銷售額）。

Our gross profit margin for the full year was 52.7%, which is up 330 basis points as compared to the prior year period. Our net income increased $50 million in calendar year '25 versus $24 million. This was driven by lower interest expense and higher operating income. Our adjusted EBITDA was a record of $189 million in calendar year '25. This is up $43 million versus $24 million.

我們全年的毛利率為 52.7%，比去年同期成長了 330 個基點。2025 年日曆年，我們的淨收入增加了 5,000 萬美元，而上年為 2,400 萬美元。這主要得益於利息支出減少和營業收入增加。2025 年日曆年，我們調整後的 EBITDA 創下 1.89 億美元的紀錄。這比前一年增加了4,300萬美元，而前一年增加了2,400萬美元。

Adjusted EBITDA margins were up 180 basis points due to our operating leverage, the execution of our strategic value drivers and a favorable sales mix. This partially offset by the additional costs associated with being a public company.

由於我們的經營槓桿、策略價值驅動因素的執行以及有利的銷售組合，調整後的 EBITDA 利潤率提高了 180 個基點。但這部分被上市公司帶來的額外成本所抵銷。

We do not see an increase in these type of public company costs going forward. We believe the run rate of these costs are fully reflected in our calendar year '25 results. Our free cash flow conversion, which is defined as cash flow from operations less capital expenditures was 138% for calendar year '25, and it's 160% and if you exclude a onetime $10 million tax benefit we received from the one big beautiful Bill Act. Let me now turn the call back over to Dirkson to share our outlook for '26.

我們預期未來這類上市公司的成本不會增加。我們認為這些成本的運行速度已充分反映在我們 2025 年的業績上。我們的自由現金流轉換率（定義為經營活動產生的現金流減去資本支出）在 2025 年日曆年為 138%，如果排除我們從一項偉大的法案中獲得的 1000 萬美元的一次性稅收優惠，則為 160%。現在我把電話轉回給迪克森，讓他分享我們對 2026 年的展望。

Thanks, Glenn. Look, we are extremely excited to share upward revision to our 2026 outlook. As I said earlier, each of our end markets are experiencing strong demand tailwinds. So our focus is on executing our value drivers to continue to position us to at least, as Brett said earlier, at least triple adjusted EBITDA every five years including acquisitions, as we've done consistently since our inception, except during cover.

謝謝你，格倫。大家好，我們非常高興地宣布，我們將上調 2026 年的業績展望。正如我之前所說，我們的每個終端市場都正經歷著強勁的需求成長。因此，我們的重點是執行我們的價值驅動因素，以繼續保持至少每五年實現至少三倍的調整後 EBITDA（包括收購），正如 Brett 之前所說，就像我們自成立以來一直在做的那樣，除了在疫情期間。

As always, our view is on a pro forma basis, assuming all of our business units since the beginning of 2025. With that said, we still expect commercial OEM aftermarket growth will be low double digits in 2026 for all the reasons I highlighted earlier. While our defense end market sales will be up mid-single digits as we come off a fantastic year of 19% growth in 2025 over 2024. As we've always said, growth in the defense and end market will be choppy. These market assumptions, along with the additions of LMB and Harper to our family of companies and our continued execution of our value drivers will allow us to meet or exceed the following for calendar year 2026.

和以往一樣，我們的觀點是基於預測數據，假設我們所有的業務部門從 2025 年初開始運作。儘管如此，由於我之前強調的所有原因，我們仍然預計 2026 年商業 OEM 售後市場成長率將為兩位數低段。儘管我們在 2025 年的國防終端市場銷售額將比 2024 年增長 19%，實現了非常可觀的增長，但我們預計 2025 年的國防終端市場銷售額將增長個位數中段。正如我們一直所說，國防和終端市場的成長將不會一帆風順。這些市場假設，加上 LMB 和 Harper 加入我們的公司家族，以及我們持續執行價值驅動因素，將使我們能夠在 2026 年達到或超過以下目標。

Net sales between $640 million and $650 million; adjusted EBITDA between $253 million and $258 million, adjusted EBITDA margin of approximately 40%. Once again, we demonstrate our ability to continually improve margins. Net income between $59 million and $63 million while adjusted EPS between $0.76 and $0.80 per share, which is a reduction in our guide on only because of the incremental noncash depreciation and amortization related to the acquisitions, L&B and hopper as well as the interest associated with funding those acquisitions, as we discussed earlier.

淨銷售額在 6.4 億美元至 6.5 億美元之間；調整後 EBITDA 在 2.53 億美元至 2.58 億美元之間，調整後 EBITDA 利潤率約為 40%。我們再次證明了我們不斷提高利潤率的能力。淨利潤預計在 5,900 萬美元至 6,300 萬美元之間，調整後每股收益預計在 0.76 美元至 0.80 美元之間，這比我們之前的預期有所下調，僅僅是因為收購 L&B 和 Hopper 相關的非現金折舊和攤銷增加，以及為這些收購提供資金相關的利息，正如我們之前討論的那樣。

Capital expenditures will be in line with our historical rate of approximately 3% of sales at $19 million. We have increased full year interest expense to $80 million because of the funds reverted to fund the acquisitions of L&B and Hopper. We expect both acquisitions to meet our investment hurdle of Dublin adjusted EBITDA in three to five years and to be accretive to earnings in calendar year 2026. Our effective tax rate, 25%, depreciation and amortization of $75 million and noncash stock-based comp of approximately $17 million. Share count remains the same, 97 million.

資本支出將與我們以往的水準保持一致，約為銷售額的 3%，即 1,900 萬美元。由於資金被退回收購 L&B 和 Hopper，我們全年的利息支出增加到 8,000 萬美元。我們預計這兩項收購將在三到五年內達到我們對都柏林調整後 EBITDA 的投資目標，並在 2026 年日曆年增加收益。我們的有效稅率為 25%，折舊和攤提為 7,500 萬美元，非現金股票補償約為 1,700 萬美元。股份數量維持不變，為 9,700 萬股。

Please note that all of the amounts I've just outlined for you relating to Calendar 2026 performance assume no additional acquisitions. However, as Brett said earlier, our drug be is to complete one or two acquisitions each year. We just cannot predict the timing of such acquisitions, and I will add that the activity around acquisitions is even at a higher level than it was when we chatted last quarter. So we're excited about that also. Okay.

請注意，我剛剛向您列出的所有與 2026 年業績相關的金額均假設沒有額外的收購。然而，正如布雷特之前所說，我們的藥物目標是每年完成一到兩項收購。我們無法預測這類收購的時機，而且我還要補充一點，目前的收購活動比我們上個季度聊天時還要活躍。所以我們也對此感到興奮。好的。

With that, operator, let's turn it over for questions.

好了，操作員，現在我們來回答問題。

(Operator Instructions) John Godyn, Citi.

（操作說明）John Godyn，花旗銀行。

I have one clarification and one kind of more real question. The clarification is Obviously, we see the revised outlook and across all the metrics that I think drive the stock most, it's gone up, margin EBITDA, et cetera. And I think the analysts that are close to the name kind of understand what's going on here. But I wanted to just give you a chance to spend an extra second on the adjusted EPS kind of revision lower and what's driving that and just make sure that it's super clear for everybody.

我有一個需要澄清的地方，還有一個更實際的問題。澄清一下，很明顯，我們看到了修訂後的展望，而且我認為對股價影響最大的所有指標都上升了，包括利潤率、EBITDA 等。我認為那些密切關注這家公司的分析師都明白這裡發生了什麼事。但我希望給你們多一點時間，仔細考慮調整後的每股盈餘預期下調的原因，確保每個人都能完全理解。

Yes, John. Look, thank you for asking the question. I really appreciate that. because we realize that can be a little bit confusing for folks. Look, when we gave our guide last quarter, we didn't have the acquisitions included in it, right?

是的，約翰。謝謝你提出這個問題。我非常感謝。因為我們意識到這可能會讓人們感到有些困惑。你看，我們上個季度發布的業績指引中並沒有包含收購項目，對吧？

So that did include LMB and it did not include Harper. As happens always when you do an acquisition, you incur accounting, legal fees and the like, we call those transaction expenses, right? That's incurred. That affects EPS. In addition --

所以，這其中包括了LMB，但不包括哈珀。就像每次收購一樣，都會產生會計費用、法律費用等等，我們把這些稱為交易費用，對吧？這是已經產生的費用。這會影響每股收益。另外--

Those are onetime in nature.

這些都是一次性事件。

Yes. In addition, we're required for accounting reasons to write up the asset and also write off some of the intangible assets through amortization, all noncash that gets charged against net income. All of those is what's driving the change, including the additional interest to the EPS. So noncash, mostly the biggest driver.

是的。此外，基於會計原因，我們需要對資產進行增值，並透過攤銷註銷一些無形資產，所有這些非現金支出都將計入淨收入。所有這些因素都在推動這一變化，包括對每股收益的額外關注。所以非現金因素是主要驅動因素。

Got it. (inaudible) for a second there. That's very helpful. My sort of more real question is you sounded very optimistic about the M&A pipeline. And that's something we've heard from other companies as well, and we've seen it in rising deal activity across IND.

明白了。 （聽不清楚）剛才有一秒鐘。那很有幫助。我更實際的問題是，你聽起來對併購前景非常樂觀。我們也從其他公司聽到類似的說法，而且我們在印度各地不斷增加的交易活動中也看到了這一點。

You mentioned one to two M&A deals a year. I want to just sort of press on that. And the question is, could we see an elevated rate above that range for a bit? Could we see deal size go up? How do you -- how do you think that this kind of more active and maybe more interesting deal environment manifests itself for Loar versus historical norms.

你曾提過每年有一到兩筆併購交易。我想就此展開討論。問題是，我們是否會看到利率在一段時間內高於該範圍？交易規模會擴大嗎？您認為這種更活躍、或許也更有趣的交易環境，對於 Loar 而言，與歷史常態相比，會有哪些表現？

The short answer, John, is yes and yes. meaning we're seeing more deal flow. We're seeing more active sellers. We're just overall seeing a more active market in this space, given what we see as good visibility, good performance and quite candidly, good valuations, which makes for active sellers. Like I said before, though, is that also means that we need to have more discipline because we need to make sure that we see the requisite return in anything we do.

約翰，簡而言之，答案是肯定的，沒錯。這意味著我們看到交易量正在增加。我們看到活躍賣家更多了。總體而言，我們看到這個領域的市場更加活躍，因為市場前景良好、業績良好，坦白說，估值也很好，這促使賣家積極拋售。不過，就像我之前說的那樣，這也意味著我們需要更加自律，因為我們需要確保我們所做的每一件事都能獲得相應的回報。

So we talk about one to two deals a year simply as a proxy given the historical trends. In any given year, it could be significantly more. It really just depends on the opportunities in front of us, and we will always, always be opportunistic and always, always be disciplined such that if prices get too high or quality of assets for sale are too well, there are things that we don't see the return in, we're not going to do it simply and exclusively because it's an active market. We've been very, very consistent over, I think, a relatively long period of time now. And I think our track record kind of speaks for itself.

所以，根據歷史趨勢，我們通常會以每年一到兩筆交易作為參考。在任何一年，這個數字都可能更高。這真的取決於我們面前的機會，我們將始終抓住機會，並且始終保持自律，這樣，如果價格過高或待售資產質量過好，有些事情我們看不到回報，我們就不會僅僅因為這是一個活躍的市場就去做。我認為，在相當長的一段時間內，我們一直保持著非常非常穩定的狀態。我認為我們的過往成績足以說明一切。

So I use the one to two deals as a proxy and nothing more, and we're going to be opportunistic as we go here in 2026.

所以我把一兩筆交易當作參考，僅此而已，我們將在 2026 年把握機會。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Good morning, everyone. And thanks for all the color you provided. In the quarter, you guys called out 17% organic sales growth. I was wondering if you could talk about the building blocks of that organic growth, it's pretty robust above industry market. So if you were to look at on a same-store apples-to-apples volume, what would it have been?

各位早安。感謝你帶來的所有色彩。本季度，你們預測有機銷售額成長了 17%。我想請您談談這種有機成長的構成要素，它比產業市場成長得相當強勁。那麼，如果只看同一家店的同類商品銷售，銷量會是多少呢？

And then also how much of this growth was from your new product introduction? And how do we think about this throughout 2026?

那麼，這其中有多少成長來自於新產品的推出呢？那麼，在2026年全年，我們該如何看待這個問題呢？

Hi, Kristine, and thanks for asking the question. In terms of what's driving our user terminology, organic growth, Look, I think I've said this before, prior to the most recent time, I would say volume was the biggest driver. If you break it up between volume, price and new business, but as we think about 2026 and going forward and 2025, the new product introduction is really the largest driver of our organic growth, and which is where we think we actually differentiate ourselves from others because that $600 million of profitability that I talked about earlier, where actually at the cost now of really starting to get the benefit of that.

你好，克里斯汀，謝謝你提出這個問題。就推動我們用戶術語「自然成長」的因素而言，我想我以前說過，在最近一次之前，我會說銷量是最大的驅動因素。如果按銷售、價格和新業務來劃分，但展望 2026 年及以後，以及 2025 年，新產品的推出才是我們有機增長的最大驅動力，而這正是我們認為我們與其他公司真正區分開來的地方，因為我之前提到的 6 億美元利潤，實際上是以現在才開始真正享受到它的好處為代價的。

So in 2026 and beyond, so think 2026, 2027, we expect that, that will be the largest driver of organic growth going into the next 12 to 24 months?

因此，在 2026 年及以後，例如 2026 年、2027 年，我們預期這將是未來 12 到 24 個月內有機成長的最大驅動力？

And just to add something for the calendar year 2025, I think our organic growth actually better than is represented as the number we put in the queue and you saw it on one of Glenn's slide, pro forma growth with really the more appropriate measure to measure organic because it gives us credit for the organic growth and the acquisitions we did was actually closer to 15% relative to the 12.9% as reported. So 15% organic pro forma growth as if we had owned all the businesses at the beginning of the initial period, I think is really, really spectacular and something that we're very proud.

補充一點關於 2025 年日曆年的信息，我認為我們的有機增長實際上比我們之前公佈的數字要好，你們在 Glenn 的一張幻燈片上也看到了，備考增長率才是衡量有機增長的更合適指標，因為它將我們的有機增長和收購都考慮在內，而我們實際的有機增長佔比接近 15%，而不是之前公佈的 12.9%。因此，假設我們在初期就擁有所有業務，那麼15%的有機成長（按備考口徑計算）我認為非常非常了不起，我們為此感到非常自豪。

Thanks for the colors. I mean these are standout numbers. And following up on the deal dynamics, being able to close LMB Fans & Motor being a French asset, I think it seems like a pretty incredible way to close that kind of deal, especially the French government ownership.

謝謝你提供的色彩。我的意思是，這些數據非常突出。繼續跟進交易動態，LMB Fans & Motor 作為法國資產能夠完成交易，我認為這似乎是一種非常不可思議的達成方式，尤其是法國政府的所有權。

When you're looking at the pool of available assets, how much more interest you have in expanding out international capabilities. Is there more of a potentially like roll-up fragmented pool you can pull from in the European market? And how does your ability to close LMB give you confidence that maybe, hey, you've got another rich pool to pull from?

當你審視現有資產時，你對拓展國際業務能力的興趣會有多大？歐洲市場是否有更多類似可整合的分散資產池可供利用？你關閉 LMB 的能力如何讓你相信，或許你還有另一個豐富的資金池可以挖掘？

Yes. Excellent question. So look, as you guys know and you know particularly, Kristine, it's a global industry, aerospace, that is. And so I think over time, you will see us continuing to do more and more outside the borders of the US specifically.

是的。問得好。所以你看，你們都知道，尤其是克莉絲汀，航空航太產業是一個全球性產業。因此我認為，隨著時間的推移，你會看到我們繼續在美國境外進行越來越多的活動。

That being said, the opportunity set remains huge, particularly for the size deals that we are looking to acquire. We have more opportunities than we'll ever get to. I've said that many, many times.

即便如此，機會依然巨大，尤其是對於我們尋求收購的大型交易而言。我們擁有的機會遠比我們實際能獲得的機會還要多。我已經說過很多很多遍了。

And in Europe, in particular, now that we have four businesses over there, which really serve as a base of infrastructure and management talent and resources that we never had before. it exponentially increases our ability to build off those things to own more assets. So Europe, obviously, is a very big market. We're just getting started there. So whether it's Europe, the US or elsewhere, I think you're going to continue to see us expand internationally and mirror the footprint of the overall industry.

尤其是在歐洲，我們現在在那裡擁有四家企業，這些企業真正構成了我們以前從未擁有過的基礎設施、管理人才和資源基地。這大大增強了我們利用這些資源來擁有更多資產的能力。所以很顯然，歐洲是一個非常大的市場。我們才剛起步。所以無論是歐洲、美國還是其他地方，我認為你會看到我們繼續在國際上擴張，並反映出整個產業的格局。

Super helpful. And if I could sneak a third one in. We mostly focus on your commercial aerospace business, but defense has been also seeing significant increases Dirkson, you talked about the potential $1.5 trillion. And look, in Europe, if they want to increase to 5% of GDP, you're seeing fairly large numbers across the board. What we've seen is that the concern about the ability of the supply chain and the industrial base to support this growth has been a priority.

非常有用。如果我能偷偷塞進去第三個就好了。我們主要專注於您的商業航空航太業務，但國防領域也出現了顯著成長。迪克森，您提到了潛在的 1.5 兆美元。你看，在歐洲，如果他們想將支出提高到GDP的5%，你會發現各領域的支出都相當高。我們看到，供應鏈和工業基礎能否支撐這種成長一直是人們關注的重點。

When you look at your role as a supplier in this environment, with strong operational skills and you look at your margin and your ability to deliver to your customers, how do you see yourself in that ecosystem? What problems could you incrementally solve. And could you see outsized growth in your defense business versus what top lines are just from that vertical integration in the supply chain and your ability to be able to get product in the hands of your customer? So not to lead the witness, but maybe I did a little bit, it would be helpful to understand how you think about that defense growth.

在這個環境中，當你審視自己作為供應商的角色，擁有強大的營運技能，並審視你的利潤率和向客戶交付產品的能力時，你如何看待自己在這個生態系統中的地位？你可以逐步解決哪些問題？您是否看到，僅透過供應鏈的垂直整合以及將產品送到客戶手中的能力，您的國防業務就能實現遠超營收的大幅成長？所以，我不想誤導證人，但也許我確實有點誤導，了解你對這種辯護發展的看法會很有幫助。

Yes. I mean, Kristine, this is Ian. We always view defense growth as lumpy right? But I think that actually, given that fact, we have a very strong operational mindset that we can react when our customers need us to react. So I think that's positioned us well because you're right.

是的。克里斯汀，我是說，這是伊恩。我們總是認為國防工業的成長是波動較大的，對吧？但我認為，正因如此，我們才擁有非常強大的營運思維，能夠在客戶需要我們做出反應時做出反應。所以我覺得這讓我們處於有利地位，因為你說得對。

I mean across the global environment, everything is pointing to strong tailwinds in defense. And our team is ready to meet that need. Should it be there when it's there. So I think we're well positioned to capture those things.

我的意思是，從全球環境來看，一切跡像都表明國防領域將迎來強勁的順風。我們的團隊已做好準備滿足這項需求。它既然在那裡，就應該在那裡。所以我認為我們有能力抓住這些機會。

And I think to Dirkson's point on that, million list of opportunities, right? Defense opportunities are in there. And so we're focused on helping it support our customers in the way they need it and we welcome any new opportunities as they come.

我覺得德克森說的沒錯，機會數不勝數，對吧？國防機會就在那裡。因此，我們專注於幫助它以客戶需要的方式為他們提供支持，我們也歡迎任何新的機會。

Yes. If I can add. And by the way, Kristine, that's another really, really great question. Just want to piggyback a little bit on what were Ian was leading you. So yes, we think that we could solve a lot of the supply chain, I'll use the terminology issues relative to the plethora of capabilities that we have, right, which is why we think about our toolkit. And I will tell you that we've had numerous conversations with customers that lead to opportunities that's not adding to that $600 million at this point.

是的。如果可以的話，我還要補充一點。順便說一句，克里斯汀，這又是一個非常非常好的問題。我想稍微補充一下伊恩剛剛帶你去的話題。所以，是的，我們認為我們可以解決供應鏈中的許多問題，我將使用與我們擁有的眾多能力相關的術語，對吧，這就是為什麼我們要考慮我們的工具包。我可以告訴你們，我們已經與客戶進行了許多對話，這些對話帶來了許多機會，但目前還不足以增加那 6 億美元的收入。

So I'll just give you an example, there are a number of opportunities where we could solve issues on this side of the pond that's not being solved overseas because of the lack of the customer synergies that MB had existing lags, right? So we'll be able to solve a lot more issues, well, it's the supply chain because we can now introduce that capability to customers on this side of the pond. That's just one.

我舉個例子，有很多機會我們可以解決大西洋彼岸的一些問題，而這些問題在海外卻無法解決，因為缺乏客戶協同效應，而賓士在這方面存在滯後，對吧？因此，我們將能夠解決更多的問題，尤其是供應鏈問題，因為我們現在可以將這種能力引入大西洋彼岸的客戶群。這只是其中之一。

There's a plethora of others. And so I wouldn't be surprised if I'm giving a little bit of guidance here if that $600 million went up significantly by the time we get to the next quarter in terms of the opportunity set, driven by your question, there's going to be a number of defense opportunities that we can we can be helpful with adding those capabilities.

還有很多其他的例子。因此，如果到下一個季度，這 6 億美元的投資金額大幅增加，我不會感到驚訝。正如你所提到的，在國防領域，我們將有很多機會可以幫助增加這些能力。

So great question. And by the way, congratulations on the promotion I heard.

問得好。順便說一句，我聽說你升職了，恭喜你！

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

I have three questions, if that's okay. So maybe I'll start on the acquisitions, Harper and LMB. I know you guys have given lots of color, and I appreciate it on LMB, what it does in Harper too, given it's such a great supplier to Boeing. Maybe can you clarify the 100% proprietary products? How much of the process do you own the manufacturing, the IP at all, as I've been asked a few times, and I think there's some misconceptions around the type of assets you guys buy and what proprietary means.

可以嗎？我有三個問題。所以也許我會先從收購開始，像是 Harper 和 LMB。我知道你們為LMB增添了許多色彩，我很欣賞LMB的色彩，也欣賞它在哈珀機場所做的一切，因為它是波音公司的重要供應商。您能否解釋一下什麼是100%專有產品？你們在整個生產過程中擁有多少自主權，包括製造環節和智慧財產權？我被問過好幾次這個問題。我認為大家對你們購買的資產類型以及專有技術的含義存在一些誤解。

And then as you think about the scope, I think LMB makes a lot of sense as you answered to Kristine on expanding it. How do you think about other markets, Harper or other suppliers Harper could get into?

然後，當你考慮範圍時，我認為 LMB 在你回答 Kristine 關於擴展它的問題時，就顯得很有道理了。您認為哈珀或其他供應商可以進入哪些其他市場？

No. Another really good question. Let me start from your last, and I'll go through your initial question. Okay. Let's start with Harper.

不。又是一個非常好的問題。讓我從你最後一個問題開始，然後逐一解答你最初的問題。好的。我們先從哈珀說起。

100% proprietary, 99.9%. Some of them are listening. So I'll be totally straight, 99.9% proprietary. And the way we think about proprietary I'll use this terminology, I know it's Loar is listening, but we think of it as where you are the primary source of use that terminology of the product that you supply, it's your design, 99.9% for copper their design, their name is on the drawing, you cannot go anywhere else to get that part and to go to Harper.

100% 專有，99.9%。他們當中有些人正在聽。所以我實話實說，99.9%都是專有資訊。我們對專有技術的看法是，我會使用這個術語，我知道Loar正在聽，但我們認為，你是該產品的主要使用來源，你提供的產品的術語是你的設計，99.9%的銅製品是他們的設計，他們的名字在圖紙上，你無法從其他任何地方獲得該零件，只能去Harper。

So let's take that definition and expand it to the total portfolio of law because we get this question a lot. When we did our S1 two years ago, we said 85% of our portfolio was proprietary. I will tell you this today because we just recently did that math, 85 was now 89%. So it's all heading in the right direction. And the reason being is because that's where the growth is coming from our proprietary products, and that's where we are investing our capacity and not just inorganically, but also organically. So that has grown tremendously.

所以，讓我們把這個定義擴展到整個法律領域，因為我們常常被問到這個問題。兩年前我們提交 S1 文件時，我們曾表示我們投資組合的 85% 為自主研發專案。我今天要告訴你們這件事，因為我們最近剛算過，85% 現在是 89%。所以一切都在朝著正確的方向發展。原因在於，成長主要來自我們的專有產品，我們也正在投資於此，不僅透過非有機成長，也透過有機成長。所以它發展迅猛。

And the other place you can say and you can check the boxes to whether or not you have a business or a portfolio that's really proprietary is to look at margins, especially one of the reasons we don't talk about it a lot, but it's one of the reasons why our margins continuously goes up into the right. right? Because we're investing in the proprietary nature and products where we're solving issues for our customers using those proprietary products. So it is increasing tremendously.

另一個可以用來判斷你的業務或投資組合是否真正具有專有性的地方是利潤率，尤其是我們很少談到利潤率的原因之一，但這正是我們利潤率持續上升的原因之一。對吧？因為我們投資專有產品，並利用這些專有產品為客戶解決問題。所以它正在急劇增長。

Now I'll go back to Harper. Harper is one of four companies, four out of thousands of suppliers to Boeing that has a collaborative agreement. Now what does that mean? That means they joined the hip. That means they're audits.

現在我要回哈珀那裡了。哈珀是波音數千家供應商中僅有的四家與其簽訂合作協議的公司之一。那是什麼意思呢？這意味著他們形影不離。這意味著它們是審計。

That means Boeing has an issue, they pick up the phone and they call copper relative to capabilities at Harper has. Here is the beauty of what we've just done by adding them to the Law platform. They now pick up the phone and call Harper. Harper calls the group and says, can you solve any of these problems? So we're just expanding that collaboration with Boeing to include all of the low business units.

這意味著波音公司遇到了問題，他們拿起電話，根據哈珀公司的能力來決定是否需要銅材。這就是我們將它們添加到法律平台後所帶來的好處。他們拿起電話，撥了哈珀的電話。哈珀打電話給小組，問道：“你們能解決這些問題嗎？”因此，我們正在擴大與波音公司的合作，將其涵蓋所有低階業務部門。

That's the way we think about it. So no, we're excited about that being for the reasons I just answered Kristine's question on, but I'm super, super excited about Harper. And the relationships and the synergies we're going to get from adding the company, it's its reputation, its capabilities and most importantly, the talented folks in that building to our team.

我們就是這麼想的。所以，不，我們對此感到興奮的原因正如我剛才回答克里斯汀的問題時所說的那樣，但我對哈珀感到超級、超級興奮。收購這家公司後，我們將獲得各種關係和協同效應，包括它的聲譽、能力，最重要的是，公司裡那些有才華的員工。

No, makes a lot of sense. And I ask another one. On these two deals, how do we think about the pathway to accretion on EPS? And how do we think about accretion on cash EPS?

沒錯，很有道理。我又問了一個。對於這兩筆交易，我們如何看待每股盈餘成長的路徑？那麼，我們該如何看待現金每股盈餘的增加呢？

Well, it's very simple. Growth. And growth is a function of all the things that Dirkson just spoke about. So in every deal we do, as I think you know, we've said many, many times, we look to see a path to doubling EBITDA, at least in no more than three to five years. Quite frankly, in certain cases, and I'll use one that you all know since it was the first deal we did going public.

很簡單。生長。而成長是迪克森剛才提到的所有因素共同作用的結果。所以，正如我想你們也知道的，我們已經說過很多很多次了，我們做的每一筆交易，都是為了找到一條在三到五年內使 EBITDA 翻一番的途徑。坦白說，在某些情況下，我會舉一個你們都知道的例子，因為這是我們上市時做的第一筆交易。

Applied avionics is well ahead of that schedule. We think for LMB and Harper, and quite frankly, for any deal going forward, which we use debt financing for, which, by definition, will make it dilutive to net income, we think most of these deals, but in particular, Harper because you asked about it, will be accretive within a year.

應用航空電子技術已經遠遠超前於原計劃。我們認為，對於 LMB 和 Harper，坦白說，對於任何未來的交易（我們都會使用債務融資，這必然會稀釋淨收入），我們認為大多數交易，特別是你提到的 Harper 交易，將在一年內實現增值。

So in 2027, on a net income basis, we think Harper will be accretive on -- and that's a function of growing the earnings, growing the EBITDA and doing all the things that we do to add value for these businesses. Does that answer your question?

因此，我們認為，到 2027 年，從淨收入的角度來看，Harper 將帶來增值——這取決於獲利成長、EBITDA 成長以及我們為這些企業創造價值所做的一切。這樣回答了你的問題嗎？

Yes, it does. And then last one, the 34% commercial aftermarket growth was pretty stellar any way to parse that out?

是的，確實如此。最後一點，商業售後市場成長了 34%，這個數字相當驚人，有什​​麼方法可以分析一下嗎？

Yes. Let me start with this. So I'm going to share a little bit of who I am. So my lucky number is 13. What it's going to go you saying that something (inaudible) January 13.

是的。讓我先從這裡開始。所以我想跟大家分享一下我自己。所以我的幸運數字是13。你說的是1月13日會發生什麼事（聽不清楚）？

So 13 is my lucky number. The only time I don't like 13 is when I have to report earnings every 13 weeks. That's the only time I don't like 13. So there's good and bad reporting 13 weeks at a time, right? The great news is we produce proprietary products in the aftermarket, that's a high demand, right?

所以13是我的幸運數字。我唯一不喜歡數字13的時候，就是我必須每13週報告一次收入。這是我唯一不喜歡13的時候。所以，每 13 週的報道都有好有壞，對吧？好消息是我們生產的專有產品在售後市場需求量大，對吧？

We have customers who -- I'll give you an example, distributors who want to be exclusive and we 100% say no, right?

我們有些客戶──我舉個例子──有些經銷商想要獨家經銷，我們百分之百會拒絕，對吧？

But again, the demand exists. What we saw in the fourth quarter, tremendous demand for our parts, folks placing orders, I -- is actually, I would say, positively surprised me, again, it's only 13 weeks, right? Because usually, at the end of the calendar year, most people are trying to manage inventory. In this case, we have customers who want to distribute our products, and we just see more of it. Now going forward, as I said earlier, where we see growth and where we have really put our foot down on growth is our new business introduction.

但需求依然存在。我們在第四季度看到的情況，對我們零件的巨大需求，人們紛紛下單，我——實際上，可以說，這讓我感到非常驚喜，再說一遍，這才13週，對吧？因為通常情況下，在年底，大多數人都在努力管理庫存。在這種情況下，我們有客戶想要分銷我們的產品，我們看到這種情況越來越多。展望未來，正如我之前所說，我們看到成長的地方，也是我們真正著力推動成長的地方，就是我們新業務的推出。

And I'll use two examples. The only two I ever use, breaks. We got about a dozen programs that we're working on, half of them are now certified the other half we hope to have done by the end of the year. That's why I'm excited about the second half of the year growth rate.

我將舉兩個例子。我只用過這兩個，煞車。我們正在進行大約十幾個項目，其中一半已經獲得認證，我們希望在年底前完成另一半。這就是為什麼我對下半年的成長率感到興奮的原因。

I'll go back to Harper one last time. Harper makes the locking mechanisms that go in the comped barrier for Boeing aircraft. Now the (inaudible) was so often on Airbus. Nobody ever asked about Boeing. Boeing, yes, I did say so.

我再去哈珀那裡一次。哈珀公司生產波音飛機防護欄中使用的鎖定機構。現在（聽不清楚）常出現在空中巴士飛機上。從來沒有人問過波音公司。是的，波音公司，我的確說。

Boeing -- Boeing now having popular as part of us, it gives us the opportunity in the aftermarket to really chase those thoughts, right, in terms of (inaudible) barriers. So as we think about growth in 2026, commercial aftermarket will continue to be low double digits for the year, maybe a little choppy. But really, really strong given the strength in the fourth quarter that we've seen this year. So Sheila, if I can just say this because thanks for asking the question, we see no slowdown in demand for commercial aftermarket. And I think it's reflected in our numbers.

波音——波音現在已成為我們的一部分，這給了我們在售後市場真正追逐這些想法的機會，對吧，就（聽不清楚）障礙而言。因此，展望 2026 年的成長，商業售後市場全年將繼續保持兩位數的低成長率，可能會有些波動。但考慮到今年第四季的強勁表現，這支球隊的實力確實非常強勁。所以，Sheila，如果你能問我這個問題，我只想說，我們沒有看到商業售後市場的需求放緩。我認為這體現在我們的數據中。

Ken Herbert, RBC Capital Markets.

Ken Herbert，加拿大皇家銀行資本市場。

As I think about -- just to follow up on that point, Dirkson, as we think about, call it, low double-digit organic growth in your commercial markets in the guide for '26. Can I interpret what you're saying that new business will be the largest contributor to that growth relative to volume and price?

迪克森，我想就這一點繼續說下去，我們不妨想想，在 2026 年的指南中，你們商業市場的有機增長率應該達到兩位數以下。我的理解是，相對於銷售和價格而言，新業務將是推動成長的最大因素嗎？

Yes. That's the right short answer. So let me just say something relative to that, right? Because we say this all the time, and it's probably a good time to really send this message across. Brett always says, I listen and say it all the time that we use price as just the (inaudible), right?

是的。這是最簡潔的答案。那我就簡單說幾句相關的內容吧？因為我們一直在說這句話，現在或許是時候再次強調這一點了。Brett總是說，我聽著也一直這麼說，我們把價格僅僅當作（聽不清楚），對吧？

It's discretionary. Could we increase price significantly? 100%. Every day of the week on the well. That's a proprietary means going back to the previous question.

這是酌情決定的。我們能否大幅漲價？100%。一週七天都在井邊。回到上一個問題，那是一種專有方法。

We want to grow up five years from now, we will be 3x the size, check, check, check that box. We want to grow up to be a company that people don't point out and go, you up going me, right? You are chasing price above everything else. We want to truly partner with our customers, right? And so yes, and the answer to your question is, yes, we are focused on new business, and that's going to be a big driver.

我們希望五年後能發展壯大，規模擴大三倍，這目標已經實現了。我們希望發展成為一家人們不會指著說「你比我強」的公司，對吧？你只專注於價格，而忽略了其他一切。我們希望與客戶建立真正的合作關係，對嗎？所以，是的，你問題的答案是肯定的，我們專注於新業務，這將是一個巨大的驅動力。

Yes. And just as it relates to price, again, with the caveat being that we want to drive margins only one way. So I think there is a slide in our investment deck that we put in the appendix that shows you over the last five, six, seven years, margins have only gone a long way. We will have our margins start with a four in front of it. I think everybody on the IPO roadshow had asked us when are you going to reach 40% EBITDA margin.

是的。就像價格一樣，同樣需要注意的是，我們只想單向提高利潤率。所以我認為，我們在投資簡報的附錄中有一張投影片，它向你展示了在過去的五、六、七年裡，利潤率取得了長足的進步。我們的邊距將以數字 4 開頭。我認為參加IPO路演的每個人都問過我們，你們什麼時候才能達到40%的EBITDA利潤率。

And of course, at the time, we can't give specific guidance in that regard. But here we are just two years later. And I can tell you unequivocally, margins are only going one way, and that's about it.

當然，目前我們無法就此給予具體指引。但僅僅兩年之後，我們又回到了原點。我可以毫不含糊地告訴你，利潤率只會朝著一個方向發展，僅此而已。

Appreciate that, Brett. Just -- yes, just to clarify one other point. The up 34% in the fourth quarter, I think Dirkson. Was any part of that from like new distribution agreements or maybe any pull forward ahead of either price increases or inventory build in the channel. I just want to make sure there wasn't not anything unusual, but understand the dynamics of that 34%.

謝謝，布雷特。是的，還有一點需要澄清。我認為，德克森認為，第四季上漲了 34%。這其中是否包含新分銷協議之類的因素，或者是否包含為提價或通路庫存增加而提前進行的銷售？我只是想確認沒有發生任何異常情況，但想了解這 34% 背後的原因。

No. Great question. The short answer, again, is no. No pull forward, no special distribution agreements I will tell you that we have distributors that are fighting over their end customers and wanting to be good suppliers to them. And again, whether it's a kit that they're trying to put together and our plots are included or they wanted to be able to say, I can sell that part that no one else can, right?

不。問得好。簡而言之，答案是否定的。沒有提前供貨協議，也沒有特別的經銷協議。我可以告訴你，我們的經銷商都在爭取終端客戶，都想成為他們的優質供應商。再說一遍，不管是他們想組裝一套工具包，而我們的地塊包含在內，還是他們想說，我可以賣掉別人賣不掉的那部分，對吧？

We're just seeing more demand, Ken, but no full had none of that.

肯，我們看到的只是需求增加，但目前還沒有完全實現這一點。

Okay. Perfect. And just one final question on the '26 guide, do you have any -- how would you frame the risk around the commercial aftermarket versus OE growth? And to what extent maybe have you sort of derisked the guide relative to what could be choppiness on the OE side versus what sounds like pretty consistent sort of aftermarket performance.

好的。完美的。關於 2026 年指南，最後一個問題，您有什麼看法——您會如何看待商業售後市場與 OE 成長之間的風險？那麼，相對於原廠配件可能存在的不穩定性，您在多大程度上降低了指南的風險，使其聽起來像是相當穩定的售後市場性能呢？

A great question. So this is to at -- so on the OE side, what we've done, if you take Boeing and Airbus' build rate, depending on the product line that we're producing, we have discounted it anywhere from 10% to 20%. Kind of the low end, 20% at the high end relative to the bill rates that people are projecting. So could there be upside there? Absolutely.

問得好。所以，就 OE 方面而言，我們所做的，如果以波音和空中巴士的生產速度為基準，根據我們生產的產品線，我們已經將其折扣了 10% 到 20%。算是低端，高端則是 20%，相對於人們預測的帳單費率而言。那麼，這其中是否也存在有利因素呢？絕對地。

With regards to the aftermarket, yes, I do agree with you that we believe that that's going to continuously grow significantly double digits. Again, the only problem I have is reporting every 13 weeks, right? Can we have a period of time where it's 14% and then the next quarter, it's 9.5% or whatever, Absolutely, but over the year and the long term, double-digit growth is what we see, Ken.

關於售後市場，是的，我同意你的觀點，我們認為它將持續保持兩位數的顯著成長。我唯一的問題是需要每 13 週報告一次，對嗎？我們能否經歷一段時間內成長率為 14%，然後下一個季度為 9.5% 或其他數值？當然可以，但從全年和長期來看，我們看到的是兩位數的成長，肯。

There are no additional questions at this time. I'd like to turn the floor back over to Dirkson Charles for closing comments.

目前沒有其他問題。現在我把發言權交還給德克森·查爾斯，讓他做總結發言。

Look, thanks, everyone, participating on today's call. I love it when we can share our story. We're super, super excited about our future I'll say it for the third time, maybe the fourth, given what we've done over the last 14 years, we expect to continue to do the same, which means adjusted EBITDA goes from $1 today to, $3, 5 years from now. That's our focus, and that's how we want to build this business, and we want to build it in a very special way.

謝謝大家參加今天的電話會議。我喜歡和大家分享彼此的故事。我們對未來感到無比興奮，我再說一遍，也許是第三遍，也許是第四遍，鑑於我們過去 14 年所取得的成就，我們預計會繼續保持同樣的勢頭，這意味著調整後的 EBITDA 將從今天的 1 美元增長到 5 年後的 3 美元。這就是我們的重點，也是我們希望打造這家企業的方式，而且我們希望以一種非常特殊的方式來打造它。

If you want to have great makes live in a great environment, not being gauges to our customers, but growing the business consistently. We want to build this aerospace and event cash compounded for a very, very long time. So look, with that, I have two things to say. One, happy birthday, Allen. Thanks for participating on the call.

如果你想創造偉大的成就，就要在一個好的環境中生活，而不是成為客戶的衡量標準，而是持續發展業務。我們希望打造一個能夠長期持續成長的航空航太和活動現金流。所以，我還有兩點要說。一、艾倫，生日快樂。感謝您參加電話會議。

You know who you are. And two, I look forward to talking to you guys in 13 weeks, even though it's 13 weeks. Thanks, guys.

你知道你是誰。第二，我很期待在 13 週後和大家見面，雖然還有 13 週的時間。謝謝各位。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。