Mistras Group Inc (MG) 2025 Q4 法說會逐字稿

Good day, everyone. My name is Luke, and I will be your conference operator today. At this time, I would like to welcome you to the Mistras Group, Inc., Q4 2025 earnings conference call. (Operator Instructions).

各位好。我叫 Luke，今天將擔任本次電話會議的接線員。此刻，我謹代表各位歡迎參加 Mistras Group, Inc. 2025 年第四季財報電話會議。（接線員指示）。

At this time, I would like to turn the call over to Thomas Tobolski, Senior Vice President, Finance and Treasurer.

此刻，我想將電話會議交給財務資深副總裁兼財務主管 Thomas Tobolski。

Good morning, everyone, and welcome to Mistras Group's fourth-quarter 2025 earnings conference call. I'm joined today by Manny Stamatakis, Executive Chairman of the Board; Natalia Shuman, President and Chief Executive Officer; and Ed Prajzner, Senior Executive Vice President and Chief Financial Officer. Before we start, I want to remind everyone that remarks made during this conference call as well as supplemental information provided on our website contain certain forward-looking statements and involve risks and uncertainties as described in Mistras' SEC filings.

各位早安，歡迎參加 Mistras Group 2025 年第四季財報電話會議。今天與我一同出席的有：董事會執行主席 Manny Stamatakis、總裁兼執行長 Natalia Shuman，以及資深執行副總裁兼財務長 Ed Prajzner。在開始之前，我想提醒各位，本次電話會議中的發言以及我們網站上提供的補充資訊，包含若干前瞻性陳述，並涉及風險與不確定性，如 Mistras 向美國證券交易委員會（SEC）提交之文件所述。

The major factors that can cause Mistras' actual results to differ are discussed in the company's most recent annual report on Form 10-K and other reports filed with the SEC. The discussion in this conference call will also include certain non-GAAP financial measures that we believe are useful to investors evaluating the company's performance but that were not performed -- prepared in accordance with US GAAP.

可能導致 Mistras 實際結果與預期不同的主要因素，已在公司最新的 Form 10-K 年度報告及其他向 SEC 提交的報告中討論。本次電話會議的討論亦將包含若干非 GAAP 財務衡量指標；我們認為這些指標有助於投資人評估公司表現，但其並非依照美國 GAAP 編製。

Reconciliation of these non-US GAAP financial measures to the most directly comparable US GAAP financial measures can be found in the tables contained in yesterday's press release and in the company's related current report on Form 8-K. These reports are available at the company's website in the Investors section and on the SEC's website.

上述非美國 GAAP 財務衡量指標與最直接可比之美國 GAAP 財務衡量指標的調節表，可在昨日新聞稿所附表格以及公司相關的 Form 8-K 當期報告中查閱。這些報告可於公司網站「投資人」專區及 SEC 網站取得。

I will now turn the conference over to Natalia.

接下來我將把電話會議交給 Natalia。

Good morning, everyone. Thank you for joining us today. It is my pleasure to report to you highlights of our fourth quarter and full-year financial performance and provide an update on the progress made to date on our strategic plan and our outlook for '26. Let me first start with fourth quarter results. I'm pleased to report that we delivered consolidated revenue growth of 5.1% in the fourth quarter versus the prior year.

各位早安。感謝各位今天加入我們。我很高興向各位報告我們第四季及全年財務表現的重點，並更新我們策略計畫迄今的進展，以及對 2026 年的展望。我先從第四季業績開始。我很高興報告，我們第四季合併營收較去年同期成長 5.1%。

As we communicated earlier this year, we successfully executed on a number of critical initiatives to restart revenue growth in second half of 2025. In particular, we generated double-digit revenue growth across several key areas of our business, namely within the aerospace and defense, power generation and infrastructure end markets.

如同我們今年稍早所溝通的，我們成功執行多項關鍵措施，以在 2025 年下半年重新啟動營收成長。尤其是在我們業務的幾個關鍵領域，我們實現了雙位數營收成長，主要來自航太與國防、發電以及基礎建設等終端市場。

Our Aerospace and Defense business, which is our long-term growth engine, led the way with $4.5 million of growth in the fourth quarter, increasing 21.9% over prior year quarter. Power Generation was up $3.3 million, representing 33.2% growth over prior year quarter. The industrials and infrastructure verticals were also up 6.7% and 26.8%, respectively, over the same time frame.

我們的航太與國防業務是長期成長引擎，第四季成長領先，增加 450 萬美元，較去年同期成長 21.9%。發電業務增加 330 萬美元，較去年同期成長 33.2%。工業與基礎建設垂直領域在同一期間也分別成長 6.7% 與 26.8%。

These increases more than offset the anticipated decline in oil and gas revenue due to timing of projects and the closure of unprofitable labs. Our aerospace and defense operations, as we have reported throughout the year, have made significant improvements in 2025, driven by new leadership supported by targeted capital investments. We have rebuilt the structure, introduced a hub-and-spoke operating model and implemented dynamic pricing strategies.

上述成長幅度已足以抵銷油氣營收的預期下滑，該下滑主要由專案時程以及關閉虧損實驗室所致。如同我們全年所報告的，我們的航太與國防營運在 2025 年已取得顯著改善，主要由新領導團隊推動，並配合具針對性的資本投資。我們重建了組織架構，導入樞紐—輻射（hub-and-spoke）營運模式，並實施動態定價策略。

In addition to commercial aerospace strength, demand within the private space and defense industries has also played a favorable role in expanding our growth in this market. These actions led to the record high performance in our laboratories business, which grew by 61% in our fourth quarter as compared to the prior year.

除商用航太的強勁表現外，私人太空與國防產業的需求亦對我們在此市場的成長擴張發揮了正面作用。這些行動帶動我們實驗室業務創下歷史新高表現，第四季較去年同期成長 61%。

Aerospace and defense expansion plus the double-digit growth in other key industries already mentioned, has resulted in favorable business mix, which in turn was a major driver behind the 190 basis point improvement in gross profit margin of 28.4% on gross profit of nearly $51.5 million for the fourth quarter. This contributed to our GAAP net income of $3.9 million and EPS of $0.12 in the fourth quarter and non-GAAP net income and EPS of $7.9 million and $0.20, respectively.

航太與國防的擴張，加上前述其他關鍵產業的雙位數成長，帶來有利的業務組合；這也成為第四季毛利率提升 190 個基點至 28.4% 的主要推動因素，第四季毛利接近 5,150 萬美元。這使我們第四季 GAAP 淨利達 390 萬美元、每股盈餘（EPS）為 0.12 美元；非 GAAP 淨利與 EPS 分別為 790 萬美元與 0.20 美元。

We achieved adjusted EBITDA of $24.8 million, which was up 18.2% over the prior year quarter, representing a 13.7% adjusted EBITDA margin, which was a 160 basis point improvement over the prior year comparable quarter. Our fourth-quarter adjusted EBITDA and adjusted EBITDA margin represent the highest ever fourth quarter performance achieved in the company's history. Equally important, this performance reflects improved pricing discipline, mix and operating efficiency and not only onetime actions such as restructuring and lab closures.

我們達成調整後 EBITDA 2,480 萬美元，較去年同期成長 18.2%，調整後 EBITDA 利潤率為 13.7%，較去年同期提升 160 個基點。我們第四季的調整後 EBITDA 與調整後 EBITDA 利潤率，為公司歷史上最高的第四季表現。同樣重要的是，這項表現反映了更佳的定價紀律、組合與營運效率提升，而不僅僅是重整與實驗室關閉等一次性措施。

Next, I would like to provide a few highlights of our full-year 2025 results. On a full-year basis, consolidated revenue was $724 million, which was slightly up year over year, excluding the impact of laboratory closures. Revenue was up for the full year in our aerospace and defense, industrials, power generation and infrastructure end markets.

接下來，我想提供幾項 2025 年全年業績重點。以全年來看，合併營收為 7.24 億美元；若排除實驗室關閉的影響，營收較去年略有成長。我們在航太與國防、工業、發電及基礎建設等終端市場的全年營收均呈現成長。

Our International segment delivered revenue growth of nearly 6% for the year, driven by a diversified platform, most notably solid performance within the industrials and aerospace and defense markets. We had anticipated our second half revenue performance to exceed that of the first half of the year, and this trend materialized, driven by significant improvements across key growth markets while improving margins.

我們的國際事業部全年營收成長接近 6%，受惠於多元化平台，尤其是工業以及航太與國防市場的穩健表現。我們原先預期下半年營收表現將優於上半年，而此趨勢已實現，主要由關鍵成長市場的顯著改善所帶動，同時也提升了利潤率。

We expect to continue this trajectory of profitable growth in the future. Our overall efforts in 2025 resulted in the generation of adjusted EBITDA of $91.1 million for the year with an EBITDA margin of 12.6%, which exceeded our previously issued outlook. Our intense focus throughout the year was to deliver EBITDA margin improvement.

我們預期未來將持續維持這條獲利成長的軌跡。我們在 2025 年的整體努力，使全年調整後 EBITDA 達 9,110 萬美元，EBITDA 利潤率為 12.6%，高於我們先前發布的展望。我們全年高度聚焦於提升 EBITDA 利潤率。

We, in fact, achieved these goals, utilizing financial and operational discipline while establishing a strong foundation in 2025 and providing credibility to the market, which our results demonstrated. To summarize our 2025 results, I am very pleased with our performance, achieving adjusted EBITDA at all-time record.

事實上，我們透過財務與營運紀律達成了這些目標，同時在 2025 年建立了堅實基礎並向市場建立可信度，而我們的成果已充分證明。總結 2025 年的表現，我對我們的成果非常滿意，調整後 EBITDA 創下歷史新高。

This is a testament to our proven business model and client-first mindset. In 2025, I was focused on building a new executive team, eliminated unprofitable business and streamlined the organization while focusing on the strategic direction and building new capabilities and developing a winning culture. We have already experienced early success, including recent wins, improved margins, the adoption of new pricing strategies and an overall new sense of purpose, direction and intensity, which position us very well for the future.

這證明了我們經驗證的商業模式與以客戶為先的思維。在 2025 年，我專注於打造新的高階管理團隊、淘汰虧損業務並精簡組織，同時聚焦策略方向、建立新能力並培養致勝文化。我們已經看到初步成功，包括近期得標、利潤率改善、採用新的定價策略，以及整體上更強的使命感、方向感與執行強度，這些都讓我們在未來具備非常有利的定位。

Let me now shift to a brief overview of our most recent progress against our 3 key priorities in our strategic plan, Vision 2030, the first of which is expanding our share of wallet and transforming our current services into a more comprehensive, integrated and innovative solutions for our customers. Our Data Solutions business plays a key role in executing on this priority.

接下來我將簡要說明我們在策略計畫「Vision 2030」三大關鍵優先事項中，近期的進展概況；其中第一項是擴大客戶錢包份額，並將我們現有服務轉型為更全面、整合且更具創新性的客戶解決方案。我們的資料解決方案（Data Solutions）業務在推動此一優先事項的落實上扮演關鍵角色。

This business derives significant value from its more than 20 years of inspection data that we have collected, analyzed and transformed into actionable insights for our customers. Specifically, within this business, we achieved great success within our planned condition management software, PCMS offering, which grew by 20.7% in the fourth quarter of 2025 and 25.2% for the full year versus the prior year comparable period.

此業務從我們逾 20 年所蒐集、分析並轉化為可供客戶採取行動之洞見的檢測資料中，獲得顯著價值。具體而言，在此業務中，我們於既定的狀況管理軟體 PCMS 產品方面取得重大成功；該產品於 2025 年第四季成長 20.7%，全年較前一年同期成長 25.2%。

This growth was driven by market demand, new customer adoption and increasing the number of in-house implementations. This offering is a specialized industrial software platform with a high level of recurring revenue. This platform is a part of broader OneSuite asset protection software ecosystem, a cloud-based integrated platform that brings together our various software tools, data services and analytics into a single connected environment, which helps to keep complex infrastructure safe, compliant and operating effectively.

此成長係由市場需求、新客戶採用以及內部導入（in-house implementations）數量增加所帶動。此產品為一個具高度經常性收入的專業工業軟體平台。該平台屬於更廣泛的 OneSuite 資產保護軟體生態系的一部分；OneSuite 為雲端整合平台，將我們各項軟體工具、資料服務與分析整合於單一互聯環境中，協助複雜基礎設施維持安全、合規並有效運作。

We expect to enlarge our market share related to our data analytical solutions business as we expand our platform from its original compliance focus to its current risk-based inspection, which will ultimately transition to more sophisticated, predictive maintenance and AI-centric platform, reflecting our commitment to continued innovation in data-driven inspection.

隨著我們將平台從最初以合規為核心的定位，擴展至目前以風險為基礎的檢測，我們預期將擴大在資料分析解決方案業務相關的市占率；而該平台最終將轉型為更先進的預測性維護與以 AI 為核心的平台，反映我們對持續推動資料驅動檢測創新的承諾。

We are monitoring and driving the data services revenue by growth -- by revenue growth by measuring several interrelated metrics, including sustaining a high year-over-year renewal rate, expanding the percentage of available applications utilized by each customer and increasing our customer retention. We intend to prospectively report upon the growth rate of this business, utilizing this and related metrics so that you can monitor our progress going forward.

我們透過衡量多項相互關聯的指標來監測並推動資料服務營收的成長——亦即以營收成長為目標，包括維持高的年度續約率、提高每位客戶使用之可用應用程式比例，以及提升客戶留存率。我們擬以前瞻方式，運用上述及相關指標報告此業務的成長率，使各位能在未來持續追蹤我們的進展。

In addition to doing more for the existing customers in the oil and gas market, we're also winning projects with new customers, allowing us to diversify our business, which is the second priority within our strategic plan. Examples of successful end market diversification include two recent wins in bridge monitoring contracts in the US where our innovative monitoring and data analytical capabilities set us apart.

除了在油氣市場為既有客戶提供更多服務外，我們也持續拿下新客戶專案，使我們得以分散業務，這是我們策略計畫中的第二項優先事項。成功的終端市場多元化案例包括我們近期在美國贏得兩項橋梁監測合約；我們創新的監測與資料分析能力使我們脫穎而出。

These projects helped to contribute to the growth in our infrastructure end market, which grew by $2.5 million or 26.8% in the quarter and $4.5 million or 13.2% for the full year. This growth, coupled with recently announced strategic hires, including a Vice President of Building and Infrastructure, further expands our capabilities and create new opportunities across an exciting end market.

這些專案有助於帶動我們基礎設施終端市場的成長：本季增加 250 萬美元（成長 26.8%），全年增加 450 萬美元（成長 13.2%）。此成長，加上近期公布的策略性招募（包括一位建築與基礎設施副總裁），進一步擴大我們的能力，並在這個令人振奮的終端市場中創造新的機會。

Another example of executing on this second priority in our recent announcement in December of 2025 of a win of a long-term construction project with Bechtel related to a new LNG terminal for Woodside, which is a multibillion-dollar LNG production and export facility under construction in South Louisiana.

另一個落實第二項優先事項的例子，是我們於 2025 年 12 月宣布，與 Bechtel 合作贏得一項長期建設專案，內容與 Woodside 的新 LNG 終端相關；該終端為位於路易斯安那州南部、正在興建中的數十億美元 LNG 生產與出口設施。

This project is one of the most significant energy infrastructure developments in the world and represent a major investment in the US Gulf Coast energy capacity. Additionally, we continue to pursue data center business. Our services provide integrated support throughout the entire data center life cycle, which is responding to high demand within this sector.

此專案是全球最重要的能源基礎設施開發案之一，代表對美國墨西哥灣沿岸能源產能的重大投資。此外，我們也持續拓展資料中心業務。我們的服務在資料中心全生命週期提供整合式支援，以回應該領域的高需求。

Currently, we are performing projects with some of the largest data center owners with the ability to further scale our services throughout the entire life cycle of the data center projects. This is illustrated in our previously announced partnership with Batchelor & Kimball to deliver our suite of specialized inspection services to B&K's data service center projects.

目前，我們正為部分最大型的資料中心業主執行專案，並具備在資料中心專案全生命週期進一步擴大服務規模的能力。這點可由我們先前宣布與 Batchelor & Kimball 的合作看出：我們將向 B&K 的資料服務中心專案提供一系列專業檢測服務。

Our overall diversification efforts, including targeted capital expenditures as well as additional strategic sales hires have bolstered our growth in power generation, industrials and infrastructure in the second half of the year. This diversified revenue growth demonstrates the success of our differentiated solutions and ability to deliver on customer expectations. The third priority of our strategic plan is focused on building operational leverage by doing what we do today but better through efficiency and productivity gains.

我們整體的多元化努力，包括具針對性的資本支出以及額外的策略性銷售招募，在下半年強化了我們於發電、工業與基礎設施領域的成長。這種多元化的營收成長展現了我們差異化解決方案的成功，以及我們滿足客戶期望的交付能力。我們策略計畫的第三項優先事項，聚焦於透過效率與生產力提升來建立營運槓桿——也就是把我們今天做的事做得更好。

We have invested in innovative proprietary technology to assist with digitalization of timekeeping and scheduling to more efficiently monitor the utilization of equipment and productivity of our technicians. In addition, we continue to strengthen our sales and business development teams, all of whom bring industry experience and fresh perspective to our business.

我們投資於創新的自有專有技術，以協助工時紀錄與排程的數位化，從而更有效率地監控設備使用率與技術人員生產力。此外，我們持續強化銷售與業務開發團隊；團隊成員皆具產業經驗，並為我們的業務帶來新觀點。

In summary, we have executed on several planned actions and initiatives throughout 2025, which have produced favorable outcomes. We believe that this growth reflects the strength of our people, integrated offering and continued focus on driving efficiencies across the business.

總結而言，我們在 2025 年執行了多項既定行動與倡議，並產生了正面成果。我們相信，這樣的成長反映了我們人才、整合式產品組合，以及持續專注於推動全公司效率提升的實力。

I will share more thoughts on 2026 later, but let me now turn the call over to Ed for more details on fourth quarter results and the highlights of full-year 2025.

我稍後會分享更多對 2026 年的看法，但現在先把電話會議交給 Ed，請他就第四季業績與 2025 全年重點提供更多細節。

Thank you, Natalia. Given some early successes of our strategic efforts, gross profit increased to nearly $205 million for the full-year 2025, up 6.4% from $192 million for full-year 2025, representing a gross profit margin of 28.4%, which was a 190 basis point improvement year over year compared to 26.3% in the prior year.

謝謝你，Natalia。鑑於我們策略性努力的初步成功，2025 全年毛利增加至接近 2.05 億美元，較 2025 全年之 1.92 億美元成長 6.4%，毛利率為 28.4%，較前一年度的 26.3% 年增 190 個基點。

As noted in our press release yesterday, our results reflect certain overhead and personnel expenses, which have been reclassified from SG&A to cost of revenue. The effect of this for the fourth quarter of 2024 was $5.5 million and for the full-year 2024 was $20.9 million, reclassification from SG&A to cost of revenue. This redistribution of overhead and personnel expenses had no impact on operating income, net income or adjusted EBITDA comparability.

如同我們昨日新聞稿所述，我們的結果反映了部分管理費用與人事費用，已自銷售、一般及行政費用（SG&A）重新分類至營收成本。此重新分類對 2024 年第四季的影響為 550 萬美元，對 2024 全年的影響為 2,090 萬美元，均為自 SG&A 轉列至營收成本。此項管理費用與人事費用的重新分配，對營業利益、淨利或調整後 EBITDA 的可比性並無影響。

Selling, general and administrative expenses were up $3.6 million in the fourth quarter compared to the prior year comparable period, attributable to strategic investments to grow our business and unfavorable foreign translation conversion. SG&A for full-year 2025 was $139.9 million as compared to $135.5 million in the prior year, an increase of $4.4 million, again, due primarily to unfavorable foreign translation conversion in addition to strategic investments to grow our business, the selling component of SG&A, whereas general and administrative overhead spending has been and will continue to be tightly controlled.

與前一年同期相比，第四季銷售、一般及行政費用增加 360 萬美元，主要歸因於為擴大業務所做的策略性投資，以及不利的外幣換算影響。2025 全年 SG&A 為 1.399 億美元，較前一年度的 1.355 億美元增加 440 萬美元；同樣主要係因不利的外幣換算影響，另加上為擴大業務所做的策略性投資（SG&A 中的銷售部分），而一般與行政管理費用支出一直且將持續受到嚴格控管。

During the current fiscal year, we revised our presentation of foreign currency losses and gains, which are now included within other expense and income line net. Previously, such amounts were presented within selling, general and administrative expenses. The prior year amounts have not been reclassified due to immateriality.

在本會計年度，我們修訂了外幣損益的表達方式，現已納入「其他費用及收入（淨額）」項下。先前，該等金額係列示於銷售、一般及行政費用中。由於金額不重大，前一年度數字未予重分類。

This change in presentation had no effect on previously reported net income. GAAP income from operations in the fourth quarter of 2025 was $10.4 million compared to $10.5 million in the prior year period. GAAP income from operations for the full year improved to $40.6 million from $39.8 million in the prior year. Non-GAAP income from operations in the fourth quarter improved to $15.7 million from $14.3 million, an increase of nearly 10%, on a full-year basis, non-GAAP income from operations improved to $55 million from $46.2 million, which is an increase of nearly 19% or 130 basis points year over year.

此項表達方式變更對先前已報告的淨利並無影響。2025 年第四季 GAAP 營業利益為 1,040 萬美元，較前一年同期的 1,050 萬美元略低。2025 全年 GAAP 營業利益由前一年度的 3,980 萬美元提升至 4,060 萬美元。2025 年第四季非 GAAP 營業利益由 1,430 萬美元提升至 1,570 萬美元，增幅接近 10%；以全年計，非 GAAP 營業利益由 4,620 萬美元提升至 5,500 萬美元，年增接近 19%，或年增 130 個基點。

We recorded $12.6 million of reorganization and other costs for the full-year 2025 and $4.8 million during the fourth quarter related to our continuing initiatives to reduce and recalibrate overhead costs in addition to incremental cost of other related actions.

我們在2025全年認列了1,260萬美元的重整及其他成本，第四季認列480萬美元，主要與我們持續推動降低並重新校準間接費用的措施，以及其他相關行動所產生的額外成本有關。

Our effective income tax rate for the full-year 2025 was 24.7% as compared to 22% for the prior year. We anticipate our effective income tax rate for 2026 to be in the mid-25% range. Interest expense was $3.7 million for the fourth quarter, down by $0.2 million from the prior year period. For the full-year 2025, interest expense was $14.6 million, down $2.5 million from the prior year. For the fourth quarter, we reported GAAP net income of $3.9 million or $0.12 per diluted share.

我們2025全年有效所得稅率為24.7%，相較前一年度為22%。我們預期2026年的有效所得稅率將落在25%中段區間。第四季利息費用為370萬美元，較去年同期減少20萬美元。2025全年利息費用為1,460萬美元，較前一年度減少250萬美元。第四季我們依GAAP報告淨利為390萬美元，或稀釋後每股0.12美元。

On a non-GAAP basis, we reported non-GAAP net income of $8 million or $0.25 per diluted share for the fourth quarter. This resulted in GAAP net income of $16.8 million or $0.53 per diluted share for the full-year 2025 and non-GAAP net income of $28.1 million or $0.88 per diluted share for the year ended December 31, 2025. This compares to GAAP net income of $19 million or $0.60 per diluted share and non-GAAP net income of $22.7 million or $0.72 per diluted share in the prior year period due primarily to incremental reorganization and other costs incurred in '25.

以非GAAP基礎計算，第四季我們報告非GAAP淨利為800萬美元，或稀釋後每股0.25美元。因此，2025全年GAAP淨利為1,680萬美元，或稀釋後每股0.53美元；截至2025年12月31日止年度的非GAAP淨利為2,810萬美元，或稀釋後每股0.88美元。相較之下，前一年度同期GAAP淨利為1,900萬美元，或稀釋後每股0.60美元；非GAAP淨利為2,270萬美元，或稀釋後每股0.72美元；差異主要係因2025年發生額外的重整及其他成本所致。

As committed in the third quarter, we delivered positive free cash flow in the fourth quarter of 2025, and I'm pleased to report that we generated $32.1 million of cash from operations and $24.6 million of free cash flow in the fourth quarter of 2025. This compares to $25.7 million of cash from operations and $20.8 million of free cash flow in the prior year comparable period.

如同我們在第三季所承諾的，我們在2025年第四季實現了正向自由現金流；我很高興報告，我們在2025年第四季由營運活動產生現金3,210萬美元，自由現金流2,460萬美元。相較之下，去年同期由營運活動產生現金為2,570萬美元，自由現金流為2,080萬美元。

For the full-year 2025, we generated $33 million of cash from operations and $3.8 million of free cash flow as compared to $50.1 million of cash from operations and $27.1 million of free cash flow in the prior year period. While full-year free cash flow declined versus last year, this was driven by three identifiable factors. Elevated DSO during our ERP stabilization period, higher restructuring activity and growth-related CapEx.

2025全年，我們由營運活動產生現金3,300萬美元，自由現金流380萬美元；相較前一年度同期由營運活動產生現金5,010萬美元，自由現金流2,710萬美元。雖然全年自由現金流較去年下滑，但主要由三項可辨識因素所驅動。包括在ERP穩定化期間DSO偏高、較高的重整活動，以及與成長相關的資本支出（CapEx）。

Two of these three factors are already moderating, and we expect improved cash flow conversion as we move through 2026. We will build upon this cash improvement achieved in the fourth quarter and continue to prioritize improving our cash flow performance in 2026, specifically by leveraging a newly hired Vice President of Working Capital Management as well as by improving back-office structure, tools and accountability to accelerate the order to cash cycle and lowering accounts receivable.

上述三項因素中的兩項已開始趨緩，我們預期隨著進入2026年，現金流轉換將有所改善。我們將在第四季達成的現金改善基礎上持續精進，並在2026年持續優先提升現金流表現，具體作法包括善用新聘任的營運資金管理副總裁，以及改善後勤（back-office）組織架構、工具與責任制，以加速從接單到收現（order to cash）循環並降低應收帳款。

Our total accounts receivable balance was $154.7 million as of December 31, 2025, up $27.4 million as compared to $127.3 million as of December 31, 2024. This was due to the timing of working capital throughout the year. We are intently focused on reducing our accounts receivable balance below fiscal '24 levels throughout 2026.

截至2025年12月31日，我們應收帳款總餘額為1.547億美元，較截至2024年12月31日的1.273億美元增加2,740萬美元。此係由於全年營運資金時點分布所致。我們將高度聚焦於在2026年期間把應收帳款餘額降至低於2024會計年度水準。

In addition, increased restructuring charges of $7 million and incremental CapEx investments of $6.2 million year over year, which are anticipated -- which were anticipated as a part of our strategic plan, also adversely impacted our cash flow. Specifically, our CapEx in 2025 was $29.2 million as compared to $23 million in the prior year.

此外，重整費用年增700萬美元，以及資本支出年增620萬美元（此等支出原本即為我們策略計畫的一部分並已預期），亦對我們的現金流造成不利影響。具體而言，我們2025年的資本支出為2,920萬美元，相較前一年度為2,300萬美元。

This increased capital expenditure spending in 2025 was heavily focused on the selective expansion of lab capabilities and capacity in addition to strategic equipment purchases focused on improving the safety and efficiency of our field operations. We anticipate maintaining CapEx at this higher level into 2026 to approximately 4.5% of revenue, but maintaining spending thereafter at our prior depreciation level.

2025年資本支出增加的重點，主要在於選擇性擴充實驗室能力與產能，以及策略性設備採購，以提升我們現場作業的安全性與效率。我們預期2026年將維持此較高的資本支出水準，約為營收的4.5%，其後則將支出維持在先前的折舊水準。

This will enable us to continue to expand and upgrade capacity, particularly at our in-lab aerospace and defense facilities, which have been partially constrained by capacity. These investments are targeted towards areas where demand already exists. The primary return mechanism is improved utilization and throughput, which allows us to convert existing demand into revenue more efficiently rather than relying on speculative growth.

這將使我們得以持續擴充並升級產能，特別是我們實驗室內的航太與國防設施，該等設施部分受到產能限制。這些投資鎖定於需求已存在的領域。主要的回報機制在於提升設備利用率與處理量（throughput），使我們能更有效率地將既有需求轉化為營收，而非仰賴投機性的成長。

Gross debt was $178 million at December 31, 2025, compared to $169.7 million at December 31, 2024, an increase of $8.3 million. Net debt was $150 million at December 31, '25, compared to $151.3 million at December 31, '24, a decrease of $1.3 million. Our bank-defined leverage ratio was approximately 2.5x at December 31, 2025, which is up versus approximately 2.3x as of December 31, 2024, yet is well within the maximum allowable leverage ratio of 3.75x.

截至2025年12月31日，總負債（gross debt）為1.78億美元，較截至2024年12月31日的1.697億美元增加830萬美元。截至2025年12月31日，淨負債（net debt）為1.50億美元，較截至2024年12月31日的1.513億美元減少130萬美元。截至2025年12月31日，我們依銀行定義之槓桿比率約為2.5倍，高於截至2024年12月31日約2.3倍，但仍遠低於最高允許槓桿比率3.75倍的上限。

Our capital allocation strategy is to use residual free cash flow to pay down debt to a 2x leverage ratio while maintaining a temporarily elevated CapEx level. We will continue to emphasize debt reduction as our priority use of our residual free cash flow, and we are targeting a debt paydown of approximately $20 million in fiscal '26 in addition to the significant paydown we made in the fourth quarter of 2025.

我們的資本配置策略，是在維持暫時較高的資本支出水準之同時，運用剩餘自由現金流償還債務，將槓桿比率降至2倍。我們將持續把減債作為剩餘自由現金流的優先用途，並以在2026會計年度額外償還約2,000萬美元債務為目標，另加上我們在2025年第四季已進行的顯著償還。

This would result in a defined bank leverage ratio of approximately 2x by the end of fiscal '26. In summary, this significant financial improvement reflects our proactive cost management, operational efficiency leverage and focus on higher-margin businesses. And this success was attributable to a new and invigorated executive team, reducing unprofitable business and being laser-focused on our strategic direction, all while building new capabilities and developing the culture to win.

這將使得依銀行定義之槓桿比率在2026會計年度末約為2倍。總結而言，這項顯著的財務改善反映了我們主動的成本管理、營運效率槓桿，以及對高毛利業務的聚焦。而這項成功可歸因於一支全新且充滿活力的管理團隊、縮減不具獲利性的業務並高度聚焦於我們的策略方向，同時建立新能力並培養致勝文化。

Let me now turn the call back over to Natalia for her to give us her outlook on '26.

接下來我把電話交回給Natalia，請她分享對2026年的展望。

Thank you, Ed. Given that we have established the foundation for future success in 2025, we view 2026 as an opportunistic time in the market to continue on a number of management imperatives towards executing on our strategic plan in order to position Mistras to unlock its inherent value over the longer term.

謝謝你，Ed。鑑於我們已在2025年奠定未來成功的基礎，我們將2026年視為市場上的一個有利時點，可持續推進多項管理要務以落實我們的策略計畫，從而使Mistras在較長期內釋放其內在價值。

First, as Ed mentioned, we will be increasing capital expenditures from our historic five-year average of approximately 3% to 4.5% of revenue to expand and upgrade capacity and remove constraints for targeted growth. These investments will be primary focused on our in-lab business, serving the fast-growing aerospace and defense market. Scale is a key for our customers within this market who demand integrated services in large capacities from their supply chain partners.

首先，如Ed所提及，我們將把資本支出由過去五年約占營收3%的歷史平均水準，提高至營收的4.5%，以擴充並升級產能，解除限制以支持目標成長。這些投資將主要聚焦於我們的實驗室內（in-lab）業務，以服務快速成長的航太與國防市場。在此市場中，規模對我們的客戶至關重要；他們要求其供應鏈夥伴能以大規模產能提供整合式服務。

Additionally, we will invest in CapEx related to innovative AI capabilities in our data solutions businesses. This will enable faster and more accurate analytics and insights for our customers. Our overall CapEx plan reflects confidence in our customer demand trends with compelling ROI expectations.

此外，我們將投資於與我們資料解決方案業務中創新 AI 能力相關的資本支出（CapEx）。這將使我們的客戶能夠更快速且更精準地取得分析與洞察。我們整體的 CapEx 計畫反映出我們對客戶需求趨勢的信心，並對投資報酬率（ROI）抱持具吸引力的預期。

Most importantly, these investments are targeted and sequenced. We do not view margin erosion, leverage creep on negative free cash flow as acceptable trade-offs. Our intent is to protect the earnings base while expanding long-term earnings power.

最重要的是，這些投資是有針對性且按順序推進的。我們不認為在負自由現金流情況下的利潤率侵蝕、槓桿率逐步上升是可接受的取捨。我們的目標是在擴大長期獲利能力的同時，保護既有的獲利基礎。

Secondly, we will be focused on our go-to-market strategy and invest in our sales-related technological applications and other initiatives. This investment will focus on advancing our effort in marketing and selling our leading proprietary technology and innovative data-centric solutions such as ART crawlers and OneSuite digital applications as a suite of data-centric services, providing predictive solutions and strategic insight.

第二，我們將聚焦於我們的市場進入（go-to-market）策略，並投資於與銷售相關的技術應用及其他計畫。此項投資將著重於推進我們在行銷與銷售領先自有技術及創新、以資料為核心的解決方案方面的努力，例如 ART 爬蟲與 OneSuite 數位應用，將其作為一套以資料為核心的服務來提供，帶來預測性解決方案與策略洞察。

By undertaking the strategic initiatives and investing organically for long-term market-leading growth, we will leverage our competitive advantages and strengths to position -- to best position ourselves for success and future growth. Accordingly, for 2026, we anticipate full-year revenue to between $730 million to $750 million and adjusted EBITDA to be between $91 million to $93 million.

透過推動策略性計畫並以內生成長方式進行長期、具市場領導地位的投資，我們將運用競爭優勢與強項，來定位——以最佳方式定位我們自己，以取得成功並實現未來成長。因此，對於 2026 年，我們預期全年營收介於 7.30 億至 7.50 億美元之間，調整後 EBITDA 介於 9,100 萬至 9,300 萬美元之間。

While we are addressing both CapEx and targeted operating investments in 2026, we expect adjusted EBITDA margins to remain resilient as we plan to maintain operational discipline and cost control. We also expect net income and EPS to exceed 2025 performance. Importantly, our 2026 outlook does not assume a macro acceleration or strong rebound in oil and gas activity or any contribution from acquisitions.

在 2026 年我們同時處理 CapEx 與有針對性的營運投資之際，我們預期調整後 EBITDA 利潤率仍將保持韌性，因為我們計畫維持營運紀律與成本控管。我們也預期淨利與每股盈餘（EPS）將優於 2025 年表現。重要的是，我們對 2026 年的展望並未假設總體環境加速，或油氣活動強勁反彈，也未納入任何併購貢獻。

I would now like to our Executive Chairman of the Board, Manny Stamatakis, to offer his remarks.

現在我想請董事會執行董事長 Manny Stamatakis 發表他的談話。

Thank you, Natalia, and good morning, everyone. I would like to offer you a brief Board-level perspective as we look ahead. 2025 was a very good year for the company, particularly in strengthening our position in data-driven inspection, mission-critical testing and aerospace and defense programs. I am pleased with the operational progress and the platform that management has built across these end markets.

謝謝你，Natalia，各位早安。展望未來，我想從董事會層級提供一個簡要觀點。2025 年對公司而言是非常好的一年，特別是在強化我們於資料驅動檢測、關鍵任務測試，以及航太與國防計畫方面的地位。我對營運進展以及管理團隊在這些終端市場建立的平台感到滿意。

Particularly, I want to commend the meaningful strides we've made this year in significantly improving our executive team under the direction of our CEO. We strengthened leadership and sharper execution have materially improved our performance and strategic focus.

尤其是，我要稱讚在我們執行長的帶領下，今年我們在大幅改善高階管理團隊方面取得了實質進展。更強的領導力與更銳利的執行，已在實質上提升了我們的績效與策略聚焦。

As we enter 2026, the Board fully supports management's view that this will be an investment year, focused on transforming and modernizing our platform. In our industry, long-term value is created by investing to meet demand within our end markets in data integrity, digital inspection capabilities, specialized talent and accreditation for higher complexity aerospace and defense work.

進入 2026 年，董事會完全支持管理團隊的看法：這將是一個投資年，重點在於轉型並現代化我們的平台。在我們的產業中，長期價值來自於投資以滿足終端市場對資料完整性、數位檢測能力、專業人才，以及更高複雜度航太與國防工作所需的認證（accreditation）需求。

Such investments take time to translate into revenue and margin expansion, but they are essential to sustaining durable growth. Most importantly, the Board views 2026 as an acceleration of our strategy via increased investments and a deliberate step to deepen our technical differentiation and expand our relevance to customers operating in regulated mission-critical environments.

這類投資需要時間才能轉化為營收與利潤率擴張，但對於維持持久成長至關重要。最重要的是，董事會將 2026 年視為透過增加投資來加速我們策略的一年，並且是有意識地深化我們的技術差異化、擴大我們對於在受監管且關鍵任務環境中營運之客戶的相關性的一步。

We are confident in the execution plan, the capital allocation priorities and the long-term ambitions, particularly as risk-based inspection and aerospace defense spending continue to evolve. I wanted investors to hear clearly that the Board views 2026 as a targeted year, which will strengthen the foundation for future growth.

我們對執行計畫、資本配置優先順序以及長期願景充滿信心，特別是在風險導向檢測與航太國防支出持續演進之際。我希望投資人能清楚聽到：董事會將 2026 年視為一個有針對性的年度，將強化未來成長的基礎。

I'll now turn it back to Natalia for her to give you her closing thoughts.

現在我把時間交還給 Natalia，請她做結語。

Thank you, Manny. I'll close by thanking all of our customers and partners who contributed to our superior results throughout 2025. And in particular, I would like to sincerely thank all of our Mistras team members from the front lines to the back office for their tireless efforts in executing on their day-to-day tasks while embracing transformative change in the evolving strategy of our company.

謝謝你，Manny。最後，我要感謝所有在 2025 年期間為我們優異成果做出貢獻的客戶與合作夥伴。尤其是，我要由衷感謝所有 Mistras 團隊成員，從第一線到後勤辦公室，感謝大家不懈地完成日常工作，同時在公司策略演進中擁抱轉型變革。

These efforts are creating value for our customers and in turn for our shareholders. We look forward to updating you on our performance as we progress further in 2026 towards our strategic goals.

這些努力正在為我們的客戶創造價值，進而也為股東創造價值。隨著我們在 2026 年持續朝策略目標邁進，我們期待向各位更新我們的績效表現。

And with that, let me turn the call back to the operator for questions.

接下來，我把電話交回接線員，進入提問環節。

(Operator Instructions) Mitchell Pinheiro, Sturdivant & Co.

(接線員指示) Mitchell Pinheiro，Sturdivant & Co.。

Can you hear me?

聽得到我嗎？

Yes, Mitchell.

是的，Mitchell。

A couple of questions. So Aerospace and Defense, it's your -- had a great quarter, and it's obviously a big part of -- it's your longer-term growth engine, I think, as you said. So I'm curious -- and you also -- in other remarks, you talked about good visibility.

有幾個問題。關於航太與國防，你們——這一季表現非常出色，而且顯然也是——我想如你所說，它是你們長期成長引擎的重要部分。所以我很好奇——另外你在其他談話中也提到能見度良好。

So I guess, when you look at backlog of your customers, both in the space side and the aerospace side and then on the defense side, what kind of confidence do you have in that? Number two, from a capacity, you talked about expanding capacity.

所以我想問的是，當你們看你們客戶的在手訂單（backlog），不論是太空端、航太端，還是國防端，你們對此有多大的信心？第二，從產能角度，你提到要擴充產能。

Is that at all revenue limiting in 2026? Or you have plenty of capacity to do what you need to do? And then -- and are you winning new business with these customers? And if so, how are you doing that in terms of capabilities? Or is it -- just curious how you're doing it.

這在 2026 年會不會在任何程度上限制營收？或者你們有足夠的產能來完成需要做的事？另外——你們是否正在從這些客戶那裡贏得新業務？如果是，你們是如何透過能力來做到的？或者——只是好奇你們是怎麼做的。

Yes. Thank you. Thanks for this question. I will start with customers. Indeed, we do have very good close relationships with our customers.

是的。謝謝。謝謝這個問題。我先從客戶談起。確實，我們與客戶維持非常良好且緊密的關係。

We meet with them, specifically in aerospace and defense, I'm talking about, we meet with them monthly to evaluate their demand. We know what they expect. And as I mentioned before, for them, scale and capacity matters. We also have established a hub-and-spoke model that allows us to use that platform at large for our customers. So regardless of their location, we are able to assist that, but again, by expanding the capacity.

我們會與他們會面，特別是就航太與國防而言，我們每月都會與他們會面以評估其需求。我們知道他們的預期。而且如我先前提到的，對他們而言，規模與產能很重要。我們也建立了樞紐—輻射（hub-and-spoke）模式，使我們能以更大範圍運用該平台來服務客戶。因此，不論他們位於何處，我們都能提供支援，但同樣地，是透過擴充產能來做到。

When talking to specifically about capacity and your questions whether we do have constraints, yes, we do have constraints, and that's exactly where we're going to invest to remove those constraints to then increase the utilization, increase the throughput, increase the productivity and then sort of unlock the demand into really into the revenue.

至於你問到產能以及我們是否有瓶頸，是的，我們確實有瓶頸，而這正是我們將投資以消除這些限制之處，進而提高稼動率、提高產出吞吐量、提升生產力，然後把需求真正轉化為營收。

So that's essentially what we're doing in aerospace and defense. We have great visibility into the demand. And these customers are -- as you know, in aerospace and defense, there is a strong demand for NDT, particularly NDT testing. And they don't have enough of in-house capabilities.

這基本上就是我們在航太與國防領域所做的事。我們對需求具有很高的能見度。而且如你所知，在航太與國防領域，對無損檢測（NDT），特別是 NDT 測試，有強勁需求。而他們內部的能力不足。

So they are certainly looking for other suppliers who can support them and who can be large enough to support them. And yes, we're winning new business. So we're celebrating adding a few new customers this year. And this is all thanks to our team that's there on the ground, and they're doing a really good job.

因此，他們當然在尋找其他能支援他們、且規模足以支援他們的供應商。是的，我們正在贏得新業務。所以我們今年很高興新增了幾位新客戶。這都要歸功於我們在第一線的團隊，他們做得非常出色。

Okay. And then just one more question on aerospace and defense. So in terms of capabilities, is this a target area for maybe a tuck-in acquisition? Do you have any plans for something like that? Or are you looking at that?

好的。接著再問一個關於航太與國防的問題。就能力面而言，這是否可能是一個用於補強型併購（tuck-in acquisition）的目標領域？你們有這類計畫嗎？或你們正在評估這件事嗎？

Or is it -- or you think you can sort of do it just through your own CapEx, your own internal investment?

還是說——或者你認為你們可以透過自有資本支出（CapEx）、自有的內部投資來做到？

Look, you're absolutely right. The growth and differentiation comes from the capabilities, depth in that business specifically. So we have commented before that we are enlarging our offering. In addition to NDT testing, we now do welding, machining, repairs, cleaning. -- and so on.

你說得完全正確。成長與差異化來自於能力，尤其是該業務的專業深度。所以我們之前也提過，我們正在擴大我們的服務內容。除了無損檢測（NDT）之外，我們現在也做焊接、機加工、維修、清洗——等等。

So that is quite critical for our customers. In terms of acquisitions, as you can imagine, it's very pricey acquisitions at this moment. Of course, we are always looking at our capital allocation strategy. But at this time, we believe that the highest return on our capital is organic expansion. So -- and we believe that we are capable of building these capabilities and organically expand our capacities.

所以這對我們的客戶而言相當關鍵。就併購而言，如你所想，目前併購價格非常昂貴。當然，我們一直在檢視我們的資本配置策略。但在此時，我們認為資本報酬率最高的是有機擴張。因此——我們也相信我們有能力建立這些能力，並以有機方式擴充產能。

I can give you a good example in Q4 demonstrated that. To respond on demand, we -- at one lab, we added 100% of headcount, basically enlarge headcount. We removed that constraint, and we were able to generate increase in revenue of 61%. Can we repeat it? Probably not to that extent, but we already see the ways how we can remove existing constraints to generate additional revenue.

我可以給你一個很好的例子，第四季就證明了這點。為了回應需求，我們——在某一個實驗室把人力增加了100%，基本上就是擴編人數。我們移除了那個限制，營收得以成長61%。我們能再複製一次嗎？可能沒辦法到那種程度，但我們已經看到一些方法，可以移除現有瓶頸來帶動額外營收。

Okay. Helpful. And then I mean, with obviously, the disruption in the Middle East, I'd love to hear your thoughts about how it may be affecting operations or how you view the first quarter? Is there any insight you could provide there would be helpful.

好的。很有幫助。另外，考量到中東的動盪，我想聽聽你對它可能如何影響營運、或你如何看待第一季的看法。如果你能提供任何洞見都會很有幫助。

Yes, certainly. We have not seen a material direct impact. Our footprint in that region is very limited. But of course, there's a lot of uncertainty, and we continue to monitor geopolitical developments. Our customers are still evaluating what it means to them.

是的，當然。我們尚未看到重大的直接影響。我們在該地區的據點非常有限。但當然，不確定性很高，我們會持續監控地緣政治發展。我們的客戶也仍在評估這對他們意味著什麼。

Obviously, as you well know, if the oil price as a result of these events, if oil price goes up, the upstream activities will be intensified within the US, and it will positively impact us. But at this time, it's too premature to say.

顯然，如你所知，如果油價因這些事件而上升，上游活動在美國將會加速，這會對我們帶來正面影響。但就目前而言，現在下結論還太早。

Okay. And then just one more question. So you in terms of -- obviously, oil and gas is the majority of your business at the moment and the faster-growing segments, aerospace, the energy, your power generation, I guess, I should say, infrastructure, they're going to be your focus or obviously, your growth focus, let's say.

好的。再問最後一個問題。就你們而言——顯然目前油氣仍是你們業務的大宗，而成長較快的區塊如航太、能源、我想應該說是發電，以及基礎建設，將會是你們的重點或成長重點。

Is -- could you talk about new customer wins, bid activity in those application -- in those segments. What -- do you think the growth is going to come from existing customers, a balance between existing customers and new customers?

能否談談在那些應用——在那些區隔中的新客戶得標、投標活動？你認為成長會來自既有客戶，還是既有客戶與新客戶之間的平衡？

And also, if you could talk about like sort of the margin profile of these growth businesses as compared to, say, your company average?

另外，如果你也能談談這些成長型業務相較於例如公司平均水準的毛利／利潤結構，那就更好了。

Yes. Thank you for this question. It's a very good one. It actually touches on two of our strategic priorities that we intently focus on. One is the oil and gas customers where we are expanding our offerings and services.

是的。謝謝這個問題。這是一個非常好的問題。它其實觸及我們非常專注的兩項策略優先事項。第一是油氣客戶，我們正在擴大我們的產品與服務內容。

And that's where, again, we believe very strongly that we are able to participate in oil and gas customers' digitalization efforts. And by offering to them our data services and data analytics and AI tools, we're able to help them to be more efficient as they looking at their performance.

而在這方面，我們再次非常堅信，我們能參與油氣客戶的數位化工作。透過向他們提供我們的數據服務、數據分析與AI工具，我們能協助他們在檢視自身績效時提升效率。

So there, we're talking about expanding that existing client base or expanding the share of their wallet and we're talking expanding of the margins, right? We're intently focused on margins profile in our core markets of oil and gas. The second priority is the diversification.

所以在那裡，我們談的是擴大既有客戶基礎，或提高我們在其支出中的占比（share of wallet），同時也談到提升利潤率，對吧？我們非常專注於油氣核心市場的利潤結構。第二個優先事項是多元化。

And those industries, like you mentioned, is infrastructure, power generation, where we -- again, we're winning new contracts. There, it's all about capabilities and all about building that go-to-market strategy. So while we're working on capabilities, while we're investing in that part, we're also looking at how best to competitively position ourselves. Again, great example will be data centers. We have what it takes when it comes to data centers.

而你提到的那些產業，例如基礎建設、發電，我們——同樣正在贏得新合約。在那裡，關鍵就是能力，以及建立市場進入（go-to-market）策略。因此，在我們打造能力、投入該部分投資的同時，我們也在思考如何以最佳方式進行競爭定位。再舉一個很好的例子：資料中心。就資料中心而言，我們具備所需的一切。

It's the same services we already provide for our core client base like oil and gas, but here, we're using a new use case. So it takes a little time to get this going, but we already had that win and margin profile, to answer to your question, is higher because those services in high demand at the moment and the demand is very visible. So that allows us to, again, to position us competitively well and still generate sufficient amount of margins.

這些其實是我們已經為油氣等核心客戶提供的同樣服務，但在這裡我們採用的是新的使用情境。所以推動起來需要一些時間，但我們已經拿到那個案子；至於你問的利潤結構，會更高，因為這些服務目前需求很旺，而且需求能見度很高。因此，這讓我們能再次把競爭定位做得很好，同時仍能產生足夠的利潤。

Okay. And by the way just one more question. I'm sorry. When you look at the revenue guidance for this year, the difference between the low end of the range and the high end of the range is what type of -- why would we be at the low end versus why would we be at the high end?

好的。順帶一提再問一個問題。不好意思。當你看今年的營收指引時，區間低端與高端之間的差異代表什麼——為什麼會落在低端、又為什麼會落在高端？

Good question. So basically, the reason is -- so there's a couple of scenarios that we're looking at, right? And our large share of our business is still in oil and gas. And so our customers, although they did already present themselves as I would describe it less pessimistic, but they're still quite cautious. So it's a large portion of our business.

好問題。基本上，原因是——我們在看幾種情境，對吧？而我們業務中很大一部分仍在油氣。因此，我們的客戶雖然已經表現得——我會形容為沒那麼悲觀，但他們仍然相當謹慎。而這又占了我們業務的很大一部分。

So depending on how oil and gas customers do this year would largely impact our performance. So we're quite confident when it comes to aerospace and defense, infrastructure, power generation, we will generate sufficient amount of growth there. But again, it's a smaller share of our total revenue. And therefore, we are dependent on the oil and gas market. We are making -- again, all the strategic plan is about to diversify as much as possible.

所以油氣客戶今年的表現如何，將在很大程度上影響我們的業績。因此，對於航太與國防、基礎建設、發電，我們相當有信心能在那裡帶來足夠的成長。但同樣地，那在我們總營收中占比比較小。因此，我們仍然依賴油氣市場。我們正在——再次強調，我們整個策略計畫就是要盡可能多元化。

So we are not -- we are less dependent. But at this time, this is our scenario where it all depends how well we do at the -- in the oil and gas market.

如此一來，我們就不會——我們的依賴度會更低。但在此時，我們的情境仍是：一切取決於我們在——油氣市場的表現有多好。

John Franzreb, Sidoti & Co.

John Franzreb，Sidoti & Co.

I'd like to start with the fourth quarter results, especially the improvement in the gross margin profile. I was wondering if you could quantify how much of that is pricing versus mix versus maybe exiting some of the unprofitable businesses? Can you kind of put a bandwidth around where the improvements came from?

我想先從第四季的結果談起，特別是毛利率結構的改善。我想請問您是否可以量化一下，這當中有多少來自定價、有多少來自產品/業務組合，或是可能退出一些不獲利的業務？您能否大致給個區間，說明改善主要來自哪些因素？

Absolutely. I will start qualitatively and then Ed will add if anything. So there's 3 distinct factors that influence our performance in Q4. And it's a mix -- a favorable revenue mix number one; number two, it's improved pricing discipline. And number three is really the operating efficiency.

當然可以。我先做定性的說明，之後 Ed 如有補充再加上。我們在第四季的表現主要受三個明確因素影響。第一是有利的營收組合；第二是定價紀律的提升。第三則是營運效率的提升。

So there's less impact of the unprofitable branches or laboratories closures, and we'll talk about it. But let me unpack it a little bit. So obviously, revenue mix comes with the expansion of the aerospace and defense, right, as our laboratory business contributed really well as well as our data services. So again, we saw great growth in PCMS due to multiple implementations. So that's revenue mix that contributed to higher gross margins.

至於不獲利據點或實驗室關閉的影響較小，我們也會談到。但我先稍微拆解一下。很明顯地，營收組合的改善來自航太與國防業務的擴張，對吧？同時我們的實驗室業務以及資料服務也貢獻良多。另外，由於多項導入，我們看到 PCMS 有很好的成長。因此，這樣的營收組合帶動了更高的毛利率。

If I have to quantify -- so let me touch on the pricing first. So pricing discipline. So we -- as we already mentioned in 2025 in the beginning, we had established very rigorous pricing programs, and now they are working really well. So the pricing discipline and again, in the Q1 -- in the Q4, when we had a surge in demand in aerospace and defense, we were able to apply that pricing discipline, and we had some expedited fees.

如果要量化的話——我先談定價。也就是定價紀律。如同我們在 2025 年初已提到的，我們建立了非常嚴謹的定價方案，而現在運作得非常好。因此，在第一季——更正，在第四季，當航太與國防需求激增時，我們能夠運用這套定價紀律，並收取了一些加急費用。

And in fact, it's again, had a positive impact on our gross margins. So if I have to quantify it, it's probably think about it as 25% price and 75% volume, specifically in aerospace and defense. And then on operating efficiencies, right, it's -- obviously, there is some restructuring impact, but it's minimal. It's around 1.5%. But there -- it's not big. So it's really the effect of price and the mix.

事實上，這也再次對我們的毛利率帶來正面影響。若要量化，大概可以把它想成 25% 來自價格、75% 來自量，特別是在航太與國防領域。至於營運效率方面，對吧——顯然有一些重整的影響，但很小。大約是 1.5%。但——幅度不大。所以主要還是價格與組合的效果。

Got it. And just maybe to reframe one of the previous questions, is there a way to call out how much of your aerospace and defense revenues are just in defense?

了解。另外，或許換個方式問先前其中一個問題：有沒有辦法說明你們航太與國防營收中，有多少其實是純國防？

Just in defense, I probably would say -- and we can follow up with you on that. I probably would say it's 70% aerospace, commercial aerospace and private space and about 30% to 35% in defense. We have very -- we have good presence in defense and international segment. And that's where we see that increase, again, as defense budgets going up. So it clearly benefits and creates positive impact.

如果只看國防，我大概會說——我們之後也可以再跟您補充確認。我大概會說 70% 是航太（商用航太與民營太空），約 30% 到 35% 是國防。我們在國防與國際市場都有很好的布局。而我們也看到那裡的成長，尤其是在國防預算上升的情況下。所以這確實帶來好處並產生正面影響。

Understood. And Natalia, it seems to me like you're taking maybe a more cautious view to the oil and gas market in 2026 than you were, say, three months ago. Does that extend into the current upcoming turnaround season? Or are you just looking at 2026 as a whole?

了解。另外 Natalia，我感覺你對 2026 年油氣市場的看法似乎比三個月前更保守一些。這是否也延伸到即將到來的歲修旺季？還是你只是從 2026 全年角度來看？

A couple of comments here. Let me start with turnarounds, right? So we had exceptionally good turnaround -- turnaround season in 2025. So whenever turnaround happens, it's usually not every year because customers have to extensively plan for turnarounds. So it's usually once in three years, once in two years.

這裡我有幾點說明。我先從歲修（turnarounds）談起，對吧？我們在 2025 年的歲修——歲修旺季表現特別好。通常歲修不會每年都發生，因為客戶需要做大量規劃。所以一般是三年一次、或兩年一次。

So this particular year, 2026 is not that robust when it comes to turnarounds. So that's number one. That certainly will have some impact. We still have quite a good visibility into turnarounds already for Q1 and Q3. But certainly, that's apologies for Q2 and Q3.

因此，今年 2026 在歲修方面就沒有那麼強勁。這是第一點。這當然會帶來一些影響。我們對第一季與第三季的歲修仍有相當不錯的能見度。但當然——抱歉——是第二季與第三季（的能見度）。

But certainly, this is something that we are still working on. Secondly, if you look at oil and gas, again, what we hear from our customers, they actually do not spend as much on CapEx. They are projecting to be flat or somewhat down. What it means for us is they will maintain their maintenance budgets, right? So they want to get their life -- more life out of their assets basically.

但無論如何，這仍是我們正在持續推進的工作。第二，如果看油氣產業，根據我們從客戶那裡聽到的，他們在資本支出（CapEx）上其實不會花那麼多。他們預期會持平或略為下降。對我們而言，這代表他們會維持維修保養預算，對吧？也就是他們希望讓資產的使用壽命更長。

And so that means that it should favorably impact us. So I don't foresee some negative impact in oil and gas by any means. I do see that we have a very good opportunity and especially with our data services. But we have to be a bit cautious. Again, to me, I think it's all -- it largely depends on the spending of our oil and gas customers.

因此，這應該會對我們帶來有利影響。所以我不認為油氣會對我們造成任何負面影響。我確實看到我們有很好的機會，尤其是在我們的資料服務方面。但我們必須稍微謹慎一些。對我來說，這在很大程度上取決於油氣客戶的支出情況。

Understood. And I got a bunch of more questions, but I'll ask this last one and then get back into the queue. Regarding the CapEx increase of 4.5%, is that viewed as a onetime 2026 phenomenon? Or do you expect to be spending at an elevated level for maybe a couple of years?

了解。我還有很多問題，但我先問最後一個，然後再回到排隊序列。關於資本支出提高到 4.5%，這被視為 2026 年一次性的現象嗎？還是你們預期會在較高水準維持一兩年？

That's right. We anticipate CapEx to remain at elevated levels in 2026 and into 2027. But then we anticipate the intensity to moderate after that and kind of following the completion of our key initiatives that's driven by our strategic plan. So that's the outlook. And then we expect our CapEx to return to our historical depreciation levels after 2027 to about 3% of revenue.

沒錯。我們預期資本支出在 2026 年以及延伸到 2027 年都會維持在較高水準。但之後我們預期強度會趨緩，並且隨著由我們策略計畫所推動的關鍵倡議完成而逐步回落。這就是我們的展望。然後我們預期在 2027 年之後，資本支出會回到我們歷史上的折舊水準，大約是營收的 3%。

Gowshi Sri, Singular Research.

Gowshi Sri，Singular Research。

Can you hear me?

聽得到我嗎？

Yes, hi.

是的，您好。

Just a few questions from my side. Firstly, on the international, the profitability seemed to have improved quite nicely there. So just was wondering, are those gains concentrated in just a couple of standout contracts or countries? Or do you feel that you have made more systemic changes in pricing, cost structure or customer mix that should make that improvement more sustainable in 2026 as well.

我這邊有幾個問題。首先，國際業務的獲利能力看起來改善得相當不錯。所以我想請問，這些改善是否集中在少數幾個特別突出的合約或國家？或者你們覺得已在定價、成本結構或客戶組合上做了更系統性的調整，使得這項改善在 2026 年也能更具持續性？

It is structural improvement, just to answer to your questions directly. We did -- international had a good year, very good year. We had overall 6% increase in our revenues and improved margins profile. So there, in international, we have quite diversified platform. So in fact, oil and gas was slightly down in international for the year, but we did have good increase in aerospace and defense.

這是結構性的改善，直接回答您的問題。我們——國際業務今年表現很好，非常好。我們整體營收成長 6%，且毛利率結構也有所改善。在國際市場方面，我們的平台相當多元分散。事實上，油氣在國際市場今年略為下滑，但我們在航太與國防方面確實有不錯的成長。

We had good increase in infrastructure, good increase in power generation. So they did -- the International segment and the teams in Europe and elsewhere did really, really well. So from margin profile, we will invest slightly in our international facilities as well. So we will see some capacity enlargement and capacity constraints removal. So we would anticipate margins to be sustainable in the long run.

我們在基礎建設方面有不錯的成長，發電方面也有不錯的成長。因此，他們——國際事業部以及歐洲與其他地區的團隊——表現非常、非常出色。所以從毛利率結構來看，我們也會對國際據點進行小幅投資。因此我們將看到一些產能擴增，以及產能瓶頸的解除。因此我們預期長期而言毛利率將可維持。

Okay. And then secondly, on your largest, let's say, strategic accounts, particularly in the oil and gas sector, how is your wallet share and contract duration trended over the last 12 to 18 months as you have shifted towards higher value, more integrated offerings? Are you seeing any change in competitive dynamics or in-sourcing there that would make the wallet share harder to hold in 2026?

好的。第二點，關於你們最大的、可以說是策略性客戶，特別是在油氣產業，當你們轉向更高價值、更整合式的方案後，過去12到18個月你們的錢包占比（wallet share）與合約期限趨勢如何？你們是否看到競爭態勢或內製（in-sourcing）有任何變化，可能使得在2026年更難維持錢包占比？

I would not -- and thank you for this question. I would not say it's harder to hold the wallet share. It's just we see that there is more appetite from our customers to consider the -- to consider digital platforms, to consider data analytics, data insights. So -- and we see this as a very good opportunity for us to introduce the higher-value work to them, right, that benefits them as they continue to execute capital discipline. Having said that, they're also increasing their risk managing spending.

我不會——也謝謝你的問題。我不會說更難維持錢包占比。只是我們看到客戶更有意願去考慮——去考慮數位平台、考慮資料分析、資料洞察。所以——我們把這視為非常好的機會，向他們導入更高價值的工作，對吧？這能在他們持續執行資本紀律的同時帶來效益。話雖如此，他們也在增加風險管理方面的支出。

So again, to increase the efficiency, the operational excellence, the asset life extension. And so they have higher demands. All our strategic customers come to us to help them to create that digital data platforms now, right? So there's much more appetite to look at this type of solutions, the integrated offering. So that's what we see particularly there.

因此同樣是為了提升效率、營運卓越，以及延長資產壽命。所以他們的要求更高。我們所有策略性客戶現在都來找我們，協助他們建立那些數位資料平台，對吧？所以對這類解決方案、整合式方案的需求意願更強。這就是我們特別在那裡看到的情況。

So it's not it's harder to keep and retain the volume, but we are shifting away from the commoditized kind of just NDT services to more value-driven solutions where we are expanding our offerings to include data analytics, to include digital data, to include the digital platform. And that's what we're essentially doing, expanding that services portfolio for our existing oil and gas customers. And again, from the bid activity, from the -- our sales activity, we see that increased interest.

所以並不是更難維持與保留量能，而是我們正從商品化、僅提供NDT服務的模式，轉向更以價值驅動的解決方案；我們擴大產品/服務內容，納入資料分析、納入數位資料、納入數位平台。而這基本上就是我們正在做的事：為既有油氣客戶擴充服務組合。同樣地，從投標活動、從——我們的銷售活動來看，我們看到興趣提升。

And because, again, they're very much of in tune with what they need to do in terms of the risk management when they expect more from their assets, right? Because there is more load, right, the bigger probability of failure. So they have to manage their risks.

而且因為，再次強調，他們非常清楚自己在風險管理方面需要做什麼，當他們對資產的期待更高時，對吧？因為負載更大，對吧？故障的機率也更高。所以他們必須管理風險。

Alex Riegel, Texas Capital Securities.

Alex Riegel，Texas Capital Securities。

Very nice quarter. As it relates to the restructuring actions over kind of like the last 12 months or so, can you talk to or quantify the long-term cost savings and also address sort of any negative revenue headwinds that you could be facing in 2026 because of those?

非常不錯的一季。關於過去大約12個月左右的重整措施，你們能否談談或量化長期的成本節省，並且也說明一下，因為這些措施，你們在2026年可能面臨的任何負面營收逆風？

Thanks, Alex. I'll address that question. So yes, the restructuring was elevated in '25 over you saw that $12 million. That's a combination of severance in there from headcount reductions. There's lease breaks in there and other strategic actions we've taken to really drive efficiencies and productivities.

謝謝你，Alex。我來回答這個問題。所以是的，重整在25年相對提高，你看到那1,200萬美元。這包含因人力精簡而產生的資遣費。也包含租約解約費，以及我們採取的其他策略性行動，以真正推動效率與生產力提升。

So there is a good payback on much of that. I mean, the facilities, the lab closures that we talked about throughout the year. there is payback there. That's an uplift to the margins. There was no contraction of business.

因此其中多數都有不錯的回收效益。我的意思是，我們全年談到的據點、實驗室關閉，這些都有回收效益。這會帶動毛利率提升。業務並沒有萎縮。

There's not a negative revenue implication from those restructurings. We really are streamlining and driving for efficiency, more throughput. Natalia mentioned earlier, getting another shift of operational effectiveness out of an existing site by really debottlenecking our own sort of self-induced capacity constraints. That's a big part of restructuring is about is really to have clean line of sight, delayering the organization to speed up decision-making. So there's a lot of soft benefits as well there.

這些重整並不會對營收造成負面影響。我們真正做的是精簡流程並推動效率、提高吞吐量。Natalia先前提到，透過真正去除瓶頸，把我們自己造成的產能限制解除，讓既有據點再提升一個班次的營運效能。重整很大一部分就是要做到這點；同時也要有清楚的可視性，透過組織扁平化來加快決策。所以也有很多軟性效益。

But most of that cost is out. Again, some of the heads got replaced. That's not a direct (inaudible) savings, but facilities is definitely a savings. And there were some onetime expenses here driving strategy and other things in restructuring in '25. This number will moderate significantly in '26.

但大部分成本已經移除。再說一次，有些人力職位被補回。那不是直接的（聽不清）節省，但據點/設施方面確實是節省。另外在25年的重整中，也有一些一次性費用，用於推動策略及其他事項。這個數字在26年會顯著下降。

So that number will come back down. It was also a drag on our free cash flow a little bit. But we look for returns on the reorg expense that we booked here, and you will see that kind of reflecting itself in '26.

所以這個數字會回落。它也對我們的自由現金流造成了一點拖累。但我們期待能從這裡入帳的重整費用中取得回報，而你會在26年看到這種效果反映出來。

And then as we look out longer term, can you help us or remind us what your sort of longer-term organic revenue growth and EBITDA margins could look like for this business that you're improving?

另外，從更長期來看，你能否協助我們、或提醒我們，對於這個你們正在改善的業務，你們較長期的有機營收成長與EBITDA利潤率大概會是什麼樣子？

Yes. Thanks, Alex. So when we look at our strategic plan, we're looking at a CAGR about 5% through 2030. And for margins, our aspirations are to reach 15% margins, EBITDA margin. That's the profile we're looking at.

可以。謝謝你，Alex。所以當我們看我們的策略計畫時，我們看到到2030年為止的年複合成長率（CAGR）約為5%。至於利潤率，我們的目標是達到15%的利潤率，也就是EBITDA利潤率。這就是我們所期待的輪廓。

At this time, I see no callers in the queue. So I'll hand the call back to Ms. Shuman for her closing remarks.

此刻我看到佇列中沒有來電者。因此我把電話交回給Shuman女士做結語。

Thank you, Luke, and thank you, everyone, for joining this call today and for your continued interest in Mistras. I look forward to providing you with an update on our business, strategic plan and progress achieved towards our ongoing initiatives on our next call. Thank you, everyone.

謝謝你，Luke，也謝謝各位今天加入這通電話會議，並持續關注Mistras。我期待在下一次電話會議中，向各位更新我們的業務、策略計畫，以及我們在持續推動的各項計畫上所取得的進展。謝謝各位。

This ends today's conference call. You may disconnect at this time.

今天的電話會議到此結束。您現在可以掛線。