Nordson Corp (NDSN) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the Nordson Corporation fourth quarter and fiscal year 2025 conference call. (Operator Instructions) I will now hand the conference over to Lara Mahoney. Please go ahead.

女士們、先生們，感謝各位的參與，歡迎參加諾信公司2025財年第四季業績電話會議。（操作員指示）我現在將會議交給 Lara Mahoney。請繼續。

Thank you. Good morning. This is Lara Mahoney, Vice President of Investor Relations and Corporate Communications. I'm here with Sundaram Nagarajan, our President and Chief Executive Officer; and Dan Hopgood, Executive Vice President and Chief Financial Officer.

謝謝。早安.這是投資者關係和企業傳播副總裁 Lara Mahoney。我今天和我們的總裁兼執行長 Sundaram Nagarajan，以及執行副總裁兼財務長 Dan Hopgood 一起出席。

We welcome you to our conference call today, Thursday, December 11, 2025, to report Nordson's fiscal year 2025 fourth quarter and full year results. You can find both our press release as well as our webcast slide presentation that we will refer to on today's call on our website at nordson.com/investors.

歡迎您參加我們於 2025 年 12 月 11 日星期四舉行的電話會議，我們將在此公佈諾信公司 2025 財年第四季度和全年業績。您可以在我們的網站 nordson.com/investors 上找到我們的新聞稿以及我們將在今天的電話會議上提到的網路直播幻燈片簡報。

This conference call is being broadcast live on our investor website and will be available there for 30 days. During this conference call, we will make references to non-GAAP financial metrics.

本次電話會議將在我們的投資者網站上進行現場直播，並將保留30天。在本次電話會議中，我們將提及非GAAP財務指標。

We've provided a reconciliation of these metrics to the most comparable GAAP metric in the press release issued yesterday. Before we begin, please refer to slide 2 of our presentation, where we will note that certain statements regarding our future performance that are made during this call may be forward-looking based upon Nordson's current expectations.

我們在昨天發布的新聞稿中提供了這些指標與最可比較的 GAAP 指標的對照表。在開始之前，請參閱我們簡報的第 2 張投影片，其中我們將指出，本次電話會議中關於我們未來業績的某些陳述可能是基於諾信目前的預期而做出的前瞻性陳述。

These statements may involve a number of risks, uncertainties and other factors as discussed in the company's filings with the Securities and Exchange Commission that could cause actual results to differ. Moving to today's agenda on slide 3. Naga will discuss fourth quarter and full year highlights.

這些聲明可能涉及許多風險、不確定性和其他因素，正如公司向美國證券交易委員會提交的文件中所討論的那樣，這些因素可能導致實際結果與預期結果有所不同。接下來進入今天的議程，請看投影片3。Naga將討論第四季度和全年亮點。

He will then turn the call over to Dan to review sales and earnings performance for the total company and the three business segments. Dan also will talk about the year-end balance sheet and cash flow.

然後他會將電話轉給丹，讓他回顧公司整體和三個業務部門的銷售和獲利情況。Dan也將談到年末資產負債表和現金流量。

Naga will conclude with high-level commentary about our enterprise performance, including an update on the Ascend Strategy as well as our fiscal 2026 full year and first quarter guidance. We will then be happy to take your questions.

Naga 將最後對我們的企業業績進行高層次的評論，包括 Ascend 策略的最新進展以及我們 2026 財年全年和第一季的業績指引。屆時我們將樂意回答您的問題。

With that, I'll turn to slide 4 and hand the call over to Naga.

接下來，我將翻到第 4 張投影片，並將通話交給 Naga。

Good morning, everyone. Thank you for joining Nordson's fiscal 2025 fourth quarter and full year conference call. I am pleased to share our solid fourth quarter results. Sales were up 1% over prior year, inclusive of the divestiture of our medical contract manufacturing business that closed on September 2.

各位早安。感謝您參加諾信公司2025財年第四季及全年業績電話會議。我很高興與大家分享我們穩健的第四季業績。銷售額比上年增長 1%，其中包括 9 月 2 日完成的醫療合約製造業務的剝離。

Adjusted earnings per share grew 9% over the prior year, reaching the high end of our fourth quarter guidance. Notably, we achieved record EBITDA of $256 million, expanding EBITDA margin to 34% in the quarter.

經調整後的每股盈餘比去年同期成長了 9%，達到了我們第四季預期的上限。值得一提的是，我們實現了創紀錄的 EBITDA 2.56 億美元，本季 EBITDA 利潤率擴大至 34%。

We also generated record cash flow of $194 million in the quarter, which is a conversion rate to the net income of 128%. This enabled us to continue repurchasing shares, paying dividends and further reducing debt.

本季我們也創造了創紀錄的 1.94 億美元現金流，淨收入轉換率為 128%。這使我們能夠繼續回購股票、支付股利並進一步減少債務。

This is a strong operational result, and I want to thank the Nordson team for their ongoing commitment to delivering value to our customers and shareholders. As I turn to fiscal 2025 financial highlights on slide 5, I want to reflect on the progress we have made since launching the Ascend Strategy five years ago.

這是一個強勁的營運業績，我要感謝諾信團隊一直以來致力於為我們的客戶和股東創造價值。在第 5 張投影片中，我將介紹 2025 財年的財務亮點。我想回顧一下自五年前啟動「上升策略」以來我們所取得的進展。

In addition to Nordson's legacy strengths of leadership positions in diversified niche end markets, high recurring parts revenues, a direct-to-customer model, and differentiated products built on deep knowledge of our customers demanding applications.

除了諾信在多元化細分終端市場中的領導地位、高額的零件經常性收入、直接面向客戶的模式以及基於對客戶苛刻應用需求的深刻了解而打造的差異化產品等傳統優勢之外，我們還擁有更多優勢。

The Ascend Strategy has added new capabilities, including the NBS Next growth framework and a division-led structure, which have empowered our teams to respond rapidly to changing market conditions. And certainly, we have navigated effectively through significant macroeconomic changes over the last five years.

Ascend 策略增加了新的能力，包括 NBS Next 成長框架和部門主導的結構，使我們的團隊能夠快速應對不斷變化的市場狀況。當然，在過去的五年裡，我們已經有效地應對了重大的宏觀經濟變化。

2025 was no exception. And Nordson delivered strong results in line with our initial guidance. We achieved record sales of $2.8 billion, up 4% from last year. Despite the macro disruptions, we delivered record adjusted earnings per share of $10.24, exceeding the midpoint of our initial full year guidance.

2025年也不例外。Nordson 的業績表現強勁，符合我們最初的預期。我們實現了創紀錄的28億美元銷售額，比去年成長了4%。儘管宏觀經濟受到干擾，我們仍實現了創紀錄的調整後每股收益 10.24 美元，超過了我們最初全年預期的中位數。

We maintained our average gross margins of 55% in an evolving tariff environment, demonstrating the value and differentiation we provide to our customers. Throughout fiscal 2025, we also continued to strengthen our portfolio.

在不斷變化的關稅環境下，我們保持了 55% 的平均毛利率，這證明了我們為客戶提供的價值和差異化優勢。在 2025 財年期間，我們也持續加強了我們的投資組合。

The integration of Atrion Medical has been a success and it contributed nicely to sales and EPS growth in the first year. We also strengthened our medical portfolio through the divestiture of our contract manufacturing business, driving immediate improvement in our margins and increased focus on our remaining differentiated medical businesses.

Atrion Medical 的整合取得了成功，並在第一年就對銷售額和每股盈餘的成長做出了良好的貢獻。我們也透過剝離合約製造業務加強了醫療產品組合，從而立即提高了利潤率，並更加專注於我們剩餘的差異化醫療業務。

All of these actions delivered EBITDA of $900 million, achieving our 2025 Ascend Strategy goal. I would also like to highlight our full year free cash flow conversion of 136% of net income.

所有這些舉措帶來了 9 億美元的 EBITDA，實現了我們 2025 年 Ascend 策略目標。我還想重點介紹我們全年的自由現金流轉換率，達到淨收入的 136%。

Our strong cash generation enabled us to repurchase about $300 million in shares, increased dividends for the 62nd consecutive year and reduced our net debt, ending the year at a 2.1 times leverage ratio, near the low end of our targeted range.

我們強勁的現金流使我們能夠回購約 3 億美元的股票，連續第 62 年提高股息，並降低淨債務，使年底槓桿率達到 2.1 倍，接近我們目標範圍的低端。

I'll speak more to the enterprise performance in a few moments, but first, I'll turn the call over to Dan to provide more detailed perspective on our financial results for the fourth quarter and fiscal year 2025.

稍後我會更詳細地談談企業業績，但首先，我將把電話交給丹，讓他更詳細地介紹我們第四季和 2025 財年的財務業績。

Thank you, Naga, and good morning to everyone. I'll start on slide 6, which summarizes our overall results for the fourth quarter. Fourth quarter 2025 sales were $752 million, up 1% compared to the prior year's fourth quarter sales of $744 million.

謝謝你，娜迦，大家早安。我將從第 6 張投影片開始，其中總結了我們第四季的整體業績。2025 年第四季銷售額為 7.52 億美元，比上年同期的 7.44 億美元成長 1%。

Organic sales decreased 1% compared to the fourth quarter of 2024, with the growth in our Medical segment being offset by softness in selected Industrial and Advanced Technology systems product lines during the quarter.

與 2024 年第四季相比，有機銷售額下降了 1%，醫療部門的成長被本季部分工業和先進技術系統產品線的疲軟所抵消。

Currency translation had a positive impact of 2% during the quarter, and we saw a small net positive from a combination of both the Atrion acquisition, which anniversaried in late August, and the divestiture of the medical contract manufacturing business, which we completed in early September.

本季匯率變動產生了 2% 的正面影響，同時，由於 8 月底完成的 Atrion 收購以及 9 月初完成的醫療合約製造業務剝離，我們看到了小幅淨收益。

Adjusted operating profit increased 6% year-over-year to $218 million, reflecting both strong gross margin performance and improved SG&A leverage during the quarter. EBITDA was also up 6% year-over-year at $256 million and reached 34% of sales.

經調整後的營業利潤年增 6% 至 2.18 億美元，反映出本季強勁的毛利率表現和銷售、管理及行政費用槓桿率的提高。EBITDA 也較去年同期成長 6%，達到 2.56 億美元，佔銷售額的 34%。

This represents a 160 basis point improvement over the prior year fourth quarter. Adjusted operating profit and EBITDA margins benefited from solid operational performance, improved portfolio mix as a result of the divestiture of our medical contract manufacturing business, and the restructuring actions that we announced earlier in the year, which have now been substantially completed.

這比上年同期提高了160個基點。經調整後的營業利潤和 EBITDA 利潤率受益於穩健的營運績效、因剝離醫療合約製造業務而改善的投資組合結構，以及我們今年稍早宣布的重組措施（這些措施現已基本完成）。

It's worth highlighting that this is our third consecutive quarter of improving EBITDA margin amid the dynamic trade environment. This is a testament to our ability to execute and deliver operationally in dynamic times while also creating value through strategic M&A activity.

值得強調的是，在瞬息萬變的貿易環境下，這已經是我們連續第三個季度實現 EBITDA 利潤率提升。這證明了我們能夠在瞬息萬變的時代中高效執行營運任務，同時透過策略性併購活動創造價值。

If we look now at non-operating income and expense during the quarter, interest expense improved $4 million year-over-year, driven by reduced leverage and a stable to declining rate environment. This benefit was essentially offset by an increase in other non-operating expenses during the quarter.

如果我們現在來看本季的非經營性收入和支出，利息支出比去年同期減少了 400 萬美元，這得益於槓桿率降低和利率環境穩定或下降。這一收益基本上被本季其他非經營性支出的增加所抵消。

Tax expense was $31 million in the fourth quarter, for an effective tax rate of 17.1%. This brings our full year tax rate to 18.9%, which is slightly better than our original guidance range for fiscal 2025. All of this resulted in GAAP net income that totaled $152 million or $2.69 per diluted share.

第四季稅項支出為 3,100 萬美元，實際稅率為 17.1%。這將使我們全年的稅率達到 18.9%，略優於我們最初對 2025 財年的指導範圍。所有這些最終實現了 GAAP 淨收入總計 1.52 億美元，即每股攤薄收益 2.69 美元。

Excluding non-recurring acquisition and restructuring-related expenses, as well as charges associated with the exit of the medical contract manufacturing business, adjusted earnings per share totaled $3.03 per share, a 9% increase over the prior year and $0.08 above the midpoint of our quarterly guidance, reflecting our strong operational performance during the period.

在剔除非經常性收購和重組相關費用，以及退出醫療合約製造業務的相關費用後，調整後每股收益總計 3.03 美元，比上年增長 9%，比我們季度指導的中點高出 0.08 美元，反映了我們在此期間強勁的營運業績。

Not only was this a strong year-over-year improvement in earnings, but on a dollar basis, it also represents a quarterly record for the company. Now let's turn to slides 7 through 9 to review our fourth quarter segment performance.

這不僅意味著公司獲利較上年同期大幅成長，而且以美元計算，也創下了公司季度獲利紀錄。現在讓我們翻到第 7 至 9 頁，回顧一下我們第四季的部門表現。

Industrial Precision Solutions sales of $362 million decreased 2% compared to the prior year fourth quarter. Organically, IPS was down just under 4% in the quarter, with currency providing a favorable impact of about 2%.

工業精密解決方案銷售額為 3.62 億美元，比去年同期下降 2%。本季有機成長略低於 4%，匯率帶來了約 2% 的有利影響。

Although it was another quarter of improvement sequentially, year-over-year declines in our polymer processing product lines and some smaller reductions in our industrial coating systems outpaced solid growth in precision agriculture and packaging product lines.

儘管本季環比有所改善，但聚合物加工產品線年減，工業塗料系統也出現小幅下滑，超過了精準農業和包裝產品線的穩健成長。

For both polymer processing and industrial coating systems, we see continued signs of stabilization and improvement in our backlog and order rates. So these areas should no longer be a drag on results heading into the first quarter of fiscal 2026.

無論是聚合物加工還是工業塗料系統，我們都看到積壓訂單和訂單量持續趨於穩定和改善的跡象。因此，這些領域應該不會再拖累 2026 財年第一季的業績。

EBITDA for the quarter was $137 million, or 38% of sales, reflecting consistent and strong operational performance on slightly lower sales volumes during the quarter.

本季 EBITDA 為 1.37 億美元，佔銷售額的 38%，反映出儘管本季銷量略有下降，但營運業績仍保持強勁。

Turning to slide 8, you'll see Medical and Fluid Solutions sales of $220 million increased 10% compared to the prior year's fourth quarter. Organic sales volume was up nicely at 7%, driven by broad-based demand across all of our product lines.

翻到第 8 張投影片，您會看到醫療和流體解決方案的銷售額為 2.2 億美元，比去年同期成長了 10%。受所有產品線的廣泛需求推動，有機銷售額實現了7%的良好成長。

I think it's fair to say that the destocking that was impacting our interventional product lines is now fully behind us, and we see good, stable demand in our order books heading into the new year.

我認為可以公平地說，影響我們介入產品線的去庫存化已經完全過去，我們看到，進入新的一年，我們的訂單需求良好且穩定。

The final acquisition impact from Atrion, net of the sales reduction from divesting our medical contract manufacturing business, added a net 2% to sales during the quarter. After a successful year one integration, it's also worth noting that Atrion is now contributing nicely to organic growth that we achieved during the quarter.

在扣除剝離醫療合約製造業務造成的銷售額減少後，Atrion 的最終收購影響在本季為銷售額淨成長了 2%。經過第一年的成功整合，值得一提的是，Atrion 目前也為我們本季實現的內生成長做出了良好的貢獻。

Finally, currency had a modest favorable impact on the overall sales versus the prior year. EBITDA for the quarter was $88 million or 40% of sales, which is an increase of 21% compared to the prior year EBITDA of $72 million or 36% of sales.

最後，匯率對整體銷售額與前一年相比產生了輕微的有利影響。本季 EBITDA 為 8,800 萬美元，佔銷售額的 40%，比去年同期的 EBITDA 7,200 萬美元（佔銷售額的 36%）成長了 21%。

This was a fantastic result with EBITDA margins up 380 basis points versus the prior year. While a big part of the margin improvement in the quarter is driven by the divestiture of our contract manufacturing business, our teams also continue to execute quite well and are now fully benefiting from the normalization in demand.

這是一個非常好的結果，EBITDA 利潤率比上年提高了 380 個基點。雖然本季利潤率的提高很大程度上得益於我們剝離了合約製造業務，但我們的團隊也繼續表現出色，並已充分受益於需求的正常化。

Turning to slide 9, you'll see Advanced Technology Solutions sales of $171 million, decreased 4% compared to the prior year's fourth quarter. This change included a decrease in organic sales volume of roughly 5%, with a small positive currency benefit.

翻到第 9 張投影片，您會看到先進技術解決方案的銷售額為 1.71 億美元，比去年第四季下降了 4%。這項變更導致有機銷售額下降了約 5%，但匯率帶來了小幅正收益。

The year-over-year organic sales decline was driven by weakness in x-ray systems demand. We continue to see strong growth in electronic dispense product lines and stable demand for optical, acoustic and other product lines, but these were overshadowed by near-term weakness in x-ray systems during the quarter.

年比有機銷售下降是由於 X 光系統需求疲軟所致。我們繼續看到電子點膠產品線的強勁成長，以及對光學、聲學和其他產品線的穩定需求，但這些都被本季 X 光系統的短期疲軟所掩蓋。

As a reminder, our ATS revenue tends to be a bit lumpy quarter-to-quarter based on systems delivery. That said, we continue to see strong underlying momentum in our ATS end markets despite the lower year-over-year result in the fourth quarter.

提醒一下，由於系統交付情況不同，我們的 ATS 收入往往會出現季度間的波動。儘管如此，儘管第四季度同比業績有所下降，但我們仍然看到 ATS 終端市場強勁的潛在成長勢頭。

Fourth quarter EBITDA was $43 million or 25% of sales, a decrease of 10% from the prior year fourth quarter EBITDA of $48 million or 27% of sales. The decrease in EBITDA margin was reflective of lower sales volume and some unfavorable product mix during the quarter, with stable underlying product line performance.

第四季 EBITDA 為 4,300 萬美元，佔銷售額的 25%，比去年同期的 4,800 萬美元（佔銷售額的 27%）下降了 10%。EBITDA 利潤率下降反映了本季銷售下降和一些不利的產品組合，但基本產品線表現穩定。

Now turning to slide 10, I'd like to make a few comments on our full year results. As Naga mentioned, fiscal 2025 full year sales were a record $2.8 billion and an increase of 4% year-on-year.

現在請看第 10 張投影片，我想就我們全年的業績做幾點說明。正如 Naga 所提到的，2025 財年全年銷售額創下 28 億美元的紀錄，年增 4%。

Our acquisition and divestiture activity added a net 6% to sales for the year while organic sales were down roughly 3% and currency was a modest benefit. Looking back at the full year sales result, organic sales were really weighed down by three specific areas, polymer processing systems, our automotive-related systems and selected X-ray Inspection applications.

我們的收購和剝離活動使本年度的銷售額淨增長了 6%，而有機銷售額下降了約 3%，匯率帶來了一定的收益。回顧全年銷售業績，有機銷售額確實受到三個特定領域的拖累：聚合物加工系統、汽車相關係統和部分 X 射線檢測應用。

In all cases, the core fundamentals of these businesses remain strong, and as we exit the year, we see good stability in our backlog and order rates, meaning we've seen the trough. EBITDA for the full year increased 6% to a record $900 million or 32% of sales.

在所有情況下，這些企業的核心基本面依然強勁，隨著年底臨近，我們的積壓訂單和訂單率都保持了良好的穩定性，這意味著我們已經度過了低谷期。全年 EBITDA 成長 6%，達到創紀錄的 9 億美元，佔銷售額的 32%。

This reflects a full year incremental EBITDA margin of 49%, and marks the fifth consecutive year that the Ascend Strategy has delivered strong EBITDA growth. This results in GAAP diluted earnings per share of $8.51 for the year and adjusted diluted earnings per share of $10.24, both up 5% from the prior year and representing a new record for adjusted diluted earnings per share.

這反映出全年 EBITDA 增量利潤率為 49%，並標誌著 Ascend 策略連續第五年實現了強勁的 EBITDA 成長。由此得出，本年度 GAAP 稀釋後每股收益為 8.51 美元，調整後稀釋後每股收益為 10.24 美元，均比上年增長 5%，並創下調整後稀釋後每股收益的新紀錄。

In a year that's been full of surprises, we're quite proud of these results, and we like where we're positioned heading into fiscal 2026. Finally, turning to the balance sheet and cash flow on slide 11.

在充滿驚喜的一年裡，我們對這些結果感到非常自豪，並且對進入 2026 財年所處的位置感到滿意。最後，我們來看第 11 頁的資產負債表和現金流量表。

At the end of the fourth quarter, we had cash on hand of $108 million and net debt was approximately $1.9 billion, resulting in a leverage ratio of 2.1 times, a significant reduction from where we started the year. While we did benefit from roughly $30 million in net proceeds from the contract manufacturing sale, our free cash flow really enabled this debt reduction.

在第四季末，我們手頭現金為 1.08 億美元，淨債務約為 19 億美元，槓桿率為 2.1 倍，與年初相比大幅下降。雖然我們從合約製造銷售中獲得了約 3000 萬美元的淨收益，但我們的自由現金流才是真正實現債務減少的關鍵。

And our free cash flow generation remains quite strong, an annual record of $661 million, and a cash conversion rate of 136% on net income. This strong cash conversion was primarily driven by targeted improvements in working capital, which is an area that we remain focused on.

我們的自由現金流產生能力依然強勁，年度創紀錄的 6.61 億美元，淨收入現金轉換率達 136%。強勁的現金轉換率主要得益於營運資本的針對性改善，這也是我們持續關注的領域。

As a result of our strong free cash flow during the year, we were able to repurchase approximately $300 million in shares, reduce our net debt by about $224 million, and pay $179 million in dividends, while continuing to invest approximately $60 million in capital projects to drive organic growth.

由於今年自由現金流強勁，我們得以回購約 3 億美元的股票，減少約 2.24 億美元的淨債務，並支付 1.79 億美元的股息，同時繼續投資約 6,000 萬美元用於資本項目，以推動內生成長。

This positions us quite well heading into 2026 for continued returns to shareholders with plenty of firepower to continue to add attractive assets to the portfolio.

這讓我們在 2026 年處於非常有利的地位，能夠繼續為股東帶來回報，並擁有充足的資金繼續向投資組合中添加有吸引力的資產。

In summary, we had another strong operational quarter and we finished the year strong, exceeding our original profit commitment for the year despite a very dynamic macro environment. We closed fiscal 2025 with a strong balance sheet while returning value to shareholders due to record free cash flow generation.

總而言之，我們又迎來了一個強勁的營運季度，並以優異的成績結束了這一年，儘管宏觀環境瞬息萬變，但我們仍然超額完成了年初設定的利潤目標。我們在2025財年結束時擁有強勁的資產負債表，同時由於創紀錄的自由現金流，為股東創造了價值。

And we took action to optimize our medical portfolio, positioning us for continued profitable growth. As we enter fiscal 2026, with our key market headwinds behind us, we're well positioned to capitalize on profitable growth opportunities and we're confident in our ability to convert those opportunities to bottom line results and value.

我們採取了行動，優化了我們的醫療產品組合，為持續獲利成長奠定了基礎。隨著我們進入 2026 財年，主要市場不利因素已經過去，我們已做好充分準備，把握獲利成長機會，我們有信心將這些機會轉化為實際的利潤和價值。

With that, we'll now turn to slide 12, and I'll return the call to Naga.

接下來，我們將翻到第 12 張投影片，我將回撥給 Naga 的電話。

Thank you, Dan. In October 2024, we announced our 2025 to 2029 performance targets. In 2029, when we look back on our financial performance for that period, we expect to deliver an average annual growth of 6% to 8% in revenue, balanced between organic and acquisitive growth.

謝謝你，丹。2024年10月，我們公佈了2025年至2029年的業績目標。2029 年，當我們回顧這段期間的財務表現時，我們預計營收將實現 6% 至 8% 的年均成長，有機成長和收購成長將保持平衡。

And 10% to 12% in adjusted EPS growth. In 2025, we managed effectively through some dynamic macroeconomic conditions and made progress towards our goals.

調整後每股收益成長10%至12%。2025年，我們有效應對了一些動態的宏觀經濟環境，並朝著我們的目標取得了進展。

Turning to slide 13, I'd like to talk about what we are seeing in our end markets as we enter fiscal 2026. Starting with our Industrial Precision Solutions segment, we continue to see sustaining investments in packaging and product assembly end markets.

接下來請看第 13 張投影片，我想談談我們在進入 2026 財年時在終端市場所看到的情況。從我們的工業精密解決方案部門來看，我們持續看到對包裝和產品組裝終端市場的投資。

Precision agriculture demand is sustainable in Europe and South America given the strengthening demand for increasing yields and quality in these regional markets. Demand in auto and polymer processing end markets has stabilized.

鑑於歐洲和南美地區市場對提高產量和品質的需求不斷增長，精準農業的需求在歐洲和南美是可持續的。汽車和聚合物加工終端市場的需求已經穩定下來。

Through it all, aftermarket parts remain a stable part of the IPS revenue portfolio, contributing to growth and delivering attractive margins. Overall, we expect the IPS segment to return to more normal growth rates of low single digits.

儘管面臨諸多挑戰，售後零件仍然是 IPS 收入組合中穩定的一部分，為公司成長做出了貢獻，並帶來了可觀的利潤。整體而言，我們預期IPS業務板塊將恢復到較低的個位數正常成長率。

In medical, customer destocking is behind us and our core business is returning to mid-single-digit organic growth. The demand drivers fueling this end market, such as the aging of the population and shift towards non-invasive surgeries remain consistent and our medical team has a healthy pipeline of customer projects.

在醫療領域，客戶去庫存階段已經過去，我們的核心業務正在恢復到個位數的中段有機成長。推動此終端市場需求的因素，例如人口老化和向非侵入性手術的轉變，依然保持穩定，我們的醫療團隊擁有充足的客戶專案儲備。

In ATS, our semiconductor applications are well positioned to benefit from investments in the semiconductor cycle. We remind our investors of semiconductor applications account for approximately 50% of ATS revenue.

在 ATS，我們的半導體應用已做好充分準備，可以從半導體週期的投資中受益。我們在此提醒投資者，半導體應用約佔 ATS 收入的 50%。

While timing of orders remain lumpy, our team is winning share based on our ability to deliver innovative new products in short lead times. This is possible because we have holistically applied NBS Next.

雖然訂單交付時間仍然不穩定，但憑藉在短時間內交付創新產品的能力，我們的團隊正在贏得市場份額。這是因為我們已經全面應用了NBS Next技術。

In addition to being located close to the customer, our products deliver leading productivity and quality in complex advanced packaging applications of semiconductors used for AI, cloud computing and more.

除了地理位置靠近客戶之外，我們的產品在用於人工智慧、雲端運算等領域的複雜先進半導體封裝應用中，還能提供領先的生產力和品質。

The remaining exposures within ATS are automotive and general electronics, where the demand is stable, but dampening the higher semi growth rates. Encouraged by our end market demand trends and being prepared to operate in a range of macroeconomic environments, we are entering 2026 optimistic to deliver solid growth.

ATS 的其他投資領域包括汽車和通用電子產品，這些領域的需求穩定，但抑制了半導體產業較高的成長率。受終端市場需求趨勢的鼓舞，並做好在各種宏觀經濟環境下營運的準備，我們對2026年充滿信心，並有望實現穩健成長。

Now turning to the financial outlook on slide 14. [We enter] fiscal 2026 with approximately $600 million in backlog, up 5% from the prior year-end, excluding backlog associated with the divested business.

現在就來看看第 14 頁的財務展望。 [我們進入] 2026 財年，積壓訂單約為 6 億美元，比上年末增長 5%，不包括與剝離業務相關的積壓訂單。

Based on the combination of order entry, backlog, current foreign exchange rates and anticipated end market expectations, we anticipate delivering full year sales in the range of 1% to 6% above fiscal 2025 sales.

根據訂單輸入、積壓訂單、當前匯率和預期終端市場預期等因素綜合考慮，我們預計全年銷售額將比 2025 財年銷售額增長 1% 至 6%。

This sales guidance assumes 1% benefit from foreign exchange rates, which will be offset by the divested medical contract manufacturing business. Importantly, this implies a midpoint of 3.5%, demonstrating solid progress towards our long-term organic growth annual target.

該銷售預期假設匯率變動帶來 1% 的收益，但將被剝離的醫療合約製造業務所抵消。重要的是，這意味著中點為 3.5%，顯示我們在實現長期有機成長年度目標方面取得了堅實進展。

Full year 2026 adjusted earnings are forecasted to be in the range of 6% to 12% growth per diluted share, with a midpoint of 9% adjusted earnings growth, is also progressing well toward our annual adjusted EPS growth algorithm.

預計 2026 年全年調整後每股收益將成長 6% 至 12%，調整後收益成長中位數為 9%，也符合我們年度調整後每股盈餘成長演算法的預期。

For modeling purposes, in fiscal 2026, assume an estimated effective tax rate of 18.5% to 19.5%, capital expenditures of approximately $55 million to $65 million, and interest expense of approximately $85 million to $95 million.

為了建模，假設 2026 財年的實際稅率估計為 18.5% 至 19.5%，資本支出約為 5,500 萬美元至 6,500 萬美元，利息支出約為 8,500 萬美元至 9,500 萬美元。

Based on seasonality, we expect our fiscal first quarter to start modestly growing nicely over prior year. As you will see on slide 15, first quarter fiscal 2026 sales are forecasted in the range of $630 million to $670 million and adjusted earnings in the range of $2.25 to $2.45 per diluted share.

根據季節性因素，我們預計本財年第一季業績將比上年同期略有成長。如您將在第 15 張投影片中看到，2026 財年第一季的銷售額預計在 6.3 億美元至 6.7 億美元之間，調整後的每股攤薄收益預計在 2.25 美元至 2.45 美元之間。

The Nordson team consistently delivers operational excellence and strong cash flow due to our unique competitive advantages. Coupling with our expectations for end market growth, we are looking forward to a solid fiscal 2026.

諾信團隊憑藉其獨特的競爭優勢，持續實現卓越的營運和強勁的現金流。結合我們對終端市場成長的預期，我們期待2026財年能取得穩健的業績。

As a growth compounder, we will continue to reinvest in the business while returning cash to our shareholders. Again, I want to thank our employees, customers and shareholders for your continued support. We will now open the phone lines for questions.

作為一家持續成長的公司，我們將繼續對業務進行再投資，同時向股東返還現金。再次感謝我們的員工、顧客和股東們一直以來的支持。現在我們將開通電話諮詢專線。

(Operator Instructions) Mike Halloran, Baird.

（操作說明）Mike Halloran，Baird。

So first question is on the ATS segment, specifically the semi side. In the past, the higher growth areas have been driving the strength in that piece. Are you seeing any broadening out across the semiconductor applications yet?

第一個問題是關於ATS板塊，特別是拖車領域。過去，成長較快的領域一直是該部分錶現強勁的主要驅動力。您目前是否看到半導體應用領域有任何擴展？

Or is it still concentrated in some of the areas, data center, wherever, AI, where you've seen strength traditionally? In other words, have you seen that broaden out to some of the more traditional electronic applications, auto, wherever else you want to talk to?

或者，它仍然集中在某些領域，例如資料中心、人工智慧等等，這些領域歷來都是它的優勢所在？換句話說，您是否看到這種趨勢擴展到了一些更傳統的電子應用領域，例如汽車，以及您想談論的任何領域？

Yeah. I would say the strength continues and remains in the semiconductor space for the AI applications, cloud computing and such. But automotive is certainly starting to stabilize for us.

是的。我認為半導體領域，尤其是人工智慧應用、雲端運算等領域，依然保持強勁勢頭。但對我們來說，汽車產業無疑正在趨於穩定。

And general electronics has been pretty decent through all of it, just lower growth, Mike, when compared to the semiconductor growth rates. Just for color, 50% of the revenues come from the semiconductor space, about 15% or so in the automotive, and the rest is in electronics, so.

麥克，通用電子產業在這段時間表現一直相當不錯，只是與半導體產業的成長率相比，成長速度較慢而已。僅供參考，50% 的收入來自半導體領域，約 15% 來自汽車領域，其餘來自電子產品領域。

Okay. And then on the margin side of things, maybe just some help on trajectory into this year. Very robust margins, particularly MFS, this quarter. Is this the right zone to think about sequentially as we work through the year next year?

好的。另外，從邊際效益的角度來看，或許可以對今年的發展軌跡提供一些幫助。本季利潤率非常強勁，尤其是MFS業務。明年我們開展工作時，是否應該依序考慮這個區域？

Or are there any one-offs? In other words, are these the right margin levels to build off of, are these the representative margins to build off of adjusting for revenue levels as we work through '26?

或是否存在個案？換句話說，這些是適當的利潤率水準嗎？這些是代表性的利潤率水準嗎？當我們根據 2026 年的收入水準進行調整時，這些利潤率水準是否具有代表性？

Yeah, it's a good question, Mike. I would say, as I look at IPS and ATS, I think certainly the right jump-off point and in line with historical performance. On the medical side, we had a really strong quarter. I don't know that 40% plus is the right way to think about it.

是的，問得好，麥克。我認為，從IPS和ATS的角度來看，這無疑是一個合適的起點，並且與歷史表現相符。在醫療方面，我們本季表現非常出色。我不認為用「40%以上」來衡量是正確的。

I think we're very comfortable maintaining the upper 30s in our medical business. They had a really strong performance this quarter. Certainly, I wouldn't expect a lot of degradation.

我認為我們醫療業務完全可以維持在30%以上。他們本季的表現非常出色。當然，我預計不會有太大的效能下降。

But there were some strong benefits associated with the portfolio changes that we made, as well as some operational tailwinds that we had. And so I think the upper 30s in the medical is certainly sustainable. 40% is a bit of a notable achievement this quarter.

但我們所做的投資組合調整帶來了一些顯著的好處，以及一些營運上的順風。所以我認為醫療產業30%以上的成長率是可以持續的。本季達到40%確實是相當不錯的成績。

One thing I would add, Mike, is that think of a 100 basis point improvement for the segment margins with the action of the divestiture, is maybe the way to think about it.

麥克，我還要補充一點，或許應該把剝離業務給該部門利潤率帶來的100個基點的提升看作是一種改進方式。

Jeff Hammond, KeyBanc.

Jeff Hammond，KeyBanc。

We can't hear you if you're there. I think we might have a technical difficulty. Jeff is not coming through.

如果你在那裡，我們聽不到你的聲音。我認為我們可能遇到了技術難題。傑夫沒能過來。

Yes. Can you hear me?

是的。你聽得到我嗎？

Yeah, we can.

是的，我們可以。

We can.

我們可以。

Sorry about that. This is Mitch Moore on for Jeff. Just within IPS, it seems like polymer processing weakness has been masking some of the more stable growth in other parts of that business.

抱歉。這裡是米奇·摩爾，他代替傑夫發言。僅在IPS內部，聚合物加工的疲軟似乎掩蓋了該業務其他部分較穩定的成長。

Just as we look to 2026, what are you expecting from the polymer processing versus kind of the rest of the business? And if you could talk about order intake there and how much that's contributing to backlog and expectations for the year?

展望 2026 年，您對聚合物加工業務與其他業務相比有何預期？您能否談談那裡的訂單量，以及這對積壓訂單和今年的預期有多大影響？

Yeah. For polymer processing, what I would tell you is what we have seen in order entry and backlog buildup, we're at the bottom and our expectation is, going into the year, that things improve from where we are, certainly not getting any more difficult than being a drag on IPS.

是的。就聚合物加工而言，我想告訴大家的是，從訂單錄入和積壓情況來看，我們已經處於低谷，我們預計，進入新的一年後，情況會比現在有所改善，肯定不會比拖累IPS業務更難。

That's helpful. And then just on 1Q and ATS, it looks like there's some pretty healthy growth implied in 1Q. Just if you could help us walk through how much of that is comps, how much of that is underlying markets getting better or timing of shipments. Just if you could help us, help me walk through that.

那很有幫助。然後就第一季和ATS而言，看起來第一季似乎蘊含著相當健康的成長。如果您能幫我們分析其中有多少是同店銷售的差異，有多少是潛在市場好轉，又有多少是出貨時機的因素，那就太好了。如果你能幫幫我們，那就太好了，幫我理清一下思緒。

Yeah. No, happy to add some color. I would say, from a demand standpoint, we see good underlying stable demand, and growth, as Naga mentioned, particularly in the semi space but also a good stable ongoing growth in the electronics, automotive and general electronics space.

是的。不，我很樂意增添一些色彩。從需求角度來看，如 Naga 所提到的，我們看到了良好的潛在穩定需求和成長，尤其是在半導體領域，但電子、汽車和通用電子領域也保持著良好的穩定成長。

As you think about first quarter, as you'll recall, we did have a slow start to the year in ATS last year. And so there are some favorable comps year-over-year, and that's driving part of the performance in Q1.

回想第一季度，您應該還記得，去年 ATS 的開局比較緩慢。因此，與去年同期相比，有一些有利的比較基數，這在一定程度上推動了第一季的業績成長。

As we sit here today, entering the year, we're in a much stronger position from a backlog standpoint from where we started the year last year. So we're off to a good start, I would say, certainly for the first quarter.

今天，我們進入新的一年，從積壓訂單的角度來看，我們比去年年初的情況要好得多。所以我覺得，至少就第一季而言，我們開局不錯。

Some of that is the prior year comp. But really, it's really driven by ongoing demand and a stronger backlog entering the year, is really the big driver.

其中一些是上一年的比較數據。但實際上，真正的驅動力是持續的需求以及年初以來更強勁的積壓訂單。

Matt Summerville, DA Davidson.

馬特·薩默維爾，地方檢察官戴維森。

Can you guys hear me okay?

你們能聽清楚我說話嗎？

Yes.

是的。

Yeah, we can.

是的，我們可以。

Okay. Perfect. So can you put a little bit of a finer point on what you're seeing with respect to X-ray Inspection, in the sense that I would imagine if a lot of the semi-driven growth is being steered by AI, cloud, kind of the more technologically rich chip architectures.

好的。完美的。那麼，您能否更詳細地談談您在 X 光檢測方面所觀察到的情況？我想，如果很多半驅動型成長是由人工智慧、雲端運算以及技術更先進的晶片架構所引導的，那會怎麼樣呢？

I would think the pull-through and almost more of a real-time pull-through on x-ray would be more pronounced maybe than what you're seeing. So can you kind of talk about why the two pieces of the business may be decoupled, whether you think that's sort of temporary?

我認為，X光片上的拉扯現象，尤其是即時拉扯現象，應該比你看到的更明顯。那麼，您能否談談為什麼業務的這兩個部分可能會脫鉤，以及您認為這種情況是否只是暫時的？

Just kind of walk me through that again, specifically focused on x-ray. And then I have a follow-up.

請你再給我詳細講解一遍，特別是關於X光的部分。然後我還有一個後續問題。

Sure. On the x-ray side, think about x-ray, it has great exposure to our semiconductor, but it also has a pretty solid exposure to automotive. So some of these differences you're seeing in x-ray when compared to [IPS], you also can attribute to some of the automotive exposures we have in that business.

當然。從 X 射線的角度來看，想想 X 射線，它對我們的半導體產業影響很大，但對汽車產業的影響也相當大。所以，你看到的 X 光與 [IPS] 之間的一些差異，也可以歸因於我們在這個行業中遇到的一些汽車曝光問題。

We certainly like the trends that we are seeing in the business right now. We've got a number of new products that are launching. And so we are pretty excited about going into this year. I think x-ray begins to contribute to ATS's growth.

我們非常看好目前商業領域的發展趨勢。我們即將推出一系列新產品。所以我們對今年的到來感到非常興奮。我認為X射線開始促進ATS的發展。

The one other point that I would make for you on x-ray is that if you think about these composite structures that people are building, where you have both logic as well as memory on that, there are parts of that structure cannot be inspected with x-ray, right?

關於 X 射線，我還想補充一點，如果你想想人們正在建造的這些複合結構，其中既有邏輯又有記憶，那麼該結構的某些部分是無法用 X 射線檢查的，對吧？

There are parts that need to be inspected with x-ray and there are parts that cannot be. And for Nordson's position, we have both those technologies. So you typically use acoustic for memory and you use more x-ray for logic chips, right?

有些部件需要用X射線進行檢查，有些部件則不能。而對諾信公司來說，我們同時擁有這兩種技術。所以，通常情況下，記憶體使用聲學方法，而邏輯晶片則更多地使用 X 射線方法，對嗎？

So if you think about those two, we certainly benefit from them. But there is a transition in technology that is happening in testing as we speak. And we have some new technologies that we are testing right now, which certainly will have an impact, but probably not in '26, probably in '27.

所以，如果你仔細想想這兩點，我們當然會從中受益。但就在我們說話的時候，測試領域的技術正在改變。我們現在正在測試一些新技術，這些技術肯定會產生影響，但可能不會在 2026 年，可能會在 2027 年。

So overall, the x-ray business is in a good spot. It certainly did not contribute last year. Some of that is automotive exposure. But we feel like our x-ray business is in a good spot going into this year and will contribute to growth in the ATS segment.

總的來說，X光產業形勢良好。去年它肯定沒有任何貢獻。部分原因是汽車產業的曝光度。但我們認為，今年我們的 X 光業務發展勢頭良好，並將為 ATS 領域的成長做出貢獻。

And then just as a follow-up, with Atrion seemingly in a good spot, maybe just talk in a little bit more detail about M&A actionability from here on out at 2.1 times net leverage and whether or not at $250-ish wherever your stock is going to trade today, are you still a buyer in the open market?

然後，作為後續問題，鑑於 Atrion 目前的情況似乎不錯，或許可以更詳細地談談在淨槓桿率為 2.1 倍的情況下，從現在開始進行併購的可行性，以及當你的股票今天交易價格在 250 美元左右時，你是否仍然是公開市場上的買家？

I'll wait for that, I'll pass that part of that question to Dan. But first, let me take the M&A piece of it, right? Just as a reminder, Matt, you know this about us. Our goal with M&A remains the same as what we shared during our Investor Day, which is really adding highly differentiated businesses that are additive to the growth of the portfolio, right?

我會等他回答，我會把這個問題的部分轉給丹。但首先，讓我來談談併購部分，對吧？馬特，提醒你一下，你知道我們之間的這種關係。我們在併購方面的目標與我們在投資者日上分享的目標一致，那就是真正增加能夠促進投資組合成長的高度差異化業務，對吧？

That's while remaining strategically and financially disciplined. So that is the strategy. Nothing really has changed. We have a pretty healthy pipeline. We continue to be in part of processes.

前提是保持策略和財務上的自律。這就是我們的策略。其實什麼都沒變。我們的產品線相當健康。我們仍在參與相關流程。

Obviously, in some cases, we are not successful because we choose to exit the process or in some cases, we just, that the project ideas did not meet our financial criteria or strategic criteria, right? So we continue to have a robust pipeline.

顯然，在某些情況下，我們未能成功是因為我們選擇退出該流程，或者在某些情況下，僅僅是因為專案構想不符合我們的財務標準或策略標準，對嗎？因此，我們繼續擁有強大的產品線。

We continue to work the pipeline. You did not see any actionability in '25, primarily because we didn't have projects that met both those things. And clearly, stock price was very favorable for us to be supportive of our stock by buying back share. So Dan, let me have you address the last part of Matt's question.

我們繼續推進管道建設。2025 年沒有看到任何可操作性，主要是因為我們沒有同時滿足這兩個條件的項目。顯然，股價非常有利於我們透過回購股票來支撐我們的股票。丹，請你回答馬特問題的最後一部分。

Yeah. And just to add maybe some color on the capital allocation thinking. Our goal and frankly, one of the strengths of the company with our strong cash flow is the ability to be balanced.

是的。最後，我想就資本配置思路補充一些細節。我們的目標，坦白說，也是我們公司強勁現金流的優勢之一，就是能夠保持平衡。

And so you're going to continue to see us not just do one or the other, but continue to do both meaning returning cash to shareholders and continuing to identify and bring in high-quality assets to the portfolio.

因此，你們將會看到我們不僅會做其中之一，而是會繼續兩者兼顧，這意味著向股東返還現金，並繼續尋找和引進高品質資產到投資組合中。

So let's say, I like your thinking, let's say that we're in the $250 range today. We think there's still upside to our stock.

假設我喜歡你的想法，假設我們今天的目標價位在 250 美元左右。我們認為我們的股票仍有上漲空間。

We've just authorized late last year an increase in our authorization that gives us coverage in the near term. And I would say we're going to continue to be balanced in deploying the strong cash that we generate, both continuing to work our acquisition pipeline and balancing that with shareholder returns.

去年底我們剛剛批准了一項增加授權額度的計劃，這使我們能夠在短期內獲得保障。我認為，我們將繼續保持平衡，合理運用我們產生的強勁現金流，既繼續推進收購計劃，又兼顧股東回報。

Andrew Buscaglia, BNP.

安德魯·布斯卡利亞，法國巴黎銀行。

So maybe a high-level question on your guidance to start out. Dan, you kind of mentioned these tougher markets seem to have troughed. So that's an interesting comment.

所以，或許可以先問您一個比較高層次的問題，希望您能提供指導。丹，你剛才也提到過，這些艱難的市場似乎已經觸底了。這是一個很有意思的評論。

Yet the low end of your guidance really doesn't assume much growth this year, and it seems unreasonable if some of these tougher markets, you're past the worst. So what's giving you the hesitation to guide at the low end, such a low range?

然而，你們給予的最低業績預期其實並沒有假設今年會有太大的成長，如果你們已經度過了某些較為艱難的市場時期，那麼這樣的預期似乎就不太合理了。那麼，是什麼讓你在低端市場，如此低的價位區間內猶豫不決呢？

And can you walk through maybe where you see some risk and you don't want to stick your neck out just yet?

那你能不能走過一些你覺得有風險但又不想冒險的地方呢？

Yeah. No, it's a good question, Andrew. And again, I would say put the guidance in perspective, it's a range of potential outcomes, right? And we think it's important as a company to plan for both the upside and the downside.

是的。不，安德魯，你問得好。我再次強調，要正確看待這些指導意見，它們代表的是一系列可能的結果，對吧？我們認為，作為一家公司，制定應對上漲和下跌的計畫都非常重要。

I think at this point in time, obviously, with our first quarter guide, we're going to have, we're expecting to have a strong start to the year. We think it's prudent to plan for kind of our midpoint guidance. And on the downside, I would say that contemplates something happens this year.

我認為就目前而言，很明顯，根據我們第一季的業績指引，我們預計今年將迎來一個強勁的開局。我們認為，制定一個大致的中期指導方針是明智之舉。但從不利的方面來看，我認為這預示著今年可能會發生一些事情。

Now certainly, sitting here today, I would tell you, we don't see a lot of indicators of any downside, but we still think it's prudent to plan for any potential outcome. And as the year plays out, we'll continue to update our guidance based on what we're seeing.

當然，就目前的情況來看，我們並沒有看到太多不利跡象，但我們仍然認為為任何可能的結果做好準備是謹慎的做法。隨著年內情勢的發展，我們將根據實際情況不斷更新我們的指導意見。

But sitting here today, we feel very good. But we think it's still important to make sure that we're, as we've learned, if nothing else this year, a lot can happen in a year, and being prepared for any potential outcome in the marketplace is important.

但今天坐在這裡，我們感覺非常好。但我們認為，即便今年我們沒有學到什麼，但重要的是要確保我們做好準備，因為一年中可能會發生很多事情，為市場上的任何潛在結果做好準備非常重要。

That said, where we sit today, we feel quite good. We're going to have a strong start to the first quarter, which is implied in our guidance. And we'll see how the rest of the year plays out. Does that make sense?

也就是說，就我們目前的情況而言，我們感覺相當不錯。第一季我們將迎來強勁開局，這也反映在我們的業績預期中。接下來，我們將拭​​目以待，看看今年剩下的時間會如何發展。這樣說得通嗎？

No. Yes, that's fair. Yeah. And maybe focusing on your IPS market for a second. There's some enthusiasm amongst investors around improving industrial production, PMI factors this year, especially if we don't have another tariff situation.

不。是的，這很合理。是的。或許可以花點時間關註一下你們的IPS市場。投資者對今年工業生產和採購經理人指數 (PMI) 等因素的改善抱持著一定熱情，尤其是如果沒有再次出現關稅問題的話。

But I would think that, can you talk about your IPS segment as it pertains to that? I mean it's weak, and it's been tracking that, somewhat tracking that comment for a weak, kind of in the weak industrial factors, but also you have that ARAG weakness that's masking it or exacerbating it.

但我認為，您能否談談您的IPS業務與此相關的情況？我的意思是，它很弱，而且它一直在追蹤這種弱化趨勢，某種程度上追蹤這種弱化趨勢，某種程度上是工業因素疲軟的表現，但同時 ARAG 的疲軟也掩蓋或加劇了這種疲軟。

So yes, can you talk about how you perceive that business in terms of sensitivity to the industrial economy and your outlook there?

那麼，您能否談談您對該行業在工業經濟中的敏感度以及您對此的看法？

So if you think about, maybe just for a brief moment, talk about 2025 and then talk about 2026. If you think about 2025, the IPS segment was weighed down, the performance that is published in the print, is weighed down by plastic processing and automotive, right?

所以，請思考一下，哪怕只是短暫地思考一下，談談 2025 年，然後再談談 2026 年。如果展望 2025 年，IPS 產業的發展受到了拖累，印刷品上公佈的業績也受到了塑膠加工和汽車產業的拖累，對吧？

And that kind of takes, took away most of the progress that the team has been delivering in our core IPS businesses. And precision ag grew double digit in the year, right? So that is 2025. As we look into 2026, we continue to see investments in packaging and product assembly, our hot melt adhesives businesses.

這種做法抹殺了團隊在核心IPS業務領域的大部分進展。精準農業在這一年實現了兩位數的成長，對吧？那就是2025年。展望 2026 年，我們將繼續投資於包裝和產品組裝以及我們的熱熔膠業務。

We feel very good about the order entry and the backlog in our precision ag businesses. Now remember, precision ag for us is a European business. It's not a North American business. We are a market leader in Europe and in South America.

我們對精準農業業務的訂單輸入和積壓情況感到非常滿意。請記住，對我們來說，精準農業是一項歐洲業務。這不是一家北美企業。我們在歐洲和南美洲都是市場領導者。

So we feel good about that. And if you think about our aftermarket parts, which is upwards of 55%, 56% of this business revenue comes from aftermarket parts. So we feel really good about stable demand there, right?

所以我們對此感到很滿意。如果你考慮到我們的售後零件，這部分占我們業務收入的 55% 到 56%，那麼這項業務收入的 56% 就來自售後零件。所以我們對那裡的穩定需求感到非常樂觀，對吧？

And then polymer processing has troughed, automotive has troughed. And so any nominal recovery there is all upside to this business. So as we sit here today, this business getting back to GDP plus kind of growth is what we are planning for.

然後，聚合物加工產業跌入了低谷，汽車產業也跌入了低谷。因此，任何名義上的復甦都將對這項業務帶來利好。所以，我們今天在這裡討論的目標是讓企業恢復到GDP成長水準。

Chris Glynn, Oppenheimer.

克里斯·格林，奧本海默。

Chris, if you're there, we can't hear you.

克里斯，如果你在那裡，我們聽不到你的聲音。

Okay. I was showing unmuted and then it prompted me to unmute again and again. Can you hear me?

好的。我當時顯示未靜音，然後它反覆提示我取消靜音。你聽得到我嗎？

We can.

我們可以。

We can.

我們可以。

Okay. Great. I just want to drill back down into a little bit at the lower end. It sounded like what that contemplates is more the hypothetical versus anything you're seeing. But I wanted to understand how the dynamic of lumpiness of electronic processing systems orders might play into it.

好的。偉大的。我只想再深入研究底層的情況。聽起來，它所考慮的更多的是假設性的，而不是你所看到的任何事情。但我想要了解電子處理系統訂單的不連續性動態如何影響其中。

Does the idea of lumpiness get negated on a 12 year basis and fiscal '26 should fully participate in what you've often characterized as the beginning of a multiyear run for ATS?

12 年的周期是否可以消除「不連續性」的概念？ 2026 財年是否應該完全參與您經常描述的 ATS 多年運行的開始中？

So I think that's the right way to think about it. I mean, a, your initial comments, look, we're planning for a range of scenarios, and certainly part of that range is a downside scenario, right? But sitting here today, I would say that's more of a hypothetical.

所以我認為這是正確的思考方式。我的意思是，首先，關於你最初的評論，我們計劃應對一系列情況，當然其中也包括不利情況，對吧？但就目前來看，我認為這更像是一種假設。

I think that's a good way to think about it. With regards to ATS, that's kind of exactly how we think about it. And I'll maybe point to 2025 as an example. We had a couple of quarters of 15% growth. That's not necessarily a run rate on a 12 month basis.

我覺得這是個不錯的思考方式。關於ATS，我們也是這麼想的。我或許可以以 2025 年為例。我們曾有兩個季度實現了15%的成長。這不一定是過去 12 個月的平均運行率。

If you look at our full year, we grew our ATS segment about 4%. And so looking at, we expect good mid-single-digit growth over, I think, to your point, maybe a 12 month period is a good way to think about it.

如果縱觀全年，我們的 ATS 業務成長了約 4%。因此，我們預計未來 12 個月將實現良好的個位數成長，正如您所說，或許 12 個月是一個比較合適的衡量標準。

That said, you're going to see some peaks and valleys, right, over that period based on delivery timing. Does that make sense?

也就是說，在此期間，根據交貨時間的不同，你會看到一些高峰和低谷，對吧。這樣說得通嗎？

Yeah. Makes sense. And then just a last one on polymer processing. Obviously, you had an excellent fiscal '24 and pretty steep downturn in fiscal '25. You've said that is categorically behind you. Are there rumblings customer activity in polymer processing?

是的。有道理。最後再補充一點關於聚合物加工的內容。顯然，你們在 2024 財年取得了非常好的成績，但在 2025 財年卻出現了相當嚴重的下滑。你曾明確表示，那件事已經徹底過去了。聚合物加工領域是否有顧客活動方面的動向？

And is that a factor that could push you nicely to the upside of the guidance range? I think last quarter on the call, it was referenced a couple of times about customer discussions in polymer processing having turned decidedly.

這是否是一個能讓你順利突破指導價位範圍的因素呢？我認為上個季度的電話會議上，曾經幾次提到聚合物加工領域的客戶討論已經發生了顯著轉變。

Look, I think the best way to think about it is we have hit the bottom. When we look at activity in the marketplace, on the system side of the business, we still seem to be in a good place. Order entry is starting to look good, starting to look at backlog building.

我認為最好的理解方式是，我們已經觸底了。當我們審視市場活動，從業務系統層面來看，我們似乎仍然處於良好的發展狀態。訂單輸入情況開始好轉，積壓訂單也開始出現了。

But there is also a dies business in there, which is not growing at the same clip as our systems business there. So it's one of those cases where we believe that we have bottomed out. Even in the dies business, it has bottomed, it is not going any further down.

但那裡也有模具業務，但它的成長速度不如我們的系統業務。所以，我們認為這種情況已經觸底了。即使是模具產業，也已經觸底反彈，不會再下跌了。

The recovery seems to be different in these two businesses. So now we're getting a little bit more detail, more detail than we normally talk about, Chris, but we're providing this just to help you understand. So the best way to think about polymer processing is, we're at the trough.

這兩個行業的復甦情況似乎有所不同。現在我們來詳細說說，比我們平常談論的要詳細一些，克里斯，但我們提供這些只是為了幫助你理解。所以，看待聚合物加工的最佳方式是，我們正處於低谷期。

We're expecting some nominal growth, is what we are expecting in our guide. Should there have something bigger and better than what we have planned, then that definitely puts us on the upside for that segment.

我們預計會有一些名義上的成長，這是我們在指南中預測的。如果有什麼比我們計劃的更大更好的東西出現，那肯定會讓我們在這個領域佔據優勢。

And I would just add to that, similar comments with regards to our automotive businesses. Automotive, we're not, we see that, that's troughed, it's stabilized, we're expecting nominal growth. But we're not expecting any big recovery in our automotive markets.

我還要補充一點，關於我們的汽車業務，也有類似的看法。汽車產業，我們並不這麼認為，我們看到汽車產業已經觸底反彈，趨於穩定，我們預期名義成長。但我們預期汽車市場不會大幅復甦。

Sorry, Chris. And this is why we give a range, particularly this early in the year, so.

抱歉，克里斯。所以，我們才會給出價格範圍，尤其是在年初的時候。

Brad Hewitt, Wolfe Research.

Brad Hewitt，Wolfe Research。

So you mentioned backlog is up 5% year-over-year, but could you quantify how backlog trended sequentially? And then any additional comments on the sequential backlog trends by business would be helpful.

您提到積壓訂單年增了 5%，但您能否量化一下積壓訂單的環比趨勢？此外，如果您能就各業務的積壓訂單趨勢提供任何補充意見，我們將不勝感激。

Yeah. So backlog is up 5% versus where we started last year. Backlog is down sequentially, but that's actually normal, Brad, because Q1 is always seasonally our lowest quarter given holiday and other schedules.

是的。因此，積壓訂單比去年年初增加了 5%。積壓訂單環比下降，但這其實很正常，布拉德，因為考慮到假期和其他安排，第一季通常是我們業績最低的季度。

And so that kind of sequential reduction in backlog is a normal trend, is the way that I would think about it. What's more important is I think the comparison year-over-year starting point standpoint. I think that's the right way to think about it.

因此，積壓訂單的這種逐步減少是正常趨勢，而我是這麼認為的。我認為更重要的是從同比角度進行比較。我認為這是正確的思考方式。

Okay. Great. And then as we think about seasonality throughout the year, in terms of the revenue and EBITDA split, is it fair to assume roughly normal seasonality for 2026? And then in terms of organic growth, do you think that should be similar in first half versus second half?

好的。偉大的。然後，當我們考慮全年的季節性因素時，就收入和 EBITDA 的劃分而言，假設 2026 年的季節性大致正常是否合理？那麼就自然成長而言，您認為上半年和下半年的自然成長會相似嗎？

Yeah. I would say we're planning for a normal year from a seasonality standpoint. Typically, what you see is Q1 is always our lowest start given the timing of the year, the holidays as well as kind of the year-end timing of shipments and customer activity.

是的。從季節性角度來看，我認為我們的計劃是按照正常的年份進行的。通常情況下，由於一年中的時間安排、假日以及年底的出貨量和客戶活動等因素，第一季總是我們開局最差的季度。

And then you see that sequentially improve throughout the year. I would say we would expect a normal kind of seasonal trend, at least sitting here today across our business.

然後你會看到這種情況在一年中逐步改善。我認為，至少就我們目前的業務情況來看，我們應該會看到一種正常的季節性趨勢。

I mean there is some Chinese New Year that moves from quarter-to-quarter, but there is a nominal impact. This year, Chinese New Year will be in the second quarter, so.

我的意思是，有些中國新年會逐季調整，但影響不大。今年春節將在第二季度，所以…

Walter Liptak, Seaport Research.

Walter Liptak，海港研究公司。

Naga, congratulations on the five years of NBS Next. And so I wanted to ask, as you look back, what do you think went best for you guys? And what was the toughest?

Naga，祝賀NBS Next成立五週年。所以我想問，回首往事，你們覺得對你們來說最好的事是什麼？最難的是什麼？

And if I'm recalling, there was a little bit more of like a growth focus on your NBS Next. How do you feel about that now? And what should we be thinking about over the next five years?

如果我沒記錯的話，NBS Next 似乎更專注於成長方面。你現在對此有何感想？那麼，未來五年我們該考慮哪些面向呢？

Yeah. No, thank you, Walt. If you think about NBS Next, and if I were just to sort of go back to where we started. Where we started was the company's greatest opportunity was growth. And so really we structured NBS Next around how do we deliver on that great growth opportunity for Nordson.

是的。不，謝謝你，沃特。如果你想想 NBS Next，如果我回到我們最初出發的地方。我們最初的設想是，公司最大的機會在於發展壯大。因此，我們建立 NBS Next 的核心在於如何為 Nordson 抓住這個巨大的成長機會。

And it all started with strategic discipline. So if you think about how the company thinks about strategic discipline across all of our divisions that is well potted down, this is how our teams think about how do I resource a new growth opportunity?

而這一切都始於戰略紀律。所以，如果你想想公司是如何看待我們所有部門的策略紀律的，並且這種紀律已經很好地貫徹到各個部門，那麼這就是我們的團隊思考如何為新的成長機會提供資源的方式？

How do I build a new product line? How do I innovate around a new product opportunity? How do I operationally be positioned for that growth? So I'm really happy where we are as a company in terms of using segmentation in our strategic discipline.

如何打造一條新的產品線？如何圍繞新產品機會進行創新？我該如何從營運層面做好準備，以適應這種成長？因此，就我們在策略規劃中運用市場區隔而言，我對我們公司目前的進展非常滿意。

So strategic discipline really is segmentation. And so using segmentation, our teams identify the best growth. We are now beginning to holistically implement. I would say in terms of leadership level performance, this is sort of the process metrics we use within the company to say where we are at in the effectiveness.

所以，戰略紀律的本質就是市場區隔。因此，透過市場細分，我們的團隊可以找到最佳的成長點。我們現在開始全面實施。就領導階層績效而言，這可以說是我們公司用來衡量公司效率水準的流程指標。

I would tell you we are halfway there, is probably the best way to think about it. So we still have plenty of room left in terms of continuing to deliver growth with this framework.

我覺得我們已經完成了一半，這可能是最好的理解方式。因此，在這個框架下，我們仍然有很大的發展空間，可以繼續成長。

If you take the five years, take the first two years as the years when we built this framework, deployed it, trained, getting really good at it, and the next three years is really starting to deliver results. If you think about EBITDA margins, we went from 27% to 30% in that first period.

如果把這五年看作五年，那麼前兩年是我們建構、部署、培訓並真正精通這個框架的時期，接下來的三年則是真正開始取得成果的時期。如果以 EBITDA 利潤率來看，我們在第一階段從 27% 提高到了 30%。

And then if you think about the next period where we're beginning to deliver growth results, the expansion from 30% to 32%, right? So what you really see is the company using the framework to drive growth.

然後，想想接下來我們將開始取得成長成果的時期，成長率從 30% 提高到 32%，對吧？所以你真正看到的是公司利用這個框架來推動成長。

Where we are today and where we have the greatest opportunity is, over this period of time, the company's operational excellence have gotten really great, innovation has gotten stronger, and commercial excellence is sort of where we are spending most of our time today.

我們目前所處的位置以及我們最大的機會在於，在這段時間裡，公司的營運卓越性得到了極大的提升，創新能力得到了增強，而商業卓越性正是我們目前投入最多時間的領域。

And so I'm super excited the team is really working incredibly hard in sort of how we play in the markets we have chosen to play in. And so all of the work in the next couple of years is around commercial excellence, connecting the dots between segmentation, innovation, operational excellence and commercial excellence.

因此，我非常興奮，團隊真的非常努力地研究我們如何在我們選擇進入的市場中開展業務。因此，未來幾年的所有工作都將圍繞商業卓越展開，將市場細分、創新、卓越營運和卓越商業聯繫起來。

Okay. Great. And on the profitability side, as you pointed out, the profits were good. What inning are we at now, do you think with that operational EBITDA part of NBS Next?

好的。偉大的。正如你所指出的，獲利方面利潤不錯。您認為NBS Next的營運EBITDA部分目前處於哪個階段？

Yeah. So I guess what I would say, I'll go back to Naga's comments, growth is our best opportunity as a company. And I think I would say that's where the margin enhancement comes from going forward, is continuing to effectively grow the organization and basically throwing off normal incrementals that will lead to natural margin accretion over time.

是的。所以我想說的是，我還是回到 Naga 的評論上來，成長是我們公司最好的機會。我認為，未來利潤率提升的來源在於持續有效地發展組織，並逐步實現正常的成長，從而隨著時間的推移自然而然地增加利潤率。

That's our primary focus and I think our best opportunity. That doesn't mean that there aren't things that we can, yes, you can always improve your operations, you can always get better.

這是我們的主要關注點，也是我認為我們最好的機會。但這並不意味著我們就無能為力，是的，你總是能改進你的運營，你總是可以做得更好。

But I would say our best opportunity is continuing to grow the organization and growing it more aggressively and allowing that to be basically your margin accretion.

但我認為我們最好的機會是繼續發展壯大公司，並採取更積極的發展方式，讓這成為利潤成長的主要來源。

One thing I would add to that is just over the long term, Walt, don't hold us to some short periods of time here. If you think about an average 35% incremental for the company, blended between acquisitions and organic growth, a 35% incremental implies, over the longer term, our margins start to converge on that number, right?

我還要補充一點，華特，從長遠來看，不要只看眼前的短期效果。如果考慮到公司透過收購和內生成長實現的平均增量為 35%，那麼從長遠來看，35% 的增量意味著我們的利潤率會開始向這個數字靠攏，對嗎？

And we're running at 32% today. But that is primarily through growth. And I think that is the key, hopefully, you take away, is we are solely focused on growth, which is a big part of who we are. But growth in a very profitable way.

我們今天的運行率為 32%。但這主要是透過成長來實現的。我認為關鍵在於，希望你們能明白，我們始終專注於發展，而發展正是我們企業文化的重要組成部分。但這種成長方式非常有利可圖。

As you have seen the team demonstrate year in, year out, operationally, pretty darn good incrementals. So if you sort of take that incrementals and sort of project out to the longer term, that's what you would end up. Hopefully, that helps you.

正如你所看到的，該團隊年復一年地在營運方面取得了相當不錯的進步。所以，如果你把這些增量逐步推算到長期，最終就會得到這樣的結果。希望這對你有幫助。

Okay. It does.

好的。確實如此。

Robert Jamieson, Vertical Research Partners.

Robert Jamieson，Vertical Research Partners。

Can you all hear me?

你們都能聽到我說話嗎？

Yes.

是的。

Yes. We hear you fine.

是的。我們聽說你一切都好。

Perfect. Perfect. Well, congrats on the quarter. And all the color has been very helpful this morning. Just wanted to touch on full year EPS guidance.

完美的。完美的。恭喜你本季業績出色。今天早上，這些色彩真的幫了我很大的忙。我想簡單談談全年每股收益預期。

And with the midpoint at 9% growth, in your long-term target range of like 10% to 12%, what bridges you from the midpoint to achieving the upper end of that target range? Would you expect that to be primarily operational execution, maybe some help from share repurchases?

假設成長率的中點為 9%，而你的長期目標範圍是 10% 到 12%，那麼是什麼讓你從中點過渡到實現該目標範圍的上限呢？您認為這主要會是營運執行方面的原因，股票回購或許也能起到一些幫助嗎？

Or are there potential upside scenarios in your end markets? And where do you think that might come from if we did see that, the top end of the range being achieved?

或者，您的終端市場是否有潛在的上漲空間？如果真的達到了最高性能範圍，你認為這可能是從哪裡來的？

Yeah. Well, relative to 2026, I mean, certainly, that 9% is a midpoint and also based on a midpoint growth. So stronger growth in our base business would be certainly one item to bridge that. The other thing I would point out is the 10% to 12% growth was a combination of organic and inorganic.

是的。嗯，相對於 2026 年而言，我的意思是，當然，9% 是一個中點，也是基於中點成長率。因此，基礎業務的強勁成長無疑是彌合這一差距的途徑之一。我還要指出的是，10%到12%的成長是有機成長和無機成長共同作用的結果。

And we're not factoring in any acquisitions this year. That doesn't mean that we're not working on, actively working on opportunities, and that would be additive to the organization as well.

我們今年不打算進行任何收購。但這並不代表我們沒有積極尋找機會，而這些機會對組織來說也是有益的。

So I think a combination of those two, continuing to grow our base business with our NBS Next formula, that will deliver upside. 3.5%, I think, it was a good midpoint aiming target, and that's what we kind of factored into our long-term thinking.

所以我認為，將這兩者結合起來，繼續透過我們的 NBS Next 模式發展我們的基礎業務，將會帶來成長。我認為 3.5% 是一個很好的中間目標，這也是我們在長期規劃中考慮的因素。

Delivering better than that in certain years will deliver higher earnings growth as well as continuing to add attractive assets to the portfolio.

某些年份業績優於預期將帶來更高的獲利成長，並持續為投資組合增加優質資產。

Great. And then just nice free cash flow conversion in the last couple of quarters. Can you talk a little bit about the working capital improvements and sustainability there? Have there been structural improvements there that would be able to, for you all to sustain conversion above your long-term average rate?

偉大的。然後，最近幾季自由現金流轉換率也相當不錯。您能談談那裡的營運資金改善和永續性議題嗎？那裡是否有結構性改進，能夠使你們的轉換率維持在高於長期平均的水準？

Yeah. No, it's been, our teams have done some nice initial work. It's been really a targeted focus area for us, simply because we see it as an opportunity to continue to enhance our working capital utilization. I would tell you, not only is it sustainable, we think there's more opportunity ahead of us.

是的。不，已經是這樣了，我們的團隊已經完成了一些不錯的初步工作。這確實是我們重點關注的領域，因為我們認為這是一個繼續提高營運資金利用率的機會。我想說的是，這不僅是可持續的，我們認為未來還有更多機會。

And so we are certainly focused on that. And I would expect us to continue to generate strong cash flow performance going forward.

因此，我們當然會重點關注這一點。我預計我們未來將繼續保持強勁的現金流表現。

There are no further questions at this time. I will now turn the call back to Naga for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給 Naga，請她作總結發言。

Thank you for your time and attention on today's call. We're making great progress on the Ascend Strategy, and we are positioned well to deliver solid growth in fiscal 2026. We wish you a happy holiday season.

感謝您今天抽空認真聽取電話會議的意見。我們在「上升策略」方面取得了巨大進展，並已做好充分準備，在 2026 財年實現穩健成長。祝您節日快樂。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。