nVent Electric PLC (NVT) 2025 Q4 法說會逐字稿

Good day and welcome to the nVent Electric fourth quarter 2025 earnings conference call. (Operator Instructions)

各位好，歡迎參加 nVent Electric 2025 年第四季財報電話會議。（操作說明）

Please note that this event is being recorded. I would now like to turn the conference over to Tony Riter, Vice President of Investor Relations. Please go ahead.

請注意，本次活動正在錄影。現在我將把會議交給投資者關係副總裁托尼·里特爾。請繼續。

Thank you. And welcome to Invent's fourth quarter 2025 earnings call. On the call with me are Beth Wozniak, our Chair and Chief Executive Officer; and Gary Corona, our Chief Financial Officer.

謝謝。歡迎參加 Invent 公司 2025 年第四季財報電話會議。與我一同通話的有我們的董事長兼執行長貝絲·沃茲尼亞克，以及我們的財務長加里·科羅納。

Today we'll provide details on our fourth quarter and fuller performance in 2026 outlook. All results referenced throughout this presentation on a continuing operation basis, unless otherwise noted. Before we begin, let me remind you that any statements made about the company's anticipated financial results are forward-looking statements subject to future risks and uncertainties.

今天我們將詳細介紹第四季業績以及 2026 年的全面展望。除非另有說明，本簡報中提及的所有結果均基於持續經營。在開始之前，請允許我提醒各位，任何關於公司預期財務表現的聲明都是前瞻性聲明，會受到未來風險和不確定性的影響。

Such as the risks outlined in today's press release and filings with the Security and Exchange Commission.

例如今天新聞稿和提交給美國證券交易委員會的文件中概述的風險。

Forlooking statements are made as of today, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances.

上述前瞻性陳述僅代表截至今日的觀點，本公司不承擔任何義務公開更新此類陳述以反映後續事件或情況。

Actual results could differ materially from anticipated results.

實際結果可能與預期結果有重大差異。

Today's webcast is accompanied by a presentation, which you can find in the investor section of nVent's website. References to non-GAAP Financials are reconciled in the appendix of the presentation. We'll have time for questions after prepared remarks. With that, please turn to slide 3, and I will now turn the call over to Beth.

今天的網路直播附帶一份演示文稿，您可以在 nVent 網站的投資者關係部分找到該演示文稿。本簡報附錄中對非GAAP財務資料的調整進行了說明。在發言結束後，我們將留出時間回答問題。接下來，請翻到第 3 張投影片，現在我將把通話交給 Beth。

Thank you, Tony, and good morning everyone. It's great to be with you today to share our outstanding fourth quarter and full year results. 2025 was a record year for sales, EPS, and free cash flow, each growing at or above 30%. Through 2025, organic sales accelerated, resulting in consecutive record sales quarters.

謝謝你，托尼，大家早安。今天很高興能與大家分享我們出色的第四季和全年業績。 2025年，我們的銷售額、每股盈餘和自由現金流均創歷史新高，每項指標的成長率均達到或超過30%。到 2025 年，有機銷售額加速成長，連續幾季創下銷售紀錄。

It was an important year as we transformed our portfolio with the divestiture of the thermal management business and the acquisition of EPG. These strategic moves increased our exposure to the high growth infrastructure vertical.

這是重要的一年，我們透過剝離熱管理業務和收購 EPG 來轉變我們的業務組合。這些策略舉措增加了我們在高成長基礎設施垂直領域的投資。

Infrastructure now makes up 45% of our annual sales, with data center sales representing approximately $1 billion in 2025. Fourth quarter was our second consecutive quarter with sales of more than $1 billion. Both sales and EPS exceeded our guidance. We also had strong orders and backlog growth. Organic orders were up approximately 30%, primarily driven by large orders for the AI data center buildout, excluding data centers, organic orders grew low double-digits.

基礎設施目前占我們年銷售額的 45%，預計到 2025 年，資料中心銷售額將達到約 10 億美元。第四季是我們連續第二季銷售額超過10億美元。銷售額和每股收益均超出預期。我們的訂單量和積壓訂單量也實現了強勁成長。有機訂單成長約 30%，主要得益於人工智慧資料中心建置的大額訂單；若不計資料中心，有機訂單成長僅為兩位數。

With the strong orders, we ended the year with $2.3 billion in backlog, triple what it was a year ago. Our free cash flow was very strong in the quarter and our balance sheet is healthy. In 2026, we expect another year of record performance. Our full year guidance includes reported sales growth of 15% to 18% and adjusted EPS growth of 20% to 24%.

憑藉強勁的訂單，我們年底的積壓訂單金額達到 23 億美元，是去年同期的三倍。本季我們的自由現金流非常強勁，資產負債表狀況良好。2026年，我們預計又將創下業績新高。我們全年業績預期包括報告銷售額成長 15% 至 18%，調整後每股盈餘成長 20% 至 24%。

Now on to slide 4 for a more detailed summary of our Q4 and full year performance. Fourth quarter sales were up 42% and 24% organically led by the infrastructure vertical. Adjusted operating income grew 33% year over year with return on sales of 19.7%. Adjusted EPS grew 53% and we generated $189 billion in free cash flow, up 26%.

接下來請看第 4 張投影片，其中詳細總結了我們第四季和全年的業績。第四季銷售額成長 42%，其中 24% 為有機成長，主要得益於基礎設施垂直產業的帶動。經調整後的營業收入年增 33%，銷售報酬率為 19.7%。調整後每股盈餘成長了 53%，自由現金流達到 1,890 億美元，成長了 26%。

Looking at our key verticals, infrastructure led the way with organic sales up over 50% driven by outstanding growth in data centers. Industrial grew high single-digits, and commercial resales were up low single-digits. Turning to organic sales by geography, both America and Europe are strong.

從我們的主要垂直領域來看，基礎設施產業表現突出，有機銷售額成長超過 50%，這主要得益於資料中心的優異成長。工業地產實現了接近兩位數的成長，而商業房地產轉售實現了接近兩位數的成長。從地理上看，美國和歐洲的有機銷售額都表現強勁。

America's grew approximately 30%, while Europe was up high single-digits. Asia Pacific was down.

美國經濟成長了約 30%，而歐洲經濟成長了接近兩位數。亞太地區經濟下滑。

For the full year we had sales of $3.9 billion an increase of 30% and 13% organically. Adjusted operating income grew 21% with margins of 20.2%. Adjusted EPS was up 35% for the full year we had record free cash flow of $561 million growing 31%.

全年銷售額達 39 億美元，年增 30%，其中有機成長 13%。經調整後的營業收入成長了 21%，利潤率為 20.2%。全年調整後每股盈餘成長 35%，自由現金流創歷史新高，達到 5.61 億美元，成長 31%。

Let me share a few strategic and operational highlights. First, we launched 86 new products in 2025, contributing approximately 10 points to our sales growth, and our new product vitality was 27%.

讓我分享一些策略和營運方面的亮點。首先，我們在 2025 年推出了 86 款新產品，為我們的銷售成長貢獻了約 10 個百分點，新產品活力為 27%。

Our innovation is delivering growth and solutions for our customers. Second, as I mentioned, the infrastructure vertical now makes up 45% of our sales led by data centers which grew over 50% for the year. Third, our organic growth and recent acquisitions more than offset the EPS impact from the thermal management business we divested in the first quarter.

我們的創新正在為客戶帶來成長和解決方案。其次，正如我之前提到的，基礎設施垂直產業目前占我們銷售額的 45%，其中資料中心業務成長超過 50%。第三，我們的內生成長和近期收購足以抵銷我們在第一季剝離的熱管理業務對每股盈餘的影響。

Importantly, we cannot accomplish these results without the dedication of our event team. Transforming our portfolio and accelerating to become a higher growth company takes a lot of effort and teamwork. I'm very proud and appreciative of all the hard work by our in event team to support our customers and deliver the outstanding performance in 2025. Looking ahead, we expect 2026 to be another record year of strong growth and value creation.

重要的是，沒有我們活動團隊的奉獻，我們不可能有這些成果。轉型我們的投資組合併加速成為高成長公司需要付出大量的努力和團隊合作。我為我們活動團隊的所有辛勤工作感到非常自豪和感激，他們為支持我們的客戶並在 2025 年取得了卓越的成績做出了貢獻。展望未來，我們預期 2026 年將是另一個成長強勁、價值創造創紀錄的年份。

Moving to slide 5. Our portfolio transformation to become a more focused, higher growth electrical connection and protection company is showing up in our results. We have increased our exposure to the high growth infrastructure vertical from 12% of sales that been to 45% last year, and infrastructure is expected to be well over half of our sales in 2026.

切換到第5張投影片。我們正努力轉型成為一家更專注、成長更快的電氣連接和保護公司，而這項轉型已體現在我們的業績中。我們已將高成長的基礎設施垂直領域的投資比例從去年的 12% 提高到 45%，預計到 2026 年，基礎設施將占我們銷售額的一半以上。

In addition, we have been aggressively investing in our data center business, which is rapidly growing and accelerating with the AI buildout. In January, we opened a new facility in Blaine, Minnesota to expand our liquid cooling capacity. Production is online and we are ramping quickly.

此外，我們一直在大力投資資料中心業務，隨著人工智慧的建設，該業務正在快速成長並加速發展。今年一月，我們在明尼蘇達州布萊恩開設了一家新工廠，以擴大我們的液冷產能。生產已上線，我們正在快速擴大產能。

Turning to slide 6 and our outlook for the verticals in 2026, we believe the infrastructure vertical has the highest growth opportunity with the trends of electrification, sustainability, and digitalization. Infrastructure is expected to grow at approximately 20% this year, driven by AI data center CapEx acceleration.

翻到第 6 張投影片，展望 2026 年各垂直產業的發展前景，我們認為，隨著電氣化、永續性和數位化趨勢的發展，基礎設施垂直產業擁有最大的成長機會。受人工智慧資料中心資本支出加速成長的推動，預計今年基礎設施將成長約 20%。

In addition, power utilities, renewables, and energy storage are expected to grow with the increasing demand for power. For industrial, we expect mid single-digit growth with increasing cap investment automation and reshoring.

此外，隨著電力需求的成長，電力公用事業、再生能源和儲能預計也將成長。對於工業領域，我們預計隨著資本投資增加、自動化和製造業回流，將實現中等個位數的成長。

The commercial [resi] vertical is expected to grow low single-digits. This wraps up my remarks. I will now turn the call over to Gary for further details on our results, as well as our 2026 outlook. Gary, please go ahead.

商業（住宅）垂直領域預計將實現個位數低成長。我的發言到此結束。現在我將把電話交給 Gary，讓他詳細介紹我們的表現以及 2026 年的展望。加里，請繼續。

Thank you, Beth, we had another excellent quarter exceeding our guidance with record sales, strong adjusted EPS, and very strong free cash flow. Let's turn to slide 7 to review our results.

謝謝你，貝絲，我們又迎來了一個非常出色的季度，銷售額創歷史新高，調整後每股收益強勁，自由現金流也非常充裕，均超出了我們的預期。讓我們翻到第 7 張投影片來回顧一下結果。

Sales of $167 million were up 42% relative to last year. Organically sales grew 24%, well ahead of our guidance, driven by stronger than forecasted data center sales.

銷售額達 1.67 億美元，比去年成長 42%。有機銷售額成長 24%，遠超預期，主要得益於資料中心銷售額強於預期。

Acquisitions added $126 million to sales or 17 points to growth ahead of our guidance. Foreign exchange was roughly a 1 point tailwind. Adjusted operating income was $210 million up 33%.

收購為公司增加了 1.26 億美元的銷售額，或比我們預期增加了 17 個百分點。外匯匯率大約帶來了1個百分點的利多。經調整後的營業收入為 2.1 億美元，成長 33%。

Return on sales came in at 19.7%. A bit lower than expected, due to higher investments in incentive compensation and mix. Inflation was nearly $55 million including more than $40 million in tariff impact. Place price plus productivity offset inflation and we also continue to make investments for growth.

銷售回報率為 19.7%。由於在激勵性薪酬和薪酬結構方面投入更多資金，實際收益略低於預期。通貨膨脹導致通貨膨脹率接近 5500 萬美元，其中包括超過 4000 萬美元的關稅影響。當地價格加上生產力可以抵消通貨膨脹，我們也將繼續進行投資以促進成長。

Particularly for data centers and our recent acquisitions. Q4 adjusted EPS was $0.90, up 53%. And above the high end of our guidance range. We generated robust free cash flow of $189 million up 26% year over year.

尤其對於資料中心和我們最近的收購項目而言。第四季調整後每股收益為 0.90 美元，成長 53%。而且高於我們指導範圍的上限。我們創造了強勁的自由現金流，達到 1.89 億美元，年增 26%。

Now please turn to slide 8 for a discussion on the fourth quarter segment performance. Starting with systems protection, sales of $737 million increased 58%. Acquisitions contributed 23 points to sales and have performed ahead of expectations.

現在請翻到第 8 張投影片，討論第四季各業務板塊的業績表現。從系統保護業務開始，銷售額達到 7.37 億美元，成長了 58%。收購為銷售額貢獻了 23​​ 個百分點，並且表現超出預期。

Organically sales grew 34%, with all verticals growing. Infrastructure grew approximately 70%, largely due to continued strength in data centers. Industrial was up high single-digits. Commercial resi grew low single-digits.

有機銷售額成長了 34%，所有垂直領域均成長。基礎設施成長了約 70%，這主要得益於資料中心產業的持續強勁成長。工業股漲幅接近兩位數。商業住宅成長率僅為個位數。

Geographically, Americas and Europe were both strong. America's grew over 45%, while Europe was up high single-digits. Asia Pacific was down in the corner.

從地理上看，美洲和歐洲都很強大。美國經濟成長超過 45%，而歐洲經濟成長僅為個位數。亞太地區處於劣勢。

Fourth quarter segment income was $149 million up 49%. Return on sales of 20.3% decreased 120 basis points year over year, impacted by inflation, growth, investments, and recent acquisitions. Moving to electrical connections, sales of $330 million increased 15%.

第四季部門營收為 1.49 億美元，成長 49%。銷售回報率為 20.3%，年減 120 個基點，受到通貨膨脹、成長、投資和近期收購的影響。轉向電氣連接領域，銷售額為 3.3 億美元，成長了 15%。

Organic sales were up 8% and the EPG acquisition contributed 6 points to sales. From a vertical perspective, infrastructure led growing approximately 25%. Industrial grew mid-single-digits and commercial resi was up low single-digits.

有機銷售額成長了 8%，EPG 收購為銷售額貢獻了 6 個百分點。從垂直角度來看，基礎建設帶動了約 25% 的成長。工業地產實現了中等個位數的成長，商業住宅地產實現了低個位數的成長。

Geographically, all three regions group. Sales were up high single-digits in the Americas, Europe was up low single-digits, and Asia Pacific grew double-digits. Segment income was $91 million up 8% versus last year. Return on sales of 27.6% decreased 180 basis points year over year, impacted primarily by inflation. That wraps up the quarter. Now turn to slide 9 for a recap of our full year 2025 results.

從地理位置上看，這三個地區屬於同一區域。美洲地區的銷售額實現了接近兩位數的成長，歐洲地區的銷售額實現了接近兩位數的成長，亞太地區的銷售額實現了兩位數的成長。該部門營收為 9,100 萬美元，比去年增長 8%。銷售報酬率為 27.6%，年減 180 個基點，主要受通貨膨脹影響。本季到此結束。現在請翻到第 9 張投影片，回顧我們 2025 年全年業績。

2025 was an outstanding year with 30% or more growth in reported sales, adjusted EPS, and free cash flow. We ended the year with sales of $3.9 billion up 30% or 13% organically. Acquisitions contributed 16 points to growth for the year. Adjusted operating income grew 21% to $786 million.

2025 年是業績斐然的一年，報告銷售額、調整後每股盈餘和自由現金流均成長了 30% 或更多。我們全年銷售額達到 39 億美元，年增 30%，其中有機成長 13%。收購為全年成長貢獻了 16 個百分點。經調整後的營業收入成長21%，達到7.86億美元。

Overall return on sales came in at 20.2%. Inflation was more than $160 million including approximately $90 million in tariff impact. Price plus productivity offset inflation, and we also continue to make investments for growth. Free cash flow was $561 million up 30% with a 102% conversion of adjusted net income. This included higher CapEx investments for growth and capacity.

整體銷售回報率為 20.2%。通貨膨脹超過 1.6 億美元，其中包括約 9,000 萬美元的關稅影響。價格和生產力的提高抵消了通貨膨脹，我們也將繼續進行投資以促進成長。自由現金流為 5.61 億美元，成長 30%，調整後淨收入轉換率為 102%。這包括為成長和產能而增加的資本支出投資。

In summary, 2025 was a year of record performance and strong execution, with Invent now a higher growth company. Turning to the balance sheet and cash flow on slide 10. We ended the year with $237 million of cash on hand and $600 million available on our revolver, putting us in a strong liquidity position.

總而言之，2025 年是業績創紀錄、執行力強勁的一年，Invent 現在是一家成長速度更快的公司。接下來請看第 10 頁的資產負債表和現金流量表。年底時，我們手頭現金為 2.37 億美元，循環信貸額度為 6 億美元，這使我們處於強勁的流動性狀態。

Our debt stands at $1.6 billion down approximately $600 million from a year ago. Our healthy balance sheet and strong liquidity position gives us financial flexibility to support our disciplined capital allocation strategy. Turning to slide 11, where we outline our capital allocation priorities.

我們的債務為16億美元，比一年前減少了約6億美元。我們健康的資產負債表和強勁的流動性狀況賦予我們財務靈活性，以支持我們嚴謹的資本配置策略。接下來請看第 11 張投影片，其中概述了我們的資本配置優先事項。

Our capital allocation strategy is all about investing in and capitalizing on opportunities that generate the highest returns for our shareholders. Our first priority is growth. We're investing in new products, capacity, and supply chain resiliency.

我們的資本配置策略旨在投資並把握能為股東帶來最高回報的機會。我們的首要任務是發展。我們正在投資新產品、產能和供應鏈韌性。

In 2025, we invested $93 million in CapEx, up 26%. These increased investments are for recent acquisitions and new capacity to support growth in data centers and power utilities. We returned $383 million to shareholders in 2025, including share repurchases of $253 million.

2025 年，我們在資本支出方面投資了 9,300 萬美元，成長了 26%。這些增加的投資將用於近期收購和新增產能，以支持資料中心和電力公用事業的成長。2025年，我們向股東返還了3.83億美元，其中包括2.53億美元的股票回購。

And we increased our quarterly dividend 5%. We exited the year with a net debt to adjusted EBITA ratio of 1.6 times. Below our targeted range of 2 times to 2.5 times. We believe we are well positioned and have additional capacity for future capital deployment with our first priority being to invest in growth.

我們將季度股利提高了5%。年底時，我們的淨負債與調整後 EBITA 比率為 1.6 倍。低於我們設定的目標範圍 2 倍至 2.5 倍。我們相信我們已做好充分準備，並擁有額外的資本部署能力，我們的首要任務是投資成長。

Moving to slide 12 in our 2026 outlook. We are forecasting another year of strong sales and earnings growth. Reported sales are expected to grow 15% to 18%. With organic growth in the range of 10% to 13%. This assumes strong volume growth and positive price. Acquisitions are expected to contribute approximately 4 points to growth and foreign exchange to be a 1 point tailwind.

接下來，我們將進入2026年展望的第12頁。我們預測今年銷售額和利潤將持續保持強勁成長。據報道，銷售額預計將成長 15% 至 18%。有機成長率在 10% 到 13% 之間。這假設銷售強勁成長且價格走高。預計收購將為成長貢獻約 4 個百分點，外匯變動將帶來 1 個百分點的利多。

Our outlook for full year adjusted EPS is $4 to $4.15 which represents growth of 20% to 24%. And we expect free cash flow conversion to be between 90% and 95% of adjusted net income. We expect net interest of approximately $70 million our adjusted tax rate of approximately 22% and shares outstanding of approximately $164 million.

我們對全年調整後每股收益的預期為 4 美元至 4.15 美元，這意味著成長 20% 至 24%。我們預計自由現金流轉換率將達到調整後淨收入的 90% 至 95%。我們預計淨利息收入約為 7,000 萬美元，調整後的稅率約為 22%，流通股數約為 1.64 億美元。

Price and productivity are expected to offset inflation, including tariffs. We forecast incremental tariffs of approximately $80 million largely in the first half of the year. Corporate costs are expected to be approximately $130 million CapEx of approximately $130 million and depreciation and amortization of approximately $230 million.

預計價格和生產力將抵消通貨膨脹（包括關稅）的影響。我們預計新增關稅約 8,000 萬美元，主要集中在今年上半年。公司成本預計約 1.3 億美元資本支出，折舊和攤提約 2.3 億美元。

Moving to slide 13 and our first quarter outlook. We forecast reported sales growth of 34% to 36%, with acquisitions contributing approximately 15 points to sales and foreign exchange approximately a 2 point tailwind. Organic sales growth is expected to be up 17% to 19%. Price, coupled with productivity are expected to offset inflation, including the tariff impacts in Q1.

接下來是第13張投影片，以及我們第一季的展望。我們預測報告銷售額將成長 34% 至 36%，其中收購將貢獻約 15 個百分點的銷售額成長，外匯匯率將帶來約 2 個百分點的利好。預計有機銷售額將成長 17% 至 19%。價格和生產力預計將抵消通貨膨脹，包括第一季的關稅影響。

We expect adjusted EPS to be between $0.90 and $0.93, which at the midpoint reflects more than a 35% increase relative to last year. Wrapping up, our team delivered a strong year with record sales, adjusted DPS, and free cash flow. We are well positioned for another record year in 2026. With that, I will now turn the call back over to Beth.

我們預計調整後的每股收益將在 0.90 美元至 0.93 美元之間，其中數值較去年增長超過 35%。綜上所述，我們的團隊取得了強勁的業績，銷售額、調整後每股盈餘和自由現金流均創歷史新高。我們已做好充分準備，迎接2026年又一個創紀錄的年份。接下來，我將把電話轉回給貝絲。

Thank you, Gary. Please return to slide 14. Key to our success and performance has been our people and our culture and making invent a great place to work.

謝謝你，加里。請返回第14頁。我們成功和業績的關鍵在於我們的員工和企業文化，以及將公司打造為理想的工作場所。

We are focused on improving our employee experience and having a positive impact on our communities. On this slide, you can see numerous awards and recognitions that we have received as we focus on our people and building a more sustainable and electrified world.

我們致力於改善員工體驗，並對我們的社區產生積極影響。在這張投影片中，您可以看到我們因專注於員工發展和建立更永續、更電氣化的世界而獲得的眾多獎項和榮譽。

For the second consecutive year, we were recognized as one of the world's most ethical companies by Athosphere. We also earned a gold sustainability rating from [Ecobadas], placing us in the top 5% of companies assessed. And we were certified as a great place to work for the fourth consecutive year.

我們連續第二年被 Athosphere 評為全球最具道德感的公司之一。我們也獲得了[Ecobadas]頒發的金牌永續發展評級，使我們躋身受評公司前5%。我們連續第四年被評為最佳工作場所。

These are just a few of the many awards and recognitions we have received. I'm extremely proud of our event team and everything we have accomplished together. And there's always more we can do. We want people to grow their careers and invest as we grow as a company.

以上僅列舉了我們所獲得的眾多獎項和榮譽中的一部分。我為我們的活動團隊以及我們共同取得的一切成就感到無比自豪。我們總是能做得更多。我們希望員工能夠發展自己的職涯，並與公司共同成長。

Turning to slide 15, on February 24, we will be hosting our investor day, and I look forward to sharing more details about our growth strategy, new medium-term financial targets, and how invent is inventing the electrified future.

翻到第 15 張投影片，2 月 24 日，我們將舉辦投資者日活動，我期待與大家分享更多關於我們的成長策略、新的中期財務目標以及 invent 如何創造電氣化未來的細節。

Wrapping up on slide 16, 2025 was a year of outstanding performance for event, delivering differentiated value for our customers and shareholders. Our portfolio transformation and data center organic investments are accelerating our growth. And we expect 2026 to be another record year of financial performance. Our future is bright. With that, I will now turn the call over to the operator to start Q&A.

在第 16 張投影片的總結中，2025 年是活動表現卓越的一年，為我們的客戶和股東帶來了差異化的價值。我們的投資組合轉型和資料中心內部投資正在加速我們的成長。我們預計2026年將是另一個創紀錄的財務業績之年。我們的未來一片光明。接下來，我將把電話轉交給接線生開始問答環節。

Thank you (Operator Instructions)

謝謝（操作說明）

Deane Dray, RBC Capital Markets.

迪恩德雷，加拿大皇家銀行資本市場。

Thank you. Good morning, everyone.

謝謝。各位早安。

Good morning.

早安.

Hey, maybe we can start with getting a bit more color and maybe you can size the impact of inflation and these growth investments in your '26 guide. And then also if you can just give us some context as new capacity comes online, what does that do into your typical margin progression? Thank you.

嘿，或許我們可以先增加一些色彩，或許你可以在你的 2026 年指南中衡量通貨膨脹和這些成長投資的影響。另外，如果您能提供一些背景信息，說明隨著新產能的上線，這對您典型的利潤率增長有何影響？謝謝。

Thanks, Dean. This is Gary. I'll give a bit of color on inflation, and we expect higher inflation in in in 2026, due to labor, metals, and as I mentioned in my script, approximately $80 million in carryover or tariff impacts, we'll plan, we plan to address that through strong productivity as well as pricing and those two actions will offset the inflation in the year, as you mentioned, we'll continue to invest, to support growth and we have been doing that in the second half of '25 as well as into to '26. And you're seeing that support the tremendous top-line growth that we've delivered in the quarter and we'll continue to deliver in '26.

謝謝，迪恩。這是加里。我來簡單談談通貨膨脹。我們預計2026年通貨膨脹會更高，原因包括勞動成本、金屬價格上漲，以及正如我在演講稿中提到的，大約8,000萬美元的結轉或關稅影響。我們將透過提高生產力和優化定價來應對這些問題，這兩項措施將抵消當年的通貨膨脹。正如您所提到的，我們將繼續投資以支持經濟成長，我們在2025年下半年以及2026年都一直在這樣做。您可以看到，這為我們本季取得的巨大營收成長提供了支持，而且我們將在 2026 年繼續保持這一成長勢頭。

And with reflect with respect to your point on as we're investing in the margin impact, I would just say, that we're ramping so quickly and having to train a lot of new people. There are some inefficiencies, and as we start to scale, we'll get better in terms of improving those inefficiencies and that productivity.

關於您提到的投資對利潤率的影響，我想說的是，我們正在快速擴張，不得不培訓很多新員工。目前存在一些效率低下的問題，隨著規模的擴大，我們將在提高效率和生產力方面做得更好。

That's real helpful. Thank you. And then just as a follow-up, really impressive new product introductions, new product vitality index, and maybe if we could, you made a lot of impact at [Supercomput] this year launching a new line of standardized modular liquid cooling platforms. Just, how, what's been the customer receptivity to the launch, and where's that stand today? Thanks.

這真的很有幫助。謝謝。然後，作為後續，非常令人印象深刻的新產品發布、新產品活力指數，以及，如果我們可以的話，你們今年在[超級計算]上推出的一系列標準化模組化液冷平台產生了很大的影響。那麼，消費者對此次新品發表的接受度如何？目前情況又如何？謝謝。

Yeah, thank you, Dean. Yes, we did showcase a lot of those new products at Supercomput, and some of those products start to launch here through Q1 and Q2. Customer reception to that has been very strong because as you know we've driven some very high performance and very capable products that are very scalable and modular and so, as we see, this year, a lot of those products launch and we think that'll be part of our growth story as that ramps through 2026.

是啊，謝謝你，迪恩。是的，我們在超級運算大會上展示了許多新產品，其中一些產品將在第一季和第二季開始陸續上市。客戶對此反應非常強烈，因為如您所知，我們推出了一些性能卓越、功能強大的產品，這些產品具有很強的可擴展性和模組化特性。因此，正如我們所看到的，今年將推出許多此類產品，我們認為這將成為我們成長故事的一部分，並推動其在 2026 年之前穩步發展。

Thank you.

謝謝。

Thank you.

謝謝。

Julian Mitchell, Barclay.

朱利安米切爾，巴克萊銀行。

Hi, good morning, maybe just, good morning, just wanted to start perhaps with any color you could give us on that, backlog kind of recognition profile. I think it was $2.3 billion at the end of December. So it's about 50% of your, revenue guide for the next 12 months. Maybe help us understand, I suppose, how the, maybe the book to bill trended recently so we can get some sense of that, orders to sales, cadence. And how much of that backlog do you think will be recognized in the next 12 months? I think we get your RPO in the 10-K.

您好，早上好，或許只是想說，早上好，我只是想先問問您能否就此提供一些顏色信息，比如關於積壓工作的識別配置文件。我認為截至12月底是23億美元。所以這大約是你未來 12 個月收入預期的 50%。我想，或許可以幫助我們了解，最近訂單到帳單的趨勢，以便我們能夠了解訂單到銷售的節奏。你認為未來 12 個月內，這些積壓的工作有多少能夠解決？我認為我們可以在 10-K 表格中找到你的 RPO。

Hi Julian, maybe I'll start and I'll let Gary fill in. So as we transformed our portfolio and we talked about how we have more of a mix between short cycle and long cycle, you're seeing that we're more of a, we have more backlog than we would have had traditionally and so some of that is in data centers, some of that is in power utilities, and so you're just seeing the strength there and. I would say that most of that backlog, is through 2026, although there's some beyond that, but, a lot of that is what gives us confidence in our guide for the year, given the strength of it.

嗨，朱利安，或許我可以先開始，然後讓蓋瑞來接替我。因此，隨著我們調整投資組合，並討論如何在短週期和長週期項目之間進行更均衡的配置，你會發現我們的積壓訂單比以往更多，其中一些是數據中心項目，一些是電力公用事業項目，所以你可以看到這些領域的優勢。我認為大部分的積壓工作都將持續到 2026 年，雖然還有一些會持續到更晚，但鑑於今年的市場表現強勁，正是這些積壓工作讓我們對今年的市場指南充滿信心。

Yeah, I just would add, we mentioned in the script that the backlog is now three times what it was last year, primarily data center and our new racy and EPG business, supporting the infrastructure vertical, but there also is healthy orders and backlog in our electrical connections business and our core systems protection business, Julian, so healthy backlog orders were up nicely in the quarter, and, we feel good about the momentum that we're carrying into '26.

是的，我還要補充一點，我們在腳本中提到，目前的積壓訂單是去年的三倍，主要來自資料中心以及我們新的Racy和EPG業務，這些業務支援基礎設施垂直行業。但Julian，我們的電氣連接業務和核心系統保護業務也有健康的訂單和積壓訂單，所以健康的積壓訂單在本季度增長良好，我們對2026年的發展勢頭感到樂觀。

Thanks very much. My second question would be on the operating margins. So I think the guidance embeds about a 70 basis point decline year on year in the first quarter and then operating margins are up maybe 20 bits or so for 2026 in aggregate. I just wanted to check those numbers are roughly okay and I suppose more specifically.

非常感謝。我的第二個問題是關於營業利益率的。所以我認為，該指引包含了第一季同比下降約 70 個基點，然後 2026 年整體營業利潤率可能會成長 20 個基點左右。我只是想確認這些數字大致是否正確，我想更具體地確認一下。

It seems like the organic operating margins maybe are not getting the lift yet that you had expected. So just wondered what you thought the main culprit there was. Is it, if it's price, cost, that that's okay on the cost side, but has anything got worse on the price side because of all the capacity everyone's adding?

看來有機營運利潤率可能還沒有達到您預期的成長速度。所以我想知道你認為主要原因是什麼。如果問題出在價格和成本上，那麼成本方面是否還可以接受，但由於大家都在增加產能，價格方面是否有任何惡化？

Thanks Juliean. I'll take that one and I'll, and I'll talk about '26 margin and we expect margin expansion in '26, including better incremental in '26 than we had in '25, as you mentioned, the inflation will persist, including the tariffs, but, we expect price and productivity to offset it. We expect more price.

謝謝你，朱莉安。我會談談這個，我會談談 2026 年的利潤率，我們預計 2026 年利潤率將有所擴張，包括比 2025 年更好的增量。正如您所提到的，通貨膨脹將會持續，包括關稅的影響，但我們預計價格和生產力將抵消這些影響。我們預期價格會更高。

And we've announced pricing that's in the market, the inflation driven by the tariffs will be more first half oriented. And margins are expected to improve both, year on year and sequentially, one thing to mention about Q1 is we expect margins to be [flattished] sequentially in the quarter, but up, factoring in for the accelerated share-based compensation that will recognize in Q1, which is really phasing across the year.

我們已經公佈了市場定價，關稅導致的通貨膨脹將更多地反映在上半年。預計利潤率將年比和季減雙雙改善。關於第一季度，需要指出的一點是，我們預計該季度利潤率將環比持平，但環比將有所增長，這其中考慮到了將在第一季度確認的加速股權激勵，而該激勵實際上是在全年逐步實現的。

Great. Thank you.

偉大的。謝謝。

Nigel Coe, Wolf Research.

Nigel Coe，狼研究公司。

Hey, good morning. This is Will Vranka on for Nigel.

嘿，早安。這裡是威爾·弗蘭卡替奈傑爾報道。

Hey good morning.

嘿，早安。

Morning. If I could kind of go back to the margin point for '26 first, I think the implied incremental margins in the guide are around 25% next year or this year, which is obviously a step up from 25%, but just in terms of the first half versus second half, do you. Increasingly easy cops through the years. So just how should we think about the first half or second half waiting on incrementals?

早晨。如果我能先回到 2026 年的利潤率點，我認為指南中隱含的增量利潤率明年或今年約為 25%，這顯然比 25% 要高，但就上半年與下半年而言，你覺得呢？這些年來，警察越來越容易對付。那麼，我們該如何看待等待逐步推進的前半段或後半段呢？

And then maybe if I could just extend that out beyond '26, I think longer-term you've talked about, I think, incrementals in the 30% to 35% zone. Obviously the portfolio very different now from a few years ago. So any color on how we should think about incremental margins in the business beyond '26 as well. Thank you.

然後，如果我能把這個期限延長到 2026 年以後，我想從長遠來看，你也談到了，我認為，增量在 30% 到 35% 的範圍內。顯然，現在的投資組合與幾年前相比已經大不相同了。那麼，對於2026年以後業務中利潤率的提升，大家有什麼看法嗎？謝謝。

Yeah, thanks for the question and, as you mentioned, incrementals will be better in '26 than they were in '25, and we expect that to progress nicely, throughout the year. The first half has the impact of the carryover tariffs, the EPG acquisition, and some of these investments for growth that Beth mentioned as we get some new capacity online.

是的，謝謝你的提問。正如你所說，2026 年的增量收益會比 2025 年更好，我們預計這一趨勢將在今年穩步發展。上半年受到結轉關稅、EPG 收購以及 Beth 提到的一些成長投資的影響，因為我們新增了一些上線容量。

Second half will be better as those headwinds, as those headwinds abate. You know we're very confident in in the direction that our margins are headed and you know I'm not going to comment on anything beyond '26 we will have the opportunity to speak to that as we're together in in about a month at our investor day.

下半場情況會好轉，因為那些不利因素會減弱。你知道，我們對利潤率的發展方向非常有信心，而且你知道，我不會對2026年以後的事情發表評論，我們將在大約一個月後的投資者日上有機會談論這個問題。

Great, thanks, Gary. And then maybe for my follow-up if I could. Focus on orders, obviously 30% growth in the quarter, any color on maybe how orders trended queue over queue in four queue, and then obviously, through January, maybe any color on year-to-date order trends, specifically any orders that may have pushed out of the fourth quarter, into the first quarter of any, color there would also be very helpful. Thank you.

太好了，謝謝你，加里。如果可以的話，也許我會進行後續跟進。專注於訂單，顯然本季增長了 30%，能否提供一些關於訂單趨勢的圖表，例如第四季度訂單的排隊情況，以及截至 1 月份的年初至今訂單趨勢，特別是那些可能從第四季度推遲到第一季的訂單，這些圖表也會非常有幫助。謝謝。

Yeah, as we commented in our last earnings call, our orders X data centers were up high single-digits, and as I just remarked, orders for Q4 were up low double-digits. So in the non-data center business we've seen orders improve, and I would say orders continue to look good through January.

是的，正如我們在上次財報電話會議上提到的，我們的資料中心訂單增長了接近兩位數，正如我剛才所說，第四季度的訂單增長了接近兩位數。因此，在非資料中心業務方面，我們看到訂單有所改善，而且我認為訂單狀況在1月份仍將保持良好勢頭。

Thanks guys.

謝謝各位。

Thank you.

謝謝。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛集團。

Hi, this is Avion for Joe. Good morning.

您好，這裡是喬的Avion。早安.

Good morning.

早安.

Yeah, thanks. I had a broader level question around your 2026 guide. So in 2025, your order growth has averaged close to 30% through the year, and you exited 4Q with the 24% organic clip as well. So can you just help us understand the puts and takes on the growth guide of 10% to 13% for 2026 and then the implied step down after one queue.

嗯，謝謝。我有一個關於您2026年指南的更廣泛的問題。因此，在 2025 年，您的訂單成長率全年平均接近 30%，並且在第四季度結束時也實現了 24% 的自然成長率。所以，您能否幫助我們理解 2026 年成長預期為 10% 至 13%，以及之後一個隊列後隱含的下降趨勢的看跌和看漲情緒？

Yeah, I, appreciate you recognizing the strong, growth that we had in Q2 or Q4, and we expect, really a strong Q1 on revenue and EPS, both growth over 30%, mid-thirties at the midpoint, and, annually I would just say look, it's early in the year, we, we've entered a period of unprecedented growth for invent.

是的，我很感激您認可我們在第二季度或第四季度取得的強勁增長，我們預計第一季營收和每股收益都將強勁增長，兩者的增長率都將超過 30%，中位數在 30% 左右。至於年度業績，我想說的是，現在才年初，我們已經進入了 Invent 前所未有的成長期。

And we'll continue to update our outlook as we deliver the results quarter after quarter.

我們將隨著每季業績的公佈，不斷更新我們的展望。

Keep in mind we are overlapping 20% organic and 50% EPS growth in the second half of 2025, and we want to be we want to ensure that our guidance gives us the flexibility to invest to support growth, in the long run so we feel good about the momentum, and we'll continue to update you as we move throughout the year.

請記住，我們預計 2025 年下半年自然成長將達到 20%，每股盈餘成長將達到 50%。我們希望確保我們的業績指引能讓我們靈活地進行投資，以支持長期成長，因此我們對目前的勢頭感到滿意。我們將全年持續向您更新最新進展。

Got it. That makes sense.

知道了。這很有道理。

And just as a follow-up, maybe a broader question around liquid cooling and a lot of the growth today is driven by data centers, whether it's the orders or the top-line. But liquid cooling still remains, under penetrated, and ultimately like data centers are going to need it forward.

作為後續問題，或許可以提出一個更廣泛的關於液冷的問題，如今許多成長都是由資料中心推動的，無論是訂單還是營收。但液冷技術目前仍未廣泛應用，而且最終像資料中心這樣的場所仍需要它。

So can you give like a higher level on how you're thinking about the TAM, over the next three to five years and when's right to win on this opportunity?

那麼，您能否從更高的層面談談您對未來三到五年內TAM市場的看法，以及何時才是抓住這個機會的最佳時機？

Sure, well, one of the things that we, just said is our data centers is now over a billion dollars, and, it's been growing significantly with liquid cooling. At Supercomput we, showcased a lot of new products that we're launching, so we see that liquid cooling is, currently less than 30% of data centers have liquid cooling. And that is going to grow significantly because of the heat loads and power densities, etc. So, as we go forward, we have a lot of new products that are modular, that are scalable, that we, we've been investing in our capacity, so we just see a lot of opportunity with data centers and with the AI build out and the need for liquid cooling.

當然，我們剛才也提到過，我們的資料中心現在價值超過十億美元，而且隨著液冷技術的普及，其價值增長顯著。在超級運算大會上，我們展示了許多即將推出的新產品，因此我們看到，目前只有不到 30% 的資料中心採用液冷技術。而且由於熱負荷和功率密度等因素，這種情況將會顯著成長。因此，展望未來，我們有許多模組化、可擴展的新產品，我們一直在投資提升產能，所以我們看到了資料中心、人工智慧建置以及對液冷的需求方面的巨大機會。

Okay, that's awesome. I'll get back in queue.

太好了。我重新排隊。

Thank you.

謝謝。

Jeff Hammond, Key Bank.

Jeff Hammond，Key Bank。

Hey, good morning, everyone. This is David Tarantino on for Jeff. Maybe going back to orders, maybe just on the profile of the orders and data center versus the growth we saw in 32, are you seeing any change in the order patterns in terms of size, scale, and or lumpiness of the orders quarter to quarter as these kind of larger data center projects are contributing to it?

嘿，大家早安。這裡是大衛·塔倫蒂諾為傑夫主持節目。或許回到訂單方面，或許就訂單和資料中心的概況而言，與我們在 32 年看到的成長相比，您是否看到訂單模式在規模、範圍和/或季度間的波動性方面有任何變化，因為這些大型資料中心專案正在推動訂單成長？

Look, I would say, we've, data center orders can be very lumpy, and so, we had tremendous orders in Q3 and good orders in Q4, but I think we're going to continue to see large orders, and those are not going to be necessarily smooth as they go through the year.

我認為，資料中心訂單的波動性很大，第三季訂單量龐大，第四季訂單量也不錯，但我認為我們將繼續看到大訂單，而這些訂單在今年的整個過程中未必會一帆風順。

Okay, great.

好的，太好了。

That's helpful and then there's been a lot of talk about the effects of operating data centers at higher temperatures as of late. Could you walk us through your view on what the implications this has around your portfolio and maybe could you speak to your visibility around technology evolution as you work with your customers on them?

這很有幫助，而且最近也有很多關於資料中心在較高溫度下運作的影響的討論。您能否談談您認為這會對您的投資組合產生哪些影響？您能否談談您在與客戶合作的過程中，對科技發展趨勢的了解？

Sure, so, one of our new CDU products that is launching this year and we showcased it supercomput, what we shared is that we've been working with Nvidia and we understand those technology roadmaps and those heat loads out of 2030 and we have designed those products with a lot of flexibility built into them. So in some cases what we can do with this new CDU we're launching would have taken.

當然，我們今年推出的一款新的 CDU 產品，我們在超級運算領域進行了展示。我們分享的是，我們一直在與英偉達合作，了解他們的技術路線圖以及 2030 年的熱負荷，我們在設計這些產品時就融入了許多靈活性。所以在某些情況下，我們用即將推出的這款新型 CDU 所能做的事情，原本要花很久。

Two CDUs in the past, so those higher heat loads we're well aware of. We're working with all the chip manufacturers and we're designing that into our product portfolio.

過去我們有兩個常閉式機組，所以我們很清楚較高的熱負荷。我們正在與所有晶片製造商合作，並將這項技術融入我們的產品組合中。

Great. Thank you.

偉大的。謝謝。

Vladimir Bystricky, Citi

弗拉基米爾‧比斯特里基，花旗銀行

Hey, good morning, everyone, thanks for taking my call this morning.

嘿，大家早上好，感謝各位接聽我今天早上的電話。

So, I just wanted to ask you, obviously a lot of focus on, data centers and, infrastructure vertical, but I wanted to touch it for a second here on the third of your portfolio that's industrial, so.

所以，我只是想問一下，顯然你們非常關注資料中心和基礎設施垂直領域，但我想在這裡稍微談談你們投資組合中的第三個領域——工業領域。

Can you just talk about how you're seeing underlying trends evolve in that market and your level of visibility and and confidence to the mid-single-digit growth in industrial in 26 and and whether you're seeing orders currently sort of consistent with that demand.

您能否談談您如何看待該市場的潛在趨勢演變，您對2026年工業領域中個位數成長的可見性和信心程度，以及您目前是否看到訂單與這種需求相符。

Well, as we discussed that X data center, our orders in queue 3 were high single-digits, then they're in queue4 low double-digits, and we're seeing.

正如我們之前討論的 X 資料中心，我們在佇列 3 中的訂單數量是接近兩位數，然後在佇列 4 中是接近兩位數，我們看到。

That we're seeing industrial orders, you, at a nice rate given investments in CapEx, investments in automation and reshoring, so some broad, some breadth to the orders come across some different industries, and it's really those order trends and what we're hearing from our channel partners and customers, that gives us, the perspective that we're going to see industrial grow mid single-digits for this year.

我們看到工業訂單正以不錯的速度成長，這得益於資本支出、自動化和回流方面的投資。訂單範圍廣泛，涵蓋多個行業。正是這些訂單趨勢以及我們從通路合作夥伴和客戶那裡聽到的回饋，讓我們預期今年產業成長率將達到中等個位數。

Got it. That's really helpful, Beth. Appreciate that. And then just shifting back to data centers, can you just talk about, as we're seeing the data center.

知道了。這真的很有幫助，貝絲。謝謝。然後，讓我們回到資料中心的話題，您能談談我們現在看到的資料中心嗎？

Technology and architecture continue to evolve, and as we're seeing, new entrants trying to come into the space, can you just talk about how you see, your position in thermal management evolving going forward and maybe, more specifically what you're seeing in terms of competition in liquid cooling.

技術和架構不斷發展，正如我們所看到的，新的競爭者正試圖進入這個領域。您能否談談您如何看待您在熱管理領域的定位，以及更具體地，您如何看待液冷領域的競爭？

Sure, so as we've been doing liquid cooling for well over a decade and, have been working with some large hyper scalers for a long time and on, we're several generations in here so when we think about our capability. We have, a lot of application expertise. We've developed a lot of manufacturing and supply chain capability to be able to scale and, a case in point is from when we announced that we were going to expand to a. New facility and signed the lease to where we started actually producing that was just over 100 days when I mentioned that we're up and running in January and I think that speaks a lot to our capability from a manufacturing supply chain perspective.

當然，我們從事液冷技術已經超過十年了，並且與一些大型超大規模資料中心合作了很長時間，我們已經累積了好幾代技術，所以當我們考慮我們的能力時。我們擁有豐富的應用專業知識。我們已經發展出強大的製造和供應鏈能力，能夠擴大規模。例如，當我們宣布要擴展到 a 時，就體現了這一點。我們新建了廠房並簽署了租賃協議，從開始生產到正式投產，僅花了 100 多天的時間。正如我之前提到的，我們在 1 月就投入了營運。我認為這充分體現了我們在製造供應鏈方面的能力。

So as we go forward, look, I think there's a lot of new entrants that want to get in because they see the growth opportunity here and what I would just share is we continue to invest, we continue to launch a broader scale of products because we see that there's going to be demand for liquid cooling from hyper scalers. To colos to enterprise, it's even non-data center applications in the future and so our investment here, our investment in our labs, we've got good partnerships that I think we're, going to continue to differentiate with our performance and our ability to scale.

所以展望未來，我認為有很多新進入者想要加入，因為他們看到了這裡的成長機會。我想分享的是，我們將繼續投資，繼續推出更大規模的產品，因為我們看到超大規模資料中心對液冷的需求將會存在。從資料中心到企業級應用，未來甚至包括非資料中心應用，因此我們在實驗室方面的投資，以及我們建立的良好合作夥伴關係，我認為我們將繼續憑藉我們的效能和可擴展性脫穎而出。

Thanks for, thanks, Beth. Appreciate that. I'll hop back in the queue.

謝謝你，貝絲。謝謝。我重新排隊。

Thank you.

謝謝。

Brian Drab, William Blair.

布萊恩·德拉布，威廉·布萊爾。

Hi, good morning. Thanks for taking a couple questions. On the billion dollar figure in data center, I just want to be clear, is that a run rate that we're exiting the year at? And sorry if you said this, but I might have missed it. But is that a run rate or is that the total for '25 and that's my first question.

您好，早安。謝謝你回答我的問題。關於資料中心十億美元的數字，我想明確一下，這是我們今年年底的運行速度嗎？如果您已經說過這​​話，我很抱歉，但我可能錯過了。但這是平均得分率還是2025年的總得分？這是我的第一個問題。

Well, the first is that was our 2025 revenue and data centers reached over, reached a billion.

首先，我們預計到 2025 年，我們的收入和資料中心將超過 10 億美元。

Okay, and then can you talk about what the comparable number was for '24. And I know there's acquisitions in there, and then you know any color that you.

好的，那麼你能談談 2024 年的相應數字嗎？我知道裡面有收購，然後你知道任何顏色。

In 2024 it was $600 million.

到 2024 年，這個數字將達到 6 億美元。

Okay, and then can you talk at all about in '25, what the different categories within.

好的，那麼您能否談談 2025 年的情況，以及其中的不同類別？

Data center, like what type of growth you saw at least maybe like rank order, cooling versus powering, versus the, enclosures and other business like where are you seeing the fastest growth? I assume it's in liquid cooling, but I just want to if you could add some color to that.

資料中心，例如您觀察到的成長類型，至少可以按排名順序排列，例如冷卻與供電，以及機櫃和其他業務，您認為哪些方面的成長最快？我猜它是液冷的，但我只是想知道你能不能給它加點顏色。

Yeah, I mean, we're really seeing the fastest growth in liquid cooling and power, but behind that I would say our cable management is also growing very nicely as well.

是的，我的意思是，我們看到液冷和電源領域的成長速度確實最快，但除此之外，我認為我們的線材管理業務也發展得非常好。

Okay, all right, thanks. I'll save my other questions for later. Thank you.

好的，謝謝。其他問題我稍後再問。謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Nicole De Blase, Deutsche Bank.

妮可‧德布拉斯，德意志銀行。

Yeah, thanks, good morning.

嗯，謝謝，早安。

Good morning Nicole.

妮可，早安。

I don't think we've spent much time on power and utility yet in the Q&A, so just wanted to kind of dig in there, Beth, trends that you guys saw during the quarter with respect to orders, and then last quarter you commented that tracking and EPG were trending ahead of your deal plan. Is that still the case?

我認為我們在問答環節還沒有花太多時間討論電力和公用事業，所以貝絲，我想深入探討一下，你們在本季度觀察到的訂單趨勢，以及上個季度你提到的跟踪和 EPG 的發展趨勢超過了你們的交易計劃。現在情況仍然如此嗎？

Yes, it is. We're very pleased with those acquisitions and, the growth that we're seeing in the performance. Look, power utilities, this is an area where we're seeing just solid growth and opportunity, and I think there's some very. Synergistic place for us as we're able to pull through more of our portfolio especially into some of these integrated engineering building solutions and we just see some nice long-term growth in this area very synergistic to what's in the rest of the event portfolio.

是的。我們對這些收購以及業績成長感到非常滿意。你看，電力公用事業領域，我們看到了穩健的成長和機遇，我認為這裡蘊藏著一些非常巨大的潛力。對我們來說，這是一個具有協同效應的地方，因為我們能夠將更多的產品組合，特別是一些整合工程建築解決方案，整合起來，我們看到這個領域有著良好的長期增長，與我們活動產品組合中的其他部分非常具有協同效應。

Thanks Beth and just orders were they up double-digits in power and utility?

謝謝貝絲，另外，電力和公用事業的訂單量是否實現了兩位數的成長？

I would assume so, but wanted to clarify that. I don't think we've been that specific. I don't think they've been as strong as data centers, but they're part of that overall everything ex data centers is up, low double-digits.

我猜也是這樣，但我還是想確認一下。我認為我們還沒有具體說明。我認為它們不如資料中心那麼強勁，但它們也是整體上除資料中心以外的所有產業都在成長的一部分，成長幅度在兩位數左右。

Okay, understood.

好的，明白了。

And then, maybe on the M&A pipeline. If you could talk a little bit about the level of, activity that you're seeing today and the level of excitement about potential M&A in 2026.

然後，或許會在併購專案中有所作為。如果您能談談您目前看到的交易活躍程度，以及人們對 2026 年潛在併購活動的興奮程度，那就太好了。

Yes, I mean, our, first of all, our balance sheet and our net debt, the EBITDA ratio are in really good shape and, when we think about our pipeline, it's very strong, it's very robust, we remain very disciplined, and I think, there's always opportunity for us to, find some, new acquisitions like we did with Trackti and Ava that.

是的，我的意思是，首先，我們的資產負債表、淨債務和 EBITDA 比率都非常好，而且，當我們考慮我們的專案儲備時，它非常強大、非常穩健，我們保持著高度的自律，我認為，我們總有機會找到一些新的收購目標，就像我們收購 Trackti 和 Ava 那樣。

Are really helping us build out, infrastructure in particular so you never quite control the timing of deals, but we've got a good pipeline, that we're currently working through.

他們確實在幫助我們進行建設，特別是基礎設施建設，所以你永遠無法完全控制交易的時機，但我們有一個很好的項目儲備，目前正在逐步推進。

Thank you. See you in a few weeks.

謝謝。幾週後見。

Thank you.

謝謝。

Scott Graham, Seaport Research Partners.

Scott Graham，Seaport Research Partners。

Hey, good morning. I have a question about.

嘿，早安。我有一個關於……的問題。

Hey, Gary, I bet, I have, question about productivity, let's call it, let's say, away from the acquisition integration. So, sort of in the first half of the year we're going to have some, dilution margin wise with the ramp in the LC capacity.

嘿，加里，我猜，我有一個關於生產力的問題，我們姑且稱之為，與收購整合無關的問題。所以，今年上半年，隨著LC產能的提升，我們的利潤率將會下降。

Suggesting that the offset is on productivity elsewhere, has to be maybe a little bit higher. What are you doing in productivity elsewhere to kind of make some of that up?

如果說抵消作用體現在其他方面的生產力上，那麼這個比例可能會高一些。你在其他方面的工作效率如何，才能彌補這部分損失？

Yeah, I appreciate the question, Scott, and, as I mentioned in my remarks.

是的，我感謝你的提問，斯科特，正如我在演講中提到的那樣。

We plan to have our productivity as well as our pricing offset the mid single-digit inflation that we're expecting in the year and you know what we've talked about is, we're advancing our lien capabilities, while we invest in our in our capability we're working on on driving capability and transportation automation.

我們計劃透過提高生產效率和定價來抵消今年預計將出現的個位數中等通貨膨脹。你知道，我們一直在討論的是，我們正在提升留置權能力，同時投資我們的能力，我們正在努力提升駕駛能力和運輸自動化。

And our funnels and our sourcing productivity side are quite good, so we're very focused on driving additional productivity, especially as we've increased our investment, and we're confident that that price plus productivity will offset the inflation in '26.

我們的銷售管道和採購效率都相當不錯，所以我們非常注重提高生產效率，尤其是在我們增加了投資之後，我們相信價格和生產效率的提高將抵消 2026 年的通貨膨脹。

Okay, got it. Hey, I too wanted to ask a couple questions about power. So I know you're mostly, grade T&D, but now for the, I think for the first time in a while you've started to mention renewables as being, 5%.

好的，明白了。嘿，我也想問幾個關於電力的問題。我知道你們主要關注的是輸配電，但我想你們最近一段時間以來第一次開始提到再生能源，佔 5%。

I was just kind of wondering what the dynamics of renewables growth look like, as well as generation. Do you have opportunities in generation?

我只是有點好奇再生能源的成長動態以及發電情況。您在代際發展方面有機會嗎？

It's more for us through TND and in particular substations, and as you think about substations whether that's for utilities or supporting data centers, that's where we see, the most opportunity currently.

對我們來說，這更多是透過TND，特別是變電站來實現的。當你想到變電站，無論是用於公用事業還是支援資料中心，我們都會認為這是目前最大的機會所在。

Okay, close enough and then last one was on the penetration of liquid cooling is that a number you guys are able to update?

好的，差不多了。最後一個問題是關於液冷滲透率的，你們能更新一下這個數據嗎？

Well, we will give an update at our investor day on February 24, but we've said that, liquid cooling. Less than 30% of data centers have liquid cooling today, and we see it growing significantly.

我們將在 2 月 24 日的投資者日上發布最新消息，但我們已經說過，液冷技術。目前只有不到 30% 的資料中心採用液冷技術，但我們認為這一比例會大幅成長。

Thank you.

謝謝。

Neal Burk, UBS.

Neal Burk，瑞銀集團。

Thanks for the question. Question on data center. I mean, we see cappex continuing to accelerate, but the guide for organic growth for this year has like a pretty meaningful deceleration in the back half. Is this just comps getting harder, or is there some sort of kind of timing difference between what we see on the hyper scalar CapEx side and and and even orders or sales?

謝謝你的提問。關於資料中心的問題。我的意思是，我們看到資本支出持續加速成長，但今年下半年的有機成長預期出現了相當明顯的放緩。這只是比較難度增加，還是超大規模資本支出方面與訂單或銷售有某種時間差異？

Yeah Neil I appreciate the appreciate the question and and we're pleased with the backlog and our momentum that we have on on data center. I'll just go back to the the comment I made you know earlier which is look it's early in the year you know we're managing unprecedented growth here for for. Invent and we'll continue to update you on the outlook as we as we deliver results here in in the first half of the year but we're confident in the momentum and then we'll talk about the the multi-year opportunity and data center here in a month or so at our investor day.

是的，尼爾，我很感謝你的提問，我們對資料中心的積壓訂單和發展勢頭感到滿意。我還是回到我之前說的評論吧，你知道，現在才年初，我們正在應對前所未有的成長。我們將繼續向您報告前景，並在今年上半年陸續公佈業績。我們對目前的勢頭充滿信心，之後我們將在一個月左右的投資者日上討論這裡的多年發展機會和數據中心項目。

Thanks and just like on the multiyear opportunity, so I'd look forward to hearing more on that, but do you just sort of like a high level feel like you have a better level of visibility now as you scale this business? Obviously backlog is a lot higher, but like in terms of the data center project pipeline, do you feel like you are getting closer to customers as you grow this business and you have more visibility on future demand?

謝謝。我也很喜歡這個多年合作機會，所以我很期待聽到更多相關資訊。但從宏觀層面來說，隨著業務規模的擴大，您是否感覺現在對公司的發展前景有了更清晰的認識？顯然，積壓訂單量要高得多，但就資料中心專案儲備而言，隨著業務的成長，您是否感覺與客戶的聯繫越來越緊密，並且對未來的需求有了更清晰的了解？

Thank you.

謝謝。

Well, I would say in general with this portfolio transformation it's given us a more of a balance between short cycle and long cycle and Whether it's data centers or even power utilities, just because of the nature of those types of builds and projects, we certainly have more visibility into, multi-year projects or even just understanding technology roadmaps and where they're going. Both of those are very important and are helping us to think about our capacity as well as our new product technology roadmap.

總的來說，我認為透過這種投資組合轉型，我們在短期和長期專案之間取得了更好的平衡。無論是資料中心還是電力設施，由於這些類型的建設和項目的性質，我們當然能夠更清楚地了解多年期項目，甚至了解技術路線圖及其發展方向。這兩點都非常重要，有助於我們思考自身的產能以及新產品技術路線圖。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Beth Wozniak, chair and CEO, for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給主席兼執行長貝絲·沃茲尼亞克，請她作閉幕致詞。

Thank you for joining us today. I'm extremely proud of our performance in 2025. We will continue to focus on delivering for our customers, employees, and shareholders by executing on our growth strategy. We believe Invent is a top tier high performance electrical company well positioned for the electrification, sustainability, and digitalization trends. Thanks again for joining us. This concludes the call.

感謝您今天蒞臨。我對我們2025年的表現感到非常自豪。我們將繼續專注於透過執行成長策略，為我們的客戶、員工和股東創造價值。我們認為 Invent 是一家頂尖的高性能電氣公司，在電氣化、永續發展和數位化趨勢方面佔據了有利地位。再次感謝您的參與。通話到此結束。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。