Qnity Electronics Inc (Q) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Qnity fourth-quarter and full-year 2025 conference and webcast call. (Operator Instructions) Please be advised that today's call is being recorded. I will now turn the call over to Nahla Azmy, Vice President of Investor Relations. You may begin.

早安，歡迎參加 Qnity 2025 年第四季及全年業績電話會議和網路直播。（操作員指示）請注意，今天的通話將會被錄音。現在我將把電話交給投資者關係副總裁娜拉·阿茲米。你可以開始了。

Thank you, and good morning, everyone, and welcome to Qnity's fourth-quarter and full-year 2025 earnings call. I'm joined by Jon Kemp, Qnity's Chief Executive Officer; and Mike Goss, Qnity's Interim Chief Financial Officer. Earlier today, we issued our earnings release along with a supplemental slide presentation, which can be found on ir.qnityelectronics.com.

謝謝大家，早安，歡迎參加 Qnity 2025 年第四季及全年財報電話會議。與我一同出席的還有 Qnity 的執行長 Jon Kemp 和 Qnity 的臨時財務長 Mike Goss。今天早些時候，我們發布了收益報告以及補充幻燈片演示文稿，可在 ir.qnityelectronics.com 上找到。

Before we begin, I would like to remind you that today's discussion will include some forward-looking statements. These statements represent our best view of predictions and expectations for the future, but numerous risks and uncertainties may cause actual results to differ. Please refer to our earnings release and SEC filings for a discussion of (inaudible). We will also be discussing certain non-GAAP financial measures. And I refer you to our earnings materials for information regarding our non-GAAP financial measures and reconciliations to the most directly comparable GAAP measure.

在開始之前，我想提醒各位，今天的討論將包含一些前瞻性陳述。這些陳述代表了我們對未來預測和預期的最佳看法，但許多風險和不確定因素可能導致實際結果有所不同。請參閱我們的獲利報告和提交給美國證券交易委員會的文件，以了解更多相關資訊。（聽不清楚）我們也將討論一些非GAAP財務指標。有關我們的非GAAP財務指標以及與最直接可比較的GAAP指標的調節表，請參閱我們的收益資料。

With that, it's now my pleasure to turn it over to Jon.

那麼，現在我很高興把麥克風交給喬恩。

Thank you for joining us this morning for our first earnings call as a stand-alone public company. When we launched Qnity late last year, we detailed our focus on establishing ourselves as the premier technology solutions provider across the semiconductor value chain. That means being the partner of choice to customers at every stage, from chip fabrication to advanced packaging and interconnect to thermal management. And it means understanding where the market is going, so that we can stay one step ahead, delivering more innovative and integrated solutions to address our customers' most complex challenges.

感謝各位今天上午參加我們作為獨立上市公司的首次財報電話會議。去年底我們推出 Qnity 時，詳細闡述了我們致力於成為半導體價值鏈上首屈一指的技術解決方案提供者的策略重點。這意味著在每個階段，從晶片製造到先進封裝和互連再到熱管理，都要成為客戶的首選合作夥伴。這意味著要了解市場的發展方向，以便我們能夠始終領先一步，提供更具創新性和全面性的解決方案，以應對客戶最複雜的挑戰。

As the industry continues to rapidly evolve, we're proving that the next lead in AI and other advanced technologies will be powered by material innovation, and as for Qnity lead with chip designs becoming more complex, materials fit smooth, shape, connect, and protect are paramount. As the leading pure-play provider of integrated solutions for the semiconductor value chain, this dynamic creates powerful near and long-term growth drivers for Qnity.

隨著產業持續快速發展，我們正在證明，人工智慧和其他先進技術的下一個領先地位將由材料創新驅動，而對於 Qnity 而言，隨著晶片設計變得越來越複雜，材料的貼合性、形狀、連接性和保護性至關重要。作為半導體價值鏈整合解決方案的領先純粹供應商，這種動態為 Qnity 創造了強大的近期和長期成長動力。

We're leveraging three core structural advantages to capitalize on these demand tailwinds. First, the unparalleled breadth and depth of our portfolio enable us to offer end-to-end solutions to our customers. Second, our innovation capabilities have earned us a seat at the design table with global technology companies. And third, our local-for-local approach with manufacturing facilities and R&D centers located close to customers wherever they operate.

我們正利用三大核心結構優勢來掌握這些需求利好因素。首先，我們無與倫比的產品組合廣度和深度使我們能夠為客戶提供端到端的解決方案。其次，我們的創新能力使我們獲得了在全球科技公司設計決策中佔有一席之地的機會。第三，我們採取在地化營運模式，在客戶營運的任何地方都設立靠近客戶的製造設施和研發中心。

Turning our attention to last year's financial results, our fourth-quarter and full-year 2025 performance is a testament to the strength of our portfolio, the trust our customers place in us, and our ability to execute on our value creation strategy. We delivered our seventh consecutive quarter of strong organic growth, and we outperformed the market exceeding our full-year 2025 financial objectives. We grew organic sales by 10%, including strong growth in both operating segments.

回顧去年的財務業績，我們2025年第四季和全年的業績證明了我們投資組合的實力、客戶對我們的信任以及我們執行價值創造策略的能力。我們連續第七個季度實現了強勁的內生成長，並且超越了市場，超額完成了2025年全年財務目標。我們的有機銷售額成長了 10%，其中兩個營運部門均實現了強勁成長。

Reflecting a full year of stand-alone public company costs, pro forma adjusted operating EBITDA was up 11% year over year with strong margins. In our Semiconductor Technologies segment, we grew organic sales 8% in 2025, driven mostly by strong demand for semi fab consumables. AI and high-performance computing led demand drove double-digit sales growth in advanced nodes and advanced packaging, and we benefited from ongoing improvement in mature nodes and NAND.

計入全年獨立上市公司的成本，經調整後的備考經營 EBITDA 年成長 11%，利潤率強勁。在我們的半導體技術部門，2025 年有機銷售額成長了 8%，這主要得益於對半導體製造耗材的強勁需求。人工智慧和高效能運算的需求推動了先進節點和先進封裝的兩位數銷售成長，我們也受益於成熟節點和 NAND 的持續改進。

Our Interconnect Solutions segment had an exceptional year, growing organic sales 12%, led by continued AI and data center tailwinds. Our core drivers in this segment continue to be advanced packaging, advanced interconnects, and thermal management.

我們的互連解決方案業務部門今年表現出色，有機銷售額成長了 12%，這主要得益於人工智慧和資料中心持續成長的利多因素。我們在該領域的核心驅動力仍然是先進的封裝、先進的互連和熱管理。

Across the portfolio, our innovation engine remains at the heart of our growth strategy. In chip fabrication, our customers require improved performance, quality and yield. That's because even small gains in quality or yield can create huge value. We're continuing to execute our strategy to increasingly shift our portfolio to leading-edge technology.

在整個產品組合中，我們的創新引擎始終是我們成長策略的核心。在晶片製造領域，我們的客戶需要更高的效能、品質和良率。這是因為即使品質或產量上的微小提升也能創造巨大的價值。我們將繼續執行我們的策略，逐步將我們的產品組合轉向尖端技術。

In 2025, our advanced logic and high-bandwidth memory business grew mid-teens. And we made further progress towards reaching the 45% to 50% advanced node exposure target we highlighted at our Investor Day. Our CMP portfolio is evidence of that strategy at work. It's a structurally growing opportunity that's directly linked to advancing the AI semiconductor road map. In October, we introduced our Emblem CMP pad platform, a breakthrough innovation that set a new standard for pad design, defect control, and performance.

2025年，我們的先進邏輯和高頻寬記憶體業務實現了15%左右的成長。我們在實現投資者日上提出的 45% 至 50% 先進節點佔比目標方面取得了進一步進展。我們的CMP投資組合就是這項策略運作的證明。這是一個結構性成長的機遇，與推進人工智慧半導體路線圖直接相關。10 月，我們推出了 Emblem CMP 拋光墊平台，這是一項突破性的創新，為拋光墊設計、缺陷控制和性能樹立了新的標準。

These new pads address the aggressive planarization requirements of the most advanced chips including N3 and N2 Logic and [HBM3] and [4] memory. The feedback from customers has been outstanding. And the platform's external recognition underscores the differentiated value we're bringing to the market.

這些新焊盤滿足了最先進的晶片（包括 N3 和 N2 邏輯晶片以及 [HBM3] 和 [4] 記憶體）的嚴格平面化要求。客戶反饋非常好。而該平台獲得的外部認可，凸顯了我們為市場帶來的差異化價值。

Similarly, we're continuing to see strong growth from our CMP advanced cleans and flurries products across leading-edge logic and memory devices. By targeting specialized formulations, we're building on our leadership in CMP and extending our position in this critical manufacturing process securing new wins across both front-end chip fabrication and advanced packaging.

同樣，我們的 CMP 先進清洗和噴砂產品在尖端邏輯和儲存裝置領域也持續保持強勁成長。透過針對特定配方，我們鞏固了在 CMP 領域的領先地位，並擴大了我們在這項關鍵製造流程中的地位，從而在前端晶片製造和先進封裝領域都取得了新的勝利。

As you can see, our innovation approach is driven by listening to our customers, building on decades of experience as a partner of choice to leading fabs and OEMs, pushing the boundaries of what's possible and investing in the kind of collaborative innovation that moves the industry forward.

正如您所看到的，我們的創新方法是透過傾聽客戶的意見來驅動的，建立在我們作為領先的晶圓廠和原始設備製造商的首選合作夥伴數十年的經驗之上，不斷突破可能的界限，並投資於推動行業發展的協作創新。

As we continue to roll out new solutions, our Process of Record or POR wins are building meaningful long-term momentum. These wins are tied to high-growth opportunities aligned directly with our customers' technology road map. And in 2025, we secured POR wins across every single line of business. These wins represent early design selections that typically scale into commercial production over the next two to three years, positioning our technology to be embedded in future generations of semiconductors and other advanced electronics.

隨著我們不斷推出新的解決方案，我們的流程記錄 (POR) 贏得的訂單正在建立有意義的長期發展勢頭。這些成功案例都與高成長機會息息相關，而這些機會又與我們客戶的技術路線圖直接契合。2025年，我們成功在所有業務領域贏得了POR專案。這些中標項目代表著早期設計方案的選擇，通常在未來兩到三年內擴展到商業化生產，使我們的技術能夠嵌入未來幾代半導體和其他先進電子產品中。

This only deepens our level of partnership and expands our content with leading players in the semiconductor value chain and gives us greater visibility into future sales growth and conviction that our strategy is working. Our top priority is creating additional high-value opportunities to progress alongside customer road maps. And we're committed to making the R&D and manufacturing capacity investments necessary to support the strong advanced node ramp activity we expect in 2026 and beyond.

這只會加深我們與半導體價值鏈領先企業的合作水平，擴大我們的合作內容，並讓我們更清楚地了解未來的銷售成長情況，以及我們確信我們的策略正在奏效。我們的首要任務是創造更多高價值的機會，以配合客戶的路線圖發展。我們致力於進行必要的研發和製造能力投資，以支持我們預計在 2026 年及以後強勁的先進節點產能爬坡活動。

Given this surge in activity, I'd like to share some more details on what we're currently seeing in each of our segments and how we expect our end markets to evolve in 2026.

鑑於業務活動的激增，我想分享更多關於我們目前在各個細分市場所看到的情況，以及我們預計我們的終端市場在 2026 年將如何發展的細節。

In semi, customers continue to invest in their most advanced technologies. In advanced logic, this includes the continued scaling of 3-nanometer and early production of 2-nanometer. In memory, we're seeing next-generation DRAM and HBM as well as transitions to higher layer count NAND architectures. We remain ideally positioned to capitalize on this shift through both the increased use of more complex 3D structures and the adoption of more chip layers, giving us a stable, repeatable revenue stream as production volumes increase.

在半導體產業，客戶持續投資於最先進的技術。在先進邏輯領域，這包括 3 奈米技術的持續發展和 2 奈米技術的早期生產。在記憶體方面，我們看到了下一代 DRAM 和 HBM，以及向更高層數 NAND 架構的過渡。我們憑藉著更複雜的 3D 結構和更多晶片層的使用，仍然處於理想的位置，可以充分利用這一轉變，隨著產量的增加，這將為我們帶來穩定、可重複的收入來源。

In ICS, advanced packaging continues to be a core theme of every recent customer conversation because of the central role it plays in unlocking next-generation technologies. Including increasing chip density and performance while also reducing power consumption, facilitating development of smaller, more efficient devices.

在積體電路領域，先進封裝技術仍然是近期與客戶溝通的核心主題，因為它在解鎖下一代技術方面發揮核心作用。包括提高晶片密度和效能，同時降低功耗，從而促進更小、更有效率設備的開發。

One of the reasons Qnity is so well positioned to capture meaningful growth in advanced packaging is because it integrates solutions from both semi and ICS. In 2025, advanced packaging solutions represented approximately 10% of Qnity net sales. From an end market perspective, our portfolio continues to evolve based on more durable structural demand shifts. Data centers are where we're seeing the most benefit from these dynamics.

Qnity之所以能夠很好地掌握先進封裝領域的巨大成長機遇，其中一個原因是它整合了半導體和積體電路領域的解決方案。到 2025 年，先進包裝解決方案約佔 Qnity 淨銷售額的 10%。從終端市場角度來看，我們的產品組合會根據更持久的結構性需求而不斷發展。資料中心是這些動態變化帶來的最大益處所在。

However, we're also seeing continued signs of increasing content and demand recovery in other industrial markets like automotive, communication infrastructure, and aerospace and defense. As these end markets start to incorporate more advanced AI-driven technology into applications, we expect meaningful opportunities to continue increasing Qnity content.

然而，我們也看到其他工業市場（如汽車、通訊基礎設施、航空航太和國防）的內容和需求持續復甦的跡象。隨著這些終端市場開始將更先進的人工智慧驅動技術融入應用程式中，我們預計會有更多有意義的機會繼續增加 Qnity 內容。

On the consumer side, next-generation devices are increasingly shifting towards edge computing, meaning on device generative AI, which is also requiring greater content opportunities for us. The significant demand for AI and high-performance computing workloads is creating additional pressure on the global memory market. We continue to watch for signs of potential downstream impacts into end market demand. The key here is that our exposure is primarily to premium devices, which we expect to be a more resilient part of the market.

在消費者方面，下一代設備正日益轉向邊緣運算，這意味著設備端生成式人工智慧，這也為我們提供了更多的內容機會。人工智慧和高效能運算工作負載的巨大需求給全球記憶體市場帶來了額外的壓力。我們將繼續關注可能對下游終端市場需求產生影響的跡象。關鍵在於，我們的投資主要集中在高階設備領域，我們預期這部分市場將更具韌性。

I also want to mention some of the trends we're seeing on the ground floor, namely the ongoing improvement in fab utilization rates. In advanced logic, we expect utilization to increase from the high 70s at year-end 2025 to low- to mid-80s in 2026, while mature logic will continue improving towards the mid- to high-70s. In memory, we expect DRAM fab utilization to increase from mid-80s in 2025 to high-80s while land utilization is expected to reach the upper 70s or low 80s in 2026.

我還想提一下我們目前看到的一些趨勢，即晶圓廠利用率的持續提高。在高階邏輯方面，我們預計利用率將從 2025 年底的 70% 以上提高到 2026 年的 80% 左右，而成熟邏輯的利用率將繼續提高到 70% 左右。在記憶體方面，我們預計 DRAM 晶圓廠的利用率將從 2025 年的 80% 左右提高到 80% 以上，而土地利用率預計將在 2026 年達到 70% 以上或 80% 左右。

With strong utilization rates and accelerating capacity expansion more than ever, customers are prioritizing supply security. We've spent the past several years making strategic investments in capacity and capabilities across our network to support growth in advanced logic and memory as well as advanced packaging and thermal materials. Our local-for-local model and recent expansion throughout Asia and the United States position Qnity to capture additional content and share while ensuring long-term strategic relevance.

由於產能利用率高，產能擴張速度比以往任何時候都快，客戶更加重視供應安全。過去幾年，我們對整個網路的產能和能力進行了戰略投資，以支援先進邏輯和記憶體以及先進封裝和散熱材料的成長。我們採用在地化模式，並近期在亞洲和美國擴張，使 Qnity 能夠獲取更多內容並進行分享，同時確保長期的策略相關性。

Before turning the call over to Mike, I'd like to touch on the multiyear transformation plan we're also announcing today, which is expected to deliver approximately $100 million EBITDA run rate benefit by the end of 2028. This plan, which Mike will step through in more detail, reflects our commitment to continuous improvement and ensuring Qnity remains well positioned to lead in the markets we serve across the semiconductor value chain.

在將電話交給麥克之前，我想談談我們今天同時宣布的多年轉型計劃，該計劃預計到 2028 年底將帶來約 1 億美元的 EBITDA 運行率收益。Mike 將會更詳細地介紹這項計劃，它體現了我們對持續改進的承諾，並確保 Qnity 在整個半導體價值鏈中保持領先地位。

It's all about driving future growth and profitability by simplifying our operating structure, increasing quality and efficiency, unlocking innovation capacity, and concentrating our efforts on high potential markets and customers.

這一切都是為了透過簡化營運結構、提高品質和效率、釋放創新能力以及集中精力於高潛力市場和客戶來推動未來的成長和獲利能力。

With that, I'll turn it over to our Interim CFO, Mike Goss, to discuss our financial results and 2026 guidance. Mike brings deep experience and knowledge of the business, having served as Qnity's Chief Accounting Officer and FP&A leader. I've known Mike for many years, and we've been fortunate that he was able to jump right in. Mike?

接下來，我將把發言權交給我們的臨時財務長麥克‧戈斯，讓他來討論我們的財務表現和 2026 年的業績展望。Mike 擁有豐富的業務經驗和知識，曾擔任 Qnity 的首席會計官和財務規劃與分析負責人。我認識麥克很多年了，我們很幸運他能立刻融入團隊。麥克風？

Thanks, Jon, and good morning, everyone. We had a strong finish to the year with fourth-quarter net sales of $1.2 billion, up 8% year over year as we continue to capitalize on key growth drivers namely advanced nodes, advanced packaging, and interconnect as well as thermal management solutions.

謝謝你，喬恩，大家早安。我們以強勁的業績為今年畫上了圓滿的句號，第四季度淨銷售額達到 12 億美元，同比增長 8%，這得益於我們繼續利用關鍵的增長驅動因素，即先進節點、先進封裝和互連以及散熱管理解決方案。

We delivered this strong performance even as $40 million of sales shifted from the fourth quarter to the third due to our spin-related transition as discussed on our last call. Adjusted pro forma operating EBITDA was $349 million and adjusted pro forma EPS for the fourth quarter was $0.82. For the full year, we grew net sales by 10% to $4.75 billion and achieved adjusted pro forma operating EBITDA of $1.4 billion, resulting in adjusted pro forma operating EBITDA margin of 29.5%.

正如我們在上次電話會議上討論的那樣，由於分拆相關的過渡，導致 4000 萬美元的銷售額從第四季度轉移到了第三季度，但我們仍然取得瞭如此強勁的業績。經調整的備考經營EBITDA為3.49億美元，經調整後的備考每股收益為0.82美元。全年來看，淨銷售額成長10%至47.5億美元，經調整的備考經營EBITDA為14億美元，經調整的備考經營EBITDA利潤率為29.5%。

Margins reflect segment mix dynamics as the strong growth in ICS influenced our overall margin profile. Adjusted pro forma EPS for the full year was $3.35, equating to a 12% year-over-year increase, including adjustments for amortization expense and other non-recurring items. Let me provide a little more detail on how each business segment performed this year.

利潤率反映了業務板塊組合的動態變化，因為 ICS 的強勁成長影響了我們的整體利潤率狀況。調整後的全年模擬每股收益為 3.35 美元，年增 12%，其中包括攤銷費用和其他非經常性項目的調整。讓我更詳細地介紹一下今年各業務部門的業績。

In Semi, we delivered net sales of $2.65 billion with organic growth of 8%, led by double-digit growth from semi fab consumables, including CMP pads, (inaudible) as we benefited from stronger fab realizations and increased content. Our adjusted pro forma operating EBITDA margin was just above 35%, a strong growth with partially offset by product mix and strategic growth investments.

在半導體業務方面，我們實現了 26.5 億美元的淨銷售額，有機增長 8%，這主要得益於半導體晶圓廠耗材（包括 CMP 焊盤）的兩位數增長，因為我們受益於晶圓廠實現率的提高和內容的增加。我們調整後的備考經營 EBITDA 利潤率略高於 35%，實現了強勁成長，但部分被產品組合和策略成長投資所抵銷。

In Interconnect Solutions, we delivered net sales of $2.1 billion with organic growth of 12%, led by advanced packaging, advanced interconnects, and thermal management, all of which increased more than 20% for the year as we scale up several exciting wins at leading fabs and OEMs. As a reminder, these are the fastest-growing solutions in our ICS portfolio, which led to significant operating leverage for the year. Segment adjusted pro forma operating EBITDA margin was just over 25% as strong growth more than offset strategic investments, driving margin expansion of over 175 basis points year over year.

在互連解決方案領域，我們實現了 21 億美元的淨銷售額，有機增長 12%，這主要得益於先進封裝、先進互連和熱管理業務的增長，所有這些業務的年增長率均超過 20%，因為我們在領先的晶圓廠和 OEM 廠商中贏得了幾個令人振奮的項目。再次提醒大家，這些是我們 ICS 產品組合中成長最快的解決方案，為本年度帶來了顯著的營運槓桿效應。經業務部門調整後的備考經營 EBITDA 利潤率略高於 25%，強勁的成長抵銷了策略投資的影響，推動利潤率年增超過 175 個基點。

For the full year, we generated $706 million of adjusted pro forma free cash flow, equating to 15% of net sales, reflecting strong operating performance, disciplined execution, and favorable working capital following the spin. At year end, our total cash balance was over $900 million. This health cash position enhances our overall financial flexibility, enabling us to fund strategic investments, and maintain a balanced return-focused capital allocation framework.

全年調整後備考自由現金流為 7.06 億美元，相當於淨銷售額的 15%，這反映了強勁的經營業績、嚴謹的執行以及分拆後良好的營運資本。截至年底，我們的現金餘額總額超過9億美元。這種健康現金狀況增強了我們的整體財務靈活性，使我們能夠為策略性投資提供資金，並維持以回報為導向的平衡資本配置框架。

At our Investor Day last fall, we outlined a clear and comprehensive set of capital allocation priorities. Our first priority will always be organic reinvestment into the business to sustain above-market growth. We anticipate elevating CapEx investment in 2026 to 9% of sales, driven by investments to strengthen our local for local footprint in key geographies and our transformation initiatives. Consistent with our midterm financial objectives, we expect CapEx to return to our normal run rate of roughly 6% of net sales in future years.

在去年秋天的投資者日上，我們概述了一套清晰全面的資本配置優先事項。我們的首要任務始終是向業務進行有機再投資，以維持高於市場平均的成長。我們預計到 2026 年，資本支出投資將提高到銷售額的 9%，這主要得益於在關鍵地區加強在地化佈局和轉型計畫的投資。與我們的中期財務目標一致，我們預計未來幾年資本支出將恢復到正常水平，約為淨銷售額的 6%。

As Jon highlighted, the industry is continuing to see advanced new ramp activity in 2026, supported by substantial global investment. Over the last three years, we've added new capacity in all of our semi businesses, and we'll continue to invest in growth to keep pace with the industry.

正如 Jon 所強調的，在全球大量投資的支持下，該行業在 2026 年將繼續看到先進的新產能爬坡活動。過去三年，我們在所有半導體業務中都增加了新的產能，我們將繼續投資成長，以跟上產業發展的步伐。

Importantly, as these near-term investments moderate, and CapEx returns to our normalized run rate. We expect free cash flow margins to be in the mid-teens as a percentage of net sales. With our strong financial position, we have the optionality to explore selective accretive M&A. The industry is growing rapidly, and we view acquisitions as a compelling use of capital to bolster our trajectory. We're actively pursuing a robust pipeline that would further enhance our portfolio and will remain disciplined in evaluating any potential transactions.

重要的是，隨著這些短期投資放緩，資本支出將恢復到我們正常的運作速度。我們預期自由現金流利潤率佔淨銷售額的比例將達到15%左右。憑藉我們雄厚的財務實力，我們可以選擇進行選擇性的增值併購。這個產業發展迅速，我們認為收購是利用資本來鞏固我們發展軌跡的有效方式。我們正在積極尋求建立強大的產品線，以進一步增強我們的投資組合，並將在評估任何潛在交易時保持謹慎。

We're also committed to capital returns. In December, we declared our first quarter dividend. In addition, today, we announced that our Board of Directors approved a 500 million share repurchase authorization. This program is designed to provide flexibility for opportunistic purchases depending on market conditions. Finally, we have the option to voluntarily pay down debt to continue strengthening our balance sheet. We ended the year with net leverage of approximately 2.2 times, well below our long-term target of less than 3 times.

我們也致力於實現資本回報。12月，我們宣布派發第一季股利。此外，我們今天宣布，董事會已批准一項 5 億股股票回購授權。該計劃旨在根據市場情況提供靈活的機會性採購。最後，我們也可以選擇自願償還債務，以繼續加強我們的資產負債表。我們年底的淨槓桿率約為 2.2 倍，遠低於我們低於 3 倍的長期目標。

I'd now like to share some additional details on our transformation plan, which we expect to further improve our growth potential and financial strength. Our actions will focus on three key areas: first, commercial and innovation excellence to enhance speed and sales effectiveness, deepen our foothold with customers on the cutting edge of technology and continue spurring innovation within our powerful R&D engine.

現在我想和大家分享我們轉型計劃的一些細節，我們預計該計劃將進一步提高我們的成長潛力和財務實力。我們的行動將集中在三個關鍵領域：首先，在商業和創新方面追求卓越，以提高速度和銷售效率，加深我們在技術前沿客戶中的地位，並繼續在我們強大的研發引擎中推動創新。

Second, driving productivity and quality improvements across the company through operational automation and tailored AI applications. This work will be further enabled by our ongoing IT systems independence effort. Finally, strengthening our local for local operating model by streamlining our supply chain, simplifying our legal entity structure and optimizing our footprint to more effectively leverage our scale.

其次，透過營運自動化和客製化的人工智慧應用，推動全公司生產力和品質的提升。這項工作將得益於我們正在進行的IT系統獨立性工作。最後，我們將透過精簡供應鏈、簡化法律實體結構和優化佈局來加強在地化營運模式，從而更有效地利用我們的規模優勢。

We expect these combined actions to deliver approximately $100 million in EBITDA run rate benefit by the end of 2028 with approximately $140 million in cost to achieve over the next two to three years. We will pursue long-term structural investments, executing against three key areas during these early phase of the program, resulting in a majority of these one-time costs occurring in 2026 and 2027.

我們預計這些綜合措施將在 2028 年底前帶來約 1 億美元的 EBITDA 運行率收益，並在未來兩到三年內投入約 1.4 億美元的成本。我們將進行長期結構性投資，在計畫的早期階段將重點放在三個關鍵領域，因此大部分一次性成本將在 2026 年和 2027 年發生。

Now I'd like to talk about our financial guidance for 2026. Overall, our strong financial performance in 2025 positions us to end the year with solid momentum. Looking ahead, our competitive advantages and consistent execution give us confidence in our ability to continue driving growth as we capitalize on the demand trends we're seeing across end markets, fueled by AI, high-performance computing, and advanced connectivity.

現在我想談談我們對2026年的財務預期。總體而言，我們2025年的強勁財務業績使我們能夠以穩健的勢頭結束這一年。展望未來，憑藉我們的競爭優勢和持續的執行力，我們有信心繼續推動成長，同時充分利用人工智慧、高效能運算和先進連接技術所推動的終端市場需求趨勢。

MSI (inaudible) data remains a good indicator for Qnity's overall demand, and we continue to expect MSI to grow approximately mid-single digits this year. For full-year 2026, we expect net sales to be in the range of $4.97 billion to $5.17 billion; adjusted operating EBITDA to be in the range of $1.65 billion to $1.575 billion; adjusted EPS to be in the range of $3.55 to $3.95; and adjusted free cash flow to be in the range of $450 million to $550 million.

MSI（聽不清楚）數據仍然是 Qnity 整體需求的良好指標，我們繼續預期 MSI 今年將實現約中等個位數的成長。我們預計 2026 年全年淨銷售額將在 49.7 億美元至 51.7 億美元之間；調整後經營 EBITDA 將在 16.5 億美元至 15.75 億美元之間；調整後每股收益將在 3.55 美元至 3.95 美元之間；調整後自由現金流將在 4.5 億美元之間。

Looking ahead at the first quarter, momentum from AI-led demand continues across high-performance computing and advanced connectivity with notable strength in the ICS segment. Overall, we expect sequential net sales growth by single digits with a similar margin profile to the fourth quarter. Our team continues to be focused on keeping pace with customer demand and delivering solutions for the most advanced technologies.

展望第一季度，人工智慧驅動的需求動能將繼續在高效能運算和先進連接領域保持強勁，其中工業控制系統 (ICS) 領域表現尤為突出。整體而言，我們預期淨銷售額將實現個位數環比成長，利潤率與第四季類似。我們的團隊將繼續專注於滿足客戶需求，並為最先進的技術提供解決方案。

With that, let me turn it back over to Jon for his final thoughts before we begin the Q&A.

接下來，在開始問答環節之前，讓我把麥克風交還給喬恩，聽聽他的最後感想。

Thanks, Mike. I'd like to briefly recap a few key takeaways from today's discussion.

謝謝你，麥克。我想簡要回顧一下今天要討論的幾個要點。

First, we sustained our strong organic growth momentum in 2025 and delivered on each of our financial objectives for the year. Our newly introduced full-year 2026 guidance reflects our conviction that we can continue building on this momentum. Second, we've established ourselves as a partner of choice to customers in the semiconductor value chain, and we are relentlessly focused on investing in cutting-edge innovation and capacity to create high-value growth opportunities alongside our customers.

首先，我們在 2025 年保持了強勁的內生成長勢頭，並實現了當年的所有財務目標。我們最新發布的 2026 年全年業績指引反映了我們對繼續保持這一發展勢頭的信心。其次，我們已成為半導體價值鏈中客戶的首選合作夥伴，我們始終致力於投資尖端創新和產能，與客戶共同創造高價值的成長機會。

Finally, as we look ahead, we're taking decisive steps to create even more value for shareholders, including our transformation plan and share repurchase authorization, providing avenues to increase returns. In short, our team is focused on delivering on our strategic priorities. We have strong confidence in the strength of our platform and our ability to capitalize on the opportunities ahead. Thank you again for joining.

最後，展望未來，我們正在採取果斷措施，為股東創造更多價值，包括我們的轉型計畫和股票回購授權，為增加回報提供途徑。簡而言之，我們的團隊專注於實現我們的策略重點。我們對自身平台的實力以及把握未來機會的能力充滿信心。再次感謝您的參與。

Operator, we can now open the line for Q&A.

操作員，我們現在可以開通問答環節了。

(Operator Instructions) Bhavesh Lodaya, BMO Capital Markets.

（操作員指示）Bhavesh Lodaya，BMO 資本市場。

Semiconductor trends are pretty strong here. I appreciate some of the color you provided on your prepared remarks. As we look at your EBITDA guide, can you provide some thoughts on what you're building into that, maybe perhaps on MSI, PCB, or any of the key metrics that you would like to touch on.

這裡半導體產業的發展趨勢相當強勁。我很欣賞您在準備好的演講稿中所提供的精彩見解。在查看您的 EBITDA 指南時，您能否就您在其中建立的內容提供一些想法，例如 MSI、PCB 或您想提及的任何關鍵指標。

Yeah. Thanks, Bhavesh. I appreciate that. And when we think about it, we're expecting MSI, as Mike indicated in his prepared remarks, we're expecting MSI to be mid-single digits, not terribly different from what we saw in 2025. And I would say on the printed circuit board side, we believe MSI is the best overall indicator.

是的。謝謝你，Bhavesh。我很感激。仔細想想，正如麥克在事先準備好的演講稿中所指出的那樣，我們預計 MSI 的參賽人數將達到個位數中段，與我們在 2025 年看到的參賽人數不會有太大區別。就印刷電路板而言，我們認為 MSI 是最好的綜合指標。

But if you look at the indicators around PCB, they're kind of in that same ballpark kind of that mid-single-digit range. So there's not a lot of spread between some of the broader macro indicators, which is really kind of why we've anchored our guidance to kind of where the -- right down the fairway towards where the market estimates are plus our outperformance content advantage, which is kind of how we got to the midpoint of the guidance range that we gave today.

但如果你看一下PCB周圍的指標，它們也差不多在那個中等個位數的範圍內。因此，一些更廣泛的宏觀指標之間的差異並不大，這正是我們將業績指引錨定在市場預期加上我們超額收益優勢的大致位置的原因，這也是我們今天給出的指引範圍中點的由來。

Got it. And in terms of -- if I got the tail end of your remarks, correct, for the first quarter, you're expecting high-single-digit top-line growth sequentially and similar margins to fourth quarter. Could you touch on how you see -- just because it's your (inaudible) -- if you touch on how your quarterly cadence is for the year?

知道了。至於——如果我理解了您講話的最後部分，沒錯的話，您預計第一季營收將環比實現高個位數增長，利潤率與第四季度類似。您能否談談您如何看待——僅僅因為這是您的（聽不清楚）——如果您談論您一年的季度節奏呢？

Yeah. Thanks for the question. At a high level, ever since we came out of the 2023 downturn, we've seen less seasonality in our business. And so as we move into 2026, the guide we have for the first quarter, like we said, is high-single digits. And we will expect to see consistent steady performance through the year. We do tend to see a peak -- a little bit of a peak in the third quarter, but overall, we do see that steady performance through the year, and that's what reflected in our -- at least in our first-quarter guide that we talked about.

是的。謝謝你的提問。從總體上看，自從我們走出 2023 年的經濟低迷期以來，我們的業務季節性波動就減少了。因此，展望 2026 年，正如我們所說，我們對第一季的預期是接近兩位數的成長。我們預計全年業績將保持穩定成長。我們確實看到一個高峰——在第三季度會有一個小小的高峰，但總體而言，我們看到全年業績穩定，這至少反映在我們之前提到的第一季業績指引中。

And I would say that's not terribly different from what we saw in 2025. But keep in mind, as Mike alluded to in his prepared remarks, we had a little bit of a timing swing of some sales in the third quarter, which created a little bit of an elevated peak in the third quarter of 2025 because of the IT system cutover. But if you strip that out, we expect a very similar seasonal pattern in 2025, 2026.

我認為這和我們2025年看到的情況並沒有太大區別。但請記住，正如麥克在準備好的發言稿中所提到的，由於 IT 系統切換，我們在第三季的一些銷售出現了一些時間上的波動，導致 2025 年第三季出現了一個略微上升的峰值。但如果剔除此因素，我們預期 2025 年和 2026 年的季節性模式將非常相似。

John Roberts, Mizuho.

約翰·羅伯茨，瑞穗銀行。

The base tax rate in 2026 is low 20%. That's a nice improvement from the initial pro forma rate, but it's still above many of our other companies. Do you have a long-term rate target? And how much further reduction in tax rate do you think you can do?

2026 年的基本稅率為 20%。這比最初的預測利率有了不錯的改善，但仍然高於我們許多其他公司。你們有長期利率目標嗎？你認為稅率還能再降低多少？

Yeah. Thanks, John. It's a good question. At a high level, we've seen nice improvement, obviously, from '25 versus what we're forecasting for '26. Over the medium term, I expect we'll continue to work through that and eventually get into place consistent with our peers in that high-teens percentage.

是的。謝謝你，約翰。這是個好問題。從總體上看，與 2025 年相比，我們已經看到了明顯的進步，這與我們對 2026 年的預測相比明顯不同。從中長期來看，我預期我們將繼續努力解決這個問題，並最終達到與同行一致的、接近百分之十的比例。

Great. And then is CMP used in advanced packaging as well? Is there a planarization step before the devices are directly connected to each other?

偉大的。那麼CMP也用於先進封裝嗎？在將裝置直接連接之前，是否存在平面化步驟？

Yeah, John, great question. So at a high level, yeah, the CMP processes, including pads, slurries, [queens] are used in advanced packaging. It's one of the fastest growth areas within our advanced packaging portfolio, and that continues to increase over time as you get into all our more complex structures, the planarization, to ensure that really efficient copper-to-copper bonding, whether that's in traditional formats or even going to hybrid bonding format, that planarization step is critical for advanced packaging.

是的，約翰，問得好。所以從宏觀層面來看，是的，CMP工藝，包括墊片、漿料、[皇后]，都用於先進的包裝。這是我們先進封裝產品組合中成長最快的領域之一，而且隨著我們所有更複雜的結構（例如平面化）的出現，這種成長勢頭還會持續下去。平面化可以確保真正高效的銅對銅鍵合，無論是在傳統形式還是混合鍵合形式中，平面化步驟對於先進封裝都至關重要。

Christopher Parkinson, Wolfe Research.

克里斯托弗·帕金森，沃爾夫研究公司。

So I'll keep it simple. Now that it's -- you're a fully independent company and you've gone through the CMD and kind of all the outlooks and we have a pretty good sense of your outgo relative to your end market expectations. How should we be thinking about op leverage throughout the year in both semi and ICS, where you've been in the last couple of quarters and where you expect to be and kind of what -- the Street should be monitoring to assess that aspect of your business?

所以我盡量簡單明了。既然你們已經是一家完全獨立的公司，並且已經完成了 CMD 會議以及各種展望會議，我們對你們的支出相對於最終市場預期有了相當清晰的了解。我們應該如何看待半導體和積體電路業務全年的營運槓桿？過去幾季你們的營運槓桿如何？你們預計未來會如何？華爾街應該關注哪些方面來評估你們業務的這一方面？

Yeah. I think that overall, I think our -- if you take a look at how we performed in 2025, I think we're pleased with that performance. Given the relative segment mix, that 29.5% overall margin performance, 40 bps of margin expansion year over year is a nice outcome, obviously, really strong operating leverage within the ICS segment.

是的。我認為總體而言，如果你看看我們在 2025 年的表現，我認為我們對這個表現感到滿意。考慮到各業務板塊的相對組成，29.5% 的整體利潤率表現，同比利潤率增長 40 個基點，這是一個不錯的結果，顯然，ICS 業務板塊的經營槓桿非常強勁。

Within the semi segment, margins came in kind of in the mid-30s, kind of right in line with our expectations in that business with all of the intense activity around the scaling of advanced nodes. We've made some incremental investments in our R&D and engineering organizations to support the scale-up of both advanced nodes. And so -- and within there -- from any quarter to quarter, there's always a little bit of fluctuation in product mix, and that's what's really driving that in that segment.

在半導體領域，利潤率大致在 30% 左右，這與我們對該業務的預期基本一致，因為圍繞先進節點擴展的所有活動都非常活躍。我們對研發和工程部門進行了一些增量投資，以支援先進節點的規模化生產。因此，在任何季度之間，產品組合總是會有一些波動，而這正是該細分市場真正驅動因素。

When you look at the ICS business, you look at where the growth drivers of that business continue to be between advanced packaging, advanced interconnects, and thermal management. All of those grew more than 20% in 2025. Those are also the highest value parts of that business. And so we got the benefit of really great volumes in that business combined with some favorable product mix, that led to the 175 basis points of margin expansion.

當你審視積體電路 (ICS) 業務時，你會發現該業務的成長驅動力仍然來自先進封裝、先進互連和熱管理等領域。所有這些指標在 2025 年都成長了 20% 以上。這些也是該業務中最有價值的部分。因此，我們受益於該業務的超大銷量以及有利的產品組合，從而實現了 175 個基點的利潤率成長。

I would expect kind of similar dynamics next year and we've talked about even going back to our Capital Markets Day that we believe that the Interconnect segment had opportunity to kind of grow margins at a faster pace than the Semi. But over time, I think there's opportunity to do better in both segments.

我預計明年的情況也大致相同，我們甚至在之前的資本市場日上就討論過，我們認為互連業務板塊有機會以比半導體業務更快的速度實現利潤率增長。但隨著時間的推移，我認為這兩個領域都有機會做得更好。

Great. And a quick follow up. Can you just, once again, a lot of moving parts out of the spin on the balance sheet for cash flow people are going to be pleasantly surprised with the $500 million share repo. But in terms of just the free cash flow, in terms of the outlook conversion, where you currently are and where you expect to be, can you just give us a little walk throughout the year and how you think -- how you believe things are ultimately going to play out.

偉大的。還有一個後續問題。您能否再次解釋一下，資產負債表上的許多變動因素會影響現金流，人們將會對 5 億美元的股票回購感到驚訝。但就自由現金流而言，就前景轉化而言，您目前的情況以及您預期的情況，您能否簡要概述一下今年的情況以及您的想法——您認為事情最終會如何發展。

Yeah. Great question. Yeah, we've ended the year with obviously a real strong cash position and strong cash flow generation in the $700 million range. And as you said, in the guide for '26, we are guiding to about $500 million of free cash flow, on an adjusted basis.

是的。問得好。是的，我們年底的現金狀況非常強勁，現金流也十分充裕，達到了7億美元左右。如您所說，在 2026 年的業績指引中，我們預期經調整後的自由現金流約為 5 億美元。

And that's really driven by -- the main updates are accelerated or elevated rather, CapEx to around 9% of sales, and that's driven by the continued ramps that we're seeing in node transitions. And so we're accelerating our elevating that CapEx to support our local-to-local investments.

這主要是由於主要更新加速或提升，資本支出達到銷售額的 9% 左右，而這又是由我們看到的節點過渡的持續成長所驅動的。因此，我們正在加快提升資本支出，以支持我們的本地投資。

We also have the IT independence work that we're continuing through as well as the transformation program that we've announced today. And so every drives an elevated CapEx in 0.6, and that's the main driver versus what we talked about back at Investor Day and puts us in that $500 million range of free cash flow for the year.

我們還有正在進行的IT獨立性工作，以及我們今天宣布的轉型計畫。因此，每項支出都會推動資本支出增加 0.6 倍，這是我們在投資者日上討論的主要驅動因素，使我們今年的自由現金流達到 5 億美元左右。

What I would add, Chris, there is the way that we think about it is this business really kind of generates cash flow on an annual basis in that mid-teens percentage of sales, right? And so that's really kind of as you think about us over time. Like I said, we've got some of these onetime items that will influence kind of the cash flow in 2026. But over time, we should be generating cash in that mid-teens percent of sales.

克里斯，我想補充一點，我們認為這項業務每年確實能產生相當於銷售額百分之十幾的現金流，對吧？所以，隨著時間的推移，你對我們的看法大概就是這樣。正如我所說，我們有一些一次性項目會影響 2026 年的現金流。但隨著時間的推移，我們應該能夠產生銷售額中百分之十幾的現金流。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

Thank you for taking my question. I was wondering if you maybe address specifically how you expect the Internet connect growth to play out over the course of 2026, was that sort of higher or lower than the overall corporate average you outlined? And the reason I ask is because as you talked about the memory pricing seems to be generating some demand destruction in the consumer electronic supply chain particularly in China.

感謝您回答我的問題。我想請您具體談談您對 2026 年網路連線成長的預期，是高於還是低於您先前概述的整體企業平均值？我這麼問是因為正如您所說，記憶體定價似乎正在對消費電子供應鏈造成一定的需求破壞，尤其是在中國。

So maybe can you talk about whether you baked in any kind of material headwind in ICS for this year? And then related to that, can you specifically talk about your China sales in the quarter and what you're expecting for China over the course of this year?

那麼，您能否談談今年ICS是否預料到了任何實質的不利因素？另外，能否具體談談本季在中國的銷售額，以及您對今年在中國市場的預期？

Jim, you'll have to help me. I think that was like three or four questions in one. So I'll try and cover some of these pieces. Maybe I'll start with just to road map this a little bit, I'll start with some of the dynamics that we're seeing in the memory market.

吉姆，你得幫幫我。我覺得那好像是把三、四個問題合在一起問了。所以我會盡量介紹其中的一些內容。或許我可以先大致規劃一下，從我們目前在記憶體市場看到的一些動態開始。

I'll give it to Mike and have him comment on kind of the ICS segment, how we think about kind of the segment differences between the segments and the year, and then I'll come back to your China question to finish.

我會把這個問題交給 Mike，讓他評論一下 ICS 部分，以及我們如何看待各個部分和年份之間的差異，然後我再回來回答你關於中國的問題。

So when we think about -- from a growth perspective, we're excited about the progress that the memory market continues to make, especially in next-generation DRAM and HBM as well as the ongoing transition to higher layer count NAND architectures. We're capturing nice growth from rising content in those advanced technologies, and we're still seeing utilization rates. Obviously, there's some capacity concerns there that I think everybody is aware of. It's been a hot topic over the last few weeks.

因此，從成長的角度來看，我們對記憶體市場持續取得的進展感到興奮，尤其是在下一代 DRAM 和 HBM 以及向更高層數 NAND 架構的持續過渡方面。我們從這些先進技術的內容成長中獲得了良好的成長，而且我們仍然看到利用率正在上升。顯然，那裡存在一些容量方面的問題，我想大家都很清楚這一點。過去幾週，這一直是個熱門話題。

I just want to level set our exposure the memory market is about 20% of our semi portfolio. About 80% is on the logic side. And within memory, our exposure is largely driven to unit-driven consumables. So kind of a pricing kind of out of the equation, it's really driven by the volumes on that side. It is important to note that our exposure is primarily on what I would call premium devices.

我只是想明確我們目前在記憶體市場的風險敞口，記憶體市場約占我們半導體投資組合的 20%。大約 80% 是邏輯方面的內容。而在記憶體領域，我們的接觸主要受單位驅動型消耗品的影響。所以價格因素基本上不在考慮範圍內，主要取決於銷售量。值得注意的是，我們的投資主要集中在我所謂的高階設備。

And in any type of constrained environment, we would expect premium devices to be the more resilient side of the overall market, which kind of limits our relative exposure. Obviously, we're closely monitoring the situation in constant conversations with our customers.

在任何類型的受限環境中，我們都預期高階設備在整個市場中更具韌性，這在某種程度上限制了我們的相對風險敞口。顯然，我們正在密切關注事態發展，並與客戶保持持續溝通。

And then if you take a step back for a minute and you think about where these ships are going, whether they're going to data centers or whether they're going to consumer devices, we're really well positioned to pick up that demand no matter which end market it ultimately goes to. And that's kind of why we feel really good about kind of our growth prospects for the year.

然後，如果你退後一步，想想這些船要去哪裡，無論是去資料中心還是去消費電子設備，我們都處於非常有利的位置，能夠滿足最終的任何終端市場需求。正因如此，我們對今年的成長前景感到非常樂觀。

Mike, I'll hand it off to you.

麥克，我把它交給你了。

Yeah. Thanks, Jon. And just to reground obviously, we've guided for our first quarter at high-single digits for the total company. And for full year, we've got a midpoint -- the implied midpoint in our guidance but sales of that, a little over 6.5% growth year over year. And obviously, that's a mix of the two segments.

是的。謝謝你，喬恩。再次強調，我們對公司第一季的整體業績預期為接近兩位數的成長。至於全年，我們給出了一個中點——這是我們指導意見中隱含的中點，但銷售額同比增長略高於 6.5%。顯然，這是這兩個部分的混合體。

We exited the year nicely with ICS continuing to see a lot of strength where they outperformed the semi growth a bit. And so we're really expecting to see that same momentum in that same mix profile continue through the year where ICS will be probably a little bit stronger than Semi.

今年底，ICS 持續保持強勁勢頭，表現略優於半導體產業的整體成長，我們取得了不錯的成績。因此，我們非常期待看到這種勢頭和同樣的組合模式在今年繼續下去，其中 ICS 可能會比 Semi 略強一些。

And maybe just to finish up, Jim, on your -- on the China question to come back to that. China remains a critical market for us given its central role in the semiconductor value chain and just position is a large domestic market as well.

最後，吉姆，關於你提到的中國問題，我們再來談談。鑑於中國在半導體價值鏈中的核心地位，中國仍然是我們至關重要的市場，而中國本身也是一個龐大的國內市場。

In 2025, China grew high-single digits for us. Frankly, that was better than what we were expecting. And China accounted for just over 30% of our total sales, also kind of in line with our expectations. In terms of what we're seeing on the ground floor in China, I would say that particularly in the second half of the year, we sort of normalize to what I would say, the same type of buying behavior we see in other geographies, namely that customers are buying based on a combination of performance, quality, and supply reliability.

2025年，中國經濟成長率達到接近兩位數。坦白說，這比我們預期的還要好。中國市場占我們總銷售額的30%多一點，這也基本上符合我們的預期。就我們目前在中國市場觀察到的情況而言，我認為尤其是在下半年，我們的購買行為會逐漸恢復正常，與我們在其他地區看到的購買行為類似，即客戶會根據性能、品質和供應可靠性等因素進行購買。

And that's where our local-for-local operating model really serves us well in places like China because we have that really well built out local infrastructure to be able to serve the market. If you think about it from a growth perspective, I mentioned the high-single-digit growth rate in China. We are seeing faster growth kind of -- in all of our other geographies, the rest of Asia as well as the Americas, both grew double digit for us over the course of the year, and we're expecting similar dynamics going into 2026.

正因如此，我們的在地化營運模式在中國等地才能真正發揮作用，因為我們擁有非常完善的本地基礎設施，能夠服務於當地市場。如果從成長的角度來看，我之前提到中國接近兩位數的成長率。我們看到成長速度加快了——在我們所有其他地區，包括亞洲其他地區和美洲，這些地區在過去一年中都實現了兩位數的成長，我們預計到 2026 年也會有類似的成長勢頭。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，加拿大皇家銀行資本市場。

I guess I just wanted to ask a question about the guidance, first of all. So at the low end, I think you're up about 4.5%. What would be some of the things that would maybe push you towards that end? And similarly, at the high end, it's pretty significant growth. So maybe you can just kind of help us frame that -- those two ranges as well?

首先，我想問一個關於指導方面的問題。所以，保守估計，漲幅大概在 4.5% 左右。有哪些因素可能會促使你朝著那個方向努力？同樣，在高端市場，成長也相當顯著。所以，您能否幫我們把這兩個範圍也概括一下？

Yeah, Arun, thanks for the question. When you think about the guidance range and some of the puts and takes, obviously, I characterized it before with Bhavesh's question on kind of what got us to the midpoint of the guide.

是的，阿倫，謝謝你的提問。當你思考指導範圍以及一些買賣操作時，顯然，我之前用 Bhavesh 的問題來描述它，即是什麼讓我們到達了指導範圍的中點。

When you think about kind of the low end of the range, what would have to happen for that to happen, it would be kind of more constraints really coming from the memory market and if that started to see kind of significant demand destruction that's outside the parameters of how we think the year is going to unfold.

當你考慮到價格區間的低端時，要達到這個水平需要發生什麼，那就是內存市場會面臨更多限制，如果內存市場開始出現顯著的需求萎縮，那就超出了我們對今年發展走向的預期範圍。

If you go to the high end, a lot of the growth expectations that we have this year, given the strong utilization rates and the most advanced technologies across our portfolio, it's really tied to capacity expansion that our customers and their ability to scale new node transitions and bring that capacity online.

如果著眼於高端市場，鑑於我們產品組合中強勁的利用率和最先進的技術，我們今年的許多成長預期實際上都與客戶的產能擴張以及他們擴展新節點過渡和將該產能上線的能力息息相關。

Obviously, there's a significant amount of global investment in those most advancing with our customers to help them scale up that production as effectively as possible. If we can get some of that incremental capacity online, we've got a lot of really nice content growth connected to no transitions and that capacity.

顯然，全球範圍內對那些與我們的客戶合作進展最快的企業進行了大量投資，以幫助他們盡可能有效地擴大生產規模。如果我們能夠將部分新增容量上線，我們就能獲得許多非常好的內容成長，而無需任何過渡，並且還能利用這些容量。

So as it comes online, will benefit not just from the volume growth, but from the increased content coming off of those advanced nodes.

因此，隨著它的上線，它不僅會受益於流量的成長，還會受益於從這些高階節點輸出的更多內容。

Okay. Thanks for that. And on the transformation plan, is there a kind of a framework on how we should think that should play out over the next three years? Do you expect that -- those gains rapidly? And maybe you can just detail some of the initiatives that you're undertaking there? Is it mainly kind of footprint optimization, SG&A reduction or what else would you describe as part of the plan?

好的。謝謝。關於轉型計劃，是否存在某種框架，讓我們思考未來三年該如何實施？你預計這些收益會迅速成長嗎？您能否詳細介紹一下您在那裡正在進行的一些舉措？該計劃主要包括優化佔地面積、降低銷售、管理及行政費用，還是還有其他方面？

Yeah. Thanks for the question. The transformation initiatives are in a couple of big buckets, as I said in my prepared remarks, really around productivity efforts commercial and innovation and our local-for-local model. And I'd say roughly of that $100 million benefit for EBITDA, we'll expect to see that come roughly half in the productivity space. And then the other half is split equally across commercial ambition as well as to look for local-to-local model.

是的。謝謝你的提問。正如我在準備好的演講稿中所說，轉型措施主要分為兩大類，主要圍繞著生產力提升、商業創新以及我們的在地化模式。我認為，這大約 1 億美元的 EBITDA 收益中，大約有一半將來自生產力提升領域。剩下的一半則平均分配給商業目標以及尋找在地化模式。

As far as what's in our guide for '26, I do expect we'll have a small amount of that benefit and that's expected in our guide. And then ultimately, the remainder of that benefit comes in the 2027, 2028 time frame.

至於我們 2026 年的指南中的內容，我預計我們會獲得一小部分好處，這也在我們的指南中有所體現。最終，剩餘的收益將在 2027 年、2028 年期間實現。

Maybe just to give you a little bit of specifics on some of the things we're excited about are as part of that within the productivity space, we're excited to really go aggressively after deploying some of the automation and tailored AI applications that we believe will help unlock incremental capacity, strengthen our quality, and ultimately improve our supply resiliency for our customers. That's a nice lever there.

為了讓您更具體地了解我們感到興奮的一些事情，在生產力領域，我們很高興能夠積極部署一些自動化和定制的人工智能應用程序，我們相信這些應用程序將有助於釋放額外的產能，提高我們的質量，並最終提高我們為客戶提供的供應彈性。那是個不錯的槓桿。

Some of the procure -- I think there are some procurement benefits and there's also some simplifications in our supply chain around optimizing our warehouse presence and how we're positioned around the globe to better serve our customers. I mean, if you think in some of the other categories, particularly on the commercial and innovation excellence, it's really about how we're driving the right level of attention to each of our customer segments.

我認為採購方面有一些好處，而且在優化我們的倉庫佈局以及我們在全球的定位方面，我們的供應鏈也得到了一些簡化，從而更好地服務於我們的客戶。我的意思是，如果你考慮其他一些類別，特別是商業和創新卓越性，你會發現這實際上是我們如何將適當的關注度給予每個客戶群。

Obviously, historically, we've had a really strong focus kind of on our top 10, and we've talked about that in the past. But there's a lot of folks in the middle and maybe at the lower end that we can still do better with. And so taking advantage of digital tools to make sure that we can serve the customers more effectively and accelerate and on the innovation side, deploying some of those tools to increase the clock speed and the pace of our product development, which ultimately will give us an opportunity to work on more engagement with our customers.

顯然，從歷史上看，我們一直非常重視前 10 名，我們過去也討論過這個問題。但還有很多處於中間水平甚至較低水平的人，我們仍然可以做得更好。因此，我們將利用數位工具來確保我們能夠更有效地服務客戶，並在創新方面部署一些工具來提高產品開發的效率和速度，最終使我們有機會與客戶進行更多互動。

Over the past few years, we've seen a steady increase in the number of engagements that we have with customers and OEMs, and we want to unlock the innovation capacity to support as many of those as possible. So those are some of the bigger items inside this transformation program.

過去幾年，我們看到與客戶和原始設備製造商的互動數量穩步增長，我們希望釋放創新能力，以支持盡可能多的此類互動。以上就是這項轉型計畫中的一些主要內容。

Melissa Weathers, Deutsche Bank.

梅麗莎‧韋瑟斯，德意志銀行。

I wanted to, I guess, first, talk a little more high level on the ICS business. It seems like there's a lot of innovation happening over the next two years on the packaging side, on the several side. The thermal side is the piece that I understand the least, so I think a lot of semiconductor investors don't really get that part of the story. So can you talk about as we think about the next two years, like which parts of this ICS business, should we be excited for. What kind of content increases should we be expecting maybe on a per device basis?

我想，首先，我想更宏觀地談談ICS業務。未來兩年，包裝領域似乎會有許多創新，尤其是在產品方面。熱力學方面是我最不了解的部分，所以我認為很多半導體投資者並不真正了解這部分內容。那麼，在展望未來兩年時，您能否談談我們應該對ICS業務的哪些方面感到興奮？我們應該預期每台設備上的內容會增加哪些方面？

Yeah. So when you think about kind of the ICS business, the three core drivers in that business are really advanced packaging, advanced interconnect, and thermal management. Within the advanced packaging space, we've got new technologies on (inaudible) and copper interconnect chemistry, which really brings great surface uniformity and purity to help make sure that those advanced packaging are maintaining the right level of signal integrity and reliability.

是的。所以，當你思考積體電路 (ICS) 業務時，該業務的三大核心驅動因素是先進的封裝、先進的互連和熱管理。在先進封裝領域，我們擁有（聽不清楚）和銅互連化學的新技術，這確實帶來了極佳的表面均勻性和純度，有助於確保這些先進封裝保持適當的訊號完整性和可靠性。

And it's being broadly adopted from kind of our key fab as well as the OSAT customers that are really driving the growth in advanced packaging. We're also doing some -- in the advanced interconnect space. It's really getting to upgrading Circle board technology from traditional Circle boards to high layer count and HDI Circle board where you're getting finer lines and tighter spaces in order to help drive the signal reliability in places like data centers.

而且，它正被我們的主要晶圓廠以及真正推動先進封裝成長的 OSAT 客戶廣泛採用。我們也在做一些——在先進互連領域。圓板技術正在從傳統的圓板升級到高層數和 HDI 圓板，從而實現更精細的線條和更緊湊的空間，以幫助提高資料中心等場所的訊號可靠性。

And if you do that, you're starting to get into that again where there's nice technology leverage between kind of what maybe we were using 10, 15 years ago in the semi side, it's now relevant on the ICS side because of the tighter lines and spaces that those circle boards are doing. So really nice technology leverage, as you get into high-density interconnect and high layer count circuit board.

如果你這樣做，你就會再次進入那種狀態，即我們在 10、15 年前半導體領域使用的技術，現在由於圓形電路板的緊湊線條和空間，在集成電路領域也變得適用，從而產生了良好的技術優勢。因此，隨著高密度互連和多層電路板的出現，技術優勢就非常明顯了。

And then on the thermal side, this is -- all three of these spaces grew by 20% year over year in 2025, and they will really continue to be the source of growth going forward. On the thermal side, we've launched some new novel technologies in both thermal pads as well as gap filler -- liquid gap pillars. Some base change materials, and we're excited by other innovations and working closely with some of our OEM partners.

而在熱能方面，這三個領域在 2025 年都實現了 20% 的同比增長，並且它們將繼續成為未來成長的來源。在散熱方面，我們推出了一些新的創新技術，包括散熱墊和間隙填充物——液態間隙柱。一些基礎材料已經更換，我們對其他創新感到興奮，並正在與一些 OEM 合作夥伴密切合作。

Obviously, it's a critical need, especially in the data center segment. And we've seen a rapid adoption by a lot of the cloud service providing companies and OEMs in that space, and we're excited by the opportunity to continue to partner with them to bring these next-generation thermal solutions into the market.

顯然，這是一個至關重要的需求，尤其是在資料中心領域。我們看到，該領域的許多雲端服務供應商和原始設備製造商都迅速採用了這些解決方案，我們很高興有機會繼續與他們合作，將這些下一代散熱解決方案推向市場。

All of this is connected to what I said in my prepared remarks really around kind of the increasing number of POR wins across every business.

所有這些都與我在準備好的發言稿中所說的有關，即各個業務中 POR 的成功案例數量不斷增加。

Great. Thanks for all that color. If I could squeeze one more in. Just on the mainstream side, the mainstream nodes in foundry logic. I get -- it seems like you're expecting utilization to maybe gradually improve throughout the year. I think we've heard some pretty mixed takes from like, say, the analog or the power semi guys on the demand trends that you're seeing.

偉大的。謝謝你帶來的繽紛色彩。如果還能擠出一點時間就好了。就主流方面而言，指的是代工邏輯中的主流節點。我明白了——看來您是希望利用率能在今年內逐步提高。我認為我們已經從類比電路或功率半導體廠商那裡聽到了一些關於當前需求趨勢的相當不同的看法。

So can you just give a little more color on what you're seeing in mainstream nodes, maybe across, I don't know, end markets? Just any other color there would be helpful.

那麼，您能否更詳細地介紹一下您在主流節點，或者說終端市場中看到的情況？換成其他任何顏色都會有幫助。

Yeah, happy to do that. So at a high level, I would say that we're encouraged by the ongoing recovery in mature logic. We believe that inventories are relatively healthy. Customers are already seeing small sequential improvements in utilization rates. I think we've seen that from a lot of those players kind of through this earnings season.

好的，我很樂意這麼做。因此，從宏觀層面來看，成熟邏輯的持續復甦令我們感到鼓舞。我們認為庫存狀況相對健康。客戶已經看到利用率出現了小幅的逐步提高。我認為我們已經從許多球員在本財報季的表現中看到了這一點。

We expect the recovery will likely, from a pacing standpoint, continue to be relatively modest given the connection to the global memory market.

從速度上看，考慮到與全球記憶體市場的聯繫，我們預計復甦可能會繼續保持相對溫和的態勢。

From a utilization point of view, we expect utilization rates, which kind of steadily improved through 2025. And from the low-70s into the mid-70s. I would say our expectations are for a similar piece -- a similar recovery in 2026 as to what we saw in 2025, maybe going from the mid- year-end to the mid, maybe even start to get into the high-70s range, depending on the availability and kind of how the broader industrial economy goes.

從利用率的角度來看，我們預計到 2025 年，利用率將穩定提高。從 70 年代初到 70 年代中期。我認為我們預計 2026 年的復甦情況與 2025 年類似，可能會從年中到年中復甦，甚至可能達到 70% 以上，這取決於供應情況以及更廣泛的工業經濟的發展。

Obviously, the biggest drivers there, the data center markets have done really well. And I think there's plenty of room in the broader industrial economy across communication infrastructure and automotive just to name a few for us to have some additional wins. And as we see that, that's really what will allow kind of the semi segment to get back to kind of the normal -- the more normalized growth rate that we would expect.

顯然，最大的驅動力是資料中心市場，它們表現得非常出色。我認為在更廣泛的工業經濟領域，例如通訊基礎設施和汽車產業（僅舉幾例），我們還有很大的空間取得更多成功。我們看到，這確實能讓半成品市場恢復到正常水準──達到我們預期的正常成長率。

Aleksey Yefremov, KeyBanc Capital Markets.

Aleksey Yefremov，KeyBanc 資本市場。

I wanted to come back to your first-quarter comments. I think you talked about high-single-digit sequential growth. It does seem quite a bit above your normal seasonality, if I look at the history. Is there anything unusual in Q1? And as a result, are there any consequences or how we should think about second quarter? Is kind of second quarter being flat versus Q1 the bad gas for us at this point?

我想回到您第一季的評論。我想你之前提到過接近兩位數的連續成長。如果從歷史記錄來看，這似乎遠遠超出了正常的季節性規律。第一季有什麼異常狀況嗎？那麼，第二季會有什麼後果？我們該如何看待第二季度？第二季業績與第一季持平，對我們來說是不是個壞兆頭？

So I'll maybe start there, Alex, and then ask Mike to comment further. So when we when we think about the first quarter, we are seeing some different types of behaviors. Usually, there would be a little bit of a seasonal decline kind of third quarter to fourth quarter, and then fourth quarter into first quarter.

那我就先從這裡開始吧，Alex，然後再請Mike進一步評論。所以當我們回顧第一季時，我們發現了一些不同的行為模式。通常情況下，第三季到第四季以及第四季到第一季之間會出現輕微的季節性下滑。

I think I'll go back to what I mentioned in my prepared remarks around some of the structural demand shift that we're seeing in some of our end markets, that as we get into really a lot of the strength in the current market environment is really driven by data center, the high-performance computing. And that -- and the benefits that we're seeing there is sort of overshadowing and the benefits there are greater than the normal seasonal weakness that we would see from consumer electronics.

我想回到我事先準備好的發言稿中提到的一些內容，即我們在一些終端市場看到的結構性需求轉變，當我們深入了解時，當前市場環境的許多優勢實際上是由資料中心和高效能運算驅動的。而且，我們看到的這些好處在某種程度上掩蓋了消費性電子產品通常出現的季節性疲軟，而且這些好處比季節性疲軟的影響更大。

And I think it's a testament to the strength of our portfolio that we're really well diversified and positioned across different end markets to be able to pick up those benefits. And so the same type of trends that we saw in the fourth-quarter results is continuing into the first quarter with that strength. And all things being equal, that's kind of the data play in the different end markets right now.

我認為，我們投資組合的實力就在於此，我們實現了良好的多元化，並在不同的終端市場佔據了有利地位，從而能夠獲得這些收益。因此，我們在第四季度業績中看到的類似趨勢，以強勁勢頭延續到了第一季。在其他條件相同的情況下，這就是目前不同終端市場的數據應用現況。

As we get through the year, going back to the previous question, to the extent that we start to see opportunities in some of the other parts of the industrial markets, whether it's automotive, communication infrastructure, aerospace and defense, all of those represent nice content as you start to get AI capabilities, moving from, say, cloud computing and data centers to edge computing kind of at point of interface, whether that's in the car, the factory or with the consumer as we start to see more of that AI capability diversified into different end markets we expect that will continue to drive fairly robust growth rates.

隨著今年的推進，回到之前的問題，當我們開始看到其他工業市場領域的機會時，無論是汽車、通信基礎設施、航空航天和國防，所有這些都代表著良好的內容，因為人工智能能力開始得到應用，從雲端運算和數據中心轉向邊緣運算，在介面點上，無論是在汽車中、工廠中還是與消費者之間，隨著能力更多地分散到不同的人工智慧市場增長，我們預計的能力將相當強勁。

Mike, anything else to add there?

麥克，還有什麼要補充的嗎？

Yeah. Thanks, Jon. I think the thing I would add to that is, as I said before in one of the earlier questions, would you expect to see the steady demand through the year with a little bit of a peak in the third quarter. I'd say the other color I'd give is on the back half of the year, we do expect some scale-up on node transitions, as well as the ongoing evolution in the memory market dynamics. And so as you'd expect, we'll continue to provide additional perspective and information on what we're seeing as the year progresses.

是的。謝謝你，喬恩。我想補充的是，正如我之前在某個問題中提到的，您是否預計全年需求將保持穩定，並在第三季出現一個小高峰？我認為另一個趨勢是，在今年下半年，我們預期節點過渡方面會有一些規模擴大，記憶體市場動態也會持續演變。因此，正如您所預料的，隨著時間的推移，我們將繼續提供更多關於我們所觀察到的情況的觀點和資訊。

Thanks. And I think you said that you had 20% growth and 20%-plus growth in both (inaudible) packaging and thermal management, EMI [shielding]. Kind of a two-part question. Should we think about those types of growth rates as sort of achievable in your thoughts for '26?

謝謝。我想你說過，你們在（聽不清楚的）封裝和熱管理、EMI（電磁幹擾）屏蔽方面都實現了 20% 的增長，而且增長幅度超過 20%。這是一個包含兩個部分的問題。我們是否應該認為，在你們看來，2026 年這類成長率是可以實現的？

And also, it seems to me that thermal management kind of stepped up because I recall you've been talking about kind of growth there in the teens now. It's in the 20s. So is it the case that thermal management growth have accelerated?

而且，在我看來，熱管理方面似乎有所改進，因為我記得你一直在談論這方面的成長，現在已經達到十幾了。現在是20多度。那麼，散熱管理領域的成長是否已經加速呢？

Yeah. Great question, Aleksey. It's obviously a dynamic that we're watching closely, and we're in constant conversations with our customers. If I take a step back and I think about kind of what happened in 2025 and how that plays forward into 2026. In 2025, the ICS business broadly kind of the custodian of those key technologies, benefited from a lot of available capacity that was able to rapidly scale up in 2025 and what we're seeing as we go into 2026.

是的。阿列克謝，問得好。這顯然是我們正在密切關注的動態，我們也一直在與客戶保持溝通。如果我退後一步，想想 2025 年發生的事情，以及這些事情如何影響 2026 年。2025 年，ICS 業務大致上是這些關鍵技術的守護者，受益於大量的可用產能，能夠在 2025 年迅速擴大規模，而我們進入 2026 年後也看到了這一點。

Obviously, a lot of our customers and folks throughout the industry are making significant investments to expand the capacity for both advanced packaging as well as kind of the place in the manufacturing process where the thermal materials would get added as a lot of the pacing and the growth rates that we expect in 2026, are largely driven by the incremental capacity that our customers are able to bring online.

顯然，我們的許多客戶和整個行業的從業人員都在進行大量投資，以擴大先進包裝的產能，以及在製造過程中添加熱材料的環節的產能，因為我們預計到 2026 年的許多增長速度和增長率，很大程度上是由我們的客戶能夠上線的新增產能所驅動的。

So demand is strong in those areas. So it's not a matter of demand. It's really a matter of how fast can we get that incremental capacity online. And then we'll work with our customers as we make those. We're pretty consistently getting increasing content wins with the customers in both of those areas. So is that incremental capacity comes online, we're confident in our ability to sustain that growth.

因此，這些地區的需求很強勁。所以這不是需求的問題。關鍵在於我們能以多快的速度將新增產能上線。然後我們會與客戶一起合作完成這些項目。我們在這兩個領域都持續獲得客戶對內容的認可，而且這種認可度還在不斷提高。因此，隨著新增產能的投入使用，我們有信心維持這種成長。

Edward Yang, Oppenheimer.

愛德華楊，奧本海默。

Jon, nice quarter, and thanks for the time. I just wanted to come back to the level of conservatism that's embedded in the 2026 revenue guide around 6.5% or so. And again, if we step back, you did 10% growth in 2025, it looks like according to the first-quarter guidance, up high-single digits sequentially, that would mean you'd be growing more like mid-teens year-over-year growth in the first quarter.

喬恩，這筆錢不錯，謝謝你抽出時間。我只是想回到 2026 年收入指導中體現的保守水平，大約在 6.5% 左右。再說一遍，如果我們回顧一下，假設你們在 2025 年實現了 10% 的增長，根據第一季的業績指引，環比增長接近兩位數，這意味著你們第一季的同比增長率將達到 15% 左右。

So is it just conservatism? And Mike talked about, again, steady growth throughout the year and even possibly second half, I guess, inflection, which would be consistent with what we're hearing from the rest of the semi food chain. So just some additional color to tie everything together, I suppose.

所以，這僅僅是保守主義嗎？麥克再次談到全年穩定成長，甚至可能在下半年出現轉折點，這與我們從其他半成品食品鏈中聽到的情況一致。我想，這只是為了增添一些色彩，讓整體風格更協調統一。

Sure, Ed. I think what I would maybe start with is just go back to kind of kind of where we started the Q&A part of today in terms of how did we get to the midpoint of the guide. The midpoint of the guide was really anchored around the expectations for MSI and the PCB market is the two best market indicators, both of those kind of being in that mid-single-digit range.

當然，埃德。我想我可以先回到今天問答環節開始時我們開始的地方，談談我們是如何走到指南中段的。該指南的中點實際上是圍繞著對 MSI 和 PCB 市場的預期展開的，這兩個市場指標都是最好的市場指標，而這兩者都處於個位數的中間水平。

And then adding on that, our expectations that we can outperform that. Obviously, we had nice outperformance in 2026. I'd like to think that we can be able to -- we're in a good position to be able to sustain that performance. To some extent, it is contingent on getting some of the incremental capacity for those most advanced technologies.

此外，我們也期望能夠超越這個預期。顯然，我們在 2026 年取得了不錯的成績。我認為我們有能力——我們處於有利地位，能夠維持這種表現。在某種程度上，這取決於能否獲得一些最先進技術的增量產能。

And then obviously, the memory market dynamics that we talked about is what's kind of keeping us a little bit on the -- (inaudible) to take a little bit more of a wait-and-see approach to see how that continues to evolve as we get into the year. And kind of given where we're at in the first quarter, obviously, we're highly confident in where we're at for the first quarter.

然後很顯然，我們之前討論過的記憶體市場動態，讓我們不得不採取觀望態度，看看它在今年接下來的發展。鑑於我們第一季的進展情況，顯然，我們對第一季的進展非常有信心。

And then we'll provide additional color as to how these dynamics are unfolding as we get to the second half of the year. Mike, anything else you'd add there?

然後，我們將進一步闡述這些動態在下半年將如何發展。麥克，你還有什麼要補充的嗎？

I think the other thing I would add is just hindering back to our overall midterm framework with sales growth in that 6% to 7% range, and that's part of what drove the midpoint of the guide that we have this year, obviously, we're continuing to see, as Jon said, the mix dynamics between the two segments, and we'll obviously continue to strive for opportunities to drive margin expansion from volume and product mix enhancement as we continue to serve and see both in the most advanced technologies.

我認為我還要補充一點，這將有助於我們回到中期整體框架，即銷售成長在 6% 到 7% 的範圍內。顯然，這也是我們今年給出的銷售指引中點的部分原因。正如 Jon 所說，我們繼續看到這兩個細分市場之間的組合動態，我們顯然將繼續努力尋找機會，透過提高銷售量和優化產品組合來擴大利潤率，同時我們將繼續在最先進的技術領域提供服務並看到這兩方面的變化。

So over time, I would also expect the transformation program that we're launching to help drive that enhanced performance as we move through the year.

因此，隨著時間的推移，我也期望我們正在啟動的轉型計劃能夠幫助我們在今年內實現業績的提升。

Great. And for my follow up, I just want to come back to this, I guess, your leverage to the memory cycle and the various puts and takes. And obviously, we understand what the upside is from your exposure to the memory cycle.

偉大的。最後，我想再回到你對記憶週期的利用以及各種買賣操作。顯然，我們也明白接觸記憶循環的好處。

And Jon, you touched on, again, maybe there could be some potential offsets. But I think during the call, you also mentioned you do expect ICS to grow stronger than Semi in 2026. So I guess the base scenario, is it fair to say that you're not really seeing any offsets necessarily from higher memory cycle. But again, just to be conservative, you are baking in some potential impacts that may or may not occur.

喬恩，你又提到了，或許會有一些潛在的抵銷因素。但我認為在通話中，你也提到過，你預計 ICS 在 2026 年的成長速度將超過 Semi。所以我想，基本情況是，可以說你並沒有真正看到更高的記憶體週期帶來的任何偏移。但再次強調，為了保守起見，您已經考慮到了一些可能發生也可能不會發生的潛在影響。

Yeah. I think, Ed, the way that we think about it is, as I said, when I was talking a little bit about the specifics in the memory market is that wherever those memory chips are going, we're going to pick up the benefit of that demand. So it's not so much of some of the reasons why we're confident in that ICS growth is if we're getting growth in the consumer -- from consumer electronics devices, that's great. We've got great content, a lot of that, especially on the premium side of the market, which we expect to be more resilient.

是的。艾德，我認為，我們看待這個問題的方式，正如我剛才談到記憶體市場的具體情況時所說，就是無論這些記憶體晶片流向哪裡，我們都會從中受益。所以，我們對 ICS 成長充滿信心的部分原因，並非只是消費者（尤其是消費性電子設備）的成長，那當然很好。我們擁有大量優質內容，尤其是在高端市場，我們預期這部分市場會更具韌性。

If instead, those chips are being allocated more to serve the needs of data centers. That's -- I might argue that's slightly even more favorable because we're going to pick up probably higher content in data centers and margin and even we will in the consumer electronics side. So we're really well positioned from the diversification of our portfolio to be in a position that no matter where that growth comes from, we're going to be able to pick it up with kind of premium content.

相反，如果這些晶片更多地被用於滿足資料中心的需求。我甚至可以說這更有利，因為我們可能會在資料中心獲得更高的市場份額和利潤，甚至在消費性電子產品領域也是如此。因此，憑藉我們多元化的投資組合，我們處於非常有利的地位，無論成長來自哪裡，我們都能透過優質內容來抓住機會。

Thank you. At this time, we have reached our allotted time for questions. This does conclude today's question-and-answer session as well as Qnity's fourth-quarter and full-year 2025 call and webcast. You may now disconnect your line at this time, and have a wonderful day.

謝謝。至此，我們的提問時間已到。至此，今天的問答環節以及 Qnity 2025 年第四季和全年電話會議和網路直播都已結束。現在您可以斷開線路了，祝您有美好的一天。