Regal Rexnord Corp (RRX) 2025 Q4 法說會逐字稿

Good day and welcome to the Regal Rexnord fourth quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Rob Barry, Vice President, Investor Relations. Please go ahead.

大家好，歡迎參加 Regal Rexnord 2025 年第四季財報電話會議。（操作說明）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羅伯·巴里。請繼續。

Great. Thank you, operator. Good morning, and welcome to Regal Rexnord's fourth quarter 2025 earnings conference call. Joining me today are Louis Pinkham, our Chief Executive Officer; and Rob Rehard, our Chief Financial Officer. I would like to remind you that during today's call, you may hear forward-looking statements related to our future financial results, plans and business operations.

偉大的。謝謝接線生。早安，歡迎參加 Regal Rexnord 2025 年第四季財報電話會議。今天與我一同出席的有我們的執行長路易斯·平克漢姆和我們的財務長羅伯·雷哈德。我想提醒各位，在今天的電話會議中，您可能會聽到一些與我們未來財務表現、計劃和業務運營相關的預測性陳述。

Our actual results may differ materially from those projected or implied due to a variety of factors, which we describe in greater detail in today's press release and in our reports filed with the SEC, which are available on the regalrexnord.com website. Also, on the slide, we state that we are presenting certain non-GAAP financial measures that we believe are useful to our investors, and we have included reconciliations between the non-GAAP financial information and the GAAP equivalent in the press release and in these presentation materials.

由於各種因素，我們的實際結果可能與預測或暗示的結果有重大差異，我們在今天的新聞稿和提交給美國證券交易委員會的報告中對此進行了更詳細的描述，這些報告可在 regalrexnord.com 網站上查閱。此外，我們在投影片中聲明，我們展示了一些我們認為對投資者有用的非GAAP財務指標，並且我們在新聞稿和這些簡報資料中包含了非GAAP財務資訊與GAAP等效資訊之間的調節表。

Turning to slide 3, let me briefly review the agenda for today's call. Louis will lead off with opening comments and overview of our fourth quarter and full year performance and the discussion of our recent data center wins. Rob Rehard will then present our fourth quarter financial results in more detail and introduce our 2026 guidance. We'll then move to Q&A, after which, Louis will have some closing remarks.

接下來請看第三張投影片，讓我簡單回顧一下今天電話會議的議程。Louis 將首先發表開場白，概述我們第四季度和全年的業績，並討論我們最近在資料中心專案上的成功。接下來，羅伯雷哈德將更詳細地介紹我們第四季的財務業績，並介紹我們 2026 年的業績展望。接下來我們將進入問答環節，之後路易斯將作總結發言。

And with that, I'll turn the call over to Louis.

接下來，我將把電話交給路易斯。

Thanks, Rob, and good morning, everyone. Thanks for joining us to discuss our fourth quarter results and to get an update on our business. We appreciate your continued interest in Regal Rexnord. Before we get into the quarter, I want to provide you with an update on the CEO search. The Board Search Committee has been working diligently and our process is progressing as expected. We will update you as new information becomes available.

謝謝羅布，大家早安。感謝各位參加本次會議，共同探討我們第四季的業績，並了解我們公司的最新業務進展。感謝您一直以來對 Regal Rexnord 的關注。在正式進入本季之前，我想先向大家報告CEO遴選工作的最新進展。董事會遴選委員會一直在努力工作，我們的遴選過程正如預期進行。如有新的訊息，我們將及時通知您。

Now on to our results. Our team delivered solid fourth quarter performance, ending the year on a high note. Fourth quarter aligned with our expectations on adjusted earnings per share. We saw tremendous order strength and a backlog exiting 2025 up 50% versus prior year giving us extremely positive momentum as we begin 2026. While our Data Center business is clearly performing exceptionally well, we also saw healthy orders in other parts of our business, especially Discrete Automation and Aerospace and Defense.

現在公佈我們的結果。我們的團隊在第四季表現出色，為這一年畫上了圓滿的句點。第四季調整後每股收益符合我們的預期。我們看到訂單量大幅成長，2025 年底的積壓訂單量比上一年增長了 50%，這為我們開啟 2026 年帶來了極其積極的勢頭。雖然我們的資料中心業務表現非常出色，但我們在其他業務領域，特別是離散自動化和航空航天與國防領域，也看到了健康的訂單。

Before continuing, I want to take a moment to thank our 30,000 Regal Rexnord associates for their hard work and disciplined execution, in particular, driving our new product pipelines, our cross-sell initiatives and building our commercial funnels to drive stronger and more profitable growth.

在繼續之前，我想藉此機會感謝我們 Regal Rexnord 的 30,000 名員工的辛勤工作和嚴謹執行，特別是他們推動了我們的新產品線、交叉銷售計劃以及構建了我們的商業渠道，從而實現了更強勁、更盈利的增長。

Now let me provide some specifics on our fourth quarter performance, starting with orders. Orders in the quarter on a daily basis were up 53.8% versus prior year and book-to-bill was 1.48. In the quarter, we booked orders worth approximately $735 million for our new e-Pod solution, which comprises our proven power management content including switchgear, automatic transfer switches and power distribution units. You may remember, we discussed e-Pods on our third quarter call when we mentioned an opportunity funnel worth over $400 million and $1 billion funnel for our Data Center business more broadly.

現在讓我具體介紹一下我們第四季的業績，首先是訂單狀況。本季每日訂單量較上年同期成長 53.8%，訂單出貨比為 1.48。本季度，我們為新的 e-Pod 解決方案獲得了價值約 7.35 億美元的訂單，該解決方案包含我們成熟的電源管理產品，包括開關設備、自動轉換開關和配電單元。您可能還記得，我們​​在第三季電話會議上討論過 e-Pods，當時我們提到，對於我們的資料中心業務而言，這是一個價值超過 4 億美元的機會管道，而更廣泛的機會管道則價值 10 億美元。

In Q4, we also built momentum in Discrete Automation, which saw orders grow 9%; in Aerospace and Defense, with orders up 21%; and in IPS, where orders grew over 3% and which we believe reflects outperformance in end markets that were challenged by a sub-50 ISM. Excluding the large e-Pods orders, our enterprise orders grew 2.7% in the quarter.

第四季度，我們在離散自動化領域也取得了成長勢頭，訂單成長了 9%；在航空航太和國防領域，訂單成長了 21%；在工業生產系統領域，訂單成長超過 3%，我們認為這反映了在 ISM 指數低於 50 的情況下，終端市場表現優異。除去大宗 e-Pods 訂單，本季我們的企業訂單成長了 2.7%。

Shifting to sales. Our sales in the quarter were up 2.9% versus the prior year on an organic basis, demonstrating accelerating organic growth. We saw particular strength in AMC, which grew over 15% organically. The AMC team did an excellent job executing its backlog and benefiting from share gains in its largely secular markets. We saw weakness in PES in the quarter, which was more severe than expected given headwinds in the residential HVAC market. IPS continued to achieve steady growth, outperforming sluggish industrial markets.

轉向銷售。本季我們的銷售額按有機成長計算比去年同期成長了 2.9%，顯示有機成長正在加速。我們看到AMC表現特別強勁，其有機成長率超過15%。AMC團隊出色地完成了積壓訂單的執行工作，並在其主要為長期市場的業務成長中受益。本季 PES 表現疲軟，考慮到住宅 HVAC 市場的不利因素，其疲軟程度比預期更為嚴重。IPS 持續維持穩定成長，表現優於疲軟的工業市場。

Turning to margins. Our fourth quarter adjusted gross margin was 37.6%, up 50 basis points versus the prior year. Our teams overcame tariff and mix headwinds with continued strong execution on synergies, good price realization and benefits from volume leverage.

轉向邊際效應。我們第四季調整後的毛利率為 37.6%，比上年同期成長 50 個基點。我們的團隊克服了關稅和產品組合方面的不利因素，持續有效地發揮協同效應，實現了良好的價格，並受益於銷售槓桿效應。

Adjusted EBITDA margin was 21.6%, roughly flat versus prior year, reflecting our gross margin expansion, volume leverage and disciplined discretionary cost management, which offset higher growth investments. Adjusted earnings per share for the quarter was $2.51, up 7.3% versus the prior year. Lastly, we generated $141 million of free cash flow in the fourth quarter. We ended the quarter with our net debt leverage coming down to 3.1.

調整後的 EBITDA 利潤率為 21.6%，與上年基本持平，這反映了我們的毛利率擴張、銷售槓桿作用和嚴格的酌情成本管理，這些因素抵消了更高的成長投資。本季調整後每股收益為 2.51 美元，比去年同期成長 7.3%。最後，我們在第四季產生了 1.41 億美元的自由現金流。本季末，我們的淨債務槓桿比率降至 3.1。

In summary, a strong fourth quarter characterized by solid adjusted EPS growth, exceptionally strong orders and a rising backlog giving us positive momentum as we begin 2026. At the beginning of a new year, it is always good to reflect on the success of the prior year. In 2025, our orders grew 15.5% for the year on a daily basis, led by AMC up 53%; followed by IPS up 4%; and PES, which was down 5%.

總而言之，第四季表現強勁，調整後每股盈餘穩定成長，訂單異常強勁，積壓訂單不斷增加，這為我們開啟 2026 年提供了積極的動力。在新的一年伊始，回顧過去一年的成功總是有益的。2025 年，我們的訂單量以日計算成長了 15.5%，其中 AMC 成長了 53%；其次是 IPS 成長了 4%；PES 下降了 5%。

Sales for the year were up 80 basis points on an organic basis with acceleration as the year progressed, strength in aerospace and defense, discrete automation, energy, data center, commercial HVAC and an incremental $90 million of cross-sell and powertrain synergies were partially offset by headwinds in general and industrial and medical.

全年銷售額以有機成長計算成長了 80 個基點，並且隨著時間的推移加速成長。航空航太和國防、離散自動化、能源、資料中心、商用暖通空調以及交叉銷售和動力總成協同效應帶來的 9,000 萬美元增量，部分被一般工業和醫療領域的不利因素所抵消。

Turning to margins for 2025. Our adjusted EBITDA margins were 22%, roughly flat to the prior year on a comparable basis reflecting good execution in a tough operating environment. Our teams overcame headwinds from tariffs, rare earth magnet availability and mix, by effectively executing on synergies worth at $54 million in addition to price realization discipline and good discretionary cost management.

展望2025年的利潤率。我們調整後的 EBITDA 利潤率為 22%，與去年同期基本持平，這反映出我們在艱難的經營環境下取得了良好的業績。我們的團隊克服了關稅、稀土磁鐵供應和組合方面的不利因素，有效執行了價值 5,400 萬美元的協同效應，此外還採取了價格實現紀律和良好的可自由支配成本管理措施。

Adjusted earnings per share for the year was $9.65, up nearly 6% versus the prior year. Adjusted free cash flow was $893 million, including the ARS program we launched in second quarter. Our cash flow allowed us to pay down over $700 million of debt in 2025.

調整後的每股收益為 9.65 美元，比上年增長近 6%。調整後的自由現金流為 8.93 億美元，其中包括我們在第二季啟動的 ARS 計畫。我們的現金流使我們能夠在 2025 年償還超過 7 億美元的債務。

In summary, I would characterize 2025 as a year of executing a wide range of growth initiatives, which are starting to pay off, giving us increasingly positive momentum. It was also a year of achieving margin stability in the face of external pressures outside of our control. As we enter 2026, I believe we are extremely well positioned, in particular, giving traction on our growth initiatives. One of these initiatives in the data center market is where I'd like to turn next.

總而言之，我會將 2025 年描述為執行一系列成長計畫的一年，這些計畫開始取得成效，為我們帶來了越來越積極的發展勢頭。這一年，我們克服了無法控制的外部壓力，實現了利潤率的穩定。展望 2026 年，我相信我們已經做好了非常充分的準備，尤其是在推進我們的成長計畫方面。接下來，我想重點關注資料中心市場的一項舉措。

On this slide, we are providing additional details on the orders we received during fourth quarter for our e-Pods offering. As discussed on our third quarter call, these turnkey power management solutions, which we launched in early 2025, are designed to expedite data center construction by making the installation of power management content more plug and play.

本投影片將詳細介紹我們在第四季收到的 e-Pods 產品訂單狀況。正如我們在第三季電話會議上所討論的，這些我們在 2025 年初推出的交鑰匙電源管理解決方案旨在透過使電源管理組件的安裝更加即插即用來加快資料中心建設。

The pods, which are tailored to specific customer needs, comprised content drawn from our long-standing power management portfolio which include switchgear, transfer switches and power distribution units as well as from our thermal management offering, which includes hermetic motors and air-moving solutions.

這些艙體根據客戶的特定需求量身定制，其內容取自我們長期累積的電源管理產品組合，包括開關設備、轉換開關和配電單元，以及我們的熱管理產品，包括密封馬達和空氣流動解決方案。

Regal is also project managing assembly of the pods, including content from third parties. So part of our value proposition is providing a single source of contact for the customer and allowing customers to procure a suite of power management content with a single SKU.

Regal 也負責艙體的組裝專案管理，包括來自第三方的內容。因此，我們的部分價值主張是為客戶提供單一聯絡來源，並允許客戶使用單一 SKU 採購一套電源管理內容。

As you can see on this slide, we were awarded orders for e-Pods with a base value of approximately $735 million. So why are we winning this business? It starts with our 50-year track record of quality and performance in power management. Our product solutions are tried and true.

正如您在這張投影片中看到的，我們獲得了價值約 7.35 億美元的 e-Pods 訂單。那麼，我們為什麼能贏得這項業務呢？這一切都源自於我們在電源管理領域50年來始終如一的卓越品質和效能。我們的產品解決方案久經考驗，值得信賴。

Second, our customization capabilities. This is a differentiator for Regal and ability and willingness to customize the system design to best meet the needs of our customers. Third, the strength and durability of our supply chain relationships, which help enable the next success factor, our high service levels around on-time delivery and lead time. Equally important, we have shown across our business an ability to support high service levels, while manufacturing at scale.

其次，我們的定制能力。這是 Regal 的獨特優勢，我們有能力也有意願客製化系統設計，以最大程度地滿足客戶的需求。第三，我們供應鏈關係的實力和持久性，有助於實現下一個成功因素，即我們圍繞準時交付和交貨期的高服務水準。同樣重要的是，我們已在整個業務範圍內展現出在規模化生產的同時，維持高水準服務的能力。

Another driver of these wins, the scale and scope of Regal Rexnord. Orders of this magnitude are facilitated by the backing of our $6 billion enterprise. Customers value our ability to balance agility and velocity with disciplined execution as they contend with a feverish pace of AI-driven development.

促成這些勝利的另一個因素是 Regal Rexnord 的規模和範圍。如此大規模的業務得以實現，離不開我們60億美元的企業實力支持。客戶重視我們能夠在敏捷性和速度與嚴謹執行之間取得平衡的能力，因為他們正面臨著人工智慧驅動的快速發展所帶來的挑戰。

In short, we are seeing the power of our evolved Regal Rexnord portfolio to support differentiated growth. As part of the new Regal Rexnord, what was a $30 million power management business five years ago and a $120 million business today, has a defined path to roughly $1 billion in sales over the next two years.

簡而言之，我們看到了我們不斷完善的 Regal Rexnord 產品組合在支持差異化成長方面的強大作用。作為新成立的 Regal Rexnord 的一部分，五年前價值 3000 萬美元的電源管理業務，如今已發展成為價值 1.2 億美元的業務，並製定了明確的計劃，在未來兩年內實現約 10 億美元的銷售額。

Viewed more holistically, these wins demonstrate that our enterprise growth strategy is gaining momentum, in particular, investing to address rising demand in targeted secular markets. We are working the strategy in many areas, which is where I would like to turn next.

從更全面的角度來看，這些勝利表明我們的企業成長策略正在取得進展，特別是投資以滿足目標長期市場不斷增長的需求。我們正在多個領域實施這項策略，這也是我接下來想重點談談的。

On this slide, we highlight key secular growth verticals where we are directing the majority of our new product, e-commerce and channel investments. In the middle column, we provide examples of new products we have launched to address relevant customer needs in each vertical. And on the right, we highlight a few notable examples where we are seeing traction in the marketplace.

在本投影片中，我們重點介紹了幾個關鍵的長期成長垂直領域，我們將大部分新產品、電子商務和通路投資都投入這些領域。中間一欄，我們提供了我們針對各個垂直領域的客戶需求而推出的新產品範例。在右側，我們將重點放在一些在市場上獲得認可的顯著例子。

We already discussed e-Pods in the data center market. Our electromechanical actuators for the emerging eVTOL market which we developed through a partnership with Honeywell is another great example. Various third-party forecasts are calling for significant growth in eVTOL unit volumes in the coming years, and we are well positioned with over $200,000 of chipset potential per plane.

我們之前已經討論過資料中心市場的 e-Pods。我們與霍尼韋爾合作開發的用於新興 eVTOL 市場的機電執行器就是另一個很好的例子。各種第三方預測都表明，未來幾年 eVTOL 的銷售將大幅成長，而我們每架飛機的晶片組潛力超過 20 萬美元，因此我們處於有利地位。

Next, our Kollmorgen Essentials product which launched at the end of 2025, where we are leveraging our motion control technology for the ultra premium market in an offering designed for the much larger, high- and mid-premium market segment. Initial market reception has been strong, and we believe we are on track to meet our goal for $50 million of sales from this new offering by 2028.

接下來是我們的 Kollmorgen Essentials 產品，該產品於 2025 年底推出，我們利用我們的運動控制技術，為超高端市場打造了一款專為規模更大的中高端市場細分而設計的產品。初步市場反應強勁，我們相信，到 2028 年，我們預計將實現該新產品 5,000 萬美元的銷售目標。

Finally, we have developed a range of differentiated solutions to support robotic actuation, which spans humanoid, cobots and robotic surgery applications. Our teams are currently working an opportunity funnel in excess of $200 million across these applications and have already been experiencing strong double-digit compounded growth in robotic actuation in recent years.

最後，我們開發了一系列差異化的解決方案來支援機器人驅動，涵蓋人形機器人、協作機器人和機器人手術應用。我們的團隊目前正在這些應用領域開發超過 2 億美元的商機，近年來在機器人驅動領域已經實現了強勁的兩位數複合成長。

The common theme here is Regal Rexnord making a range of growth investments in the high potential secular market, which are starting to pay off. What we are experiencing in data center is one, more advanced example. Positively, we see tremendous additional upside as both our offerings and earlier-stage markets such as eVTOL and humanoid continue to mature.

這裡的共同點是 Regal Rexnord 在高潛力的長期市場中進行了一系列成長型投資，這些投資開始獲得回報。我們在資料中心遇到的情況就是一個更進階的例子。令人欣慰的是，隨著我們的產品以及 eVTOL 和人形機器人等早期市場不斷成熟，我們看到了巨大的額外成長空間。

And with that, I will turn the call over to Rob.

接下來，我將把電話交給羅布。

Thanks, Louis, and good morning, everyone. Now let's review our operating performance by segment.

謝謝你，路易斯，大家早安。現在讓我們按業務部門回顧一下我們的經營業績。

Starting with Automation and Motion Control, or AMC. Sales in the fourth quarter were up 15.2% versus the prior year period on an organic basis, which was ahead of our expectations. The performance reflects broad-based growth but with particular strength in data center, in Aerospace and Defense and in Discrete Automation. We would attribute the strength to underlying end market momentum in these secular markets as well as to our outgrowth initiatives, including cross-sell activities, which continue to gain traction.

從自動化和運動控制（簡稱 AMC）開始。第四季銷售額以有機成長計算比去年同期成長了 15.2%，超出了我們的預期。該業績反映了全面成長，但在資料中心、航空航太與國防以及離散自動化領域表現尤為強勁。我們認為，這種強勁勢頭歸功於這些長期市場中潛在的終端市場發展勢頭，以及我們不斷取得進展的成長舉措，包括交叉銷售活動。

I would also point out that the medical market was flat after four quarters of destocking-related declines. This is another secular market where we are extremely well positioned with high-margin, technology-rich products and are very happy to see this market appearing poised to improve. We continued to face headwinds in the quarter related to rare earth magnet availability, but these were in line with our expectations and our plans to secure alternative sources of supply are on track.

我還想指出，在經歷了四個季度與去庫存相關的下跌之後，醫療市場趨於平穩。這是另一個我們憑藉高利潤、技術含量高的產品佔據非常有利地位的長期市場，我們很高興看到這個市場似乎即將好轉。本季我們繼續面臨稀土磁鐵供應的不利因素，但這符合我們的預期，我們確保替代供應來源的計劃也正在按計劃進行。

Turning to margins. AMC's adjusted EBITDA margin in the quarter was 20.5%, which was below our expectations and down roughly 1 point versus the prior year. While we were pleased to see the team overexecute on its backlog during the fourth quarter, some of the incremental volume, which was weighted to OEM versus distribution sales, created mix headwinds.

轉向邊際效應。AMC本季的調整後EBITDA利潤率為20.5%，低於我們的預期，比去年同期下降了約1個百分點。雖然我們很高興看到團隊在第四季度超額完成了積壓訂單，但部分新增訂單量（其中 OEM 銷售比分銷銷售佔比較高）造成了組合不利影響。

Orders in AMC in the fourth quarter were up 190%, primarily reflecting the large e-Pod orders, Louis discussed earlier. Excluding the e-Pods orders, AMC's orders were up 19.2% versus the prior year on a daily basis, primarily reflecting the strength in Data Center, Aerospace & Defense and Discrete Automation.

路易斯先前提到，AMC第四季的訂單量成長了190%，主要反映了e-Pod的大額訂單。除 e-Pods 訂單外，AMC 的訂單量比去年同期成長了 19.2%，主要反映了資料中心、航空航太與國防以及離散自動化領域的強勁表現。

Notably, orders in Discrete Automation were up just over 9% in the quarter and are up about 6% on a rolling 12-month basis, reflecting growing momentum in this market. The momentum we are building in automation bodes well for our growth and margin outlook given the above-average conversion rate on these products.

值得注意的是，本季離散自動化訂單成長略高於 9%，過去 12 個月的滾動成長約為 6%，反映出該市場的成長動能日益強勁。鑑於這些產品的轉換率高於平均水平，我們在自動化領域建立的勢頭預示著我們的成長和利潤前景良好。

January orders for AMC were up 3.9% on a daily basis. Now before I leave AMC, I'd like to emphasize that the growth we saw as we exited the year reinforces our belief that the strength of the markets served, along with our differentiated products and solutions, help set up AMC to consistently achieve the mid- to high single-digit growth that we expect from this segment.

AMC 1月的訂單量較上季成長3.9%。在我離開 AMC 之前，我想強調，我們在今年年底取得的成長鞏固了我們的信念，即我們所服務市場的實力，以及我們差異化的產品和解決方案，有助於 AMC 持續實現我們預期從該領域獲得的中高個位數增長。

Now turning to Industrial Powertrain Solutions, or IPS. Sales in the fourth quarter were up 3.7% versus the prior year on an organic basis, which was in line with our expectations. The growth was broad-based, but with particular strength in the metals and mining and energy markets. We are encouraged by this performance, which we believe evidences share gains given the ISM remain in contraction as we exited 2025.

現在轉向工業動力總成解決方案，或簡稱IPS。第四季銷售額以有機成長計算比上年同期成長 3.7%，符合我們的預期。成長基礎廣泛，但金屬、礦業和能源市場表現特別強勁。我們對這一表現感到鼓舞，我們認為這證明了市場份額的成長，因為在2025年結束時，ISM指數仍然處於收縮狀態。

In particular, the IPS team continues to work our various cross-sell and powertrain initiatives, and we can see these results showing up in our performance. Adjusted EBITDA margin for IPS in the quarter was 25.7%, within our expectations and just below the prior year. Performance versus prior year was impacted by weaker mix, the impact of tariffs and higher growth investments, partially offset by continued strong synergy gains.

特別是，IPS 團隊繼續推進我們的各種交叉銷售和動力系統計劃，我們可以看到這些成果體現在我們的業績中。本季IPS的調整後EBITDA利潤率為25.7%，符合我們的預期，略低於上年同期水準。與前一年相比，業績受到產品組合疲軟、關稅影響和成長投資增加的影響，但持續強勁的協同效應收益部分抵消了這些影響。

Orders in IPS, on a daily basis, were up 3.3% in the fourth quarter, the sixth quarter in a row of positive orders growth for this segment, which contributed to the backlog ending the year up 6% versus prior year. Book-to-bill in the fourth quarter for IPS was $0.96. January orders were down 0.5% on a daily basis.

第四季度，IPS 的日均訂單量增加了 3.3%，這是該業務部門連續第六個季度實現正增長，這也使得年底的積壓訂單量比上年增長了 6%。IPS第四季訂單出貨比為0.96美元。 1月訂單量季減0.5%。

Turning to Power Efficiency Solutions, or PES. Sales in the fourth quarter were down 10.7% versus the prior year on an organic basis, which was below our expectation. The shortfall was due to weaker performance in residential HVAC which we would attribute primarily to more severe channel destocking after the A2L regulatory transition, which was partially offset by strength in commercial HVAC.

轉向能源效率解決方案，或稱為 PES。第四季銷售額以有機成長計算比去年同期下降了 10.7%，低於我們的預期。缺口是由於住宅暖通空調業務表現疲軟造成的，我們認為這主要是由於 A2L 監管過渡後渠道去庫存情況更加嚴重所致，而商業暖通空調業務的強勁表現部分抵消了這一缺口。

Speaking further on the residential HVAC market, it is important to note that if you follow the AHRI market volume data, central air conditioners were down about 26% year-to-date through November, but Regal was only down about 7%. We don't believe all of this is due to share gain, but 2025 was clearly a year of strong market outperformance for PES in the resi HVAC space.

再說說住宅暖通空調市場，值得注意的是，如果你關注 AHRI 的市場銷量數據，截至 11 月，中央空調的銷量同比下降了約 26%，但 Regal 的銷量僅下降了約 7%。我們認為這並非完全歸功於市場佔有率的成長，但2025年顯然是PES在住宅暖通空調領域取得強勁市場表現的一年。

Turning to margins. Adjusted EBITDA margin in the quarter for PES was 15.6%, which was above our expectations and up 30 basis points versus the prior year. This strong performance, achieved despite challenging end market conditions, reflects both strong cost management by the team as well as mix benefits. Orders in PES for the fourth quarter were down 15.9% on a daily basis, directionally consistent with views we had previously articulated tied to channel destocking and weak consumer and housing metrics. Book-to-bill in the quarter for PES was 0.91. January orders in PES were up 3.8% on a daily basis.

轉向邊際效應。PES本季的調整後EBITDA利潤率為15.6%，高於我們的預期，比上年同期成長了30個基點。儘管終端市場環境充滿挑戰，但仍取得如此強勁的業績，這不僅反映了團隊強大的成本控制能力，也體現了產品組合的優勢。PES 第四季訂單量日均下降 15.9%，這與我們先前闡述的觀點一致，即通路去庫存以及疲軟的消費和住房指標。PES本季訂單出貨比為0.91。 PES 1月訂單量較上季成長3.8%。

Turning to the outlook on slide 12. The table on the left outlines our principal assumptions for 2026. Starting with sales, our guidance assumes growth of roughly 3%, comprised of 1 to 1.5 points from the large data center project we have won and roughly 1.5 points from price, which is largely tariff related.

接下來請看第 12 頁的展望。左側表格概述了我們對 2026 年的主要假設。先來看銷售額，我們的預期是成長約 3%，其中 1% 到 1.5% 來自我們贏得的大型資料中心項目，約 1.5% 來自價格，這主要與關稅有關。

Outside of data center, we assume that volume growth across all other end markets is roughly flat on a net basis. Several of our end markets have the potential for stronger growth in 2026, and we were pleased to see the January ISM above 50, which has generally been in contraction territory for roughly three years. That said, one month does not make a trend, and we are intentionally adopting a more measured approach at the beginning of the year.

除了資料中心之外，我們假設所有其他終端市場的銷售成長總體上大致持平。我們的幾個終端市場在 2026 年有潛力實現更強勁的成長，我們很高興看到 1 月 ISM 指數超過 50，該指數在過去三年左右的時間裡一直處於收縮狀態。也就是說，一個月的數據並不能代表趨勢，因此我們在年初有意採取更謹慎的做法。

This allows us to carefully monitor developments and make adjustments to our assumptions and guidance only when justified by new information or changing market dynamics. For example, we would like to see the ISM remain above 50 for a sustained period of time before becoming more constructive on our market growth assumptions.

這樣一來，我們就可以仔細觀察事態發展，並且只有在有新資訊或市場動態變化的情況下，才對我們的假設和指導進行調整。例如，我們希望看到 ISM 指數在一段時間內保持在 50 以上，然後再對我們的市場成長假設持更樂觀的態度。

Another area we are carefully monitoring is our Data Center business. We continue to actively pursue a robust pipeline of bids, which could translate into orders eligible for shipment within 2026. Additionally, as delivery schedules for the e-Pod orders already secured are finalized, there is the possibility that some of these sales may be recognized in late 2026 rather than in our current plan for 2027. Should these factors materialize, they could offer upside potential to our existing guidance. However, until delivery dates are confirmed, we will maintain our prudent and measured outlook.

我們正在密切關注的另一個領域是我們的資料中心業務。我們將繼續積極爭取大量投標，這些投標預計將轉化為 2026 年內可以發貨的訂單。此外，隨著已確定的 e-Pod 訂單的交付時間表最終確定，其中一些銷售額可能會在 2026 年底而不是我們目前的 2027 年計劃中得到確認。如果這些因素成為現實，可能會為我們的現有業績指引帶來上行潛力。但是，在交貨日期確定之前，我們將保持謹慎穩健的態度。

Our adjusted EBITDA margin is forecast to rise 50 basis points to 22.5%. The increase reflects our mid-30s incremental margin applied to the growth we are forecasting. Note that while we fully expect to realize $40 million of cost synergies this year, we are treating those as a contingency against unforeseen P&L pressures, which we believe helps derisk our guidance.

我們調整後的 EBITDA 利潤率預計將上升 50 個基點至 22.5%。這一增長反映了我們根據預測的成長額度，將 30% 左右的增量利潤率應用到我們的成長預期中。請注意，雖然我們完全預期今年將實現 4000 萬美元的成本協同效應，但我們將其視為應對不可預見的損益壓力的應急措施，我們認為這有助於降低我們業績指引的風險。

The table also outlines relevant below-the-line items. These assumptions result in an adjusted earnings per share guidance range of $10.20 to $11. The low and high ends of the range factor a combination of slower or faster top line growth and to a lesser extent, modestly lower or higher adjusted EBITDA margins. The midpoint of the range of $10.60 equates to approximately 10% adjusted earnings per share growth.

表格也列出了相關的離線項目。根據這些假設，調整後的每股盈餘預期範圍為 10.20 美元至 11 美元。該範圍的低端和高端綜合考慮了營收成長速度的快慢，以及在較小程度上，調整後 EBITDA 利潤率的略微下降或上升。該區間的中點 10.60 美元相當於調整後每股收益成長約 10%。

For 2026, our cash flow guidance is set at approximately $650 million. This figure reflects our need to invest in working capital throughout the year to support the robust growth occurring in our data center business.

2026 年，我們的現金流預期約為 6.5 億美元。這一數字反映了我們全年需要投資營運資金，以支持我們資料中心業務的強勁成長。

Finally, regarding tariffs. Our guidance embeds all current tariffs in place today. It also reflects the recently announced update to India tariffs. With this update, our annualized unmitigated impact is now roughly $155 million. Consistent with our previous views, we expect to be dollar cost neutral on tariffs cited by the middle of 2026 and to be margin-neutral on tariffs by the end of this year.

最後，關於關稅問題。我們的指南包含了目前所有現行的關稅規定。這也反映了近期宣布的印度關稅調整。經過此次更新，我們每年的未緩解影響約為 1.55 億美元。與我們先前的觀點一致，我們預計到 2026 年年中，關稅將實現美元成本中性，到今年年底，關稅將實現利潤率中性。

On slide 13, we provide more specific expectations for our performance by segment on revenue and adjusted EBITDA margin, for the first quarter and for the full year. Let me flag a few key assumptions that should help with modeling.

在第 13 張投影片中，我們提供了第一季和全年按業務板塊劃分的收入和調整後 EBITDA 利潤率的更具體預期。我先指出幾個有助於建模的關鍵假設。

One, we assume modestly lower revenue in the first quarter relative to fourth quarter, largely reflecting normal seasonality across our businesses and expected destocking pressures in residential HVAC in PES. We expect annual sales to be weighted roughly 49% to 51% between the first half and the second half of the year.

第一，我們預計第一季的營收將比第四季略低，這主要反映了我們各項業務的正常季節性波動以及 PES 住宅 HVAC 預期的去庫存壓力。我們預計全年銷售額上半年和下半年的比例約為 49% 至 51%。

Second, we expect enterprise adjusted EBITDA margins to be roughly 21% in the first quarter and to improve sequentially, tied primarily to improving tariff-related price cost, improving mix as we gain top line traction in our AMC segment and other cost productivity actions. A more steady sequential trend is expected for IPS and AMC, while PES margins are seen tracking at a cadence similar to what we saw in 2025 with a peak in third quarter related to seasonality.

其次，我們預計第一季企業調整後 EBITDA 利潤率約為 21%，並且將逐季改善，這主要與關稅相關價格成本的改善、隨著我們在 AMC 業務部門獲得營收成長而改善產品組合以及其他成本生產力措施有關。預計 IPS 和 AMC 將呈現更穩定的連續趨勢，而 PES 利潤率預計將以類似於 2025 年的節奏跟踪，並在第三季度達到峰值，這與季節性有關。

Lastly, we expect first quarter to be the low point for adjusted EPS due to all of the items I just discussed. And for our adjusted earnings per share to be weighted roughly 48% to 52% between the first half and second half of the year, which is comparable to the weighting we saw in 2025.

最後，由於我剛才討論的所有因素，我們預計第一季將是調整後每股盈餘的最低點。預計我們調整後的每股盈餘在上半年和下半年之間的權重約為 48% 至 52%，這與我們 2025 年看到的權重相當。

As I reflect on our guidance for the year, I believe we have outlined a compelling and achievable plan that delivers improved top line growth, some margin expansion and double-digit earnings per share growth. We attempted to balance our strong orders momentum, higher backlog, ample secular growth opportunities in markets largely at or near trough demand and a path to further margin expansion with a degree of measured prudence.

回顧我們今年的業績指引，我認為我們已經制定了一個引人注目且可實現的計劃，該計劃將帶來更高的營收成長、一定的利潤率擴張以及兩位數的每股收益成長。我們試圖在強勁的訂單勢頭、較高的積壓訂單、市場需求基本上處於或接近低谷的充足長期增長機會以及進一步擴大利潤率的途徑之間取得平衡，同時保持一定的謹慎態度。

This view anticipates persistent weakness in global industrial markets and volatile global geopolitical and trade policy environments. For example, our guidance does not embed any improvement to the 2025 ending ISM. Rest assured, our teams remain focused on executing the many compelling opportunities in front of them, and we are confident we can deliver a year that result in meaningful value creation for our shareholders.

這種觀點預期全球工業市場將持續疲軟，全球地緣政治和貿易政策環境將動盪不安。例如，我們的指導意見並未對 2025 年末的 ISM 指數進行任何改進。請放心，我們的團隊將繼續專注於把握眼前的眾多極具吸引力的機會，我們有信心在新的一年為股東創造有意義的價值。

And with that, operator, we are now ready to take questions.

操作員，現在我們可以開始回答問題了。

(Operator Instructions) Mike Halloran, Baird.

（操作說明）Mike Halloran，Baird。

So can we start on the data center side of things and the e-Pods wins? Maybe frame it up in a couple of ways. One, how do you think about the margin profile of this type of business? Is it comparative to the segment level as well?

那我們先從資料中心方面入手，e-Pods 勝出嗎？或許可以從幾個面向來闡述。第一，您如何看待這類業務的利潤率狀況？它與細分市場層面也有可比性嗎？

And then secondarily, could you just walk through what that opportunity looks like and frame it from here? You're talking about north of $1 billion last quarter. This is a $735 million transaction. It gets you pretty darn close to that. So what does this look like? What does this run rate look like from your perspectives? And how to think about the opportunity set after we just got such a great order number?

其次，您能否詳細說明一下這個機會的具體情況，並從這裡入手進行闡述？你指的是上季超過10億美元的數字。這是一筆價值7.35億美元的交易。它能讓你非常接近那個目標。那這看起來是什麼樣的呢？從你的角度來看，這樣的運作率如何？那麼，在我們剛剛獲得如此理想的訂單數量之後，我們應該如何考慮接下來的機會？

Yes, Mike, thanks for the question. I'll start with the second question first. We're thrilled with the $735 million order, and we talked about a $400 million funnel in the last quarter call and so clearly, we outperformed here. We want to build on that, and we believe we have the capability to do that. And hence, part of the reason why we started expanding capacity and announced our capacity expansion in the last quarterly call. So we feel good about the offering here in our future potential and that it will grow from here.

是的，麥克，謝謝你的提問。我先回答第二個問題。我們對這筆 7.35 億美元的訂單感到非常興奮，我們在上個季度的電話會議上談到了一個 4 億美元的潛在客戶，顯然，我們在這方面表現出色。我們希望在此基礎上繼續發展，並且我們相信我們有能力做到這一點。因此，這也是我們開始擴大產能並在上一季電話會議上宣布產能擴張計畫的部分原因。因此，我們對目前的產品組合及其未來的發展潛力感到樂觀，並相信它將從此發展壯大。

Now specific to margins and specific to these projects, these orders, we would expect adjusted EBITDA margins to be in the 20%-plus range. Our content is a little less than 50% of the bill of material, and we would expect our normal gross margins there. And then we are being compensated a fair margin for the product that's being sourced and then assembled and sold as the e-Pods.

現在具體到利潤率，具體到這些項目、這些訂單，我們預計調整後的 EBITDA 利潤率將在 20% 以上。我們的內容佔物料清單的比例略低於 50%，我們預期毛利率也會維持正常水準。然後，我們會因採購、組裝和銷售電子煙產品而獲得合理的利潤。

So again, expect adjusted EBITDA margin to be in the 20%-plus range, but then expect also that in time as we drive productivity and supply chain actions that we would expect to ramp that program margins as well. Hopefully, that helps.

因此，預計調整後的 EBITDA 利潤率將在 20% 以上，但隨著我們推進生產力和供應鏈措施，預計該專案的利潤率也將隨之提高。希望這能有所幫助。

Yes. No, it did, certainly. And then if you ignore the data center side of things and we think back to where we were on the third quarter. Within the Industrial businesses as a whole, do you think you're seeing the right trend and trajectory to support a recovery? I know Rob's commentary said PMI one quarter -- one month doesn't make a trend, and it's not embedded in guidance necessarily any sort of improvement from here, but I'm curious if you're seeing the right signs in what you would point to in your business to support that?

是的。不，確實如此。然後，如果我們忽略資料中心方面的問題，回想一下我們第三季的情況。從整個工業企業的角度來看，您認為目前的發展趨勢和軌跡是否有利於經濟復甦？我知道羅布的評論說PMI只是一個季度——一個月的數據並不能代表趨勢，而且不一定意味著未來會有任何改善，但我很好奇，在你的業務中，你是否看到了支持這一觀點的跡象？

It's mixed, honestly, Mike. We ended last quarter and our OEMs started accelerating, distribution slowed down. We didn't see much change of that in January, although we feel good about our order positions of January and our ability to make our guide for the year, but we didn't see a change of that.

說實話，情況比較複雜，麥克。上個季度末，我們的原始設備製造商開始加速生產，而分銷速度則放緩了。1 月我們並沒有看到太大的變化，雖然我們對 1 月的訂單狀況以及實現年度目標的能力感到滿意，但我們並沒有看到任何變化。

We are optimistic about the strength of the ISM coming out of January. But we'd like to see a couple more months of that strong together and then a little bit more strength in the distribution channel as well before we say we think we're on a path to strong recovery. But based on our measured approach to our guide, we feel really good.

我們對1月ISM指數的強勁表現持樂觀態度。但我們希望看到這種強勁的勢頭再持續幾個月，並且分銷渠道也更加強勁一些，然後我們才會說我們認為我們走在強勁復甦的道路上。但根據我們對指南的謹慎態度，我們感覺非常好。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Maybe my question -- you've given very good color on the top line. Maybe my first question would be around the margin outlook. Because I guess the margins were sort of down or flat to down in AMC and IPS in the fourth quarter. It looks like the first quarter is similar, year-on-year decline with solid revenue. Just trying to understand within IPS and AMC how we should think about the margin improvement trajectory through the year?

或許我的問題是──你對第一行的顏色描述得非常好。我的第一個問題或許是關於利潤率前景的。因為我猜想，AMC 和 IPS 在第四季的利潤率都有些下降或持平甚至下降。第一季的情況似乎與去年同期類似，年減，但營收穩健。我只是想了解在IPS和AMC內部，我們該如何看待全年的利潤率提升軌跡？

And kind of tied to that, what are you expecting or assuming on price cost, just given what's been happening with metals prices, chip prices and so forth? Just trying to understand what kind of operating leverage step-up we might get later in the year? That would be helpful, please.

與此相關的是，考慮到金屬價格、晶片價格等等的走勢，您對價格成本有何預期或假設？我只是想了解一下今年稍後我們可能會獲得什麼樣的經營槓桿提升？那將很有幫助，謝謝。

Yes, Julian, thanks for the question. Let me start with a little bit. I think AMC is more of the story here than IPS and that IPS, we still see some strong margins moving forward and feel really good about where we're going there.

是的，朱利安，謝謝你的提問。讓我先簡單說幾句。我認為AMC比IPS更值得關注，而對於IPS，我們仍然看到一些強勁的利潤率，並且對我們未來的發展方向感到非常樂觀。

I think AMC is one -- let me spend a minute here. Fourth quarter product and channel mix certainly were the main factors. For example, we saw some slowdown in distributor sales into the year-end as customers -- we saw them as managing the balance sheet. So that certainly played in. And we're seeing just stronger project growth.

我認為AMC就是其中之一——讓我花點時間解釋一下。第四季的產品和通路組合無疑是主要因素。例如，我們看到分銷商的銷售額在年底有所放緩，因為客戶—我們看到他們正在管理資產負債表。所以這肯定起了一定作用。我們看到專案成長勢頭更加強勁。

So for example, food and beverage, especially in Europe within our conveying division is one where we're continuing to see more volume that has a little bit lower margin profile. The bottom line is until we lap the mix impact from the medical and discrete automation side of the business, which is largely tied to rare earth magnet availability, we're going to continue to see a bit of pressure on our AMC margins.

例如，食品和飲料行業，尤其是在歐洲的輸送部門，我們看到銷量持續成長，但利潤率略低。歸根結底，在我們消除醫療和離散自動化業務方面對產品組合的影響之前（這主要與稀土磁鐵的供應有關），我們的年度維護合約利潤率將繼續面臨一些壓力。

Now as you go into the first quarter of '26 and move to the back -- into the back half, the first half of the year, and especially in the first quarter, we do expect to see continued pressure related to rare earth magnets, especially in AMC, and that is, again, going to impact our medical side, in particular as well as some Defense and Discrete Automation. So that will continue.

現在，隨著進入 2026 年第一季度，並進入下半年，尤其是第一季度，我們預計稀土磁鐵將持續面臨壓力，尤其是在 AMC 領域，這將再次影響我們的醫療業務，特別是國防和離散自動化業務。所以這種情況還會持續下去。

However, as we move to the back half of the year, we do see that improving. And overall, for the year, we see that at the midpoint, AMC margins should improve by about 40 basis points. Again, we are not embedding that any improvement in our mix at this time because we are using our current mix to project future margins. So that we just haven't embedded anything new. There is opportunity for that to improve.

然而，隨著進入下半年，我們確實看到情況有所改善。總體而言，我們預計今年中期 AMC 利潤率將提高約 40 個基點。再次強調，我們目前還沒有將任何改進納入我們的產品組合中，因為我們目前使用的產品組合來預測未來的利潤率。所以，我們並沒有嵌入任何新的東西。這方面還有進步的空間。

But at the same time, this is a business that we are going to continue to look to grow. And therefore, we do see that it could take a little bit longer to get back up to that range that we provided at Investor Day. There are really a few key things that need to happen in order to hit that number, which is about 24%-or-so.

但同時，我們將繼續努力發展這項業務。因此，我們認為可能需要更長的時間才能恢復到我們在投資者日上給出的預期範圍。要達到大約 24% 的目標，確實需要發生一些關鍵的事情。

Number one, we need some more volume. Number two, we need the mix, especially in medical and defense and distribution to get back on track, which I just talked about. Rare earth magnets are about 50 basis points of headwind through '25. We need -- that's expected to go away midyear. Great.

第一，我們需要增加一些音量。第二，我們需要各種因素共同作用，尤其是在醫療、國防和分銷領域，才能重回正軌，正如我剛才所說。稀土磁鐵在 2025 年將面臨約 50 個基點的逆風。我們需要──預計年中就會消失。偉大的。

That should help us out. And then tariff margin becomes -- tariffs become margin neutral by the end of the year. That's really what needs to happen in order to get back to that 24% range.

那應該對我們有幫助。到年底，關稅利潤率將變為—關稅利潤率將趨於中性。要回到 24% 的水平，就必須這麼做。

Now from a tariff impact and you asked a little bit about price cost, our assumption right now remains. Midyear, we will be price/cost dollar neutral, end of year until we get to margin neutral.

現在，關於關稅的影響，您也問到了價格成本，我們目前的假設仍然是：年中，我們將實現價格/成本美元中性；到年底，我們將實現利潤率中立。

That's very helpful. And then just my follow-up. You mentioned sort of costs of growth and fully understand that approach, and you've laid out very clearly on the P&L margins. Maybe on the free cash flow side, I think you'd alluded a couple of times late last year to a $900 million-ish free cash number for this year. I think the formal guide is $650 million.

那很有幫助。然後是我的後續發言。您提到了成長的成本，我完全理解這種方法，並且您非常清楚地列出了損益表利潤率。或許在自由現金流方面，我想你去年年底曾幾次暗示今年的自由現金流數字約為 9 億美元。我認為官方預期是 6.5 億美元。

So just trying to understand the delta there because it looks like the revenue and EBITDA outlook is pretty similar maybe to what you thought a couple of months ago. So just maybe flesh out that delta in the free cash flow assumption today versus maybe what you were thinking a couple of months ago?

所以，我只是想了解其中的差異，因為看起來收入和 EBITDA 的前景可能和你幾個月前的想法非常相似。那麼，能否詳細說明一下，與幾個月前您的想法相比，如今自由現金流假設的差異是什麼？

Yes. I think it's a great question and let me draw it out for you. It really comes down to two main things. One is the investment that we're making that you just talked about in -- especially for this data center business. We expect about $50 million to $100 million of investment there as we move through the year. That's embedded in our current cash flow projection.

是的。我認為這是一個很好的問題，讓我來為你詳細解釋。其實歸根究底就是兩件事。其中一個就是你剛才提到的我們正在進行的投資——特別是針對資料中心業務的投資。我們預計今年內該地區將獲得約 5,000 萬至 1 億美元的投資。這已納入我們目前的現金流預測。

The other is we really -- at the time we set that the forecast or the close to $900 million expectation, quite a bit has changed in terms of the current supply chain landscape primarily due to tariffs and rare earth and all these things, the uncertainties that we're dealing with on a daily basis. We are taking a more measured approach to setting guidance for 2026, and therefore, we have created really a guide that we think we can absolutely hit without a lot of additional working capital benefit.

另一方面，我們當時所做的預測，或者說接近 9 億美元的預期，由於關稅、稀土以及所有這些我們每天都在應對的不確定性，當前的供應鏈格局已經發生了相當大的變化。我們對 2026 年的業績指引採取了更為審慎的態度，因此，我們制定了一份我們認為完全可以在無需大量額外營運資金的情況下實現的指引。

So we reduced our working capital impact that was in the prior forecast by roughly half. And that's the other side of what took down the guide from the prior $900 million to the $650 million. Again, it would be closer to $750 million-or-so, if it wasn't for the working capital, the investment we're making for data centers. So hopefully, that helps. It really is just those two things, and it's all around working capital.

因此，我們將先前預測的營運資本影響減少了大約一半。這就是導致預期票房從先前的 9 億美元降至 6.5 億美元的另一個原因。如果不計入營運資金和我們對資料中心的投資，這個數字應該接近 7.5 億美元左右。希望這能有所幫助。其實就這兩件事，而且都跟營運資金有關。

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc Capital Markets。

Yes. So just back on this e-Pod. It looks like you're going to ship all of this $735 million in '27. Is that correct And then just on slide 7, maybe just level set us on individually or collectively, how you think what your percentage of mix of business is kind of in the secular growth bucket?

是的。所以，我又回到這個 e-Pod了。看來你們打算在 2027 年交付這 7.35 億美元。是這樣嗎？然後，在第 7 張投影片上，能否請您單獨或集體地談談，您認為您的業務組合中，有多少比例屬於長期增長型業務？

Yes. So Jeff, we do not have a firm schedule at this time. The expectation is that we would start shipping in beginning of 2027. We'll probably hang over a little bit into '28. There's also a possibility it could pull a little bit into '26 as well.

是的。傑夫，我們目前還沒有確切的日程安排。預計我們將於 2027 年初開始出貨。我們可能會把這種狀態延續到 2028 年。也有可能稍微延續到 2026 年。

So as we get more firm path, we would expect those orders would ship over a 15- to 18-month period in total. Specific to slide 7, we talked about 40% to 50% of the markets that we serve are secular markets. Now with this data center opportunity and our acceleration of growth, that's just expanding. And so this is why we're putting so much investment in these specific markets is with new products and solutions and commercial initiatives, and we feel that this is going to help accelerate our growth for the future.

因此，隨著我們找到更明確的方案，我們預計這些訂單總共將在 15 到 18 個月內出貨。具體到第 7 張投影片，我們討論了我們所服務的市場中有 40% 到 50% 是長期市場。現在，隨著資料中心的發展機會和我們業務的加速成長，我們的業務規模正在不斷擴大。因此，我們之所以在這些特定市場投入如此多的資金，是為了開發新產品、解決方案和商業計劃，我們相信這將有助於加速我們未來的成長。

Okay. Great. And then just on this rare earth dynamic. It sounds like -- I just want to understand how buttoned up it is in terms of kind of coming to resolution. I know it's a headwind, maybe 1Q into 2Q, but maybe just talk through resolution? And then ultimately, how much you can get back from the headwind you had in '25?

好的。偉大的。然後，就拿稀土這種稀土元素來說吧。聽起來——我只是想了解一下，在達成解決方案方面，這件事的進展有多順利。我知道這會是個不利因素，可能從第一季持續到第二季​​度，但或許我們可以一起探討解決方案？最終，你能從 2025 年所遇到的逆境中恢復多少？

Yes. Really, everything is proceeding as we talked about coming out of our third quarter call, Jeff. We remain on track to mitigate the majority of the exposure by end of '26 with a combination of alternate sourcing, so sourcing outside of China, shift to HRE-free alternatives that don't require China approval for export as well as permissible exports. So that would be magnets that we can ship as well as subassemblies that we can ship out of China.

是的。傑夫，實際上，一切都按照我們在第三季電話會議上討論的那樣進行。我們仍有望在 2026 年底前透過多種方式減輕大部分風險敞口，包括從中國以外地區採購，轉向不含 HRE 且無需中國批准出口的替代品，以及允許的出口方式。所以，我們可以從中國出貨，既可以出貨磁鐵，也可以出貨子組件。

Right now, we're absolutely, from a supply chain perspective, on path. What we're working with, though, and it's especially in the defense area, as you can imagine, any time you make any kind of change in the components of the bill of material, you have to go through a validation process. And so we're working with a number of our OEM partners to get through that testing.

從供應鏈的角度來看，我們目前絕對走在正確的軌道上。不過，正如你所想，尤其是在國防領域，每當你對物料清單的組成部分進行任何更改時，都必須經過驗證過程。因此，我們正在與多家OEM合作夥伴共同努力，以完成這些測試。

And I would say it's going pretty much as expected, a little faster in some customers, a little bit slower in others. So that's what we're working through. I feel the teams are all over it. They're managing it well. And we should be -- well, we are improving as we -- every quarter getting more product and supply and the ability to ship more.

我覺得進度基本上符合預期，有些客戶的速度稍快一些，有些客戶的速度稍慢一些。這就是我們正在努力解決的問題。我覺得各隊都在全力以赴。他們處理得很好。我們應該——嗯，我們正在不斷進步——每個季度我們都獲得更多的產品和供應，以及更多的發貨能力。

We do not feel that we have lost any material levels of share here. If anything, we feel like our supply chain has been very solid. But again, you got to think about the markets that we're applying these products to. The medical market and defense markets, in particular, where the validation process for our products are pretty onerous. And so once you're embedded in the platform, you stay on the platform.

我們並不認為我們在這裡失去了任何實質的市場份額。我們感覺我們的供應鏈一直非常穩定。但是，你還得考慮我們將這些產品應用於哪些市場。尤其是在醫療市場和國防市場，我們產品的驗證過程相當繁瑣。所以一旦你融入了這個平台，你就會一直待在這個平台上。

And so the teams are doing a nice job, and we feel like most of this will recover by the end of the year, for sure.

所以各隊都做得很好，我們相信到年底大部分情況都會得到改善。

Kyle Mendez, [Randy], Citigroup.

Kyle Mendez，[Randy]，花旗集團。

This is Randy on for Kyle. Just starting with automation, I mean, the strength in orders again in this quarter was good to see. I was just hoping you guys could give us some color on the underlying demand trends underpinning those orders and maybe bifurcating between some of your new products and the robotics opportunity between some of the more traditional automation markets and how to frame up the shippable backlog for 2026 in automation would be helpful.

這裡是蘭迪替凱爾發言。就自動化而言，我的意思是，本季訂單再次強勁成長，這令人欣慰。我只是希望你們能為我們詳細介紹一下支撐這些訂單的潛在需求趨勢，或許還可以將你們的一些新產品和機器人技術機遇與一些更傳統的自動化市場區分開來，並探討如何規劃 2026 年自動化領域的可交付積壓訂單，這將對我們很有幫助。

Yes. So thanks for the question, Randy. Our orders were up roughly 9% in the quarter on automation. Our 12-month rolling is up about 6%. We talked about the Kollmorgen Essentials product launch in the quarter.

是的。謝謝你的提問，蘭迪。本季度，由於自動化，我們的訂單量增加了約 9%。我們過去 12 個月的滾動平均值上漲了約 6%。本季我們討論了 Kollmorgen Essentials 產品的上市情況。

We feel really good about that gaining momentum and acceleration. But the reality is we only saw about $1 million of orders in the quarter from that. And so it wasn't a big part of the 9% up.

我們對這種勢頭和加速發展感到非常滿意。但實際上，我們當季只從中獲得了約 100 萬美元的訂單。因此，它並不是9%漲幅的主要原因。

We continue to gain traction with humanoid OEMs and selling our sub assembled axis solutions. And so from of our expectation is double-digit growth in robotics. We've seen that for the last few years, and we expect to see it for the next few years as well. Hopefully, that helps.

我們持續獲得人形機器人OEM廠商的青睞，並銷售我們的子組裝軸解決方案。因此，我們預計機器人技術將實現兩位數的成長。過去幾年我們已經看到了這種情況，預計未來幾年也會看到這種情況。希望這能有所幫助。

Yes. Got it. That's very helpful. And then just shifting over to PES. I mean, it sounds like destocking was a little bit more than you expected in the fourth quarter.

是的。知道了。那很有幫助。然後就轉戰實況足球了。我的意思是，聽起來第四季的去庫存規模比你預期的要大一些。

So just curious as to how that informs your outlook for resi HVAC in particular in 2026? And what is your confidence level and some of that pressure starting to alleviate in the second half of the year?

所以，我很好奇這會如何影響您對2026年住宅暖通空調市場的展望？你的信心程度如何？下半年你的一些壓力是否有所緩解？

Yes. So our outlook really doesn't change, even though we saw more pressure in fourth quarter than we thought. We are expecting resi HVAC to be down high single digits for 2026. The compare in Q1 is a tough compare for us. So the biggest part of that down is coming in first half, with some rebounding in the second half.

是的。所以，儘管我們在第四季面臨的壓力比我們預想的要大，但我們的展望其實並沒有改變。我們預計 2026 年住宅暖通空調 (HVAC) 市場將出現接近兩位數的下降。第一季的比較對我們來說是一個很大的挑戰。所以，大部分的下滑都發生在上半場，下半場有所反彈。

At some point, this business -- when you think about the market, it was down significantly in 2025. And so when you ask me the question of your confidence in the second half, the confidence comes from the compare. It doesn't come from our ability to forecast this market effectively. And so hopefully, that's a helpful perspective.

從某個時候來看，這個行業——當你考慮到市場情況時，它在 2025 年大幅下滑。所以，當你問我你對下半場的信心時，我的信心來自於比較。這並非源自於我們有效預測市場的能力。希望這能帶給大家一些幫助。

Tomo Sano, JPMorgan.

Tomo Sano，摩根大通。

Regarding robotics actuations and $200 million-plus pipeline, could you share the latest developments and your expectations for orders in 2026 and 2027, please?

關於機器人驅動裝置和超過 2 億美元的專案儲備，您能否分享一下最新進展以及您對 2026 年和 2027 年訂單的預期？

Yes. No, we're really excited about our pipeline. We're excited about the new products we're launching, Tomo. When we talked about the Kollmorgen Essentials that moves us into a much larger TAM market. But right now, we're not suggesting anything different than what we've said in the past, which is low double-digit growth.

是的。不，我們對我們的產品線感到非常興奮。Tomo，我們對即將推出的新產品感到非常興奮。當我們談到 Kollmorgen Essentials 時，它將我們帶入了一個更大的 TAM 市場。但就目前而言，我們並沒有提出任何與我們過去所說的不同的建議，那就是保持兩位數的低成長率。

There's also lots of potential in humanoids, and that's gaining traction. But it's a little early for us to say it's going to accelerate. And so although we were really pleased with the order rates we saw in 2025, we feel we're nicely and well positioned with a number of OEMs in North America, but we're not going to provide any further guidance than low double digits for our automation business right now.

人形機器人也具有巨大的潛力，而且這種潛力正日益受到關注。但現在就斷言它會加速發展還為時過早。因此，儘管我們對 2025 年的訂單成長率感到非常滿意，我們感覺我們在北美的一些 OEM 廠商中處於良好且有利的地位，但目前我們不會對我們的自動化業務提供除兩位數低增長率之外的任何進一步指導。

That's a helpful. And just a follow up on your net leverage target for 2026. And how are you thinking about the capital allocation priorities, please?

那很有幫助。還有一點關於您2026年淨槓桿目標的後續問題。那麼，您對資本配置的優先事項有何考慮呢？

Yes. The net leverage target for 2026, as the guidance would suggest is about 2.7x by the end of the year. It means that by mid part of the year, we should be right around 3x. And then we're starting to year about 3.1 coming out of last year.

是的。根據指導意見，2026 年的淨槓桿目標約為 2.7 倍（截至年底）。這意味著到年中，我們應該可以達到 3 倍左右。然後我們開始回顧去年的3.1左右的成績。

From a capital allocation standpoint, we would certainly continue to prioritize debt pay down as we move through the year. Of course, we have other capital priorities as well as we've talked about earlier today in some of those investments that we're making in inventory and the like. So we expect to continue to do that and invest in great CapEx projects with very quick paybacks. But overall, that's the way we're thinking about it, and we'll continue down that path until we get to kind of our communicated range that we talked about, our target is less than 2.5x, until we start doing something that might include some other options on capital allocation.

從資本配置的角度來看，我們肯定會在今年繼續優先償還債務。當然，我們還有其他資本優先事項，正如我們今天早些時候討論過的那樣，例如我們在庫存等方面進行的一些投資。因此，我們計劃繼續這樣做，並投資於回報週期短的優質資本支出項目。但總的來說，這就是我們的想法，我們將繼續沿著這條路走下去，直到達到我們之前討論過的預期範圍，我們的目標是低於 2.5 倍，直到我們開始採取一些可能包括其他資本配置方案的措施。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Covered a lot of ground. So going back to the e-Pod, just want to -- just tie that one up. So I think you said 20% EBITDA margin sort of like as what you expect. I'm guessing gross margin would be sort of like closer to the 30% there. But is that sort of like we expect to realize on an average basis or where you expect to be on a -- kind of as you ramp up and go through the learning curve because, obviously, this is a fairly new business for you guys. So I wouldn't expect you to be 20% on day one. Just maybe clarify that.

覆蓋了很大一片區域。所以回到 e-Pod 的話題，我只想──就此結束。所以我覺得你之前說過，你的預期 EBITDA 利潤率大概是 20%。我估計毛利率應該接近 30%。但這是我們預期平均能實現的，還是你們預期在逐步擴大規模並經歷學習曲線的過程中能達到的水平呢？因為很顯然，這對你們來說是一個相當新的業務。所以，我不會指望你第一天就能達到 20% 的水平。或許可以澄清一下。

And secondly, do you have raw mats inflation protection here because, obviously, steel prices could move around pretty crazy between now and then. So just wondering what sort of protection you have on raws?

其次，你們這裡有原物料物價通膨保護措施嗎？因為很顯然，從現在到那時，鋼材價格可能會出現非常劇烈的波動。所以我想知道你們對生肉有什麼防護措施？

Yes. So actually, Nigel, we should start out at around 20% and then improve from there. But we don't see this as getting much beyond where our targets are for the AMC business. But our margin potential looks like it's going to start at around 20%. Specific to hedging. We do hedge. We hedge for steel. We hedge -- sorry, we hedge for copper and aluminum. You're right that we -- steel would not be one that is on our program.

是的。所以，奈傑爾，我們其實應該從 20% 左右開始，然後再逐步提高。但我們認為這不會比我們對AMC業務的目標有太大提升。但我們的潛在利潤率看起來會從 20% 左右開始。專門針對避險。我們進行對沖交易。我們對鋼鐵進行避險。我們對銅和鋁進行避險——抱歉，我們對銅和鋁進行避險。你說得對，鋼鐵不在我們的計畫之內。

But we feel good about how we plan to hedge for this project. And we've embedded some risk around the supply chain and inflationary risk in the program. So right now, we feel good about the 20% margin starting point and then growing from there.

但我們對我們計劃如何對沖該專案的風險感到滿意。我們在方案中已經考慮了供應鏈風險和通膨風險。所以目前我們對20%的利潤率起點感到滿意，並希望在此基礎上繼續成長。

Great. And congratulations on the order, fantastic news. And then maybe just a follow-up on the CEO succession. Obviously, it's now been several months in progress, so just wondering where you are on finding the person to fill those big shoes?

偉大的。恭喜您獲得訂單，真是個好消息。然後或許可以跟進執行長繼任事宜。顯然，這件事已經進行了好幾個月了，所以我想知道你們在尋找能夠勝任這個重要職位的人選方面進展如何？

Yes. No. As I said in my prepared remarks, the Search Committee has been working hard at this, and they're making progress. We're down to a select few and so our expectation is that we should be able to make an announcement in the near future.

是的。不。正如我在準備好的演講稿中所說，遴選委員會一直在努力工作，並且正在取得進展。我們已經篩選出少數幾位候選人，因此我們預計在不久的將來就能發佈公告。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛集團。

So I'll focus my questions on the ePod offering. So Louis, I'm curious -- I know you referenced multiple data center projects, but I'm curious, are you selling into multiple customers, too, or is this one single customer? And who are your customers? Are you selling directly into just the integrators or the co-locators, hyperscalers? Just any color you can give to that would be great.

因此，我將重點詢問有關 ePod 產品的問題。路易斯，我很好奇——我知道你提到了多個資料中心項目，但我很好奇，你是向多個客戶銷售產品，還是只向一個客戶銷售？您的客戶群是誰？你們是直接向系統整合商銷售，還是向託管伺服器供應商、超大規模資料中心供應商銷售？任何顏色都可以。

Joe, thanks for the question. Consistent with our prior practices though here, we're not going to provide a lot of detail. And of course, we have confidentiality agreements in place as well. And so we wouldn't be able to provide specifics. But you answered the question correctly. We are selling into co-lo, hyperscaler. It is multiple customers and multiple data center projects in North America.

喬，謝謝你的提問。不過，與我們以往的做法一致，我們在這裡不會提供太多細節。當然，我們也簽訂了保密協議。因此我們無法提供具體細節。但你的答案是正確的。我們向託管資料中心和超大規模資料中心銷售產品。它服務於北美地區的多個客戶和多個資料中心專案。

Okay. Great. That's helpful. And then how do I think about like the content per megawatt? So it's a big number, right, the $735 million.

好的。偉大的。那很有幫助。那麼，我該如何考慮每兆瓦的含量呢？所以，7.35億美元是個很大的數字，對吧。

How many like -- what content per megawatt are you actually providing with these e-Pods? And then also, I'm just very curious, is this mostly for like low voltage, medium voltage type switchgear and other power equipment that's going inside it?

你們的這些 e-Pod 實際提供的每兆瓦內容有多少？另外，我很好奇，這主要是用於低壓、中壓類型的開關設備以及安裝在其中的其他電力設備嗎？

Yes, Joe, it's a great question. And unfortunately, I'm not going to be able to answer the first part of the question. I don't have the specifics there. But as we've talked about in the past, Regal has low-voltage and medium voltage switchgear, paralleling switchgear, low-voltage power distribution units and automatic transfer switches.

是的，喬，這是一個很好的問題。很遺憾，我無法回答問題的第一部分。我沒有具體資訊。但正如我們過去所討論過的，Regal 擁有低壓和中壓開關設備、並聯開關設備、低壓配電單元和自動轉換開關。

Our part of the bill of material is around 40% to 50%. The other part of the bill of material is going to be things like the container, UPSs. And so that's what makes up the project offering. I'll make sure that I'm better prepared next time, though, on the power question you asked. But hopefully, that gives you a little perspective.

我們這部分物料佔物料清單的40%到50%左右。物料清單的另一部分將包括貨櫃、UPS 等物品。這就是項目內容的構成。下次我一定會為你們問的關於權力的問題做更充分的準備。但願這能給你一些啟發。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

Sticking with the e-Pods still. So $735 million out of a $400 million pipeline a few months ago. Curious if you could provide any color on what that pipeline looks like now? And could we see another quarter of orders like this or even more than one over the next year?

還是會繼續用e-Pods。所以，幾個月前，4億美元的管線工程只完成了7.35億美元。能否詳細介紹一下目前這條管道的狀況？我們能否在未來一年內看到類似這樣的訂單再持續一個季度，甚至不只一個季度？

Yes, Chris, I appreciate the question. And my answer right now is likely not. The pipeline is about $600 million in size for all of our data center business. But when you think about capacity and the fact that we're pretty filled up through '27. I don't expect large orders.

是的，克里斯，感謝你的提問。我現在的答案很可能是否定的。該專案規模約為 6 億美元，涵蓋我們所有的資料中心業務。但當你考慮到產能，以及我們到 2027 年的檔期都已基本排滿的事實時，就會明白這一點。我預計不會有大訂單。

But I say that and our sales teams for this business are incentivized to grow this business beyond the projects that we've already won today. And so do expect that this is going to be an area of focus for Regal and that we will talk about data center opportunities for many quarters to come.

但我這樣說，是因為我們激勵銷售團隊在目前已贏得的專案基礎上，進一步拓展這項業務。因此，預計這將是 Regal 的重點領域，我們將在未來許多季度討論資料中心機會。

Okay. And then I'm not sure if you gave the CapEx guide, I'd like to hear that. And also on the $200 million-plus robotic automation funnel, are you incumbent there? Is that funnel stuff you're already specified on?

好的。另外，我不確定你是否提供了資本支出指南，我很想聽聽。另外，在價值超過 2 億美元的機器人自動化管道中，您是否已經佔有了一席之地？你已經確定要使用漏斗狀的那些東西了嗎？

So I'll take the second part of your question and pass the first to Rob. The $200 million funnel, the answer is, yes. We are on some of it. We already specified on some of that funnel. And then others, we're working in building relationships.

所以我將回答你問題的第二部分，把第一部分轉給羅布。2億美元的行銷漏斗，答案是肯定的。我們正在研究其中的一些內容。我們已經對其中一些管道進行了具體說明。還有一些方面，我們正在努力建立關係。

I just saw a report recently from one of our -- from our team on humanoid, as an example. There's 10 key OEMs that we're targeting in the US. Three of them, we are on their platforms, and we're selling subassemblies. Seven of them, we're still working on getting integrated. And so my answer on the $200 million, although maybe a little more detailed than you needed, was that it's a mix.

最近看到我們團隊中有人撰寫的一份關於人形機器人的報告，舉個例子。我們在美國的目標客戶有 10 家主要 OEM 廠商。其中三家，我們都在他們的平台上銷售子組件。其中七個，我們仍在努力整合。所以，關於2億美元的問題，我的回答雖然可能比你需要的更詳細一些，那就是這是多種因素共同作用的結果。

Great. And from a CapEx perspective, we're looking at about $120 million in CapEx in the year, primarily to support growth and then some of the SCOFR activities or supply chain realignments that are currently in the plan to achieve the $40 million of cost synergies. That, as I stated earlier, are not embedded in our current guidance, but gives us a degree of risk mitigation, if you will, as we approach the year.

偉大的。從資本支出角度來看，我們預計今年的資本支出約為 1.2 億美元，主要用於支持成長，以及一些 SCOFR 活動或供應鏈調整，這些活動或調整目前都在計劃之中，以實現 4000 萬美元的成本協同效應。正如我之前所說，這些措施並未納入我們目前的指導方針中，但隨著年底臨近，它們可以為我們提供一定程度的風險緩解措施。

Okay. And then separately, and you said IPS backlog was up 6% year over year?

好的。另外，您還提到IPS積壓訂單年增了6%？

Yes, that's correct. Coming into the year, IPS' backlog is up 6% as compared to the same period last year.

是的，沒錯。今年年初，IPS的積壓訂單比去年同期增加了6%。

This concludes our question-and-answer session. I would like to turn the conference back over to Louis Pinkham for closing remarks.

我們的問答環節到此結束。我謹將會議交還給路易斯·平克漢姆，請他作閉幕致詞。

Thank you, operator, and thanks to our investors and analysts for joining us today.

謝謝接線員，也感謝各位投資人和分析師今天蒞臨本次活動。

My closing message today is simple. Our growth strategy is working, and we are gaining momentum. This is apparent in our improving organic sales growth and in our tremendous order and backlog growth. And we see so much more opportunity ahead of us as we continue to execute our growth playbook across our secular market with additional upside to the extent our end markets improve. Encouragingly, we are seeing early positive signs in a number of key markets.

我今天最後要說的話很簡單。我們的成長策略正在奏效，我們正在獲得發展動能。這一點在我們不斷改善的有機銷售成長以及我們龐大的訂單和積壓訂單成長中顯而易見。我們看到，隨著我們繼續在長期市場中執行成長策略，未來將有更多機遇，而終端市場的改善也將帶來額外的成長空間。令人鼓舞的是，我們在一些重點市場看到了早期積極的跡象。

In short, I believe we are better positioned than ever before to create increasingly significant value for our stakeholders in 2026 and beyond.

總而言之，我相信我們比以往任何時候都更有能力在 2026 年及以後為我們的利害關係人創造越來越大的價值。

Thank you again for joining us today, and thank you for your interest in Regal Rexnord.

再次感謝您今天蒞臨，也感謝您對 Regal Rexnord 的關注。

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。