SiteOne Landscape Supply Inc (SITE) 2025 Q4 法說會逐字稿

Greetings, and welcome to SiteOne Landscape Supply, Inc fourth quarter 2025 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Eric Elema, Chief Financial Officer. Thank you. Please begin.

各位好，歡迎參加 SiteOne Landscape Supply, Inc 2025 年第四季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在，我很高興為大家介紹主持人，財務長艾瑞克‧埃萊馬。謝謝。請開始。

Thank you, and good morning, everyone. We issued our fourth quarter and full year 2025 earnings press release this morning and posted a slide presentation to the Investor Relations portion of our website at investors.siteone.com. I am joined today by Doug Black, our Chairman and Chief Executive Officer; and Scott Salmon, EVP Strategy and Development. Before we begin, I would like to remind everyone that today's press release, slide presentation and the statements made during this call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

謝謝大家，大家早安。今天上午，我們發布了2025年第四季及全年業績新聞稿，並在公司網站投資者關係頁面（investors.siteone.com）發布了簡報。今天與我一同出席的有董事長兼執行長道格·布萊克，以及策略與發展執行副總裁史考特·薩爾蒙。在開始之前，我想提醒大家，今天的新聞稿、幻燈片演示以及本次電話會議中發表的聲明均包含 1995 年《私人證券訴訟改革法案》所界定的前瞻性聲明。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. Such risks and uncertainties include the factors set forth in the earnings release and in our filings with the Securities and Exchange Commission.

這些聲明存在風險和不確定性，可能導致實際結果與我們的預期和預測有重大差異。此類風險和不確定性包括盈利報告和我們向美國證券交易委員會提交的文件中列出的因素。

Additionally, during today's call, we will discuss non-GAAP measures, which we believe can be useful in evaluating our performance. A reconciliation of these measures can be found in our earnings release and in the slide presentation. I would now like to turn the call over to Doug Black.

此外，在今天的電話會議中，我們將討論非GAAP指標，我們認為這些指標有助於評估我們的表現。這些措施的對比情況可在我們的獲利報告和幻燈片簡報中找到。現在我將把電話交給道格布萊克。

Thanks, Eric. Good morning, and thank you for joining us today. We are pleased to deliver solid results in the fourth quarter with 3% net sales growth, 2% organic daily sales growth and 18% growth in adjusted EBITDA versus the prior year period closing out a good year of performance and growth in 2025. For the full year 2025, we achieved 4% net sales growth, 1% organic daily sales growth and 10% growth in adjusted EBITDA despite flat pricing and lower end market demand compared to 2024.

謝謝你，埃里克。早安，感謝各位今天收看我們的節目。我們很高興地宣布，第四季度業績穩健，淨銷售額增長 3%，有機日銷售額增長 2%，調整後 EBITDA 同比增長 18%，為 2025 年的良好業績和增長畫上了圓滿的句號。2025 年全年，儘管定價持平且與 2024 年相比，終端市場需求下降，但我們仍實現了 4% 的淨銷售額增長、1% 的有機日銷售額增長和 10% 的調整後 EBITDA 增長。

As we enter 2026, we have solid momentum with the benefit of positive pricing, coupled with the strong cost reduction actions that we took in 2025, including 20 branch consolidations and closures during the fourth quarter.

進入 2026 年，我們擁有強勁的發展勢頭，這得益於積極的定價策略，以及我們在 2025 年採取的強有力的成本削減措施，包括第四季度 20 個分支機構的合併和關閉。

Our teams are executing our commercial and operational initiatives at a high level, and we expect to benefit from the eight acquisitions that we completed in 2025, along with our first acquisition completed in 2026. While there continues to be end market uncertainty, we entered 2026 with stronger teams, a more cost-effective branch network, good momentum with our commercial and operational initiatives and a robust pipeline of potential acquisitions.

我們的團隊正在高水準地執行我們的商業和營運計劃，我們預計將從 2025 年完成的八項收購以及 2026 年完成的首次收購中受益。儘管終端市場仍存在不確定性，但我們進入 2026 年時擁有更強大的團隊、更具成本效益的分支機構網絡、良好的商業和營運舉措勢頭以及強大的潛在收購項目儲備。

Accordingly, we remain confident in our ability to deliver superior value to our customers and suppliers and achieve solid performance and growth for our shareholders in 2026 and in the years to come.

因此，我們仍然有信心在 2026 年及以後為我們的客戶和供應商創造卓越價值，並為我們的股東實現穩健的業績和成長。

I will start today's call with a brief review of our unique market position and our strategy followed by highlights from 2025. Eric Elema, who was recently appointed Chief Financial Officer, will then walk you through our fourth quarter and full year financial results in more detail and provide an update on our balance sheet and liquidity position. Scott Salmon will discuss our acquisition strategy, and then I will come back to address our outlook and guidance for 2026 before taking your questions.

今天，我將首先簡要回顧我們獨特的市場地位和策略，然後重點介紹 2025 年的發展規劃。最近被任命為財務長的埃里克·埃萊馬將更詳細地向您介紹我們第四季度和全年的財務業績，並提供有關我們資產負債表和流動性狀況的最新資訊。Scott Salmon 將討論我們的收購策略，然後我將回來闡述我們對 2026 年的展望和指導，之後再回答大家的問題。

As shown on Slide 4 of the earnings presentation, we have a strong footprint of more than 670 branches and five distribution centers across 45 US states and five Canadian provinces. We are the clear industry leader, approximately 3 times the size of our nearest competitor. Yet we estimate that we only have about a 19% share of the very fragmented $25 billion wholesale landscaping products distribution market. Accordingly, our long-term opportunity to grow and gain market share remains significant.

如收益報告第 4 頁所示，我們在美國 45 個州和加拿大 5 個省擁有超過 670 家分店和 5 個配送中心，業務遍及各地。我們是業界絕對領導者，規模大約是排名第二的競爭對手的3倍。然而，據我們估計，我們在非常分散的 250 億美元園林綠化產品批發分銷市場中僅佔約 19% 的份額。因此，我們實現長期成長和獲得市場份額的機會仍然十分巨大。

We have a balanced mix of business with 66% focused on maintenance, repair and upgrade, 20% focused on new residential construction and 14% on new commercial and recreational construction. As the only national full product line wholesale distributor in the market, we also have an excellent balance across our product lines as well as geographically. Our strategy to fill in our product lines across the US and Canada, both organically and through acquisition further strengthens this balance over time.

我們的業務構成均衡，其中 66% 的業務專注於維護、維修和升級，20% 的業務專注於新建住宅，14% 的業務專注於新建商業和休閒設施。作為市場上唯一全國性的全線產品批發分銷商，我們在產品線和地理分佈方面也保持著良好的平衡。我們透過自身發展和收購來充實我們在美國和加拿大的產品線的策略，將隨著時間的推移進一步加強這種平衡。

Overall, our end market mix, broad product portfolio and geographic coverage offer us multiple avenues to grow and create value for our customers and suppliers while providing important resilience in softer markets.

整體而言，我們的終端市場組合、廣泛的產品組合和地理覆蓋為我們提供了多種成長途徑，為我們的客戶和供應商創造價值，同時在疲軟的市場中提供了重要的韌性。

Turning to Slide 5. Our strategy is to leverage the scale, resources, functional talent and capabilities that we have as the largest company in our industry, all in support of our talented, experienced and entrepreneurial local teams consistently deliver superior value to our customers and suppliers. We have come a long way in building SiteOne and executing our strategy but have more work to do as we develop into a world-class company.

翻到第5張投影片。我們的策略是充分利用我們作為業內最大公司所擁有的規模、資源、職能人才和能力，支持我們才華橫溢、經驗豐富且富有創業精神的本地團隊，持續為我們的客戶和供應商提供卓越的價值。我們在建立 SiteOne 和執行策略方面取得了長足的進步，但要發展成為世界一流的公司，我們還有更多的工作要做。

Current challenging market conditions requires to adopt new processes and technologies faster and to be even more intentional in driving organic growth, improving our productivity and mastering the unique aspects of each of our product lines. Accordingly, we remain highly focused on our commercial and operational initiatives to overcome near-term headwinds but more importantly, to build a long-term competitive advantage for all our stakeholders.

當前充滿挑戰的市場環境要求我們更快採用新的流程和技術，更有意識地推動內生成長，提高生產力，並掌握我們每條產品線的獨特之處。因此，我們將繼續高度關注我們的商業和營運舉措，以克服近期的不利因素，但更重要的是，為我們所有的利害關係人建立長期的競爭優勢。

These initiatives are complemented by our acquisition strategy, which fills in our product portfolio, moves us into new geographic markets and adds terrific new talent to SiteOne. Taken all together, we expect our strategy to create superior value for our shareholders through organic growth, acquisition growth and EBITDA margin expansion.

這些舉措與我們的收購策略相輔相成，該策略完善了我們的產品組合，使我們進入新的地理市場，並為 SiteOne 增添了優秀的新人才。總而言之，我們期望透過內生成長、收購成長和 EBITDA 利潤率擴張，為股東創造卓越價值。

On Slide 6, you can see our strong track record of performance and growth over the last 10 years with consistent organic and acquisition growth. From an adjusted EBITDA margin perspective, we benefited from the extraordinary price realization due to rapid inflation in commodity products during 2021 and 2022. In 2023 and 2024, we experienced significant headwinds as commodity prices came down.

在第 6 張投影片中，您可以看到我們在過去 10 年中業績和成長的強勁記錄，包括持續的內生成長和收購成長。從調整後的 EBITDA 利潤率來看，我們受益於 2021 年和 2022 年大宗商品價格快速上漲帶來的異常價格實現。2023年和2024年，由於大宗商品價格下跌，我們遭遇了重大不利因素。

In 2024, we also experienced further adjusted EBITDA dilution from the acquisition of Pioneer, a large turnaround opportunity with great strategic fit and from our other focus branches, which resulted from the post-COVID market headwinds.

2024 年，由於收購 Pioneer（這是一個具有巨大戰略契合度的重大扭虧為盈機會）以及我們其他重點分支機構受到新冠疫情后市場逆風的影響，我們的調整後 EBITDA 也進一步稀釋。

Over the past two years, our pricing transitioned from negative 3% in 2024 to flat in 2025. And we anticipate that pricing will be up 1% to 3% in 2026. Furthermore, we achieved excellent progress with Pioneer and our other focused branches in 2025 and expect to continue achieving improvements over the next several years as we bring their performance up to the SiteOne average.

過去兩年，我們的定價策略從 2024 年的 -3% 過渡到 2025 年的持平。我們預計到 2026 年價格將上漲 1% 至 3%。此外，我們在 2025 年與 Pioneer 和其他重點分支機構取得了優異的進展，並期望在未來幾年內繼續取得進步，使我們的業績達到 SiteOne 的平均水平。

In summary, we expect to drive continued adjusted EBITDA margin improvement in 2026 and beyond as we execute our initiatives and as the market headwinds slowly turn to tailwinds. We have now completed 107 acquisitions across all product lines since the start of 2014, adding approximately $2.1 billion in trailing 12-month sales to SiteOne, which demonstrates the strength and durability of our acquisition strategy.

總而言之，隨著我們各項措施的實施以及市場逆風逐漸轉為順風，我們預計在 2026 年及以後將持續提高調整後 EBITDA 利潤率。自 2014 年初以來，我們已在所有產品線完成了 107 項收購，為 SiteOne 在過去 12 個月中增加了約 21 億美元的銷售額，這證明了我們收購策略的實力和持久性。

These companies expand our product line capabilities and strengthen SiteOne with excellent talent and new ideas for performance and growth. Our pipeline of potential deals remains robust, and we expect to continue adding and integrating more companies in 2026 to support our growth. Given the fragmented nature of our industry and our current market share, we believe that we have a significant opportunity to continue growing through acquisition for many years to come.

這些公司拓展了我們的產品線能力，並為 SiteOne 帶來了優秀的人才和新的理念，從而增強了 SiteOne 的表現和成長實力。我們的潛在交易儲備仍然充足，我們預計在 2026 年將繼續增加和整合更多公司，以支持我們的成長。鑑於我們所在行業的分散性和我們目前的市場份額，我們相信，在未來很多年裡，我們有很大的機會透過收購繼續發展壯大。

Slide 7 shows the long runway we have ahead in filling in our product portfolio which we aim to do primarily through acquisition, especially in the nursery, restate and landscape supplies categories. We're well connected with the best companies in our industry and expect to continue filling in these markets systematically over the next decade.

投影片 7 顯示，我們在完善產品組合方面還有很長的路要走，我們的主要目標是透過收購來實現這一目標，尤其是在苗圃、房地產和景觀用品類別中。我們與業內最優秀的公司建立了良好的聯繫，並期望在未來十年內繼續有條不紊地開拓這些市場。

I will now discuss some of our full year 2025 performance highlights, as shown on Slide 8. We achieved 4% net sales growth in 2025 with an organic daily sales increase of 1%. Organic sales volume grew 1% during the year as our teams continued to gain market share, which more than offset the decline in our end markets. As I mentioned, pricing was flat in 2025, which was a significant improvement from the 3% decline we experienced in 2024. Pricing was up 2% in the fourth quarter and with most of the commodity product deflation behind us, we expect that trend to continue into 2026, supporting stronger organic daily sales growth.

接下來，我將討論我們在 2025 年全年業績的一些亮點，如幻燈片 8 所示。我們預計到 2025 年淨銷售額將成長 4%，其中有機日銷售額將成長 1%。由於我們的團隊不斷擴大市場份額，有機銷售額在年內成長了 1%，這足以抵消終端市場的下滑。正如我之前提到的，2025 年的價格將保持平穩，這比 2024 年 3% 的降幅有了顯著改善。第四季價格上漲了 2%，隨著大部分大宗商品通貨緊縮的結束，我們預計這一趨勢將持續到 2026 年，從而支持更強勁的有機日銷售成長。

Gross profit for 2025 increased 5% and gross margin increased 40 basis points to 34.8%. The increase in gross margin was driven by improved price realization, benefits from our commercial initiatives and a positive contribution from acquisitions, partially offset by higher freight and logistics costs to support our growth, including the establishment of our fifth distribution center during the fourth quarter.

2025 年毛利成長 5%，毛利率成長 40 個基點至 34.8%。毛利率的成長主要得益於價格實現的改善、商業舉措帶來的收益以及收購帶來的積極貢獻，但部分被更高的貨運和物流成本所抵消，這些成本是為了支持我們的成長，包括在第四季度建立了我們的第五個配送中心。

SG&A as a percentage of net sales decreased 40 basis points to 30.1% as our strong actions to reduce SG&A in the base business were partially offset by the addition of acquisitions with higher operating costs. SG&A for the base business decreased 50 basis points compared to 2024 on an adjusted EBITDA basis, as we continue to optimize our branch network, reduce our net customer delivery expense and closely manage labor and expenses in relation to sales volume.

由於我們在基礎業務中採取了強有力的措施來降低銷售、管理及行政費用，但收購帶來的營運成本較高，部分抵銷了這些措施，因此銷售、管理及行政費用佔淨銷售額的百分比下降了 40 個基點，至 30.1%。與 2024 年相比，基礎業務的銷售、一般及行政費用（SG&A）按調整後的 EBITDA 計算下降了 50 個基點，因為我們繼續優化分支機構網絡，降低淨客戶交付費用，並根據銷售量密切管理勞動力和費用。

We reduced the cost of our branch network further in the fourth quarter and expect to continue achieving SG&A leverage in 2026. Adjusted EBITDA in 2025 increased 10% year-over-year to $414.2 million and adjusted EBITDA margin for the year improved 50 basis points to 8.8%, reflecting positive organic daily sales growth, gross margin improvement, solid operating leverage and good contributions from acquisitions.

我們在第四季度進一步降低了分公司網路的成本，並預計在 2026 年繼續實現銷售、一般及行政費用槓桿效應。2025 年調整後 EBITDA 年成長 10% 至 4.142 億美元，調整後 EBITDA 利潤率提高 50 個基點至 8.8%，反映了積極的有機日銷售額增長、毛利率改善、穩健的經營槓桿以及收購帶來的良好貢獻。

Given the challenging markets, we were pleased to achieve solid adjusted EBITDA margin expansion and expect to continue driving our EBITDA margins toward our longer-term objectives in the coming years. In terms of initiatives, our teams are executing specific actions to improve our customer experience, accelerate organic growth, expand gross margin and increase SG&A leverage.

鑑於市場充滿挑戰，我們很高興實現了穩健的調整後 EBITDA 利潤率增長，並期待在未來幾年繼續推動 EBITDA 利潤率朝著我們的長期目標邁進。在措施方面，我們的團隊正在執行具體行動，以改善客戶體驗、加速自然成長、擴大毛利率並提高銷售、一般及行政費用槓桿。

Gross margin improvement, we continued to increase sales with our small customers faster than our company average, drive growth in our private label brands and improve inbound freight costs through our transportation management system. These initiatives not only improve our gross margin but also add to our organic growth as we gain market share in the small customer segment as well as across product lines with our private label brands like [LESCO], Row Trade, Solstice Stone and portfolio.

毛利率有所提高，我們繼續以高於公司平均水平的速度提高小客戶的銷售額，推動自有品牌的成長，並透過我們的運輸管理系統改善入庫貨運成本。這些措施不僅提高了我們的毛利率，而且隨著我們在小型客戶群以及我們的自有品牌（如 [LESCO]、Row Trade、Solstice Stone 和產品組合）中獲得市場份額，也促進了我們的有機成長。

In 2025, we increased our mix of private label products by over 100 basis points from 14% to 15% of total sales. Further drive organic growth, we increased our percentage of bilingual branches from 62% of branches to 67% of branches, while executing Hispanic marketing programs to create awareness among this important customer segment.

2025年，我們將自有品牌產品佔總銷售額的比例提高了100多個百分點，從14%提高到15%。為了進一步推動有機成長，我們將雙語分支機構的比例從 62% 提高到 67%，同時開展西班牙裔行銷活動，以提高這個重要客戶群的認知度。

We're also making great progress with our sales force productivity as we leverage our CRM and establish more disciplined revenue-generating habits and processes among our inside sales associates and our over 600 outside sales associates. Our digital initiative with siteone.com is also helping us drive organic daily sales growth as our results have shown that customers who are engaged with us digitally grow significantly faster than those who are not.

我們利用客戶關係管理系統，並在內部銷售人員和 600 多名外部銷售人員中建立更嚴謹的創收習慣和流程，從而提高了銷售團隊的生產力，並取得了巨大進步。我們與 siteone.com 的數位化合作也幫助我們推動了每日自然銷售額的成長，因為我們的結果表明，與我們進行數位互動的客戶的成長速度明顯快於那些沒有進行數位互動的客戶。

In 2025, we increased digital sales by over 120% and while adding thousands of new regular users. Siteone.com helps customers be more efficient and helps us increase market share while making our associates more productive, a true win-win-win.

2025年，我們的數位銷售額成長了120%以上，同時新增了數千名固定用戶。Siteone.com 幫助客戶提高效率，幫助我們增加市場份額，同時提高員工的工作效率，真正實現了三贏。

With siteone.com and our other digital tools, we are accelerating organic growth, and we believe we are outperforming the market. With the benefit of dispatch track, which allows us to more closely manage our customer delivery, we improved both associate and equipment efficiency for delivery in 2025 and while more consistently pricing this service.

借助 siteone.com 和我們的其他數位工具，我們正在加速自然成長，我們相信我們的表現優於市場。借助調度追蹤功能，我們可以更緊密地管理客戶的配送，從而提高員工和設備的配送效率。 2025 年，我們提高了配送效率，同時更穩定地為這項服務定價。

As a result, we reduced our net delivery expense by over 40 basis points on delivered sales, which represents approximately one third of our total sales. This is a major initiative, and we expect to make significant progress again in 2026 and over the next two to three years. In 2025, we focused intensely on our underperforming branches or focused branches to ensure that they have the right teams, the right support and are executing our best practices to bring their performance up to or above the SiteOne average. We were pleased to achieve an over 200 basis point improvement in the adjusted EBITDA margin of our focus branches in 2025.

因此，我們降低了已交付銷售額的淨交付費用 40 多個基點，這約占我們總銷售額的三分之一。這是一項重大舉措，我們預計在 2026 年以及未來兩到三年內將再次取得重大進展。2025 年，我們專注於業績不佳的分公司或重點分支機構，以確保它們擁有合適的團隊、合適的支持，並執行我們的最佳實踐，從而使它們的業績達到或超過 SiteOne 的平均水平。我們很高興地看到，到 2025 年，我們重點分店的調整後 EBITDA 利潤率提高了 200 多個基點。

Going forward, we expect to gain a meaningful adjusted EBITDA margin lift for SiteOne in the coming years, as we continue to improve the performance of these branches. Further progress in 2026 in the face of continued soft markets, we consolidated and closed 20 branches in the fourth quarter of 2025 and plan to serve existing customers through our remaining branch network at a lower cost.

展望未來，隨著我們不斷改善這些分公司的業績，我們預計未來幾年 SiteOne 的調整後 EBITDA 利潤率將顯著提高。面對持續疲軟的市場，我們在 2026 年取得了進一步進展。我們在 2025 年第四季合併並關閉了 20 家分行，並計劃透過我們剩餘的分行網路以更低的成本為現有客戶提供服務。

Taken all together, we executed well in 2025 and are gaining momentum with our commercial and operational initiatives to drive organic growth, increase gross margin and achieve operating leverage in 2026 and beyond. On the acquisition front, as I mentioned, we added eight companies to our family in 2025, with approximately $55 million in trailing 12-month sales added to SiteOne. With the market uncertainty and with all our acquisitions being small, 2025 was a lighter year than typical in terms of acquired revenue.

總的來說，我們在 2025 年表現出色，並且正在透過我們的商業和營運舉措獲得發展勢頭，以推動內生成長，提高毛利率，並在 2026 年及以後實現營運槓桿。在收購方面，正如我所提到的，我們在 2025 年新增了八家公司，SiteOne 在過去 12 個月的銷售額增加了約 5,500 萬美元。由於市場存在不確定性，而且我們所有的收購規模都很小，因此 2025 年的收購收入比往年少。

Given our current backlog and discussions, we expect 2026 to be a more typical year in terms of average deal size. With an experienced acquisition team, broad and deep relationships with the best companies, strong balance sheet and an exceptional reputation as the acquirer of choice.

鑑於我們目前的積壓訂單和討論情況，我們預計 2026 年的平均交易規模將更加正常。擁有一支經驗豐富的收購團隊，與一流公司建立了廣泛而深入的關係，擁有強大的資產負債表，並享有作為首選收購方的卓越聲譽。

We remain well positioned to grow consistently through acquisition for many years, in the very fragmented wholesale landscape supply and distribution market. In summary, our teams did a good job in 2025 managing through the headwinds, executing our strategy, leveraging our breadth of commercial and operational initiatives and creating momentum as we move into 2026.

在高度分散的園林綠化批發供應和分銷市場中，我們仍然擁有透過收購實現多年持續成長的良好基礎。總而言之，我們的團隊在 2025 年很好地應對了各種不利因素，執行了我們的策略，利用了我們廣泛的商業和營運舉措，並在邁向 2026 年之際創造了發展勢頭。

After three years with no price benefit, we are pleased to be entering 2026 with positive pricing and we are confident in our ability to continue outperforming the market and expanding our adjusted EBITDA margin as we grow.

經過三年沒有價格優勢的時期，我們很高興能夠以積極的定價進入 2026 年，我們有信心繼續超越市場，並在增長的同時擴大調整後的 EBITDA 利潤率。

We are excited about our future and we continue to build our company and deliver superior value for our customers, suppliers and shareholders for the long term. Now Eric will walk you through the quarter and full year in more detail. Eric?

我們對未來充滿信心，並將繼續發展壯大公司，為客戶、供應商和股東創造長期的卓越價值。現在艾瑞克將更詳細地向你介紹本季和全年的情況。艾瑞克？

Thanks, Doug. I'll begin on Slides 9 and Slide 10 with some highlights of our fourth quarter and full year results. We reported an increase in net sales of 3% to $1.05 billion for the fourth quarter and an increase of 4% to $4.7 billion for fiscal year 2025. There were 61 selling days in the fourth quarter and 252 selling days in fiscal year 2025. Both were the same number of selling days as the prior year periods.

謝謝你，道格。我將從第 9 頁和第 10 頁開始，重點介紹我們第四季和全年的業績。我們公佈第四季淨銷售額成長 3% 至 10.5 億美元，2025 財年淨銷售額成長 4% 至 47 億美元。第四季有 61 個銷售日，2025 財年有 252 個銷售日。這兩個年份的銷售天數都與去年同期相同。

In fiscal year 2026, we have an extra week which will result in an increase to 256 selling days. Unfortunately, as Doug will describe in our outlook, the additional four days of sales occur at the end of fiscal December, when there is little landscaping activity which we expect will result in a $4 million to $5 million EBITDA headwind for the 2026 fiscal year.

2026 財年，我們將多出一週時間，銷售日將增加到 256 天。不幸的是，正如道格將在我們的展望中描述的那樣，額外的四天銷售額發生在財政年度 12 月底，而此時園林綠化活動很少，我們預計這將導致 2026 財年 EBITDA 減少 400 萬至 500 萬美元。

Organic daily sales increased 2% in the fourth quarter compared to the prior year, driven by improved pricing, our sales initiatives and solid demand in the maintenance end market, especially for ice melt products.

受價格改善、銷售舉措以及維護終端市場（尤其是融冰產品）的強勁需求推動，第四季度有機日銷售額比上年同期增長了 2%。

For the full year, organic daily sales increased 1% due to steady growth in the maintenance end market and execution of our sales initiatives, partially offset by softer demand in the new residential construction and repair and upgrade end markets. Price increases contributed 2% to organic daily sales growth this quarter. Price increases due in part to tariffs have now more than offset the price decreases we are experiencing with select commodity products.

全年來看，由於維護終端市場的穩定成長以及我們銷售措施的執行，有機日銷售額成長了 1%，但新住宅建設和維修升級終端市場的需求疲軟部分抵消了這一增長。本季價格上漲對有機日銷售額成長貢獻了 2%。由於關稅等因素導致的價格上漲，已經遠遠抵銷了部分大宗商品價格的下降。

We have positive pricing in almost all categories while commodity products like grass seed and PVC pipe, which were down 12% and 10%, respectively, this quarter, are becoming less of a headwind. For the full year, we estimate the pricing impact on 2025 organic daily sales was negligible compared to the 2024 fiscal year as deflationary impacts earlier in the year were offset by modest price inflation in the second half.

我們幾乎所有類別的定價都是正面的，而本季分別下降了 12% 和 10% 的草籽和 PVC 管等大宗商品，對價格的不利影響正在減弱。我們估計，與 2024 財年相比，2025 年全年有機產品日銷售額的價格影響微乎其微，因為年初的通貨緊縮影響被下半年的溫和價格上漲所抵消。

Our current outlook for 2026 is for prices to increase by 1% to 3%. Organic daily sales for agronomic products, which includes fertilizer, control products, ice melt and equipment, increased 11% for the fourth quarter and 7% for the full year, due to strong volume growth and solid end market demand.

我們目前對 2026 年的價格預測是上漲 1% 至 3%。由於銷售強勁成長和終端市場需求穩健，包括肥料、控制產品、融雪劑和設備在內的農藝產品有機日銷售額在第四季度增長了 11%，全年增長了 7%。

In the fourth quarter, the strong agronomic sales growth was driven by the sales of ice melt products, which benefited from an increase in snow events during the quarter compared to a low number of events in the prior year period. While snow events are good for sales of ice melt, they generally have a negative effect on overall organic growth.

第四季度，農藝產品銷售強勁成長，這主要得益於融雪產品的銷售，而融雪產品銷售受益於本季降雪量的增加，相比上年同期降雪量較少的情況，降雪量有所增加。雖然下雪有利於融雪劑的銷售，但通常會對整體有機成長產生負面影響。

Organic daily sales for landscaping products, which includes irrigation, nursery, hardscapes, outdoor lighting and landscape accessories, decreased 1% for the fourth quarter and 1% for the full year due to softer demand in the new residential construction and repair and upgrade end markets.

由於新建住宅建設和維修升級終端市場需求疲軟，園林綠化產品（包括灌溉、苗圃、硬景觀、戶外照明和園林配件）的有機日銷售額在第四季度下降了 1%，全年下降了 1%。

Geographically, seven of our nine regions achieved positive organic daily sales growth in the fourth quarter. We achieved solid growth in our Midwest markets due to the strong sales of agronomic products, we continue to see pressure in markets like Texas and California that have been affected by softness in new construction demand.

從地理位置來看，我們九個區域中有七個地區在第四季度實現了正的有機日銷售額成長。由於農業產品的強勁銷售，我們在中西部市場實現了穩健成長；但我們仍然看到德州和加州等市場面臨壓力，這些市場受到新建建築需求疲軟的影響。

Acquisition sales, which reflect sales attributable to acquisitions completed in 2024 and 2025, contributed $12 million or 1% to net sales growth in the fourth quarter. For the 2025 fiscal year, acquisition sales contributed $111 million or 2% to net sales growth. Scott will provide more details regarding our acquisition strategy later in the call.

收購銷售額（反映的是 2024 年和 2025 年完成的收購帶來的銷售額）在第四季度為淨銷售額成長貢獻了 1,200 萬美元，即 1%。2025 財年，收購銷售額為淨銷售額成長貢獻了 1.11 億美元，佔 2%。Scott將在稍後的電話會議中提供有關我們收購策略的更多細節。

Gross profit for the fourth quarter was $357 million, which was an increase of 6% compared to the prior year period. Gross margin for the fourth quarter increased 80 basis points to 34.1%. For the 2025 fiscal year, gross profit increased 5% and gross margin increased 40 basis points to 34.8%.

第四季毛利為 3.57 億美元，比上年同期成長 6%。第四季毛利率成長80個基點，達到34.1%。2025 財年，毛利成長 5%，毛利率成長 40 個基點至 34.8%。

The increase in gross margin for the fourth quarter and full year reflects improved price realization benefits from our commercial initiatives and a positive contribution from acquisitions, partially offset by higher freight and logistics costs. During the year, we added a fifth distribution center near Milwaukee, Wisconsin, and we increased international sourcing to support the growth of private label products.

第四季和全年毛利率的成長反映了我們商業舉措帶來的價格實現效益的提高以及收購帶來的積極貢獻，但部分被更高的貨運和物流成本所抵消。年內，我們在威斯康辛州密爾瓦基附近增設了第五個配送中心，並增加了國際採購，以支持自有品牌產品的成長。

Selling, general and administrative expenses, or SG&A, increased less than 1% to $366 million for the fourth quarter. SG&A as a percentage of net sales decreased 100 basis points in the quarter to 35%. As discussed during last quarter's earnings call, we consolidated and closed 20 branch locations in the fourth quarter. which negatively impacted SG&A by $6 million, of which $4.5 million is reflected in adjusted EBITDA.

第四季銷售、一般及行政費用（SG&A）成長不到 1%，達到 3.66 億美元。本季銷售、一般及行政費用佔淨銷售額的比例下降了100個基點，至35%。如同上季財報電話會議所討論的，我們在第四季度合併並關閉了 20 家分行，這導致銷售、一般及行政費用減少了 600 萬美元，其中 450 萬美元反映在調整後的 EBITDA 中。

In the fourth quarter of 2024, we took similar actions to consolidate and close 22 locations, which negatively affected SG&A by $16 million, of which $4.5 million was included in our adjusted EBITDA results.

2024 年第四季度，我們採取了類似的措施，整合並關閉了 22 個地點，這導致銷售、一般及行政費用減少了 1600 萬美元，其中 450 萬美元計入了我們調整後的 EBITDA 結果中。

These actions reflect our continued efforts to optimize our branch footprint and lower our cost structure to match the current environment.

這些措施體現了我們為優化分公司佈局、降低成本結構以適應當前環境而持續做出的努力。

As a reminder, in most cases, with our consolidations and closures, we typically can serve customers from other branches in the same market, and therefore, we expect to retain most of the sales. For the quarter, base business SG&A as a percentage of net sales was roughly flat, reflecting our ongoing operating cost management actions, which helped offset higher incentive compensation expense.

再次提醒大家，在大多數情況下，透過我們的合併和關閉，我們通常可以從同一市場的其他分行為客戶服務，因此，我們預計能夠保留大部分銷售額。本季度，基本業務銷售、一般及行政費用佔淨銷售額的百分比大致持平，反映了我們持續的營運成本管理措施，這有助於抵消更高的激勵性薪資支出。

For the full year, SG&A increased 2% to $1.4 billion and SG&A as a percentage of net sales decreased 40 basis points to 30.1%. Base business SG&A as a percentage of net sales decreased 50 basis points for 2025 compared to the prior year. This improvement reflects our continued efforts to increase productivity and better align our operating costs with the current market demand.

全年來看，銷售、一般及行政費用增加 2% 至 14 億美元，銷售、一般及行政費用佔淨銷售額的百分比下降 40 個基點至 30.1%。2025 年基礎業務銷售、一般及行政費用佔淨銷售額的百分比比上年下降 50 個基點。這項改進反映了我們為提高生產效率和更好地使營運成本與當前市場需求保持一致而持續做出的努力。

Our effective tax rate for fiscal 2025 was 22.5% compared to 22.4% for fiscal 2024. A small increase in the effective tax rate was due primarily to a decrease in the amount of excess tax benefits from stock-based compensation. Excess tax benefits of $3.8 million were recognized for the 2025 fiscal year as compared to $3.3 million for the prior year.

2025 財年的實際稅率為 22.5%，而 2024 財年的實際稅率為 22.4%。實際稅率的小幅上升主要是由於股票選擇權激勵帶來的超額稅收優惠減少所致。2025 財年確認的超額稅收優惠為 380 萬美元，而上一財年為 330 萬美元。

We expect the effective tax rate for fiscal 2026 will be between 25% and 26%, excluding discrete items such as excess tax benefits. Net loss attributable to SiteOne was $9 million for the fourth quarter compared to a net loss of $21.7 million for the prior year period. Net income attributable to SiteOne for fiscal 2025 increased to $151.8 million compared to $123.6 million for fiscal 2024.

我們預計 2026 財年的實際稅率將在 25% 至 26% 之間，不包括超額稅收優惠等特殊項目。SiteOne 第四季淨虧損為 900 萬美元，而去年同期淨虧損為 2,170 萬美元。SiteOne 2025 財年的淨收入增至 1.518 億美元，而 2024 財年為 1.236 億美元。

The improvement in both the fourth quarter and full year was primarily due to higher net sales, improved gross margin and the achievement of SG&A leverage. Our weighted average diluted share count was $45.1 million for the 2025 fiscal year compared to $45.6 million for the 2024 fiscal year. We repurchased 322,000 shares for $40 million in the fourth quarter and 817,000 shares for $97.7 million at an average price of $119.62 per share for the full year. Adjusted EBITDA increased 18% to $37.6 million for the fourth quarter compared to $31.8 million for the prior year period. Adjusted EBITDA margin expanded 50 basis points to 3.6%.

第四季和全年業績的改善主要歸功於淨銷售額的成長、毛利率的提高以及銷售、管理及行政費用槓桿效應的實現。2025 財年，我們的加權平均稀釋股份數為 4,510 萬美元，而 2024 財年為 4,560 萬美元。我們在第四季回購了 322,000 股，耗資 4,000 萬美元；全年以平均每股 119.62 美元的價格回購了 817,000 股，耗資 9,770 萬美元。第四季調整後 EBITDA 成長 18% 至 3,760 萬美元，而上年同期為 3,180 萬美元。調整後 EBITDA 利潤率成長 50 個基點至 3.6%。

For the full year, adjusted EBITDA increased approximately 10% to $414.2 million compared to $378.2 million for the 2024 fiscal year. Adjusted EBITDA margin improved 50 basis points to 8.8% for the 2025 fiscal year. Adjusted EBITDA includes adjusted EBITDA attributable to noncontrolling interest of $1.1 million and $4.2 million for the fourth quarter and full year, respectively.

全年調整後 EBITDA 成長約 10%，達到 4.142 億美元，而 2024 財年為 3.782 億美元。2025 財年調整後 EBITDA 利潤率提高 50 個基點至 8.8%。調整後 EBITDA 包括歸屬於少數股東權益的調整後 EBITDA，第四季為 110 萬美元，全年為 420 萬美元。

Now I'd like to provide a brief update on our balance sheet and cash flow statement as shown on Slide 11. Working capital at the end of the 2025 fiscal year was $1.01 billion, compared to $909 million at the end of the prior year.

現在我想簡單介紹一下我們第 11 頁投影片所示的資產負債表和現金流量表。2025 財年末的營運資金為 10.1 億美元，而上一年末為 9.09 億美元。

The increase in working capital was primarily due to higher cash on hand and strategic purchases of inventory to support our growth. Cash provided by operating activities increased to $165 million for the fourth quarter compared to $119 million for the prior year period. The increase in cash flows from operating activities for the fourth quarter reflects higher net income and improved working capital management.

營運資金的增加主要是由於手頭現金增加以及為支持公司成長而進行的策略性庫存採購。第四季經營活動產生的現金流量增加至 1.65 億美元，而去年同期為 1.19 億美元。第四季經營活動現金流量的增加反映了淨利潤的成長和營運資本管理的改善。

Cash provided by operating activities for the full year was $301 million, compared to $283 million for the prior year. The increase in cash flow from operating activities in the 2025 fiscal year was primarily due to the improvement in net income.

全年經營活動產生的現金流量為 3.01 億美元，而去年同期為 2.83 億美元。2025 財年經營活動現金流量的增加主要是因為淨利的改善。

We made cash investments of $30 million for the fourth quarter compared to $37 million for the same period in 2024. We made cash investments of $83 million in the 2025 fiscal year compared to $177 million in the prior year. The decrease in both the fourth quarter and full year is attributable to lower investments in acquisitions.

我們第四季的現金投資為 3,000 萬美元，而 2024 年同期則為 3,700 萬美元。我們在 2025 財年進行了 8,300 萬美元的現金投資，而前一年為 1.77 億美元。第四季和全年的下降都是由於收購投資減少所致。

Capital expenditures for the quarter were $15 million compared to $10 million for the prior year period. Capital expenditures for the 2025 fiscal year were $54 million compared to $41 million for the 2024 fiscal year. The increase in capital expenditures for both the fourth quarter and full year reflects increased investments in our branch locations.

本季資本支出為 1,500 萬美元，而上年同期為 1,000 萬美元。2025 財年的資本支出為 5,400 萬美元，而 2024 財年為 4,100 萬美元。第四季和全年資本支出的增加反映了我們對分支機構投資的增加。

Net debt at the end of the 2025 fiscal year was $330 million compared to $412 million at the end of the prior year. Leverage decreased to 0.8 times our trailing 12 months adjusted EBITDA compared to 1.1 times at the end of the prior year.

截至 2025 財年末，淨債務為 3.3 億美元，而上一財政年度末為 4.12 億美元。槓桿率降至過去 12 個月調整後 EBITDA 的 0.8 倍，而前一年末為 1.1 倍。

We had available liquidity of $768 million which consisted of $191 million of cash on hand and $578 million in available capacity under our ABL facility at the end of the 2025 fiscal year.

截至 2025 財年末，我們擁有 7.68 億美元的可用流動資金，其中包括 1.91 億美元的現金和 5.78 億美元的 ABL 可用額度。

On Slide 12, we highlight our balanced approach to capital allocation. Our primary goal regarding capital allocation is to invest in our business, including the execution of our acquisition strategy. We're also committed to maintaining a conservative balance sheet as demonstrated by our leverage ratio.

在第 12 張投影片中，我們重點介紹了我們平衡的資本配置方法。我們在資本配置方面的主要目標是投資於我們的業務，包括執行我們的收購策略。我們也致力於保持穩健的資產負債表，這可以從我們的槓桿率中看出。

The extent we have excess capital after achieving these objectives, the share repurchase authorization provides us with a mechanism to return capital to our shareholders. In the 2025 fiscal year, we executed our capital allocation strategy, investing $93 million in CapEx and acquisitions, and conservatively maintaining leverage at 0.8 times net debt to adjusted EBITDA, which allowed us to complete share repurchases of approximately $98 million.

如果在實現這些目標後我們還有剩餘資本，股份回購授權為我們提供了一種將資本返還給股東的機制。在 2025 財年，我們執行了資本配置策略，投資 9,300 萬美元用於資本支出和收購，並保守地將淨債務與調整後 EBITDA 的比率維持在 0.8 倍，這使我們能夠完成約 9,800 萬美元的股票回購。

I will now turn the call over to Scott for an update on our acquisition strategy.

現在我將把電話交給史考特，請他介紹我們的收購策略的最新進展。

Thanks, Eric. As shown on Slide 13, we acquired three companies in the fourth quarter bringing our total for the year to eight for combined trailing 12-month net sales of approximately $55 million in 2025. Additionally, we have acquired one company in 2026. Since 2014, we have acquired 107 companies with approximately $2.1 billion in trailing 12-month net sales added to SiteOne. Turning to Slides 14 to 17, you will find information on our most recent acquisitions.

謝謝你，埃里克。如投影片 13 所示，我們在第四季度收購了三家公司，使我們全年的收購總數達到八家，預計到 2025 年，合併後的過去 12 個月淨銷售額約為 5,500 萬美元。此外，我們已於 2026 年收購了一家公司。自 2014 年以來，我們收購了 107 家公司，為 SiteOne 增加了約 21 億美元的過去 12 個月淨銷售額。翻到第 14 至 17 頁，您將找到有關我們最新收購的資訊。

On October 1, we acquired Red's Home & Garden, a wholesale distributor of nursery and hardscape products in Wilkesboro, North Carolina. The addition of Red's Home & Garden provides a strategic entry into North Carolina's Appalachian market allowing us to offer all of our product lines in a new market.

10 月 1 日，我們收購了 Red's Home & Garden，這是一家位於北卡羅來納州威爾克斯伯勒的苗圃和硬景觀產品批發分銷商。Red's Home & Garden 的加入為我們策略性地進入北卡羅來納州阿巴拉契亞市場提供了契機，使我們能夠在新市場提供我們所有的產品線。

On November 13, we acquired CC Landscaping Warehouse, a wholesale distributor of nursery products bulk materials and landscape supplies in Bradenton, Florida. The addition of CC Landscape and expand SiteOne's product offering in this fast-growing Florida market.

11 月 13 日，我們收購了 CC Landscaping Warehouse，這是一家位於佛羅裡達州布雷登頓的苗圃產品散裝材料和園林用品批發分銷商。CC Landscape 的加入，將擴大 SiteOne 在快速成長的佛羅裡達市場的產品供應範圍。

On November 20, we acquired French Broad Stone Yards, a two-location wholesale distributor of hardscape products in Arden and Brevard, North Carolina. This acquisition expands our Hartsgage presence in the North Carolina Mountain region. Finally, on January 13, we completed our first acquisition of 2026, adding Bourget Flagstone Company, a division of Bourget Brothers building materials and a wholesale distributor of hardscape products with one location in Santa Monica, California.

11 月 20 日，我們收購了 French Broad Stone Yards，這是一家在北卡羅來納州 Arden 和 Brevard 設有兩個地點的硬景觀產品批發分銷商。此次收購擴大了哈茨蓋奇在北卡羅來納州山區的業務。最後，在 1 月 13 日，我們完成了 2026 年的第一次收購，收購了 Bourget Flagstone Company，該公司是 Bourget Brothers 建材公司的一個部門，也是一家硬景觀產品批發分銷商，在加利福尼亞州聖莫尼卡設有一個辦事處。

Summarizing on Slide 18, our acquisition strategy continues to create significant value for SiteOne by adding excellent talent and moving us forward toward our goal of providing a full line of landscape products and services to our customers in all major US and Canadian markets. As we've discussed, the high-performing companies we acquired in 2025 were smaller than our historical average.

如投影片 18 所示，我們的收購策略透過增加優秀人才，持續為 SiteOne 創造重大價值，並推動我們朝著為美國和加拿大所有主要市場的客戶提供全系列景觀產品和服務的目標邁進。正如我們之前討論過的，我們在 2025 年收購的高績效公司規模小於我們歷史平均值。

As Doug had mentioned, given our active discussions, we would expect the average deal size to be more typical in 2026. Overall, with our strong balance sheet and a robust pipeline, we remain confident in our ability to continue adding outstanding companies to SiteOne for years to come.

正如道格所提到的，鑑於我們積極的討論，我們預計 2026 年的平均交易規模將更加正常。總而言之，憑藉我們強勁的資產負債表和穩健的業務儲備，我們仍然有信心在未來幾年繼續為 SiteOne 增添優秀的公司。

I want to thank the entire SiteOne team for their passion and commitment to making SiteOne a great place to work and for welcoming the newly acquired teams when they joined the SiteOne family. I will now turn the call back to Doug.

我要感謝 SiteOne 的全體團隊成員，感謝他們為使 SiteOne 成為一個優秀的工作場所所付出的熱情和努力，以及對新收購團隊加入 SiteOne 大家庭的熱情歡迎。現在我將把電話轉回給道格。

Thanks, Scott. I'll wrap up on Slide 19. As we move into 2026, there continues to be uncertainty with interest rates, consumer confidence and the overall economy, which could affect our end markets. On the positive side, we are expecting pricing to increase in 2026 for the first time since 2022, which will support higher organic daily sales growth. In terms of end markets, we expect new residential construction, which comprises 20% of our sales to be down in 2026.

謝謝你，斯科特。我將在第 19 張投影片上結束講解。進入 2026 年，利率、消費者信心和整體經濟仍然存在不確定性，這可能會影響我們的終端市場。從積極的方面來看，我們預計 2026 年價格將自 2022 年以來首次上漲，這將有助於提高每日自然銷售額的成長。就終端市場而言，我們預計占我們銷售額 20% 的新住宅建設在 2026 年將會下降。

Continued elevated interest rates, lower consumer confidence and high home values are constraining demand. This market was down in 2025. And with continued weakness in housing starts, we are expecting it to drop further in 2026.

持續高企的利率、較低的消費者信心和高房價正在抑制需求。2025年這個市場出現了下滑。由於房屋開工量持續疲軟，我們預計2026年房屋開工量將進一步下降。

New commercial construction, which represents 14% of our sales, was solid in 2025, and we believe it will remain flat in 2026. Median activity from our project services teams continues to be slightly positive compared to the prior year, which is a good indicator of continued demand. While the ABI index is showing weakness, our customer backlogs remain solid, and we believe the commercial market will remain resilient for the full year. We believe the repair and upgrade market, which represents 30% of our sales, was down in 2025 but seemed to have stabilized during the second half. Existing home sales continue to be soft, and there is a high degree of uncertainty associated with repair and upgrade.

2025 年，占我們銷售額 14% 的新商業建築表現穩健，我們認為 2026 年將保持穩定。與前一年相比，我們專案服務團隊的中位數活動量持續略有增加，這很好地顯示了需求的持續性。儘管ABI指數表現疲軟，但我們的客戶積壓訂單依然充足，我們相信商業市場在全年都將保持韌性。我們認為，維修和升級市場（占我們銷售額的 30%）在 2025 年有所下降，但在下半年似乎已經趨於穩定。二手房銷售持續疲軟，房屋維修和升級存在很大的不確定性。

However, the long-term fundamentals for this end market continue to be strong.

然而，該終端市場的長期基本面依然強勁。

We estimate that repair and upgrade demand will be flat in 2026. Lastly, in the maintenance end market, which represents 36% of our sales, we achieved excellent sales volume growth in 2025 as our teams gain profitable market share on top of the steady demand growth. We expect the maintenance end market to continue growing steadily in 2026.

我們預計 2026 年維修和升級需求將保持穩定。最後，在占我們銷售額 36% 的維護終端市場，由於我們的團隊在穩定的需求成長基礎上獲得了盈利的市場份額，我們在 2025 年實現了優異的銷售量成長。我們預計維護終端市場在 2026 年將持續穩定成長。

In total, we expect end market demand to be flat with growth and maintenance offsetting a decline in new residential construction. Given this backdrop and with the benefit of our commercial initiatives, we expect to achieve positive sales volume growth which, when coupled with positive pricing, is expected to yield low-single-digit organic daily sales growth for the full year 2026.

總體而言，我們預計終端市場需求將保持平穩，成長和維護將抵消新建住宅建設的下降。鑑於此背景以及我們商業舉措的益處，我們預計銷售量將實現正增長，再加上積極的定價策略，預計到 2026 年全年將實現低個位數的有機日銷售額增長。

We expect gross margin in 2026 to be higher than 2025, driven by our commercial initiatives and the contribution from acquisitions, partially offset by higher freight and logistics costs supporting our growth. Our continued strong actions to improve our productivity and by continuing to address our focus branches, we expect to achieve operating leverage in 2026, yielding solid improvement in our adjusted EBITDA margin. In terms of acquisitions, as Scott mentioned, we have a good pipeline of high-quality targets and we expect to add more excellent companies to the SiteOne family throughout 2026.

我們預計 2026 年的毛利率將高於 2025 年，這主要得益於我們的商業措施和收購帶來的貢獻，但部分將被支持我們成長的更高貨運和物流成本所抵銷。我們持續採取強有力的措施來提高生產力，並繼續關注我們的重點分支機構，我們預計在 2026 年實現營運槓桿，從而顯著提高調整後的 EBITDA 利潤率。就收購而言，正如 Scott 所提到的，我們有許多優質目標公司正在積極籌備中，我們預計在 2026 年全年都會有更多優秀的公司加入 SiteOne 大家庭。

Lastly, as Eric mentioned, we have an extra week in 2026. Unfortunately, this extra week occurs in fiscal December during a very slow sales period, which is a traditionally loss-making period for SiteOne. As a result, we expect the extra week will reduce our adjusted EBITDA by $4 million to $5 million. With all these factors in mind and including the negative effect of the 53rd week, we expect our full year adjusted EBITDA for fiscal 2026 to be in the range of $425 million to $455 million. This range does not factor in any contribution from unannounced acquisitions.

最後，正如艾瑞克所提到的，2026 年我們多了一周。不幸的是，這額外的一周恰逢財政年度 12 月，而 12 月正是銷售淡季，也是 SiteOne 歷來虧損的時期。因此，我們預計額外一周將使我們的調整後 EBITDA 減少 400 萬至 500 萬美元。考慮到所有這些因素，包括第 53 週的負面影響，我們預計 2026 財年全年調整後 EBITDA 將在 4.25 億美元至 4.55 億美元之間。該範圍並未計入任何未公佈的收購所帶來的貢獻。

In closing, I would like to sincerely thank all our SiteOne associates who continue to amaze me with their passion, commitment, teamwork and selfless service. We have a tremendous team, and it is an honor to be joined with them as we deliver increasing value for all our stakeholders. I would also like to thank our suppliers for supporting us so strongly and our customers for allowing us to be their partner. Operator, please open the line for questions.

最後，我要衷心感謝所有 SiteOne 的同事，他們的熱情、敬業精神、團隊合作和無私奉獻精神一直讓我感到驚嘆。我們擁有一支非常優秀的團隊，能夠與他們一起為所有利害關係人創造更大的價值，我感到非常榮幸。我還要感謝我們的供應商給予我們的大力支持，以及我們的客戶允許我們成為他們的合作夥伴。接線員，請開通提問線。

(Operator Instructions).

（操作說明）

David Manthey, Baird.

David Manthey，Baird。

Perfect. Thank you. Good morning, guys. First question here, more of a statement. I mean, we're in the shoulder season, obviously, but really encouraging results. So that's great to see. But focusing on the year that we just closed up, by my calculations, I think you did over 20% EBITDA contribution margins on just 1% organic growth in 2025.

完美的。謝謝。各位早安。這裡的第一個問題，更像是個陳述。我的意思是，現在顯然是淡季，但結果確實令人鼓舞。那真是太好了。但就我們剛結束的這一年而言，根據我的計算，我認為你們在 2025 年僅靠 1% 的有機增長就實現了超過 20% 的 EBITDA 貢獻利潤率。

And if I look at the guidance you've given for EBITDA and low-single-digit organic growth, I think that implies something in the mid- to high teens, maybe even higher than that in 2026 again.

如果我看一下您給出的 EBITDA 和個位數低段有機成長的指導意見，我認為這意味著到 2026 年，成長率可能會達到 15% 到 10% 之間，甚至可能更高。

So first question is just, is that your intent? And then I have a follow-up.

所以第一個問題是，這是你的本意嗎？然後我還有一個後續問題。

Yeah. I think those are the kind of the basic numbers, and we're able to get that, obviously, because we're improving our gross margin at the same time, we're getting SG&A leverage. And we -- as you know, we have the focus branches that we're able to improve. And so that gives us more than, say, a typical drop down to the bottom line on pretty modest sales. And we expect that to be the case in '26 as well as '25.

是的。我認為這些是基本數據，我們之所以能夠取得這些成績，顯然是因為我們在提高毛利率的同時，也獲得了銷售、一般及行政費用方面的槓桿作用。如您所知，我們有可以改進的重點分支。因此，即使銷售額相當一般，這也會導致利潤大幅下降，甚至超過一般水準。我們預期 2026 年和 2025 年的情況也是如此。

Eventually, that will play itself out. But for now, we can get pretty outsized delivery on low sales because of the focused branch improvement and the other initiatives that we've got that kind of combined together to give us that pretty robust profit improvement.

最終，這件事會水落石出。但就目前而言，由於我們集中精力改進分支機構以及採取其他舉措，即使銷售額不高，我們也能獲得相當可觀的交付量，這些舉措結合起來，為我們帶來了相當強勁的利潤增長。

Yeah. Thanks, Doug. You almost answered my follow-up question but let me just drill in a little bit more on that. So the factors that had depressed margin previously at the trough where weak market demand, negative pricing, we had this pioneer overhang, structural investments you made in the business and distribution centers and technology, and that was offset by the cost reduction efforts that you mentioned. And maybe as it relates to those specific efforts, clearly, some of those are in the rearview mirror and no longer apply.

是的。謝謝你，道格。你幾乎回答了我的後續問題，但我想再深入探討。因此，先前在市場需求疲軟、定價過低等因素導致利潤率下降，而我們當時面臨的先行者優勢、您在業務、配送中心和技術方面的結構性投資，都被您提到的成本削減措施所抵消。或許就這些具體努力而言，很顯然，其中一些已經成為過去，不再適用。

But as you look at 2026, which are the key levers as we go forward? And then is there anything else from a cost standpoint that we need to think about that will be an offset in '26? Just any sort of investments or anything else we should be watching for.

但展望2026年，我們前進的關鍵槓桿是什麼？那麼，從成本角度來看，還有什麼其他因素需要考慮，才能在 2026 年抵銷這些成本呢？任何類型的投資或其他任何我們應該關注的事情。

Yeah. I mean you pretty much hit the list, and that's why we're excited as we look forward. Pioneers delivered significant improved profitability in '25. We expect that to continue in '26. Deflation, which has been hampering us for several years is largely behind us.

是的。我的意思是，你們幾乎滿足了所有要求，所以我們對未來充滿期待。Pioneers在2025年實現了顯著的獲利能力提升。我們預計這種情況在2026年還會持續。困擾我們多年的通貨緊縮問題基本上已過去。

And the investments that we've made during those periods, even when things were tougher are starting to pay off and we're getting to harvest those. So a good outlook, I guess, going forward. The 1 headwind, we do have a headwind. We mentioned we put in the fifth DC. We put that in the fourth quarter.

我們在那些時期進行的投資，即使在情況比較艱難的時候，也開始獲得回報，我們正在收穫這些回報。所以，我想，未來前景應該會不錯。1. 逆風，我們確實遇到了逆風。我們之前提到過，我們增加了第五個防守組。我們把它放在了第四節。

We're also expanding another one of our DCs. When we do that initially, it tends to be dilutive a couple of million dollars in the fourth quarter. It will be another $8 million next year. As a headwind, that will offset some of the gross margin improvement, but we'll still see solid gross margin improvement on top of that.

我們還在擴建另一個配送中心。當我們最初這樣做時，往往會在第四季度造成數百萬美元的股權稀釋。明年還將增加800萬美元。不利因素會抵銷部分毛利率的提升，但我們仍將看到毛利率在此基礎上穩健提升。

Last year, we had a bonus headwind with very little bonus in '24, we paid higher bonuses in '25 on better performance. So kind of -- if you replace that headwind in '26. But that would be the one thing that's kind of -- that would still be going against us.

去年，由於 2024 年獎金很少，我們面臨獎金方面的不利因素；2025 年，由於業績更好，我們支付了更高的獎金。所以某種程度上來說——如果你把26年的逆風換掉的話。但那件事仍然會對我們不利。

Got it. Thanks, Doug.

知道了。謝謝你，道格。

Thank you, David.

謝謝你，大衛。

Ryan Merkel, William Blair.

瑞安·默克爾，威廉·布萊爾。

Hey, guys, thanks for the question. I wanted to start with the first quarter outlook, if I could. Are you expecting low-single-digit organic growth here in 1Q? And can you comment on how the start to the year has gone?

嘿，各位，謝謝你們的提問。如果可以的話，我想先談談第一季的展望。你預期第一季有機成長率會是低個位數嗎？能否評價今年的開局情況？

Yes. I mean we would expect our growth to be fairly balanced through the year. Pricing will be a bit stronger in the first half just because of the way the tariff pricing hit kind of in May-ish, April, May, of last year. And the way the deflation of the commodity products has come off, we'll probably have stronger pricing in the first half than the second half. But overall, let's call it, organic sales volume should be fairly spread out through the year.

是的。我的意思是，我們預計全年的成長將保持相對平衡。由於去年四、五月關稅價格上漲的影響，上半年的價格會略微走強一些。鑑於大宗商品通貨緊縮的現狀，上半年的價格可能會比下半年更堅挺。但總的來說，我們可以這樣說，有機銷售額應該會在全年較為分散。

The start of the year has been very reasonable. We had a good January. February has been somewhat weather-affected. But we're not seeing anything that doesn't line up with our guidance or outlook for 2026.

今年的開局非常順利。我們一月過得還不錯。二月受到天氣的影響比較大。但我們目前沒有發現任何與我們對 2026 年的指導或展望不符的情況。

Okay. That's great to hear. And then for my follow-up, guiding '26 organic to low-single digits, the flat market price of 2%. So what I noticed is it doesn't include a lot for share gains. So how are you thinking about share gains in '26 and then maybe speak generally to competition, if it's still rational or if you're seeing people get a little more competitive here?

好的。聽到這個消息真是太好了。然後，我的後續預測是，2026 年有機成長將達到個位數低點，市場價格持平於 2%。我注意到，它並沒有包含許多股票收益方面的資訊。那麼，您如何看待 2026 年的市佔率成長？再談談競爭現狀，是依然理性，還是競爭變得更激烈？

Yeah. No, great question. Yes, we're confident that we can continue to gain market share -- we're obviously very cautious on the market itself. We're calling it flat, but we do expect to gain market share. And so we probably put some cushion in there if the market ends up holding up, we should do well on a volume basis.

是的。不，問得好。是的，我們有信心繼續擴大市場份額——當然，我們對市場本身也非常謹慎。我們稱之為持平，但我們確實期望獲得市場份額。因此，如果市場最終保持穩定，我們可能會預留一些緩衝資金，從成交量來看，我們應該會有不錯的表現。

We're very pleased with the 1% volume increase that we got last year when the market was down. So that looks optimistic. In terms of competition, it's the same, right? I mean, our very competitive market. We have different competitors, some are more competitive than others.

去年市場低迷時，我們仍然實現了 1% 的銷售成長，對此我們非常滿意。所以這看起來很樂觀。從競爭的角度來看，情況是一樣的，對吧？我的意思是，我們這個市場競爭非常激烈。我們有不同的競爭對手，有些比其他競爭對手更具競爭力。

They're all kind of behaving the same. We're very good at battling it out for the large customers. We're taking share kind of with the small mid customers where the competition is less or tends to be less. And so that's kind of our strategy. But the competitive environment is very similar, but it is a very -- it's a competitive market.

他們的行為都差不多。我們非常擅長爭取大客戶。我們正在從競爭較小或相對較小的中小型客戶群中搶佔市場份額。這就是我們的策略。但競爭環境非常相似，而且這是一個競爭非常激烈的市場。

Very good. Thanks for the thoughts. Best of luck.

非常好。謝謝你的想法。祝你好運。

Thank you.

謝謝。

Jeffrey Stevenson, Loop Capital Markets.

Jeffrey Stevenson，Loop Capital Markets。

Hey, thanks for taking my questions today. How should we think about the expected operating leverage benefits in 2026 from your internal initiatives, focused on improving underperformer branches. And then could there be additional opportunities to close or consolidate branches in addition to the 20 you did in the fourth quarter?

嘿，謝謝你今天回答我的問題。我們該如何看待貴公司旨在改善業績不佳分公司的內部措施在 2026 年帶來的預期經營槓桿效益？除了第四季度關閉或合併的 20 家分行之外，是否還有其他機會可以關閉或合併分行？

Yeah. Thanks, Jeff. I think focused branches will continue to contribute. We're expecting kind of a similar contribution to '26 as we delivered in '25. I think closures at this point, we're not expecting to do something that we have done in the last two fourth quarters, we'll continue to assess those opportunities.

是的。謝謝你，傑夫。我認為專注的分支將繼續做出貢獻。我們預計 2026 年的貢獻將與 2025 年的貢獻大致相同。我認為目前我們不會像過去兩個第四季那樣關閉門市，我們會繼續評估這些機會。

But it's part of our typical process to close branches and consolidate when leases come up. So we're not planning anything significant at this point.

但租賃到期時關閉分行並進行合併是我們通常的流程之一。所以目前我們沒有任何重大計劃。

But in terms of other SG&A items, we do expect to drive productivity improvements on top of just the closures, cost management, our delivery programs, multiyear journey, we expect that to contribute again. So we are facing -- we do have inflation not only in wages, but overall across our SG&A. So we do believe that our initiatives will overcome that and we'll achieve leverage. That's our plans in '26.

但就其他銷售、一般及行政費用而言，我們預計除了關店、成本管理、交付計劃和多年發展計劃之外，還將推動生產力提升，我們預計這將再次做出貢獻。所以我們面臨的問題是──不只薪資上漲，而且銷售、管理及行政費用整體也上漲。所以我們相信，我們的措施將克服這一困難，並取得優勢。這就是我們2026年的計畫。

Okay. Great. No, that's helpful. And private label growth has been a standout this year, increasing to 15% of sales. And it sounds like you have a long runway of opportunities in your core private label brands. Just is there a long-term target of what percentage private label sales could grow to over the coming years?

好的。偉大的。不，這很有幫助。今年自有品牌成長尤為突出，銷售額佔比已達 ​​15%。聽起來，你們的核心自有品牌還有很多發展機會。那麼，未來幾年自有品牌銷售額的成長目標應該要達到多少百分比呢？

Yeah. I mean we would think that 25%, 30% private label in the long term would be very doable. It will take us time to get there. We kind of have a goal of adding 100 basis points in our total sales mix a year, and we achieved that goal this year. We've got some terrific programs for private label products for '26. So we feel like it will be a steady very long-term march, but quite powerful over that period in terms of margin improvement.

是的。我的意思是，我們認為從長遠來看，25%、30%的自有品牌比例是完全可行的。我們需要時間才能到達那裡。我們的目標是每年在總銷售組合中增加 100 個基點，而我們今年實現了這個目標。我們為 2026 年的自有品牌產品準備了一些非常棒的方案。因此，我們認為這將是一個穩步的長期進程，但在此期間，利潤率的提升將相當強勁。

Great, thank you.

太好了，謝謝。

Collin Verron, Deutsche Bank.

科林‧維隆，德意志銀行。

Good morning. Thank you for taking my questions. I just want to start on maintenance. It's really shown steadiness in this uneven macro backdrop. So just curious, can you quantify the organic maintenance sales growth you saw in 2025 and sort of what your expectations are in terms of magnitude for 2026. And then I guess just the offset here on the new resi side, just any sense of order of magnitude for the declines that you're expecting there?

早安.謝謝您回答我的問題。我只想先開始維護工作。在這種動盪的宏觀背景下，它確實展現了穩定性。所以我很好奇，您能否量化一下您在 2025 年看到的有機維護銷售成長，以及您對 2026 年的成長幅度有何預期？那麼，我想問的是，在新住宅區這邊，您預計的下降幅度大概是多少？

Yeah. Our organic growth for the products we sell into maintenance. So agronomics growth for the year was 7%, and that was all volume. Pricing came in flat for the full year. And in the fourth quarter, it was 11% on 9% volume with 2% price.

是的。我們銷售的產品在維護領域實現了有機成長。因此，該年農藝業成長率為 7%，且全部是產量成長。全年價格保持不變。第四季，銷量成長 9%，價格上漲 2%，漲幅達 11%。

So we feel like we're performing very well, taking share, penetrating adjacent markets and driving a lot of improvements in our balanced mix of products.

因此，我們感覺我們表現得非常好，市場份額不斷擴大，相鄰市場也得到了滲透，並且我們均衡的產品組合也得到了很大的改進。

We think the base market demand is probably 2% to 3% a year in maintenance it's 36% of our business. So that's a kind of powerful force. New res is 20% of our business. So it does allow us to kind of counterbalance that weakness. But coming in at 7% volume, we have been gaining market share in maintenance. And we think we can continue -- we gain market share there, probably for the last two or three years and have great capabilities there.

我們認為基礎市場需求可能每年增長 2% 到 3%，而維護業務占我們業務的 36%。所以這是一種強大的力量。新房源占我們業務的20%。所以它確實能讓我們在某種程度上彌補這個弱點。但憑藉 7% 的市場份額，我們在維修領域不斷擴大市場份額。我們認為我們可以繼續保持這種勢頭——我們在那裡獲得了市場份額，可能是在過去兩三年裡，而且我們在那裡擁有強大的能力。

Great. That's helpful color. And I guess just committing to gross margin. I mean, it was a really strong quarter in the fourth quarter, and I think it was slightly better than sort of the expectations coming out of the third quarter. So maybe can you compare sort of what transpired in the fourth quarter to what you were thinking in the third quarter and some of the puts and takes there? And maybe how those will continue into 2026.

偉大的。這是個很有幫助的顏色。我想，關鍵在於提高毛利率。我的意思是，第四季表現非常強勁，我認為比第三季結束後的預期略好一些。那麼，您能否將第四季度發生的事情與您在第三季度的想法以及當時的一些買賣決策進行比較呢？或許這些趨勢會延續到 2026 年。

Yes. So if you think about price, we had guided 1% to 2%. We ended up on the high end of that with the 2%. So a better contribution on price, price realization. Vendor support.

是的。所以，如果考慮價格的話，我們之前的指導價是 1% 到 2%。最後我們得到了2%這個較高的數值。因此，在價格和價格實現方面能做出更大的貢獻。供應商支援。

We were conservative there and things came in a little better. That can move around at the end of a seasonal quarter, not necessarily tied to sales. Its more purchasing volumes related and then freight impacts, which there's been some partial offsets there that wasn't as bad as we anticipated.

我們當時採取了保守的做法，結果稍微好了一些。這個數字可能會在季度末有所變動，不一定與銷售額相關。這更與採購量有關，其次是運費的影響，不過這方面有一些部分抵消作用，沒有我們預期的那麼糟糕。

And acquisitions contribution came in a little higher on the gross margin side. So overall, it was better than we expected. We entered the year on the high end of the pricing guide here for '26, so we think that will be beneficial for price realization in the first quarter and first half of '26.

收購帶來的毛利率貢獻略高。總的來說，比我們預期的還要好。今年年初，我們的定價策略處於 2026 年定價指南的高端，因此我們認為這將有利於 2026 年第一季和上半年的價格實現。

Mike Dahl, RBC Capital Markets.

Mike Dahl，加拿大皇家銀行資本市場。

Morning, thanks for taking my questions. First one on just the organic daily sales outlook. I know that with these branch closures, you typically expect to retain most of the sales, but given you've had to at least two larger iterations of this now. I don't know if that may or may not be different than normal.

早上好，謝謝您回答我的問題。首先，我們來看看每日有機銷售額的預期情況。我知道，通常情況下，關閉這些分店後，你們會希望保留大部分銷售額，但鑑於你們現在已經至少進行了兩次更大規模的調整。我不知道這是否與正常情況有所不同。

But do you have any kind of stats that are showing you so far maybe percentage wise of what percentage of sales you're retaining and how that's influencing your if at all, your daily sales guide? And similarly, if we should think about that extra week in December as negatively impacting your daily sales guidance?

但是，您目前是否有任何統計數據，例如以百分比顯示您的銷售留存率，以及這如何影響您的每日銷售指南（如果有影響的話）？同樣地，我們是否應該將 12 月多出來的那一週視為對你們每日銷售預期產生負面影響？

Yes. In terms of the closures, we typically retain 75%, 80% of the sale. I mean, that has been our history. And so we would expect something similar. It is baked into our guide.

是的。就房屋交割而言，我們通常會保留銷售額的 75% 或 80%。我的意思是，這就是我們的歷史。因此，我們預計會出現類似的情況。這一點已寫入我們的指南中。

So that's a bit of a headwind that obviously we can overcome come with share gains. And then I'll pass it to Eric for the effect of the 53rd week.

所以這確實是一個不利因素，但顯然我們可以透過市場佔有率的成長來克服它。然後我會把它交給艾瑞克，看看第 53 週的效果如何。

Yeah. The 53rd week, obviously, it's an extra week of sales, but it's a very slow week. I think after Christmas and wrap around New Year. So those four extra selling days is seasonally very slow. On the organic daily basis, it's about 100 basis negative drag on organic growth.

是的。第 53 週，顯然是多出的一周銷售期，但這一周的銷售非常冷清。我想應該是聖誕節後到新年前後這段時間。所以，這額外的四天銷售時間在季節性淡季是比較少的。以自然流量計算，這對自然流量成長造成了約 100 個基點的負面影響。

For the -- and Eric, that's for the year or for the quarter, it equates to 100 basis points.

對於——還有埃里克，無論是按年還是按季度計算，都相當於 100 個基點。

Yeah, that's the full year, that number.

是的，那就是全年的數字。

Okay. Yeah. That's what -- that makes sense. That's what I kind of figured. Okay. And then just pivoting to the margin side. you're not giving exact guide for SG&A and gross margin per usual, but you expect improvement in both. Can you give us a sense of whether it's more heavily geared towards one versus the other?

好的。是的。原來如此——這說得通。我大概也猜到了。好的。然後我們再來看看利潤率方面。您沒有像往常一樣給出銷售、管理及行政費用和毛利率的具體指引，但您預計這兩項指標都會有所改善。您能否大致說明一下，它更側重於哪一方？

It's pretty balanced across the two as it was in 2025. So we feel like we're driving initiatives on both sides and it would be pretty balanced in the contribution of each.

兩者之間相當平衡，就像 2025 年一樣。因此，我們感覺雙方都在推動各項舉措，而且雙方的貢獻也相當均衡。

Okay, great. Thank you. Good luck.

好的，太好了。謝謝。祝你好運。

Matthew Bouley, Barclays.

馬修·布雷，巴克萊銀行。

Hi, you have [Elaine Ku] on for Matt Bouley today. Thank you for taking my questions. I wanted to follow up on private label. So within that, like what categories are you seeing the most opportunity to expand within? And can you walk us through maybe some of the margin differentials there for your business?

您好，今天由伊萊恩·庫 (Elaine Ku) 代替馬特·布雷 (Matt Bouley) 為您解說。謝謝您回答我的問題。我想跟進一下自有品牌的情況。那麼，在這些類別中，您認為哪些領域最有發展潛力呢？您能否為我們詳細介紹一下貴公司在這方面的利潤差異？

I mean the categories are we have private -- strong private label and agronomics being with the LESCO brand, with the Pro Trade, that would be lighting and other landscape supplies like synthetic turf, erosion control and fittings, et cetera.

我的意思是，產品類別包括：自有品牌——強大的自有品牌和農藝產品（例如 LESCO 品牌），以及專業貿易產品，例如照明和其他景觀用品（例如人造草坪、侵蝕控制和配件等）。

The -- and then we have a strong private label brand, Solstice Stone in hardscapes. And so that's high-ends and flooring, decking, et cetera. And then finally, portfolio is our nursery private label, which is growing quite rapidly. So that gives you the full breadth of our private label brands.

此外，我們還有一個強大的自有品牌，即硬景觀材料領域的 Solstice Stone。所以，以上就是高階產品以及地板、露台等等。最後，Portfolio 是我們苗圃的自有品牌，它發展得相當迅速。這樣，您就可以全面了解我們的自有品牌產品了。

the differential, I would just say, is significant. It makes a difference. And when we move the percentage of private label as a percent of total sales, it makes a material impact on our gross margin.

我只能說，這種差異非常顯著。這很重要。當我們調整自有品牌產品佔總銷售額的比例時，會對我們的毛利率產生實質的影響。

Got it. And can you also touch on what you're seeing in terms of price increase announcements so far into like early 1Q. How has price realization tracked so far? And is there any difference between like finished goods and commodity pricing?

知道了。您能否也談談您在第一季初至今看到的價格上漲公告方面的情況？目前價格實現情況如何？成品定價和商品定價之間有什麼區別嗎？

Yeah. So price realization, I would say it's early, but it's tracking how we exited Price increases so far in the quarter, it's early larger suppliers I guess we had one signal low-single digit. So nothing significant so far in the quarter.

是的。所以，就價格實現而言，我認為現在還為時過早，但它與我們本季迄今為止的價格上漲趨勢相符，現在對於大型供應商來說還為時過早，我想我們已經收到一個信號，漲幅在個位數以下。所以本季目前為止還沒有出現什麼重大事件。

And commodities.

以及大宗商品。

Yeah, commodities, sorry, commodities, so we exited the year, the two that had been deflationary or have been deflationary, grass seed was down 12% and PVC down 10%. As we enter the this first half of the year, grass seed will stay in that range, kind of 10% to 15%, reprices in June. We'll see -- we believe we're at a bottom there. We're down to 2013 pricing levels.

是的，大宗商品，抱歉，是大宗商品，所以我們結束了這一年，兩種曾經或現在處於通縮狀態的大宗商品，草籽下跌了 12%，PVC 下跌了 10%。進入今年上半年，草籽價格將維持在 10% 到 15% 的範圍內，6 月價格將重新調整。我們拭目以待——我們認為我們已經觸底了。價格已經回落到 2013 年的水準了。

So we don't believe that we're going to go down any further after the first half of the year. And then PVC is kind of flattish right now in the environment. We're kind of monitoring. We haven't seen any price increases or any significant decreases at this point.

因此，我們認為今年上半年過後，股價不會再進一步下跌。而且，PVC目前在市場上的地位比較低迷。我們正在密切關注。目前我們還沒有看到任何價格上漲或大幅下跌。

So commodities right now, we believe we're exiting those deflationary impacts on the business. And then across the rest of the cost basket more 90% positive price territory and tariff-affected products, where price increases went in the second quarter in '25.

所以，我們認為目前大宗商品市場正在擺脫通貨緊縮對業務的影響。然後，在成本籃子的其他部分，超過 90% 的產品價格上漲，以及受關稅影響的產品，這些產品的價格上漲發生在 2025 年第二季。

Those have remained in the positive pricing territory.

這些股票的價格一直保持在正值區間。

Got it. Thank you.

知道了。謝謝。

Andrew Carter, Stifel.

Andrew Carter，Stifel。

Hey, thank you. Good morning. Regarding the digital growth that you cited, where is digital penetration today across the platform? And is it significantly different by markets where there's a test case to show where this can be? Or is it pretty even at this point?

嘿，謝謝。早安.關於您提到的數位成長，目前該平台的數位化滲透率如何？那麼，在有測試案例顯示這種情況可能發生的市場中，結果是否會有顯著差異？或者說，目前雙方勢均力敵嗎？

It's a pretty broad spread across products now and across geographics. We're very pleased. We're up 120% or over 120% versus last year. We expect that to be double-digit penetration for total sales this year. We've got our regular users of siteone.com are up 60%. There were about 10,000 regular users in 2025. So we're very pleased at how digital is ramping up and becoming a very meaningful part of SiteOne.

現在這種現像已經蔓延到各個產品領域和各個地區，範圍相當廣泛。我們非常滿意。與去年相比，我們成長了120%甚至更多。我們預計今年總銷售額的滲透率將達到兩位數。siteone.com 的常規用戶數量增加了 60%。到 2025 年，常規用戶數量約為 10,000 人。因此，我們非常高興地看到數位化正在加速發展，並成為 SiteOne 非常重要的組成部分。

And regarding kind of the end market guidance that you gave, new construction to be down, how much in your guidance has factored in how deep the declines could go that you could manage and still stay within your guidance? And remind us, I think you have your six months out from new construction, census is delayed, but -- so that still gives you until April. So any help and clarity on that key market?

至於您給予的終端市場指引，即新建築數量將會下降，您的指引中在多大程度上考慮到了下降幅度可能有多大，您又能在多大程度上控制住局面，從而仍然能夠實現您的指引？提醒一下，我認為你們有六個月的時間可以進行新的建設，人口普查雖然推遲了，但是——所以你們還有時間到四月。那麼，關於這個關鍵市場，您有什麼幫助和建議嗎？

Yes. I mean it's hard to say, right? There's a lot of uncertainty with new res, but I would kind of -- we're looking at maintenance as a balance and maintenance is 36% of our business. New res is 20%. Maintenance demand will be up 2% to 3%.

是的。我的意思是，這很難說，對吧？新資源有很多不確定因素，但我認為——我們正在將維護視為一種平衡，而維護占我們業務的 36%。新增解析度為 20%。維護需求將成長 2% 至 3%。

So new res could be down more than that. And obviously, it balances, right? So that gives you the math of how we're thinking about how things will play out. And we stand ready for -- if the market is worse than that, then we feel like our share gains can also help balance that. We're gaining strength there.

所以新的資源可能會下降更多。顯然，這樣就能達到平衡，對吧？這樣就用數學方法解釋了我們是如何看待事情會如何發展的。我們已做好準備——如果市場情況比這更糟，我們認為我們的股價上漲也可以幫助平衡這種情況。我們在那裡的實力正在增強。

But we'll see what we get. 2025 was we feel a down market where new res and repair and remodel go down, and we were able to kind of drive out a 1% volume growth. So we're still optimistic, even though we feel that the new res market is likely to be soft and down materially.

但我們會拭目以待。我們預計2025年市場將會下滑，新建住宅、房屋維修和翻新需求都會下降，但我們仍然實現了1%的銷售成長。所以，儘管我們認為新房市場可能會疲軟並大幅下滑，但我們仍然保持樂觀。

Thanks, pass it on.

謝謝，請轉告。

Charles Perron-Piche, Goldman Sachs.

查爾斯·佩隆-皮奇，高盛。

Good morning. First, I'd like to touch on the M&A pipeline. What gives you the confidence in the normalization in activity this year? And should activity remain soft, how would you consider other capitalization priorities given the strength of the balance sheet?

早安.首先，我想談談併購流程。為什麼對今年經濟活動恢復正常有信心？如果經濟活動持續疲軟，鑑於資產負債表的強勁狀況，您會如何考慮其他資本化優先事項？

Yeah. Thanks, Charles. I would say, obviously, the M&A activity in the year very significantly. But our long-term average is that the average size is $15 million to $20 million in revenue. And just to show the variability in '23 and '24, our average revenue was over $25 million per company.

是的。謝謝你，查爾斯。顯然，我認為今年的併購活動非常顯著。但從長期平均來看，平均規模的收入為 1500 萬美元至 2000 萬美元。為了說明 2023 年和 2024 年的波動情況，我們每家公司的平均收入超過 2,500 萬美元。

And this year, as you saw, it was well under 10%. What gives us confidence is that our active discussions this year would lead us to believe that we'd be in a more typical range. So it's just our experience and our ongoing discussions. And then in terms if it is a light year, Eric?

正如你所看到的，今年這一比例遠低於 10%。令我們感到有信心的是，我們今年的積極討論讓我們相信，我們的業績將處於一個更典型的範圍內。所以這只是我們的經驗和我們正在進行的討論。那麼，如果這是光年的話，艾瑞克？

Yeah. We would be -- we redeploy capital to return cash to the shareholders. So yes. we would fill in any space there.

是的。我們會－重新部署資本，將現金回饋給股東。是的，我們會填補那裡的任何空白。

Got it. Okay. That's helpful. And then just touching on the fifth distribution center that opened up in understanding the costs that will come through it in the near term. But can you talk about the expected benefit that you're going to be able to generate from this and the improvement of service associated with that?

知道了。好的。那很有幫助。然後，我們簡單了解新開設的第五個配送中心，以及它在短期內將產生的成本。但是，您能否談談您預期能從中獲得的收益，以及由此帶來的服務改進？

Right. So yes, the fifth DC is in Wisconsin. So it fills in the midwest part of our business. It will partly support 100 to 150 branches. And obviously, longer term, that will drive down our total delivered cost of goods sold and improve our margins.

正確的。是的，第五個華盛頓特區位於威斯康辛州。所以它填補了我們中西部地區的業務空白。它將部分支援 100 至 150 家分行。顯然，從長遠來看，這將降低我們的總銷售成本，提高我們的利潤率。

It is dilutive when we do it initially, but it improves the margin. But it also improves our stocking and our ability to service our customers with tremendous service at lower overall inventory levels because we get the inventory efficiency there.

雖然一開始會稀釋利潤，但之後會提高利潤率。但這也提高了我們的庫存效率，使我們能夠在較低的整體庫存水準下為客戶提供卓越的服務，因為我們提高了庫存效率。

So adding the fifth DC will help us continue to lower our overall network cost over time. It will allow us to streamline our inventory turns and increase our inventory turns. But in the short term, it's dilutive in the year where you put it in and ramp yourself up.

因此，增加第五個資料中心將有助於我們隨著時間的推移繼續降低整體網路成本。這將使我們能夠簡化庫存週轉流程並提高庫存週轉率。但短期來看，在你投入資金並加速發展的那一年，它會起到稀釋作用。

And I'd also add that it helps us continue to accelerate our private label so it gives us just another driver there to achieve our objective.

我還要補充一點，這有助於我們繼續加速自有品牌的發展，從而為我們實現目標提供了另一個動力。

All right, thanks for your time, guys, and good luck for the next quarter.

好了，謝謝各位抽出時間，祝你們下個季度好運。

Thank you.

謝謝。

Shaun Calnan, Bank of America.

肖恩·卡爾南，美國銀行。

Hi guys, thanks for taking my questions. Just a follow-up on the M&A activity question. Do you have a target for the amount of capital you want to deploy this year or a target for the leverage ratio outside of the long-term number just so we could kind of think about total M&A and share repurchases together since you're below the low end of your target at this point?

大家好，感謝你們回答我的問題。關於併購活動的問題，我再補充一點。今年您是否有計劃投入的資本金額目標，或者除了長期目標之外，是否有槓桿率目標？這樣我們就可以把併購和股票回購的總額放在一起考慮，因為您目前的水平低於目標的下限。

Yeah. I think the target is on leverage. And so we would maintain that target. And so we'll see how the year develops in terms of M&A. M&A tends to average toward a mean.

是的。我認為目標在於槓桿作用。因此，我們將繼續保持這一目標。所以，我們將拭​​目以待，看看今年併購市場會如何發展。併購活動往往會趨向於一個平均值。

And so with last year being a lighter year. And given the discussions that Scott mentioned, we feel like this is going to be a stronger year. And that's our first priority, right? Invest in the business, value-added acquisitions that help us build our company. And then we do have strong cash flows.

所以去年是比較輕鬆的年份。鑑於斯科特提到的討論，我們感覺今年將會是更強的一年。那才是我們的首要任務，對吧？投資企業，進行有助於我們成長的增值收購。而且我們確實擁有強勁的現金流。

We expect them to continue to be strong. If we have capital that we feel is in excess staying within our target, we'll get share repurchases opportunistically through the year as well.

我們預計他們將繼續保持強勁勢頭。如果我們認為資本超出目標範圍，我們將在年內擇機進行股票回購。

Okay. Great. And then the macro backdrop for large discretionary spend seems to remain challenged right now, but you guys are guiding for repair and upgrade to be relatively flat this year. What gives you the confidence that it will remain stable? And then what are you hearing in terms of backlogs on the repair and upgrade side?

好的。偉大的。目前看來，大額可自由支配支出的宏觀背景仍充滿挑戰，但你們預計今年的維修和升級支出將相對穩定。是什麼讓你確信它會保持穩定？那麼，您所了解的維修和升級方面的積壓情況如何？

Yeah, it's a great question. I mean, we would say that flat is our best estimate. There certainly is some uncertainty around there in terms of the market. What we're seeing in the market is that the very high end of our model continues to be strong, big backyard projects where folks aren't borrowing the money they can pay with cash and et cetera. So that continues to be strong.

是的，這是一個很好的問題。我的意思是，我們認為平坦是我們能做出的最佳估計。就市場而言，那裡的確存在一些不確定性。我們在市場上看到的是，我們模式的高端市場仍然強勁，大型後院項目，人們不會貸款，而是用現金等方式支付。所以這趨勢依然強勁。

What became very weak was that middle income, some smaller projects that had -- would have to be funded through either an equity loan or some type of interest rate device. And so we that has been weak. As we mentioned, the remodel market was down, we believe, in 2025.

非常薄弱的​​是，中等收入群體，以及一些規模較小的項目，必須透過股權貸款或某種利率機制來籌集資金。所以，我們在這方面一直很弱。正如我們之前提到的，我們認為2025年房屋翻新市場將會下滑。

We've seen some stabilization in our own numbers. or scapes products, lighting products that tend to be remodel-driven would have been less down as the year progressed through.

我們看到自身的數據已經趨於穩定。或者說，景觀產品、照明產品等主要受改造需求驅動的產品，隨著時間的推移，銷量下滑的幅度會小一些。

And so we take that as a sign that the market is kind of bottoming out. Certainly, that could be a wrong progression, but that's what we're seeing. The backlog, our customers, they have piece and backlogs they're way smaller than they were in the post COVID and some of the heyday.

因此，我們認為這是市場觸底反彈的訊號。當然，這可能是錯誤的趨勢，但這就是我們目前看到的。積壓訂單，我們的客戶，他們的訂單積壓情況，比新冠疫情後和鼎盛時期要少得多。

But it seems like they've got reasonable backlogs to be able to deliver on a flat year. So what we're seeing now, obviously, there's some uncertainty there. But we -- it gives us greater confidence that maybe we're hitting the bottom and that this year could be flat.

但他們似乎有足夠的訂單儲備，即使在業績持平的一年也能準時交貨。所以很明顯，我們現在看到的是一些不確定性。但這讓我們更有信心，或許我們已經觸底反彈，今年的經濟可能會保持穩定。

Okay, great. Thank you.

好的，太好了。謝謝。

We have reached the end of our question-and-answer session now as there are no further questions at this time. I would now like to turn the floor back over to Doug Black for closing comments.

問答環節到此結束，目前沒有其他問題了。現在我想把發言權交還給道格·布萊克，讓他做總結發言。

Okay. Well, thank you all for joining us today. We appreciate your interest in SiteOne, and we look forward to speaking to you again at the end of next quarter. Again, a big thank you to all our terrific associates for all they do our suppliers and our customers, and we will talk to you next quarter. Thank you.

好的。謝謝各位今天蒞臨。感謝您對 SiteOne 的關注，我們期待在下個季度末再次與您洽談。再次衷心感謝我們所有優秀的同事們為我們的供應商和客戶所做的一切，我們下個季度再見。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。