Stoneridge Inc (SRI) 2026 Q1 法說會逐字稿

Welcome to the Stoneridge first-quarter 2026 earnings call. (Operator Instructions) Please note this conference is being recorded. I would now like to turn the conference over to Kelly Harvey, Director of Investor Relations. Thank you, and over to you.

歡迎參加 Stoneridge 2026 年第一季財報電話會議。（接線員指示）請注意，本次會議將被錄音。我現在想將會議交給投資人關係總監 Kelly Harvey。謝謝，交給您。

Good morning, everyone, and thank you for joining us to discuss our first-quarter 2026 results. The release and accompanying presentation was filed with the SEC and is posted on our website at stoneridge.com in the investors section under presentations and events. Joining me on today's call are Natalia Noblet, our President and Chief Executive Officer; and Bob Hartman, our Interim Chief Financial Officer.

各位早安，感謝各位加入我們，一同討論 2026 年第一季的業績表現。新聞稿與隨附簡報已向美國證券交易委員會（SEC）申報，並已張貼於我們網站 stoneridge.com 的投資人專區「簡報與活動」之下。今天與我一同參與電話會議的有：我們的總裁兼執行長 Natalia Noblet，以及我們的臨時財務長 Bob Hartman。

Before we begin, I would like to inform you that as a result of the sale of its Control Devices business segment on January 30, 2026, the company has applied the provisions of discontinued operations accounting guidance and has retrospectively presented the financial results of the Control Devices segment as discontinued operations and the accompanying presentation for all periods presented.

在開始之前，我想先告知各位：由於公司於 2026 年 1 月 30 日出售其 Control Devices 業務部門，公司已採用停業單位會計準則之規定，並已追溯重編將 Control Devices 部門的財務結果列為停業單位，同時也對所呈列之所有期間的隨附簡報進行相同處理。

Additionally, in connection with the retrospective presentation of Control Devices as discontinued operation, prior-period segment information has been recast to conform to current period presentation. More information on the basis of presentation will be included in the Form 10-Q, which will be filed with the Securities and Exchange Commission.

此外，配合將 Control Devices 追溯呈列為停業單位，前期的分部資訊亦已重編，以符合本期的呈列方式。關於呈列基礎的更多資訊，將載於即將向美國證券交易委員會提交的 Form 10-Q。

During today's call, we will be referring to certain non-GAAP financial measures. Please see slide 2 of the presentation for a more detailed description of these non-GAAP measures and the appendix for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures.

在今天的電話會議中，我們將提及若干非 GAAP 財務衡量指標。請參閱簡報第 2 頁，以取得這些非 GAAP 指標更詳細的說明；並請參閱附錄，以查看這些非 GAAP 財務衡量指標與最直接可比的 GAAP 指標之調節表。

In addition, certain statements today may be forward-looking statements. Forward-looking statements include statements that are not historical in nature and include information concerning our future results or plans. Although we believe that such statements are based upon reasonable assumptions, you should understand that these statements are subject to risks and uncertainties, and actual results may differ materially. Additional information about such factors and uncertainties that could cause actual results to differ may be found on page 3 of the presentation and in our Form 10-Q under the heading Forward-Looking Statements.

另外，今天的某些陳述可能屬於前瞻性陳述。前瞻性陳述包括非歷史性質的陳述，並包含有關我們未來業績或計畫的資訊。雖然我們相信此類陳述係基於合理假設，但您應理解，這些陳述仍受風險與不確定性影響，實際結果可能出現重大差異。可能導致實際結果不同的相關因素與不確定性之更多資訊，請參閱簡報第 3 頁，以及我們 Form 10-Q 中「前瞻性陳述」標題下的內容。

After Natalia and Bob have finished their formal remarks, we will then open up the call to questions. And with that, I will hand the call over to Natalia.

在 Natalia 與 Bob 完成正式發言後，我們將開放提問。接下來，我把電話交給 Natalia。

Thank you, Kelly, and good morning, everyone. It is a privilege to speak with you today in my first earnings call as President and CEO. And at a time when our industry is being fundamentally transformed, with continuous shift to automation and connected vehicle technologies, as well as focus on advanced safety and vehicle efficiency. Our product portfolio is directly aligned with this transformation and represents significant growth opportunities.

謝謝你，Kelly，各位早安。很榮幸在我擔任總裁兼執行長後的首次財報電話會議與各位對話。當前我們的產業正經歷根本性的轉型，持續朝向自動化與車聯網技術發展，同時也更加聚焦於先進安全與車輛效率。我們的產品組合與這一轉型高度契合，並代表著重大的成長機會。

Now turning to the first quarter, let me begin on page 4. This quarter marks the next phase of our long-term strategy as we advance our key priorities to drive shareholder value. We made progress through disciplined execution, improved manufacturing and quality performance, net tariff-related recoveries, and organization-wide cost control. More specifically, compared to the fourth quarter of prior year, first-quarter adjusted gross margin expanded by 400 basis points and adjusted operating margin improved by 180 basis points. This resulted in adjusted EBITDA of $2 million, which exceeded our previous expectations of approximately break-even EBITDA performance.

現在回到第一季，請看第 4 頁。本季標誌著我們長期策略的下一階段，我們正推進關鍵優先事項以提升股東價值。我們透過嚴謹的執行、製造與品質表現的改善、關稅相關回收淨額，以及全組織的成本控管而取得進展。更具體而言，與前一年度第四季相比，第一季調整後毛利率擴大 400 個基點，調整後營業利益率改善 180 個基點。這使得調整後 EBITDA 達到 200 萬美元，優於我們先前約為損益兩平的 EBITDA 表現預期。

European commercial vehicle market is at late cycle normalization and transitioning to moderate growth, while North American market remains at the bottom of the production cycle with signals of recovery. Although we see the first positive signals in this end market, macroeconomic and geopolitical headwinds continue to persist. That said, our first-quarter revenue grew by 9.2% compared to the fourth quarter of prior year. This resulted in market outperformance compared to our weighted average OEM end market, which declined by 9.1% over the same period.

歐洲商用車市場正處於週期後段的正常化階段並轉向溫和成長，而北美市場仍位於生產週期底部，並出現復甦訊號。儘管我們在此終端市場看到初步正向訊號，總體經濟與地緣政治逆風仍持續存在。即便如此，我們第一季營收較前一年度第四季成長 9.2%。相較之下，我們加權平均 OEM 終端市場在同期間下滑 9.1%，因此我們的表現優於市場。

As previously announced, MirrorEye set another quarterly sales record, generating $33 million in sales, an increase of 11% compared to the fourth quarter of 2025. Similarly, Stoneridge Brazil OEM sales continued to grow as our local business accelerates, resulting in first-quarter sales growth of more than 54%, and our off-highway sales improved compared to the fourth quarter as well.

如先前所宣布，MirrorEye 再度創下單季銷售新高，銷售額達 3,300 萬美元，較 2025 年第四季成長 11%。同樣地，隨著我們在地業務加速推進，Stoneridge 巴西 OEM 銷售持續成長，帶動第一季銷售成長超過 54%；我們的非公路（off-highway）銷售也較第四季有所改善。

As previously mentioned, adjusted gross margin improved by 400 basis points compared to the fourth quarter. This demonstrates progress on our excellence in execution initiatives and, in particular, company-wide quality improvements, manufacturing productivity, and research tariff-related recoveries, including agreements with customers and the benefit of the tariff-refund process.

如前所述，調整後毛利率較第四季改善 400 個基點。這顯示我們在卓越執行（excellence in execution）計畫上取得進展，特別是全公司品質改善、製造生產力提升，以及關稅相關回收的實現，包括與客戶達成的協議與關稅退稅流程所帶來的效益。

We remain committed to driving structural cost reduction by streamlining our SG&A costs to more effectively support our company's current structure and are on track with our commitment to reduce costs by at least $5 million this year.

我們仍致力於透過精簡 SG&A 成本來推動結構性降本，以更有效支援公司目前的組織架構，並正按計畫履行今年至少降低 500 萬美元成本的承諾。

Our priority is delivering outstanding value to customers while collaborating with all of our partners to advance next-generation technologies for safer and more efficient transportation. We are excited to announce two major business awards totaling approximately $135 million of estimated lifetime revenue.

我們的首要任務是在為客戶提供卓越價值的同時，與所有合作夥伴協作推進下一代技術，以實現更安全、更高效率的運輸。我們很高興宣布兩項重大業務獎項，預估全生命週期營收合計約 1.35 億美元。

First, we are announcing an award for an OEM-integrated MirrorEye program with our fourth North American customer. We now have OEM programs with all four major Class 8 truck manufacturers in North America.

第一，我們宣布與北美第四家客戶合作的 OEM 整合式 MirrorEye 專案獲獎。我們目前已與北美四大 Class 8 卡車製造商全部建立 OEM 專案。

Second, we are announcing a next-generation electronic controls program for a global off-highway manufacturer in Europe, representing the increasing demand for integrated intelligent systems. Both of these awards highlight our ability to deliver reliable, high-performance solutions for our customers and build on our already strong backlog of growth products. I will provide more details on these awards later on the call.

第二，我們宣布為歐洲一家全球非公路設備製造商取得下一代電子控制專案，反映市場對整合式智慧系統日益增加的需求。這兩項獎項凸顯我們為客戶提供可靠、高效能解決方案的能力，並在我們既有強勁的成長型產品在手訂單基礎上再添動能。我稍後會在電話會議中提供更多關於這些獎項的細節。

Additionally, we are reaffirming our base full-year 2026 guidance. However, we are adjusting revenue and operating guidance ranges for the incremental impact of contract manufacturing associated with the sale of Control Devices. Bob will discuss this guidance update in more detail later on the call.

此外，我們重申 2026 年全年基準指引。不過，我們將就與出售 Control Devices 相關的合約製造之增量影響，調整營收與營運指引區間。Bob 將在稍後更詳細說明此次指引更新。

Turning to slide 5. As I've just mentioned, both the European and North American commercial vehicle end market remain at low-production levels. Europe went through a downturn by significantly milder than North America, and the market is expected to normalize this year.

請看第 5 頁。如我剛才提到，歐洲與北美的商用車終端市場仍處於低生產水準。歐洲經歷了景氣下行，但幅度明顯小於北美，市場預期今年將回歸正常化。

North America, however, went through a deep-down cycle, and now we see early signs of recovery in tracking demand and order intake growth. At the time of our fourth-quarter call, IHS production forecasts were indicating growth of 7.1% for our weighted average OEM end market.

然而，北美經歷了深度下行週期，目前我們在追蹤需求與訂單承接成長方面看到初步復甦跡象。在我們第四季電話會議時，IHS 的產量預測顯示，我們加權平均 OEM 終端市場將成長 7.1%。

As you can see from the charts on slide 5, updated IHS production forecasts have now been reduced and are now indicating that our weighted average OEM end market will grow by just 1.8%. These updated forecasts are now more in line with our initial full-year 2026 guidance expectations. Although we see the first signs of recovery in these end markets, especially for the second-half of this year, inflationary pressure and geopolitical headwinds continue to persist.

如您在第 5 頁圖表所見，更新後的 IHS 產量預測已下修，現顯示我們加權平均 OEM 終端市場僅成長 1.8%。這些更新後的預測與我們最初對 2026 年全年指引的預期更為一致。儘管我們在這些終端市場看到初步復甦跡象，尤其是在今年下半年，通膨壓力與地緣政治逆風仍持續存在。

Turning to page 6. MirrorEye continues to gain momentum driven by increasing market acceptance as well as the continuous ramp-up of recently launched programs in North America. At the same time, we are executing on new business opportunities with key strategic OEM customers as evidenced by our new program announcement with the fourth major OEM in North America.

請看第 6 頁。MirrorEye 在市場接受度提升以及北美近期推出專案持續放量的帶動下，動能持續增強。同時，我們也正與關鍵策略 OEM 客戶推進新業務機會，從我們與北美第四大 OEM 的新專案公告即可見一斑。

As already mentioned. First-quarter MirrorEye sales set yet another quarterly record with $33 million. This represents 11% growth compared to the fourth quarter of 2025 and 32% year over year, driven largely by our European OEM programs with continued strength in market penetration and take rates, supported by our customers-focused marketing of this best-in-class innovative technology.

如前所述，第一季 MirrorEye 銷售再度創下單季新高，達 3,300 萬美元。這較 2025 年第四季成長 11%，年增 32%，主要由我們的歐洲 OEM 專案所帶動，市場滲透率與採用率（take rates）持續強勁，並受惠於客戶導向的行銷推廣，凸顯這項同級最佳的創新技術。

Complementing this growth is the continued ramp-up of recently launched OEM programs in North America. While program ramp-ups remain in the early stages, we are seeing increased order strength and continue to receive positive feedback from the market.

配合這項成長的是，北美近期推出的 OEM 專案持續加速爬坡。雖然專案爬坡仍處於早期階段，但我們看到訂單力道增強，並持續收到市場的正面回饋。

As we pass through the ramp-up phase. We are focused on engineering optimization that will allow us to benefit from platform approach while adding product features at the same time. With volume increase and maturity gain, we will also see higher capacity utilization and material cost improvement through supply chain optimization. By executing those key activities, we can fully realize the value of our technology.

在我們度過爬坡階段之際，我們專注於工程最佳化，使我們能在導入平台化方法的同時，也能增加產品功能。隨著出貨量提升與成熟度提高，我們也將透過供應鏈最佳化，提高產能利用率並改善材料成本。透過執行這些關鍵活動，我們能充分實現我們技術的價值。

In addition to strong commercial performance, and as previously announced, Stoneridge has now surpassed 150,000 MirrorEye systems produced globally, marking a major milestone in the system's lifecycle. This achievement reflects the growing confidence of OEM partners and fleet operators, as well as Stoneridge's ability to scale production while maintaining the highest standards of quality and reliability.

除了強勁的商業表現之外，且如先前所宣布，Stoneridge 現已在全球累計生產超過 150,000 套 MirrorEye 系統，達成該系統生命週期中的一項重大里程碑。此一成就反映 OEM 合作夥伴與車隊營運商日益提升的信心，也展現 Stoneridge 在維持最高品質與可靠性標準的同時，具備擴大產能的能力。

Reaching 150,000 systems is more than a production milestone. It's a testament to the trust our customers place in MirrorEye every day. As adoption accelerates, we remain focused on continuous innovation and production efficiency. Building on our momentum and success of the MirrorEye platform, we are excited to announce that we have been awarded the OEM Integrated CMS program with yet another major North American Class 8 truck manufacturer.

達到 150,000 套系統不僅是生產里程碑，更是對客戶每天對 MirrorEye 所寄予信任的證明。隨著採用速度加快，我們仍專注於持續創新與生產效率。在 MirrorEye 平台的動能與成功基礎上，我們很高興宣布，我們已獲得另一家北美主要 Class 8 卡車製造商的 OEM 整合式 CMS 專案。

As announced last year, we began offering our standard version as an option under current heavy-duty truck models. Through continued strength of this customer relationship and the trust we've built to create a foundation for continuous collaboration, we were awarded the custom program based on our next-generation camera monitoring system. This program is expected to launch in 2028 with estimated lifetime revenue of approximately $70 million and estimated peak annual revenue of approximately $20 million.

如去年所宣布，我們開始在現行重型卡車車型中提供標準版本作為選配。透過此客戶關係的持續強化，以及我們所建立的信任並形成持續合作的基礎，我們憑藉下一代攝影機監控系統獲得此客製化專案。該專案預計於 2028 年推出，估計全生命週期營收約 7,000 萬美元，估計年度營收高峰約 2,000 萬美元。

We now have MirrorEye programs with four major OEMs in North America resulting in significant market share. MirrorEye and our strategy to create long-term growth for the platform is paying off with additional business awards and expression across the global OEMs. We are deploying the resources necessary to optimize this growth platform and create long-term value for our shareholders.

我們目前在北美已與四家主要 OEM 擁有 MirrorEye 專案，因而取得顯著的市場占有率。MirrorEye 以及我們為平台打造長期成長的策略，正透過新增業務得標與在全球 OEM 間的擴展而展現成效。我們正投入必要資源以最佳化此成長平台，並為股東創造長期價值。

Turning to slide 7, in addition to MirrorEye, we continue to win new programs in our other key product categories. As part of our strategy to expand our Electronic Control business, we secured a business award for a next-generation control program with the leading global off-highway vehicle manufacturer in Europe.

接著看第 7 頁，除 MirrorEye 之外，我們在其他關鍵產品類別也持續贏得新專案。作為擴大電子控制（Electronic Control）業務策略的一部分，我們在歐洲獲得全球領先非公路（off-highway）車輛製造商的下一代控制專案業務得標。

Replacing our current generation control, this program will deliver upgraded products for the main electronic units on several construction equipment platforms, including wheel loaders, articulated haulers, and excavators. The program is expected to launch in the first quarter of 2028 and is projected to generate total lifetime revenue of approximately $65 million with estimated peak annual revenue of approximately $15 million.

此專案將取代我們現行世代的控制產品，為多個工程機械平台的主要電子單元提供升級產品，包括輪式裝載機、鉸接式自卸卡車與挖掘機。該專案預計於 2028 年第一季推出，預估全生命週期總營收約 6,500 萬美元，估計年度營收高峰約 1,500 萬美元。

This replacement business with a long-standing strategic customer reflects our ability to consistently deliver exceptional customer service and reliable high-performance solutions to our customers. As the commercial vehicles are moving towards software-defined vehicles architecture, we are prepared to enable this transformation with our scalable ECU platform products. We expect this award to continue to position us for future business wins. Stoneridge remains focused on consistently delivering innovative next-generation solutions that meet our customers' evolving needs.

與長期策略客戶的此項替換型業務，反映我們能持續提供卓越客戶服務與可靠的高效能解決方案。隨著商用車正朝向軟體定義車輛（software-defined vehicles）架構發展，我們已準備好以可擴展的 ECU 平台產品來促成此轉型。我們預期此項得標將持續使我們在未來爭取更多業務勝利時占據有利位置。Stoneridge 仍專注於持續提供創新的下一代解決方案，以滿足客戶不斷演進的需求。

And with that, I will turn the call over to Bob for the financial update.

接下來，我將把電話會議交給 Bob 進行財務更新。

Thank you, Natalia. Page 9 summarizes our key financial metrics for the first quarter of 2026 compared to the fourth quarter. Sales in the first quarter were, $160.8 million, which were relatively consistent with our prior expectations. First-quarter revenue grew by 9.2% compared to the fourth quarter, driven by quarterly record sales for MirrorEye, as well as higher sales in the Brazilian OEM business and off-highway end markets. This growth was partially offset by continued pressure in the commercial vehicle end markets.

謝謝你，Natalia。第 9 頁彙總我們 2026 年第一季相較第四季的關鍵財務指標。第一季銷售額為 1.608 億美元，與我們先前預期大致一致。第一季營收較第四季成長 9.2%，主要由 MirrorEye 創下單季銷售新高所帶動，並受惠於巴西 OEM 業務與非公路終端市場的較高銷售。此成長部分被商用車終端市場持續承壓所抵銷。

During the quarter, we also recognized $3.8 million of revenue from contract manufacturing related to the Mexico supply agreement associated with the sale of Control Devices. Driven by execution of key company initiatives, margins continued to expand in the first quarter. Continuous improvement in manufacturing performance, including company-wide efforts to reduce quality-related costs, as well as favorable net tariff-related recoveries, contributed to the 400-basis-point improvement in adjusted gross margin over the fourth quarter of last year.

本季我們亦認列 380 萬美元的合約製造營收，與出售 Control Devices 相關的墨西哥供應協議有關。在公司關鍵倡議的執行帶動下，第一季毛利率持續擴張。製造績效的持續改善（包括全公司降低品質相關成本的努力），以及有利的關稅相關淨回收，促成調整後毛利率較去年第四季改善 400 個基點。

As a result of our continued efforts to remediate tariff-related costs incurred, we recognized a favorable net tariff benefit during the quarter resulting from both customer reimbursement agreements and IEEPA tariff refunds.

由於我們持續致力於補救已發生的關稅相關成本，本季我們認列有利的關稅淨收益，來源包括客戶補償協議以及 IEEPA 關稅退稅。

First-quarter adjusted operating income improved by 180 basis points relative to the fourth quarter of 2025. This was primarily driven by the gross margin improvement, partially offset by higher SG&A due in part to the normalization of incentive-based compensation and higher D&D, primarily driven by lower customer reimbursements.

第一季調整後營業利益率較 2025 年第四季改善 180 個基點。主要由毛利率改善所帶動，但部分被較高的 SG&A 所抵銷，其中一部分原因是獎酬型薪酬回歸常態，以及較高的 D&D，主要由客戶補償減少所致。

As Natalia mentioned earlier on the call, we remain committed to the $5 million structural cost reduction target this year. First-quarter adjusted EBITDA was $2 million, which was above our previous expectations of approximately break-even performance.

如 Natalia 先前在電話會議中提到，我們仍致力於今年 500 萬美元的結構性成本削減目標。第一季調整後 EBITDA 為 200 萬美元，高於我們先前約為損益兩平的預期。

Excluding non-operating income and expenses primarily related to the foreign currency impact on intercompany balances, first quarter adjusted EBITDA expanded by 170 basis points compared to the fourth quarter.

排除主要與外匯對公司間往來餘額影響相關的非營業收入與費用後，第一季調整後 EBITDA 較第四季擴張 170 個基點。

In summary, during the quarter, our top-line and margin expansion demonstrated solid progress towards our long-term goals. Turning to slide 10, as Natalia mentioned earlier on in the call, we are adjusting our full-year 2026 guidance ranges to reflect the incremental impact of contract manufacturing revenue expected to be recognized this year from the Mexico Supply Agreement related to the sale of Control Devices.

總結而言，本季我們的營收與利潤率擴張，顯示朝長期目標邁進的穩健進展。接著看第 10 頁，如 Natalia 先前在電話會議中提到，我們正調整 2026 全年財測區間，以反映與出售 Control Devices 相關的墨西哥供應協議所帶來、預計於今年認列的合約製造營收之增量影響。

While the estimated benefit of this agreement was previously included in our adjusted EBITDA guidance as non-operating other income net, we are updating full-year revenue and operating margin guidance ranges to align with the revised revenue-recognition treatment. As such, we are updating our full-year revenue guidance by $20 million. This results in full-year revenue guidance of $645 million to $670 million and adjusted operating margin of approximately breakeven to 0.5%.

雖然先前我們將該協議的估計效益以非營業其他收入淨額的形式納入調整後 EBITDA 指引，但我們正更新全年營收與營業利益率指引區間，以配合修訂後的收入認列處理。因此，我們將全年營收指引上調 2,000 萬美元，使全年營收指引為 6.45 億至 6.70 億美元，調整後營業利益率約為損益兩平至 0.5%。

Adjusted EBITDA guidance remains unchanged at $20 million to $25 million, resulting in 3.1% to 3.7% sales. That said, our base guidance remains unchanged, supported by our solid progress to start the year. While commercial vehicle production volume forecasts are continuing to improve, macroeconomic and geopolitical volatility continues to persist. We remain confident in our initial outlook and the meaningful progress we are making across all our key initiatives.

調整後 EBITDA 指引維持不變，為 2,000 萬至 2,500 萬美元，相當於銷售額的 3.1% 至 3.7%。也就是說，我們的基礎指引維持不變，並由年初至今的穩健進展所支撐。儘管商用車產量預測持續改善，宏觀經濟與地緣政治波動仍在延續。我們對初始展望以及在各項關鍵倡議上取得的實質進展仍具信心。

Furthermore, we also remain focused on driving organizational efficiencies and have already taken actions to reduce structural costs to better align our cost base with the company's current scale, which will position us to deliver sustainable long-term performance.

此外，我們也持續專注於推動組織效率，並已採取行動降低結構性成本，使成本基礎更貼近公司目前的規模，從而使我們能交付可持續的長期表現。

As it relates to the cadence of our guidance, we are expecting second quarter revenue to be slightly above the first quarter. We are expecting EBITDA to continue to improve in the second-half of the year, aligned with expected revenue growth and the ramp-up of benefits from material and structural cost improvements. This expected cadence would result in improved EBITDA in the second-half of the year compared to the first half.

就指引的節奏而言，我們預期第二季營收將略高於第一季。我們預期 EBITDA 將在下半年持續改善，與預期的營收成長以及材料與結構性成本改善效益的逐步顯現相一致。此一預期節奏將使下半年 EBITDA 較上半年有所改善。

In summary, we are still expecting revenue growth, continuous improvement in our operating performance, and structural cost reductions to drive EBITDA expansion in 2026. Page 11 summarizes our key financial metrics specific to electronics.

總結而言，我們仍預期 2026 年在營收成長、營運表現持續改善以及結構性成本削減的帶動下，EBITDA 將擴張。第 11 頁彙總我們電子業務相關的關鍵財務指標。

First-quarter sales of $144.9 million were 8.7% higher than sales in the fourth quarter. Stoneridge-specific growth factors continued to offset production volume headwinds. More specifically, MirrorEye set another record for quarterly sales growing to $33 million or 11% relative to the fourth quarter of 2025.

第一季銷售額為1.449億美元，較第四季銷售額高出8.7%。Stoneridge特有的成長因素持續抵銷產量下滑的不利影響。更具體而言，MirrorEye再創單季銷售新高，銷售額成長至3,300萬美元，較2025年第四季增加11%。

Furthermore, our sales in the European and North American off-highway end markets increased compared to the fourth quarter, driven by stronger market adoption of our products. This growth was partially offset by lower Smart 2 tachograph sales in Europe, as expected, due to the completion of the regulatory retrofit campaign. Also included in first-quarter sales was $3.8 million of contract manufacturing revenue from the Mexico supply agreement related to the sale of the Control Devices segment.

此外，我們在歐洲與北美非公路終端市場的銷售較第四季增加，主要受惠於市場對我們產品採用度提升所帶動。此成長部分被歐洲Smart 2行車記錄器（tachograph）銷售下降所抵銷；如預期，因法規改裝活動已完成。第一季銷售亦包含與出售Control Devices事業部相關之墨西哥供應協議下的合約製造收入380萬美元。

First quarter adjusted operating margin expanded by approximately 260 basis points compared to the fourth quarter of the prior year, driven by higher gross margin as a result of manufacturing performance improvements, reduced quality-related costs, and the favorable impact of net tariff recoveries. The impact of contract manufacturing under the Mexico Supply Agreement, which began in the first quarter of 2026 was incremental to the fourth quarter. This was partially offset by higher SG&A, driven by normalized incentive compensation and higher D&D costs, primarily driven by lower customer reimbursements.

第一季調整後營業利益率較前一年第四季擴大約260個基點，主要受較高毛利率帶動，原因包括製造績效改善、與品質相關成本降低，以及淨關稅回收的有利影響。2026年第一季開始之墨西哥供應協議下的合約製造影響，較第四季屬新增貢獻。上述部分被較高的SG&A所抵銷，主要由於獎酬恢復常態化以及較高的D&D成本，後者主要受客戶補償款降低所致。

We remain confident that Stoneridge-specific growth drivers, including MirrorEye, will drive market outperformance going forward. We will continue to focus our efforts on material cost and manufacturing performance, including quality-related cost improvements, to build a more efficient, scalable operation that consistently delivers high-quality products and results.

我們仍有信心，Stoneridge特有的成長動能（包括MirrorEye）將在未來推動優於市場的表現。我們將持續聚焦於材料成本與製造績效（包括改善與品質相關的成本），以打造更有效率、可擴展的營運，穩定交付高品質產品與成果。

Page 12 summarizes our key financial metrics specific to Stoneridge Brazil. Stoneridge Brazil's first-quarter sales totaled $18.1 million, which represents a $1.6 million or 9.4% growth relative to the fourth quarter of last year. This increase was driven by higher local OEM sales, which expanded 54% compared to the fourth quarter.

第12頁彙總了我們與Stoneridge巴西相關的關鍵財務指標。Stoneridge巴西第一季銷售額合計1,810萬美元，較去年第四季增加160萬美元或9.4%。此增幅主要由本地OEM銷售增加所帶動，本地OEM銷售較第四季成長54%。

We remain focused on expanding our local OEM business to grow our presence in Brazil and unlock opportunities with our global customers. First-quarter adjusted operating income of $1.7 million or 9.5% of sales improved by 140 basis points compared to the fourth quarter of 2025, primarily driven by fixed cost leverage on higher sales and lower SG&A costs due to lower incentive compensation. This was offset by unfavorable sales mix caused by a lower proportion of service fee revenue.

我們仍專注於擴大本地OEM業務，以提升我們在巴西的市場能見度，並與全球客戶開啟更多機會。第一季調整後營業利益為170萬美元（占銷售額9.5%），較2025年第四季改善140個基點，主要受惠於銷售增加帶來的固定成本槓桿，以及因獎酬較低而使SG&A成本下降。上述部分被不利的銷售組合所抵銷，原因是服務費收入占比較低。

We continue to shift our portfolio in Brazil to more closely align with our global growth initiatives and further expand our local OEM programs to support our global customers, such as our second-quarter launch of an audio product for a global automotive OEM. Brazil remains a critical engineering center where we utilize their local capabilities to cost-effectively support our global business.

我們持續調整巴西的產品組合，使其更貼近我們的全球成長計畫，並進一步擴大本地OEM專案以支援全球客戶，例如我們將於第二季為一家全球汽車OEM推出音訊產品。巴西仍是關鍵的工程中心，我們運用其在地能力，以具成本效益的方式支援全球業務。

Turning to page 13. In the first quarter, net debt improved by approximately $42 million compared to the fourth quarter as the proceeds from the sale of Control Devices were used to pay down our debt balances. We remain focused on driving strong cash flow conversion through both disciplined working capital management and capital expenditure oversight. As a result of these efforts, we reduced inventory balances by approximately $16 million year over year while continuing to scrutinize capital expenditures.

接著看第13頁。第一季淨負債較第四季改善約4,200萬美元，因出售Control Devices的所得款項用於償還債務餘額。我們仍專注於透過嚴謹的營運資金管理與資本支出監督，推動強勁的現金流轉換。受惠於這些努力，我們在持續審視資本支出的同時，庫存餘額年對年降低約1,600萬美元。

As disclosed last quarter, we completed an amendment of our current credit facility to extend the maturity date to July 1, 2027, to allow ample time to refinance. In April, we initiated this refinancing process to replace our existing credit facility with a capital structure that will more align with the long-term structure of the company and support future growth opportunities. We are targeting completion of the refinancing process by November of this year.

如同上季所揭露，我們已完成對現行信貸融資安排的修訂，將到期日延長至2027年7月1日，以保留充裕時間進行再融資。4月，我們啟動此再融資流程，擬以更符合公司長期架構、並支援未來成長機會的資本結構，取代現有信貸融資。我們目標在今年11月前完成再融資流程。

Finally, based on our current EBITDA guidance and our amended covenant ratios, we expect to remain in compliance with all of our covenant ratios and have sufficient liquidity to navigate continuing volatility.

最後，基於我們目前的EBITDA指引以及修訂後的契約比率，我們預期將持續符合所有契約比率要求，並具備充足流動性以因應持續的波動。

With that, I will turn it over to Natalia to provide an update on our progress against our key priorities.

接下來，我將把時間交給Natalia，請她更新我們在關鍵優先事項上的進展。

Thank you, Bob. Turning to slide 14. To summarize, in the first quarter, we advanced our key strategic priorities, driven by our focus on technology-led products, excellence in execution, and a strong performance culture, enabling meaningful progress across shareholder value of market outperformance, margin expansion, and cash flow conversion.

謝謝你，Bob。請看第14頁投影片。總結而言，第一季我們在關鍵策略優先事項上取得進展，這得益於我們聚焦於技術驅動的產品、卓越執行，以及強勁的績效文化，使我們在提升股東價值方面於市場超越、利潤率擴張與現金流轉換等面向取得實質進展。

First, our focus on advanced technology solutions continues to drive market outperformance. Our top-line growth exceeded our [weighted of] average OEM end markets by more than 15%, driven by execution in our core programs, including MirrorEye, the Brazilian OEM business and off-highway products. Furthermore, our strong customer intimacy and deep customer integration resulted in the new business awards I outlined earlier on the call.

首先，我們對先進技術解決方案的聚焦持續推動優於市場的表現。我們的營收成長較我們（加權）平均OEM終端市場高出逾15%，主要來自核心專案的執行，包括MirrorEye、巴西OEM業務以及非公路產品。此外，我們與客戶的緊密合作與深度整合，也促成了我先前在電話會議中提到的新業務得標。

Driven by our robust backlog on differentiated innovative technologies, we expect to drive market outperformance of two to three times over the long-term. Second, driven by our focus on excellence in execution, we made meaningful progress towards improving margins and advancing long-term sustainable performance.

在差異化創新技術所帶來的強勁在手訂單（backlog）驅動下，我們預期長期可達到為市場表現的兩到三倍。第二，受惠於我們對卓越執行的聚焦，我們在改善利潤率並推進長期可持續績效方面取得顯著進展。

We continue to reinforce strong, consistent practices across our processes to enhance operational efficiency and product reliability, which in return have driven modestly lower quality-related costs compared to the fourth quarter primarily, thanks to lower warranty-related costs.

我們持續在各項流程中強化穩健且一致的作法，以提升營運效率與產品可靠性；作為回報，與品質相關的成本較第四季小幅下降，主要歸功於保固相關成本降低。

As a result, first-quarter gross margin expanded by 400 base points compared to the fourth quarter of prior year. In addition to margin performance, we are focused on cash flow conversion through disciplined working capital improvements and capital allocation.

因此，第一季毛利率較前一年第四季擴大400個基點。除利潤率表現外，我們亦透過嚴謹的營運資金改善與資本配置，聚焦於現金流轉換。

We continue to prioritize cash generation and a strong balance sheet through operating performance, inventory reduction, and strict capital spending. As Bob already mentioned, we have reduced our year-over-year inventory balances through working capital initiatives and have significantly reduced our net debt compared to year end through the use of proceeds of the sale of Control Devices. These actions have strengthened our balance sheet and strengthened our financial position going forward.

我們持續透過營運表現、降低庫存與嚴格控管資本支出，優先確保現金創造與強健的資產負債表。如Bob先前所提，我們透過營運資金措施降低年對年庫存餘額，並運用出售Control Devices的所得款項，使淨負債較年末大幅下降。這些行動強化了我們的資產負債表，並提升了未來的財務體質。

As a team, we are also mobilized to mitigate a rising inflationary pressures, especially in the semiconductor space and volume uncertainty due to the current market and geopolitical situation.

作為一個團隊，我們也已動員以因應上升的通膨壓力，特別是在半導體領域，以及因當前市場與地緣政治情勢所帶來的需求量不確定性。

By fostering a culture of accountability, creativity, collaboration, and continuous improvement, we are focused to execute our plan for this and next years to come.

透過培養問責、創意、協作與持續改善的文化，我們將專注執行今年與未來幾年的計畫。

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

接下來，我將把電話會議交給提問環節。

(Operator Instructions) As we have no questions, I would now like to turn the conference over back to Mr. Natalia Noblet for closing remarks.

（接線員指示）由於目前沒有提問，我現在將把電話會議交回給Natalia Noblet女士作結語。

(technical difficulty) for joining us for the call. I know your time is very important, and as always, we truly appreciate your willingness to engage us today. While the external environment remains dynamic with the ongoing inflationary and geopolitical risks, we are focused on what we can control.

（技術問題）感謝各位參與本次電話會議。我知道各位的時間非常寶貴，而一如既往，我們由衷感謝各位今天願意與我們交流。儘管外部環境仍在變動，並伴隨持續的通膨與地緣政治風險，我們將專注於我們可控的事項。

We are executing with discipline, strengthening our operations, and focusing to mitigate risks. We remain committed to delivering consistent performance, improving results, and creating sustainable value for our shareholders.

我們將以紀律執行、強化營運，並聚焦降低風險。我們仍致力於提供一致的表現、改善成果，並為股東創造可持續的價值。

Thank you again, and we look forward to updating you on our progress next quarter.

再次感謝各位，我們期待在下季向各位更新我們的進展。

Thank you. The conference is now concluded. Thank you for attending to this presentation. You may now disconnect.

謝謝。本次電話會議到此結束。感謝各位參與本次簡報。您現在可以中斷連線。