Simpson Manufacturing Co Inc (SSD) 2025 Q4 法說會逐字稿

Greetings and welcome to the Simpson Manufacturing Company fourth-quarter and full-year 2025 earnings conference call.

各位來賓，歡迎參加辛普森製造公司2025年第四季及全年財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Kim Rolando, Investor Relations. Thank you, Kim. You may begin.

現在，我很高興向大家介紹主持人，投資者關係部門的 Kim Rolando。謝謝你，金。你可以開始了。

Good afternoon, ladies and gentlemen. Welcome to Simpson Manufacturing Company's fourth-quarter and full-year 2025 earnings conference call.

女士們、先生們，午安。歡迎參加辛普森製造公司2025年第四季及全年業績電話會議。

Any statements made on this call that are not statements of historical fact are forward-looking statements. Such statements are based on certain estimates and expectations; and are subject to a number of risks and uncertainties. Actual future results may vary materially from those expressed or implied by the forward-looking statement.

本次電話會議中除歷史事實陳述外，所有陳述均為前瞻性陳述。此類聲明基於某些估計和預期；並且存在許多風險和不確定性。實際未來結果可能與前瞻性聲明中明示或暗示的結果有重大差異。

We encourage you to read the risks described in the company's public filings and reports, which are available on the SEC's or the company's corporate website. Except to the extent required by applicable securities laws, we undertake no obligation to update or publicly revise any of the forward-looking statements that we make here today, whether as a result of new information, future events, or otherwise.

我們建議您閱讀公司公開文件和報告中所述的風險，這些文件和報告可在美國證券交易委員會或公司官網上查閱。除適用證券法律要求的情況外，我們不承擔任何義務更新或公開修訂我們今天在此作出的任何前瞻性陳述，無論是由於新資訊、未來事件或其他原因。

On this call, we will also refer to non-GAAP measures, such as adjusted EBITDA, which is reconciled to the most comparable GAAP measure of net income in the company's earnings press release.

在本次電話會議中，我們也將提及非GAAP指標，例如調整後的EBITDA，該指標已在公司獲利新聞稿中與最可比較的GAAP淨利指標進行了核對。

Please note that the earnings press release was issued today at approximately 04:15 PM Eastern Time. The earnings press release is available on the Investor Relations page of the company's website at ir.simpsonmfg.com.

請注意，盈利新聞稿於今天下午 4:15（美國東部時間）左右發布。獲利新聞稿可在本公司網站 ir.simpsonmfg.com 的投資者關係頁面上查閱。

Today's call is being webcast. A replay will also be available on the Investor Relations page of the company's website.

今天的電話會議將進行網路直播。會議錄影也將在公司網站的投資者關係頁面上提供。

Now, I would like to turn the conference over to Mike Olosky, Simpson's President and Chief Executive Officer.

現在，我謹將會議交給辛普森公司總裁兼執行長麥克‧奧洛斯基。

Thanks, Kim. Good afternoon, everyone. Thank you for joining today's call.

謝謝你，金。大家下午好。感謝您參加今天的電話會議。

I'm joined by Matt Dunn, our Chief Financial Officer.

和我一起的是我們的財務長馬特鄧恩。

This afternoon, I'll begin with an overview of our 2025 performance, a review of trends across our end markets, and an update on our strategic priorities. Matt will follow with a deeper dive into our financial results and our fiscal 2026 outlook.

今天下午，我將首先概述我們 2025 年的業績，回顧我們終端市場的趨勢，並介紹我們的策略重點的最新情況。接下來，Matt 將更深入分析我們的財務表現和 2026 財年展望。

Before we start, I want to highlight that, for the second consecutive year, we achieved a total recordable incident rate of less than [1.0]. Our best result in company history. We also saw a meaningful reduction in lost time injuries and a decrease in incident severity.

在開始之前，我想強調一點，我們連續第二年實現了總可記錄事故率低於…[1.0]公司史上最佳成績。我們也發現工傷事故造成的工時損失顯著減少，事故嚴重程度也有所下降。

We are extremely proud of our employees for keeping safety at the forefront of everything we do. Their commitment demonstrates the values that define Simpson, above all, that everybody matters.

我們為我們的員工感到無比自豪，因為他們始終將安全放在我們一切工作的首位。他們的奉獻精神體現了辛普森的核心價值觀，那就是每個人都很重要。

Now, turning to our results:

現在，讓我們來看看我們的結果：

I'm pleased to report full-year 2025 net sales of $2.3 billion, up 4.5% from 2024 in a challenging market. As outlined in our investor presentation, approximately 3% of this growth came from pricing, 1% from acquisitions, and 1% from foreign exchange. These gains were partially offset by an approximate 1% decline in volume due to weaker housing starts.

我很高興地宣布，2025 年全年淨銷售額為 23 億美元，在充滿挑戰的市場環境下，比 2024 年成長了 4.5%。正如我們在投資者報告中所述，這一增長約有 3% 來自定價，1% 來自收購，1% 來自外匯。由於房屋開工量疲軟，銷量下降了約 1%，部分抵消了上述成長。

Historically, our volume metrics focused on North American units sales measured in pounds shipped, which did not capture the growing contributions from our more premium offerings, including software, services, and equipment. We believe this revenue bridge provides a more complete view of our consolidated business.

從歷史上看，我們的銷售指標主要集中在北美地區的銷售量（以出貨磅數衡量），但這並沒有反映出我們更高端的產品（包括軟體、服務和設備）所做出的日益增長的貢獻。我們相信，這棟收入橋樑能夠更全面地展現我們合併後的業務狀況。

In North America, full-year net sales were $1.8 billion, up 4.5% from the prior year, including an approximate $60 million benefit from pricing actions. North American volumes were down year over year, pressured by lower housing starts at a more challenging regional mix, with the most pronounced declines in the Southern and Western United States, where our content per unit is typically higher due to stronger building codes.

在北美，全年淨銷售額為 18 億美元，比上年增長 4.5%，其中包括價格措施帶來的約 6,000 萬美元收益。受更具挑戰性的區域結構下房屋開工量下降的影響，北美銷量同比下降，其中美國南部和西部地區的降幅最為明顯，而由於這些地區的建築規範更為嚴格，我們每單位產品的材料含量通常較高。

Even with these headwinds, our focus on innovation, customer service, and operational excellence continue to drive solid performance. We continue to win business in soft markets, demonstrating the resilience of our portfolio and the value we deliver to our customers.

即使面臨這些不利因素，我們對創新、客戶服務和卓越營運的重視仍然推動了穩健的績效。我們在疲軟的市場中持續贏得業務，這證明了我們產品組合的韌性以及我們為客戶創造的價值。

As we look at full-year results across North American end markets, performance was mixed by market segment but we saw encouraging developments across several parts of the business. The OEM business delivered a strong year, with volume up double digits. We saw particularly strong growth with off-site construction manufacturers and mass timber projects, where our products and support model are a great fit for complex applications with high-performance requirements.

從北美終端市場的全年業績來看，各細分市場的表現參差不齊，但我們在業務的幾個方面都看到了令人鼓舞的發展。OEM業務表現強勁，銷售量實現了兩位數成長。我們發現，在場外建築製造商和大型木結構項目方面，我們的產品和支援模式非常適合具有高性能要求的複雜應用，因此我們的業務成長尤為強勁。

We succeed by combining innovative products that meet demanding load requirements and improved ease of installation with deep technical and field support throughout the project life cycle. Although OEM remains a smaller part of our portfolio today, we believe we are growing well above market and see substantial runway for continued expansion.

我們將滿足嚴苛負載要求和更便捷安裝的創新產品，與貫穿專案生命週期的深入技術和現場支援相結合，取得了成功。儘管目前 OEM 業務在我們產品組合中所佔比例較小，但我們相信我們的成長速度遠超市場平均水平，並看到了持續擴張的巨大空間。

The Component Manufacturing business continues to grow, with volumes up in the low-single digits, driven by new customer acquisitions and expanded capabilities, including software. We continue to convert new customers to our software and trust plate solutions, with growth supported by our design services and a broader solution set.

零件製造業務持續成長，銷售量實現了低個位數成長，這得益於新客戶的取得和包括軟體在內的能力的擴展。我們不斷吸引新客戶使用我們的軟體和信託板解決方案，而我們的設計服務和更廣泛的解決方案組合則為成長提供了支援。

As a reminder, CS Producer, our cloud-based trust production management software announced last quarter, represents an important milestone in our digital roadmap, extending our capabilities beyond design into production planning and daily operations.

再次提醒大家，我們上個季度發布的基於雲端的信任生產管理軟體 CS Producer 是我們數位化路線圖上的一個重要里程碑，它將我們的能力從設計擴展到生產計劃和日常營運。

In addition, our Monet DeSauw acquisition continues to perform well in a challenging market, strengthening our equipment offering and deepening customer relationships.

此外，我們收購的 Monet DeSauw 公司在充滿挑戰的市場中繼續表現良好，增強了我們的設備供應能力，並加深了與客戶的關係。

Together, these capabilities position us well to capitalize on what we view as one of our most attractive long-term growth opportunities.

這些能力結合起來，使我們能夠很好地掌握我們認為最具吸引力的長期成長機會之一。

In our Commercial business, 2025 volumes were essentially flat year over year in a commercial market that was down mid-single digits. We saw strong growth in cold-formed steel and anchoring products, supported by our take-off service that streamlines design and procurement for customers.

在我們的商業業務中，2025 年的銷售量與去年基本持平，而商業市場整體則下滑了個位數中段。冷彎型鋼和錨固產品實現了強勁成長，這得益於我們的工程量清單服務，該服務簡化了客戶的設計和採購流程。

We are also seeing increased adoption of our third-generation anchor adhesives, which deliver reliable performance across a wide range of applications and conditions, backed by our testing, code evaluation, and engineering expertise.

我們也看到第三代錨固黏合劑的使用量不斷增加，這些黏合劑在各種應用和條件下都能提供可靠的性能，這得益於我們的測試、規範評估和工程專業知識。

Our Residential business volume declined modestly, reflecting continued challenging market conditions, particularly in the West and the South. We continue to expand our digital solutions with LBM and builder customers, partnering with them to improve efficiency across estimating design and project workflows, further reinforcing our value proposition to our customers.

我們的住宅業務量略有下降，反映出市場環境持續充滿挑戰，尤其是在西部和南部地區。我們不斷拓展與建材和建築商客戶的數位化解決方案，與他們合作，提高估算、設計和專案工作流程的效率，進一步增強我們對客戶的價值主張。

We also saw steady growth in our Multifamily business, supported by increased quoting activity. In single-family, we strengthened our competitive position by securing multiyear renewals and new national contracts with key builders.These wins highlight the strength of our supply chain network, proximity to customers, and the value of our digital and technical capabilities. With programs now in place with 25 of the top 30 US national builders, we are well positioned as the residential market recovers.

在報價活動增加的支持下，我們的多戶住宅業務也實現了穩定成長。在獨棟住宅領域，我們透過與主要建築商續簽多年合約和簽訂新的全國性合同，鞏固了我們的競爭地位。這些成功案例凸顯了我們強大的供應鏈網路、貼近客戶的地理優勢以及我們數位化和技術能力的價值。目前我們已與美國排名前 30 的全國性建築商中的 25 家建立了合作關係，隨著住宅市場的復甦，我們已佔據有利地位。

Our National Retail business saw a mid-single-digit decline in shipments versus 2024; while point-of-sale volume performance declined in the low-single digits. This was driven, in part, by regional differences and a difficult comparison to new product listings and expanded the retail space we secured in late 2024.

與 2024 年相比，我們的全國零售業務出貨量出現了中等個位數的下降；而銷售點銷售表現則出現了低個位數的下降。部分是由於地區差異以及與新產品清單的難以比較所致，並擴大了我們在 2024 年底獲得的零售空間。

Throughout the year, we focused on bay expansion programs with our largest retail partners. We also expanded our decorative hardware portfolio with the launch of the Outdoor Accents Sage System now testing in select markets.

全年，我們都專注於與最大的零售合作夥伴開展門市擴建計畫。我們也推出了戶外裝飾五金產品組合－Sage System戶外裝飾系統，目前正在部分市場進行測試。

Our emphasis on customer service, disciplined execution, merchandising support, and end-market testing continues to strengthen our retail partnerships and positions us well for ongoing growth.

我們注重客戶服務、嚴謹的執行、商品銷售支援和終端市場測試，不斷加強與零售企業的合作關係，並為持續成長奠定了良好的基礎。

In Europe, full-year net sales totaled $499.6 million, up 4.3% year over year, which was up slightly on a local currency basis. Mines outperformed the market; and were slightly higher compared to 2024.

在歐洲，全年淨銷售額總計 4.996 億美元，年增 4.3%，以當地貨幣計算略有成長。礦業表現優於市場；與 2024 年相比略高。

Our consolidated gross margin was relatively flat year over year at 45.9%. As previously discussed, our 2025 price increases, which we expect will contribute at least $100 million in annualized net sales, helped offset increased costs, including those attributed to tariffs.

我們的綜合毛利率與去年同期基本持平，為 45.9%。正如之前討論過的，我們預計 2025 年的價格上漲將帶來至少 1 億美元的年度淨銷售額，這有助於抵消成本增加，包括關稅帶來的成本增加。

Our 2025 operating margin was 19.6%, up 30 basis points year over year, which included approximately $13.1 million in strategic cost savings initiatives and footprint optimization costs. Our 2025 operating margin also included $12.9 million gain from the sale of our Gallatin, Tennessee facility.

我們 2025 年的營業利潤率為 19.6%，年增 30 個基點，其中包括約 1,310 萬美元的策略成本節約計畫和佈局優化成本。我們 2025 年的營業利潤率還包括出售位於田納西州加拉廷的工廠所獲得的 1,290 萬美元收益。

Adjusted EBITDA totaled $544.3 million, a 3.3% increase year over year.

經調整後的 EBITDA 總計 5.443 億美元，年增 3.3%。

Next, I'd like to detail the progress we made on our financial ambitions 2025, which will guide our strategy throughout 2026.

接下來，我想詳細介紹我們在實現 2025 年財務目標方面取得的進展，這將指導我們 2026 年的策略。

First, continuing above-market volume growth, relative to US housing starts. Since roughly half of our business remains tied to US housing starts, this continues to be the most accurate benchmark for evaluating our volume performance. While the government shutdown delayed the release of official housing starts data from the Census Bureau, we will resume this comparison, once it becomes available.

首先，相對於美國房屋開工量而言，銷售量持續高於市場平均。由於我們大約一半的業務仍然與美國房屋開工量相關，因此這仍然是評估我們銷售表現的最準確基準。雖然政府停擺導致人口普查局官方房屋開工數據發布延遲，但一旦數據可用，我們將恢復這項比較。

That said, we continue to monitor starts estimates from multiple sources. Based on those benchmarks, we believe our consolidated volumes of down 1% in 2025 slightly outperformed an expected average market decline in the single digits.

儘管如此，我們仍會繼續關注來自多個管道的開球數預測。根據這些基準，我們認為，我們預測的 2025 年綜合銷售量將下降 1% 略高於預期的個位數平均市場跌幅。

Second, maintaining an operating income margin at or above 20%. We made good progress in 2025 to despite the downmarket, adding 30 basis points to our operating income margin, narrowing the gap to our 20% target, even with housing starts being down approximately 500 basis points versus our initial market forecast.

第二，維持營業利潤率在 20% 或以上。儘管市場低迷，但我們在 2025 年取得了良好進展，營業利潤率提高了 30 個基點，縮小了與 20% 目標的差距，即使房屋開工量比我們最初的市場預測下降了約 500 個基點。

Third, as a growth-focused company with industry-leading margins, we believe we can consistently drive EPS growth ahead of net sales growth. In 2025, EPS growth outpaced revenue by 390 basis points, highlighting the leverage in our model and the durability of our margin profile.

第三，作為一家以成長為導向、擁有行業領先利潤率的公司，我們相信我們可以持續推動每股收益成長超過淨銷售額成長。2025 年，每股盈餘成長比營收成長高出 390 個基點，凸顯了我們模型的槓桿作用和利潤率的持久性。

In summary, 2025 was a year of strong execution despite continued softness in US and European housing markets. We maintain an exceptional 98% product delivery fill rate. Customer satisfaction remained high, contributing to eight major awards recognizing our service and product innovation.

總而言之，儘管美國和歐洲房地產市場持續疲軟，但2025年仍然是執行力強勁的一年。我們的產品交付完成率高達 98%。客戶滿意度一直很高，這促成了我們獲得八項主要獎項，以表彰我們的服務和產品創新。

We made progress by launching new products, bringing new manufacturing capabilities online, expanding our warehouse footprint, and strengthening our digital capabilities. Combined with our pricing actions, cost savings initiatives, and new business wins, we believe we are well positioned for continued success.

我們透過推出新產品、上線新的生產能力、擴大倉庫規模和加強數位化能力取得了進步。結合我們的定價策略、成本節約措施和新業務拓展，我們相信我們已做好充分準備，並繼續取得成功。

Looking ahead to 2026, we believe we can continue above-market volume growth, relative to US housing starts, which we expect will be relatively flat year over year, with continued challenging regional mix headwinds.

展望 2026 年，我們相信，相對於美國房屋開工量而言，我們可以繼續維持高於市場平均的銷售成長。我們預計美國房屋開工量將比去年同期相對平穩，並且持續面臨具有挑戰性的區域結構不利因素。

In Europe, we expect slight growth in the market in 2026.

我們預計2026年歐洲市場將略有成長。

I'd also like to highlight that 2026 marks a special milestone for Simpson Strong-Tie, as we celebrate 70 years of growth and innovation. Since our founding in 1956 by Barc Simpson, our company has been defined by a spirit of problem-solving, integrity, and unwavering commitment to building safer, stronger structures. What began with a single joist hanger has grown into a global portfolio of trusted solutions backed by advanced technology, rigorous testing, and a team dedicated to excellence.

我還想強調，2026 年是 Simpson Strong-Tie 的一個特殊里程碑，因為我們將慶祝公司成立 70 週年，並見證公司的發展和創新。自 1956 年 Barc Simpson 創立公司以來，我們公司一直秉持著解決問題、誠信正直和堅定不移地致力於建造更安全、更堅固的建築的精神。最初只是一個托樑吊架，如今已發展成為一個擁有全球信賴解決方案的產品組合，其背後有先進的技術、嚴格的測試和一支致力於追求卓越的團隊。

We're proud to honor the legacy that brought us here, while continuing to build our future together with our employees, customers, and partners, as we break new ground for the next generation.

我們為傳承一路走來所取得的成就感到自豪，同時也將繼續與我們的員工、客戶和合作夥伴攜手共創未來，為下一代開闢新的道路。

With that, I'd like to turn the call over to Matt, who will discuss our financial results and outlook in greater detail.

接下來，我將把電話交給馬特，他將更詳細地討論我們的財務表現和展望。

Good afternoon, everyone. Thank you for joining us on our earnings call today.

大家下午好。感謝您今天參加我們的財報電話會議。

Before I begin, I'd like to mention that, unless otherwise stated, all financial measures discussed in my prepared remarks refer to the fourth quarter of 2025; and all comparisons will be year-over-year comparisons versus the fourth quarter of 2024.

在開始之前，我想說明，除非另有說明，我準備的發言稿中討論的所有財務指標均指 2025 年第四季度；所有比較均為與 2024 年第四季度的同比比較。

Now, turning to our results:

現在，讓我們來看看我們的結果：

Our consolidated net sales increased 4.2% year over year to $539.3 million. Within the North America segment, net sales increased 3% to $416.9 million. In Europe, net sales increased 9.1% to $117.9 million, primarily due to the positive effect of approximately $9.1 million in foreign currency translation and a modest improvement in sales, volumes, and pricing.

我們的合併淨銷售額年增 4.2%，達到 5.393 億美元。在北美地區，淨銷售額成長 3%，達到 4.169 億美元。在歐洲，淨銷售額成長 9.1% 至 1.179 億美元，主要得益於約 910 萬美元的外匯折算帶來的正面影響，以及銷售額、銷量和價格的適度改善。

Globally, wood construction product sales were up 2.1%; and concrete construction product sales were up 15.3%, as a larger percentage of these products are imported and included in tariff-driven price increases.

在全球範圍內，木結構建築產品銷售額成長了 2.1%；混凝土建築產品銷售額成長了 15.3%，因為這些產品中進口比例較高，且受到關稅驅動的價格上漲的影響。

Consolidated gross profit increased 3.4% to $235.1 million, resulting in a gross margin of 43.6%, down 30 basis points from the fourth quarter of 2024.

綜合毛利成長 3.4% 至 2.351 億美元，毛利率為 43.6%，較 2024 年第四季下降 30 個基點。

On a segment basis, our gross margin in North America was 46.2%, below the 46.9% reported in the prior year, reflecting the impact from tariffs, higher factory overhead, and labor cost, which were partially offset by lower warehouse costs as a percentage of net sales.

從業務部門來看，我們在北美的毛利率為 46.2%，低於上一年報告的 46.9%，這反映了關稅、工廠管理費用和勞動力成本增加的影響，但倉儲成本佔淨銷售額的比例下降部分抵消了這些影響。

Our gross margin in Europe increased to 33.6% from 32.3%, primarily due to lower material and freight costs, partly offset by higher factory overhead, warehouse, and labor costs as a percentage of net sales.

我們在歐洲的毛利率從 32.3% 提高到 33.6%，主要原因是材料和運費成本降低，但部分被工廠管理費用、倉儲和勞動成本佔淨銷售額的百分比增加所抵銷。

From a product perspective, our fourth-quarter gross margin was 43.5% for wood products compared to 43.4% in the prior year period. For concrete products, gross margin was 46% compared to 45.8% a year ago, with the improvement partly due to the recent pricing actions.

從產品角度來看，我們第四季木製品的毛利率為 43.5%，而去年同期為 43.4%。混凝土製品毛利率為 46%，而去年同期為 45.8%，毛利率的提高部分歸功於最近的價格調整。

Now, turning to expenses:

現在，我們來看看各項開支：

While SG&A headcount was down approximately 7% year over year, total Q4 operating expenses increased 8.2% to $161.8 million, primarily driven by the timing of higher charitable donations in advance of tax deductibility changes for 2026; variable incentive compensation; and personnel costs, including severance-related costs.

雖然 SG&A 員工人數年減約 7%，但第四季總營運支出增加 8.2% 至 1.618 億美元，主要原因是 2026 年稅收抵扣政策變化前慈善捐款增加；可變激勵性薪酬；以及人員成本（包括與遣散相關的成本）。

For the full year of 2025, total operating expenses were $627 million, an increase of 6.5%, primarily due to variable incentive costs; personnel costs, including severance-related costs; digital subscription costs; and timing of charitable donations. As a percentage of net sales, total 2025 operating expenses were 26.9% compared to 26.4% last year.

2025 年全年營運總支出為 6.27 億美元，成長 6.5%，主要原因是變動激勵成本；人員成本（包括遣散費相關成本）；數位訂閱成本；以及慈善捐款的時間安排。2025 年總營運費用佔淨銷售額的百分比為 26.9%，而去年為 26.4%。

Our full-year 2025 operating expenses included approximately $8 million in severance-related costs, associated with our strategic cost savings initiatives, which we anticipate will deliver annualized cost savings of at least $30 million.

我們 2025 年全年營運支出包括約 800 萬美元的遣散費相關成本，這些成本與我們的策略成本節約計畫有關，我們預計這些計畫每年將節省至少 3,000 萬美元的成本。

To further detail our fourth-quarter SG&A, our research and development; and engineering expenses decreased by 4.8% to $21.1 million, primarily due to the previous reclassification of digital technology from R&D to G&A.

為了更詳細地說明我們第四季的銷售、一般及行政費用，我們的研發和工程費用下降了 4.8%，至 2,110 萬美元，這主要是由於先前將數位技術從研發重新歸類為一般及行政費用。

Selling expenses increased by 6.3% to $56.1 million, primarily due to the higher variable compensation and commissions. On a segment basis, selling expenses in North America were up 5%. In Europe, they were up 10.4%, primarily due to FX.

銷售費用增加 6.3% 至 5,610 萬美元，主要原因是可變薪酬和佣金增加。按業務板塊劃分，北美地區的銷售費用增加了 5%。歐洲股市上漲10.4%，主要受匯率影響。

General and administrative expenses increased by 13.5% to $84.7 million due to the timing of charitable donations, the aforementioned reclassification of digital technology from R&D, severance-related costs, and a negative foreign exchange effect, as well as increases in variable compensation and software costs.

一般及行政費用增加 13.5%，達到 8,470 萬美元，原因是慈善捐款的時間安排、上述將數位技術從研發中重新分類、遣散費相關成本、不利的外匯影響，以及可變薪酬和軟體成本的增加。

As a result, our fourth-quarter consolidated income from operations totaled $74.8 million, a decrease of 2.7%, from $76.9 million. Our consolidated operating income margin was 13.9%, down from 14.9%, last year.

因此，我們在第四季度合併營業收入總計 7,480 萬美元，比上一季的 7,690 萬美元減少了 2.7%。我們的綜合營業利益率為 13.9%，低於去年的 14.9%。

In North America, income from operations decreased 3.6% to $82.3 million due to higher operating expenses, which were partly offset by higher gross profit. Our fourth-quarter operating income margin in North America was 19.7% compared to 21.1%, last year.

在北美，由於營運費用增加，營業收入下降了 3.6%，至 8,230 萬美元，但毛利增加部分抵消了這一影響。我們在北美的第四季營業利潤率為 19.7%，而去年同期為 21.1%。

In Europe, income from operations increased 260% to $2.8 million due primarily to increased gross profit, partly offset by increases in operating expenses due to the negative effect of approximately $2.9 million in foreign currency translation.

在歐洲，營業收入成長了 260%，達到 280 萬美元，這主要是由於毛利增加，但部分被約 290 萬美元的外幣折算負面影響導致的營業費用增加所抵消。

Income from operations included $4.7 million resulting from our footprint optimization and strategic cost-saving efforts to enhance our profitability. Our fourth-quarter operating income margin in Europe was 2.3% compared to 0.7% last year.

營業收入包括 470 萬美元，這得益於我們優化佈局和採取策略性成本節約措施來提高獲利能力。我們第四季在歐洲的營業利潤率為 2.3%，而去年同期為 0.7%。

Our fourth-quarter effective tax rate was 24.8%, approximately 270 basis points below the prior year period. Accordingly, net income totaled $56.2 million or $1.35 per fully diluted share compared to $55.5 million or $1.31 per fully diluted share.

我們第四季的實際稅率為 24.8%，比去年同期低約 270 個基點。因此，淨收入總計 5,620 萬美元，即每股完全稀釋收益 1.35 美元，而去年同期為 5,550 萬美元，即每股完全稀釋收益 1.31 美元。

Adjusted EBITDA for the fourth quarter was $104.7 million, a decrease of 0.9%, resulting in a margin of 19.8%.

第四季調整後 EBITDA 為 1.047 億美元，下降 0.9%，利潤率為 19.8%。

Now, turning to our balance sheet and liquidity:

現在，我們來看看我們的資產負債表和流動性：

Late in the quarter, we amended and restated our credit agreement, which includes a $600 million revolving credit facility and a $300 million five-year term loan. As of December, 31, 2025, we had $74.2 million drawn on the revolver, resulting in $525.8 million of remaining availability.

本季末，我們修改並重述了信貸協議，其中包括 6 億美元的循環信貸額度和 3 億美元的五年期定期貸款。截至 2025 年 12 月 31 日，我們已從循環信貸額度中提取了 7,420 萬美元，剩餘可用額度為 5.258 億美元。

Our debt balance was approximately $374.2 million, down $16.9 million from December 31, 2024. Cash and cash equivalents totaled $384.1 million, resulting in a net cash position of $9.9 million.

我們的債務餘額約為 3.742 億美元，比 2024 年 12 月 31 日減少了 1,690 萬美元。現金及現金等價物總額為 3.841 億美元，淨現金部位為 990 萬美元。

Our inventory position, as of December 31, 2025, was $594.2 million, which was essentially flat compared to December 31, 2024; and includes an approximately $16 million increase from foreign currency translation.

截至 2025 年 12 月 31 日，我們的庫存為 5.942 億美元，與 2024 年 12 月 31 日相比基本持平；其中包括因外幣折算而增加的約 1600 萬美元。

Pounds of inventory on hand in North America were down double digits, with a nearly double-digit increase in cost per pound.

北美地區的庫存量（磅）下降了兩位數，而每磅成本卻增加了近兩位數。

We generated strong cash flow from operations of $155.6 million for the fourth quarter and $458.6 million for the full year of 2025.

我們第四季經營活動產生的現金流強勁，達到 1.556 億美元，2025 年全年預計達到 4.586 億美元。

With regard to capital allocation, our strategy remains duly focused on growth and shareholder returns. In 2025, we invested $161.5 million for capital expenditures, including our investments for facility upgrades and expansions; $47.6 million in dividends to our stockholders; and $120 million in repurchases of our common stock.

在資本配置方面，我們的策略仍以成長和股東回報為重點。2025 年，我們投資了 1.615 億美元用於資本支出，包括設施升級和擴建投資；向股東支付了 4,760 萬美元的股息；以及回購了 1.2 億美元的普通股。

As previously announced in October, the Board authorized a new share repurchase program for 2026 to repurchase up to $150 million worth of our shares through the end of 2026. This reflects our confidence in the long-term prospects of the business and our commitment to returning capital to shareholders.

正如 10 月宣布的那樣，董事會批准了一項新的 2026 年股票回購計劃，將在 2026 年底前回購價值高達 1.5 億美元的股票。這反映了我們對公司長期前景的信心，以及我們對股東回報資本的承諾。

Next, I'll turn to our 2026 financial outlook, Based on business trends and conditions, as of today, February 9, our guidance for the full year ending December 31, 2026, is as follows:

接下來，我將談談我們對 2026 年的財務展望。根據截至今日（2 月 9 日）的業務趨勢和狀況，我們對截至 2026 年 12 月 31 日的整個財年的業績預期如下：

We expect our consolidated operating margin to be in the range of 19.5% to 20.5%.Additional key assumptions include a slightly lower overall gross margin, based on imposed tariffs and increased depreciation costs; an expected $3 million to $5 million of footprint optimization costs in Europe; and a projected $10 million to $12 million benefit on the sale of vacant land.

我們預計合併後的營業利益率將在19.5%至20.5%之間。關鍵假設包括：由於徵收關稅和折舊成本增加，整體毛利率略有下降；預計在歐洲進行佈局優化的成本為 300 萬至 500 萬美元；以及預計出售空置土地可獲得 1000 萬至 1200 萬美元的收益。

Our effective tax rate is estimated to be in the range of 25% to 20%, including both federal and state income tax rates, based on current tax laws.

根據現行稅法，包括聯邦和州所得稅在內的實際稅率估計在 20% 到 25% 之間。

Finally, our capital expenditures outlook is expected to be in the range of $75 million to $85 million.

最後，我們的資本支出預期將在 7,500 萬美元至 8,500 萬美元之間。

In summary, we closed out a strong 2025 despite a challenging market environment. We continue to execute with discipline across the business.

總而言之，儘管市場環境充滿挑戰，我們仍然在 2025 年取得了強勁的業績。我們將繼續在整個業務範圍內保持嚴謹的執行力。

Our pricing actions helped offset tariff-related cost pressures, supporting margin resilience, even as we navigated higher input costs. Cost savings initiatives implemented in the fall are beginning to take hold and will drive meaningful efficiencies, as we move into 2026.

我們的定價策略有助於抵銷關稅相關的成本壓力，即使在投入成本上升的情況下，也能維持利潤率的韌性。秋季實施的成本節約措施開始奏效，並將推動效率的顯著提高，直至 2026 年。

As we look ahead, remain committed to disciplined capital deployment, supported by our expanded share repurchase authorization and our plan to return at least 35% of free cash flow to shareholders.

展望未來，我們將繼續致力於穩健的資本部署，並擴大股票回購授權，同時計劃將至少 35% 的自由現金流返還給股東。

With that, I will now turn the call over to the operator to begin the Q-and-A session.

接下來，我將把電話轉交給接線員，開始問答環節。

Thank you. We'll now be conducting a question-and-answer session.

謝謝。接下來我們將進行問答環節。

(Operator Instructions)

（操作說明）

Dan Moore, CJS Securities.

Dan Moore，CJS Securities。

Hi. This is [Will], on for Dan.

你好。我是威爾，替丹上線。

Can you talk about the upside and downside cases to your outlook for flat North American housing starts? Can you also add some more color to your expectations for Simpson's growth in that environment?

您能否談談您對北美房屋開工量持平的預期有哪些利好和不利因素？您能否再詳細闡述您對辛普森在這種環境下成長的期望？

Hello, Will. Good to talk to you.

你好，威爾。很高興和你聊天。

Will, as you know, the last couple of years, housing market forecast has started pretty optimistically and ended flat to down. Our view, just taking into account last year -- as an example, we were coming into 2025, think it was going to be up 2 percentage points to 3 percentage points -- we think, now, based off the consensus, it's going to be down maybe 2 percentage to 3 percentage points so 400 basis points to 500 basis points, 600 basis points swing.

威爾，如你所知，過去幾年，房地產市場預測起初相當樂觀，但最終都持平或下跌。僅以去年為例，我們當時認為，到 2025 年，經濟成長率將上升 2 到 3 個百分點。而現在，根據普遍共識，我們認為經濟成長率可能會下降 2 到 3 個百分點，也就是 400 到 500 個基點，甚至 600 個基點的波動。

As a result of that, we're really taking a conservative view on the market this year. Our assumptions are basically flattish. We're going to be pretty careful about how we invest until we really see the market pick up significantly.

因此，我們今年對市場採取了非常保守的看法。我們的假設基本上是扁平的。在市場真正顯著回暖之前，我們會非常謹慎地進行投資。

If you look at how we've done versus the market -- and let's use 2020 as the anchor year because 2020, housing starts are roughly the same as 2025 -- we've outpaced the market from a volume perspective by roughly 300 basis points. That's not always going to be a straight line up.

如果看看我們與市場相比的表現——讓我們以 2020 年作為基準年，因為 2020 年的房屋開工量與 2025 年大致相同——從數量的角度來看，我們已經比市場領先了大約 300 個基點。那並不總是一條直線。

Well, some years may be, plus or minus, a little bit one way or another. Over the long haul, though, we hope to consistently be in that long-term average, though.

嗯，有些年份可能會稍微偏向某一邊或另一邊。但從長遠來看，我們希望能夠一直維持在長期平均值之內。

Will, this is Matt.

威爾，這位是馬特。

If you look at how that impacts our growth, as you asked, on the second part of your question, we expect to continue to outperform the market at some level, consistent to, what Mikewas saying, historical average, knowing it's not always a perfect straight line at that historical average.

如您所問，在您問題的第二部分，如果我們考察一下這會對我們的增長產生怎樣的影響，我們預計會繼續在一定程度上跑贏市場，與邁克所說的歷史平均水平保持一致，但我們知道，歷史平均水平並不總是一條完美的直線。

We do have some carryover impact of the pricing that we took in 2025, partly through the year.

2025 年的定價策略確實會產生一些延續影響，部分影響將持續到今年。

And then, the middle of our guidance of [19.5] to [20.5] is that 20% mark that we want to be at. So we believe we can get to that 20% in a flattish market.

然後，我們指導範圍的中間值 [19.5] 到 [20.5] 就是我們希望達到的 20% 的水平。所以我們相信，即使在市場較為平穩的情況下，我們也能達到 20% 的目標。

And then, if there's upside in the market, that would provide upside. If the housing starts turn out to be down again, obviously, that creates some risk that we would have to work through but we wanted to capture that in our overall guide.

然後，如果市場有上漲空間，也會帶來收益。如果房屋開工量再次下降，顯然會帶來一些風險，我們需要克服這些風險，但我們希望在我們的整體指南中體現這一點。

Thank you. That's very helpful.

謝謝。那很有幫助。

Just one more: In Europe, can you add some more color to the outlook for growth, entering 2026? What steps can you take to enhance growth, should the overall market remains stagnant?

最後一個問題：您能否再詳細闡述歐洲在進入 2026 年時的成長前景？如果整體市場持續停滯不前，您可以採取哪些措施來促進成長？

First, we're very happy with the progress the European team has made over the last year. We've seen a meaningful improvement in margin.

首先，我們對歐洲隊在過去一年中的進步感到非常滿意。我們已經看到利潤率有了顯著提高。

We believe they're also growing above the European market. It's a mix, based off the country and the segments that we're operating in. They've made some good progress.

我們認為它們的成長速度也高於歐洲市場。這是根據我們所在國家和我們所經營的細分市場而定的綜合方案。他們取得了一些不錯的進展。

The indications, from a market perspective -- let me just do market.

從市場角度來看，種種跡象顯示——讓我只談談市場吧。

For the European, our European footprint is roughly low-single digits for this year. We are seeing a little bit little bit of an uptick there. The European strategy, really, is to focus on the markets we're in, with the products and solutions that we're in; and the customers we're currently serving to just basically expand share and continue to roll out new innovations across those markets.

今年，我們在歐洲的業務規模約為個位數。我們看到這方面略有上升。歐洲策略實際上是專注於我們現有的市場、產品和解決方案，以及我們目前服務的客戶，從而擴大市場份額，並繼續在這些市場推出新的創新產品。

If we do that, we hope to continue to drive above-market growth in Europe, as well. As you know, Will, the ambition there is we want to get the European business focused on profitability.

如果我們這樣做，我們希望也能繼續在歐洲實現高於市場平均的成長。威爾，你也知道，我們的目標是讓歐洲業務專注於獲利。

We are targeting 15% in the midterm. We do need a little bit of growth to get us there. So we're being cautious on our investments and over-indexing on profitability in Europe.

我們的目標是中期目標達成15%。我們確實需要一些發展才能達到目標。因此，我們在投資方面比較謹慎，並過度重視歐洲的獲利能力。

Trey Grooms, Stephens.

Trey Grooms，Stephens。

Hey, Mike and Matt. How are you?

嘿，麥克和馬特。你好嗎？

Good, Trey.

好，特雷。

Good, Trey. How are you doing?

好，特雷。你好嗎？

Doing well. Thanks.

一切順利。謝謝。

I wanted to maybe stick with the end-market outlook. You're talking about flattish on the housing front. Sorry if I missed this but maybe if you could dive into any expectations you have around the Commercial side or maybe [R&R] here in the US.

我原本想繼續關注終端市場前景。你指的是房屋市場相對平坦的情況。如果我錯過了這則訊息，請見諒。不過，您能否詳細談談您對美國商業方面或[R&R]方面的任何期望？

Yeah. If you if you look at last year -- let's start with that -- the Commercial business -- and we use a provider, [Dodge], to help us narrow the numbers.

是的。如果你看看去年——我們就從去年開始——商業業務——我們聘請了一家供應商[道奇]來幫助我們縮小數字範圍。

When we look at the commercial starts, again, relative to our business, we think the market growth was down mid-single digits last year. We're anticipating the market growth for the Commercial business to be, I believe, right around flattish for the year, maybe up 1% or 2%; to be determined, as things develop.

當我們再次審視商業開工情況時，相對於我們的業務而言，我們認為去年的市場成長率下降了個位數中段。我認為，我們預計商業市場的成長率今年將基本持平，可能成長 1% 或 2%；具體情況還有待觀察。

If you look at National Retail, for 2025, National Retail, when we use Cleveland Research, that is a big bucket that we're looking at that was up low-single digits.The market forecast for the National Retail business -- and what I've heard from some of the big-box retailers -- is flat to low-single digit, going forward.

如果觀察2025年的全國零售業，根據克利夫蘭研究公司的數據，這是我們關注的大型領域，其成長率僅為個位數。全國零售業的市場預測——以及我從一些大型零售商那裡了解到的情況——是未來將保持穩定或個位數成長。

Again, our ambition is, overall, we want to grow the company faster than US housing starts but, in each of those individual segments, we want our businesses to outperform those markets, as well.

再次強調，我們的目標是，整體而言，公司的發展速度要超過美國房屋開工量的成長速度，但在每個細分市場，我們也希望我們的業務能夠超越這些市場。

Yepah. Got it. Okay. Thank you for that.

是的。知道了。好的。謝謝。

And then, Matt, maybe if we could dive into your comment earlier on gross margin outlook for '26, expecting maybe a slightly lower gross margin percent. You went through some of the things there.

然後，Matt，我們或許可以深入探討你之前關於 2026 年毛利率前景的評論，你預計毛利率百分比可能會略有下降。你在那裡經歷過一些事情。

But if you could maybe dive in a little deeper on the puts-and-takes. You mentioned we're gonna see some carryover pricing benefits. I know there's probably still some negative incremental impacts from tariff costs rolling through those types of things.

但如果你能更深入地研究一下投球和接球就好了。您提到我們將看到一些價格上的優惠延續到未來。我知道關稅成本可能也會透過這些途徑產生一些負面影響。

Maybe you could help us bridge into the gross margin expectation for slightly lower this year.

或許您可以幫助我們應對今年略低於預期的毛利率。

Sure. We put a couple extra slides this time, Trey, in our investor deck to give a bridge or a waterfall on Q4 revenue and then, total '25 revenue to back up some of the numbers we're talking here.

當然。Trey，這次我們在投資者簡報中多加了幾張投影片，用來展示第四季度收入的概況，以及 2025 年的總收入，以佐證我們在這裡討論的一些數字。

But let's talk price first. The price increases that we took during 2025, one, was effective late Q2, middle of or early June and then, second was -- middle of October is when it went in effect. I know it's quite a bit smaller than the first one on some of our tariff items.

但我們先來談談價格。我們在 2025 年採取的兩次價格上漲，第一次是在第二季末、6 月中旬或上個月初生效，第二次是在 10 月中旬生效。我知道它比我們某些關稅項目上的第一個要小得多。

But $100 million of annualized pricing, you'll see in those charts that I referenced that we've realized about $60 million of that during 2025 so an incremental [$40 million] flowing through essentially in first half of 2026.

但從我提到的那些圖表中可以看到，1億美元的年度定價中，我們在2025年已經實現了大約6000萬美元，因此，在2026年上半年基本上還有4000萬美元的增量流入。

From a tariff standpoint, we also have about $100 million of annualized tariff cost. Those map a little bit differently, when you look at them across fiscal years, because the tariffs didn't start until partway through the year.

從關稅角度來看，我們每年還有大約 1 億美元的關稅成本。從財政年度來看，這些情況略有不同，因為關稅直到年中才開始實施。

And then, we also had inventory to cover us for a little bit at the beginning there. Now, what you're seeing as we exit Q4 into Q1 is that essentially, all the products that are on its way out our doors are fully tariffed. And so you have the dynamic of, at the end of the day, on an annualized basis, about a $100 million in pricing and a $100 million in tariff-related cost increase, which creates some gross margin erosion in and of itself by just being the same absolute dollars.

而且，我們還有一些庫存，可以暫時應付初期的一些情況。現在，隨著我們結束第四季度進入第一季度，您會看到，基本上所有即將出廠的產品都已完全加徵關稅。因此，最終的結果是，按年計算，價格上漲約 1 億美元，關稅相關成本增加約 1 億美元，這本身就會造成毛利率下降，因為絕對金額相同。

And then, from a timing standpoint, a little bit more favorable in '25; a little bit less of that favorability in '26. You put the mix between those two bucket shifts a little bit.

從時間角度來看，2025 年的情況稍微有利一些；2026 年的情況則沒那麼有利一些。你要稍微調整一下這兩個班次之間的混合比例。

Put that with a little bit of increased depreciation from our new facilities. Certainly, there were some cost offsets by getting into new those new facilities so that's not a huge driver, necessarily. It's really a tariff story.

再加上我們新設施帶來的少量增加的折舊。當然，啟用這些新設施確實抵消了一些成本，所以這不一定是主要驅動因素。這其實是關稅問題。

But expecting that gross margin to be down a little bit in 2026. That's assuming no more incremental tariffs and not planning any further price increases

但預計到 2026 年毛利率會略有下降。前提是不再增加關稅，也不計劃進一步漲價。

But that's all included in our overall guide of getting to that 20%. That's the midpoint of our operating income guide.

但這都包含在我們達到 20% 目標的整體指南中。這是我們營業收入預期值的中點。

Yeah. Got it. Okay. Thank you for that. It was super helpful; going through the detail.

是的。知道了。好的。謝謝。講解細節非常有幫助。

Since the outlook for the EBIT margin (inaudible) getting into that -- or operating income margin getting to that 20% range at your midpoint, as you mentioned, sounds like -- there's the SG&A. Like, you're going to see some leverage there, benefiting some of the cost-outs and some things like that.

鑑於 EBIT 利潤率（聽不清楚）的前景——或者如您所說，營業利潤率達到 20% 的中點——還有銷售、一般及行政費用。例如，你會看到一些槓桿作用，從而降低一些成本等等。

Is that the right way to forecast or model in the SG&A?

這是預測或模擬銷售、一般及行政費用（SG&A）的正確方法嗎？

Yeah. Absolutely. We've referenced the cost savings initiative work that we started earlier this year -- or, sorry, in 2025, during late Q3 or early Q4.

是的。絕對地。我們提到了今年稍早啟動的成本節約計畫工作——或者，抱歉，是 2025 年，也就是第三季末或第四季初。

We saw a little bit of savings from that in Q4. But it was more than offset by the cost of it, from a severance and restructuring standpoint. We're expecting absolute operating expense dollars to be down in fiscal 2026.

我們在第四季從中節省了一些成本。但從遣散費和重組的角度來看，其成本遠遠超過了收益。我們預計 2026 財年的絕對營運支出金額將會下降。

I don't know if we sized it. But in the $10 million to $15 million range, in absolute, versus the 2025 endpoint.

我不知道我們是否測量過尺寸。但與 2025 年的最終目標相比，絕對值在 1000 萬美元到 1500 萬美元之間。

We're certainly going get some leverage there as a percentage of net sales.

我們肯定能從淨銷售額的百分比中獲得一些優勢。

Got it. Thanks, again, for taking my question.

知道了。再次感謝您回答我的問題。

Yeah. Sorry. Go ahead, Mike.

是的。對不起。請繼續，麥克。

Remember, that includes some FX impact that we are also seeing in Europe.

請注意，這其中也包括我們在歐洲看到的匯率波動所帶來的影響。

Yeah. That includes about a $5 million expected FX hurt in OpEx in '26. Even with that down [10 million] to [15 million], which, if you think about it, we size that $30 million of cost savings from the cost savings initiatives that we took on.

是的。其中包括預計 2026 年營運支出中因外匯波動造成的約 500 萬美元損失。即使將成本降低到 1000 萬到 1500 萬，但仔細想想，我們採取成本節約措施，節省的成本也達到了 3000 萬美元。

We got a little bit of the savings in Q4. Majority of it is already starting in 2026; a few offsets, exchange rates, certainly, as well as there are other inflationary costs that go up, from a benefit standpoint thing.

我們在第四季節省了一些資金。大部分措施已於 2026 年開始實施；一些抵銷措施、匯率當然也會受到影響，此外還有其他通膨成本上升，從收益的角度來看也是如此。

But, even with all of that, we're expecting total OpEx to be down $10 million to $15 million versus 2025 (inaudible).

但即便如此，我們預計總營運支出仍將比 2025 年減少 1,000 萬至 1,500 萬美元（聽不清楚）。

Perfect. Thanks so much for the excellent color. Best of luck. Thank you.

完美的。非常感謝您提供的優質顏色。祝你好運。謝謝。

Thanks, Trey.

謝謝你，特雷。

Tim Wojs, Baird.

提姆·沃伊斯，貝爾德。

Hey, guys. Good afternoon. Thanks for the time.

嘿，夥計們。午安.感謝您抽出時間。

One of the things you haven't mentioned, Matt, is steel. It has perked up here, recently. Is that just something you're you're pretty comfortable with this year, just given the inventory timing and those types of things? How do we think about steel in the gross margin bridge this year, relative to what's in there?

馬特，你漏掉了一樣東西，那就是鋼鐵。最近這裡的情況有好轉。鑑於今年的庫存時間和類似情況，你對這種情況感到比較放心嗎？今年，相對於橋樑建設中的其他因素，我們該如何看待鋼材在橋樑建設中的比例？

Tim, let me let me start.

提姆，讓我先開始吧。

Remember, we're buying a 150-plus different flavors so there's not a direct correlation to some of the stuff that you see in the market. We also use spot buys. We're not on a contract that typically see some of the big swings that you maybe see in the in the latest market data.

請記住，我們購買的是 150 多種不同的口味，所以它與你在市場上看到的某些東西沒有直接關聯。我們也採用現貨購買的方式。我們的合約通常不會像最新的市場數據那樣大幅波動。

Yeah. And then, Tim, I'd say we're we're comfortable where we're at and what we're seeing in steel prices with what we've included in the guide. As you know, we do these spot buys. We tend to get at least a few months out ahead, in terms of having steel coverage and inventory or, at least, sitting at the processors ready to go so not expecting any impact on our gross margin, based on what we know now.

是的。然後，蒂姆，我想說，我們對目前的狀況以及我們在指南中提到的鋼鐵價格感到滿意。如您所知，我們進行的是現貨採購。我們通常會提前幾個月做好準備，確保鋼材供應和庫存充足，或者至少鋼材已經存放在加工廠隨時可以投入使用，因此根據我們目前掌握的信息，預計不會對我們的毛利率產生任何影響。

Obviously, steel change significantly. We'd have to revisit the pricing equation. But what we're seeing now is we're not expecting to have to do that in '26.

顯然，鋼材會發生顯著變化。我們需要重新審視定價公式。但我們現在看到的是，我們預計在 2026 年不必這樣做。

Okay. Okay. That's helpful.

好的。好的。那很有幫助。

And then, as you guys think about the market in '26 -- I know you use third-party forecast but as you're starting to talk to your customers and how they're starting to prepare for 2026, is that forecast merging with their expectations, as you've gone through the last three to four months?

然後，當你們思考 2026 年的市場時——我知道你們使用第三方預測，但是當你們開始與客戶交談，了解他們如何開始為 2026 年做準備時，在過去三四個月裡，這種預測是否與他們的預期相吻合？

Yes. It is. But I would say, Tim, as you know, we have a very, very fragmented end customer base. We're talking with a lot of the bigger builders. We're seeing their numbers.

是的。這是。但我想說，提姆，正如你所知，我們的終端客戶群非常非常分散。我們正在與許多大型建築商洽談。我們看到了他們的數據。

We do quote Multifamily. We do some take-off work and some engineering work.

我們提供多戶住宅報價。我們做一些起飛工作和一些工程工作。

From a Multifamily perspective, pretty much everywhere -- but the South -- we're seeing things are pretty busy. We're especially optimistic on the western part of The US, where we're seeing some of our partners and customers actually hire people and seeing them at pretty full workloads. That's good news.

從多戶住宅的角度來看，除了南方以外，幾乎所有地方的市場都非常繁忙。我們尤其對美國西部地區感到樂觀，我們看到一些合作夥伴和客戶在那裡實際僱用了員工，他們的工作量都相當大。這是個好消息。

But, you know, we add it all up. We don't really get significantly detailed forecast across all of our markets from our customers. So we're just going with the assumption that we get from Zonda, who's our leading provider in there, because they provide regional data.

但是，你知道，我們會把所有因素加起來。我們實際上無法從客戶那裡獲得所有市場的詳細預測數據。所以我們只是採用了從 Zonda（我們的主要供應商）得到的假設，因為他們提供區域數據。

We're also working with another firm that can give us some local data. We're just gonna be conservative on the forecast until we see an extended pick-up.

我們也與另一家公司合作，該公司可以為我們提供一些本地數據。在看到持續回暖之前，我們會對預測持保守態度。

Okay. And then, the fact that you called out the regional variance, is that just you guys stating the data point that you guys have more content in the South and the West? Is it just as simple as that? Or is there an expectation that that performance by region changes significantly versus what we're seeing today?

好的。然後，你們提到了區域差異，這是否只是你們在陳述一個數據點，即你們在南部和西部擁有更多的內容？事情就這麼簡單嗎？或者，人們是否預期各地區的表現會與我們今天看到的情況相比發生顯著變化？

No. The driver behind that -- and if you look at two markets, in particular, Tim, the California and the Florida markets, over the last couple of years, have been down significantly.

不。造成這種情況的原因是——如果你特別看一下兩個市場，蒂姆，加州和佛羅裡達州的市場，在過去幾年裡，這兩個市場都大幅下滑。

We believe we've got probably 10x the content in those houses that we would something in the middle of US. When those markets slow down, appreciate, significantly, that gets a pretty big headwind.

我們相信，這些房子裡的內容可能是我們在美國中部地區內容的 10 倍。當這些市場放緩或大幅升值時，就會面臨相當大的阻力。

We have not really seen any change in that mix story yet, at this point. We're assuming that's not going to change in, at least, the short term.

目前來看，我們還沒有看到這種混合模式有任何變化。我們假設這種情況至少在短期內不會改變。

That's all part of how we're thinking about the market, going forward, with the assumption that that's going to be roughly flat.

這些都是我們對未來市場趨勢的思考方式，我們假設市場大致將保持穩定。

I think, to answer your question a little further, Tim, we are not implying any difference in our share performance in those markets. It's more of the mix impact of those states being where we have more exposure, based on the content per home.

提姆，我想進一步回答你的問題，我們並不是說我們在這些市場的股票表現有任何不同。更確切地說，是這些州的綜合影響，因為我們在這些州接觸的內容更多，這是基於每個家庭的內容量計算的。

Okay. Yeah. I completely understand. Okay. Awesome, thank you guys.

好的。是的。我完全理解。好的。太棒了，謝謝大家。

All right. Thanks, Tim.

好的。謝謝你，提姆。

Kurt Yinger, DA Davidson.

Kurt Yinger，DA Davidson。

Great. Thanks. Good afternoon.

偉大的。謝謝。午安.

Appreciate the bridge in the presentation. By my map, it might imply North America volumes down maybe mid-single digits, 5% in Q4. As you think about the shape of 2026 and the flat housing starts here, it seems like we still have a gap, at least through the first half.

欣賞簡報中的橋樑設計。根據我的地圖，這可能意味著北美銷量在第四季度會下降個位數百分比，即 5%。當你思考 2026 年的格局以及從這裡開始的平坦住房時，似乎我們仍然存在差距，至少在上半年是如此。

Do you expect that Q4 performance is indicative of how we should be thinking about the first half of the year and then, some improvements in the back half? Any color there would be great.

您是否認為第四季的業績能夠預示我們對上半年的預期，並期待下半年有所改善？任何顏色都行。

Kurt, as you know, it's a little lumpy. We try not to do a quarter-on-quarter comparison. We try to do that trailing twelve-month story.

庫爾特，你知道的，它有點凹凸不平。我們盡量避免進行季度環比比較。我們試著講述過去十二個月的故事。

Again, the census data is not available all the way through the end of the year. But everything we've heard from our customers and all the people that are doing the forecast, volume's gonna be down; housing starts falling. Market, now -- just to be specific -- is going to be down probably 2% or 3% for the year over year. Our best guess.

再次強調，人口普查數據無法提供到年底為止的所有資訊。但我們從客戶和所有做預測的人那裡都聽到，銷量將會下降；房屋開工量將會下降。具體來說，目前市場年比可能會下跌 2% 或 3%。我們的最佳猜測。

As you saw, total company volume down, roughly 1% for the year. US, a little bit lower than that.

正如你所看到的，公司總銷量下降，全年下降約 1%。美國的情況略低於這個水準。

But, all told, we continue to believe that we can drive good, above-market volume growth. Not every year is going to be perfectly straight up. There's some puts-and-takes. But we tend to believe we've got a good plan, going forward, to continue the long-term average.

但總的來說，我們仍然相信我們能夠實現高於市場平均的良好銷售成長。並非每年都會一帆風順。期間有些出入。但我們傾向於相信，我們已經制定了一個很好的計劃，可以繼續保持長期平均水平。

Okay. Okay. I appreciate that.

好的。好的。我很感激。

If I would just think about the trend in volume performance through year end, where we'll start the year, is there anything that you're seeing or hearing that would suggest we'll see, like, any meaningful inflection of the near term or a little bit of softness lingering to start 2026?

如果我只考慮到年底的銷售表現趨勢，以及我們年初的情況，您是否看到或聽到任何跡象表明，短期內會出現任何有意義的轉折，或者到 2026 年初會出現一些疲軟的跡象？

Yeah. I would just say, if you watch the weather forecast and the weather news, I think, from an overall market perspective, that probably didn't help it. But we're not -- it's too early in the year, Kurt, to comment on that, one way or another.

是的。我想說的是，如果你關注天氣預報和天氣新聞，我認為，從整體市場角度來看，這可能對市場沒有幫助。但是我們現在還不方便——庫爾特，現在談論這件事還為時過早，無論好壞。

Okay. I appreciate that. Just on the $30 million cost reduction, did any of that hit and prove beneficial in Q4? Or is that all a tailwind, as we think about 2026 operating expenses?

好的。我很感激。單就削減 3000 萬美元的成本而言，這些成本削減在第四季度是否產生了任何效果並取得了成效？或者，當我們考慮 2026 年的營運支出時，這是否都是順風？

Yeah. Let's break down the $30 million a little bit, Kurt.

是的。庫爾特，我們來仔細分析這 3000 萬美元。

If you take that $30 million, roughly two-thirds of it is in -- you would see the benefit or you will see the benefit in -- OpEx; and roughly a third of it, you'll see it in cost of goods, behind some non-manufacturing choices that we made.

如果你把這 3000 萬美元拿出來，大約三分之二會體現在營運支出上——你會看到或將會看到營運支出帶來的好處；大約三分之一會體現在商品成本上，這是我們做出的一些非生產性選擇的結果。

We did see a little bit of help in Q4 because a lot of the actions that we took were right at the start of Q4 or even late Q3. But that was offset by the one-time costs, for the most part. It's pretty neutral, in terms of the P&L impact in Q4.

我們在第四季度確實看到了一些幫助，因為我們採取的許多行動都是在第四季度初，甚至是第三季末進行的。但大部分都被一次性成本抵銷了。就第四季的損益影響而言，它相當中性。

And then, we're going to get the incremental savings in 2026, above what we saw in Q4. And then, obviously, we don't have the same amount of one-time costs or restructuring costs in '26; although we did call out, a little bit, that we're going to have -- due to some European footprint optimization.

然後，我們將在 2026 年獲得比第四季更多的額外節省。而且，很顯然，我們在 2026 年不會有那麼多的一次性成本或重組成本；儘管我們確實提到過，由於一些歐洲佈局優化，我們將會有一些東西。

I think the net-net of that is what I was saying earlier, I think, to Trey's question of, we expect absolute OpEx to be down $15 million to $20 million versus where where they ended 2025. That includes $5 million of exchange (inaudible); things we're having to eat on; other things that are going up in costs, in terms of benefits and workforce and things.

我認為總而言之，正如我之前所說，對於 Trey 的問題，我們預計絕對營運支出將比 2025 年底的水平下降 1500 萬至 2000 萬美元。這其中包括 500 萬美元的交換費（聽不清楚）；我們賴以生存的食品；以及其他成本不斷上漲的項目，例如福利、勞動力等等。

We're expecting to see those flow through pretty regularly throughout '26 because the choices and the actions that we've taken are essentially already done. We're starting to realize those benefits.

我們預計這些趨勢將在 2026 年持續發生，因為我們已經做出的選擇和採取的行動基本上已經完成。我們開始意識到這些好處。

Got it. Okay. Thanks for that, Matt.

知道了。好的。謝謝你，馬特。

Lastly, at the outset of the call, you had referenced software and services; that, adding an element to the bridge. Can you maybe provide a little bit more color there; and talk about any ways in which you're maybe incrementally monetizing those, as we look into 2026?

最後，在通話開始時，您提到了軟體和服務；這為溝通橋樑增添了一個元素。您能否再詳細解釋；並談談您在展望 2026 年時，可能會採取哪些逐步實現這些盈利方式？

Yeah. I'll take the first part. And then, Mike, chime in, if you if you want to.

是的。我來回答第一部分。然後，麥克，如果你想的話，也可以插話。

But, as you know, Kurt, the way we used to report volumes is on a pound ship basis, which is really only on things that could be measured in pounds. That was really only applicable for our North America business so it didn't include things like equipment, where we've made acquisitions and investments, a big part of our [go-for-go] story and component manufacturing, as well as software and services.

但是，庫爾特，正如你所知，我們過去報告銷量的方式是以磅為單位的，而這實際上只適用於可以用磅來衡量的東西。這實際上只適用於我們在北美的業務，所以不包括設備（我們在北美進行了收購和投資，這是我們[全力以赴]發展歷程的重要組成部分）和零件製造，以及軟體和服務。

We feel like this is probably a more common way to report volume, backing things out of revenue, in terms of acquisitions, exchange rate, and pricing.

我們認為這可能是報告銷售的一種更常見的方式，即從收入中剔除收購、匯率和定價等因素。

But, as we head into 2026, we -- as you probably saw at some of our events that we've had, where we talked about some of the software development -- are focused on the component manufacturing, latest software; and bringing that to market in 2026, which we believe opens up the largest growth opportunity for us, which is in the hardware side of the component manufacturing but it requires the software to be there.

但是，展望 2026 年，正如您可能在我們舉辦的一些活動中看到的那樣（我們在活動中談到了一些軟體開發），我們專注於組件製造、最新軟體；併計劃在 2026 年將其推向市場，我們相信這將為我們帶來最大的增長機會，即組件製造的硬體方面，但這需要相應的軟體支援。

And then, we also have a number of tools that we're working on, in terms of, like, take-off, services, and software that we believe we can monetize.

此外，我們也正在開發一些工具，例如起飛工具、服務和軟體，我們相信這些工具可以獲利。

It's very early days so wouldn't have anything to call out there.

現在還處於非常早期的階段，所以沒什麼好說的。

Mike, anything to add?

麥克，還有什麼要補充的嗎？

ood summary, Matt; very good summary.

總結得很好，馬特；總結得非常好。

Third, we do believe that there's opportunity for digital services and solutions to help our customers address the affordability story by just making it more productive and having a more accurate bill of materials.

第三，我們相信，數位服務和解決方案有機會透過提高生產效率和提供更準確的物料清單來幫助我們的客戶解決價格承受能力問題。

We've got a new pipeline tool that we released. It's in testing with some customers now.

我們發布了一款新的管線工具。目前正在部分客戶中進行測試。

We are having pipeline, auto take-off tool, that we're developing. We've rolled out estimating services in various parts of the business.

我們正在開發一套管道和自動起飛工具。我們已在公司各部門推出了估價服務。

We think that there's some things that we can do to make a meaningful impact.

我們認為我們可以做一些事情來產生有意義的影響。

The number is not big enough that we, this point, want to share it. But we do think that that'll be part of our longer-term growth story.

這個數字還不夠大，目前我們還不想分享。但我們認為這將是我們長期成長故事的一部分。

Got it. Okay. Appreciate the color, guys. Thank you.

知道了。好的。夥計們，欣賞一下這色彩吧。謝謝。

All right. Thank you.

好的。謝謝。

Thanks, Kurt.

謝謝你，庫爾特。

Thank you.

謝謝。

There are no further questions at this time. With that, this concludes today's teleconference.

目前沒有其他問題了。今天的電話會議到此結束。

You may disconnect your lines at this time. Thank you for your participation.

您可以在此時斷開線路。感謝您的參與。