Sensata Technologies Holding PLC (ST) 2025 Q4 法說會逐字稿

Good day, and welcome to Sensata's fourth quarter and full year 2025 financial results conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to James Entwistle, Senior Director of Investor Relations. Please go ahead.

大家好，歡迎參加 Sensata 2025 年第四季及全年財務業績電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把電話會議交給投資人關係資深總監 James Entwistle。請開始。

Thank you, operator, and good afternoon, everyone. I'm James Entwistle, Senior Director of Investor Relations for Sensata, and I would like to welcome you to Sensata's fourth quarter and full year 2025 financial results conference call. Joining me on today's call are Stephan Von Schuckmann, Sensata's Chief Executive Officer; and Andrew Lynch, Sensata's Chief Financial Officer. In addition to the financial results press release we issued earlier today, we will be referencing a slide presentation during today's conference call. The PDF of this presentation can be downloaded from Sensata's Investor Relations website.

謝謝，接線員，各位下午好。我是 James Entwistle，Sensata 投資人關係資深總監，歡迎各位參加 Sensata 2025 年第四季及全年財務業績電話會議。今天與我一同出席的有 Sensata 執行長 Stephan Von Schuckmann，以及 Sensata 財務長 Andrew Lynch。除了我們今天稍早發布的財務業績新聞稿外，我們也將在今天的電話會議中參考一份簡報投影片。該簡報的 PDF 可於 Sensata 投資人關係網站下載。

This conference call is being recorded and we will post a replay on our Investor Relations website. As we begin, I will reference Sensata's safe harbor statement on slide 2. During this conference call, we will make forward-looking statements regarding future events or the financial performance the company that can involve certain risks and uncertainties. The company's actual results may differ materially from the projections described in such statements. Factors that might cause these differences include, but are not limited to, those discussed in our Forms 10-Q and 10-K, as well as other filings with the SEC.

本電話會議將被錄音，我們也會在投資人關係網站提供重播。在開始之前，我將引用投影片第 2 頁的 Sensata 安全港聲明。在本次電話會議中，我們將就未來事件或公司財務表現發表前瞻性陳述，這些陳述可能涉及若干風險與不確定性。公司的實際結果可能與此類陳述中所描述的預測存在重大差異。可能導致差異的因素包括但不限於我們在 10-Q 與 10-K 表格，以及向 SEC 提交的其他文件中所討論者。

We encourage you to review our GAAP financial statements in addition to today's presentation. Much of the information that we will discuss during today's call will relate to non-GAAP financial measures. Our GAAP and non-GAAP financial measures, including reconciliations are included in our earnings release and the appendices of our presentation materials and in our SEC filings. -- on the business. Andrew will cover our results for the fourth quarter and full year of 2025, as well as our financial outlook for the first quarter of 2026.

我們鼓勵各位在閱讀今天的簡報之餘，也一併檢視我們的 GAAP 財務報表。我們今天通話中將討論的多數資訊，將與非 GAAP 財務衡量指標相關。我們的 GAAP 與非 GAAP 財務衡量指標（包含調節表）已收錄於我們的財報新聞稿、簡報資料的附錄，以及我們向 SEC 提交的文件中。-- 關於業務方面。Andrew 將說明我們 2025 年第四季與全年業績，以及 2026 年第一季的財務展望。

Stephan will then return for closing remarks. We will then take your questions. Now I would like to turn the call over to Sensata's Chief Executive Officer, Stephan Von Schuckmann.

接著 Stephan 將回來做結語。之後我們將回答各位的提問。現在我想把電話會議交給 Sensata 執行長 Stephan Von Schuckmann。

Thank you, James, and good afternoon, everyone. Let's begin on slide 3. As I typically do at the start of our earnings calls, I would like to begin today with an update on Sensata's transformation journey. Throughout the year, I've spoken about our transformation -- operational excellence, capital allocation and growth, along with the various initiatives which underpin them. These key pillars for value creation are fundamental to everything we do.

謝謝你，James，各位下午好。我們從投影片第 3 頁開始。如同我通常在財報電話會議開場時所做的，我今天想先就 Sensata 的轉型旅程提供最新進展。在這一年中，我談到我們的轉型——營運卓越、資本配置與成長，以及支撐這些面向的各項倡議。這些創造價值的關鍵支柱，是我們一切工作的根本。

Initiatives that we discussed this year are simply building blocks, laying a foundation and withheld our future. As we enter 2026, I'm proud of the work we did to put those building blocks firmly in place, and I'm excited to share more about -- moment to acknowledge the magnitude of what we accomplished this year and to thank the Sensata team for their tremendous work.

我們今年討論的各項倡議只是基石，用以奠定基礎並支撐我們的未來。在邁入 2026 年之際，我為我們所做的工作感到自豪，因為我們已將這些基石穩固到位；我也很期待分享更多內容——同時也想花點時間肯定我們今年完成事項的份量，並感謝 Sensata 團隊的卓越付出。

Our team demonstrated resilience and determination to perform continuously overcoming the many challenges that came our way, and always delivered on our commitments. I'll share more proof points in a moment, but at a high level, as we reflect on the year, the outcome of our 3-pillar approach is compelling. With our focus on operational excellence, reported results, at or above the midpoint of our guidance ranges every quarter this year. With our focus on capital allocation, we created urgency to improve cash generation reducing both gross and net leverage, and returning capital to shareholders.

我們的團隊展現了韌性與決心，持續克服迎面而來的諸多挑戰，並始終兌現我們的承諾。我稍後會分享更多具體佐證，但從高層次回顧這一年，我們三支柱策略的成果相當令人信服。在營運卓越的聚焦下，我們今年每一季的揭露業績都達到或高於我們指引區間的中點。在資本配置的聚焦下，我們以更強的急迫感提升現金創造能力，降低總槓桿與淨槓桿，並將資本回饋給股東。

And with our focus on returning to growth, we overcame structural challenges in our business and end market mix ultimately returning to outgrowth in the second half of 2025, and returning to revenue growth in the fourth quarter. We have a structured way of working, starting with a measure-based approach to prioritize hitting our targets. The compound value over time, we continuously raise the bar setting new targets incrementally higher than the previous ones. This way of working is now ingrained in our organization and is embedded in everything that we do. Maintaining this rigor requires determinant resilient leadership.

而在重返成長的聚焦下，我們克服了業務結構性挑戰與終端市場組合的影響，最終在 2025 年下半年恢復優於市場的成長，並在第四季恢復營收成長。我們有一套結構化的工作方式，從以衡量指標為基礎的方法開始，優先確保達成目標。隨著時間推移，複合價值會累積；我們持續提高標準，設定比前一個目標略高的新目標。這種工作方式如今已深植於我們的組織之中，並融入我們所做的一切。維持這樣的嚴謹度，需要果斷且具韌性的領導力。

Let's turn to slide 4, as I would like to highlight the industry-leading executive team we have assembled over the past year. Our leadership team is a balanced mix of new talent with best-in-class industry experience and proven Sensata of performance. The team has demonstrated that, that will rise to meet the challenge of the moment, and I'm confident that we have the right team in place to lead us through the next phase of our transformation journey. With that, let's turn to slide 5, and I'll share a bit more about this past year's transformation. This year's performance demonstrates not only the progress we made.

接著看投影片第 4 頁，我想強調我們在過去一年所組建的業界領先管理團隊。我們的領導團隊由具備同級最佳產業經驗的新人才，以及已在 Sensata 證明績效的成員所組成，形成均衡的組合。團隊已展現出能在關鍵時刻挺身迎接挑戰的能力，我也有信心我們已具備正確的團隊，帶領我們進入轉型旅程的下一階段。接著看投影片第 5 頁，我將進一步分享過去一年轉型的更多內容。今年的表現不僅展現了我們所取得的進展。

It also sets a benchmark for the organization we expect to be. We finished 2025 with a strong fourth quarter, capping off a year in which we met or exceeded our expectations across each of our key metrics for four consecutive quarters. The results are proof points for the progress we made across each of our key pillars. Let's start with operational excellence. We exited the year with Q4 adjusted operating margin of 19.6%, representing 30 basis points of year-over-year margin expansion despite headwinds from tariffs.

同時也為我們期望成為的組織樹立了標竿。我們以強勁的第四季為 2025 年畫下句點，並在連續四個季度中，於各項關鍵指標上達成或超越我們的預期。這些結果是我們在各個關鍵支柱上取得進展的具體佐證。先從營運卓越談起。我們在年底時，第四季調整後營業利益率為 19.6%，在關稅逆風下仍較去年同期擴張 30 個基點。

With that strong finish in 2025, we delivered on our commitment of 19% adjusted operating margin for the year. This was a major inflection point for us, and it was the first year since 2021, with our year-over-year margin contraction. This is a testament to the resilience we have installed in this business and the seriousness with which we take our commitment to our margin floor of 19%. Free cash flow has been an area of significant focus, and we believe our progress is a leading indicator of the impact to come from the operational improvements we are making. We made significant strides in improving free cash flow this year, generating a record $490 million at a 97% conversion rate.

在 2025 年強勁收官的帶動下，我們兌現了全年調整後營業利益率 19% 的承諾。這對我們而言是一個重要的轉折點，也是自 2021 年以來首次出現年度同比的利潤率收縮。這證明了我們在此業務中所建立的韌性，以及我們對 19% 利潤率底線承諾的嚴肅態度。自由現金流一直是我們高度聚焦的領域，我們相信目前的進展是我們正在推動的營運改善將帶來影響的領先指標。今年我們在提升自由現金流方面取得重大進展，以 97% 的轉換率創下 4.90 億美元的歷史新高。

This conversion rate was an improvement of 21-percentage-points from prior year and is significantly higher than any year in our history, aside from the abnormal 2020 pandemic year. With our strong free cash flow, we accelerated value creation through our capital allocation pillar, returning $191 million to shareholders through buybacks and dividends, while also retiring $354 million of long-term debt in the fourth quarter. Our net leverage now stands at 2.7x trailing 12 months adjusted EBITDA, and with $573 million of cash on hand as of December 31, we have ample liquidity. Our third key pillar is growth. In our long-cycle business, the initiatives we took this year to drive growth will show up in the quarters and years ahead.

此轉換率較前一年提升 21 個百分點，且顯著高於我們歷史上任何一年（除 2020 年疫情造成的異常年度之外）。憑藉強勁的自由現金流，我們透過資本配置支柱加速創造價值，透過庫藏股與股利向股東回饋 1.91 億美元，同時在第四季償還 3.54 億美元的長期債務。目前我們的淨槓桿為過去 12 個月調整後 EBITDA 的 2.7 倍；截至 12 月 31 日，我們持有 5.73 億美元現金，流動性充裕。第三個關鍵支柱是成長。在我們的長週期業務中，我們今年為推動成長所採取的各項舉措，將在未來幾季與未來幾年逐步顯現。

And we're already seeing compelling signs of progress. We delivered on our commitment to return to our growth in the second half of 2025, outgrowing production in Q3 and delivering 4% organic growth in Q4. With this progress, we are doubling down on our growth mandate moving forward. I'm tremendously pleased with the transformation that we've executed this year and the value we created in our first year on this journey. I also want to be clear that we are not done.

而我們已經看到令人信服的進展跡象。我們兌現了在2025年下半年重回成長軌道的承諾，在第三季實現超越產量的成長，並在第四季交出4%的有機成長。基於這些進展，我們將在未來加倍落實我們的成長使命。我對我們今年所推動的轉型，以及在這段旅程第一年所創造的價值感到非常滿意。我也想明確表示，我們尚未完成。

What we have accomplished sets the foundation for an even brighter future. I'm excited to share more about the next phase of our transformation. Turn to slide 6, and I will start by more clearly defining Sensata. Sensata is a uniquely diversified business. We sell sensing and electrical protection products into multiple end markets with automotive being our largest market.

我們所達成的成果為更光明的未來奠定了基礎。我很期待與各位分享我們轉型的下一階段。請翻到第6頁投影片，我將先更清楚地界定Sensata。Sensata是一家獨特且多元化的企業。我們將感測與電氣保護產品銷售至多個終端市場，其中汽車是我們最大的市場。

This, as at times, creates confusion. Some see Sensata as an automotive business with exposure to other end markets. Others see Sensata as a diversified industrial business with outsized automotive exposure. None of you is entirely accurate. As we look towards the next phase of our transformation, we reconsidered how we are organized.

這在某些時候會造成混淆。有些人將Sensata視為一家汽車業務為主、同時涉足其他終端市場的公司。另一些人則將Sensata視為一家多元化的工業企業，但汽車曝險偏高。你們的看法都不完全正確。在展望轉型下一階段時，我們重新思考了組織架構。

We look at factors such as business cycles, market cycles, customer mix and go-to-market strategy. After careful evaluation, we reorganized Sensata to three operating segments, each with a distinct mandate for value creation and growth. These three segments are Automotive, which was approximately 57% of 2025 revenue, Industrials, which was approximately 21% of 2025 revenue, and Aerospace, Defense and Commercial Equipment, which is approximately 22% of 2025 revenue. Each operating segment is aligned to market verticals that are clearly delineated by customers, sales channels, growth drivers and business cycles. Automotive is a relatively mature end market with a limited underlying production growth, making this a market outgrowth driven segment.

我們考量的因素包括景氣循環、產業循環、客戶組合以及市場進入策略。經過審慎評估後，我們將Sensata重組為三個營運事業部門，每個部門都有明確的價值創造與成長使命。這三個部門分別為：汽車（約占2025年營收的57%）、工業（約占2025年營收的21%），以及航太、國防與商用設備（約占2025年營收的22%）。各營運部門皆對應清楚的垂直市場，並可依客戶、銷售通路、成長驅動因素與景氣循環明確區隔。汽車屬於相對成熟的終端市場，基礎產量成長有限，因此該部門屬於以「超越市場成長」為驅動的部門。

We enjoy high volumes and revenue certainty -- to underlying vehicle production because our products are designed in on long-lived vehicle platforms. We outgrow production by increasing our content on vehicle platforms and by positioning the business to succeed on all propulsion technologies. Our ability to -- regardless of propulsion type is an enviable position in the automotive market compared to many of our peers and competitors who are levered primarily to either ICE, or E. This also positions us to grow in all geographies despite delivering powertrain trends. Industrials is a highly diversified and primarily short cycle business with a mix of direct to OEM distribution channel and project-based sales.

由於我們的產品被設計導入於壽命長的車型平台，因此我們享有高出貨量與營收確定性——與底層車輛產量高度連動。我們透過提高在車型平台上的單車搭載價值（content），並讓業務能在所有動力型式上取得成功，以實現超越產量的成長。我們能夠——不論動力型式——都具備競爭力，這在汽車市場中相較許多同業與競爭者（主要押注於ICE或E）是一項令人稱羨的優勢。這也使我們即使在動力系統趨勢分化下，仍能在所有地區成長。工業部門則是高度多元、以短週期為主的業務，銷售模式包含直接面向OEM的通路、經銷通路以及專案型銷售。

Our Industrial segment includes derivatives of sensor products from our other end markets, as well as products developed specifically for industrial applications, such as gas leak detection and certain electrical protection devices. Because the industrial segment is so diversified, it offers the most growth opportunity in terms of new applications, or markets for our products. This includes several areas with secular growth such as thermal management, grid hardening and data centers. Aerospace, defense and commercial equipment is also highly diversified, but is more long cycle and platform-driven. The end markets we serve include commercial aviation, defense, commercial trucking, construction equipment and agricultural equipment.

我們的工業部門包含源自其他終端市場的感測產品衍生型，也包含專為工業應用開發的產品，例如氣體洩漏偵測以及特定電氣保護裝置。由於工業部門高度多元，因此在新應用或新市場方面，為我們的產品提供了最大的成長機會。其中包含多個具長期結構性成長的領域，例如熱管理、電網強韌化以及資料中心。航太、國防與商用設備同樣高度多元，但週期更長且以平台為驅動。我們服務的終端市場包括商用航空、國防、商用卡車、工程機械與農業機械。

-- significantly longer than in automotive, often spanning multiple decades. The applications for our products typically support long service lives often in harsh environments, leading to much higher specifications and their premium price point for higher durability. Each of the markets we serve in this segment experienced cyclical growth. Cyclicality is influenced by macroeconomic factors, as well as by government policies such as defense spending, environmental standards, tax incentives and farm subsidies. As a result, we see a confluence of different cycles, often affording us the flexibility to manage the segment by balancing contracyclicality.

——其週期顯著長於汽車，往往跨越數十年。我們產品的應用通常支援長使用壽命，且多在嚴苛環境中運作，因此規格要求更高，並因更高耐久性而具備溢價定價。我們在此部門所服務的各個市場都呈現週期性成長。週期性受總體經濟因素影響，也受政府政策影響，例如國防支出、環境標準、稅賦優惠與農業補貼。因此，我們看到多種不同週期的匯聚，往往使我們能透過平衡逆週期因素，更具彈性地管理該部門。

Historically, the market thought of Sensata is having high automotive concentration and therefore, being a market outgrowth business in a low growth market. Sensata's growth history, as to a certain extent, reinforced that view. As we think about value creation moving forward, we see a much wider field of opportunity which is best summarized in our 3-part growth framework. Let's turn to slide 7. First, we design, produce and sell sensing and electrical protection products in multiple end markets, each with the different growth dynamics I just described.

過去市場認為Sensata汽車集中度高，因此在低成長市場中屬於以「超越市場成長」為主的企業。Sensata過往的成長表現，在某種程度上也強化了這種觀點。但在思考未來的價值創造時，我們看到更廣闊的機會版圖，最能以我們的三段式成長框架加以總結。請翻到第7頁投影片。第一，我們在多個終端市場設計、製造並銷售感測與電氣保護產品，而各市場具有我剛才描述的不同成長動能。

Second, we leverage our automotive scale and pedigree to our advantage. The high volumes and production certainty afford us the flexibility to manage through market volatility in our other end markets while underwriting growth investments. At the high quality and delivery standards in automotive enable us to win in other markets. Third, we use the common characteristics of our most successful programs to set -- guardrails for new business opportunities. That means we stick to our core products and technologies, while focusing on high-volume platform-driven business opportunities, serving mission-critical or regulated applications.

第二，我們善用汽車業務的規模與資歷優勢。高出貨量與產量確定性，使我們能在其他終端市場面對波動時保持彈性，同時為成長投資提供支撐。此外，汽車領域的高品質與交付標準，也讓我們能在其他市場勝出。第三，我們運用最成功專案的共同特徵，為新的業務機會設定——護欄（guardrails）。這意味著我們堅守核心產品與技術，同時聚焦於高出貨量、平台驅動的商機，服務於關鍵任務或受監管的應用。

As we develop growth strategies for each of our segments, we have been disciplined about filtering the market for growth opportunities that fit this framework, and we're excited about the opportunities we see. With that, I would now like to offer a glimpse into the next phase of our transformation, accelerating value creation by delivering growth in each of our segments. Let's turn to slide 8. and I will discuss our automotive segment, where our mandate is to foster our core business while delivering growth across all --. Recently, we have seen content accretive business opportunities on plug-in hybrid vehicles, or [PFS], and extended -- electric vehicles or [ERAS].

在為各部門制定成長策略時，我們嚴謹地篩選符合此框架的市場成長機會，並對所看到的機會感到振奮。接下來，我想讓各位一窺我們轉型的下一階段：透過在各部門實現成長，加速價值創造。請翻到第8頁投影片。我將先談汽車部門；我們的使命是在鞏固核心業務的同時，推動在所有——上的成長。近期，我們在插電式混合動力車（plug-in hybrid）或[PFS]，以及延程——電動車或[ERAS]上，看到了單車搭載價值提升（content accretive）的商機。

As vehicle type is particularly attractive for Sensata. Allow me to illustrate as we turn to slide 9. Approximately off of the dollar value of content that we have on a traditional ICE vehicle is outside of the powertrain and thus is still relevant on an EV. This includes sensor sockets in air conditioning and brake systems, as well as tire pressure sensors. On a typical EV, we see these same sensor socket, as well as additional content opportunity from electrical protection sockets in the electric power drain and charging architecture.

這類車型對Sensata尤其具有吸引力。請允許我在翻到第9頁投影片時加以說明。我們在傳統ICE車輛上的單車搭載價值中，約有——美元的部分位於動力系統之外，因此在EV上仍然適用。這包括空調與煞車系統中的感測器插座，以及胎壓感測器。在典型EV上，我們看到同樣的感測器插座，此外在電力汲取與充電架構中，還有來自電氣保護插座的額外搭載機會。

In aggregate, our content per vehicle opportunity on an EV is approximately -- ICE. In between ICE and EV are various hybrid platforms. -- hybrid will look more like an ICE vehicle while a plug-in hybrid, or range extender, will be more like an electric vehicle. Let's turn to slide 10 to unpack this further. In an automotive market that is expected to be approximately flat.

整體而言，我們在EV上的單車搭載機會約為——ICE。介於ICE與EV之間的是各種混合動力平台。——混合動力車看起來更像ICE車，而插電式混合動力車或增程式（range extender）則更像電動車。請翻到第10頁投影片以進一步拆解。在預期大致持平的汽車市場中。

[PF] and [RF] production is expected to grow 17% and over the balance of the decade, we expect a 12% CAGR for these vehicle types. The content potential on a plug-in hybrid or range extender is attractive due to the availability of all three socket categories. ICE powertrain, high-voltage electrical petition, and sensor content outside of the powertrain. As these vehicles win in the market, we expect that will emerge as a meaningful outgrowth driver for us and yet another proof point for our competitive advantage in not being indexed to any propulsion technology. Now let's turn to slide 11 and take a look at Industrials.

[PF]與[RF]的產量預期將成長17%，而在本十年剩餘期間，我們預期這些車型的年複合成長率（CAGR）為12%。由於三類插座皆可導入，插電式混合動力車或增程式車型的搭載潛力相當吸引人。包括ICE動力系統、高電壓電氣保護，以及動力系統之外的感測器搭載。隨著這些車型在市場上勝出，我們預期其將成為我們重要的「超越市場成長」驅動因素，也再次證明我們的競爭優勢：不受任何單一動力技術所制約。現在請翻到第11頁投影片，來看看工業部門。

Our Industrial segment has a strategic mandate to deliver growth across three key technology areas. Power and peak management, thermal management and electrical protection. We see demand over these products in multiple areas, including HVAC, appliances, buildings and microgrid. One of the most compelling growth vectors is data centers, and I'd like to briefly kick down to share more about where we see opportunity. Let's turn to slide 12.

我們的工業事業部肩負策略性使命，要在三大關鍵技術領域推動成長。電力與峰值管理、熱管理以及電氣保護。我們看到這些產品在多個領域都有需求，包括暖通空調（HVAC）、家電、建築與微電網。其中最具吸引力的成長動能之一是資料中心，我想簡要往下切換，分享我們看到的機會所在。請翻到第12頁投影片。

In the past, we have shared that we have some content in data centers today, but that we are underpenetrated in this market. These opportunities span our key industrial product areas. As you can see illustrated on this page, the content opportunity inside the data center is significant. Turning to slide 13. There are meaningful opportunities outside the data center as well.

過去我們曾分享，我們目前在資料中心已有一些產品內容，但在這個市場的滲透率仍偏低。這些機會橫跨我們的關鍵工業產品領域。如本頁所示，資料中心內部的內容機會相當可觀。請翻到第13頁投影片。此外，在資料中心之外也同樣存在重要機會。

One of our growth initiatives in 2026 is to expand our share in data centers. What I can share today is that in the fourth quarter of 2025, we stood up an initiative to deliver growth in data centers. We reallocated some of our top performers to the critical growth initiative. And as we demonstrated in 2025, we take execution of our initiatives seriously. I look forward to sharing positive updates here as the year progresses.

我們在2026年的成長計畫之一，是擴大我們在資料中心的市占率。我今天可以分享的是，在2025年第四季，我們啟動了一項推動資料中心成長的計畫。我們將部分頂尖績效人才重新配置到這項關鍵成長計畫上。而且正如我們在2025年所展現的，我們非常重視各項計畫的執行。隨著今年進展，我期待在此分享更多正面的更新。

Lastly, I will discuss our Aerospace, Defense and Commercial Equipment segment, starting on slide 14. We serve multiple market verticals in the segment, which can be grouped as aviation, ground transportation and off-highway equipment. We have a dual mandate for this segment to position the business, to weather market cycles and to grow our aerospace and defense business into a more meaningful part of the portfolio. We see ample opportunities for revenue growth in the super cycle that is developing across both commercial aviation and defense. With that, again, I will briefly click down to share a bit more about where we play and where we see opportunity.

最後，我將從第14頁投影片開始，討論我們的航太、國防與商用設備事業部。我們在該事業部服務多個市場垂直領域，可歸納為航空、地面運輸與非公路設備。我們對此事業部有雙重使命：一是讓業務定位得以因應市場循環，二是將航太與國防業務成長為投資組合中更具份量的一部分。我們看到在商用航空與國防兩者正在形成的超級循環中，存在充足的營收成長機會。因此，我也將再次簡要往下切換，分享我們的布局以及我們看到的機會。

Let's turn to slide 15. Aerospace is one of our smaller and often overlooked market verticals today, yet it is one of the -- of our portfolio with high margins and outstanding growth potential. Earlier, I talked about our automotive pedigree. In aerospace, pedigree matters too. Being in-flight on commercial airlines is the gold standard, and we're [in fly] today.

請翻到第15頁投影片。航太目前是我們較小、且經常被忽略的市場垂直領域之一，但它也是我們投資組合中具備高毛利與卓越成長潛力的領域之一。先前我談到我們在汽車領域的資歷與傳承。在航太領域，資歷同樣重要。能在商用航空公司飛機上實際服役是黃金標準，而我們今天已經[在飛]。

Both -- and aircraft circuit breakers. Given the backlog for commercial aircraft, we expect meaningful growth from this part of our portfolio. With increased defense spending as a key secular trend, let's turn to slide 16 and take a look at their sector. UAVs of a high-volume platform-driven opportunities for both sensing and electrical protection products, perfectly aligned to the growth framework I described. We look forward on future calls to sharing more about our progress on accelerating growth in this key end market.

兩者——以及飛機用斷路器。鑑於商用飛機的訂單積壓，我們預期這部分投資組合將帶來顯著成長。在國防支出增加這一關鍵長期趨勢帶動下，請翻到第16頁投影片，看看該領域。無人機（UAV）帶來高量、平台驅動的機會，涵蓋感測與電氣保護產品，與我所描述的成長框架完全一致。我們期待在未來的電話會議中，分享我們在加速這個關鍵終端市場成長方面的進展。

With that, I will now turn the call over to Andrew to offer more insights on Q4 and full year results, as well as to share our outlook for 2026 and guidance for the first quarter.

接下來，我將把電話會議交給Andrew，請他就第四季與全年業績提供更多洞見，並分享我們對2026年的展望以及第一季的指引。

Thank you, Stephan, and good afternoon, everyone. Let's begin on slide 18. As Stephan mentioned earlier, 2025 was a transformative year for us as we rolled out new initiatives framed around three key pillars. Our Q4 and full year results are proof points for the progress we made. We reported revenue of $918 million for the fourth quarter of 2025, which exceeded the midpoint of our guidance range by $13 million.

謝謝你，Stephan，各位下午好。我們從第18頁投影片開始。如Stephan先前提到，2025年對我們而言是轉型的一年，我們推出了以三大關鍵支柱為架構的新計畫。我們第四季與全年業績是我們所取得進展的佐證。我們公布2025年第四季營收為9.18億美元，較我們指引區間的中點高出1,300萬美元。

Fourth quarter revenue represented an increase of $10 million, or approximately 1%, compared to $908 million in the fourth quarter of 2024. This was the first year-over-year quarterly revenue increase since the first quarter of 2024. On an organic basis, revenue increased approximately 4% year-over-year in the fourth quarter. We delivered adjusted operating income of $180 million and adjusted operating margin of 19.6% in the fourth quarter of 2025, an increase of 30 basis points, both sequentially and year-over-year. Adjusted operating margin was diluted by approximately 30 basis points due to approximately $15 million of zero margin, pass-through revenues related to tariff recovery.

第四季營收較2024年第四季的9.08億美元增加1,000萬美元，約成長1%。這是自2024年第一季以來，首次出現季度營收年增。以有機基礎計算，第四季營收年增約4%。我們在2025年第四季達成調整後營業利益1.80億美元，調整後營業利益率為19.6%，較前一季與去年同期皆提升30個基點。由於與關稅回收相關、約1,500萬美元的零毛利轉嫁收入（pass-through revenues），調整後營業利益率被稀釋約30個基點。

Excluding the dilutive impact of tariff pass-through, fourth quarter adjusted operating margin increased by 60 basis points year-over-year, and 40 basis points sequentially. Tariff pass-through revenues did not meaningfully impact sequential performance as we recorded similar levels of tariff cost and pass-through revenues in both the third and fourth quarter of 2025. Adjusted earnings per share of $0.88 in the fourth quarter of 2025 increased by $0.14 year-over-year as we delivered on our margin expansion plans. Adjusted net income was $130 million in the fourth quarter of 2025 -- approximately 16% year-over-year. We recorded approximately $50 million of restructuring related and other charges in the fourth quarter.

若排除關稅轉嫁的稀釋影響，第四季調整後營業利益率較去年同期提升60個基點，較前一季提升40個基點。關稅轉嫁收入對環比表現並未造成顯著影響，因為我們在2025年第三季與第四季記錄的關稅成本與轉嫁收入水準相近。2025年第四季調整後每股盈餘為0.88美元，年增0.14美元，反映我們落實了擴大利潤率的計畫。2025年第四季調整後淨利為1.30億美元——約年增16%。我們在第四季認列約5,000萬美元的重整相關及其他費用。

While these charges primarily related to our ongoing transformation efforts, they also included approximately $16 million -- related to an electric vehicle program cancellation by an OEM customer. These costs were excluded from our non-GAAP financial metrics. Now let's turn to slide 19 to review our financial performance for the full year 2025. 2025 revenue was $3.70 billion, compared to $3.93 billion in 2024, a decrease of 6%, primarily due to our previously disclosed divestitures and product life cycle management actions. On an organic basis, revenues were approximately flat year-over-year against the challenging market backdrop.

雖然這些費用主要與我們持續進行的轉型工作相關，但也包含約1,600萬美元——與某家OEM客戶取消電動車專案相關。這些成本已自我們的非GAAP財務指標中排除。現在請翻到第19頁投影片，回顧我們2025年全年的財務表現。2025年營收為37.0億美元，較2024年的39.3億美元下降6%，主要原因是我們先前已揭露的資產剝離以及產品生命週期管理措施。以有機基礎計算，在充滿挑戰的市場環境下，營收與去年同期大致持平。

We delivered $705 million of adjusted operating income in 2025, which was a decrease of 6% from $749 million in 2024, primarily due to lower revenue. -- flat to 2024 despite the 6% lower revenue as our productivity gains offset any deleveraging impacts. 2025 adjusted operating margin was diluted by approximately 20 basis points due to approximately $40 million of zero margin pass-through revenues related to tariff recovery. Excluding the dilutive impact from tariff recovery, 2025 adjusted operating margin increased by 20 basis points year-over-year. 2025 adjusted earnings per share of $3.42 decreased by $0.02 year-over-year, and 2025 adjusted net income of $503 million decreased by approximately $16 million year-over-year -- due to product divestitures. Adjusted net income as a percentage of net revenue increased by 40 basis points year-over-year, from 13.2% in 2024 to 13.6% in 2025. Now let's turn to slide 20 to discuss our free cash flow performance. We delivered record free cash flow of $490 million in 2025, an increase of 25% compared to 2024 free cash flow of $393 million. Free cash flow conversion was 97% of adjusted net income, an increase of 21-percentage-points year-over-year.

我們在2025年達成7.05億美元的調整後營業利益，較2024年的7.49億美元下降6%，主要因營收較低。——儘管營收下降6%，但在生產力提升抵銷任何營運槓桿下降影響下，仍與2024年大致持平。2025年調整後營業利益率因與關稅回收相關、約4,000萬美元的零毛利轉嫁收入而被稀釋約20個基點。若排除關稅回收的稀釋影響，2025年調整後營業利益率較去年同期提升20個基點。2025年調整後每股盈餘為3.42美元，年減0.02美元；2025年調整後淨利為5.03億美元，年減約1,600萬美元——主要由於產品剝離。調整後淨利占淨營收比重年增40個基點，從2024年的13.2%提升至2025年的13.6%。現在請翻到第20頁投影片，討論我們的自由現金流表現。我們在2025年創下4.90億美元的自由現金流新高，較2024年的3.93億美元增加25%。自由現金流轉換率為調整後淨利的97%，較去年同期提升21個百分點。

In 2025, we reduced net leverage from 3.0x trailing 12-month adjusted EBITDA as of December 31, 2024, to 2.7x as of December 31, 2025. In the fourth quarter, we took advantage of favorable bond market conditions [higher] $354 million of our long-term debt. In connection with this transaction, we recorded a net gain of approximately $3 million, which we excluded from our adjusted operating results. Turning to slide 21. We returned $191 million to shareholders in 2025, which consisted of $121 million in share buybacks, and $70 million in dividend payments.

在 2025 年，我們將淨槓桿率從截至 2024 年 12 月 31 日之過去 12 個月調整後 EBITDA 的 3.0 倍，降至截至 2025 年 12 月 31 日的 2.7 倍。在第四季，我們把握有利的債券市場條件，以較高價格回購了 3.54 億美元的長期債務。與此交易相關，我們認列約 300 萬美元的淨收益，並將其排除在我們的調整後營運結果之外。接著看第 21 頁投影片。我們在 2025 年向股東回饋 1.91 億美元，其中包括 1.21 億美元的庫藏股回購，以及 7,000 萬美元的股利支付。

Last month, we announced our first quarter 2026 dividend of $0.12 per share payable on February 25 to shareholders of record as of February 11. Our capital allocation strategy continues to prioritize deleveraging as a means to compound value for our shareholders. ROIC in the fourth quarter increased to 10.6%, which is an improvement of 40 basis points year-over-year compared to the fourth quarter of 2024. Now let's turn to slide 22, and I will walk through the results for our segments for the fourth quarter of 2025. In connection with the reorganization that Stephan described, our reporting segments are now automotive, industrials and aerospace, defense and commercial equipment.

上個月，我們宣布 2026 年第一季每股 0.12 美元的股利，將於 2 月 25 日支付給截至 2 月 11 日登記在冊的股東。我們的資本配置策略仍以去槓桿為優先，作為為股東複利增值的手段。第四季的 ROIC 提升至 10.6%，較 2024 年第四季年增 40 個基點。現在讓我們看第 22 頁投影片，我將說明 2025 年第四季各事業部門的業績。配合 Stephan 所描述的重整，我們的報導部門現為汽車、工業，以及航太、國防與商用設備。

This new segmentation reflects a reorganization of our business and leadership to align with our strategic imperatives, and to most effectively execute our strategy. With this new reporting structure, we look forward to giving investors enhanced visibility into our business results and the ongoing progress of our transformation journey. Growth is an increasingly important metric for us as we move to this next phase of our transformation journey. We were pleased that each of our segments delivered year-over-year organic revenue growth in the fourth quarter. Automotive segment net revenue was $527 million in the fourth quarter of 2025, a decrease of approximately 1% year-over-year on a reported basis, primarily due to product divestitures.

此一新的分部劃分反映了我們在業務與領導團隊上的重整，以配合我們的策略要務，並最有效地執行我們的策略。在此新的報導架構下，我們期待能讓投資人更清楚掌握我們的業務成果，以及我們轉型旅程的持續進展。隨著我們邁向轉型旅程的下一階段，成長對我們而言是愈來愈重要的衡量指標。我們很高興第四季各分部皆實現年對年有機營收成長。2025 年第四季汽車分部淨營收為 5.27 億美元，按報導基礎年減約 1%，主要係因產品處分所致。

Organically, revenue increased approximately 1% year-over-year, which was approximately in line with the market. Segment adjusted operating income was approximately $129 million in the fourth quarter of 2025, or 24.4% of segment revenue, representing year-over-year margin expansion of 100 basis points. Industrial segment net revenue was $191 million in the fourth quarter of 2025, an increase of 6% year-over-year on a reported basis, and 8% organically. This strong year-over-year growth was driven by continued growth in our gas leak detection business. Segment adjusted operating income was $59 million in the fourth quarter of 2025, or 30.9% of segment revenue, representing year-over-year margin expansion of 620 basis points.

以有機口徑計，營收年增約 1%，大致與市場表現一致。2025 年第四季分部調整後營業利益約為 1.29 億美元，約占分部營收的 24.4%，年對年毛利率擴張 100 個基點。2025 年第四季工業分部淨營收為 1.91 億美元，按報導基礎年增 6%，有機成長 8%。此一強勁的年對年成長主要由我們氣體洩漏偵測業務的持續成長所帶動。2025 年第四季分部調整後營業利益為 5,900 萬美元，約占分部營收的 30.9%，年對年利潤率擴張 620 個基點。

Finally, aerospace, defense and commercial equipment, segment net revenue in the fourth quarter of 2025 was $199 million, which grew approximately 4% year-over-year on a reported basis, and 7% organically. Segment adjusted operating income was approximately -- or 28.1% of segment revenue, representing year-over-year margin expansion of 310 basis points. Adjusted corporate and other costs include higher variable compensation costs associated with the improved segment performance. Before we get to our guidance for the first quarter of 2026 and outlook for the year, I will share what we are seeing in our end markets. Let's turn to slide 23.

最後，航太、國防與商用設備分部在 2025 年第四季的分部淨營收為 1.99 億美元，按報導基礎年增約 4%，有機成長 7%。分部調整後營業利益約為 --，或占分部營收的 28.1%，年對年利潤率擴張 310 個基點。調整後公司與其他成本包含因分部表現改善而增加的變動薪酬成本。在我們提供 2026 年第一季指引與全年展望之前，我將分享我們在終端市場看到的情況。讓我們看第 23 頁投影片。

In automotive, we saw Q4 light vehicle production growth of a modest 2%. For the year, we saw light vehicle production growth of nearly 4%, with market in China growing 10%, while production in the West, where we have higher content per vehicle, decreased by 1%. Looking ahead to 2026, we expect global light vehicle production to be flat to down 1%, with similar trends across each region. In Q1, we expect global light vehicle production to decrease by 3% to 4%, and then we expect modest year-on-year production growth each quarter thereafter. In our Industrial segment, 2025 GDP growth was just under 2% in the West, and just over 4% in Asia.

在汽車方面，我們看到第四季輕型車產量僅小幅成長 2%。就全年而言，輕型車產量成長接近 4%，其中中國市場成長 10%；而在西方地區（我們每輛車的內容價值較高），產量則下降 1%。展望 2026 年，我們預期全球輕型車產量將持平至下降 1%，各地區趨勢相近。在第一季，我們預期全球輕型車產量將下降 3% 至 4%，之後每一季預期皆有溫和的年對年產量成長。在我們的工業分部，2025 年西方 GDP 成長略低於 2%，亞洲則略高於 4%。

We expect similar regional growth differences in 2026 including in the first quarter. Our industrials business is primarily indexed to housing, construction and HVAC, and we continue to see soft end market demand and limited year-on-year market growth, as the market works through the drawdown of inventory that was built up in response to tariffs and regulatory changes. We expect this drawdown to continue through the first half 2026, and we are optimistic that market expectations for lower interest rates set up a second half recovery. In our Aerospace, Defense and Commercial Equipment segment, North America on-road truck production decreased 26% year-over-year in 2025, and decreased 22% in the fourth quarter. We are expecting similar decreases through the first half of 2026, followed by modest recovery in the second half, with an overall production decrease in the mid-single digits for the year.

我們預期 2026 年（包括第一季）也將出現類似的區域成長差異。我們的工業業務主要與住宅、建築與 HVAC（暖通空調）相關，我們仍看到終端市場需求疲弱、年對年市場成長有限，因市場正在消化因應關稅與法規變動而建立的庫存下修。我們預期此一去庫存將持續至 2026 年上半年；同時，我們對市場對較低利率的預期可帶動下半年復甦抱持樂觀。在我們的航太、國防與商用設備分部，北美公路用卡車產量於 2025 年年對年下降 26%，第四季下降 22%。我們預期 2026 年上半年仍將出現類似降幅，下半年溫和復甦，全年整體產量降幅為中個位數百分比。

However, as this end market recovers in the second half of 2026 and ramps sequentially from the first half, it will be margin accretive for us. In aerospace and defense, we saw low single-digit blended growth for both Q4 and full year 2025, and we are expecting similar growth throughout 2026. With that, let's turn to slide 24, and I will walk through our expectations for the first quarter of 2026. We expect first quarter revenue of $917 million to $937 million. Adjusted operating income of $168 million to $175 million.

然而，隨著此終端市場在 2026 年下半年復甦，並自上半年起逐季爬升，這將對我們的利潤率具有增益效果。在航太與國防方面，我們在 2025 年第四季與全年皆看到低個位數的綜合成長，並預期 2026 年全年也將維持類似成長。接著讓我們看第 24 頁投影片，我將說明我們對 2026 年第一季的預期。我們預期第一季營收為 9.17 億至 9.37 億美元。調整後營業利益為 1.68 億至 1.75 億美元。

Adjusted operating margins of 18.4% to 18.6%, adjusted net income of $118 million to $125 million, and adjusted earnings per share of $0.81 to $0.85. At the midpoint of our guidance range, we expect year-over-year revenue growth of approximately 2%, year-over-year operating income growth of approximately 3%, year-over-year adjusted operating margin expansion of 20 basis points, and year-over-year EPS growth of $0.05 per share. At the midpoint of our guidance range, we have assumed approximately $12 million of tariff cost and pass-through revenues (technical difficulty) our guidance and tariff assumptions are based on trade policies and tariff rates in effect as of February 18, 2026, and do not incorporate any impacts from potential changes to trade policies. As we discussed last quarter, our Q1 guidance range reflects Q4 to Q1 margin seasonality related to the timing of customer pricing, supply chain productivity and inventory turns. We have taken measures to improve this dynamic, which is reflected in the 110 basis point step down at the midpoint of our guide, compared to the approximately 200 basis points experienced during the reference period of 2015 to 2019.

調整後營業利益率為 18.4% 至 18.6%，調整後淨利為 1.18 億至 1.25 億美元，調整後每股盈餘為 0.81 至 0.85 美元。以指引區間中點計，我們預期營收年對年成長約 2%，營業利益年對年成長約 3%，調整後營業利益率年對年擴張 20 個基點，以及每股盈餘年對年增加每股 0.05 美元。以指引區間中點計，我們假設約 1,200 萬美元的關稅成本與轉嫁收入（技術性困難）我們的指引與關稅假設係以截至 2026 年 2 月 18 日生效的貿易政策與關稅稅率為基礎，且未納入任何潛在貿易政策變動所帶來的影響。如同我們在上季所討論，我們第一季指引區間反映第四季到第一季的利潤率季節性，與客戶定價時點、供應鏈生產力與庫存周轉的時序相關。我們已採取措施改善此一動態，這反映在我們指引中點的 110 個基點下滑，相較於 2015 至 2019 年參考期間約 200 個基點的下滑。

Similar to 2025, a we expect margins to normalize to 19% or better in the second quarter, and then expand each quarter thereafter. While we are not providing full year guidance, I would like to share some early thoughts on our outlook for 2026. We currently expect low single-digit year-over-year revenue growth. We expect to participate in market growth in both our industrial and aerospace, defense and commercial equipment segments, and we expect to deliver market outgrowth in our Automotive segment. Precious metals pricing has emerged as a headwind for us to mitigate in 2026.

與 2025 年類似，我們預期第二季毛利率將回歸常態至 19% 或更高，並在此後每一季逐季擴張。雖然我們不提供全年指引，但我想分享一些對 2026 年展望的初步想法。我們目前預期營收年增率為低個位數。我們預期在工業，以及航太、國防與商用設備兩大事業部門中參與市場成長，並預期在汽車事業部門實現優於市場的成長。貴金屬價格已成為我們在 2026 年需要加以因應的逆風。

Our most significant exposures are silver, gold and platinum, all of which we hedge, affording us time to work through pricing with our customers. With the work we did to mitigate tariffs last year, we developed a toolkit of measures, which we are now deploying to manage precious metals inflation. We do not see risk to our Q1 guide associated with metals. On a full year basis, we expect to offset any precious metals headwinds through a combination of supply chain optimization, product redesign, and pass-through of these costs to our customers. Our cost recovery muscle is well developed, and we take margin resilience seriously.

我們最主要的曝險來自白銀、黃金與鉑金，這些我們都有進行避險，讓我們有時間與客戶協商並消化定價。透過去年為降低關稅影響所做的工作，我們建立了一套措施工具箱，現在正用來管理貴金屬通膨。我們不認為金屬因素會對我們的第一季指引構成風險。以全年來看，我們預期將透過供應鏈最佳化、產品重新設計，以及將成本轉嫁給客戶等組合方式，抵銷任何貴金屬逆風。我們的成本回收能力相當成熟，我們也非常重視毛利率的韌性。

We reiterate our annual margin floor of 19%. However, we are targeting margin expansion of at least 20 basis points on a full year basis. Finally, with respect to free cash flow. We were thrilled with our 2025 free cash flow performance, converting at 97% of adjusted net income, which allowed us to accelerate the execution of our deleveraging plans. As we look ahead to 2026, we may see slightly lower free cash flow conversion than what we delivered in 2025, particularly in the first half of the year.

我們重申年度毛利率底線為 19%。不過，我們的目標是在全年基礎上至少擴張 20 個基點。最後，關於自由現金流。我們對 2025 年自由現金流表現非常滿意，自由現金流轉換率達調整後淨利的 97%，這使我們得以加速去槓桿計畫的執行。展望 2026 年，我們的自由現金流轉換率可能會略低於 2025 年的水準，尤其是在上半年。

First quarter seasonality is impacted by variable compensation payments related to prior year performance, which in 2026, are approximately $20 million -- than they were in 2025 due to the stronger underlying performance. We have a (technical difficulty) in first and third quarter. Consequently, we expect Q1 free cash flow conversion to be our seasonally lowest quarter, and likely below our 2025 results, primarily due to the higher variable compensation payments. On a full year basis, we are targeting performance in the high 80s, well above the 80% floor that we established last year. With that, I will now turn the call back to Stephan.

第一季的季節性受到與前一年績效相關的變動薪酬支付影響；在 2026 年，該金額約為 2,000 萬美元——由於基本面表現更強，較 2025 年更高。我們在第一季與第三季有（技術問題）。因此，我們預期第一季的自由現金流轉換率將是季節性最低的一季，且可能低於 2025 年的結果，主要因為變動薪酬支付較高。以全年來看，我們目標是達到接近 90%（高 80% 區間）的表現，明顯高於我們去年設定的 80% 底線。接下來，我把電話交回給 Stephan。

Thank you, Andrew. Let's turn to slide 25, and I will make a few closing remarks. I'm tremendously pleased with the 2025 results that Andrew just shared. We are in the early stages of what we expect will be a multiyear transformation journey. However, these results are evidence of just how significantly our business has changed for the better in such a short period of time.

謝謝你，Andrew。我們來看第 25 頁投影片，我做幾點結語。我對 Andrew 剛分享的 2025 年成果感到非常滿意。我們正處於我們預期將是多年轉型旅程的早期階段。不過，這些成果證明了在如此短的時間內，我們的業務已經出現多麼顯著、且朝更好方向的改變。

As we look ahead to 2026, we're in a fundamentally different place than we were a year ago. We have built an organization that is intensely focused on execution, and we have adopted a highly structured way of working. We start with KPIs that are designed to create value. We underpin those KPIs with targets that are benchmark driven, always against best-in-class performance. For each target, we define metrics, against which we regularly evaluate progress.

展望 2026 年，我們所處的位置與一年前已根本不同。我們建立了一個高度聚焦執行的組織，並採用高度結構化的工作方式。我們從旨在創造價值的 KPI 開始。我們以由標竿驅動的目標來支撐這些 KPI，始終以同級最佳表現作為對標。針對每一項目標，我們定義衡量指標，並定期依此評估進度。

And behind those metrics are a pipeline of measures each with accountable owners. The structured style of working is deeply ingrained in our organization. While 2025 was indeed a compelling proof point that our approach is working, maximizing value creation must always be our goal. Unlocking value means continuously raising the bar. As we turn the corner into 2026, we must build upon the foundation we laid in 2025.

而在這些衡量指標背後，是一系列措施的管線，每一項都有明確的負責人。這種結構化的工作風格已深植於我們的組織之中。雖然 2025 年確實是我們方法奏效的有力證明，但最大化價值創造必須始終是我們的目標。釋放價值意味著持續拉高標準。當我們邁入 2026 年之際，必須在 2025 年奠定的基礎上再接再厲。

We have taken bold steps to do exactly that. We have reorganized our business (inaudible) growth and end market careeristics and specific growth mandates. We developed a clear framework to which to pursue growth and we installed the right leadership team, including new segment leaders to execute the next phase of our transformation journey. As with everything we do, the goal of this transformation is value creation. And that is how we will measure our success.

我們已採取大膽的步驟來做到這一點。我們已依據（聽不清）成長與終端市場特性，以及具體的成長任務，重新組織我們的業務。我們建立了清晰的成長推進框架，並配置了合適的領導團隊，包括新的事業部門領導人，以執行我們轉型旅程的下一階段。如同我們所做的一切，這次轉型的目標是創造價值。而這也將是我們衡量成功的方式。

I could not be more excited for what is ahead. The future is bright, and I look forward to updating you on our progress along the way. I'll turn the call back to James for Q&A.

我對未來的發展感到無比振奮。前景光明，我也期待在過程中向各位更新我們的進展。我把電話交回給 James 進行問答。

Thank you, Stephan and Andrew. We will now move to Q&A. In order to ensure adequate time for all participants to ask a question we will limit each participant to one question. Should you wish to ask a follow-up question, please -- to the queue. Operator, please introduce the first question.

謝謝你，Stephan 和 Andrew。我們現在進入問答環節。為了確保所有與會者都有足夠時間提問，我們將每位與會者限制為一個問題。若您希望追問，請——回到隊列中。接線員，請介紹第一個問題。

(Operator Instructions) Wamsi Mohan, Bank of America.

（接線員指示）美國銀行的 Wamsi Mohan。

Yes, thank you so much. Stephan, given the transformation underway where you made a lot of progress here, can you just talk about how you see the longer-term revenue potential of the portfolio? I appreciate your 2026 guidance that you have given. But how should investors think about the ultimate, like, revenue growth potential here over a longer period of time, especially since you have emphasized how key that is to your strategy?

是的，非常感謝。Stephan，鑑於你們正在進行的轉型且已取得不少進展，你能否談談你如何看待這個投資組合的長期營收潛力？我很感謝你提供的 2026 年指引。但投資人應該如何從更長的時間維度來思考最終的、例如營收成長潛力，特別是你一直強調這對你們策略有多關鍵？

Hi, Wamsi, Thanks for the question. So I think it's very important to mention that the overall growth opportunity that we've shown you on this slide today and especially in the call and in the different segments. That is real. So it's definitely real growth. We have different products, different solutions for each segment.

嗨，Wamsi，謝謝你的提問。我認為很重要的一點是要提到，我們今天在這張投影片上向各位展示的整體成長機會，尤其是在電話會議中以及各個事業部門所談到的。那是真實存在的。所以這絕對是真實的成長。我們在每個事業部門都有不同的產品、不同的解決方案。

We feel that's real, and that's definitely also the next building block of value creation. Secondly, we have a very clear growth matter per segment. And also equally important to mention we have the right team in place to execute this growth. So we've had our -- points, as we've mentioned in the call, and Sensata has returned back to growth in the second half of 2025. And additional to that, we have a broad opportunity for growth across all products and all segments.

我們認為那是真實的，而這也絕對是價值創造的下一個基石。第二，我們針對各事業部門都有非常清晰的成長主題。同樣重要的是，我們也已具備正確的團隊來執行這項成長。因此我們已經有了我們的——一些要點，如同我們在電話會議中提到的，Sensata 在 2025 年下半年已回到成長軌道。除此之外，我們在所有產品與所有事業部門上，都有廣泛的成長機會。

So if you ask me I feel really good about the growth opportunities that we have in 2025, and I feel equally optimistic around the growth opportunities that we've shown in each and every segment in 2027 and onwards.

所以如果你問我，我對我們在 2025 年的成長機會感到非常樂觀，而對於我們在 2027 年及之後、在每一個事業部門所展示的成長機會，我同樣感到非常樂觀。

Yes, there's still a lot of work to do. And we still need to penetrate some of these markets and some we're in like I've mentioned, but I feel very confident that we're on a good track and I feel very confident about growth going forward, 2027 and onwards.

是的，仍然還有很多工作要做。我們仍需要在其中一些市場加深滲透，還有一些我們已在其中，如我提到的，但我非常有信心我們正走在正確的軌道上，也非常有信心未來的成長，從 2027 年及之後。

Joe Giordano, TD Cowen.

Joe Giordano，TD Cowen。

Hi guys, thanks for taking my question. Look, I think you guys explained the segmentation well in terms of like thought process behind it. My first initial thought when I saw it was, okay, two of these segments are fairly small. And this is a company like focused on efficiency. So Stephan, can you talk to me how you balance like, okay, now we have three reporting structures, three presidents. You kind of add a little like -- I don't want -- bureaucracy is the wrong word there, clearly.

各位好，謝謝讓我提問。我認為你們就分部劃分背後的思考邏輯解釋得很清楚。我第一個直覺想法是，好吧，這裡面有兩個分部規模相當小。而這是一家強調效率的公司。所以 Stephan，你能跟我談談你們如何在「好，現在我們有三個申報架構、三位總裁」之間取得平衡嗎？你們等於增加了一點——我不想——官僚這個詞不太對，顯然不是那個意思。

But like you had more kind of fixed structure there. How do you weigh that against what you're getting by separating it this way?

但就像是你們有了更多偏固定的組織架構。你們如何權衡這點，與用這種方式拆分所帶來的收益？

I'll let Andrew start on the fixed cost to actual part on the overhead and -- jump in on.

我先讓 Andrew 從固定成本、實際的管理費用（overhead）這部分開始——然後我再補充。

Yes. So Joe, I mean, just from a cost perspective, you're right, we've added a little bit of cost to the overhead structure here in our corporate costs and we expect that to be sort of the normalized run rate moving forward, take variable compensation costs out. That was a little higher in Q4. But in general, we expect the second half run rate to sort of be our normalized run rate moving forward. We expect that to pay for itself.

是的。所以 Joe，從成本角度來看，你說得沒錯，我們在公司成本中的管理費用架構確實增加了一點成本，我們預期這會是未來正常化的常態運行水準（把變動薪酬成本排除在外）。第四季那部分稍微高一些。但整體而言，我們預期下半年（H2）的運行水準會是我們未來的正常化運行水準。我們預期這會自我回收成本。

I mean the expectation is that that's an investment. And with that investment will drive growth and margin expansion in each of our segments that more than offset that incremental cost. And I'll let Stephan talk to the thinking around strategy here.

我的意思是，我們的預期是這是一項投資。而透過這項投資，將推動我們各分部的成長與毛利率擴張，足以抵銷這些新增成本。我讓 Stephan 談談這裡的策略思考。

Exactly. So Joe -- -- the resegmentation, and we mentioned it in the script, is all about value creation. And we've been executing, which is the first -- around value creation. But if you look at the second building block, which is everything around growth, we felt that with this segmentation, this gives us this level of opportunity and allow me to order benefit strategically. So the resegmentation is anchored in our end markets, and I think that's very important around value creation.

沒錯。所以 Joe————這次重新分部（resegmentation），我們在講稿裡也提到，核心就是價值創造。而我們一直在執行，這是第一個——圍繞價值創造。但如果你看第二個基石，也就是所有與成長相關的部分，我們認為透過這樣的分部劃分，能給我們這個層級的機會，並讓我能以策略角度來排序並獲取效益。因此，重新分部是以我們的終端市場為錨點，我認為這對價值創造非常重要。

It also reflects how we structurally manage and operate the business at Sensata, despite now having three instead of two segments. What it also does, it strengthens alignment with our strategic pillars, so driving focused growth and again, operational excellence, which was a focus in 2025, and does is by recognizing the distinct characteristics and value drivers of each segment. That alone is for me, value-creating -- and define accountability supported by designated leadership, which is responsible for executing these very segment specific strategies. So that's our path to value creation by splitting up into three segments coming from two in the past.

它也反映了我們在 Sensata 結構性地管理與營運業務的方式，儘管現在從兩個分部變成三個分部。此外，它也強化了與我們策略支柱的一致性，也就是推動聚焦成長，以及再次強調營運卓越（這是 2025 年的重點），其做法是辨識各分部不同的特性與價值驅動因素。光是這一點，對我而言就是創造價值——並且透過指定的領導層來界定責任歸屬，這些領導者負責執行各分部非常特定的策略。所以，這就是我們從過去兩個分部拆分為三個分部、以實現價值創造的路徑。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

Hi team, you have a bond on for Mark.

各位好，我是代 Mark 上線的。

Thank you for taking the question. The company mentioned that they're targeting, low single-digit outgrowth in the auto segment in 2026. And you previously talked about targeting bookings with domestic OEMs in Asia and China. Can you maybe talk a little more about how those bookings with the domestics have been tracking and to what extent that and other factors are underpinning the low single-digit outgrowth expectation in 2026? Thank you.

謝謝讓我提問。公司提到你們在 2026 年汽車分部的目標是低個位數的超越市場成長（outgrowth）。你們先前也談到，目標是在亞洲與中國爭取本土 OEM 的訂單（bookings）。能否再多談一些，這些與本土 OEM 的訂單進展如何？以及這點與其他因素在多大程度上支撐你們 2026 年低個位數超越市場成長的預期？謝謝。

Yes. Absolutely. Thanks for the question. You want to start?

是的。當然。謝謝你的問題。你要先開始嗎？

So let me jump in first and then Andrew -- ahead. So to the point in winning a [dental] business in Asia. Let me expand the following way. So since the last call -- so let me start -- So what we've -- what we've done, and this has been very supportive in the business development in these last couple of months. First of all, we've strengthened our Asia team from an organizational point of view.

那我先補充，然後 Andrew——接著說。關於在亞洲贏得（聽不清）業務這點。我用以下方式展開說明。自上次電話會議以來——我先從——我們所做的事情開始說，這在過去幾個月的業務開發上非常有幫助。首先，從組織角度來看，我們強化了亞洲團隊。

So we've implemented a [China] President, and you saw that in the beginning, a gentleman called Jackie. Jackie has been highly successful within China and winning new business. And since the last call that we had together, Jackie has one additional business, specifically with Chinese OEMs. So it's been very successful, and I feel very bullish about that. We've been -- we've been winning business with contactors, but also with other content around sensing.

我們設立了 [China] 總裁，你們在一開始也看到一位叫 Jackie 的先生。Jackie 在中國內部非常成功，也贏得了新業務。而自從上次我們一起開會以來，Jackie 又拿下了一筆新增業務，特別是來自中國 OEM。所以進展非常順利，我對此非常樂觀。我們一直——我們一直在接觸器（contactors）方面贏得業務，也在其他與感測（sensing）相關的內容上有所斬獲。

And it's been a great part for us, utilizing our plants and -- with broad business wins. Now addition to that. So if I look at the -- allow me to look at the region, maybe a little bit more from a broader perspective. We've also won good business in Japan. And let me give you one specific example.

這對我們來說是一個很棒的部分，能夠利用我們的工廠——並且取得廣泛的業務勝利。此外。如果我看——讓我從更宏觀的角度來看這個區域。我們在日本也贏得了不錯的業務。我給你一個具體例子。

So we have doubled (inaudible) in these recent months. We've actually just been in Japan, and it was very, very good to see what the team has won there and exciting to see that. And then I've actually -- while I was down there, I traveled over to South Korea, to meet our team in South Korea and when we also won good business with customers in South Korea. So -- and think about it from this point of view. The content per vehicle of the business that we've now won in South Korea, local customers has exceeded the North American OEM content, and content per vehicle.

我們在最近幾個月把（聽不清）翻倍了。我們其實剛去過日本，很高興看到團隊在那裡拿下的案子，也很令人振奮。然後我其實——在那邊的時候，我又前往南韓，去見我們南韓的團隊，我們也在南韓與客戶贏得了不錯的業務。所以——從這個角度來看。我們現在在南韓贏得的業務，其單車內容價值（content per vehicle）在當地客戶上已經超過北美 OEM 的內容價值與單車內容價值。

That is obviously traditionally the highest content per vehicle for Sensata, and we've now managed to exceed that in South America. So overall, I think we've made good progress there. Look, again, a lot of work to do, and we have a great ambition for 2026 to win for the business, but I'm very, very happy with the progress that we've made in China, in Japan and South Korea overall Southeast Asia. But Andrew, any point you want to add on?

而這在傳統上一直是 Sensata 單車內容價值最高的市場，而我們現在已經在南美把它超越了。所以整體而言，我認為我們在那裡取得了不錯的進展。你看，當然還有很多工作要做，我們對 2026 年贏得業務有很大的企圖心，但我對我們在中國、日本與南韓、以及整體東南亞所取得的進展感到非常、非常滿意。不過 Andrew，你還有什麼要補充的嗎？

Yes. I'll just add on the content per vehicle dynamic. As you noted, we had a challenge earlier in the year with our mix and our exposure to local OEMs. The enabler for us returning to outgrowth in Q3 was effectively that we've overcome that headwind. We've won enough business with local OEMs in China that if you take the top 10 to 20 OEMs in that market and compare them to the multinationals where we've historically had really strong content we're effectively at parity.

有的。我只補充一下單車內容價值的動態。如你所提到的，我們今年稍早在產品組合（mix）以及對本土 OEM 的曝險上遇到挑戰。我們在第三季重新回到超越市場成長（outgrowth）的關鍵推動因素，實際上是我們已經克服了那個逆風。我們在中國與本土 OEM 贏得了足夠多的業務；如果你把該市場前 10 到 20 家 OEM 拿出來，並與我們過去內容價值一直很強的跨國車廠相比，我們基本上已經達到同等水準（parity）。

And so we've overcome that mix headwind in China, which has enabled us to outgrow that market in the back half. And then more broadly, the automotive market as a whole we saw production start to normalize in the sense that China was not outgrowing the broader market by such a rate that made it impossible to outgrow the market. And we expect similar in '26. We expect market growth across regions to be more or less similar. And so our content difference in China will be less relevant because of the similar market growth, in each region.

因此，我們已經克服了中國的組合逆風，這使得我們在下半年能夠超越該市場成長。而更廣泛來看，整體汽車市場方面，我們看到產量開始趨於正常化，意思是中國不再以那麼高的速度超越整體市場，導致我們不可能超越市場。我們預期 2026 年也會類似。我們預期各地區的市場成長將大致相近。因此，由於各地區市場成長相近，我們在中國的內容差異將變得不那麼重要。

Appreciate the call thank you.

感謝這通電話，謝謝。

Robert Jamieson, Vertical Research.

Robert Jamieson，Vertical Research。

Hi, thank you for taking my questions. Just wanted to focus back on the new segment structure. And I think the separation obviously makes a lot of sense. And as Joe alluded to, there's obviously some costs that come with that. But as we think about this as we go forward, does this essentially help you become more nimble from an organic reinvestment standpoint in the different segments where you see fit, given you have dedicated leadership and potentially have them have a higher ability to capture opportunities as they arise more quickly to drive growth through the cycle. Like particularly given the focus on winning with the right products and customers across the portfolio.

嗨，謝謝讓我提問。我想把焦點拉回到新的事業部門架構。我認為這樣的拆分顯然很有道理。而且如 Joe 所提到的，這樣做顯然也會伴隨一些成本。但當我們往前看時，這是否本質上能讓你們在各個事業部門的有機再投資上更靈活、更敏捷，因為你們有專責的領導團隊，並且可能更能在機會出現時更快掌握，從而在景氣循環中推動成長。尤其是考量到你們聚焦於在整體產品組合中，以正確的產品與客戶取勝。

Is that the right way to think about part of this change?

這樣理解這次變革的一部分，是正確的嗎？

To keep it short, that's exactly the right way to see it. That's exactly the thinking behind it. Each segment that we've defined is unique for itself. And each segment has ample opportunity for growth. And with a very strong and new leadership team in place, and we feel very confident that we can generate value by doing that.

簡單說，這完全是正確的看法。這正是背後的思考。我們所定義的每個事業部門本身都很獨特。而且每個事業部門都有充足的成長機會。在非常強而且全新的領導團隊到位之下，我們非常有信心能透過這樣做來創造價值。

I think this is -- you summarized it very well.

我想你總結得非常好。

Okay. Perfect. And then sorry, just one quick follow-up there, too. Stephan is, as you've traveled quite a bit across the globe, any new learnings or areas of focus outside of what you've discussed today that you'd like to improve upon just across any of the new segments.

好的。完美。另外抱歉，再追問一個很快的問題。Stephan，你最近在全球各地跑了不少地方，除了你今天談到的內容之外，對於任何新事業部門，是否有什麼新的學習或想要加強的重點？

So one big learning is, especially now that I've also been to Southeast Asia I met my teams in Japan and Korea (technical difficulty) to be open, I'm even more confident with what I see and the strong team that we have and the capabilities that we have. This is really, I think, something that stands out with Sensata in comparison to others. When I travel to Japan, we have a long, long-standing team with a great amount of experience. I've been with the company for many years. So they know exactly how to generate business and how to generate value there with the right guidance, and with the right leadership now in place and especially with the new team, I really feel good about that.

一個很大的收穫是，尤其是我現在也去了東南亞，並且在日本與韓國見了我的團隊（技術問題），坦白說，看到目前的狀況以及我們擁有的強大團隊與能力，我更有信心了。我認為這確實是 Sensata 相較於其他公司特別突出的地方。當我到日本時，我們有一支歷史悠久、經驗非常豐富的團隊。我在公司也待了很多年。所以他們非常清楚如何在那裡開拓業務、創造價值；在正確的指引之下、以及現在正確的領導到位，尤其是有了新的團隊，我對此感覺非常好。

So that's basically been a reconfirmation of what I have seen in other areas that I visited, for example, in China, which we see a similar picture. Or even in Mexico and other reasons, I want to can't list them all up now. But that's been very encouraging. And I think that foundation gives us the opportunity around value creation and growth and everything that we have ahead of us.

所以這基本上是對我在其他我造訪過的地區所看到情況的再次確認，例如在中國，我們看到的情況也很類似。或者甚至在墨西哥以及其他地區，原因很多，我現在無法一一列舉。但這些都非常令人鼓舞。我認為這樣的基礎，讓我們在價值創造、成長以及未來所有要做的事情上，都有很好的機會。

Excellent. Thank you so much.

太好了。非常感謝。

Joseph Spak, UBS.

Joseph Spak，UBS。

Thanks, good afternoon, wanted to touch, Stefan, on, some of the opportunities you mentioned in the data center, and I know you have some content in that side. As you highlighted on the slides, and some of it actually looks new for '26. But I guess the question is, as you sort of formed this team to focus more on the opportunity, is that expected to deliver mostly organic results? And if so, is that leveraging existing tech and finding new uses? Or does that mean new R&D?

謝謝，午安。Stefan，我想談一下你提到的資料中心的一些機會，我知道你們在那一端也有一些布局。如你在投影片上強調的，其中有些看起來其實是 2026 年的新內容。但我想問的是，當你們組建這個團隊以更聚焦於這個機會時，預期主要會帶來有機成長的成果嗎？如果是，這是利用既有技術並尋找新的應用情境？還是代表需要新的研發（R&D）？

Or will there be some inorganic opportunities potentially that present themselves? And then I guess just a quick side to that as well. like I know you've taken like almost $400 million of write-downs on Dynapower. But were those -- were any of those asset write-downs, meaning that if you start to leverage that tech for these opportunities, the margin accretion could be quite good?

或者是否也可能會出現一些非有機（inorganic）的機會？另外我也想快速追問一下：我知道你們在 Dynapower 上做了將近 4 億美元的減記。但其中是否有任何屬於資產減記？也就是說，如果你們開始運用那套技術來把握這些機會，毛利率的增厚（margin accretion）可能會相當不錯？

Thanks for the question. Let me elaborate a bit how we see data centers and what organic growth opportunities we have with them. So I think, first of all, very important to mention that we -- that our products are in data centers today. So in existing data centers that are up and running. And I say that for products that are both inside data centers, and outside of the data centers.

謝謝你的問題。我先稍微說明一下我們如何看待資料中心，以及我們有哪些有機成長機會。我想首先非常重要的一點是：我們的產品今天就已經在資料中心裡了。也就是在目前已經建置並運行中的資料中心。我之所以這麼說，是因為我們的產品既有在資料中心內部的，也有在資料中心外部的。

And that's really broad. So inside data centers, we're talking about electrical protection. So we're talking about circuit protection, circuit breakers, fuses, content. Those are all existing products, think of sensing. So pressure and temperature sensing, think of refrigerant league detection and so on.

而且範圍非常廣。在資料中心內部，我們談的是電氣保護。也就是電路保護、斷路器、保險絲等內容。也包括感測相關的產品。例如壓力與溫度感測、冷媒洩漏偵測等等。

Those are all existing products within data centers today. They are designed in hyperscalers have designed those Sensata products into data centers that exist. The same applies to products outside of data centers or Sensata products outside of data centers. So we're talking about power and peak management, which is converters, inverters. We're talking about electrical protection.

這些都是目前已經在資料中心內使用的既有產品。超大規模業者（hyperscalers）已經把這些 Sensata 產品設計導入到現有的資料中心中。同樣地，資料中心外部的產品也是如此，也就是 Sensata 在資料中心外部的產品。例如電力與尖峰管理（power and peak management），也就是轉換器（converters）、逆變器（inverters）。也包括電氣保護。

So our contact is motor protection and so on. So these are all existing products inside of the data center. That's very important. So this is all organic growth if we grow with -- if data centers are growing, we grow with them if they're designed into the concept. Now beyond that, it's still within the range of organic growth.

例如我們的產品涵蓋馬達保護等等。所以這些都是資料中心內（相關）的既有產品。這點非常重要。因此，如果資料中心在成長，而我們的產品已被設計導入其架構中，那麼我們跟著它們成長，這就全部都是有機成長。而在此之外，仍然是在有機成長的範圍內。

We're also designed into future data center concepts. So you have the hyperscalers that specify the Tier three components. And basically, once they specified and once they're approved, they designed into these future -- designed into future data concepts with certain hyperscalers. So not all, but with certain. And on the other hand, we're in deep discussions with others.

我們也已被設計導入未來的資料中心概念中。超大規模業者會指定 Tier 3 的元件。基本上，一旦他們完成指定並且核准，我們就會被設計導入這些未來的資料中心概念中，至少在某些 hyperscaler 的未來資料中心概念裡。不是全部，但在部分業者中是如此。另一方面，我們也正與其他業者進行深入討論。

So we obviously have the ambition within 2026 to try and get designed into most hyperscaler concept of the Googles and Amazons and Metas and so on. And now beyond that, we want to leverage our sensing capabilities to develop further unique products to broaden the product portfolio that we have today, everything that I've just mentioned, which is organic growth. We're going to broaden that. And that is related to own R&D. And you could see on some of the slides, that's, for example -- one example is flow sensors.

因此，我們顯然的目標是在 2026 年之內，努力讓我們被設計導入多數 hyperscaler 的方案中，例如 Google、Amazon、Meta 等等。此外，我們也希望運用我們的感測能力，進一步開發更具獨特性的產品，來擴充我們目前的產品組合，也就是我剛剛提到的所有內容，這些都屬於有機成長。我們會把它擴大。而這會與自有研發（R&D）相關。你在部分投影片上也可以看到，例如其中一個例子是流量感測器（flow sensors）。

So that's within our own development we're going to design a specific flow center for data centers, and we're going to design that into the future data centers that we we're currently discussing. So that's just -- that's it. And then we have -- within data centers, we have specific focus areas like liquid cooling for data center racks, but we feel we have a very competitive position. So overall, strong position with existing products -- a lot of years for future products that we're currently working on, and that will give us ample opportunity to grow within the data center segment market.

也就是在我們自有開發範圍內，我們將為資料中心設計一款特定的流量感測器，並把它設計導入到我們目前正在討論的未來資料中心中。大概就是這樣。另外，在資料中心內，我們也有一些特定的聚焦領域，例如資料中心機櫃的液冷（liquid cooling），而我們認為自己具備非常有競爭力的地位。總體而言，我們在既有產品上有很強的基礎，也有正在開發、面向未來的產品，這將為我們在資料中心這個細分市場帶來充足的成長機會。

And on the Dynapower question, just to add some clarity there. So the charge that we took was a goodwill impairment charge. And so we won't see any margin -- for that example. But I think it does raise an important point, which is when we think about margin expansion and productivity and we're focused on real margin expansion. And so when we say we're looking to expand margin at least 20 basis points next year.

關於 Dynapower 的問題，我再補充一些說明。我們認列的是商譽減損費用。因此，以那個例子來說，我們不會看到任何毛利——。但我認為這確實提出了一個重要觀點：當我們談到毛利率擴張與生產力時，我們聚焦的是真正的毛利率擴張。因此，當我們說明年我們希望毛利率至少擴張 20 個基點時。

We're focused on doing that through a combination of improved volume and volume leverage and productivity. One of the things that will help margins over time is the fact that we've gotten more disciplined about our capital expenditures and deploying flexible line concepts to keep CapEx lean, and we expect that will show up in lower depreciation expenses over time. What our focus is on real margin expansion and not write-offs.

我們將透過改善出貨量、出貨量槓桿效益以及生產力的組合來達成。隨著時間推移，有助於毛利率的一件事是：我們在資本支出方面變得更有紀律，並導入彈性產線概念以維持 CapEx 精實；我們預期這將隨時間反映在較低的折舊費用上。我們的重點是真正的毛利率擴張，而不是沖銷。

Luke Junk, Baird.

Luke Junk，Baird。

Good afternoon. Thanks for taking the question. Just curious about a couple of the newer areas that you on earth tonight specifically data center and defense. Just wondering if you'd be able to speak to materiality for both of those in terms of percentage of sales today? And then just as we're trying to think about the growth file potential. I don't know if you could speak to any historical growth in terms of recent growth trends or maybe put a finer point on some of the opportunity from here? Thank you.

下午好。感謝讓我提問。我想請教幾個你們今晚提到的較新領域，特別是資料中心與國防。想請問就目前而言，這兩者各自占銷售額的比重是否已具一定規模（materiality）？另外，當我們思考其成長潛力時，不確定你是否能談談任何歷史成長、近期成長趨勢，或更精準地說明從現在起的機會？謝謝。

Sure, Luke. I'll take the first part of that question on the size of the segment. So the Aerospace, Defense and Commercial Equipment segment in total is about $800 million of revenue on an annualized basis. If you break that down, there's obviously multiple market verticals that we serve within that segment. I'll give you sort of a high-level breakdown.

當然，Luke。我先回答你問題的第一部分，也就是該事業群的規模。航太、國防與商用設備（Aerospace, Defense and Commercial Equipment）事業群合計，按年化計算約有 8 億美元營收。若進一步拆分，該事業群內我們服務的市場垂直領域顯然有多個。我先給你一個高層次的拆解。

About 40% of that is on-road truck across the three key regions that we serve there. Another roughly 25% tied to the construction end market. Another roughly 10% tied to the agricultural market. The balance of that segment would be in other off-road vehicles as well as commercial aviation defense market distribution. Those all break down pretty equally in sort of the 7% to 10% size range each so pretty diversified.

其中約 40% 來自公路卡車（on-road truck），涵蓋我們服務的三個主要區域。另外約 25% 與建築終端市場相關。再約 10% 與農業市場相關。該事業群其餘部分則來自其他非公路車輛，以及商用航空與國防市場的通路分銷。這些項目各自大致落在 7% 到 10% 的規模區間，因此相當多元分散。

And within those, we see the highest growth opportunity from end markets in commercial aviation and defense given the higher level of spend. And then on top of the end market growth opportunity, there's obviously opportunity around new content that we called out, and I'll turn it over to Stephan to talk a little bit more about the growth that we see.

在這些領域中，鑑於支出水準較高，我們認為最高的成長機會來自商用航空與國防等終端市場。此外，除了終端市場的成長機會之外，還有我們提到的新增內容（new content）所帶來的機會；我把時間交給 Stephan，請他多談一些我們看到的成長。

Exactly. So let me explain the growth opportunity around defense in a bit more detail. So I think it's important to mention we also said it in the script. We're obviously in a period of a super cycle growth and U.S. defense spending.

沒錯。我更詳細說明一下國防相關的成長機會。我認為重要的是要提到——我們在講稿中也說過——我們顯然正處於美國國防支出超級循環（super cycle）成長的期間。

And Sensata is a fantastic opportunity to participate in this growth. And today, there are multiple defense -- helicopters, ground transportation vehicles. These are obviously all strongly growing application. And then we have the emerging UAV, or unmanned aerial vehicle market, where we really see significant growth opportunities. And you also saw in the slide -- and within those UAVs, we already have existing business with all different types of products in powertrain systems and precision sensing and feedback, flight control and actuation systems, and systems and targeting where we have a broad range of products.

Sensata 有非常好的機會參與這波成長。而在今天，國防領域有多種應用——直升機、地面運輸車輛。這些顯然都是強勁成長的應用。此外還有新興的 UAV（無人機／無人飛行載具）市場，我們在那裡看到顯著的成長機會。你也在投影片中看到——在這些 UAV 之中，我們已經有既有業務，產品涵蓋動力系統（powertrain systems）與精密感測與回授、飛控與致動系統，以及系統與目標指示（targeting）等，我們的產品線相當廣。

We're in the actual drones or [UOBs] today. And because this market where we expect a double-digit percent CAGR is growing significantly. We feel we're going to participate with our products in that growth.

我們目前已經在實際的無人機或 [UOBs] 上有業務。而由於我們預期該市場將以雙位數百分比的 CAGR 成長，且成長幅度顯著，我們認為我們將能以自身產品參與這波成長。

Andrew, would be possible just to break down the Industrial segment as well some -- market standpoint quick?

Andrew，是否也可以從市場角度，快速拆解一下工業（Industrial）事業群？

Sure thing. Industrials, as you know, is -- we've historically talked about that in terms of commercial versus residential. And I think that split still largely applies. We're focused on those verticals rather than applications like HVAC and appliance like we've previously disclosed. So just give you the breakdown here.

當然可以。工業事業群，如你所知——我們過去一向以商用（commercial）與住宅（residential）的角度來談。我認為這樣的拆分大致仍然適用。我們現在聚焦在這些垂直領域，而不是像先前揭露那樣以 HVAC 或家電等應用來分類。我這裡給你一個拆解。

So that resi and -- about 80% of the segment and then the remaining 20% would be the clean energy opportunities that we see around for example, Dynapower power microgrid applications outside of the data center as well as electrical protection components that we sell into grid hardening applications.

住宅（resi）與——約占該事業群的 80%，其餘 20% 則是我們看到的潔淨能源機會，例如 Dynapower 的電力微電網（microgrid）應用（資料中心以外），以及我們銷售到電網強韌化（grid hardening）應用中的電氣保護元件。

Got it. I'll leave it there. Thank you.

了解。我就先到這裡。謝謝。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，JPMorgan。

Hi, thank you for taking my question. This is MP on behalf of Samik Chatterjee. I just wanted to ask how much of the industrial growth during 4Q was linked -- sorry, during the full year was linked to -- detection sensors and how did the rest of the industrial business track during the year? And also, we'll squeeze in another one. Clearly, you will be launching this flow sensors in 2026. Will that be a similar contribution like the [8 wells] this year? Thank you.

嗨，謝謝讓我提問。我是 MP，代表 Samik Chatterjee。我想請教：工業業務在第四季的成長——抱歉，是在全年——有多少是與偵測感測器（detection sensors）相關？而工業業務的其餘部分在今年的表現如何？另外我再塞一個問題。很明顯你們將在 2026 年推出這款流量感測器（flow sensors）。它的貢獻會像今年的 [8 wells] 一樣嗎？謝謝。

First part of the question on the size. So we launched -- last year in 2024. We saw somewhere in the order of magnitude -- significantly to about $70 million in 2025. So you could think of the year-on-year growth is somewhere in the order of magnitude of $50 million to $60 million. And then we think that matures at north than $100 million annualized run rate business as our incremental wins continue to stack and as we see that market mature.

先回答第一部分關於規模的問題。我們在去年，也就是 2024 年推出。我們在 2025 年看到的規模大約——顯著成長到約 7,000 萬美元。因此你可以把年對年成長視為大約 5,000 萬到 6,000 萬美元的量級。接著，隨著我們持續累積新增得標（incremental wins），以及市場逐步成熟，我們認為它會成熟到年化 run rate 超過 1 億美元的業務規模。

And let me add to that. So that's actually been a success story in 2025. We've won two major new businesses with OEMs long term with long-term agreements with --. So that's, I think, was a really, really good success in 2025. The team has done a fantastic job to fill our order books, and we have a really high market share in North America.

我再補充一下。這其實是 2025 年的一個成功案例。我們與 OEM 贏得了兩個重大的新業務，且是長期合作、簽有長期協議的--。所以我認為這在 2025 年是非常、非常好的成果。團隊在充實我們的訂單簿方面做得非常出色，而我們在北美也有非常高的市占率。

And what's quite interesting with this business is -- and that was something we also discussed now during the trip in Japan and in Korea. Obviously, depending on regulation, we see great opportunities there as well. And if you're looking at a market size, a same in North America, roughly $150 million, you see the same amount of a sizable business in Southeast Asia. So in this case, more in Japan and in South Korea. So that's a great opportunity.

而這項業務相當有意思的是——這也是我們最近在日本與韓國行程中討論到的。顯然，視法規而定，我們在那裡也看到很好的機會。如果你看市場規模，北美大約是 1.5 億美元，你會在東南亞看到同樣規模、相當可觀的市場。在這個案例中，更具體是日本與南韓。所以這是一個很好的機會。

And by the way, with A3, similar size of business that we're working on. So great growth in '25, and we're going to see continued growth in '26 onwards and especially in South Korea and Japan comes in, that will be good for us in Sensata.

順帶一提，A3 也是我們正在推進的、規模相近的一項業務。因此，'25 年會有很好的成長，而我們預期從 '26 年起仍將持續成長，尤其是南韓與日本的業務進來之後，這對 Sensata 會很有利。

Konstandinos Tasoulis, Wells Fargo.

Konstandinos Tasoulis，富國銀行。

Hey guys, thanks for taking my questions. So I'm just going back to the data centers, how long have you guys been working on the opportunity there? And where do you feel the bigger value-add opportunity is? Or where are you more differentiated? Is it more like electrical protection side? Or is it the sensors?

各位好，謝謝讓我提問。我想回到資料中心這塊，你們投入這個機會大概多久了？你們覺得更大的加值機會在哪裡？或你們的差異化優勢在哪裡？是比較偏電氣保護那一側嗎？還是感測器？

And is that something that could be another -- in terms of dollars look like A2L, the leak detectors in the next year or 2?

另外，從金額規模來看，這是否可能在未來 1 到 2 年成為另一個——類似 A2L 漏液偵測器那樣的機會？

So we've been working on this quite some time. We've spent a lot of time in 2025. We've been intensified our efforts and -- and look, it's pretty broad. So I wouldn't say it's based on a single group of products. We had electrical protection -- it's pretty broad.

我們在這方面已經耕耘相當一段時間了。我們在 2025 年投入了很多時間。我們也加大了投入——而且你看，這其實涵蓋面很廣。所以我不會說它是建立在單一產品群上。我們有電氣保護——範圍相當廣。

I mean we want to -- when we -- when we speak about designing into future data center concept, we don't only want to do that with a specific group of products. We're looking at all opportunities that we have. And all the opportunities that I've just mentioned in this call so inside and outside of data centers. But give us some time, this is developing. And we'll be more precise once we go further through the calls of every quarter.

我的意思是，當我們談到導入未來資料中心的設計概念時，我們不希望只靠某一個特定產品群來做。我們在看我們所有能掌握的機會。以及我在這通電話裡提到的所有機會——包含資料中心內與資料中心外。但請給我們一些時間，這還在發展中。隨著我們在每一季的電話會往前推進，我們會提供更精準的說明。

But it's got a lot of opportunity, and we feel very confident that this could be a significant growth driver for the segment and for Sensata. Thank you.

不過這裡面有很多機會，我們也很有信心，這可能會成為該事業部門以及 Sensata 的重要成長驅動力。謝謝。

Steven Fox, Fox Advisors.

Steven Fox，Fox Advisors。

Hi, good afternoon. I was just curious if you could provide any more color around the segment margins from the aspects of where do you see the most opportunity for margin expansion? And maybe where the incremental margins may differ? Thanks very much.

嗨，午安。我想請教你們是否能就事業部門毛利率/利潤率提供更多細節：你們認為哪裡有最大的利潤率擴張機會？以及增量利潤率可能在哪些地方會有所不同？非常感謝。

Yes. So I mean we're focused on operating margin expansion across all of our segments over time. Now certainly, growth is going to be an element of that operating margin expansion. Higher growth opportunity in industrials and aerospace, defense and commercial equipment, given the stronger underlying market growth that we expect in those sectors over time. So I would say automotive will continue to be -- sort of our -- we'll look to outgrow the market by a couple of percentage points, and we'll look for variable contribution margin in the 20% to 30% range on that business, depending on the product mix and region.

好的。我們的重點是隨時間推進，在所有事業部門都擴大營業利益率。當然，成長會是推升營業利益率擴張的一個要素。工業以及航太、國防與商用設備領域，因為我們預期這些產業長期的基礎市場成長較強，因此成長機會更高。所以我會說，汽車業務仍會是——我們會力求比市場高出幾個百分點的成長，同時在該業務上追求 20% 到 30% 區間的變動貢獻毛利率，視產品組合與區域而定。

Industrials and aerospace would be similar but with higher growth rates.

工業與航太也會類似，但成長率會更高。

When it gets to strengthening our margins, we don't differentiate between segments. So when we speak about improving productivity, or plant performance irrespective of the individual segment, we do that across all segments. When we speak about reducing product costs, we tackle all our products in everything segment. We don't only focus on specific product per segment. So it's an exercise that we've been pushing very hard in 2025 over all businesses that we have with Sensata -- to do exactly the same, if not even harder in 2026 going forward.

至於強化我們的利潤率，我們不會在事業部門之間做區分。所以當我們談到提升生產力或工廠績效時，不論是哪一個事業部門，我們都是在所有事業部門同步推動。當我們談到降低產品成本時，我們會處理各個事業部門的所有產品。我們不會只聚焦在某個事業部門的特定產品。因此，這是一項我們在 2025 年於 Sensata 所有業務上都非常用力推動的工作——而在 2026 年往後，我們會做同樣的事，甚至更用力。

So it's not a specific segment-related exercise is a very, very broad initiative to push on margin movement.

所以這不是某個特定事業部門相關的專案，而是一項非常、非常廣泛的推動利潤率改善的倡議。

Great, that's very helpful. Thank you.

很好，這非常有幫助。謝謝。

Shreyas Patil, Wolfe Research.

Shreyas Patil，Wolfe Research。

Hey, thanks so much. So looking at Q4, you mentioned organic -- auto organic growth was 1%, but it looks like industry production, was 2%. So it looks like you underperformed the market by about 1 point. You're pointing to low single-digit outgrowth in '26. Just thinking maybe if you could help give us some of the drivers about growth for this year? And are there opportunities to add content in areas outside of the powertrain, such as domain consolidation or autonomy?

嗨，非常感謝。看 Q4，你們提到汽車的有機成長是 1%，但看起來產業產量是 2%。所以看起來你們大約落後市場 1 個百分點。你們指引 '26 年會有低個位數的超越市場成長。想請你們協助說明一下今年成長的驅動因素有哪些？另外，在動力總成以外的領域，例如域控制整合或自動駕駛，是否有增加單車價值量（content）的機會？

Yes, sure. I'll take the first part of that question. So a little bit of this is a function of using whole numbers here on the percent. But yes, you're right, the auto production rounds to 2% and our revenue -- Biggest reason for that is, again, regional mix. So if you unpack the growth rates in auto production in the fourth quarter, China grew about 4% year-over-year in Q4.

好的，當然。我先回答問題的第一部分。這有一部分是因為我們這裡用的是整數百分比在表達。不過是的，你說得對，汽車產量四捨五入是 2%，而我們的營收——主要原因仍然是區域組合。所以如果你拆解第四季汽車產量的成長率，中國在 Q4 年增大約 4%。

The -- North America and Europe both decreased by about 0.5%. Korea, where we mentioned we now have even higher content per vehicle, dropped by about 6% year-on-year in the fourth quarter. And so while there was average market growth of of close to 2%. The market mix of where that growth occurred was not in our favor from a content per vehicle perspective. Looking ahead to 2026, as we look at third-party production forecasts, as well as what we're hearing from our customers and seeing in our order book, we're seeing relatively similar growth rates in every region.

北美與歐洲都下滑了大約 0.5%。而韓國——我們提到我們現在在那裡每台車的 content 更高——在第四季年減大約 6%。因此，雖然整體市場平均成長接近 2%。但從單車 content 的角度來看，成長發生的市場組合對我們不利。展望 2026 年，根據第三方產量預測，以及我們從客戶端聽到的訊息與在訂單簿中看到的狀況，我們看到各區域的成長率相對更接近。

And so we don't expect this regional mix dynamic to be meaningful in 2026, and that's important because as the regional mix and growth rates normalize, our underlying content growth will be the true driver of our market outgrowth.

因此我們預期 2026 年這種區域組合的動態不會有顯著影響；這點很重要，因為當區域組合與成長率回歸常態後，我們內生的 content 成長將會成為我們超越市場成長的真正驅動因素。

Let me add to that. I think you asked a question around growth opportunities. And let me start a bit broad, and I think it's -- in this case, it's important to mention that Sensata is in a really desirable position. It's -- and let me explain that. Let me explain why I call it as a -- position.

我再補充一下。我想你也問到了成長機會的問題。我先從更宏觀的角度談起；在這個情況下，我覺得有必要提到 Sensata 正處在一個非常理想的位置。我來解釋一下。我來說明為什麼我稱之為一個——位置。

Its because we can naturally grow in any region with any type of application, and that's really irrespective of it is -- hybrid or EV related. So what does that ultimately mean? We can follow any pace of electrification. If it speeds up or if it slows down, we will follow that pace. And so take an example -- we have a high push in content.

因為我們可以在任何區域、任何類型的應用上自然成長，而這基本上不受其是否與混合動力或電動車相關所限制。那這最終代表什麼？我們可以跟隨任何電動化的節奏。不論電動化加速或放緩，我們都會跟著那個節奏走。舉個例子——我們在 content 上有很強的推進。

Andrew mentioned the content increase, for example, in China, strongest towards electrification. We benefit from that. We have doubled the content of an ICE, we win business, that's obviously supports our growth path in China. Around plugin hybrids and -- we also said we have growth potential in that market. I mean, that's actually a strong growing application where we see a 12% CAGR overall.

Andrew 提到例如在中國，content 的提升最強勁地朝向電動化。我們能從中受益。我們把相對於傳統燃油車（ICE）的 content 提升到兩倍，我們拿下了案子，這顯然支持我們在中國的成長路徑。在插電式混合動力方面——我們也說過在那個市場有成長潛力。我的意思是，那其實是一個強勁成長的應用領域，我們看到整體約 12% 的年複合成長率（CAGR）。

And if we win business with -- , we will grow with the market, depending where -- are sold the most. So that is another area where we see a content rich opportunity for Sensata to grow.

而且如果我們能與 -- 贏得業務，我們將隨著市場一同成長，取決於 -- 在哪裡銷售最多。因此，這也是我們看到 Sensata 具備內容豐富、可把握的成長機會的另一個領域。

Joe Giordano, TD Cowen.

Joe Giordano，TD Cowen。

Hey guys, thanks. I appreciate the follow-up here. One thing I just want to like a more existential question, I guess. But Sensata in the past got itself into trouble by chasing the shiny thing, right, and then ending up with a bunch of businesses that were subscale. So as you talk about small businesses today into attractive markets like data center and grid hardening and all these things, I think we all appreciate why Sensata would want to chase that. But how do you make a decision to be confident that these are businesses that we should win, that we could participate in profitably and then we can ultimately have scale and kind of prevent the same issues that we all kind of saw years ago?

各位好，謝謝。感謝讓我追問一下。我想問一個比較偏本質性的問題。Sensata 過去曾因追逐看似亮眼的新事物而陷入困境，對吧？最後手上有一堆規模不足的業務。所以當你們談到今天在資料中心、電網強化以及這些領域裡的小型業務、且都在具吸引力的市場中時，我想大家都理解為什麼 Sensata 會想追逐這些機會。但你們要如何做決策，才能有信心這些是我們應該贏下來的業務、我們能夠有利可圖地參與，並且最終能做出規模，從而避免我們幾年前都看到的同樣問題？

So I think in this case, it's important that a lot of these products exist really today with Sensata. So these are an existing product range within our portfolio. It could be within auto, there could be within other areas of this. So it's not a new development of a product. Might be a slight adoption of a product, but we have high standards, high-quality products that we can apply out of, for example, auto and apply into other applications, be it data centers.

我認為在這個案例中，很重要的一點是，這些產品中有很多其實今天在 Sensata 就已經存在。也就是說，這些是我們產品組合中既有的產品範圍。可能是在汽車領域，也可能在其他領域。所以這不是一個全新產品的開發。可能只是對產品做些微調整或導入，但我們有高標準、高品質的產品，例如可以把汽車領域的產品延伸應用到其他應用場景，例如資料中心。

So I would say, in that case, the risk is manageable. The second thing is, so if you look at our growth framework, that we've set for ourselves. So we say we want to maximize value from our core products, as I've just mentioned, that is maximizing because we're using an existing product portfolio. And then we'll leverage our scale and pedigree. So a lot of these products that are already produced at high scale, where we have existing production line and existing equipment that we can use in this case, no additional assets required.

所以我會說，在這種情況下，風險是可控的。第二點是，如果你看我們為自己設定的成長框架。我們說要從核心產品中最大化價值，正如我剛提到的，這種最大化是因為我們在使用既有的產品組合。接著我們會運用我們的規模與既有口碑（pedigree）。因此，許多產品本來就以高規模量產，我們有既有的產線與設備可用，在這種情況下不需要額外資產投入。

No additional plant structures required. We use our competitive footprint around the world, and we produce our products as we do every day just for a new type of segment. And then look, we've also defined rigorous standards for this new business. So it's not just an area where we step in, it needs to be high volume. It needs to be platform-driven business.

也不需要額外的廠房建設。我們運用全球具競爭力的製造與營運佈局，像每天一樣生產產品，只是面向一個新的細分市場。另外，我們也為這些新業務定義了嚴格的標準。所以這不是我們隨便踏入的領域，它必須是高出貨量。它必須是以平台為驅動的平台型業務。

It needs to be -- need to be mission critical that they need to be regulated --. That's important for us. And they also need to be hard to do application. I think that's also important. So it's not anything that you can copy that easily.

它必須是 -- 必須是關鍵任務（mission critical），而且需要受到監管--。這對我們很重要。而且它們也必須是難度高的應用。我認為這也很重要。所以這不是那種很容易被複製的東西。

So we have I think a higher standard that we've set ourselves before we enter these markets, or we a new markets within the segments to manage that risk accordingly.

因此，在我們進入這些市場之前，或是在既有細分領域中進入新的市場時，我們為自己設定了更高的標準，以便相應地管理風險。

Yeah, perfect. That's exactly what the answer I was hoping to hear so thank you guys.

好的，完美。這正是我希望聽到的答案，謝謝各位。

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

我們的問答環節到此結束。我想把電話會議交回給 James Entwistle，請他做結語。

Thanks, everyone, for joining today's presentation. This concludes our fourth quarter and full year 2025 earnings conference call. Operator, you may now end the call.

感謝各位參加今天的簡報。這也結束了我們 2025 年第四季及全年財報電話會議。接線員，您現在可以結束通話。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議已結束。感謝您參加今天的簡報。您現在可以掛線。