TAT Technologies Ltd (TATT) 2025 Q4 法說會逐字稿

Good morning, and thank you for joining the TAT Technologies fourth-quarter and full-year 2025 earnings conference call. This call is being recorded. My name is Matt Chesler with FNK IR, a US-based Investor Relations firm, supporting Eran Yunger, TAT's Internal Head of Investor Relations. Joining me today are Igal Zamir, TAT's President and CEO; and Ehud Ben-Yair, TAT's CFO.

早安，感謝各位參加 TAT Technologies 2025 年第四季暨全年財報電話會議。本次電話會議將進行錄音。我是來自美國投資人關係公司 FNK IR 的 Matt Chesler，協助 TAT 內部投資人關係主管 Eran Yunger。今天與我一同出席的有 TAT 總裁兼執行長 Igal Zamir，以及 TAT 財務長 Ehud Ben-Yair。

Before we begin, I'd like to remind you that certain statements made on this call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially.

在開始之前，我想提醒各位，本次電話會議中所作的某些陳述，可能構成《1995 年私人證券訴訟改革法》及其他聯邦證券法所定義的前瞻性陳述。這些陳述係基於目前的預期與假設，並涉及風險與不確定性，可能導致實際結果與預期存在重大差異。

Additional information regarding these risks and uncertainties can be found in our filings with the SEC, including our most recent Form 20-F. TAT assumes no obligation to update forward-looking statements, except as required by law. Investors are cautioned not to place undue reliance on these forward-looking statements.

關於上述風險與不確定性的更多資訊，請參閱我們向美國證券交易委員會（SEC）提交的文件，包括最新的 Form 20-F。除法律要求外，TAT 不承擔更新前瞻性陳述的義務。提醒投資人勿對這些前瞻性陳述過度依賴。

During this call, we may discuss certain non-GAAP measures. Reconciliations of these measures to the most directly comparable GAAP measure are available in our earnings release issued yesterday and in our Form 6-K filed with the SEC.

在本次電話會議中，我們可能會討論某些非 GAAP 指標。這些指標與最直接可比的 GAAP 指標之調節表，已載於我們昨日發布的財報新聞稿，以及我們向 SEC 提交的 Form 6-K。

With that, I'd like to turn the call over to Igal.

接下來，我想把電話交給 Igal。

Thank you, Matt, and good day, everyone, and thanks for joining us. We appreciate the continued interest in TAT and thanks to our shareholders, analysts, and partners for your ongoing support. We are summarizing here 2025, which was another strong year for TAT Technologies. We delivered record revenue, record profitability, and significant growth in the value of our long-term agreements. We're especially pleased that we accomplished this performance amidst the backdrop of industry challenges, including tariff and ongoing supply chain constraints across the aviation ecosystem.

謝謝你，Matt。各位好，感謝大家加入我們。我們感謝各界持續關注 TAT，也感謝股東、分析師與合作夥伴一路以來的支持。我們在此回顧 2025 年，這是 TAT Technologies 再度表現強勁的一年。我們創下營收新高、獲利新高，且長期協議價值顯著成長。我們尤其欣慰的是，在產業面臨挑戰的背景下仍達成此一表現，包括關稅以及航空產業生態系持續的供應鏈限制。

Equally important, we continued strengthening the organization itself. Over the past year, we have invested in building the team and operational capabilities needed to support the next phase of growth and scaling the company.

同樣重要的是，我們也持續強化組織本身。過去一年，我們投資於建立團隊與營運能力，以支援下一階段的成長並擴大公司規模。

We also completed an important corporate milestone transitioning from a controlled company into a widely held public company with a growing base of US institutional investors. This represents a meaningful step in the evolution of TAT and further aligns with our global capital markets.

我們也完成了一項重要的公司里程碑：從受控公司轉型為股權更為分散的上市公司，且美國機構投資人基礎持續擴大。這代表 TAT 演進過程中的重要一步，並使我們與全球資本市場的連結更加一致。

TAT operates as a diversified multiproduct aviation platform, and our performance continues to outpace the broader maintenance, repair, and overall market. As we enter 2026, we do so from a position of strength with the right team, the right capability, strong financial position, and expanding high-quality backlog.

TAT 作為多元化、多產品的航空平台營運，我們的表現持續優於更廣泛的維修、修理與大修（MRO）整體市場。展望 2026 年，我們以優勢姿態邁入新年度：具備合適的團隊、合適的能力、穩健的財務狀況，以及持續擴大的高品質在手訂單。

Looking at the results, when I'm looking at the full-year 2025, revenue increased in 70%, while fourth-quarter revenue grew 13%, this marked consecutive quarters of double-digit revenue growth for TAT, all organic. Our growth during the year was broad-based across the business and reflects the strength of our diversified portfolio as well as continued market share gains. While the growth rates moderate somewhat in the fourth quarter, overall, it was another very strong year. Profitability during the quarter was affected by ongoing supply and volatility, particularly within our APU and landing gear segments yet it was still a record for TAT.

就業績而言，觀察 2025 全年，營收成長 70%，而第四季營收成長 13%；這也標誌著 TAT 連續多季達成雙位數營收成長，且全部為有機成長。本年度成長動能遍及各項業務，反映我們多元化產品組合的優勢，以及持續取得市占率提升。雖然第四季成長率略有放緩，但整體而言仍是非常強勁的一年。本季獲利能力受到供應持續緊張與波動影響，尤其在我們的 APU 與起落架業務，但仍創下 TAT 的新高紀錄。

Importantly, backlog and long-term agreements continue strengthen in the fourth quarter. The number and the value of contracts with our customers continues to increase, reflecting sustained demand for our services. As a result, the value of our long-term agreements and backlog reached approximately $550 million, up from $520 million at the end of third quarter and significantly higher than the $429 million reported at the end of 2024.

更重要的是，第四季在手訂單與長期協議持續增強。我們與客戶簽訂的合約數量與合約價值持續增加，反映對我們服務的需求維持強勁。因此，我們的長期協議與在手訂單價值約達 5.5 億美元，高於第三季末的 5.2 億美元，也顯著高於 2024 年底所報告的 4.29 億美元。

While we are facing continuing supply chain challenges in Q1, overall, we remain very optimistic about the outlook for 2026. In terms of the -- some comments about the product lines, in our APU business, we delivered a strong year of growth with activity rebounding steadily after the slower start of the year. We made meaningful progress on several strategic contracts and increased our market share in the 500 and the 200 APU categories, further strengthening our position with key customers.

雖然我們在第一季仍面臨持續的供應鏈挑戰，但整體而言，我們對 2026 年展望仍非常樂觀。就產品線做一些說明：在 APU 業務方面，我們交出強勁的成長年度，活動量在年初較慢後持續回升。我們在多項策略性合約上取得實質進展，並在 500 與 200 APU 類別提升市占率，進一步強化我們與關鍵客戶的合作地位。

Our OEM license capabilities continue to support the competitive turnaround time and a high level of service quality. While intake in this segment can remain somewhat volatile from quarter to quarter, as we saw in fourth quarter, the underlying demand fundamentals remained structurally very strong.

我們的 OEM 授權能力持續支援具競爭力的周轉時間與高水準的服務品質。雖然此業務的接單量可能如第四季所見，在季度間仍會有一定波動，但其根本需求面仍在結構上非常強勁。

Moving to heat exchanger, which remains the largest and most stable segment, the business continued to generate consistent recurring demand. This business benefits for more than 60 years of technical expertise and our unique combination of OEM manufacturing and MRO capability. We serve both commercial and defense customers across the broad installed base of aircraft platforms. While we experienced some timing-related impact on fourth quarter, these do not change the long-term growth trajectory of the business, which continues to be supported by new aircraft platform and fleet convergence program.

接著談到熱交換器業務，這仍是我們最大且最穩定的部門，持續帶來一致且可重複的需求。此業務受益於超過 60 年的技術專業，以及我們獨特的 OEM 製造與 MRO 能力組合。我們服務涵蓋商用與國防客戶，遍及廣泛的既有機隊平台。雖然第四季受到部分時點因素影響，但不改變該業務的長期成長軌跡；其成長仍受新機型平台與機隊整合計畫所支持。

On the landing gear side, the segment continues to show growth as the aviation industry enters major MRO maintenance cycle. While supply chain constraints across the industry, particularly related to parts availability and material lead times, remains a challenge that we continue to actively manage, demand for our landing gear maintenance remains strong. Our in-house machining and plating capabilities provide airline customers with significant advantage in both cost efficiency and turnaround time.

在起落架方面，隨著航空產業進入主要的 MRO 維修週期，該部門持續展現成長。儘管全產業供應鏈限制，特別是零件可得性與材料交期，仍是我們持續積極管理的挑戰，但起落架維修需求依然強勁。我們自有的機加工與電鍍能力，為航空公司客戶在成本效率與周轉時間上提供顯著優勢。

Finally, our trading and leasing services remains as an important strategic component to our core MRO operation. This business helps customers manage supply chain constraints while improving fleet availability. Our APU leasing pool in particular benefits from our in-house maintenance capabilities that allow us to keep unit service ready.

最後，我們的貿易與租賃服務仍是核心 MRO 營運的重要策略組成。此業務協助客戶管理供應鏈限制，同時提升機隊可用率。尤其是我們的 APU 租賃機隊（pool），受益於自有維修能力，使我們能維持設備隨時可投入服務。

As expected, quarterly results in this business can vary significantly depending on trading activity and parts availability. But on a full-year basis, performance remains very strong and continues to support our broader customer solution offering.

如預期，該業務的季度業績可能會因交易活動與零件可得性而出現顯著波動。但以全年來看，表現仍非常強勁，並持續支援我們更廣泛的客戶解決方案提供。

Another key highlight for the year was the continued strengthening of our financial position. We generated positive operational cash flow and maintained a strong cash conversion across the business. During the year, we successfully raised capital in the public market and expanded our credit facility, positioning us well to support the next phase of growth.

本年度另一項重點亮點，是我們財務狀況的持續強化。我們產生正向的營運現金流，並在各項業務維持強勁的現金轉換能力。年度期間，我們成功在公開市場募資並擴大授信額度，使我們具備良好條件以支援下一階段的成長。

This financial foundation provides both flexibility and discipline. Our objective is clear: to maintain the financial strength needed to pursue strategic acquisition while continuing to invest in organic growth opportunities across the business.

這項財務基礎同時帶來彈性與紀律。我們的目標很明確：維持推動策略性併購所需的財務實力，同時持續投資於全公司範圍內的有機成長機會。

Looking at the industry and the broader industry environment, global aviation demand continues to grow and, with it, the need for MRO services. At the same time, constraints in delivering of new aircraft or leading airlines to keep existing fleets in service longer, further supporting maintenance demand across the industry. That said, supply chain constraints remain one of the primary challenges affecting the MRO ecosystem, and this dynamic continues throughout 2025.

從產業以及更廣泛的產業環境來看，全球航空需求持續成長，並帶動對MRO服務的需求。同時，新飛機交付受限，或促使主要航空公司讓既有機隊延長服役時間，進一步支撐全產業的維修需求。儘管如此，供應鏈限制仍是影響MRO生態系的主要挑戰之一，且此一態勢將延續至2025年。

We continue to see normal fluctuation in maintenance intake as airline sometimes extend service interval due to parts availability, while in other periods, demand accelerated as a deferred maintenance return to the system. Our diversification and operational agility remains important competitive advantage in navigating this environment, although they do not eliminate this industry-wide pressures.

我們持續看到維修接單的正常波動，因為航空公司有時會因零件供應情況而延長維修間隔；而在其他期間，隨著先前遞延的維修回流至系統，需求則會加速。我們的多元化布局與營運敏捷性，仍是在此環境中因應的重要競爭優勢，儘管它們無法消除這些全產業的壓力。

In fourth quarter, we started experiencing another wave of supply chain disruptions that are continuing into the first quarter of '26, especially, we're seeing parts availability delays from a major supplier that slowing certain APUs and landing gear services, turnaround time. Our teams are working intensively with the suppliers and customers to address these issues, although we do not yet see a broad recovery in overall supply chain performance.

在第四季，我們開始經歷另一波供應鏈中斷，並延續至26年第一季；尤其是，我們看到來自某主要供應商的零件供應延遲，導致部分APU與起落架服務的周轉時間放緩。我們的團隊正與供應商及客戶密切合作以解決這些問題，但我們尚未看到整體供應鏈表現出現廣泛復甦。

All being said, underlying demand across the aviation market remains very strong, and our teams execute extremely well during the year, delivering another set of record results for TAT.

綜上所述，航空市場的基本面需求仍然非常強勁，而我們的團隊在年度期間執行表現極佳，為TAT再度交出創紀錄的TAT（周轉時間）成果。

Strategic outlook and inorganic growth. Looking ahead, we believe 2026 will be another strong year for TAT. This outlook is supported by new long-term agreements that we already signed and additional opportunities in our pipeline and our record backlog, along with the sustained demand for operation for the aviation MRO services.

策略展望與非有機成長。展望未來，我們相信2026年將是TAT另一個強勁年度。此一展望受到我們已簽署的新長期協議、管線中的額外機會與創紀錄的在手訂單（backlog）所支持，同時航空MRO服務的營運需求亦維持強勁。

That said, we do expect some operational challenges during the first part of the year, preliminary related to ongoing supply chain environment. But based on the increased backlog and the intake levels we are seeing over the past three months, we remain extremely confident in our overall trajectory for the business.

儘管如此，我們確實預期在年初將面臨一些營運挑戰，主要與持續的供應鏈環境相關。但基於我們在過去三個月所看到的在手訂單增加與接單水準，我們對公司整體業務發展軌跡仍然極具信心。

M&A is also a clear strategic priority for us in 2026. Our balance sheet and cash position provide the financial capacity to act. Over the past year, we have further defined our acquisition strategy and developed a pipeline of opportunities that could expand our capabilities and market presence. Our focus is on accretive bolt-on acquisitions that expand our addressable market and natural adjacencies to our existing operations and deepen the value that we provide to our customers.

併購（M&A）也是我們在2026年的明確策略優先事項。我們的資產負債表與現金部位提供了採取行動的財務能力。在過去一年，我們進一步明確了收購策略，並建立了一條可擴大我們能力與市場版圖的機會管線。我們的重點在於具增益性的補強型收購（bolt-on acquisitions），以擴大我們可服務市場（TAM）及與既有營運的自然相鄰領域，並加深我們為客戶提供的價值。

Scale is increasingly important in MRO sector as a larger platform enables better inventory management, greater diversification, and stronger customer relationships. Overall, we remain confident in our ability to drive revenue growth and margin expansion throughout 2026 and beyond.

在MRO領域，規模的重要性日益提升，因為更大的平台可帶來更佳的庫存管理、更高的多元化程度，以及更強的客戶關係。整體而言，我們仍有信心在2026年及其後持續推動營收成長與利潤率擴張。

With that, I will now turn the call over to Ehud for a more detailed review of our financial results.

接下來，我將把電話會議交給Ehud，請他更詳細地回顧我們的財務結果。

Thank you, Igal, and good morning, everyone. As I review the financial results, I would highlight that 2025 reflects the continued strength of our operational model. We delivered strong revenue growth, expanded margins, and generated strong cash flow while continuing to invest in the capabilities needed to support the company's next phase of growth. The results of the fourth quarter of 2025 and the full year represent another record year for TAT.

謝謝你，Igal，各位早安。在我回顧財務結果時，我要強調的是，2025年反映出我們營運模式的持續強勁。我們在持續投資於支持公司下一階段成長所需能力的同時，實現了強勁的營收成長、利潤率擴張，並產生強勁的現金流。2025年第四季與全年結果，代表TAT再度創下紀錄的一年。

Fourth-quarter revenue increased by 13% and to $46.5 million, up from $41.1 million in the same period last year. For the full year, revenue grew more than 17% driven by strong demand across our core businesses line as well as continued market share gains. The growth in revenue was contributed from all four strategic product lines with higher growth in the APU, landing gear, and trading, offset by lower growth for the heat transfer solutions, both on the OEM and MRO side.

第四季營收成長13%，達4,650萬美元，高於去年同期的4,110萬美元。全年營收成長超過17%，主要受核心業務線的強勁需求以及持續提升的市占率所帶動。營收成長來自四大策略產品線的共同貢獻，其中APU、起落架與貿易業務成長較高；熱交換解決方案在OEM與MRO兩端的成長較低，抵銷了部分增幅。

This is fully aligned with our growth expectation for 2025. During 2025, the MRO side of business grew to a level of 71.4% of the total revenue compared to 68.6% in 2024. This is again aligned with the revenue growth that was planned for MRO and less for the OEM side of business as these are mainly dependent on the aircraft manufacturer scale of capacity.

這與我們對2025年的成長預期完全一致。在2025年，MRO業務占總營收比重提升至71.4%，相較於2024年的68.6%。這同樣符合我們的規劃：MRO端營收成長較多，而OEM端成長較少，因為OEM端主要取決於飛機製造商的產能規模。

Our gross profit for the quarter increased by 23.6% and gross margin expanded by 210 basis points to the level of 25.2% compared to 23.1% in the fourth quarter last year. This improvement reflects our continued focus on optimizing our cost structure, improving operational efficiencies, and benefiting from a favorable product and service mix. This is the third consecutive quarter that we are achieving a gross margin level above 25% as previously communicated and was expected for the second half of 2025.

本季毛利成長23.6%，毛利率提升210個基點至25.2%，相較去年第四季的23.1%。此一改善反映我們持續聚焦於優化成本結構、提升營運效率，並受惠於有利的產品與服務組合。這是我們連續第三季達成毛利率高於25%的水準，正如先前所溝通，亦符合對2025年下半年的預期。

During 2025, we implemented part of our cost saving and efficiencies improvement initiative. This resulted in an improved gross margin for the MRO side of business by 430 basis points, while gross margin for the OEM improved by 80 basis points. Operating income for the quarter reached to the level of $4.9 million, an increase of 20.2% year over year, demonstrating the operating leverage in our model as higher volumes translate into improved profitability.

在2025年期間，我們推動並落實部分節省成本與提升效率的計畫。這使MRO端毛利率提升430個基點，而OEM端毛利率提升80個基點。本季營業利益達490萬美元，年增20.2%，顯示我們模式的營運槓桿效應：更高的出貨量可轉化為更佳的獲利能力。

For the full year, operating income was $18.8 million compared to $12.5 million 2024, representing a growth of 50.4%. During the fourth quarter of 2025, we hired several key executives that will be taking an important part in our growth strategy execution. The salaries and benefits were recorded during the end of Q3 and in full in Q4, which caused a slight increase in OpEx for this quarter.

全年營業利益為1,880萬美元，相較2024年的1,250萬美元，成長50.4%。在2025年第四季，我們聘任了數位關鍵高階主管，將在我們的成長策略執行中扮演重要角色。其薪資與福利在第三季末開始入帳，並於第四季完整反映，導致本季營業費用（OpEx）略有增加。

Net income for the quarter was $4.7 million compared to $3.6 million a year ago. And for the full year, net income was $16.8 million compared to $11.2 million in 2024. This is an increase of 50.6%. Please note that while tax expenses are booked, these are mainly noncash movement between deferred tax assets and tax liabilities. The new bill allowed us to defer tax payment in the United States towards the end of 2026, while previously expected to start in Q1 of 2026. And in Israel, we have enough past losses that will carry forward until Q4 of 2026.

本季淨利為470萬美元，去年同期為360萬美元。全年淨利為1,680萬美元，相較2024年的1,120萬美元。增幅為50.6%。請注意，雖然帳上認列了所得稅費用，但主要為遞延所得稅資產與所得稅負債之間的非現金變動。新法案允許我們將在美國的稅款支付遞延至2026年底，而先前預期將於2026年第一季開始支付。此外，在以色列，我們有足夠的以前年度虧損可結轉，將可延續至2026年第四季。

On the net financial expenses, during June 2025 immediately after the equity round, we decided to use some of the proceeds to reduce the amount of short-term loans and the remaining of the funds were deposited in a short-term bank deposits; however, in the second half of the year, there was a negative impact on the exchange rate between the Israeli shekel and the US dollar. This had over a 10% impact on the long-term loans taken from Israeli Bank's institutions.

關於淨財務費用方面，2025年6月在完成股權募資後不久，我們決定使用部分募集資金降低短期借款餘額，其餘資金則存入短期銀行存款；然而，在下半年，以色列謝克爾兌美元匯率出現不利變動。這對自以色列銀行機構取得的長期貸款造成超過10%的影響。

Adjusted EBITDA for the quarter increased by 24% to $6.9 million, translating to an adjusted EBITDA margin of 14.8% and a notable improvement from 13.5% margin in the same period last year. For the full year, adjusted EBITDA was $25.5 million which are 14.3% of revenue compared to $18.6 million, which were 12.2% of revenue in 2024. The adjusted EBITDA grew by 37% and EBITDA margin improved by 210 basis points year over year. That continued to deliver operating leverage as a result of our disciplined expense management and healthy revenue growth.

本季調整後 EBITDA 成長 24% 至 690 萬美元，換算為調整後 EBITDA 利潤率 14.8%，較去年同期 13.5% 的利潤率有顯著改善。全年調整後 EBITDA 為 2,550 萬美元，占營收 14.3%，相較於 2024 年的 1,860 萬美元（占營收 12.2%）。調整後 EBITDA 年增 37%，EBITDA 利潤率年對年提升 210 個基點。這持續帶來營運槓桿，得益於我們嚴謹的費用管理與健康的營收成長。

For the cash flow, cash flow from operations in the quarter was $5.6 million positive and $15 million positive for the full year compared to a negative cash flow of $5.8 million in the previous period. The improvement was driven by higher profits and better working capital management. Cash flow for the full year of 2025, representing a 60% operating cash flow conversion from the adjusted EBITDA, another notable achievement.

就現金流而言，本季營運活動現金流為正 560 萬美元，全年為正 1,500 萬美元，相較於前一期間為負 580 萬美元。改善主要由更高的獲利與更佳的營運資金管理所帶動。2025 全年現金流表現，代表調整後 EBITDA 的 60% 營運現金流轉換率，亦是另一項顯著成就。

Turning to the balance sheet. Following the equity round in June 2025 and the strong operational cash flow management, cash went up to the level of $51.6 million and loans decreased to $11.7 million in total debt, resulting in a low debt-to-EBITDA ratio of 0.46. Shareholders' equity stood at $176.4 million, supporting the strong equity-to-asset ratio of 78%. The cash position and the overall balance of the company gives us the flexibility to finance future acquisitions and investments for a position of strength.

接著看資產負債表。在 2025 年 6 月完成股權募資，以及強勁的營運現金流管理之後，現金提升至 5,160 萬美元，貸款下降至總負債 1,170 萬美元，使得債務對 EBITDA 比率降至 0.46 的低水準。股東權益為 1.764 億美元，支撐了 78% 的強勁權益對資產比率。公司的現金部位與整體資產負債結構，讓我們具備彈性，能以更有利的基礎為未來併購與投資提供資金。

To sum it up, we are entering 2026 with a record level of backlog, long-term agreement, and a very strong balance sheet. These factors should support the growth that we are expecting for this year and support our strategic priorities.

總結而言，我們在創紀錄的在手訂單、長期協議，以及非常強健的資產負債表下邁入 2026 年。這些因素應可支撐我們對今年的成長預期，並支持我們的策略優先事項。

At the same time, as mentioned, we continue to operate in an environment where external elements can create some viability in the timing of maintenance activity and revenue recognition from quarter to quarter, We are currently managing parts availability issues from several suppliers in the APU and landing gear segment, as noted, which may affect revenue recognition in the near term.

同時，如前所述，我們仍在一個外部因素可能導致維修活動時點與各季營收認列出現波動的環境中營運。我們目前正處理來自多家供應商在 APU 與起落架領域的零件供應問題，如前所述，這可能在短期內影響營收認列。

However, based on the backlog and the level of current intake, we remain confident in the underlying demand for our services and the long-term growth trajectory for all four strategic product segments. Overall, TAT enters the year with a strong financial foundation, disciplined cost management, and the flexibility to continue investing in both organic growth and strategic opportunity.

然而，基於在手訂單與目前的接單水準，我們仍對服務的基本需求，以及四大策略產品分部的長期成長軌跡保持信心。整體而言，TAT 以強健的財務基礎、嚴謹的成本管理，以及持續投資於有機成長與策略機會的彈性進入新年度。

And now before I conclude, I would like to note a small change to our reporting schedule beginning next quarter. Historically, TAT has released results after the Nasdaq market close and had the earnings call the following morning. Starting with our first quarter of 2026 results, we plan to release the financial reports in the morning before opening markets in the US and host the call shortly thereafter. We believe this format will make it easier for our covering analysts and our increasingly global shareholder base to engage with the result.

在我結束之前，我想先說明我們自下季起在報告時程上的一項小調整。過去，TAT 通常在那斯達克收盤後發布業績，並於隔天早上召開法說會。自 2026 年第一季業績起，我們計畫在美國市場開盤前的早上發布財務報告，並在其後不久舉行電話會議。我們相信此形式將更便於追蹤我們的分析師，以及日益全球化的股東群參與並了解結果。

And with that, I will return the call back to Igal.

接下來，我把電話交回給 Igal。

Thank you, Ehud. In closing, 2025 was a landmark year for TAT. It marked our third consecutive year of record results with improvement across every key metric, including revenue, margin, backlog value of long-term agreement, and profitability. And as I would mention as well as the cash flow and the strengthening the balance sheet.

謝謝你，Ehud。最後總結，2025 年是 TAT 的里程碑年度。這是我們連續第三年創下紀錄，且在每一項關鍵指標上都有改善，包括營收、利潤率、長期協議的在手訂單價值，以及獲利能力。同時我也要提到現金流與資產負債表的強化。

We entered 2026 in the strongest financial and operational position in the company history. I would like to thank our employees around the world. Their dedication and professionalism are what makes these achievements possible. This performance reflects the resilience and commitment of our employees across the organization to success.

我們以公司史上最強的財務與營運狀態進入 2026 年。我要感謝全球各地的員工。他們的投入與專業讓這些成就成為可能。這樣的表現反映了全體員工對成功的韌性與承諾。

I'd like to open the call for questions. Matt?

我想開放提問。Matt？

Thank you, Igal. So we're now going to open up the call to the Q&A session. (Event Instructions)

謝謝你，Igal。接下來我們將進入問答環節。(活動說明)

Ben Klieve, Benchmark.

Ben Klieve，Benchmark。

So first question here is regarding the dynamic you noted throughout the prepared remarks on the supply chain. And I'm curious about that in the context of the backlog increase, particularly the -- it looks like cash order increase that came in year over year.

第一個問題是關於你在事先準備的發言中提到的供應鏈動態。我想在在手訂單增加的背景下了解這點，特別是——看起來年對年有現金訂單增加的部分。

Can you really just talk about that dynamic? Was that backlog increase largely a function of deferred revenue that wasn't realized from the supply chain disruptions? Or was there some notable contract -- long-term contract wins that were in there that drove that backlog number?

你能否談談這個動態？這次在手訂單的增加，是否主要是因供應鏈中斷而未能實現、因此遞延的營收所致？或者其中是否有一些值得注意的合約——長期合約的得標，推升了這個在手訂單數字？

Yes. So the vast majority of the increase that we've seen in Q4 comes from a new contract that was signed, long-term agreements. And as a general saying, the backlog or the intake, what we call of MRO work during the fourth quarter, as expected, is softening.

是的。因此，我們在第四季看到的增幅絕大多數來自於新簽署的合約，也就是長期協議。一般來說，在第四季我們所稱的 MRO 工作在手訂單或接單量，如預期般正在趨緩。

If you recall, I mentioned it several times in the last four, five quarters, we did see a huge increase in intake towards the -- really at the end of the year going into Q1. So those of you who were in our facility in Greensboro saw the amount of engines that we have, it's just getting -- it's increasing every day that goes by, but this is mostly in Q1 of this year.

如果你還記得，我在過去四、五個季度多次提到，我們確實在——基本上是在年底、進入第一季之前——看到接單量大幅增加。所以那些到過我們格林斯伯勒廠區的人都看到了我們擁有的引擎數量——每天都在增加，但這主要發生在今年第一季。

So going back to your question, the vast majority of the increase comes from new contracts that were signed and the OEM POs that we received for later this year. And a small portion that started showing up at the end of the year is only a small portion, if I may say, is the backlog of MRO.

回到你的問題，增幅的絕大多數來自新簽署的合約，以及我們收到、預計在今年稍晚執行的 OEM 採購訂單（PO）。而在年底開始出現的一小部分——如果我可以這麼說——只是 MRO 的在手訂單的一小部分。

Okay. That's helpful. And then for my follow-up question and I'll get back in queue is related to this. And you noted that the increase in the facility here in early February was pretty substantial. And so I'm wondering about the turnaround time for these orders that came in late in '25 in the context of the supply chain dynamic.

好的。這很有幫助。接著我的追問，之後我會回到隊列，是與此相關。你提到 2 月初廠內的增加幅度相當可觀。因此我想了解，在供應鏈動態的背景下，2025 年底進來的這些訂單，其周轉時間（turnaround time）如何？

Are you seeing a significant extension here of the turnaround time and just creating a log jam in those facilities or are you able to manage the turnaround time in the context of the supply chain disruptions?

你們是否看到周轉時間明顯拉長，並在這些廠區造成塞車，還是你們能在供應鏈中斷的情況下仍然管理好周轉時間？

So I give you a slightly longer answer here because, during 2025, I was asked several times about my view of supply chain, and I was mentioning that while the disruption is very much in place, we see improvement, and we don't know -- we still don't see the right at the end of the tunnel, but we did notice constant improvement.

所以我在這裡給你一個稍微長一點的回答，因為在 2025 年期間，有好幾次有人問到我對供應鏈的看法；我當時提到，雖然干擾確實仍然存在，但我們看到情況在改善。我們不知道——我們仍然看不到隧道盡頭的光，但我們確實注意到持續性的改善。

In the last quarter of last year, it completely reversed. And all of a sudden, we are facing challenges, again, especially in APUs and landing gear and dramatically extended lead times with no advanced warning or just lack of supply and whatever. You need to remember that when it comes to an engine, there are hundreds of different parts that we need to repair or replace per engine. All is takes is one boat or one seal or one score that we need to replace, and we cannot send the engine. So potentially, theoretically, the supply chain challenges can definitely impact turnaround time.

但在去年最後一季，情況完全反轉。突然之間，我們又再次面臨挑戰，特別是在 APU 與起落架方面，交期在毫無預警的情況下大幅拉長，或是單純供應不足等等。你需要記得，談到一具引擎時，每一具引擎我們需要維修或更換的零件有數百種。只要有一個襯套、一道密封件，或是一個需要更換的刮傷件缺料，我們就無法把引擎交付。因此，從潛在、理論上來說，供應鏈挑戰確實可能影響周轉時間。

Jonathan Siegmann, Stifel.

Jonathan Siegmann，Stifel。

Congratulations on the strong end of the year. I was hoping you might be able to comment on what impact, if any, you are expecting to be seeing from your customers absorbing some higher oil prices and the potential for an extended conflict in the Mid East. Any hesitancy on MRO activity? And is there a duration of this conflict that you think could materialize some risks of some interruption in the strong cycle? Thank you.

恭喜你們在年底交出強勁表現。我想請你談談，你們預期客戶在吸收較高油價，以及中東衝突可能延長的情況下，會對你們造成什麼影響（如果有的話）。MRO 活動是否會出現任何猶豫？另外，這場衝突若持續到什麼程度，你認為可能會實質化一些風險，進而中斷目前強勁的景氣循環？謝謝。

So far, I say it in the following way, if we look at Q1 and the intake in Q1 and so far and how it's going, we don't see any impact. On the opposite, we see a very strong intake of work coming to our shops across all business lines.

到目前為止，我會這樣說：如果我們看第一季（Q1）的情況、Q1 的接單量，以及目前的進展，我們沒有看到任何影響。相反地，我們看到各條業務線都有非常強勁的工作量流入我們的維修廠。

Relating to your second part of the question, I really don't know how to answer it. I feel like it's above my paygrade, the geopolitical environment and what may happen and how long. But so far, we don't see any impact.

至於你問題的第二部分，我真的不知道該怎麼回答。我覺得那超出我的職權範圍——地緣政治環境、可能發生什麼、以及會持續多久。但就目前而言，我們沒有看到任何影響。

That's great. And you're manufacturing in Israel. Just I hope families and everything are safe. But just any comment on continuing to operate in this environment would be helpful. Thank you again.

那很好。而且你們在以色列有製造。我希望家人和一切都平安。不過，如果能談談在這樣的環境下持續營運的情況，會很有幫助。再次謝謝。

I would say we are extremely proud in our Israeli team. We never shut down the facility, continuing with major, major challenges, as you can only imagine, continuing to work nonstop and delivering solid results despite of everything that is going on over there. So it looks really solid.

我會說，我們對以色列團隊感到非常自豪。我們從未關閉該設施；在你可以想像的重大、重大挑戰下，仍持續不間斷地工作，並在那邊發生的一切之下交出穩健成果。所以看起來非常扎實。

Josh Sullivan, JonesTrading.

Josh Sullivan，JonesTrading。

Can you just comment on maybe what the [bid] environment looks like this year for APU customer engagements versus last year? What does that demand cyclically look like?

你能否評論一下，今年 APU 客戶合作案的投標（bid）環境，相較於去年大概是什麼樣子？從景氣循環的角度來看，那個需求看起來如何？

Are you asking about the bid environment?

你是在問投標環境嗎？

Yes, as customers look at their APU needs this year versus last year. What are you guys looking at as far as bid engagement this year versus last year?

是的，當客戶今年評估他們的 APU 需求、相較於去年時。就今年相較去年而言，你們看到的投標互動（bid engagement）狀況是什麼？

I don't think that -- I'm looking at it differently from my experience, and I may be wrong, but airlines have contracts for each type of component that they have in their fleet. And they typically -- and the vast majority of the cases, they don't open a contract in the middle of the term. So there is almost zero calendar impact as far as I see on their decision. So they are under contract. They get to the end of the contract a few months before they open an RFP.

我不認為——我從自身經驗用不同方式看這件事，我可能也會錯，但航空公司對其機隊中每一種零組件類型通常都有合約。而且一般來說——在絕大多數情況下，他們不會在合約期間中途重新開啟合約。因此，就我所見，他們的決策幾乎不受日曆年度影響。所以他們是在合約之下運作。通常在合約到期前幾個月，他們才會啟動 RFP。

So the RFPs are coming on a steady pace. And I would say, even when there are challenges, it's rarely that an airline will decide to break a contract in -- actually, I don't remember ever seeing it, breaking a contract at the middle of the contract and opening a new bid.

因此，RFP 會以穩定的節奏出現。而且我會說，即使有挑戰，航空公司也很少會決定在——其實我不記得曾看過——在合約中途解約並重新開標。

Now from time to time, if an airline has a customer that is struggling or a vendor that is struggling, they may choose to send several units without a contract and that's something that we see from time to time, meaning airlines that are not under contract with TAT and they're sending us APUs or gears or thermal components for repairs without the contract.

不過偶爾，如果航空公司有一個客戶在掙扎，或某個供應商在掙扎，他們可能會選擇在沒有合約的情況下送修幾個單位；我們不時會看到這種情況。也就是說，有些航空公司並未與 TAT 簽約，但仍把 APU、齒輪箱或熱能相關零組件送來我們這裡維修，並沒有合約。

Obviously, this is more related to the existing vendor challenges they have. But even in this case, even when they have challenges, they don't tend to open RFPs. If I'm trying to put myself in their shoes, they have much higher priorities on other systems and components. And on the mechanical systems and APUs they typically don't change.

顯然，這更多是與他們現有供應商所面臨的挑戰有關。但即便如此，即使他們有挑戰，他們也不太會去開 RFP。如果我把自己放在他們的立場，他們在其他系統與零組件上有更高優先順序。而在機械系統與 APU 方面，他們通常不會更換。

So all in all, it's a steady state. It's a steady flow of new RFPs that are opening with opportunities. When I'm looking at this year, opportunity leads to airlines that are probably going to open RFPs in the next few months and existing RFPs. We just announced a week ago, we announced a very nice win of an RFP. So it's continuing, give or take, in the same pace.

所以總體而言，這是一個穩態。新的 RFP 會以穩定的流量開出，並帶來機會。當我看今年時，機會來自於可能在未來幾個月開 RFP 的航空公司，以及既有的 RFP。我們就在一週前宣布，我們贏得了一個非常不錯的 RFP。所以整體仍在延續，大致上以相同的節奏進行。

Okay. Got it. And then just supply chain constraints impacting margin, you guys are still at records. Can you just help us frame what margins are going to look like once the constraints are resolved? What are we planning for with TAT on the margin side once we get past these constraints?

好的。了解。另外，供應鏈限制正在影響毛利率，但你們仍在創新高。你能否幫我們框定一下，一旦這些限制解除後，毛利率大概會是什麼樣子？當我們度過這些限制之後，TAT 在毛利率面向的規劃是什麼？

I would say, for years, I was talking about the ['25 and 15%, the '25 calls and 15% EBITDA]. And now that we are there for a couple of quarters in the range, we definitely see more opportunities. Some of them for supply chain, some of them is continuing improvement of efficiencies as the business scales.

我會說，多年來我一直在談「25% 毛利率與 15% EBITDA（'25 毛利率與 15% EBITDA）」。而現在我們已經連續幾個季度達到這個區間後，我們確實看到更多機會。其中一部分來自供應鏈，另一部分則是隨著業務規模擴大，效率持續改善。

But definitely, I would say a few points. Without committing to anything, we believe that we can be -- what I consider to be -- if you look at companies which I consider to be best-in-class, really the top-performing companies in the industry in our line of business, you see EBITDA is in the range of 20%, a little bit more. That's where we aspire to be.

但我會說，確實有幾點。在不對任何事情作出承諾的前提下，我們相信我們可以——以我所認為的方式——如果你看那些我認為是同業最佳典範、在我們這條業務線中表現最頂尖的公司，你會看到 EBITDA 大約在 20% 左右，甚至略高。那是我們希望達到的目標。

It's not a forecast, and it's -- I'm not providing timeline, but we definitely aspire to be there. And I think that we have a roadmap of how to get there. Supply chain challenges is a key component. We need to remember, again, hundreds of parts per APUs and dozens of parts or landing gear, if your contractual vendor is struggling, and you have to buy a part in the market to satisfy the customer needs, you typically pay way more than your contractual price. So it has a significant impact on profitability.

這不是預測，而且——我也不提供時間表，但我們確實以此為目標。而且我認為我們有一個達成該目標的路線圖。供應鏈挑戰是其中一個關鍵組成。我們需要再次記得，每一具 APU 有數百個零件，而起落架也有數十個零件；如果你的合約供應商出現困難，而你必須到市場上採購零件以滿足客戶需求，你通常會支付遠高於合約價格的成本。因此，這會對獲利能力造成顯著影響。

And the second factor that affects profitability is the lack of teardowns. And the MRO industry on the APUs, especially a big component in managing profit is the ability to buy all the engines from aircraft teardown and break them into pieces and then repair the pieces and use the pieces.

而影響獲利能力的第二個因素是缺乏拆解（teardown）。在 APU 的 MRO 產業中，尤其是獲利管理的一個重要組成部分，是能夠從飛機拆解中買下整具引擎，將其拆成零件，然後修復零件並加以使用。

Typically, in most cases, the sum of the pieces, the value of the pieces is much higher than buying than the engine itself. So you save a lot of money by buying as removed engines from an old aircraft and overall in the parts. The challenge over the last two years have been that there are barely any engines for sale, very little teardown comparing to the activity the industry used to see before that.

一般而言，在多數情況下，零件加總後的價值遠高於直接購買整具引擎本身。因此，透過從老舊飛機購買「拆下來（as removed）」的引擎，並在零件層級整體運用，你可以節省很多成本。過去兩年的挑戰在於，幾乎沒有引擎在市場上出售，拆解量也非常少，與產業在此之前慣常看到的活動量相比差很多。

So that's another factor. As the industry continues to stabilize, and airlines want to renew their fleets, I believe that we will see a growing activity of all the aircraft retirement, which will increase the availability of engines in the market and then we will be able to use more [best remove] parts after overall which definitely helps to further improve the margin.

所以這是另一個因素。隨著產業持續穩定、航空公司希望更新機隊，我相信我們會看到更多飛機退役活動，這將提高市場上引擎的可得性，接著我們就能在大修後使用更多「最佳拆下（best remove）」零件，這無疑有助於進一步提升毛利率。

Sergey Glinyanov, Freedom Capital Markets.

Sergey Glinyanov，Freedom Capital Markets。

So glad that you are all staying safe in this time of uncertainty. And my question is about, do you see increase in demand on your defense products and services? Are you able to catch some orders for new platforms for them?

很高興你們在這段不確定的時期都能平安。我的問題是，你們是否看到國防產品與服務的需求增加？你們是否能因此拿到一些新平台的訂單？

Sergey, I'm not sure that I understood. Are you asking about the impact of the global situation on our defense orders?

Sergey，我不確定我是否理解你的意思。你是在問全球局勢對我們國防訂單的影響嗎？

Partially yes, but I'm interested in your ability to cash some new orders or your defense programs to supply defense products and services.

部分是，但我更關心的是你們是否有能力拿到一些新訂單，或透過你們的國防專案來供應國防產品與服務。

So we definitely in the -- I'll split it into two sections. First of all, let's remember that defense is a small portion of TAT overall revenue. So that's one thing that we have to bear in mind. On the MRO side, we definitely see -- actually on both OEM and MRO side, defense sector, we definitely see a substantial increase, both on the MRO side, as air forces are trying to keep their fleet in operational condition.

我們確實——我把它分成兩個部分來回答。首先要記得，國防在 TAT 的整體營收中只占很小一部分。這是我們必須放在心上的一點。在 MRO 方面，我們確實看到——其實在 OEM 與 MRO 兩端、在國防領域，我們都看到顯著增加；在 MRO 端，因為各國空軍正努力讓其機隊維持可作戰的運作狀態。

And on the new orders that we are receiving to support the systems where we are the component supplier to the system. So we see a very nice increase. We need to remember, though, that it's still a small portion of the overall portfolio of TAT. Most of our business is OEM -- is commercial, I'm sorry.

此外，我們也收到一些新訂單，用於支援那些系統——在那些系統中我們是零組件供應商。所以我們看到相當不錯的成長。不過要記得，這仍然只占 TAT 整體產品組合的一小部分。我們大部分的業務是 OEM——抱歉，是商用領域。

Yeah. Got it. And any thoughts about M&A, whatever are you interested in currently?

是的。了解。那對於併購（M&A）有什麼想法？你們目前有在關注什麼嗎？

On the M&A activity, as we mentioned in the last quarter, we launched the effort early fourth quarter. We hired a VP of Corporate Development for the company. We developed a strategy, and we are actively looking for -- we are in active process looking for opportunities and for deals.

關於併購活動，如同我們在上一季提到的，我們在第四季初就啟動了這項工作。我們為公司聘請了一位企業發展副總裁（VP of Corporate Development）。我們制定了策略，並且正積極尋找——我們正處於積極尋找機會與交易的過程中。

Obviously, we go about it with lots of discipline and wanting to make sure that we will add value in the deals that we write for TAT and whatever, but very actively working on it. That's what I can say at this point. Obviously, we will share more as we make more progress.

當然，我們會以高度紀律來推進，並確保我們為 TAT 所做的交易能夠創造價值等等；但我們確實非常積極在推動。目前我能說的大概就是這些。顯然，隨著我們取得更多進展，我們會分享更多資訊。

This time, let's move to a question that was submitted to us directly. And it's from Michael Ciarmoli from Truist Securities. And Mike asks, can you give us an update on your expectations for the [131] APU for 2026 and beyond? Should we expect to see a growth inflection at some point this year as you start to increase your penetration and grow share with this product line?

這次我們來看一個直接提交給我們的問題。問題來自 Truist Securities 的 Michael Ciarmoli。Mike 問：你能否更新一下你們對 [131] APU 在 2026 年及之後的預期？隨著你們開始提高滲透率並在這條產品線上擴大市占，我們是否應該預期今年某個時點會出現成長拐點？

Yes. So I think first of all, the answer is yes, we are expecting to see growth from the 131. I think that it was discussed. Those of you who have visited our facility in Greensboro for the Investor Day, we spoke about it back then. When we look across the businesses on the 200 engine, we are doing extremely well. We are gaining more and more market share. I feel that we are in a great position to continue and grow the market share this year.

是的。我想首先答案是肯定的，我們預期會看到 131 的成長。我想這點之前也討論過。各位曾在投資人日造訪我們位於 Greensboro 的廠區時，我們當時就談到這件事。當我們檢視 200 引擎相關的各項業務時，我們表現非常好。我們正在取得越來越多的市占率。我覺得我們今年處於非常有利的位置，可以持續並擴大市占。

And the [500], we made a huge stride forward last year with contracts with long-term agreements, with engines and whatever. Over there, we need to remember that there are -- we have less competitors, if you will, and comparing to the 131. And I think that we are in a very strong position in terms of our performance and whatever, going to the -- I'm sorry, on the 500.

至於 [500]，我們去年在合約方面取得了很大的進展，包含長期協議、引擎等。在那邊要記得的是——如果你願意這麼說——相較於 131，我們的競爭對手更少。我認為就我們的表現等各方面而言，我們處於非常強勢的位置——抱歉，我指的是 500。

Going into the 131, we have two things that we are doing this year. First of all, in terms of priorities, and, as our COO mentioned during the Greensboro visit, this year, the operational focus is to make us way more efficient and profitable on the 131 to become more competitive in the market. That's one key effort for this year.

回到 131，我們今年有兩件事在做。首先在優先事項方面，正如我們的營運長在 Greensboro 參訪期間提到的，今年營運面的重點是讓我們在 131 上變得更有效率、獲利能力更強，以提升在市場上的競爭力。這是今年的一項關鍵工作。

And in parallel, we are definitely looking at nice list of opportunities and leads that we are going to bid on. So we have a new -- we extended our sales team at the end of last year. We hired a new VP of MRO business to run our entire MRO business. And now the team is really focusing on expanding the outreach behind the large American airliners expanding across the globe into midsized airlines and smaller airlines and chasing these opportunities. So I think it's just a matter of time. We are expecting to see deals come.

同時，我們也確實在看一份不錯的機會與線索清單，並將對其進行投標。因此我們在去年底擴編了銷售團隊。我們聘請了一位新的 MRO 業務副總裁來負責我們整體的 MRO 業務。現在團隊正專注於擴大觸及範圍，不僅鎖定大型美國航空公司，也拓展到全球的中型與小型航空公司，並追逐這些機會。所以我認為這只是時間問題。我們預期會有交易落地。

There are several additional questions that are overlapping. So what I'm going to do is I'm going to summarize them and it goes like this. Did Q4 sales compared to Q3 surprised you? Do they indicate anything for the coming quarters? And what's your basis for optimism regarding 2026?

另外還有幾個重疊的問題。所以我會把它們整理總結如下：第四季的銷售相較第三季是否讓你感到意外？這是否對接下來幾季有任何指示？以及你對 2026 年保持樂觀的依據是什麼？

So I don't know who have you -- any of you that participate in third quarter call of 2024, this was before fourth quarter of '24. And I took the time and energy to explain back then that fourth quarter is traditionally softened for TAT. We see it across the board, and preparing the stage for fourth quarter of '24, that will be soft. And eventually, it wasn't soft at all. It was a very strong quarter.

我不知道你們當中是否有人——有任何人參加了 2024 年第三季的電話會議，那是在 2024 年第四季之前。我當時花了時間與精力解釋，第四季對 TAT 而言傳統上是較疲弱的。我們在各方面都看得到這種情況；在為 2024 年第四季鋪陳時，我也說第四季會偏弱。但最後結果完全不弱。那是一個非常強勁的季度。

But the only difference is that, back then, we still had plenty of back orders, meaning we had work that we accumulated during the years of COVID than whatever that [add us] as a buffer. From a financial standpoint, it helped us as a buffer in quarters that are softened. So up until the end of '24, the results of the MRO business segment of TAT were less related to intake on a specific quarter, and we were less exposed to the quarter fluctuation.

但唯一的差別是，當時我們仍有大量積壓訂單，意味著我們在 COVID 期間多年累積了工作量，這些都可作為緩衝。從財務角度來看，這在需求轉弱的季度為我們提供了緩衝。因此直到 2024 年底，TAT 的 MRO 業務分部的業績與某一特定季度的接單量關聯較小，我們也較不受季度波動影響。

And because we had all this spare work from the past, that every time that the intake was slightly lower, we could use as a buffer. Having said this, needless to say that having a buffer of work is not a good thing because our key concern and my key objective is to provide good -- great service to our customers. I think that this is really differentiating us from competition.

而且因為我們有這些過去留下的備用工作量，每當接單略低時，我們就能用它作為緩衝。話雖如此，不用說，擁有工作量緩衝其實不是好事，因為我們最關切、也是我的核心目標，是為客戶提供良好——卓越的服務。我認為這正是我們與競爭對手真正拉開差距之處。

Bottom line is that starting Q1, and we reported it, we completely caught up. We have almost zero back orders on MRO. So basically, what we have every month, every quarter to sell is what we get during the quarter, and obviously, it will be more seasonal. So bottom line, there was no surprise in Q4. We expected cargo carriers in Q4 tend to switch only to emergency maintenance. They prefer to keep all their focus on flying during the holiday season.

總而言之，從第一季開始——我們也已對外報告——我們已完全追上進度。我們在 MRO 幾乎沒有積壓訂單。所以基本上，我們每個月、每個季度可銷售的量，就是該季度收到的量，顯然也會更具季節性。因此，第四季沒有任何意外。我們預期貨運航空公司在第四季往往只會轉向緊急維修。他們更傾向在假期旺季把重心放在飛行營運上。

And in our line of businesses, what we see, typically, especially in the thermal components during the summer, we see a huge increase in intake. The airlines going into the summer, into the hot season are trying to make sure that they have very -- that the entire spare pool of heat exchangers is in operational condition because this is where they see more events. And so they overflooded their pool. And then in fourth quarter, they are reducing the size of the pool in order to save money and to improve their annual performance on maintenance expenses.

在我們的業務中，我們通常看到——尤其是熱能部件在夏季——接單量會大幅增加。航空公司進入夏季、進入炎熱季節時，會試圖確保整個熱交換器備件庫都處於可運作狀態，因為這段期間他們會遇到更多事件。因此他們會把備件庫補得很滿。而到了第四季，他們會縮小備件庫規模以節省成本，並改善全年維修費用表現。

We see it every year in TAT, nothing surprised. Going into fourth quarter this year, we're just -- knowing it, we placed way more focus on trading and making sure that we will have assets available for exchanges on the trading side and to compensate for the expected softness on the MRO, and it worked very well for us. I'm happy to see that it's a counter cycle so it worked well.

我們在 TAT 每年都會看到這種情況，沒有什麼令人意外。今年進入第四季時，我們只是——既然知道會如此——就把更多重心放在交易業務上，並確保在交易端有可用資產可供交換，以彌補 MRO 預期的疲弱，而這對我們非常奏效。我很高興看到這是一個逆週期，因此效果很好。

Going into this year, and it started in the last 10, 14 days of December, we see -- and again, we see it from time to time, a major increase in the amount of work that we received across all business lines. I think on the APU side, we never saw the amount of engines. When we visited Greensboro, at the time that we were at Greensboro, there were close to 100 engines in the shop. It's phenomenal numbers, very strong going into this year.

進入今年——而且在 12 月最後 10 到 14 天就開始——我們看到（而且我們不時也會看到）各條業務線收到的工作量大幅增加。我認為在 APU 方面，我們從未見過這麼多引擎。我們造訪格林斯伯勒時，在我們待在格林斯伯勒的那段時間，車間裡接近 100 具引擎。這是驚人的數字，為今年開局帶來非常強勁的動能。

Okay. Thank you for that, Igal. I'm going to now turn the call back over to you for concluding remarks.

好的。謝謝你，Igal。我現在把電話交回給你做結語。

So again, all I can do is just repeat what we just said. We are very pleased with the results. Another amazing year for TAT, very strong. We started by increasing -- if you think about the last two years' messages that I've been conveying, we started with just recovery from COVID. And then it was about good growth.

所以，再次強調，我能做的就是重複我們剛才所說的。我們對業績非常滿意。對 TAT 來說又是精彩的一年，非常強勁。回想我過去兩年傳達的訊息，我們一開始是從 COVID 復甦。接著談的是良好的成長。

And then we added the layer of improving profitability, and we can see the results now. Then we were challenged more than a year ago about our cash flow, and we explained that cash flow is going to come as we stabilize the business, and now we see the results and the drastic improvement in cash flow.

然後我們又加入提升獲利能力這一層，而現在我們已看到成果。接著在一年多前，我們在現金流方面受到更多挑戰；我們解釋過，隨著業務趨於穩定，現金流就會改善，而現在我們看到成果以及現金流的大幅改善。

We were asked about inventory. And if you look at our inventory, it's stable and actually going down. So we spoke about M&A and strengthening the organization. And all of this was -- all of this happened. So if you think about if we go back 1.5 years and the plans that we shared and focus, there is a full alignment and I'm very happy to see that we achieved all of this.

我們也被問到庫存。如果你看我們的庫存，它是穩定的，甚至正在下降。因此我們談到了併購（M&A）以及強化組織。而這一切——這一切都已發生。所以如果回到 1.5 年前，看看我們分享的計畫與聚焦方向，現在完全一致；我很高興看到我們達成了這一切。

We are going into '26 with a very strong position and expecting to see the growth continuing in 2026 both organically and inorganically. The value of the backlog and the long-term agreement is really encouraging. The pipeline of opportunities that we have ahead of us is just adding to it. So we remain optimistic and looking forward to continue developing the organization.

我們將以非常強勁的態勢邁入 2026 年，並預期 2026 年的成長將持續，無論是有機成長或非有機成長。積壓訂單與長期協議的價值令人非常鼓舞。我們手上未來的機會管線也在持續加碼。因此我們仍保持樂觀，並期待持續推動組織發展。

With that, thank you again for joining us today. We appreciate your continued confidence in us, and happy to continue the discussion offline.

最後，再次感謝各位今天加入我們。我們感謝各位持續對我們的信心，也很樂意在會後繼續私下交流討論。

Thank you, everyone, for joining us today. You might now disconnect your lines.

感謝各位今天加入我們。各位現在可以掛線。