Innovate Corp (VATE) 2025 Q4 法說會逐字稿

Good afternoon, and welcome to INNOVATE Corp fourth-quarter 2025 earnings conference call. All participants will be in a listen-only mode.

下午好，歡迎參加 INNOVATE Corp 2025 年第四季財報電話會議。所有與會者將以僅收聽模式參與。

(Operator Instructions)

(接線員指示)

Please note, this event is being recorded. I would now like to turn the conference call over to Neel Sikka with Investor Relations. Please go ahead.

請注意，本活動將進行錄音。現在我想將電話會議交給投資人關係部的 Neel Sikka。請開始。

Good afternoon. Thank you for being with us to review INNOVATE's fourth-quarter and full year 2025 earnings results. We are joined today by Paul Voigt, INNOVATE's Interim CEO; and Mike Sena, INNOVATE's CFO. We have posted our earnings release and our slide presentation on our website at innovatecorp.com. We will begin our call with prepared remarks to be followed by a Q&A session.

下午好。感謝各位與我們一同回顧 INNOVATE 2025 年第四季及全年財報結果。今天與會者包括 INNOVATE 代理執行長 Paul Voigt，以及 INNOVATE 財務長 Mike Sena。我們已在 innovatecorp.com 網站上發布新聞稿與簡報投影片。本次電話會議將先由管理層進行準備發言，隨後進入問答環節。

This call is also being simulcast and will be archived on our website. . During this call, management may make certain statements and assumptions, which are not historical facts, will be forward-looking and are being made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.

本次電話會議亦將同步轉播，並於我們網站上存檔。.在本次電話會議中，管理層可能會作出若干陳述與假設，這些並非歷史事實，屬於前瞻性陳述，並依據 1995 年《私人證券訴訟改革法案》的安全港條款作出。

Any such forward-looking statements involve risks, assumptions and uncertainties and are subject to certain assumptions and risk factors that could cause INNOVATE's actual results to differ materially from these forward-looking statements. The risk factors that could cause these differences are more fully discussed in the cautionary statement that is included in our earnings release and the slide presentation and further detailed in our 10-K and other filings with the SEC.

任何此類前瞻性陳述均涉及風險、假設與不確定性，並受若干假設與風險因素影響，可能導致 INNOVATE 的實際結果與這些前瞻性陳述存在重大差異。可能造成上述差異的風險因素，已在我們財報新聞稿與簡報投影片所載之警示性聲明中更完整地討論，並於我們的 10-K 及其他向美國證券交易委員會（SEC）提交的文件中進一步詳述。

In addition, the forward-looking statements included in this conference call are only made as of the date of this call and as stated in our SEC reports. INNOVATE disclaims any intent or obligation to update or revise these forward-looking statements, except as expressly required by law.

此外，本次電話會議所包含的前瞻性陳述僅截至本次電話會議日期作出，並以我們向 SEC 提交的報告所述為準。除法律明確要求外，INNOVATE 不承擔亦無意更新或修訂這些前瞻性陳述之任何義務。

Management will also refer to certain non-GAAP financial measures such as adjusted EBITDA. We believe that these measures provide useful supplemental data that, while not a substitute for GAAP measures, allow for greater transparency in the review of our financial and operational performance.

管理層亦將提及若干非 GAAP 財務衡量指標，例如調整後 EBITDA。我們相信，這些指標可提供有用的補充資訊；雖然不能取代 GAAP 指標，但可在檢視我們的財務與營運表現時提供更高的透明度。

At this point, it's my pleasure to turn things over to Paul Voigt.

接下來，我很高興把時間交給 Paul Voigt。

Good afternoon. We are pleased to report our fourth-quarter and full year 2025 financial results, and we'll provide you with an update on our three operating segments. For the fourth-quarter, INNOVATE delivered consolidated revenues of $382.7 million and adjusted EBITDA of $24.5 million. For the full year 2025, consolidated revenues were $1.2 billion, and adjusted EBITDA of $67.2 million.

下午好。我們很高興向各位報告 2025 年第四季及全年財務結果，並將就我們三個營運事業部門提供最新進展。第四季，INNOVATE 合併營收為 3.827 億美元，調整後 EBITDA 為 2,450 萬美元。2025 全年，合併營收為 12 億美元，調整後 EBITDA 為 6,720 萬美元。

INNOVATE closed the year with continued execution across our portfolio. While market conditions remained mixed in some areas, we made tangible progress in strengthening our backlog, advancing strategic initiatives, and maintaining financial discipline. I'm proud of each of our teams and the progress they made in 2025.

INNOVATE 以持續推進投資組合各項執行作為年度收官。儘管部分領域的市場狀況仍然好壞參半，我們在強化在手訂單、推進策略性計畫以及維持財務紀律方面取得了具體進展。我為我們各團隊以及他們在 2025 年所取得的進展感到自豪。

With that, let's turn to our review of our segments. To start the review of the subs at infrastructure, DBM Global achieved fourth-quarter revenues of $373.9 million and adjusted EBITDA of $28 million. For the full year of 2025, DBM generated revenue of $1.2 billion and adjusted EBITDA of $87.5 million. During the quarter, DBM has seen gross margin compression year-over-year of approximately 350 basis points to 14.7% and adjusted EBITDA margin compression of approximately 20 basis points to 7.5% year-over-year.

接下來，我們進入各事業部門的回顧。先從基礎建設子公司開始，DBM Global 第四季營收達 3.739 億美元，調整後 EBITDA 為 2,800 萬美元。2025 全年，DBM 產生營收 12 億美元，調整後 EBITDA 為 8,750 萬美元。本季，DBM 毛利率年減約 350 個基點至 14.7%，調整後 EBITDA 利潤率年減約 20 個基點至 7.5%。

Despite the year-over-year decrease in margins, we remain impressed by the performance of our world-class management team at DBMG evidenced in growth by our adjusted backlog which has increased by approximately $700 million to just over $1.8 billion since the end of 2024. Operationally, DBM exited the year with strong momentum. Activity in New York City's market continues to ramp up with several commercial projects slated to start in 2026.

儘管利潤率較去年同期下降，我們仍對 DBMG 世界級管理團隊的表現印象深刻；其成果可從調整後在手訂單的成長看出，自 2024 年底以來增加約 7 億美元，至略高於 18 億美元。在營運面，DBM 以強勁動能結束本年度。紐約市市場的活動持續升溫，已有多個商業專案預計於 2026 年啟動。

Our backlog reflects improving demand across markets with a number of growing awarded projects. Importantly, the composition of the backlog increasingly reflects work scheduled for 2026 conversion, creating a back half weighted revenue profile for this coming year. Rustin and team at DBM believe the strength of the current backlog positions DBM well for continued progress in the coming year.

我們的在手訂單反映各市場需求改善，且有多個得標專案持續增加。重要的是，在手訂單的組成愈來愈多反映排程於 2026 年轉換（落實為營收）的工作，因而使明年營收結構呈現下半年權重較高的特徵。DBM 的 Rustin 及其團隊相信，目前在手訂單的強勁態勢，使 DBM 在來年具備持續推進的良好條件。

Turning to Life Sciences. MediBeacon achieved three important milestones that advances its position since the last earnings call. In December 2025, the US FDA approved MediBeacon's next-generation TGFR System, including the latest TGFR Reusable Sensor, which marks a step forward in point-of-care kidney function assessment.

接著談生命科學。自上次財報電話會議以來，MediBeacon 達成三項重要里程碑，推進其市場地位。2025 年 12 月，美國 FDA 核准 MediBeacon 的新一代 TGFR 系統，包括最新的 TGFR 可重複使用感測器，這標誌著即時照護（point-of-care）腎功能評估向前邁進一步。

To provide highlights, this enables direct measurements of the glomerular filtration rate without the need of blood draws or urine collection. The newly approved sensor improves patient comfort and provides economic value versus the prior design, which supports broader clinical adoption.

重點如下：此系統可直接量測腎小球過濾率（GFR），無需抽血或收集尿液。新核准的感測器提升病患舒適度，並相較於先前設計提供更佳的經濟效益，有助於更廣泛的臨床採用。

Following this approval, MediBeacon's technology also received meaningful third-party validation from the scientific community. Last month, MediBeacon announced that peer-reviewed transdermal GFR measurement article published in Journal of the American Society and Nephrology was selected as one of only five, 2025 Editors' Choice Articles and on a reserve for work with the highest potential to influence future research clinical practice and public policy.

在獲得此項核准後，MediBeacon 的技術亦獲得科學界具意義的第三方驗證。上個月，MediBeacon 宣布，其發表於《Journal of the American Society and Nephrology》的經同儕審查之經皮 GFR 測量論文，獲選為 2025 年僅五篇「編輯精選（Editors' Choice）」文章之一，並被列為最具潛力影響未來研究、臨床實務與公共政策之工作。

The article was previously featured on the cover of JASN, in August 2025, highlighting the growing recognition of transdermal GFR as a potential new standard of care. These two announcements, combined with FDA approval positions MediBeacon well in 2026 and beyond.

該文章先前於 2025 年 8 月登上 JASN 封面，凸顯經皮 GFR 作為潛在新照護標準正日益獲得認可。這兩項公告再加上 FDA 核准，使 MediBeacon 在 2026 年及其後的發展處於有利位置。

Early commercialization activities in China have begun following Q4 2025 Chinese regulatory approval. These activities include invited presentations on the efficiency and clinical utility of the TGFR System, at the Chinese Society of Nephrology meeting at the end of the year and at the upcoming Society of Critical Care Medicine Meeting in Chicago.

在 2025 年第四季取得中國監管核准後，中國的早期商業化活動已開始。這些活動包括受邀在年底的中華醫學會腎臟病學分會年會，以及即將於芝加哥舉行的重症醫學學會（Society of Critical Care Medicine）年會上，就 TGFR 系統的效率與臨床效用進行專題發表。

Separately, MediBeacon has officially launched its Center of Excellence sales initiative in US marking an important step in its commercial expansion. We've already secured our first TGFR System order from a top-tier academic medical center and as inventory continues to build we expect to drive additional placements across similar leading institutions. These centers will play a critical role in demonstrating the value of our technology in real-world settings, particularly in high-impact use cases such as kidney transportation as well as optimizing drug dosing in oncology and cardiology through more precise real-time assessment of kidney function.

另外，MediBeacon 已在美國正式啟動其「卓越中心」（Center of Excellence）銷售計畫，標誌著其商業擴張的重要一步。我們已從一所頂尖學術醫學中心取得首筆 TGFR 系統訂單；隨著庫存持續增加，我們預期將在其他類似的領先機構推動更多裝機。這些中心將在真實世界情境中展示我們技術價值方面扮演關鍵角色，尤其是在腎臟運送等高影響力使用案例，以及透過更精準的即時腎功能評估，在腫瘤科與心臟科優化藥物劑量等方面。

R2 reported revenues of $3.1 million in the fourth-quarter of 2025 compared to $4.1 million in the fourth-quarter of 2024, primarily due to inventory constraints. However, for the full year 2025, R2 delivered record revenue of $12.5 million, representing an approximate 28% increase year-over-year. This momentum for the full year 2025 was fuelled by increased demand outside of North America, which surged 123% in top line revenue as compared to 2024 with an associated 187% increase in gross system unit sales compared to prior year.

R2 於 2025 年第四季的營收為 310 萬美元，較 2024 年第四季的 410 萬美元下降，主要原因為庫存限制。然而，2025 全年 R2 創下 1,250 萬美元的歷史新高營收，年增約 28%。2025 全年的成長動能主要來自北美以外市場需求增加；相較 2024 年，營收年增 123%，同時系統銷售台數（gross system unit sales）較前一年增加 187%。

R2 now carries a backlog of approximately 80 units globally for this backlog growing consumable revenues associated with the expanding installed base and continue market expansion, R2 enters 2026 with a strong momentum and a positive outlook.

R2 目前在全球約有 80 台的在手訂單（backlog）；隨著已安裝基礎擴大，相關耗材營收亦隨之成長並持續推進市場擴張，R2 以強勁動能與正向展望邁入 2026 年。

In international markets, R2 made meaningful progress during the fourth-quarter. The company restructured its distribution agreement with its Chinese partner, securing a minimum purchase commitment of 600 systems over a three year period. When combined with associated consumable sales, the total estimated contract value is approximately $10 million over the three year term.

在國際市場方面，R2 於第四季取得實質進展。公司與其中國合作夥伴重整經銷協議，取得三年期間最低採購承諾共 600 套系統。若加計相關耗材銷售，該合約於三年期間的估計總合約價值約為 1,000 萬美元。

In addition, R2 regained distribution rights to several key Asia Pacific markets, positioning the company to accelerate regional expansion in 2026. R2 also continued expanding its global footprint by appointing a new distributor in Peru and securing regulatory approvals for the Glacial Rx device in Malaysia, and Glacial fx device in Panama, and Peru. We are pleased with R2's performance closing out 2025. Looking ahead, while R2 continues to execute its strategy, the business is looking to raise external capital to continue its progress in 2026.

此外，R2 重新取得亞太地區數個關鍵市場的經銷權，使公司得以在 2026 年加速區域擴張。R2 亦持續擴大全球版圖，任命秘魯新經銷商，並取得 Glacial Rx 裝置在馬來西亞的監管核准，以及 Glacial fx 裝置在巴拿馬與秘魯的監管核准。我們對 R2 在 2025 年收官的表現感到滿意。展望未來，儘管 R2 持續執行其策略，該業務正尋求募集外部資金，以在 2026 年持續推進其進展。

Moving to Spectrum. fourth-quarter revenue was $5.7 million and adjusted EBITDA was $1 million. While Spectrum remains challenged by a soft advertising environment that extended through the fourth-quarter momentum is starting to build. We are seeing demand across our networks pick up as we head into 2026. New network launches continue, including a number of streaming networks that we'll be launching over the air. We expect to have additional details in the coming weeks. Some of the new launches will include RAV in Espanol, a new channel targeting Latino audience and Heartland Network, a country music channel.

接著談 Spectrum。第四季營收為 570 萬美元，調整後 EBITDA 為 100 萬美元。儘管 Spectrum 仍受疲弱的廣告環境影響且延續至第四季，但動能正開始累積。隨著我們邁入 2026 年，我們看到旗下各網路的需求正在回升。新的網路持續推出，包括多個我們將透過無線電波（over the air）播出的串流網路。我們預期在未來幾週提供更多細節。部分新推出的頻道將包括 RAV en Espanol（鎖定拉丁裔觀眾的新頻道）以及 Heartland Network（鄉村音樂頻道）。

Our joint venture with a mobile wireless carrier continues with successful trials across the country. We are working closely with the provider on optimizing the software and service in the delivery of data to smartphones. Industry stakeholders have consistently backed our petition to the FCC seeking voluntary conversion of LPTV stations to 5G broadcast. We are working with the FCC and legislators to move the process along.

我們與一家行動無線電信業者的合資計畫持續推進，並已在全國各地完成成功試驗。我們正與該供應商密切合作，優化將資料傳送至智慧型手機的軟體與服務。產業利害關係人持續支持我們向 FCC 提出的請願，尋求允許 LPTV 電視台自願轉換為 5G 廣播。我們正與 FCC 及立法者合作，以推動流程進展。

Lastly, at Spectrum, favourable FCC ruling over the past year for LPTV and Class A stations have enabled valuable UHF spectrum upgrades and meaningful entry into new markets. Combined with license filing window that opened up on March 19, these developments create a significant opportunity to expand our US spectrum footprint at marginal costs over the next 6 to 12 months. Following our successful filing in March, we have now the opportunity to build out our stations across more than 40 new markets.

最後，在 Spectrum 方面，過去一年 FCC 對 LPTV 與 Class A 電視台作出的有利裁決，使得有價值的 UHF 頻譜升級得以進行，並促成我們有意義地進入新市場。再加上 3 月 19 日開放的執照申請窗口，這些發展在未來 6 至 12 個月內，以邊際成本為代價，為我們擴大美國頻譜版圖創造了重大機會。繼我們於 3 月成功遞交申請後，我們如今有機會在超過 40 個新市場建置我們的電視台。

To conclude, we continue to pursue asset sales to address our current capital structure and we are working to protect shareholder value. We are continuing to pursue these initiatives and are working with our lenders to effectuate a solution to fix our capital structure. We have either met, received waivers or extended the stated milestones across our businesses.

總結而言，我們持續推動資產出售，以因應目前的資本結構，並致力於保護股東價值。我們將持續推進這些措施，並與放款人合作落實解決方案，以修復我們的資本結構。我們在各項業務上，已達成、取得豁免或延長既定的里程碑期限。

With that, I'll turn it over to Mike for a review of our financial and capital structure.

接下來，我把時間交給 Mike，請他回顧我們的財務與資本結構。

Thanks, Paul. Consolidated total revenue for the fourth-quarter of 2025 was $382.7 million, an increase of 61.7% compared to $236.6 million in the prior year period. The increase was primarily driven by our Infrastructure segment, which was partially offset by decreases in our Spectrum and Life Sciences segments. Net loss attributable to common stockholders and participating preferred stockholders for the fourth-quarter of 2025 decreased to $7.8 million or $0.58 per fully diluted share, compared to $16.9 million or $1.29 per fully diluted share in the prior year period.

謝謝，Paul。2025 年第四季合併總營收為 3.827 億美元，較去年同期的 2.366 億美元增加 61.7%。成長主要由我們的基礎建設（Infrastructure）事業部帶動，但部分被 Spectrum 與生命科學（Life Sciences）事業部的下滑所抵銷。2025 年第四季歸屬於普通股股東及參與分配之特別股股東的淨損降至 780 萬美元，或每股完全稀釋後虧損 0.58 美元；相較之下，去年同期為 1,690 萬美元，或每股完全稀釋後虧損 1.29 美元。

Total adjusted EBITDA was $24.5 million in the fourth-quarter of 2025, an increase from $15 million in the prior year period. The increase was primarily driven by our Infrastructure segment, which was partially offset by our Spectrum segment.

2025 年第四季調整後 EBITDA 總額為 2,450 萬美元，較去年同期的 1,500 萬美元增加。此增幅主要由我們的基礎建設（Infrastructure）部門帶動，但部分被我們的頻譜（Spectrum）部門所抵銷。

At Infrastructure, revenue increased 65.7% to $373.9 million from $225.7 million in the prior year quarter. This increase was primarily driven by the timing and size of projects at DBMG's commercial, structural steel fabrication and erection business, Banker Steel and the construction modelling and detail business which had increased activity subsequent to the comparable period on certain large construction projects.

在基礎建設部門，營收較去年同期季度的 2.257 億美元增加 65.7% 至 3.739 億美元。此增幅主要由 DBMG 的商業結構鋼製造與安裝業務（Banker Steel），以及施工建模與細部設計業務之專案時點與規模所帶動；相較可比期間，該等業務在若干大型建築專案上的活動於其後有所增加。

The increases were partially offset by the timing and size of projects at the industrial maintenance and repair business which had increased activity in the prior year on certain large commercial construction projects that were completed towards the end of 2024.

上述增幅部分被工業維護與修繕業務之專案時點與規模所抵銷；該業務於去年在若干大型商業建築專案上活動較多，而該等專案於 2024 年底前後完工。

Infrastructure adjusted EBITDA for the fourth-quarter of 2025 increased to $28 million from $17.4 million in the prior year period. The increase was primarily driven by an increase in revenue and gross profit at DBMG's commercial structural steel fabrication and erection business and Bankers Steel, which had increased activity subsequent to the comparable period on certain large construction projects.

2025 年第四季基礎建設部門調整後 EBITDA 由去年同期的 1,740 萬美元增加至 2,800 萬美元。此增幅主要由 DBMG 的商業結構鋼製造與安裝業務及 Banker Steel 的營收與毛利增加所帶動；相較可比期間，該等業務在若干大型建築專案上的活動於其後有所增加。

These increases were partially offset by the decrease in revenue and gross profit at the industrial maintenance and repair business, which had increased activity in the prior year on certain large construction projects that were completed towards the end of 2024 and an increase in recurring SG&A expenses, primarily driven by an increase in compensation-related expenses.

上述增幅部分被工業維護與修繕業務之營收與毛利下滑所抵銷；該業務去年在若干大型建築專案上活動較多，而該等專案於 2024 年底前後完工；此外，經常性銷售、一般及管理（SG&A）費用增加亦造成抵銷，主要由薪酬相關費用增加所致。

As of December 31, 2025, reported backlog was $1.7 billion and adjusted backlog, which takes into consideration awarded, but not yet signed contracts was $1.8 billion, compared to reported backlog of $1 billion and adjusted backlog of $1.1 billion at the end of 2024. DBMG ended the year with $87.7 million in principal amount of debt, which is a decrease of $57 million from the end of 2024, primarily driven by its refinancing and a decrease in the credit line.

截至 2025 年 12 月 31 日，申報在手訂單（reported backlog）為 17 億美元；調整後在手訂單（adjusted backlog，將已獲授但尚未簽署之合約納入考量）為 18 億美元；相較之下，2024 年底申報在手訂單為 10 億美元、調整後在手訂單為 11 億美元。DBMG 年底的債務本金餘額為 8,770 萬美元，較 2024 年底減少 5,700 萬美元，主要由其再融資及信用額度下降所致。

At Life Sciences, revenue decreased 24.4% to $3.1 million from $4.1 million in the prior year quarter. The decrease in revenue was attributable to R2, primarily driven by a decrease in Glacial fx and Glacial Rx unit sales in North America. Life Sciences adjusted EBITDA losses decreased for the quarter which was primarily driven by a reduction in compensation-related expenses of Pansend.

在生命科學（Life Sciences）部門，營收較去年同期季度的 410 萬美元下降 24.4% 至 310 萬美元。營收下滑歸因於 R2，主要由北美地區 Glacial fx 與 Glacial Rx 的單位銷售量下降所致。本季生命科學部門調整後 EBITDA 虧損收斂，主要由 Pansend 薪酬相關費用降低所帶動。

At Spectrum, year-over-year revenue for the fourth-quarter decreased $1.1 million to $5.7 million and adjusted EBITDA decreased $1.3 million to $1 million. The decreases were primarily driven by the termination of certain customers. Non-operating corporate adjusted EBITDA losses were $2.2 million for the fourth-quarter of 2025, consistent with the fourth-quarter of 2024.

在頻譜（Spectrum）部門，第四季營收年減 110 萬美元至 570 萬美元，調整後 EBITDA 年減 130 萬美元至 100 萬美元。下降主要由終止與部分客戶的合作所致。2025 年第四季非營運公司層級調整後 EBITDA 虧損為 220 萬美元，與 2024 年第四季一致。

At the end of 2025, the company had $112.1 million of cash and cash equivalents, excluding restricted cash compared to $48.8 million as of December 31, 2024. On a stand-alone basis, as of December 31, 2025, our non-operating corporate segment had cash and cash equivalents of $4.2 million compared to cash and cash equivalents of $13.8 million at the end of 2024.

截至 2025 年底，公司持有現金及約當現金（不含受限制現金）為 1.121 億美元，較 2024 年 12 月 31 日的 4,880 萬美元增加。以單體基礎計，截至 2025 年 12 月 31 日，我們的非營運公司部門持有現金及約當現金為 420 萬美元，較 2024 年底的 1,380 萬美元減少。

As of December 31, 2025, INNOVATE had principal outstanding indebtedness of $687.2 million, up $18.9 million from $668.3 million at the end of 2024, driven by the indebtedness refinancing transactions that are non-operating and Life Sciences segments, which was partially offset by a decrease in Infrastructure's outstanding debt.

截至 2025 年 12 月 31 日，INNOVATE 的未償還債務本金為 6.872 億美元，較 2024 年底的 6.683 億美元增加 1,890 萬美元；此增幅係由非營運部門與生命科學部門之債務再融資交易所帶動，部分被基礎建設部門未償還債務下降所抵銷。

With that, operator, we'd now like to open up the call for questions.

接下來，接線員，我們想開放電話會議進入提問環節。

(Operator Instructions)

(接線員指示)

There are no questions at this time. This now concludes our question-and-answer session. I would like to turn the floor back over to Paul for closing comments.

目前沒有提問。問答環節到此結束。我想把時間交回給 Paul 作結語。

Thank you. I just want to thank everybody for their time and support, and we look forward to having some positive news in the very near future. Thank you.

謝謝。我只想感謝各位撥冗參與與支持，我們也期待在不久的將來能帶來一些正面的消息。謝謝。

Ladies and gentlemen, thank you for your participation. This concludes today's conference. Please disconnect your lines and have a wonderful day.

各位女士先生，感謝您的參與。今天的電話會議到此結束。請掛斷電話，祝您有美好的一天。