Visteon Corp (VC) 2025 Q4 法說會逐字稿

Good morning. I'm Kris Doyle, Vice President of Investor Relations and FP&A. Welcome to our earnings call for the fourth quarter of 2025.

早安.我是 Kris Doyle，投資者關係與財務規劃與分析副總裁。歡迎參加我們2025年第四季財報電話會議。

Before we begin this morning's call, I'd like to remind you that today's presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and are subject to various risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed. Please refer to the page titled Forward-Looking Information in our earnings material for more detail.

在今天早上的電話會議開始之前，我想提醒各位，今天的簡報包含1995年《私人證券訴訟改革法案》所界定的前瞻性陳述。這些聲明並非對未來績效的保證，並且受到各種風險、不確定性和假設的影響，這些因素可能導致實際結果與所表達的結果有重大差異。更多詳情請參閱我們獲利報告中題為「前瞻性資訊」的頁面。

Presentation materials for today's call were posted this morning on the Investors section of Visteon's website. You can download them at investors.visteon.com if you haven't already done so.

今天電話會議的簡報資料已於今日早上發佈在偉世通公司網站的投資者關係版塊。如果您還沒有下載，可以從 investors.visteon.com 下載。

Joining us today are Sachin Lawande, President and Chief Executive Officer; and Jerome Rouquet, Senior Vice President and Chief Financial Officer. We scheduled the call for one hour, and we'll open the lines for questions after Sachin's and Jerome's prepared remarks. Please limit your participation to one question and one follow-up.

今天與我們一同出席的有總裁兼執行長 Sachin Lawande；以及資深副總裁兼財務長 Jerome Rouquet。我們安排了一次一小時的電話會議，在薩欽和傑羅姆演講結束後，我們將開放提問環節。請每位參與者只提一個問題，並可提出一個後續問題。

Thank you again for joining us. Now I'll turn the call over to Sachin.

再次感謝您的參與。現在我把電話交給薩欽。

Thank you, Kris, and good morning, everyone. Overall, we delivered a strong performance in 2025 despite several industry challenges. Net sales for the year were $3.768 billion, coming in largely as we expected at the beginning of the year. From a product perspective, displays were a stand out with sales growing approximately 20% year-over-year, reflecting strong customer demand for larger and advanced displays as well as our execution capabilities.

謝謝你，克里斯，大家早安。儘管面臨許多行業挑戰，但我們在 2025 年總體上取得了強勁的業績。全年淨銷售額為 37.68 億美元，基本上符合我們年初的預期。從產品角度來看，顯示器表現突出，銷售額年增約 20%，反映出客戶對更大、更先進的顯示器的強勁需求，以及我們強大的執行能力。

Growth over market was muted in 2025 because of two well-understood factors we've discussed throughout the year. First, battery management systems continued to be a headwind as EV demand in the US was softer than originally anticipated. And second, in China, our results were impacted by ongoing shift in market dynamics, including the continued loss of share by global OEMs. These two factors negatively impacted GOM by about 7 percentage points.

由於我們全年討論過的兩個眾所周知的因素，2025 年市場成長較為溫和。首先，由於美國電動車需求低於預期，電池管理系統仍是一個不利因素。其次，在中國，我們的業績受到了市場動態持續變化的影響，包括全球OEM廠商市場份額的持續下降。這兩個因素對墨西哥灣的收益率產生了約 7 個百分點的負面影響。

From a profitability standpoint, 2025 was a record year. Adjusted EBITDA reached $492 million or 13.1% of sales, representing the highest level in the company's history. We also generated very strong adjusted free cash flow, reflecting disciplined execution and continued focus on cost and capital efficiency.

從獲利能力來看，2025 年是創紀錄的一年。調整後 EBITDA 達到 4.92 億美元，佔銷售額的 13.1%，創公司歷史新高。我們也產生了非常強勁的調整後自由現金流，這反映了我們嚴謹的執行力和對成本及資本效率的持續關注。

New business activity was another highlight of the year. We delivered a record $7.4 billion of new business wins, surpassing our prior peak. Finally, a strong balance sheet and cash generation continue to provide significant flexibility. During the year, we deployed more than $120 million towards M&A and shareholder returns while maintaining a strong net cash position.

新業務拓展是今年的另一個亮點。我們取得了創紀錄的 74 億美元新業務訂單，超過了我們之前的峰值。最後，強勁的資產負債表和現金流持續提供相當大的靈活性。年內，我們投入超過 1.2 億美元用於併購和股東回報，同時保持了強勁的淨現金狀況。

Turning to Page 3. Before I go deeper into our 2025 results, I want to take a step back and briefly update you on the strategic work underway to build Visteon's nTeraext phase of growth. While the majority of the benefits will come later, some of these initiatives are expected to show results in 2026.

翻到第3頁。在深入探討我們 2025 年的業績之前，我想先回顧一下，簡要地向大家介紹一下為構建偉世通 nTeraext 增長階段而正在進行的戰略工作。雖然大部分益處將在以後顯現，但其中一些措施預計將在 2026 年取得成效。

We are diversifying our customer base by expanding our presence with specification automakers that have historically been underrepresented at Visteon. In 2025, we secured another $500 million in new business with Toyota, building on the momentum from prior year, and launched new products with Toyota, Mahindra, Tata and Maruti Suzuki. We expect revenue from these OEMs to begin growing in 2026 and to ramp steadily over the next several years, making them an important driver of our future growth.

我們正在透過擴大與以往在偉世通公司代表性不足的汽車製造商的合作，來實現客戶群的多元化。2025 年，我們與豐田汽車達成了 5 億美元的新業務協議，延續了去年的發展勢頭，並與豐田、馬恆達、塔塔和馬魯蒂鈴木共同推出了新產品。我們預計這些 OEM 廠商的營收將在 2026 年開始成長，並在未來幾年穩步成長，成為我們未來成長的重要驅動力。

At the same time, software-defined vehicles are now extending into other parts of the broader mobility ecosystem, particularly commercial vehicles and two-wheelers. While we have served these adjacent markets in the past, the changes driven by these trends are making them significantly more attractive growth opportunities, while also helping us diversify our exposure.

同時，軟體定義車輛正在擴展到更廣泛的出行生態系統的其他部分，特別是商用車輛和兩輪車。雖然我們過去也曾服務過這些鄰近市場，但這些趨勢帶來的變化使它們成為更具吸引力的成長機會，同時也幫助我們分散了風險敞口。

In 2025, nearly 15% of our new business wins came from two-wheeler and commercial vehicle manufacturers compared to about 4% of our sales today. A particularly important milestone was winning the largest digital cluster program in the two-wheeler industry, approximately $400 million in lifetime revenue with Honda. Launches for this program are scheduled to begin in 2027.

到 2025 年，我們近 15% 的新業務將來自兩輪車和商用車製造商，而目前這部分業務僅占我們銷售額的 4% 左右。一個特別重要的里程碑是贏得了兩輪車行業最大的數位集群項目，該項目與本田合作，將帶來約 4 億美元的終身收入。該計劃預計將於 2027 年開始啟動。

Our manufacturing footprint and cost structure have long been a competitive advantage for Visteon. To further strengthen this advantage, we have increased vertical integration in manufacturing to simplify the supply chain and capture incremental value. In 2025, we accelerated the in-sourcing of the molding of metal brackets used for large displays using an advanced lightweight fixture molding process. We are the only Tier 1 supplier that has this capability in-house in the industry.

我們的生產佈局和成本結構一直是偉世通的競爭優勢。為了進一步鞏固這一優勢，我們提高了製造環節的垂直整合程度，以簡化供應鏈並獲得增量價值。2025年，我們加快了大型顯示器金屬支架成型製程的內部化進程，採用了先進的輕型夾具成型製程。我們是業界唯一擁有這種內部能力的一級供應商。

We have also increased our optical bonding capacity in various plants. Finally, we began manufacturing automotive cameras to complement our in-house surround vision software, enabling a complete end-to-end solution.

我們也提高了各工廠的光學鍵結能力。最後，我們開始生產汽車攝像頭，以配合我們自主研發的環景視覺軟體，從而實現完整的端到端解決方案。

More broadly, investing in the business remains our top capital allocation priority. In 2025, we deployed approximately $180 million across CapEx and M&A to support new program launches, technology development and vertical integration initiatives.

更廣泛地說，對業務的投資仍然是我們資本配置的首要任務。2025 年，我們在資本支出和併購方面投入了約 1.8 億美元，以支持新項目的啟動、技術開發和垂直整合計畫。

Advancing our technology portfolio and aligning it closely with market trends is a key element of our strategic priorities. Today, I would like to highlight two emerging product trends, in particular: advanced displays based on OLED technology and AI in the cockpit.

推進我們的技術組合併使其與市場趨勢緊密結合，是我們策略重點的關鍵要素。今天，我想重點介紹兩個新興的產品趨勢：基於 OLED 技術的先進顯示器和駕駛艙人工智慧。

In 2025, nearly 50% of our new business wins were for displays, surpassing 2024 record levels, and positioning this product for sustainable revenue growth. Importantly, we secured significant OLED display wins with luxury OEMs and establishing Visteon's leadership in this segment of the auto market. While TFT displays will represent the bulk of the automotive market for displays, OLED displays will have greater share in the luxury vehicles.

2025 年，我們近 50% 的新業務都來自顯示器，超過了 2024 年的記錄水平，並為該產品的可持續收入增長奠定了基礎。重要的是，我們與豪華汽車製造商簽訂了重要的 OLED 顯示器訂單，確立了偉世通在該汽車市場細分領域的領導地位。雖然TFT顯示器將佔據汽車顯示器市場的大部分份額，但OLED顯示器將在豪華車市場佔據更大的份額。

AI technology is advancing at an extraordinary pace. Newer AI models deliver significantly higher intelligence with far fewer parameters, enabling AI to move from the cloud to device-based architectures, an essential shift for automotive applications. We are addressing this opportunity through two complementary offerings.

人工智慧技術正以驚人的速度發展。新型人工智慧模型以更少的參數提供更高的智能，使人工智慧能夠從雲端轉移到基於設備的架構，這對汽車應用來說是一個至關重要的轉變。我們正透過兩項互補的產品和服務來把握這項機會。

First is our high-performance compute hardware, which provides the processing headroom and architectural flexibility required to run AI workloads in the vehicle. Early in 2025, we secured a win with Chery in China, and more recently, follow-on business with Geely, as they expand this architecture into the Lynk & Co brand, building on our Zeekr win in 2024. These are the most advanced cockpit systems in the industry and are scheduled to launch in the second half of 2026, reflecting both the pace of innovation and our ability to execute alongside our customers.

首先是我們的高效能運算硬件，它提供了在車輛中運行 AI 工作負載所需的處理能力和架構靈活性。2025 年初，我們與中國奇瑞汽車達成合作，最近又與吉利汽車達成後續合作，他們將這種架構擴展到領克品牌，這是繼 2024 年贏得 Zeekr 之後的另一個成果。這些是業界最先進的駕駛艙系統，計劃於 2026 年下半年推出，這不僅體現了我們的創新步伐，也體現了我們與客戶共同執行的能力。

Second is cognitoAI, our in-house AI-based smart assistant for the cockpit. Over the past year, we expanded cognitoAI to support multimodal AI, combining large language models with vision models, allowing the system to interpret visual information such as road signs and symbols, alongside voice interaction to deliver more contextual and intelligent driver experiences.

其次是 cognitoAI，這是我們自主研發的基於人工智慧的駕駛艙智慧助理。過去一年，我們擴展了 cognitoAI 以支援多模態 AI，將大型語言模型與視覺模型相結合，使系統能夠解釋道路標誌和符號等視覺信息，並結合語音交互，從而提供更具情境性和智能性的駕駛體驗。

Following CES, we have seen growing customer interest and deeper technical collaboration. Together, our high-performance compute systems in cognitoAI positions Visteon at the forefront of bringing AI into the automotive cockpit.

CES展會之後，我們看到了客戶興趣的日益增長和技術合作的深入。我們的高效能運算系統在認知人工智慧領域與偉世通公司攜手合作，使偉世通在將人工智慧引入汽車駕駛艙方面處於領先地位。

Turning to Page 4. This slide provides more color on our regional sales performance for the year. In the Americas, our sales were impacted by lower customer vehicle production and by the steep drop in production of EVs at GM and Stellantis. BMS sales took a further step down in Q4 after the expiration of the EV tax credit, and resulted in a full year headwind of about 8% to our 2025 Americas sales.

翻到第4頁。這張投影片更詳細地展示了我們本年度的區域銷售業績。在美洲，由於客戶車輛產量下降以及通用汽車和Stellantis電動車產量大幅下降，我們的銷售額受到了影響。在電動車稅收抵免到期後，BMS 的銷售額在第四季度進一步下降，導致我們 2025 年在美洲的全年銷售額下降約 8%。

Offsetting these headwinds were a strong growth in digital clusters, displays and infotainment programs at Ford, VW, Toyota and Nissan, on vehicles such as the Bronco, Terra, Camry and the Murano. With a strong performance in cockpit electronics, we were able to deliver a 5% growth of our market in this region despite the significant reduction in BMS sales.

福特、大眾、豐田和日產等汽車製造商在 Bronco、Terra、Camry 和 Murano 等車型上實現了數位儀錶板、顯示器和資訊娛樂程式的強勁增長，抵消了這些不利因素。憑藉在駕駛艙電子產品方面的強勁表現，儘管 BMS 銷售額大幅下降，我們在該地區的市佔率仍實現了 5% 的成長。

Europe was a standout market for us despite lower customer vehicle production and the cybersecurity-related disruption at JLR, one of our larger customers in the region. Our strong performance was driven by the ramp-up of newly launched products, mostly large displays and digital clusters, with Audi, Ford and Renault, delivering an outstanding 11% growth over market in this region. We also benefited from our recently acquired engineering services businesses, which is an important strategic capability we are building starting in Europe.

儘管歐洲客戶車輛產量下降，而且我們在該地區的較大客戶之一捷豹路虎 (JLR) 也受到了網路安全相關事件的影響，但歐洲市場對我們來說仍然是一個突出的市場。我們強勁的業績得益於新推出的產品（主要是大型顯示器和數位儀錶板）的量產，其中奧迪、福特和雷諾在該地區實現了比市場高出 11% 的出色增長。我們也受惠於近期收購的工程服務業務，這是我們正在歐洲開始建立的重要策略能力。

In rest of Asia, our sales were essentially flat as our growth in India and Southeast Asia were offset by declines with some customers in Japan. Our market outperformance in the region was driven by two-wheeler programs with Honda, Royal Enfield and TVS. We also benefited from a recently launched digital cluster program with Mitsubishi that's going on multiple car lines.

在亞洲其他地區，我們的銷售額基本上持平，因為我們在印度和東南亞的成長被日本部分客戶的下滑所抵消。我們在該地區的市場表現優異，這主要得益於與本田、皇家恩菲爾德和TVS合作的兩輪車項目。我們還受益於最近與三菱汽車合作推出的數位化集群計劃，該計劃正在多個車型系列中實施。

Finally, as expected, sales in China declined year-over-year, resulting in a significant headwind to our overall growth over market performance. The underperformance in China was largely driven by continued market share losses among global OEMs, and to a lesser extent, by vehicle mix and our product transition at Geely. Encouragingly, we delivered sequential sales growth in the fourth quarter, supported by new product launches, including a new cockpit domain controller with Geely.

最後，正如預期的那樣，中國市場的銷售額年減，對我們的整體市場成長造成了重大不利影響。中國市場表現不佳主要是由於全球汽車製造商市場份額持續下滑，其次是吉利汽車的車型組合和產品轉型。令人鼓舞的是，在新產品發布（包括與吉利合作推出的新型駕駛艙域控制器）的支援下，我們在第四季度實現了環比銷售成長。

Overall, we delivered 2% growth over market globally despite EV headwinds in the US and the ongoing challenges in China. This performance reflects the strength and diversification of our product and customer portfolio which has enhanced our ability to navigate market volatility. The strategic initiatives outlined earlier are expected to further strengthen the resilience of the business.

儘管美國電動車市場面臨逆風，中國市場也持續面臨挑戰，但我們在全球範圍內仍實現了比市場平均高出 2% 的成長。這項業績反映了我們產品和客戶組合的實力和多元化，增強了我們應對市場波動的能力。前面概述的策略措施可望進一步增強企業的韌性。

Turning to Page 5. Our 2025 operational performance reflected strong execution and global reach, with new products launched on 86 vehicle models across 19 vehicle manufacturers. These launches were well distributed geographically, underscoring balanced growth across all major regions. From a product perspective, approximately one third of the launches were for large displays and SmartCore programs, aligned with the industry's accelerating shift towards software-defined vehicles. The launch mix also showed increasing momentum in hybrid vehicles, which performed particularly well in 2025, as well as in commercial vehicles and two-wheelers.

翻到第5頁。我們 2025 年的營運表現反映了強大的執行力和全球影響力，在 19 家汽車製造商的 86 年車型上推出了新產品。這些產品發佈在地理分佈上十分均衡，凸顯了所有主要地區均衡成長的態勢。從產品角度來看，大約三分之一的發布產品是針對大型顯示器和 SmartCore 程序，這與產業加速向軟體定義汽車轉型的趨勢一致。上市組合也顯示出混合動力車（在 2025 年表現尤為出色）、商用車和兩輪車的成長勢頭日益強勁。

Several key fourth quarter launches are highlighted on this page. In China, we launched a new digital cluster on the refreshed Toyota Corolla and Corolla Cross models. The Corolla has been a long-standing success for Toyota in the Chinese market, and the updated versions offered with both ICE and hybrid powertrains introduce enhanced smart features designed to reinforce Toyota's position in this highly competitive segment.

本頁重點介紹了第四季幾款重要的產品發布。在中國，我們在新款豐田卡羅拉和卡羅拉Cross車型上推出了全新的數位儀錶板。卡羅拉在中國市場一直是豐田的成功車型，而此次推出的升級版車型，無論是燃油版還是混合動力版，都引入了增強的智能功能，旨在鞏固豐田在這個競爭激烈的細分市場中的地位。

We also launched a center information display on the Mazda CX-5 SUV, a key element of Mazda's return to growth plan for 2026. This launch supports both ICE and hybrid variants of the vehicle in the China market. In addition, we introduced a SmartCore system with Zeekr, further strengthening our position with Chinese OEMs adopting more advanced corporate architectures.

我們還推出了馬自達 CX-5 SUV 的中央資訊顯示屏，這是馬自達 2026 年重返增長計劃的關鍵要素。此次發布將同時支援中國市場上該車型的燃油版和混合動力版。此外，我們與 Zeekr 合作推出了 SmartCore 系統，進一步鞏固了我們在採用更先進企業架構的中國 OEM 廠商中的地位。

In India, we introduced a fully integrated SmartCore-based corporate system on Mahindra's XUV 700, featuring [3 12]-inch displays. The centralized compute system offers state-of-the-art SDV capabilities, including surround view, telematics, streaming media, OTA and ADAS visualization, besides advanced infotainment capabilities. Other fourth quarter launches included instrument clusters with Ford in North America and Tata in India.

在印度，我們在 Mahindra 的 XUV 700 上推出了基於 SmartCore 的完全整合企業系統，該系統配備了 [3 12] 吋顯示器。集中式運算系統提供最先進的 SDV 功能，包括環景、遠端資訊處理、串流媒體、OTA 和 ADAS 視覺化，以及先進的資訊娛樂功能。第四季其他發布產品包括與福特在北美和塔塔在印度合作推出的儀表板。

In summary, we delivered strong operational performance in 2025, launching a high number of new products aligned with key industry growth drivers, including the shift to software-defined vehicles, increasing adoption of large displays and rising demand for hybrid vehicles that sets us up for continued growth.

總而言之，我們在 2025 年取得了強勁的營運業績，推出了大量與關鍵行業成長驅動因素相符的新產品，包括向軟體定義汽車的轉變、大尺寸顯示器的日益普及以及對混合動力汽車日益增長的需求，這為我們持續增長奠定了基礎。

Turning to Page 6. We delivered a record $7.4 billion of new business wins in 2025, 20% higher than 2024. This performance is particularly impressive, given the slower OEM quote activity during the year, especially in Europe and the US, as automakers adjusted to shifting market dynamics around electrification and increased competition from Chinese OEMs.

翻到第6頁。2025 年，我們實現了創紀錄的 74 億美元新業務拓展，比 2024 年成長了 20%。考慮到今年汽車製造商報價活動放緩，尤其是在歐洲和美國，因為汽車製造商正在調整以適應圍繞電氣化的不斷變化的市場動態以及來自中國汽車製造商日益激烈的競爭，這一業績尤其令人印象深刻。

Displays and SmartCore performed exceptionally well, reflecting the continued acceleration of the software-defined vehicle trend across the industry. Together, they accounted for approximately three fourth of our total wins.

顯示器和 SmartCore 的表現非常出色，反映了整個行業軟體定義汽車趨勢的持續加速發展。他們加起來約占我們總勝場數的四分之三。

We also continued to build momentum in high-performance compute system for the cockpit, securing a second customer, Chery in China. We also secured significant wins in large format digital clusters to support the growth of ADAS and the increasing need to present safety critical information directly in the driver's line of sight.

我們在駕駛艙高效能運算系統領域也持續保持發展勢頭，贏得了第二個客戶——中國的奇瑞汽車。我們還在大型數位集群領域取得了重大突破，以支持 ADAS 的發展，並滿足將安全關鍵資訊直接呈現在駕駛員視線範圍內的日益增長的需求。

Turning now to the fourth quarter. We secured approximately $1.7 billion of new business wins and finishing the year on a strong note. A key highlight was the center information display program for a large full-size ICE pickup in North America, serving both commercial and retail customers. This is a flagship high-volume platform and underscores how OEMs continue to prioritize the cockpit as a critical area of differentiation even in pickups and trucks.

現在進入第四節。我們獲得了約 17 億美元的新業務，為這一年畫上了圓滿的句號。其中一個亮點是為北美大型全尺寸燃油皮卡設計的中央資訊顯示程序，該程序服務於商業和零售客戶。這是一個旗艦級的大批量生產平台，凸顯了汽車製造商如何繼續將駕駛艙作為差異化的關鍵領域，即使在皮卡和卡車領域也是如此。

We also won an integrated display and infotainment system on a high-volume global SUV and truck platform for a Japanese OEM, where we displaced an incumbent supplier. This win highlights our ability to deliver integrated cockpit systems at scale and compete effectively on both technology and cost.

我們也為一家日本汽車製造商贏得了一個面向全球大批量SUV和卡車平台的整合顯示和資訊娛樂系統項目，取代了原有的供應商。此次中標凸顯了我們大規模交付整合式駕駛艙系統的能力，以及我們在技術和成本方面有效競爭的能力。

In China, we secured a driver display program for an entry-level sedan with Toyota, and expanded our high-performance compute system on the Lynk & Co vehicle at Geely. Overall, the breadth of our cockpit product portfolio continues to create meaningful growth opportunities for the company. The product and regional diversity of our new business wins positions us well to navigate industry challenges and drive continued growth.

在中國，我們與豐田合作，為一款入門級轎車開發了駕駛員顯示程序，並在吉利汽車的領克車型上擴展了我們的高性能運算系統。整體而言，我們豐富的駕駛艙產品組合持續為公司創造有意義的成長機會。我們新贏得的業務在產品和地理上的多樣性使我們能夠更好地應對行業挑戰並推動持續成長。

Turning to Page 7. Let me close with a look at how we are thinking about 2026 and how it sets the path for our next stage of growth. For 2026, we expect sales to be in the range of $3.625 billion to $3.825 billion. Starting on the left-hand side of the slide, there are two specific headwinds we anticipate to impact 2026, both of which we expect will be largely behind us as we move into 2027.

翻到第7頁。最後，我想談談我們對 2026 年的展望，以及它將如何為我們下一階段的成長奠定基礎。我們預計 2026 年的銷售額將在 36.25 億美元至 38.25 億美元之間。從投影片的左側開始，我們預計 2026 年將面臨兩個具體的不利因素，但我們預計隨著我們進入 2027 年，這兩個不利因素都將基本消失。

First, US. EV production is expected to be lower following the reset in demand. As a result, we are assuming that BMS volume in the Americas will decline by nearly 50% year-over-year.

首先是美國。需求調整後，電動車產量預計將會下降。因此，我們預計美洲地區的 BMS 銷量將年減近 50%。

Second, Ford discontinued several vehicle models in 2025, where we had content, and there are no successor programs for those vehicles. In addition, we expect net pricing, foreign exchange and other commercial items to represent roughly a 2% headwind, which is broadly in line with normal pricing dynamics. Jerome will walk through these items in more detail.

其次，福特在 2025 年停產了幾款車型，而我們之前對這些車型有所了解，但這些車型並沒有後續車型計劃。此外，我們預計淨定價、外匯和其他商業項目將帶來約 2% 的不利影響，這與正常的定價動態基本一致。傑羅姆將更詳細地講解這些項目。

Offsetting these pressures, the right-hand side of the slide highlights the building blocks of our next stage of growth, which begin to take shape in 2026. In China, we expect sales to grow modestly despite lower customer vehicle production.

為了抵​​消這些壓力，投影片的右側重點介紹了我們下一階段成長的基石，這些基石將於 2026 年開始成形。在中國，儘管客戶車輛產量下降，我們預期銷售額仍將小幅成長。

We have two high-performance compute SmartCore programs launching with domestic Chinese OEMs, along with cockpit domain controller and display programs with German OEMs launching in the second half of the year. While we have been conservative in our estimates, there is potential upside if the upper segment of the vehicle market performs well as indicated by January market trends.

我們有兩個高效能運算 SmartCore 專案將與中國國內 OEM 廠商合作推出，同時，我們將在今年下半年與德國 OEM 廠商合作推出駕駛艙域控制器和顯示器專案。雖然我們的估計一直比較保守，但如果高端汽車市場像1月的市場趨勢所顯示的那樣表現良好，那麼就存在上漲空間。

Our strategic initiatives also begin to contribute in 2026. We have multiple program launches during the year, including several with Toyota, continued growth in India and further expansion in two-wheeler and commercial vehicles. These launches reflect the strategic work we discussed earlier, and help set the foundation for sustainable growth.

我們的策略性舉措也將在 2026 年開始發揮作用。今年我們將推出多個項目，包括與豐田合作的幾個項目，在印度持續成長，並在兩輪車和商用車領域進一步擴張。這些產品發布體現了我們先前討論的策略工作，並有助於為永續成長奠定基礎。

The final bar on the slide represents the net impact of program activity across the remainder of our customer portfolio. This includes new program launches and production ramps across a broader customer base such as the panoramic display and cluster with Audi, digital clusters on multiple Renault vehicles and new displays with Nissan and Mercedes that more than offset normal program roll-offs. It should be noted that it excludes the specific headwinds and the strategic growth drivers we have already discussed.

投影片上的最後一個長條圖代表了專案活動對我們其餘客戶組合的淨影響。這包括面向更廣泛客戶群推出的新項目和生產爬坡，例如與奧迪合作的全景顯示器和儀錶板，在多款雷諾車型上採用的數位儀表板，以及與日產和梅賽德斯合作推出的新顯示屏，這些都足以彌補正常的項目下線。需要注意的是，它不包括我們已經討論過的具體不利因素和策略成長驅動因素。

Separately, the supply of memory chips is tight throughout the industry, and we are working closely with suppliers to mitigate the gaps and develop alternative drop-in replacements. While the situation is still evolving, we expect that we will be able to cover customer demand applying similar playbook as with prior semiconductor shortages.

此外，整個行業的內存晶片供應緊張，我們正在與供應商密切合作，以彌補缺口並開發替代產品。雖然情況仍在變化，但我們預計，我們將能夠透過採用與先前半導體短缺情況類似的策略來滿足客戶需求。

Overall, 2026 represents an important year. While sales are impacted by temporary headwinds, the second half of the year begins to reflect the progress we have made in executing our growth strategy. That positions us for a return to top line growth as we move into 2027 and 2028.

整體而言，2026 年是一個重要的年份。儘管銷售額受到暫時不利因素的影響，但下半年開始反映出我們在執行成長策略方面的進展。這將使我們在 2027 年和 2028 年恢復營收成長。

With that, I'll turn the call over to Jerome.

這樣，我就把電話交給傑羅姆了。

Thank you, Sachin. Before getting into the details of the quarter and our outlook, I want to briefly step back and look at our financial performance over the past few years as it provides important context for how we have managed the business through a dynamic environment.

謝謝你，薩欽。在詳細介紹本季業績和展望之前，我想簡要回顧一下我們過去幾年的財務表現，因為這為我們如何在動態環境中管理業務提供了重要的背景。

Over this period, we have grown sales by more than $800 million or 28% despite our customer production declining by 13%. We have more than doubled adjusted EBITDA and expanded margins by over 500 basis points. Importantly, this margin progression has been steady and consistent, reflecting disciplined execution across pricing, cost structure and operational performance.

在此期間，儘管客戶產量下降了 13%，但我們的銷售額仍增加了 8 億美元以上，增幅達 28%。我們調整後的 EBITDA 翻了一番多，利潤率提高了 500 多個基點。重要的是，此利潤率的成長一直穩步持續，反映了在定價、成本結構和營運績效方面的嚴格執行。

We have also generated strong cash flows. Adjusted free cash flow totaled $1 billion over this period, with an average conversion rate of approximately 42%, driven by EBITDA growth and a sustained focus on working capital discipline and capital efficiency.

我們也創造了強勁的現金流。在此期間，經調整的自由現金流總計達 10 億美元，平均轉換率約為 42%，這主要得益於 EBITDA 的成長以及對營運資本紀律和資本效率的持續關注。

While not shown on this slide, our return on invested capital remains in the high teens, well above our cost of capital and above our peer group, reflecting the quality of returns we are generating from our investments in the business. Taken together, these results demonstrate our ability to expand margins and generate cash even as volumes, mix and regional dynamics have shifted.

雖然這張投影片上沒有顯示，但我們的投資資本回報率仍保持在十幾個百分點，遠高於我們的資本成本，也高於我們的同行，這反映了我們從業務投資中獲得的收益品質。綜合來看，這些結果表明，即使銷售、產品組合和區域動態發生變化，我們仍然有能力擴大利潤率並創造現金流。

Turning to Page 10. Sales for the fourth quarter were $948 million, coming in above our expectations, primarily driven by customer recoveries related to program shortfalls. In the quarter, sales benefited by $30 million related to a customer claim on an EV program in the US, of which a portion was used to settle supplier obligations.

翻到第10頁。第四季銷售額為 9.48 億美元，超出預期，主要得益於與專案缺口相關的客戶退款。本季度，銷售額受益於美國電動車專案客戶提出的 3,000 萬美元索賠，其中一部分用於償還供應商債務。

From a product perspective, displays continued to be the main growth driver year-over-year, while battery management systems were down following the expiration of the EV tax credit in the US.

從產品角度來看，顯示器仍然是同比增長的主要驅動力，而電池管理系統在美國電動車稅收抵免到期後下滑。

We also experienced several discrete headwinds in the quarter, including the Novelis fire impacting Ford and the cyberattack at JLR, both of which were known headwinds going into the quarter. There was no impact on volumes related to the potential Nexperia supply risk we referenced on the last call.

本季我們也遇到了一些獨立的不利因素，包括Novelis火災對福特的影響以及捷豹路虎遭受的網路攻擊，這兩件事都是本季開始前已知的不利因素。上次電話會議中提到的 Nexperia 潛在供應風險並未對銷售造成影響。

Adjusted EBITDA for the quarter was $110 million, representing a margin of 11.6%, and came in slightly above the midpoint of our guidance. Onetime items in the quarter represented a modest headwind as elevated warranty expense and some costs associated with resourcing away from Nexperia more than offset the EBITDA benefit from the customer claim I mentioned previously. When excluding these one time items, adjusted EBITDA margins were approximately 12.5% on a normalized basis, reflecting continued commercial discipline and underlying cost performance. Adjusted free cash flow was strong, coming in at $77 million, supported by robust EBITDA levels and continued discipline in working capital management and capital efficiency.

本季調整後 EBITDA 為 1.1 億美元，利潤率為 11.6%，略高於我們預期的中點。本季一次性專案帶來了一定的不利影響，因為較高的保固費用和從 Nexperia 轉移資源的一些相關成本超過了我之前提到的客戶索賠帶來的 EBITDA 收益。在剔除這些一次性項目後，經調整的 EBITDA 利潤率以正常水準計算約為 12.5%，反映了持續的商業紀律和基本的成本控制。經調整後的自由現金流強勁，達到 7,700 萬美元，這得益於強勁的 EBITDA 水準以及在營運資本管理和資本效率方面的持續自律。

During the quarter, we returned capital to shareholders through $50 million of share repurchases and $7 million through our quarterly dividend, which we initiated in the third quarter. Our net cash position was $472 million at the end of the quarter.

本季度，我們透過 5,000 萬美元的股票回購和 700 萬美元的季度股利（我們從第三季開始發放）向股東返還了資本。截至季末，我們的淨現金部位為 4.72 億美元。

Turning to Page 11. For the full year, sales were $3.768 billion, down $98 million or 3% year-over-year. Customer production was down 1% for the year, while currency was neutral. Pricing was a headwind of 4%. This includes our normal annual price reductions of 2%, which are consistent with historical levels as well as lower customer recoveries.

翻到第11頁。全年銷售額為 37.68 億美元，年減 9,800 萬美元，降幅為 3%。客戶全年產量下降了 1%，而匯率不變。價格方面面臨 4% 的不利因素。這包括我們每年 2% 的正常降價幅度（與歷史水準一致）以及較低的客戶退款率。

The reduction in recoveries reflects the unwind of prior year semiconductor inflation. As these costs have decreased, the associated recoveries have declined as well. Excluding the impact of FX and pricing, we delivered 2% growth over market. This reflects strength from new launches, including Ford, Audi and Renault launches, growth with Toyota and higher engineering services revenue, offsetting headwinds from lower BMS volumes, lower sales in China and normal program roll-offs.

回收率下降反映了前一年半導體產業通膨的消退。隨著這些成本的降低，相關的回收額也隨之下降。剔除匯率和定價的影響，我們實現了比市場高出 2% 的成長。這反映了新車型上市帶來的強勁勢頭，包括福特、奧迪和雷諾的上市，豐田的增長以及更高的工程服務收入，抵消了BMS銷量下降、中國市場銷量下降以及正常項目停產帶來的不利影響。

In 2025, we delivered another record year for both adjusted EBITDA dollars and margins. Pricing and lower customer recoveries were offset through disciplined cost execution. We delivered end-to-end product cost improvements, including supplier cost reductions and vertical integration initiatives and drove productivity gains across engineering and SG&A.

2025年，我們再次實現了調整後EBITDA金額和利潤率的雙雙創紀錄。透過嚴格的成本控制，抵消了價格上漲和客戶回收率下降的影響。我們實現了端到端的產品成本改進，包括降低供應商成本和實施垂直整合計劃，並推動了工程和銷售、管理及行政部門的生產力提升。

Throughout the year, we actively managed our cost structure in line with market conditions, enabling us to improve margins while continuing to invest in strategic growth initiatives. For the full year, the net impact from favorable one-timers, including elevated onetime commercial recoveries, was just under $30 million. Excluding these items, normalized adjusted EBITDA margins are in the mid-12% range for the full year.

全年，我們根據市場狀況積極管理成本結構，從而在繼續投資策略成長計畫的同時，提高了利潤率。全年來看，有利的一次性事件（包括較高的一次性商業回收）帶來的淨影響略低於 3000 萬美元。剔除這些項目後，全年經調整後的 EBITDA 利潤率約為 12%。

Before moving on to cash flow, I want to highlight our voluntary decision to change the methodology used to calculate our valuation allowance on US deferred tax assets. While there are two methodologies available that are acceptable under US GAAP, the methodology we will be using going forward enhances transparency and reduces complexity while also aligning with industry norms. We have reflected this accounting change in our US.

在討論現金流之前，我想重點介紹一下我們自願改變計算美國遞延所得稅資產估值準備的方法的決定。雖然美國通用會計準則 (US GAAP) 下有兩種可接受的方法，但我們今後將採用的方法可以提高透明度並降低複雜性，同時也符合行業規範。我們已在美國的業務中反映了這項會計準則的變化。

GAAP tax expense for the past three years in the 10-K. This change impacts the presentation of US GAAP taxes, but does not affect cash taxes or underlying economics of the business. Additional details are included in the 10-K.

過去三年 10-K 文件中的 GAAP 稅收費用。這項變更會影響美國通用會計準則（US GAAP）稅收的列報，但不會影響現金稅收或企業的基本經濟效益。更多詳情請參閱 10-K 表格。

Turning to Page 12. In 2025, we generated $292 million of adjusted free cash flow, reflecting continued strength in the underlying earnings profile of the business. Trade working capital was a source of cash for the year, driven by lower sales and inventory reductions.

翻到第12頁。2025年，我們產生了2.92億美元的調整後自由現金流，反映出公司基本獲利狀況的持續強勁。由於銷售額下降和庫存減少，貿易營運資金成為本年度的現金來源。

Cash taxes increased year-over-year due to increased profitability, the timing of tax payments and some level of discrete items. Interest was a net positive as income generated on our cash balances more than offset interest payments on debt.

由於盈利能力提高、稅款繳納時間以及一些特殊項目，現金稅收比去年同期增加。利息淨收益為正，因為我們現金餘額產生的收入超過了債務利息支出。

Other changes primarily reflect ongoing pension contributions and timing of cash flows. Capital expenditures were $133 million for the year or 3.5% of sales, illustrating the capital discipline of the company. This included continued investments in vertical integration as well as the purchase of land in India in the fourth quarter to support growth in this market.

其他變化主要反映了持續的退休金繳款和現金流的時間表。該年度資本支出為 1.33 億美元，佔銷售額的 3.5%，反映了公司的資本紀律。這包括繼續投資垂直整合，以及在第四季度在印度購買土地以支持該市場的成長。

Taken together, our conversion ratio from EBITDA to adjusted free cash flow was nearly 60%. In total, we deployed approximately $275 million of capital, which included both organic and inorganic investments, a return of approximately $72 million of cash to shareholders through share repurchases and the initiation of a quarterly dividend.

綜合來看，我們的 EBITDA 到調整後自由現金流的轉換率接近 60%。我們總共投入了約 2.75 億美元的資金，其中包括有機和無機投資，透過股票回購向股東返還了約 7,200 萬美元現金，並開始派發季度股息。

During the fourth quarter, we completed a $100 million pension derisking by transferring pension-related assets and liabilities to an insurance company. This transaction had a noncash impact to net income of negative $7 million. Also in the fourth quarter, S&P upgraded Visteon to Ba1, reflecting expanded margins, strong free cash flow generation, a conservative financial policy and sustainable demand for advanced cockpit technologies.

第四季度，我們將與退休金相關的資產和負債轉移到一家保險公司，完成了 1 億美元的退休金去風險化。這項交易對淨收入產生了700萬美元的非現金影響。第四季度，標普將偉世通的評級上調至 Ba1，反映出其利潤率擴大、自由現金流強勁、財務政策保守以及對先進駕駛艙技術的可持續需求。

Turning to Page 13. Turning to our 2026 outlook. Starting with sales, we expect revenue in the range of $3.625 billion to $3.825 billion. As Sachin discussed, we begin to see the benefits of our strategic growth initiatives in 2026, with more meaningful acceleration into 2027 and beyond, laying the foundation for sustainable annual top line growth beginning in 2027. At the same time, 2026 includes several discrete headwinds, including lower BMS sales and the discontinuation of certain programs at Ford, with both items largely behind us as we go into 2027.

翻到第13頁。接下來展望2026年。先來看銷售額，我們預期營收將在 36.25 億美元至 38.25 億美元之間。正如薩欽所討論的，我們將在 2026 年開始看到我們策略性成長計畫的好處，並在 2027 年及以後實現更有意義的加速成長，為從 2027 年開始的可持續年度營收成長奠定基礎。同時，2026 年也面臨一些不利因素，包括 BMS 銷售下降和福特某些項目的終止，但隨著我們進入 2027 年，這兩件事基本上都已成為過去。

Our outlook is primarily based on the January S&P forecast. Customer-weighted production is expected to be down in the low single digits. Against this backdrop, we expect Visteon's growth over market to be in the low single digits. This is below our long-term expectations due to the discrete headwinds in 2026, but positions us for stronger growth going forward as those headwinds roll off and our strategic initiatives accelerate.

我們的展望主要基於1月標普500指數的預測。預計客戶加權產量將下降個位數百分比。在此背景下，我們預期偉世通相對於市場的成長率將處於個位數低點。由於 2026 年存在一些不利因素，這低於我們的長期預期，但隨著這些不利因素的消除和我們戰略舉措的加速推進，這將使我們在未來實現更強勁的成長。

Before moving to EBITDA, let me provide some additional perspective on the commercial dynamics embedded in our outlook, recognizing that this remains a dynamic area. There are several items that reduced sales year-over-year, including normal annual pricing to customers, lower customer recoveries related to semiconductor and supply chain disruptions from prior years as well as the nonrecurrence of certain commercial recoveries recognized in 2025.

在討論 EBITDA 之前，我想就我們展望中蘊含的商業動態提供一些額外的視角，因為我們認識到這仍然是一個動態的領域。導致銷售年減的因素有很多，包括正常的年度客戶定價、與前幾年半導體和供應鏈中斷相關的客戶回收額降低，以及某些商業回收額在 2025 年不再發生。

Partially offsetting these declines, we expect recoveries related to more recent semiconductor dynamics, including memory related costs. We also anticipate a modest tailwind from currency. On a net basis, we expect these various items to represent approximately a 2% headwind to sales year-over-year.

我們預計，與近期半導體產業動態相關的復甦，包括記憶體相關成本的復甦，將部分抵銷這些下滑。我們也預期匯率波動會帶來一定的利多。總體而言，我們預計這些因素將對年比銷售額造成約 2% 的不利影響。

Adjusted EBITDA is expected to be between $455 million to $495 million. At the midpoint of guidance, margins are 12.8%. As we have highlighted previously, our 2025 results included a net benefit of just under $30 million above our normal run rate. Of that amount, we expect about only $10 million to repeat in 2026, resulting in a $20 million year-over-year headwind. Excluding this factor, we expect adjusted EBITDA dollars to be roughly flat year-over-year despite lower sales, reflecting the underlying strength of the business and our continued operational focus.

調整後 EBITDA 預計在 4.55 億美元至 4.95 億美元之間。依照預期中位數計算，利潤率為 12.8%。正如我們之前所強調的那樣，我們的 2025 年業績包括比正常營運水準高出近 3,000 萬美元的淨收益。其中，我們預計到 2026 年只有大約 1000 萬美元會再次出現，這將導致同比下降 2000 萬美元。排除這一因素，儘管銷售額下降，我們預計調整後的 EBITDA 美元將與去年同期基本持平，這反映了公司業務的強勁實力和我們持續的營運重點。

Compared to normalized margins of 12.5% in 2025, our guidance incorporates a 30 basis point improvement. Included in our guidance are ongoing benefits from cost discipline, emerging savings from vertical integration and product costing initiatives. These are offset by increased investments in the business to support product development, including in AI and vertical integration.

與 2025 年 12.5% 的正常利潤率相比，我們的預期包含了 30 個基點的改善。我們的指導意見包括成本控制帶來的持續收益、垂直整合帶來的新節省以及產品成本核算措施。這些損失將被企業為支援產品開發（包括人工智慧和垂直整合）而增加的投資所抵消。

This outlook also incorporates an increase in memory cost, with a year-over-year cost increase representing approximately 2% of sales. We're in active discussions with our customers to pass along these costs, and we have incorporated in our guidance a modest amount of potential timing mismatch between cost incurred and customer recoveries.

這項展望也包含了記憶體成本的增加，其年比成本成長約佔銷售額的 2%。我們正在與客戶積極討論如何將這些成本轉嫁給客戶，並且我們在指導意見中已考慮到成本發生與客戶收回之間可能存在的少量時間不匹配。

These discussions are ongoing. And given their sensitive nature, we will not be providing additional details at this time. Turning to cash flow. We expect adjusted free cash flow of approximately $170 million to $210 million, representing a conversion rate of approximately 40% at the midpoint. We currently anticipate working capital will be a slight use of cash as we increase inventory levels. Capital expenditures are expected to be approximately $150 million or about 4% of sales. This includes the build-out of a second manufacturing facility in India as well as support of upcoming program launches and continued investments in vertical integration.

這些討論仍在進行中。鑑於其敏感性，我們目前不會提供更多細節。接下來談談現金流。我們預計調整後的自由現金流約為 1.7 億美元至 2.1 億美元，中間值的轉換率約為 40%。我們目前預計，隨著庫存水準的提高，營運資金將略有增加。預計資本支出約 1.5 億美元，約佔銷售額的 4%。這包括在印度建造第二個製造工廠，以及支持即將推出的項目和持續投資垂直整合。

Overall, our '26 guidance reflects a business executing with discipline, maintaining margin expansion on a normalized basis, generating strong cash flow and continuing to invest in the growth initiatives that support the next phase of our top line growth. As usual, we're not providing formal quarterly guidance, but I did want to share some directional insight before moving on.

總體而言，我們的 2026 年業績指引反映了公司在執行方面嚴謹自律，在正常基礎上保持利潤率擴張，產生強勁的現金流，並繼續投資於支持下一階段營收成長的成長計畫。像往常一樣，我們不提供正式的季度業績指引，但在繼續討論之前，我想分享一些方向性見解。

We expect first quarter sales to be the lowest of the year, reflecting the industry production profile for 2026, continued depressed BMS volumes and launches that are weighted towards the back half of the year. From a profitability standpoint, Q1 EBITDA will be negatively impacted by lower volumes as well as higher memory costs, recognizing that not all customer recoveries agreements will be finalized by the end of the first quarter.

我們預計第一季的銷售額將是全年最低的，這反映了 2026 年的行業生產概況、持續低迷的電池管理系統銷量以及產品發布集中在下半年的情況。從獲利能力的角度來看，由於銷售下降以及記憶體成本上升，第一季 EBITDA 將受到負面影響，因為並非所有客戶追償協議都能在第一季末完成。

Turning to Page 14. In 2026, we expect to have more than $0.5 billion of cash available to deploy. This amount represents a combination of cash on hand and cash that we expect to generate during the year. We will continue to be guided by the same disciplined capital allocation framework, prioritizing investment in the business while returning excess capital to shareholders.

翻到第14頁。預計到 2026 年，我們將有超過 5 億美元的現金可供部署。該金額包括現有現金和預計年內產生的現金。我們將繼續遵循相同的嚴謹資本配置框架，優先投資於業務發展，同時將多餘的資本回饋給股東。

Starting with investments in the business, this remains our top priority. As discussed earlier, we expect to allocate approximately $150 million to capital expenditures in 2026, positioning the business for future growth and supporting vertical integration initiatives. In addition to CapEx, we continue to see meaningful opportunities for M&A. Our focus remains on expanding capabilities through engineering services, while also selectively evaluating opportunities to enhance our technology portfolio.

從對企業的投資開始，這仍然是我們的首要任務。如前所述，我們預計在 2026 年將分配約 1.5 億美元用於資本支出，為公司未來的成長奠定基礎，並支持垂直整合計畫。除了資本支出之外，我們也看到了併購的重要機會。我們將繼續專注於透過工程服務拓展能力，同時也選擇性地評估增強我們技術組合的機會。

While the ultimate level of investment will depend on how the transactions progress during the year, M&A deployment could be up to two times our annual CapEx investment levels. As always, we will remain disciplined and prioritize strategic fit and financial returns. Even after funding these growth investments, we expect to maintain significant capacity to return capital to shareholders.

雖然最終的投資規模將取決於交易在年內的進展情況，但併購部署規模可能高達我們年度資本支出投資水準的兩倍。我們將一如既往地保持嚴謹，優先考慮策略契合度和財務回報。即使在為這些成長投資提供資金後，我們預計仍將保持強大的能力向股東返還資本。

First, we are increasing our quarterly dividend to $0.375 per share, representing an increase of 36%. This reflects our confidence in the durability of our cash flow and equates to approximately $40 million on an annual basis. In addition, we intend to remain active in share repurchases. At a minimum, we will offset dilution with the intent to be more opportunistic, depending on market conditions and the pace of M&A activity.

首先，我們將季度股利提高至每股 0.375 美元，增幅達 36%。這體現了我們對現金流可持續性的信心，相當於每年約 4000 萬美元。此外，我們計劃繼續積極進行股票回購。至少，我們將透過更靈活地把握機會來抵消股權稀釋，具體取決於市場狀況和併購活動的步伐。

At the end of 2025, we had $75 million remaining under our existing authorization, and we expect to revisit this level as the year progresses. To round out the cash flow picture, we have a modest amortization requirement on our debt facility, representing $18 million of cash outflow in 2026. Taken together, our capital allocation plan for 2026 reflects a balanced and flexible approach, continuing to invest in growth, returning capital to shareholders and maintaining balance sheet strength as the business continues to transition and scale.

截至 2025 年底，我們在現有授權下還有 7,500 萬美元的剩餘資金，我們預計隨著時間的推移，我們會重新評估這一水準。為了完善現金流狀況，我們的債務融資有適度的攤提要求，這意味著 2026 年將有 1,800 萬美元的現金流出。綜合來看，我們 2026 年的資本配置計畫體現了一種平衡靈活的方式，在業務不斷轉型和擴大規模的過程中，我們將繼續投資於成長，向股東返還資本，並維持資產負債表的穩健性。

Turning to Page 15. Before we conclude, I want to highlight our upcoming Investor Day, which will be held on June 25 in New York City. We look forward to sharing more detail on our long-term outlook, including how the strategic initiatives we discussed today translate into growth and value creation over the coming years. We hope many of you will be able to join us.

翻到第15頁。在結束之前，我想重點介紹我們即將舉行的投資者日活動，該活動將於 6 月 25 日在紐約市舉行。我們期待與大家分享更多關於我們長期展望的細節，包括我們今天討論的策略舉措將如何在未來幾年轉化為成長和價值創造。我們希望你們中的許多人都能加入我們。

Thank you for your time today. I would like now to open the call for your questions.

感謝您今天抽出時間。現在我來接受大家的提問。

(Operator Instructions)

（操作說明）

Luke Junk, Baird.

盧克瓊克，貝爾德。

Maybe just to start with Sachin, hoping you could just dig into the DRAM exposure a little bit more relative to the product portfolio? And maybe just to scale that 2% impact to guidance, both across the portfolio and then kind of what that represents from a cost standpoint?

或許可以先從 Sachin 開始，希望你能更深入地了解 DRAM 在產品組合中的作用？或許可以把這 2% 的影響力按比例放大到指導值，包括整個投資組合，以及從成本角度來看這代表著什麼？

And then maybe qualitatively, if you could also just speak to the supplier side of this and your ability to get in front of this? And I'm just curious, from a timing standpoint, were you working on this relatively earlier versus when this became more known in financial markets?

那麼，從定性角度來說，您是否也可以談談供應商方面的情況，以及您能否在這方面搶佔先機？我只是好奇，從時間安排的角度來看，你是在金融市場對此事了解較多之前就開始著手研究的嗎？

Sure, sure. So in terms of the use of memory, Luke, as you can imagine, we use memory chips in virtually all of our products. And we use different types of memories. They have DRAM for sure, but different types of DRAMs, but also flash memory.

當然，當然。所以，就記憶體的使用而言，盧克，正如你所想，我們幾乎所有產品都使用記憶體晶片。我們使用不同類型的記憶體。他們肯定有DRAM，但有不同類型的DRAM，還有快閃記憶體。

Now the memory supply and that landscape looks different than the logic chips that we have had issues with in the past. As you probably know, almost 90-plus percent of the market is made up of essentially 3 suppliers between Samsung, SK Hynix and Micron. And we work with all of them, and we have a long-standing relationship with these suppliers and a very strategic one. We started to work with them towards the end of last year.

現在，記憶體供應和相關領域的情況與我們過去遇到問題的邏輯晶片截然不同。您可能知道，超過 90% 的市場份額實際上由三星、SK 海力士和美光這三家供應商佔據。我們與所有這些供應商都有合作關係，我們與這些供應商建立了長期且非常具有策略性的合作關係。我們從去年年底開始與他們合作。

As you might know, the memory industry typically plans for about a 10% growth in demand each year. But towards the second half, I would say, more in the third quarter of last year, the demand signals from the rest of the industry, not automotive, but consumer electronics, our data centers, et cetera, indicated that the demand in 2026 was going to be closer to about 50% and not the traditional 10% or so thereabouts that the industry was accustomed to. So the main fallout of all of that is that the supplies will be tight for everybody in all the industries, right? And automotive will also have the same situation.

您可能知道，記憶體產業通常計劃每年需求成長約 10%。但到了下半年，更確切地說是去年第三季度，來自其他行業（不是汽車行業，而是消費電子產品、數據中心等）的需求信號表明，2026 年的需求將接近 50%，而不是該行業習以為常的 10% 左右。所以，這一切的主要後果就是所有產業的物資供應都會緊張，對吧？汽車產業也將面臨同樣的情況。

So what we are doing in response to that, and we started on this journey last year itself, and I believe earlier than many in the industry. We started to work with our suppliers to secure the capacity for the full year. So that's something that we have already made a lot of progress with. And we should be, I would say, in a better position than most to be able to get those capacity reservations secured.

所以，為了應對這種情況，我們從去年就開始了這項工作，我相信比業內許多人都要早。我們開始與供應商合作，以確保全年的產能。所以，在這方面我們已經取得了很大進展。我認為，我們應該比大多數人更有優勢，能夠確保獲得這些容量預訂。

Now even with that, where we see gaps, we are developing alternate pin-to-pin compatible drop-in replacements, similar to what we did with the logic chip shortages. And also evaluating new suppliers. There are some new suppliers, not many, but some that are emerging, mostly in China. And we started engaging with them late last year and have already secured some supply from these emerging suppliers. So net-net, if I look at our full year demand for this year, we should largely be able to cover customer demand.

即使如此，對於我們發現的不足之處，我們正在開發引腳相容的替代產品，就像我們之前處理邏輯晶片短缺問題時所做的那樣。同時，我們也在評估新的供應商。雖然有一些新的供應商，但不多，但它們正在湧現，主要來自中國。我們從去年年底開始與他們接洽，並且已經從這些新興供應商那裡獲得了一些供貨。綜上所述，如果我看一下我們今年的全年需求，我們基本上應該能夠滿足客戶需求。

There may be some timing impacts that we have to manage. Even that, I think as we work with our suppliers, we should be able to largely mitigate.

可能會有一些時間安排上的影響，我們需要加以因應。即便如此，我認為透過與供應商的合作，我們應該能夠在很大程度上緩解這個問題。

Now on the cost side, as Jerome mentioned, we have an increase in cost in this memory chips on account of our historical relationship with the suppliers and the early engagement that we have. I believe we will be in a good position to have a good cost despite the increase, which we will expect to recover from our customers similar to the last semiconductor crisis.

至於成本方面，正如傑羅姆所提到的，由於我們與供應商的歷史關係以及我們早期的參與，這些記憶體晶片的成本有所增加。我相信，儘管成本上漲，我們仍能保持良好的成本控制，我們預計會像上次半導體危機一樣，從客戶那裡收回成本。

So now to answer your other question about specifically how much is it? We would rather not provide any breakdown of our bill of materials, mainly for competitive reasons. The increase, as Jerome mentioned, represents about 2% of our sales. That's probably as much as we can share for now.

那麼現在來回答你的另一個問題，具體價格是多少？我們不願提供物料清單的任何明細，主要是出於競爭的考量。正如傑羅姆所提到的，這一增長約占我們銷售額的 2%。目前我們大概只能透露這麼多了。

Got it. I really appreciate the color there, Sachin. For my follow-up, I just want to dig into the kind of the weighting of revenue this year. So I very much appreciate the comment about first quarter sales and the impacts there. Just want to think about weighting in the first half versus the second half this year as well, given the impacts from Ford and BMS which seem pretty immediate stepping into the year versus your launch cadence picking up into the back half.

知道了。薩欽，我真的很喜歡那裡的色彩。接下來，我想深入探討今年的收入權重情況。因此，我非常感謝您對第一季銷售額及其影響的評論。我還想考慮今年上半年和下半年的權重分配，因為福特和百威英博的影響似乎在年初就非常明顯，而你們的發布節奏在下半年才會加快。

And then maybe if you could just walk at a high level into 2027 as well as some of these transient headwinds seems like they should drop out and that launch cadence maybe should more fully read through.

然後，也許如果你能以高水平的姿態進入 2027 年，那麼這些暫時的逆風似乎應該會消失，而發射節奏也許應該會更加充分地發揮作用。

Luke, I'll start, and then I'll hand over to Sachin for '27. So for '26, we have -- as we had anticipated, we have a second half, which is going to be slightly better than the first half of the year. And that's really due to the launches that we have that are more backloaded towards the end of the year. And we've got that in China. We've got that with our key strategic initiatives, including Toyota that will really ramp up in Q3 and in some cases, for Toyota in Q4.

路克，我先開始，然後我把接力棒交給薩欽，讓他接棒27年。所以，2026 年下半年的情況正如我們所預期的那樣，會比上半年略好。這主要是因為我們的新品發表大多集中在年底。中國也有這種情況。我們已經透過關鍵策略舉措實現了這一點，包括豐田汽車，這將在第三季度真正加速發展，在某些情況下，豐田汽車的策略將在第四季度加速發展。

So overall, we've got about a 3% improvement in the second half versus the first half when IHS was, I think, close to 2%. So we're doing slightly better than the market in the second half versus the first half.

所以總的來說，下半年我們比上半年提高了約 3%，而 IHS 的上半年，我認為接近 2%。所以，下半年我們的表現比上半年略好於市場平均。

Related to Q1, we do think that Q1 will be the lowest quarter of the year on the back of two things. The first one is the fact that IHS as well is guiding towards a decline year-over-year of about 3% to 4%. So we'll have this reflected, obviously, in our sales. And we do see as well at this point, pretty low level of BMS sales as we are going into the first quarter. So that will obviously impact our Q1 sales, which will be, as I said, the lowest of the year.

關於第一季度，我們認為第一季將是今年業績最差的一個季度，主要原因有二。首先，IHS 也預測年比將下降約 3% 至 4%。所以，很顯然，這會反映在我們的銷售額上。而且我們也看到，進入第一季後，BMS 的銷售額相當低。因此，這顯然會影響我們第一季的銷售額，正如我所說，這將是全年最低的銷售額。

Thanks, Jerome. Before I get into the 2027 topic, I would like to just briefly touch upon our performance in 2025 and our outlook for '26 because I think the dynamics there have a significant bearing on how we think about 2027.

謝謝你，傑羅姆。在深入探討 2027 年的主題之前，我想先簡單回顧一下我們在 2025 年的表現以及我們對 2026 年的展望，因為我認為這些動態對我們如何看待 2027 年有著重要的影響。

So if you think about 2025, we had two major headwinds, one was China and the other was BMS. Combined, represented about 7 percentage points of headwinds. And we were able to offset that through new product launches, mainly in North America and Europe in '25. And if you were to exclude those headwinds and the one-timers, that represents about 7 percentage points of growth over market.

所以，展望 2025 年，我們面臨兩大不利因素，一個是中國，另一個是 BMS。兩者加起來，大約相當於7個百分點的不利因素。我們透過新產品的推出，主要在北美和歐洲，在 2025 年抵消了這一損失。如果排除這些不利因素和一次性事件，這相當於比市場高出約 7 個百分點的成長。

Now when you look at 2026, especially in the walk that we have provided for our sales, we have BMS again as a headwind. Perhaps we might be a little more conservative than, for sure, S&P Poor's Global's. But nonetheless, we have BMS and we have the discontinued vehicles at Ford that we mentioned earlier, but China is no longer a headwind.

現在展望 2026 年，特別是考慮到我們為銷售制定的計劃，BMS 再次成為我們的一大阻力。或許我們比標普全球指數保守一些。但儘管如此，我們還是有 BMS，還有我們之前提到的福特停產的車型，但中國不再是阻礙因素。

Now offsetting these, there are also new product launches, mainly in Europe and in Asia, particularly in China. However, most of the high-value launches are in the second half of this year, as we have discussed. And that's what is muting our growth over market in 2026 to about 5 percentage points.

不過，同時，也有新產品推出，主要在歐洲和亞洲，尤其是在中國。然而，正如我們之前討論過的，大多數高價值產品都將在今年下半年推出。而這正是導致我們2026年相對於市場成長幅度僅5個百分點左右的原因。

Now as we go into 2027, although we won't provide specific financial targets on this call here today, by the way, we will do that in much more fulsome treatment in our Investor Day in June. What I can say is that we expect a top line sales growth since the headwinds, both China and BMS, would largely be behind us as well as this discontinued vehicles topic.

現在我們進入 2027 年，雖然我們今天不會在這次電話會議上提供具體的財務目標，但我們將在 6 月的投資者日上對此進行更全面的闡述。我可以肯定的是，由於來自中國和BMS的不利因素以及停產車型等問題都將基本消除，我們預計銷售額將實現成長。

And the growth that we will have from the new product launches, especially high-performance compute systems in China as well as displays and other products, and the progress we are making in the adjacent markets and our strategic initiatives, should bring us back to our mid- to high single-digit growth over market in 2027 and drive top line growth. So I hope that gives a much sort of broader context on our current performance as well as what we're expecting in 2027.

新產品發布帶來的成長，特別是中國高效能運算系統以及顯示器和其他產品的成長，以及我們在鄰近市場取得的進展和我們的策略舉措，應該能讓我們在 2027 年恢復到相對於市場的中高個位數成長，並推動營收成長。所以我希望這能讓大家對我們目前的表現以及我們對 2027 年的預期有更廣闊的了解。

Shreyas Patil, Wolfe Capital.

Shreyas Patil，Wolfe Capital。

Maybe just a quick clarification on your commentary around memory. So is your memory exposure equivalent to 2% of revenues? Or are you expecting an increase in memory cost that is equal to 2% of sales?

關於您提到的記憶問題，或許我需要稍加澄清。那麼，你的記憶體風險敞口相當於收入的 2% 嗎？或者您預計記憶體成本會增加到銷售額的 2%？

Yes. What we have mentioned, that 2% is specifically regarding the increase in the cost that we anticipate this year.

是的。我們之前提到的2%特別指我們預計今年成本的上漲。

Okay. And then maybe looking at the bridge, the revenue bridge that you provided earlier, you're pointing to your traditional customers driving about 2 points of top line growth, that's about $75 million. Just curious what you're seeing in terms of launch activity broadly this year amongst those OEMs. From some of the other suppliers that have reported, it does seem like '26 is a somewhat lighter year for launch activity, particularly in North America and Europe. Is that similar to what you're seeing?

好的。然後，也許看看你之前提到的營收橋樑，你指出你的傳統客戶帶來了大約 2 個百分點的營收成長，也就是大約 7,500 萬美元。我只是好奇您今年觀察到的這些OEM廠商的整體新品發表會如何。根據其他一些供應商的報告來看，2026 年的產品發布活動似乎相對較少，尤其是在北美和歐洲。你看到的景象和這類似嗎？

And would that be a contributing positive if you're thinking about 2027?

如果著眼於 2027 年，這是否會成為一個積極的因素？

Yes. So Shreyas, I think we are seeing a little bit of a different perspective than some of our other peers perhaps. We have a significant amount of launch activity in Europe related to displays. As you might remember, we have won a high level of displays business. A lot of it has come from Europe in the past couple of years, and that's turning into revenue, especially in the second half of this year.

是的。所以，Shreyas，我認為我們看到的視角可能與其他一些同行略有不同。我們在歐洲進行了大量與顯示器相關的產品發布活動。您可能還記得，我們​​贏得了大量的展示業務。過去幾年，其中許多都來自歐洲，而這些都轉化為了收入，尤其是今年下半年。

We are also seeing, I would say, roughly about 20 launches in China. And so what has happened in China is after sort of a reset with many of our international OEMs, not just the domestic OEMs, they have been launching new vehicles to compete in that highly competitive market. And this seems to be the year, again, second half, this seems to be the year that they're introducing new vehicles. And I think the timing also might actually work out very well.

我想說，我們還看到中國大約有 20 次發射。因此，中國的情況是，經過一番調整，許多國際汽車製造商（不僅僅是國內汽車製造商）都推出了新車型，以在這個競爭激烈的市場中競爭。看來今年下半年他們又要推出新車型了。而且我認為時機也可能非常適合。

If you have seen even the early numbers from January in China, the market seems to be tilting in favor of more higher-priced vehicles with all of the changes with respect to policies and pricing, et cetera, that have happened in that market. And we think that might actually help our global customers, but also our domestic customers like Geely, they have some high-performance compute launches that we discussed earlier with domestic OEMs, and they go into the more premium flagship vehicle models.

如果你看過中國1月的早期數據，你會發現，隨著中國市場在政策和定價等方面發生的變化，市場似乎正在向價格更高的汽車傾斜。我們認為這實際上可能有助於我們的全球客戶，也有助於像吉利這樣的國內客戶，他們有一些高性能計算產品即將推出，我們之前已經與國內的汽車製造商討論過，這些產品將應用於更高端的旗艦車型。

So we do see a very healthy launch activity this year. And we -- that really signals again this SDV trend now complemented by this AI trend starting to really drive some momentum.

因此，我們看到今年的產品發布活動非常活躍。這再次表明，SDV趨勢現在與AI趨勢相輔相成，開始真正推動發展動能。

Okay. Great. And maybe just one last one on the M&A pipeline, you mentioned, I think it's about $300 million or so. Maybe you could just unpack how -- what's kind of in that pipeline or the size of the companies that you're looking at? And maybe the -- how should we think about the time line for when you could execute on those deals?

好的。偉大的。或許併購交易還有最後一筆，你有提到過，我想金額大概在 3 億美元左右。或許您可以詳細說明一下—您正在考察的公司有哪些項目，或是這些公司的規模如何？或許—我們該如何考慮您何時能夠執行這些交易的時間表？

Yes. Let me start, and I'll hand over to Sachin as well. So we've not really given a number. The chart may indicate that it could be as much as twice the amount of CapEx that we have for '26, but we'll see how it goes. We are quite ambitious in 2026, given the pipeline that we have. And the criteria that we've got in mind for M&A remain the same as the ones that we've talked about in the past.

是的。我先開始，然後把麥克風交給薩欽。所以我們還沒有給出具體的數字。圖表顯示，2026 年的資本支出可能高達我們目前的兩倍，但我們拭目以待。鑑於我們現有的專案儲備，我們對2026年的目標相當雄心勃勃。我們為併購設定的標準與我們過去討論過的標準仍然相同。

The first one is that we want to have M&A that are bolt-on by design. And that -- by that we mean we want to look at fairly small acquisitions so that we can tuck them in our existing business pretty quickly. The second criteria is that we want to have technology/capability accretive to what we're doing today, augmenting essentially the platform that we have from a software standpoint.

第一點是，我們希望併購是設計成附加式的。也就是說，我們希望進行規模較小的收購，以便能夠很快地將它們融入我們現有的業務中。第二個標準是，我們希望所採用的技術/能力能增強我們目前所做的事情，從軟體角度來看，本質上就是增強我們現有的平台。

And that includes as well engineering services. And as you know, we've already done two acquisitions, and we are considering as well further. And then the third criteria that we've always considered as well is the fact that we want to have, as much as possible, these businesses being margin accretive from day one. So that we don't get a return that is going to be in 5 years or even 10 years. So kind of these three criteria that we've selected in the past and that we are still continuing to apply as we look at this pipeline of acquisition for 2026.

這其中也包括工程服務。如您所知，我們已經完成了兩項收購，並且正在考慮進行更多收購。我們一直以來考慮的第三個標準是，我們希望這些業務盡可能從一開始就能實現利潤成長。這樣我們就無法在 5 年甚至 10 年內獲得回報。因此，我們過去選擇的這三個標準，以及我們在審視 2026 年收購計畫時仍持續應用的標準，都屬於此類。

And maybe just to add to what Jerome has said, without necessarily getting into any specifics about the sizes of the companies, et cetera, that we are looking at. One thing to keep in mind, Shreyas, is if you look at our journey of integrating more and more of the ECUs, we have gone from integrating the cluster and the IBI into CDC. Now the HPC integrates even more ECUs, including body control gateways plus additional rear-seat entertainment, passenger side entertainment as well.

也許可以補充一下傑羅姆所說的，但不必具體討論我們正在關注的公司規模等等。Shreyas，有一點需要記住，如果你看看我們不斷整合更多 ECU 的歷程，我們已經從將集群和 IBI 整合到 CDC 中發展到如今的程度。現在，HPC 整合了更多 ECU，包括車身控制網關以及額外的後座娛樂系統和乘客側娛樂系統。

And now with the regulations in ADAS, in particular in Europe, which is also expected to follow in China, we see that ADAS is going to be more of a table stakes almost features and something that we can look forward to in integration in one of our future products.

現在，隨著ADAS法規的出台，尤其是在歐洲（預計中國也會效仿），我們看到ADAS將更像是一項基本功能，我們可以期待在未來的產品中將其整合到我們的產品中。

So we continue to look for opportunities where we can bring in those technology elements in-house and allow us to take cost out and integrate more of the content in our systems. So that should give you some sense of the kind of companies we're looking at, none of which are the big transactions. As Jerome mentioned, we prefer to focus on technology capabilities so that we can then integrate it in a better manner within our systems.

因此，我們將繼續尋找機會，將這些技術元素引入公司內部，從而降低成本，並將更多內容整合到我們的系統中。這樣應該能讓你對我們正在關注的公司類型有所了解，但這些都不是大型交易。正如傑羅姆所提到的，我們更傾向於專注於技術能力，以便更好地將其整合到我們的系統中。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Great. Just a first question, just going back to the Slide 7 and the revenue bridge. On the 2% headwind from discontinued vehicles, I'm curious whether you have content in some of the competing vehicles to the vehicles that are being discontinued? And whether there's an assumption for some pickup of revenue there? Or are you kind of more assuming that, that headwind does not get recovered or recoup by other competing vehicles that you might have content on?

偉大的。第一個問題，回到投影片 7 和收入橋樑部分。考慮到停產車型帶來的 2% 的不利影響，我很好奇你們是否在一些與停產車型競爭的車型中擁有相關內容？那麼，是否預期當地收入會回升呢？或者你更傾向於認為，你發佈內容的其他競爭車輛不會彌補或彌補逆風帶來的優勢？

Yes. I think -- yes, the answer is yes. We have content in a sort of a very broad cross-section of vehicles at that OEM. But at least as yet, we are not necessarily seeing the benefit. Now that doesn't mean it may not happen, it could.

是的。我認為——是的，答案是肯定的。我們擁有該 OEM 旗下各種車型的廣泛內容。但至少目前為止，我們還沒有看到這種好處。但這並不意味著它一定不會發生，它有可能發生。

Still early in the year, and we don't have full visibility into the OEM's plans. Given the fairly significant volume of vehicles that those represented, we do expect that they would try to fill that hole with some other vehicles, which, if that were to happen, then we would, I guess, benefit from it. Since we have -- we are not seeing that as yet, we have not included that in our outlook. And if it does happen, then it might provide some tailwind.

現在還處於年初，我們對原始設備製造商的計劃還沒有完全了解。鑑於這些車輛的數量相當可觀，我們預計他們會嘗試用其他車輛來填補這個空缺，如果這種情況發生，我想我們會從中受益。由於我們目前還沒有看到這種情況，所以我們還沒有將其納入我們的展望中。如果這種情況真的發生，那麼它可能會帶來一些助力。

And I would add, Sachin, that we've used broadly IHS, in fact, for this discontinued vehicle, but as well just for overall forward volume going into '26.

Sachin，我還要補充一點，事實上，我們廣泛使用了 IHS，不僅用於這款已停產的車型，也用於 2026 年的整體銷量。

Got it. It's very helpful. And just as a second question. Strong bookings in 2025, that's great to see. Sachin, I was hoping if you had a target to share for bookings in 2026?

知道了。這很有幫助。第二個問題。2025年的預訂情況良好，這真是個好消息。Sachin，我想問您能否分享一下2026年的預訂目標？

And then if you kind of look at the last few years' average booking, it does seem to support maybe a mid- to high single-digit revenue growth algorithm for the company in the medium term? I think I heard you say, Sachin, to an earlier question, that you may even get to that level as early as next year. Just hoping you can kind of talk a little bit about the implications of bookings of the company's growth in the medium term.

如果你看一下過去幾年的平均預訂量，似乎可以支持該公司在中期內實現個位數中高段的收入成長演算法？薩欽，我好像聽到你之前回答問題時說過，你甚至可能最早明年就能達到那個水準。希望您能稍微談談預訂量對公司中期成長的影響。

Yes. Very good question. And if you think about the 2025 performance in particular, the two things I would like to highlight. One, our displays, which we did really well. And across the board, if you look at our displacements, they were spread over Europe, North America and also Asia.

是的。問得好。如果特別考慮 2025 年的表現，我想強調兩點。第一，我們的展品展示，我們做得非常好。總的來說，如果你看一下我們的人口遷移情況，你會發現它們分佈在歐洲、北美以及亞洲。

And those programs typically have a shorter lead time in terms of development and launch than the corporate electronics programs because fundamentally, with more software, it takes longer to launch those systems. So that's one factor. The other thing is that about 15% of our wins were on two-wheelers and commercial vehicles.

這些程式的開發和發布週期通常比企業電子程式短，因為從根本上講，軟體越多，系統發布所需的時間就越長。這是其中一個因素。另外，我們約有 15% 的得標案例來自兩輪車和商用車。

And two-wheelers, in particular, also have a fairly short time to market. So that's really the reason why we feel that the inflection of these wins turning into revenue and contributing to our growth over market will be fairly earlier than traditional or historical sort of averages in terms of time.

尤其是兩輪車，上市時間也相當短。所以，這正是我們認為這些勝利轉化為收入並推動我們超越市場成長的時間點，會比傳統或歷史平均水平要早得多的原因。

And in terms of just the outlook for this year, in particular for new business wins, the pipeline of new opportunities is pretty robust. I'm very happy to see that given this environment where a lot of the customers that we have, especially outside of China, are still in some sort of form or the other in terms of trying to get their portfolio adjusted, we still see a very robust pipeline, again, led by displays, but also more for few domain controllers and a emerging opportunity, which is very exciting, is this AI dedicated ECUs for AI to bring AI into cockpits without necessarily rearchitecting the whole vehicle.

就今年的前景而言，特別是對於贏得新業務而言，新機會的儲備相當充足。我很高興地看到，在當前環境下，我們的許多客戶，特別是中國以外的客戶，仍在以某種形式調整其產品組合，但我們仍然看到非常強勁的銷售渠道，再次以顯示器為主導，但也包括一些域控制器，以及一個非常令人興奮的新興機遇，即用於將人工智能電子駕駛艙的專用人工智慧電子控制單元 (ECU)，而無需重新設計整個車輛。

This is starting in China, and we are very excited and optimistic about it, and has the potential to come across into other regions fairly quickly.

這項技術最初在中國興起，我們對此感到非常興奮和樂觀，並且它有可能很快就會推廣到其他地區。

Tom Narayan, RBC Capital Markets.

Tom Narayan，加拿大皇家銀行資本市場。

This is Thomas Ito on for Tom. On the last call, I think you guys mentioned a roughly 20% volume reduction for BMS in 2026. And it looks like that number has since jumped up to 50%. So it sounds like you guys are still anticipating BMS to show some recovery in 2027. But is there anything you can give us on your longer-term planning around BMS?

這裡是托馬斯‧伊藤，替湯姆報道。上次電話會議上，你們好像提到 2026 年 BMS 的銷售量將減少約 20%。而這個數字似乎已經躍升至 50%。聽起來你們仍然期待百時美施貴寶在 2027 年有所復甦。但是，您能否透露一下您在電池管理系統（BMS）方面的長期規劃？

And where you think it could get to maybe as a percentage of revenue?

你認為它最終能占到收入的多少百分比？

Yes, absolutely. So let me give you this, the way we think about BMS. So especially in the US, first of all, I will start by saying that it's very difficult to forecast what EVs will do this year, in particular, first full year without the incentives, but we can look at Q4 as one data point, not necessarily sufficient, but at least that's what we have in front of us.

是的，絕對的。那麼，讓我來解釋一下我們對電池管理系統的看法。因此，尤其是在美國，首先我要說的是，預測電動車今年的表現非常困難，特別是沒有激勵措施的第一個完整年度，但我們可以把第四季度作為一個數據點來看待，雖然不一定足夠，但至少這是我們目前所掌握的資訊。

So even with the pull ahead that occurred due to the expiry of the incentive, we saw a market penetration of about just over 5% of EVs in the US in Q4. Now as we think about 2026, we do believe it will start very soft, in the sense that Q1 is probably going to be the low point of EV sales in the US for continuing from the effects of the pull ahead in last year. And then Q2 onwards, slowly recover.

因此，即使由於激勵措施到期而加速成長，我們仍然看到美國電動車市場在第四季的滲透率略高於 5%。現在展望 2026 年，我們認為開局會非常疲軟，因為受去年加速成長的影響，第一季可能是美國電動車銷量的最低點。然後從第二季開始，緩慢復甦。

Now the question is to what level? Now what we have assumed in our outlook is a very conservative number. We have assumed a roughly 3% penetration of EVs with our customers. I mentioned Q4 was over 5%; for the full year, it was over 7%. So it feels like our 3% is fairly conservative.

現在的問題是，要達到什麼程度？目前，我們在預測中採用的是一個非常保守的數字。我們假設電動車在我們客戶中的滲透率約為 3%。我提到第四季超過 5%；全年超過 7%。所以感覺我們3%的估計相當保守。

S&P has a 30% lower 2026 than 2025. And if you look at our numbers, it's closer to 50% drop year-over-year. So there could be some upside if we are found to be too conservative here, but given everything, we felt it would be prudent to be a bit more on the conservative side.

標普500指數2026年的預期比2025年低30%。如果你看我們的數據，你會發現比去年同期下降了近 50%。所以，如果我們在這裡顯得過於保守，可能會有一些好處，但考慮到所有因素，我們認為謹慎起見，還是應該更加保守一些。

Now if you think about 2027 and going forward, with the improvements that we see in the cost of EVs and continuing our focus on those by or customers, in particular, GM, we believe that the market should recover modestly from the lows of 2026. We'll wait for a little longer to understand exactly what that would look like, but we believe it will be a very modest improvement and a steady growth from there.

現在，展望 2027 年及以後，隨著電動車成本的改善，以及我們客戶（特別是通用汽車）繼續專注於電動車，我們相信市場應該會從 2026 年的低點溫和復甦。我們將再等等，看看具體情況會如何，但我們相信這將是一個非常小的改進，並在此基礎上穩步增長。

Okay. Got you. I guess on a slightly higher level, it looks like you guys have a pretty strong growth over market in Europe in 2025. I was wondering if you could give us a sense of whether you see any opportunities to capture additional business wins, especially from the Chinese domestic exporting to Europe?

好的。抓到你了。從更高的層次來看，你們在 2025 年歐洲市場的成長動能似乎相當強勁。我想請您談談，您是否看到了任何可以贏得更多業務的機會，特別是從中國國內對歐洲的出口業務中？

Yes. And we do see a lot of positives from the Chinese OEMs activity in Europe, not just with them directly, but also with European OEMs who are responding to the competitive threat by essentially uplifting the capabilities in the cockpits. Now we also have been able to win business in Europe, the Chinese OEMs, and we expect to be able to do more of that as we go forward.

是的。我們確實看到了中國汽車製造商在歐洲的活動中有很多積極因素，不僅是他們直接帶來的，還有歐洲汽車製造商為了應對競爭威脅而提升駕駛艙性能帶來的積極影響。現在我們也成功贏得了歐洲和中國OEM廠商的業務，我們預計未來能夠取得更大的成就。

So to us, Europe represents an interesting data point where the growth of the Chinese OEMs sales actually helps the business in terms of driving more content in the cockpit. So we expect to see that dynamic not just limited to Europe, but in other regions, where you see higher activity of the China OEMs. And to your point, we do anticipate Europe to also contribute more in terms of new business opportunities this year as well.

因此，對我們來說，歐洲代表了一個有趣的數據點，中國汽車製造商的銷售成長實際上有助於推動駕駛艙內更多內容的開發。因此，我們預計這種趨勢不僅限於歐洲，在其他地區也會出現，在這些地區，中國汽車製造商的活動更為活躍。正如您所說，我們也預計歐洲今年將在新的商業機會方面做出更多貢獻。

Joe Spak, UBS.

喬·斯帕克，瑞銀集團。

I guess I wanted to go back to better understand some of the memory commentary. And I know you're going to be -- you're talking about being limited here in what you're going to say. But in the overall bridge, you're talking about recoveries, pricing FX being a 2% year-over-year headwind. Now you have the old recoveries, right, that is probably lower year-over-year as you sort of indicated from the original semiconductor challenges. Price is sort of minus two. FX looks like it's probably a positive.

我想回去重溫一下，以便更好地理解一些關於記憶的評論。我知道你會——你在這裡說話會受到限制。但從整體來看，你談論的是復甦，定價外匯是年比 2% 的不利因素。現在，你們有了之前的復甦數據，對吧？正如你們在最初的半導體挑戰中所指出的那樣，這可能比前一年有所下降。價格有點負二。FX看起來可能是個好兆頭。

So I guess, to get to that overall minus two, and if I take in the context your -- the increase is about 2% of sales, it looks like you're assuming very little in terms of actual recoveries on memory, is that about right? And maybe just a comment on sourcing here? Because it sounds like you're doing a lot of work. I know a lot of the automakers are doing work as well, and there's some directed buys. So who's really responsible for what?

所以我想，要得出總共減去 2 的結果，如果我考慮到你的背景——銷售額增長約 2%，看起來你對實際內存恢復的假設非常少，是這樣嗎？還有，關於這裡的資料來源，或許可以提一點意見？聽起來你好像做了很多工作。我知道很多汽車製造商也在進行相關工作，而且也有一些定向採購。那麼，究竟誰該為哪些事負責呢？

Yes. Let me take the first question, Joe. So the buckets that you described are the right ones. We've got -- in this 2% annual pricing, we've got what I would call the legacy or the reduction in recoveries related to the prior chip shortage that are coming down. And then we've got, on the positive side, recoveries for the new memory tensions that are going on as well as some modest FX.

是的。喬，我先回答第一個問題。所以你描述的那些桶子是正確的。我們現在面臨的情況是——每年 2% 的價格上漲，這其中既包括我所說的歷史遺留問題，也包括與先前晶片短缺相關的回收率下降的問題。從正面的方面來看，新的記憶緊張局勢有所緩解，外匯市場也出現了一些溫和的反彈。

Maybe just to be very clear on the memory, we are -- we've baked in our assumptions that we will be recovering the majority of these costs. And when I said the majority is that we are fully intending to recover everything, but there will be some level of timing that we've accounted for between the cost incurred and the customer recoveries and we'll, as I mentioned, we'll see that in Q1, and it's probably going to be as well a sharing effect all the way to 'till the end of the year on that topic.

為了更清楚地說明這一點，我們已經明確假設我們將收回大部分成本。我說過，絕大多數情況下，我們都打算追回所有損失，但我們已經考慮到成本發生和客戶退款之間存在一定的時間差，正如我提到的，我們將在第一季度看到這一點，而且在這個問題上，這種影響可能會持續到年底。

But these are the full buckets, and we are absolutely intending to recover the memory cost increases through our customers.

但這些都是滿載的記憶體桶，我們絕對打算透過客戶來彌補記憶體成本的增加。

And to your other question, Joe, the OEMs activities are more related to understanding the situation and engaging with the suppliers. I do not believe that they have direct sourcing, at least not with us. So in our case, we do virtually all of the sourcing of memories directly ourselves.

至於你的另一個問題，Joe，OEM廠商的活動更與了解情況和與供應商互動有關。我不認為他們有直接的貨源，至少不是從我們這裡。所以，在我們這裡，幾乎所有的記憶素材都是我們自己直接收集的。

Okay. But I guess if the guidance also sort of assumes that you are recovering it all just with some timing mismatches, then I mean it's also rough numbers. Is that fair to sort of say that's like a 20 basis point to 30 basis point hit to your margins this year?

好的。但我想，如果該指南也假設你只是在時間上存在一些不匹配，但最終都能恢復，那麼我的意思是，這些數字也只是粗略的估計。這樣說是否公平，這大概會讓您今年的利潤率下降 20 到 30 個基點？

We've not given any specifics. It's embedded in this 2%. So I would take that 2% as kind of the essential piece of the work. As I said -- in fact, if you decompose maybe these buckets, if you think about it, annual pricing as well as, let's say, legacy semiconductor recoveries will be fully offset by the efficiencies that we are generating in the business, will be offsetting the memory cost increases to the majority. We'll have some level of leakage, but nothing major.

我們沒有給出任何具體細節。它包含在這 2% 之中。所以我認為這2%是這份工作的關鍵。正如我所說——事實上，如果你把這些類別分解開來，如果你仔細想想，年度定價以及，比如說，傳統半導體回收，將被我們在業務中產生的效率完全抵消，並將抵消大部分內存成本的增長。會有一些洩漏，但不會有大問題。

And then you have in that bucket as well, as I said, the FX, which is a pretty similar number. Overall, when we look at our business, and that's pretty valid, in fact, for the last two years, and it will be still valid as well for '26, the dilution of recoveries has an impact of about 0.5 percentage point on recoveries, so -- on EBITDA, sorry. So that's kind of the dilution that you see over the years coming from that bucket.

然後，正如我所說，在這個類別中還有 FX，它的數字也相當接近。總的來說，當我們審視我們的業務時，事實上，在過去兩年裡，這種觀點相當有效，而且對於 2026 年來說也仍然有效，回收率的稀釋對回收率的影響約為 0.5 個百分點，所以——抱歉，是對 EBITDA 的影響。所以，這就是多年來從那個桶子裡流出的水逐漸被稀釋的過程。

Okay. Maybe just one quick one, just to follow up on the capital deployment and the M&A. And I know those are radiated bars, and you said the M&A could be twice the CapEx or $300 million. But if I look at M&A to buyback, that's like a 2:1 ratio. And if you add up CapEx, the dividend, the debt, like it looks like there's about $300 million total left there.

好的。或許就簡單問一個問題，跟進一下資金部署和併購狀況。我知道那些是輻射棒，你說過併購可能是資本支出的兩倍，也就是 3 億美元。但如果從併購和股票回購的角度來看，比例大約是 2:1。如果把資本支出、股息、債務加起來，看起來總共還剩下約 3 億美元。

So I guess I'm just wondering like if -- and I know there's ranges here, but if the M&A outlay goes up to that $300 million, does that mean there's little left for buyback?

所以我想知道的是——我知道這裡面有一定的範圍，但如果併購支出達到 3 億美元，這是否意味著幾乎沒有剩餘資金用於股票回購了？

Yes, the slide shows, in fact, that buyback would be in the $100-plus million. Our priority is going to be really focusing on obviously investing in the business with the CapEx as well as focusing on these acquisitions. Obviously, the excess is going to go to dividend and as well as share buybacks, but we do want to remain opportunistic in terms of the buyback. So that's really the key point as well. And we'll update you as we go throughout the year.

是的，幻燈片顯示，回購金額實際上將超過 1 億美元。我們的首要任務顯然是專注於透過資本支出投資業務，以及專注於這些收購。顯然，多餘的資金將用於分紅和股票回購，但我們確實希望在股票回購方面保持機會主義。所以這才是關鍵。我們會全年持續向您報告最新進展。

This concludes our earnings call for the fourth quarter and full year of 2025. Thank you for participating in today's call and your ongoing interest in Visteon. Thank you.

本次2025年第四季及全年業績電話會議到此結束。感謝您參加今天的電話會議，以及您對偉世通的持續關注。謝謝。

This concludes Visteon's Fourth Quarter 2025 results Conference Call. You may now disconnect.

偉世通2025年第四季業績電話會議到此結束。您現在可以斷開連線了。