Veralto Corp (VLTO) 2025 Q4 法說會逐字稿

Hello, my name is Nikki, and I will be your conference operator this morning. At this time, I would like to welcome everyone to Veralto Corporation's Fourth Quarter 2025 Conference Call. (Operator Instructions) I will now turn the call over to Ryan Taylor, Vice President of Investor Relations. Mr. Taylor, you may begin your conference.

您好，我叫妮基，今天早上我將擔任你們的會議接線生。在此，我謹代表 Veralto 公司歡迎各位參加 2025 年第四季電話會議。（操作員指示）現在我將把電話轉交給投資者關係副總裁瑞安·泰勒。泰勒先生，您可以開始您的會議了。

Good morning, everyone. Thanks for joining us on the call. With me today are Jennifer Honeycutt, our President and Chief Executive Officer; and Sameer Ralhan, our Senior Vice President and Chief Financial Officer. Today's call is simultaneously being webcast.

各位早安。感謝您參加本次電話會議。今天陪同我的是我們的總裁兼執行長珍妮佛·霍尼卡特，以及我們的高級副總裁兼財務長薩米爾·拉爾漢。今天的電話會議將同時進行網路直播。

A replay of the webcast will be available on the Investors section of our website later today under the heading Events and Presentations.

今天晚些時候，您可以在我們網站的「投資者關係」版塊的「活動與演示」欄位下觀看網路直播回放。

A replay of this call will be available until February 18. Yesterday, we issued our fourth quarter and full year 2025 earnings news release, earnings presentation and supplemental materials, including information required by the SEC relating to adjusted or non-GAAP financial measures. In addition, we also issued our 2026 first quarter and full year guidance.

本次通話的錄音回放將持續提供至2月18日。昨天，我們發布了 2025 年第四季和全年收益新聞稿、收益簡報和補充資料，其中包括美國證券交易委員會要求提供的與調整後或非 GAAP 財務指標相關的資訊。此外，我們也發布了 2026 年第一季及全年業績指引。

These materials are available in the Investors section of our website, veralto.com, under the heading Quarterly Earnings. Reconciliations of all non-GAAP measures are also provided in the appendix of the webcast slides.

這些資料可在我們網站 veralto.com 的「投資者」版塊的「季度收益」標題下找到。所有非GAAP指標的調節表也列於網路直播投影片的附錄。

Unless otherwise noted, all references to variances are on a year-over-year basis. During the call, we will make forward-looking statements within the meaning of the Federal Securities laws, including statements regarding events or developments that we believe or anticipate, will or may occur in the future.

除非另有說明，所有關於差異的提及均指同比差異。在本次電話會議中，我們將根據聯邦證券法做出前瞻性聲明，包括關於我們認為或預期未來將會發生或可能發生的事件或發展的聲明。

These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings. Actual results may differ materially from our forward-looking statements. These forward-looking statements speak only as of the date that they are being made and we do not assume any obligation to update any forward-looking statements, except as required by law.

這些前瞻性陳述受到許多風險和不確定因素的影響，包括我們在提交給美國證券交易委員會的文件中列出的風險和不確定因素。實際結果可能與我們的前瞻性聲明有重大差異。這些前瞻性陳述僅代表其發布之日的情況，除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

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

接下來，我會把電話交給珍妮佛。

Thank you, Ryan, and thank you all for joining our call today. Our team finished 2025 with a strong fourth quarter, capping off an outstanding year for Veralto. I want to recognize our 17,000 associates worldwide for their rigorous VES driven execution that helps us serve customers improve operating efficiency and meet our financial commitments in 2025.

謝謝瑞恩，也謝謝各位今天參加我們的電話會議。我們的團隊在 2025 年第四季表現出色，為 Veralto 的傑出一年畫上了圓滿的句號。我要表彰我們全球 17,000 名員工，感謝他們嚴格執行 VES 驅動的各項工作，幫助我們更好地服務客戶，提高營運效率，並實現我們在 2025 年的財務承諾。

Our success last year was underpinned by exceptional contributions and tireless efforts by our procurement, supply chain and factory operations teams. During the year, we replicated and regionalized more than a dozen production lines into existing locations to drive flexibility across our footprint and improve our ability to serve customers more efficiently.

我們去年的成功離不開採購、供應鏈和工廠營運團隊的卓越貢獻和不懈努力。今年，我們複製並區域化了十幾條生產線到現有地點，以提高我們業務範圍的靈活性，並提高我們更有效率地服務客戶的能力。

These moves in combination with targeted supply chain and strategic pricing actions enabled us to successfully navigate last year's dynamic macro environment while providing strong support to our customers. In 2025, we delivered mid-single-digit core sales growth, double-digit adjusted earnings per share growth and over $1 billion of free cash flow.

這些舉措，加上有針對性的供應鏈和策略定價措施，使我們能夠成功應對去年動態的宏觀環境，同時為我們的客戶提供強大的支援。2025 年，我們實現了中等個位數的核心銷售額成長、兩位數的調整後每股收益成長以及超過 10 億美元的自由現金流。

As we closed out 2025, we established a $750 million share repurchase program and announced an 18% increase in our dividend. And at the outset of 2026, we completed the acquisition of [In-Situ], expanding our world-class Water Analytics portfolio into fast-growing environmental water and hydrology markets. Going forward, we remain excited about numerous opportunities to create value for shareholders through strategic growth and disciplined capital allocation.

在 2025 年結束之際，我們制定了 7.5 億美元的股票回購計劃，並宣布將股息提高 18%。2026 年初，我們完成了對 [In-Situ] 的收購，將我們世界一流的水分析產品組合擴展到了快速成長的環境水和水文市場。展望未來，我們仍然對透過策略成長和嚴謹的資本配置為股東創造價值的眾多機會感到興奮。

Entering 2026 we are confident that the enduring need to safeguard the global supply of clean water and safe food will continue to underpin steady demand for our products and services across our key industrial, municipal and consumer packaged goods end markets.

進入 2026 年，我們有信心，保障全球清潔水和安全食品供應的持續需求將繼續支撐我們在主要工業、市政和消費品終端市場中對我們產品和服務的穩定需求。

Combined with our durable business model and a rigorous deployment of VES, we expect to deliver yet another year of core sales growth and continued margin expansion with mid- to high single-digit adjusted earnings per share growth. Now turning to our 2025 full year financial results in detail. Total sales grew 6% year-over-year to $5.5 billion, an all-time high. We delivered 4.7% core sales growth with both segments growing near the company average.

結合我們穩健的商業模式和VES的嚴格部署，我們預計今年將實現核心銷售成長和利潤率持續擴張，調整後每股盈餘將實現中高個位數成長。現在讓我們詳細了解我們2025年全年的財務表現。總銷售額年增 6%，達到 55 億美元，創歷史新高。我們的核心銷售額成長了 4.7%，兩個業務部門的成長均接近公司平均值。

Incremental margins were within our long-term framework at about 30% despite headwinds from tariffs and growth investments in TraceGains. Adjusted operating profit margin expanded by 20 basis points year-over-year. And adjusted earnings per share was $3.90, up 10% year-over-year, marking our second consecutive year of double-digit EPS growth.

儘管面臨關稅和對 TraceGains 的成長投資帶來的不利影響，但增量利潤率仍保持在 30% 左右的長期框架內。經調整後的營業利益率較去年同期成長20個基點。調整後每股收益為 3.90 美元，年增 10%，標誌著我們連續第二年實現兩位數的每股收益成長。

And we generated over $1 billion of free cash flow, further strengthening our financial position. Overall, I'm very pleased with the gross margin expansion and robust free cash flow we delivered in 2025.

我們創造了超過10億美元的自由現金流，進一步鞏固了我們的財務狀況。總體而言，我對我們在 2025 年實現的毛利率成長和強勁的自由現金流非常滿意。

Looking at core sales growth by geography and end market for the full year, growth throughout the enterprise was broad-based across key verticals and regions, as our commercial teams executed well leveraging our VES growth tools and strategic investments.

從全年按地域和終端市場來看核心銷售成長情況，整個企業在關鍵垂直產業和地區實現了廣泛成長，因為我們的商業團隊充分利用了 VES 成長工具和策略投資，執行得非常出色。

In North America and Western Europe, which comprise about 70% of our total revenue, core sales grew 5.3% and 3.8%, respectively, in 2025.

2025年，北美和西歐（約占我們總收入的70%）的核心銷售額分別成長了5.3%和3.8%。

And core sales into high-growth markets grew 5.1% year-over-year. Taking a closer look, in North America, core sales growth exceeded 5% in both segments.

核心銷售額在高成長市場年增 5.1%。仔細觀察，在北美，這兩個細分市場的核心銷售成長均超過 5%。

In Water Quality, we continue to capitalize on broad-based demand for our chemical water treatment solutions, which delivered mid-single-digit core sales growth during 2025.

在水質領域，我們繼續利用市場對我們化學水處理解決方案的廣泛需求，在 2025 年實現了中等個位數的核心銷售成長。

From an industrial end market perspective, we saw the highest growth in chemical processing, power generation, mining and data centers.

從工業終端市場角度來看，化學加工、發電、採礦和資料中心領域的成長最為顯著。

Our growth in these verticals was a function of solid demand, strong commercial execution and strategic new customer wins. North American sales of UV water treatment grew just under 10% last year, driven largely in support of our municipal customers water reuse efforts.

我們在這些垂直領域的成長得益於強勁的需求、強大的商業執行力和策略性地贏得新客戶。去年，北美紫外線水處理產品的銷售額成長了近 10%，這主要得益於我們支援市政客戶的水資源再利用工作。

Both our Water Treatment and Analytics businesses continued to benefit from increased industrial activity in North America. In PQI, core sales in North America grew 5.8% year-over-year in 2025 with mid-single-digit growth across both packaging and color, and marking and coding.

我們的水處理和分析業務都持續受益於北美工業活動的增加。PQI 預計 2025 年北美核心銷售額年增 5.8%，其中包裝和顏色、標記和編碼均實現中等個位數成長。

In marking and coding, core sales of consumables and equipment both grew mid-single digits year-over-year, with equipment sales growth from both our inkjet and laser product lines.

在打標和編碼方面，耗材和設備的核心銷售額均實現了中等個位數的同比增長，其中噴墨和雷射產品線的設備銷售額均有所增長。

This reflects a combination of steady end market demand, differentiated new product launches and strategic market penetration across an ever-increasing number of substrates.

這反映了終端市場需求的穩定、差異化的新產品推出以及在越來越多的基材上進行策略性市場滲透的綜合結果。

In Western Europe, core sales grew 3.8% year-over-year, with Water Quality up 4% and PQI up 3.6%. Core sales growth in Water Quality was led by our Water Analytics team in Europe and reflects traction from our growth initiatives as well as improvements made to our commercial architecture in 2024.

在西歐，核心銷售額年增 3.8%，其中水質成長 4%，PQI 成長 3.6%。水質核心銷售成長主要由我們在歐洲的水質分析團隊推動，反映了我們成長計畫的成效以及我們在 2024 年對商業架構所做的改進。

These changes contributed to rigorous lead generation, funnel management and VES catalyzed commercial execution.

這些變化促進了嚴格的線索生成、通路管理和 VES 催化商業執行。

Notably, Water Quality's growth in Western Europe last year was across both municipal and industrial customers. And in PQI, core sales growth in Western Europe was across both marking and coding, and packaging and color.

值得注意的是，去年西歐水質業務的成長涵蓋了市政和工業客戶。在 PQI 中，西歐的核心銷售成長涵蓋了標記和編碼以及包裝和顏色兩個方面。

Growth in marking and coding was led by consumables and continuous inkjet printers. And in packaging and color, our core growth in Europe was highlighted by strategic growth within mid-tier consumer packaged goods customers. In high-growth markets, core sales increased 5.1% year-over-year in 2025, led by Latin America, India and the Middle East.

標記和編碼業務的成長是由耗材和連續噴墨印表機推動的。在包裝和色彩方面，我們在歐洲的核心成長主要得益於中階消費品包裝客戶的策略成長。在高成長市場中，核心銷售額在2025年年增5.1%，其中拉丁美洲、印度和中東地區成長最為顯著。

In China, full year core sales grew modestly over the prior year, led by PQI. Overall, we delivered solid growth across all key regions while continuing to invest in our businesses for future value creation. Since the inception of Veralto, our core sales growth has accelerated approximately 200 basis points, and our adjusted operating margins have expanded by an average of 50 basis points per year.

在中國，受 PQI 的帶動，全年核心銷售量較上年略有成長。總體而言，我們在所有主要地區都實現了穩健成長，同時繼續投資於我們的業務，以創造未來的價值。自 Veralto 成立以來，我們的核心銷售成長加速了約 200 個基點，調整後的營業利潤率平均每年增長 50 個基點。

Over this two year period, we have grown adjusted EPS by approximately 11% annually, with free cash flow conversion above 100%. This financial performance highlights our durable growth and capital-light business model fortified by the (inaudible) enterprise system.

在這兩年期間，我們調整後的每股盈餘每年增長約 11%，自由現金流轉換率超過 100%。這項財務表現凸顯了我們永續成長和輕資本商業模式，而這種模式又得到了（聽不清楚）企業系統的強化。

The acceleration in our core growth rate reflects strong commercial execution and traction from strategic initiatives, including targeted geographic growth, enhanced service offerings and new product innovation. From a geographic perspective, we invested in people and resources to capitalize on secular growth drivers in Latin America, India and the Middle East.

我們核心成長率的加速反映了強勁的商業執行力和策略舉措的成效，包括有針對性的地域擴張、增強的服務產品和新產品創新。從地理角度來看，我們投資於人才和資源，以利用拉丁美洲、印度和中東的長期成長動力。

(inaudible) drivers in these markets, such as a growing middle class, increased scarcity of freshwater, rapid urbanization and expanding industrialization create a strong need for our products and services across both segments to test and treat water, and ensure packaged foods are safe to consume.

（聽不清楚）這些市場中的驅動因素，例如不斷壯大的中產階級、日益稀缺的淡水、快速的城市化和不斷擴大的工業化，使得我們在兩個領域對我們的產品和服務產生了強烈的需求，以檢測和處理水，並確保包裝食品可以安全食用。

We see the investment in these markets across both the public and private sectors. In 2025, Latin America, India and the Middle East were our three fastest-growing regions.

我們看到公共和私營部門都在對這些市場進行投資。2025年，拉丁美洲、印度和中東是我們成長最快的三個地區。

And as it relates to enhancing our service offerings, we focused on expanding support across our global installed base, increasing the attachment rate of service contracts on new equipment sales, and expanding our consulting services to new project design, particularly with respect to water treatment systems for data centers. This focus drove strong service growth across both segments in 2025.

在提升我們的服務產品方面，我們專注於擴大對全球已安裝設備的支持，提高新設備銷售中服務合約的附加率，並將我們的諮詢服務擴展到新專案設計，尤其是在資料中心水處理系統方面。這一重點推動了2025年兩個細分市場的強勁服務成長。

As it relates to innovation, our increased investment in R&D, combined with a focus on new product opportunities that have the highest growth and most attractive returns have reinvigorated our innovation flywheel.

在創新方面，我們加大了對研發的投入，並專注於成長潛力最大、回報最豐厚的新產品機會，這重新激發了我們的創新活力。

Combined with our extensive direct-to-customer business model, these efforts have accelerated our development of fit-for-purpose solutions to enhance product quality, resolve critical pain points, and drive greater efficiency throughout customer operations.

結合我們廣泛的直接面向客戶的業務模式，這些努力加速了我們開發適合特定用途的解決方案，以提高產品品質、解決關鍵痛點並提高客戶營運的效率。

Over the past 12 to 18 months, we have begun to see the fruits of our R&D efforts across Veralto with several new product launches.

在過去的 12 到 18 個月裡，我們開始看到 Veralto 的研發努力結出了碩果，推出了幾款新產品。

A few notable new products that contributed to growth in 2025 include; a new ammonia analyzer launched in water quality that simplifies operations, improves efficiency and reduces maintenance for customers. This product is used at various stages of the water cycle to monitor ammonia levels, maintain water quality and protect the health of aquatic environment.

2025 年促進成長的幾款值得注意的新產品包括：一款用於水質的新型氨分析儀，可簡化操作、提高效率並減少客戶的維護工作。本產品用於水循環的各個階段，以監測氨含量，維持水質，保護水生環境健康。

Additionally, we continue to expand the number of parameters customers can test using our most advanced and easiest-to-use testing technology, our single-use can keys, which grew double digits year-over-year in 2025. In our PQI segment, our new UV laser marking and coding system met strong customer demand in 2025. This new technology is helping customers transition to more sustainable, flexible film packaging solutions.

此外，我們不斷擴大客戶可以使用我們最先進、最易於使用的測試技術——一次性罐鑰匙——進行測試的參數數量，該技術在 2025 年實現了兩位數的同比增長。在我們的 PQI 領域，我們新的 UV 雷射打標和編碼系統在 2025 年滿足了客戶的強烈需求。這項新技術正在幫助客戶過渡到更永續、更靈活的薄膜包裝解決方案。

And in our packaging and color software offering, we launched a new AI-enabled solution to help streamline and error-proof packaging print during the design phase. This helps brands accelerate go-to-market and reduce costly reprints and product recalls.

在我們的包裝和色彩軟體產品中，我們推出了一項新的人工智慧解決方案，以幫助在設計階段簡化包裝印刷流程並防止出錯。這有助於品牌加快產品上市速度，並減少代價高昂的重印和產品召回。

Looking at 2026, we believe that the durability of the secular drivers across our key end markets will continue to underpin steady demand for our products and services. About 80% of our sales are tied to water, food and essential goods, and about 60% of our revenue is recurring of our recurring revenue, the majority is comprised of consumables that are critical to the daily operations of our customers where the cost of failure is high.

展望 2026 年，我們相信，我們主要終端市場長期驅動因素的持久性將持續支撐對我們產品和服務的穩定需求。我們約 80% 的銷售額與水、食品和必需品有關，約 60% 的收入來自經常性收入，其中大部分是消耗品，這些消耗品對客戶的日常營運至關重要，一旦出現故障，成本很高。

In addition, our large global installed base of instrumentation and equipment drives a reoccurring need for replacement and upgrades each year, further fortifying our sales durability. Given these attributes and continued focus on our strategic growth initiatives, we guided to another year of steady core sales growth in 2026, and our third consecutive year of adjusted operating margin expansion with adjusted EPS growth in the mid- to high single digits.

此外，我們龐大的全球儀器設備裝置量每年都會帶來持續的更換和升級需求，進一步增強了我們銷售的持久性。鑑於這些優勢以及我們對策略成長計畫的持續關注，我們預計 2026 年核心銷售額將再次穩定成長，調整後營業利潤率將連續第三年擴大，調整後每股盈餘將實現中高個位數成長。

In conjunction with reigniting our innovation engine, we are improving the quality of our portfolio with a focus on accelerating our core sales growth rate and creating long-term value. At the outset of 2025, we divested AVT, a slower-growth instrumentation product line within PQI. Meanwhile, our acquisition of TraceGains grew sales by more than 20% in our first full year of ownership.

在重振創新引擎的同時，我們正在提高產品組合的質量，重點是加快核心銷售成長率並創造長期價值。2025 年初，我們剝離了 PQI 旗下成長較慢的儀器產品線 AVT。同時，我們收購 TraceGains 後，在收購後的第一個完整年度，銷售額成長了 20% 以上。

The combination of Esko and TraceGains is helping our CPG customers accelerate time to market for new products and connect digital workflows to drive efficiency. In our Water Quality segment, we acquired AQUAFIDES in the second quarter of last year. AQUAFIDES complements our Trojan UV business by providing low flow UV water treatment solutions through an expanded footprint in Europe.

Esko 和 TraceGains 的合併正在幫助我們的消費品客戶加快新產品上市速度，並連接數位化工作流程以提高效率。在水質業務板塊，我們於去年第二季收購了 AQUAFIDES 公司。AQUAFIDES 透過在歐洲擴大業務範圍，提供低流量紫外線水處理解決方案，從而補充了我們的 Trojan UV 業務。

And just a few weeks ago, we completed the acquisition of In-Situ, expanding our world-class water analytics portfolio in the fast-growing environmental water and hydrology markets. Based in Colorado, In-Situ is a global leader in water measurement and monitoring offering easy-to-use sensors, (inaudible) and data management solutions.

就在幾週前，我們完成了對 In-Situ 的收購，從而擴展了我們在快速增長的環境水和水文市場中的世界一流水分析產品組合。In-Situ 公司總部位於科羅拉多州，是水質測量和監測領域的全球領導者，提供易於使用的感測器、（聽不清楚）和資料管理解決方案。

Its differentiated technologies strengthen our position across the environmental water ecosystem and complements our Ophydromet portfolio. Over the past three years, In-Situ has averaged roughly 8% core sales growth. And in 2025, In-Situ delivered approximately $80 million in sales, with gross margins around 50%, and EBITDA margins in the mid-teens.

其差異化技術增強了我們在整個環境水生態系統中的地位，並完善了我們的水文氣象產品組合。過去三年，In-Situ 的核心銷售額平均成長約 8%。到 2025 年，In-Situ 的銷售額約為 8,000 萬美元，毛利率約為 50%，EBITDA 利潤率約為 15%。

The addition of In-Situ expands our presence in fast-growing environmental water and hydrology markets and enhances our ability to help address freshwater challenges related to increasing water scarcity, severe weather events and water contamination. Greater visibility to the quantity and the quality of surface and groundwater enables municipalities, government agencies and industries to mitigate economic risk and ensure public safety.

In-Situ 的加入擴大了我們在快速增長的環境水和水文市場的份額，並增強了我們幫助解決與日益嚴重的水資源短缺、極端天氣事件和水污染相關的淡水挑戰的能力。提高對地表水和地下水的數量和品質的可見性，使市政當局、政府機構和企業能夠降低經濟風險並確保公共安全。

These customers are increasingly faced with a variety of issues, including not enough water, too much water, water in the wrong places, and changing water composition, which requires different treatment solutions. The combination of In-Situ and (inaudible) products, along with support from our broader water analytics capabilities creates a significant opportunity to help customers efficiently monitor and analyze the quantity and quality of their freshwater sources.

這些客戶日益面臨各種各樣的問題，包括缺水、水過多、水出現在不該出現的地方以及水成分變化等，需要不同的處理方案。In-Situ 和（聽不清楚）產品的結合，以及我們更廣泛的水質分析能力的支持，為幫助客戶高效地監測和分析其淡水資源的數量和品質創造了重要的機會。

We now have a premier environmental Water Analytics portfolio with significant opportunities to accelerate growth through complementary channels, improve efficiency across our global footprint, and deliver greater value for customers and shareholders.

我們現在擁有領先的環境水分析產品組合，透過互補管道加速成長、提高全球業務效率、為客戶和股東創造更大價值，具有巨大的發展機會。

This addition to our portfolio is squarely aligned to our purpose of safeguarding the world's most vital resources, and we are excited to publicly welcome the In-Situ team to Veralto. Going forward, we remain excited about numerous opportunities to create value for shareholders through strategic growth and disciplined capital allocation.

此次收購與我們保護世界最重要資源的宗旨完全一致，我們很高興公開歡迎 In-Situ 團隊加入 Veralto。展望未來，我們仍然對透過策略成長和嚴謹的資本配置為股東創造價值的眾多機會感到興奮。

Our pipeline of acquisition opportunities remains strong for both Water Quality and PQI. That concludes my opening remarks. And at this time, I'll turn the call over to Sameer to provide details on our fourth quarter results and 2026 guidance.

我們針對水質和 PQI 的收購機會儲備依然充足。我的開場白到此結束。接下來，我將把電話交給 Sameer，讓他詳細介紹我們第四季的業績和 2026 年的業績展望。

Thanks, Jennifer, and good morning, everyone. I'll begin with our consolidated results for the fourth quarter. Total sales grew 3.8% on a year-over-year basis to nearly $1.4 billion. Currency was a 250 basis points tailwind year-over-year, and divestitures, net of acquisitions, reduced sales by 30 basis points, primarily reflecting the AVT divestiture. Core sales grew 1.6%.

謝謝你，珍妮弗，大家早安。我先從我們第四季的綜合業績開始。總銷售額年增 3.8%，達到近 14 億美元。匯率年增 250 個基點，而資產剝離（扣除收購）使銷售額減少了 30 個基點，主要反映了 AVT 資產剝離的影響。核心銷售額成長1.6%。

Our core sales growth was primarily driven by price, which increased 2.3% year-over-year. Volumes were down modestly, a function of three fewer shipping days in the fourth quarter of 2025 versus the prior year. This impact was approximately 260 basis points. Underlying demand remains steady in both the segments. Recurring revenue grew mid-single digits year-over-year and comprised 59% of our total sales.

我們的核心銷售成長主要由價格驅動，價格年增 2.3%。銷量略有下降，這是由於 2025 年第四季的出貨天數比去年同期減少了三天。這項影響約為 260 個基點。兩個細分市場的潛在需求均保持穩定。經常性收入年增了中等個位數，佔總銷售額的 59%。

Gross profit increased 3.4% year-over-year to $828 million. Gross profit margin was 59.3%. Adjusted operating profit increased 7% year-over-year, and adjusted operating profit margin improved by 80 basis points to 24.6%. The increase in Q4 profitability was across both our segments, driven by strong operating execution. Looking at EPS for Q4, adjusted earnings per share grew 9% year-over-year to $1.04 per share.

毛利年增 3.4%，達到 8.28 億美元。毛利率為 59.3%。調整後的營業利潤年增 7%，經調整後的營業利益率提高了 80 個基點，達到 24.6%。第四季獲利能力的成長體現在我們兩個業務部門的全面提升，這主要得益於強勁的營運執行力。從第四季每股收益來看，調整後的每股盈餘年增 9%，達到每股 1.04 美元。

In the fourth quarter, we generated free cash flow of $291 million, or 115% conversion of GAAP net income. I'll cover the segment results now, starting with Water Quality. Our Water Quality segment delivered $846 million in total sales, up 4.3% on a year-over-year basis. Currency was a 240 basis points tailwind. The acquisition of Aquafides contributed 50 basis points of growth.

第四季度，我們產生了 2.91 億美元的自由現金流，相當於 GAAP 淨收入的 115%。接下來我將介紹各細分市場的結果，首先是水質部分。我們的水質業務部門總銷售額為 8.46 億美元，年增 4.3%。匯率波動帶來了240個基點的利多。收購 Aquafides 為公司貢獻了 50 個基點的成長。

Core sales grew 1.4% year-over-year, led by price, which increased 1.8%. Volumes decreased modestly due to three fewer shipping days. Underlying demand for our Water Analytics and Water Treatment solutions remained steady year-over-year.

核心銷售額年增 1.4%，主要得益於價格上漲，價格上漲了 1.8%。由於出貨天數減少了三天，銷量略有下降。市場對我們水質分析和水處理解決方案的潛在需求與去年同期相比保持穩定。

Adjusted operating profit increased 5.8% year-over-year to $219 million, and adjusted operating profit margin was 25.9%, up 40 basis points year-over-year. Looking at the full year, our Water Quality team delivered core sales growth of 4.7%, driven largely by volume.

經調整後的營業利益年增 5.8% 至 2.19 億美元，經調整後的營業利益率為 25.9%，較去年同期成長 40 個基點。從全年來看，我們的水質團隊實現了 4.7% 的核心銷售成長，這主要得益於銷售量的成長。

Core sales growth was equally driven by recurring revenue and instrumentation. Adjusted operating profit grew 9.4%, or $74 million, to $858 million. This resulted in 80 basis points of margin improvement. Overall, our Water Quality team executed well in 2025 and delivered outstanding financial performance, setting all-time highs in annual sales and adjusted operating profit. Moving to the next page.

核心銷售成長同樣得益於經常性收入和儀器設備的銷售。調整後的營業利潤成長9.4%，即7,400萬美元，達到8.58億美元。這使得利潤率提高了80個基點。整體而言，我們的水質團隊在 2025 年表現出色，取得了卓越的財務業績，年銷售額和調整後的營業利潤均創歷史新高。進入下一頁。

Total sales in our PQI segment grew 3% year-over-year to $550 million in the fourth quarter. Currency was a 280 basis points tailwind. Net divestitures reduced sales by 1.6% year-over-year. This was primarily due to the AVT divestiture, partially offset by a couple of small technology acquisitions. Core sales grew 1.8%, with price up 3%.

第四季度，我們 PQI 業務部門的總銷售額年增 3%，達到 5.5 億美元。匯率波動帶來了280個基點的利多。淨資產剝離導致銷售額年減 1.6%。這主要是由於 AVT 的剝離，部分被幾項小型技術收購所抵消。核心銷售額成長1.8%，價格上漲3%。

Volume was down 1.2%, primarily due to the three fewer shipping days which had an impact of approximately 260 basis points to volumes on a year-over-year basis. Underlying demand for our PQI products and services remained steady.

銷量下降了 1.2%，主要是由於發貨天數減少了三天，這導致銷量比去年同期下降了約 260 個基點。對我們 PQI 產品和服務的潛在需求保持穩定。

PQI's adjusted operating profit was $146 million for the fourth quarter, up $13 million over the prior year period, resulting in adjusted operating profit margin of 26.5%. This represents a 160 basis points improvement over the prior year period. For the full year, PQI delivered 4.8% core sales growth, an adjusted operating profit margin of 26.5%.

PQI 第四季調整後營業利潤為 1.46 億美元，比上年同期成長 1,300 萬美元，調整後營業利潤率為 26.5%。這比上年同期提高了160個基點。全年來看，PQI 的核心銷售額成長了 4.8%，調整後的營業利潤率為 26.5%。

The full year margin reflects investments in trace gains to drive continued strong double-digit growth, as well as investments made to diversify our regional production.

全年利潤率反映了為推動持續強勁的兩位數成長而對微量元素收益進行的投資，以及為實現區域生產多元化而進行的投資。

Overall, it was a very strong year for our PQI team that delivered all-time highs with nearly $2.2 billion in sales and adjusted operating profit of $578 million. Turning now to our balance sheet and cash flow. In Q4, we generated $311 million of cash from operations. We invested $20 million in capital expenditures.

總體而言，對於我們的 PQI 團隊來說，這是非常強勁的一年，銷售額創歷史新高，接近 22 億美元，調整後營業利潤為 5.78 億美元。現在來看我們的資產負債表和現金流量表。第四季度，我們從經營活動中獲得了 3.11 億美元的現金流。我們在資本支出方面投資了2000萬美元。

Free cash flow was $291 million in the quarter, or 115% conversion of GAAP net income. At the end of the fourth quarter, gross debt was $2.7 billion and cash on hand was $2 billion. Net debt was $642 million resulting in net leverage of 0.5 times. As Jennifer shared, early in the first quarter of 2026, we completed the acquisition of [2Q]. The deal was funded with cash on hand.

本季自由現金流為 2.91 億美元，相當於 GAAP 淨收入的 115%。第四季末，總負債為 27 億美元，手上現金為 20 億美元。淨債務為 6.42 億美元，淨槓桿率為 0.5 倍。正如珍妮佛所說，在2026年第一季初，我們完成了對…的收購。[2Q]。這筆交易是用自有現金支付的。

The cash outflow in Q1 for this acquisition was $427 million, net of cash acquired. Even after this acquisition, we continue to have flexibility in how we deploy capital. To that point, in the fourth quarter, our Board of Directors approved an 18% increase in our quarterly dividend and authorized a $750 million share repurchase program.

第一季此次收購的現金流為 4.27 億美元，扣除收購所得現金後。即使在此次收購之後，我們在資本部署方面仍然擁有很大的靈活性。截至第四季度，我們的董事會批准將季度股息提高 18%，並授權了一項 7.5 億美元的股票回購計畫。

We have an attractive pipeline of opportunities in both Water Quality and PQI. We will remain disciplined in our approach as we continue to deploy capital to create long-term shareholder value.

我們在水質和電力品質改進領域都有極具吸引力的發展機會。我們將繼續秉持嚴謹的態度，並持續投入資金，為股東創造長期價值。

Over the long term, our bias remains to create long-term shareholder value through M&A. Turning now to our guidance for 2026, beginning with our expectations for the full year. We are targeting core sales growth in the low to mid-single-digit range on a year-over-year basis. Total sales growth, including the impact of completed acquisitions and FX, is projected in the mid- to high single-digit range. We are modeling a currency tailwind of 100 basis points to 150 basis points.

從長遠來看，我們仍然傾向於透過併購創造長期股東價值。現在轉向我們對 2026 年的展望，首先是我們對全年的預期。我們的目標是核心銷售額年增率達到個位數低至中等水準。包括已完成收購和匯率影響在內，預計總銷售額成長將達到中高個位數。我們預期匯率將向好100個基點至150個基點。

This assumes that FX rates, as of December 31, prevailed throughout the year. Acquisitions net of divestitures are expected to contribute 150 basis points of growth, primarily from the [In-Situ] acquisition. Moving to adjusted operating profit margin.

假設截至 12 月 31 日的外匯匯率全年維持不變。收購減去剝離預計將貢獻 150 個基點的成長，主要來自對 [In-Situ] 的收購。改為調整後的營業利益率。

We're targeting approximately 25 basis points of year-over-year improvement in 2026. This assumes 50 basis points of margin expansion in our core business, offset by about 25 basis points of dilution from the In-Situ acquisition.

我們的目標是到 2026 年實現同比約 25 個基點的改善。這假設我們的核心業務利潤率成長 50 個基點，但被 In-Situ 收購帶來的約 25 個基點的稀釋所抵銷。

Our adjusted EPS guidance for the full year 2026 is in the range of $4.10 per share to $4.20 per share, or mid- to high single-digit growth over the prior year. We are targeting free cash flow conversion of approximately 100% of GAAP net income.

我們對 2026 年全年的調整後每股收益預期為 4.10 美元至 4.20 美元，比上一年實現中高個位數成長。我們的目標是實現自由現金流轉換率達到GAAP淨利的100%左右。

This assumes CapEx in the range of 1% to 1.5% of sales, and a modest working capital investment to support our growth. Looking now at Q1, on a year-over-year basis, we are targeting core sales growth in the range of flat to up low single digits, and total sales growth, including the impact of completed acquisitions and FX, in the range of mid- to high single digits. Currency translation is expected to be a year-over-year tailwind of approximately 3.5%.

這假設資本支出佔銷售額的 1% 至 1.5%，並投入適度的營運資金以支持我們的成長。現在來看第一季度，按年計算，我們的目標是核心銷售額年增至個位數低段，總銷售額（包括已完成收購和匯率的影響）年增至個位數中段至高段。匯率波動預計將帶來約 3.5% 的同比利好。

And acquisitions net of divestitures are expected to drive about 50 basis points of sales growth. As a reminder, our core sales growth in Q1 2025 was 7.8%, setting up a tough comparison for this year. Our Q1 2026 guidance implies a two year stack of about 4% to 5% core sales growth.

收購減去剝離後，預計將推動銷售額成長約 50 個基點。提醒一下，我們 2025 年第一季的核心銷售成長率為 7.8%，這使得今年的業績比較具有挑戰性。我們 2026 年第一季的業績指引意味著未來兩年核心銷售額將成長約 4% 至 5%。

We are targeting adjusted operating profit margin of approximately 24.5%, and adjusted EPS in the range of $0.97 per share to $1.01 per share. Additional details on the modeling assumptions supporting our full year and Q1 guidance are in the appendix of our earnings presentation.

我們的目標是調整後營業利潤率約為 24.5%，調整後每股收益在 0.97 美元至 1.01 美元之間。有關支持我們全年和第一季度業績指引的建模假設的更多詳細信息，請參閱我們的盈利報告附錄。

That concludes my prepared remarks. At this point, I'll turn the call back over to Jennifer.

我的發言稿到此結束。現在，我將把電話轉回給珍妮佛。

Thanks, Sameer. In summary, we capped off an outstanding 2025 with a strong fourth quarter. Given the essential need for our technology solutions, durable business model and strong secular growth drivers across our end markets, we expect another year of steady core sales growth in 2026.

謝謝你，薩米爾。總而言之，我們以強勁的第四季為精彩的 2025 年畫上了圓滿的句號。鑑於我們技術解決方案的必要性、持久的商業模式以及終端市場強勁的長期成長動力，我們預計 2026 年核心銷售額將持續穩定成長。

And we will continue to leverage the power of the Veralto Enterprise System to drive continuous improvement in support of our customers. Our financial position remains strong, and we will continue to evaluate strategic opportunities within our disciplined capital allocation framework.

我們將繼續利用 Veralto 企業系統的強大功能，不斷改進，從而更好地服務我們的客戶。我們的財務狀況依然穩健，我們將繼續在嚴格的資本配置框架內評估策略機會。

We are proud of the progress we've made on our journey as a young public company, and we are excited about the opportunities in front of us as we continue to build Veralto, and help customers solve some of the world's biggest challenges in delivering clean water, safe food and trusted essential goods. That concludes our prepared remarks. And at this time, we are happy to take your questions.

我們為作為一家年輕的上市公司所取得的進步感到自豪，並對未來發展 Veralto 的機會感到興奮，我們將繼續幫助客戶解決在提供清潔水、安全食品和值得信賴的必需品方面面臨的一些全球最大挑戰。我們的發言稿到此結束。此時此刻，我們很樂意回答您的問題。

(Operator Instructions).

（操作說明）

Deane Dray, RBC Capital Markets.

迪恩德雷，加拿大皇家銀行資本市場。

Since we're at the start of the year, I think it's a good place to get synced with the water sector macro. Just what's your expectations on muni CapEx? And just related, any differences in demand trends from your municipal customers versus the industrial -- broadly industrial, commercial power, electrical, semiconductor and so forth? So just start us there, if you could, please.

既然現在是年初，我認為現在正是了解水務產業宏觀經濟情勢的好時機。您對市政資本支出有何預期？另外，市政客戶和工業客戶（廣義上指工業、商業用電、電氣、半導體等）的需求趨勢是否有差異？如果可以的話，就從這裡開始吧。

Yeah, thanks for the question, Deane. What we see in the water quality markets is really steady demand. And I would say that we see that both across muni and industrial markets. Relative to your CapEx question, we are relatively insulated from fluctuations in CapEx funding cycles.

是的，謝謝你的提問，迪恩。我們在水質市場看到的是穩定的需求。而且我認為，無論是在市政債券市場還是工業債券市場，我們都看到了這種情況。關於您提出的資本支出問題，我們受資本支出資金週期波動的影響相對較小。

As you know, 60% of our business is recurring revenue. We sit in the high end of the value chain where we are integral to the operation of the customer's process.

如您所知，我們業務的 60% 是經常性收入。我們位於價值鏈的高端，是客戶流程運作中不可或缺的一部分。

They can choose not to use us, but the cost of failure, or the risk of failure to them is going to be high. So highly sticky business needed to continue to deliver clean water. And so we feel good about our position there.

他們可以選擇不使用我們，但失敗的代價或風險對他們來說將會很高。因此，需要保持高度黏性的業務才能繼續提供清潔用水。因此，我們對我們在那裡的地位感到滿意。

Relative to the demand between muni and industrial, we see pretty good opportunities on both sides. Every year, we always see some fluctuations in which industrials are up or down. Currently, we're seeing strong read-through here in the industrial markets that really support data centers.

就市政用地和工業用地之間的需求而言，我們認為雙方都有相當不錯的機會。每年我們都會看到一些工業板塊的漲跌出現波動。目前，我們看到工業市場對資料中心的需求得到了強烈的回應。

So data centers themselves, precursors, which would include semiconductor, mining and power as well. So strong growth, as we had mentioned in our prepared remarks relative to those industrials.

因此，資料中心本身及其前身，包括半導體、採礦和電力等行業，也包括在內。正如我們在事先準備好的演講稿中所提到的，這些工業領域實現了強勁成長。

And then on the muni side, government funding continues to flow. So feel good about demand in both cases, and I think we're well set up here in 2026.

此外，市政資金方面，政府撥款仍在持續流入。所以，無論哪種情況，我對需求都感到樂觀，我認為我們已經為 2026 年做好了充分準備。

That's really helpful. And then just a quick follow-up. It's come up in a number of calls across the sector regarding DRAM. Given across both of your businesses and the level of automation, are you seeing any pinches in supply or pricing? And could you size that for us, if you could?

這真的很有幫助。然後還有一個簡短的後續問題。在整個產業關於DRAM的多次電話會議中都提到了這個問題。考慮到貴公司兩家企業的規模和自動化程度，你們是否遇到供應或定價的任何困難？如果可以的話，能否幫我們量一下尺寸？

Yeah, Deane, this is Sameer. I'll take that one. No, our exposure actually in dollar terms is very small to the DRAM side. So as we kind of look at it and size it, we don't expect it to be material at this point.

是的，迪恩，這是薩米爾。我選那個。不，實際上，以美元計，我們在DRAM方面的風險敞口非常小。所以，當我們仔細觀察並評估它的大小後，我們認為它目前還不是實質的。

Thank you.

謝謝。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

So maybe this one is for Sameer. Your guidance of 50 basis points of margin expansion ex In-Situ, which is, I think, right in your incremental margin algorithm. But maybe you could give us a little more color on the puts and takes you're seeing? Because I think (inaudible) be lapping tariff-related headwinds. I think you said in the past by Q2. But Deane asked a question on inflation. It's out there in different areas and there are investments that you're making In-Situ. Is that kind of front-end loaded? Any more color would be helpful.

所以，這或許是給薩米爾的。您建議將邊際收益擴大 50 個基點（不包括 In-Situ），我認為這在您的增量邊際收益演算法中是正確的。或許您可以更詳細地描述一下您觀察到的買進和賣出情況？因為我認為（聽不清楚）會抵銷關稅相關的不利因素。我想你之前在第二季說過。但迪恩問了一個關於通貨膨脹的問題。它分佈在不同的領域，而且你正在進行實地投資。這種前端載入方式常見嗎？如果能多一些顏色就更好了。

Yes, Andy. As you kind of look at the core business, we are guiding towards 50 basis points of margin expansion. A big chunk of that is actually -- pricing is driving it. And as you mentioned, some of the headwinds from the tariff-related friction that we had in 2025. Those things will start rolling off.

是的，安迪。從核心業務來看，我們預期利潤率將提高 50 個基點。很大一部分原因實際上是——價格是主要驅動因素。正如您所提到的，我們在 2025 年遇到了一些與關稅相關的摩擦帶來的不利影響。這些事情會逐漸結束。

We're going to start seeing the impact of that in the second half of 2026 as we kind of look at it and model then. That's really offset by some of the investments that we continue to drive. You heard from Jennifer a little bit earlier about the investments we're making the services that we're trying to expand that part of the business.

我們將在 2026 年下半年開始看到其影響，屆時我們將對此進行觀察和建模。我們持續推進的一些投資確實抵消了這一影響。剛才詹妮弗向你介紹了我們正在進行的投資以及我們正在努力拓展業務的這部分服務。

And also just on the sales side as we continue to increase (inaudible) on the ground as we kind of think about the sales side. So it's really the algorithm for the core business, it's steady as for the long-term value-creation algorithm.

而且在銷售方面，我們也不斷增加（聽不清楚）實際的銷售工作，因為我們也在考慮銷售方面的問題。所以這其實是核心業務的演算法，它作為長期價值創造演算法是穩定的。

So there's no changes over there. We feel pretty confident on that side. In-Situ, a really great acquisition for us as we kind of get through some of the initial costs, especially in the first half of the year to integrate and some of the costs tied to the realization of the synergies. Those are the kind of (inaudible) things that are driving the upfront impact. And on a net year basis, that's going to be 25 basis points.

所以那邊沒有任何變化。我們對此相當有信心。收購 In-Situ 對我們來說是一項非常棒的收購，因為我們正在逐步克服一些初期成本，尤其是在今年上半年進行整合以及與實現協同效應相關的一些成本。這些（聽不清楚）因素正是造成前期影響的原因。以年度淨額計算，這將為 25 個基點。

So those are some of the puts and takes as you kind of think about the margin expansion.

所以，以上就是你在考慮利潤率擴張時需要考慮的一些因素。

Got it. That's helpful. And Jennifer, you mentioned data centers are strong. I know in the past, you said it's still relatively small part of Veralto. But we've seen a wave of data center orders here over the last couple of quarters for a lot of industrial companies.

知道了。那很有幫助。珍妮弗，你提到資料中心很強大。我知道你以前說過，它仍然是維拉爾托相對較小的一部分。但在過去幾個季度裡，我們看到許多工業企業都下了資料中心訂單。

Could we see the data center wave be sort of meaningful for you guys in growth in '26? Or is it still too small? Maybe you could elaborate on sort of your TAM, and sort of, what's going on there for you guys?

我們能否看到資料中心浪潮在 2026 年對你們的成長產生某種意義？還是它還是太小了？或許可以詳細介紹一下你們的TAM（目標市場規模），以及你們那邊的狀況？

Yeah, Andy, we don't size our markets publicly. And I would say that our sales into data centers are still relatively small. We wouldn't expect to see a meaningful contribution this year, although the aggregation of power generation, cooling towers, mining, semiconductor, right? It does start to add up.

是的，安迪，我們不公開揭露市場規模。而且我認為，我們面向資料中心的銷售額仍然相對較小。我們預計今年不會看到實質的貢獻，儘管發電、冷卻水塔、採礦、半導體等行業的聚合，對吧？積少成多，這確實會造成不小的麻煩。

if you kind of include all of the ancillary vertical markets that go with it. But data center specifically, again, small base of business, growing double digits, but not going to be a meaningful contributor to core growth this year.

如果你把所有相關的輔助垂直市場都算進去的話。但具體到資料中心，其業務基數仍然很小，雖然實現了兩位數的成長，但今年不會對核心成長做出實質貢獻。

William Grippin, Barclays.

威廉·格里平，巴克萊銀行。

Thanks, good morning, and I appreciate the time. My first question here is just -- was hoping to drill down into PQI a little bit. And perhaps specifically, what you're seeing in that business as it pertains to this kind of high-protein boom that we're seeing. Could that really start to be a volume driver within PQI? And just any color there would be helpful.

謝謝，早安，謝謝您抽出時間。我的第一個問題是──希望能更深入地了解 PQI。或許更具體地說，你在這個行業中看到的，正是我們所看到的高蛋白食品熱潮。這真的會成為PQI銷售成長的驅動因素嗎？任何顏色都可以。

Yeah. Thanks for the question. Our CPG market tend to be holding up really well. They're stable. We're not seeing any changes in demand patterns, good linearity across the four quarters.

是的。謝謝你的提問。我們的消費品市場整體表現非常良好。它們很穩定。我們沒有看到需求模式發生任何變化，四個季度之間保持了良好的線性成長。

And within that, we've got solid demand across some of our new product innovations. UV laser, we've seen some good interest there.

其中，我們的一些新產品創新也獲得了強勁的需求。我們看到人們對紫外線雷射很感興趣。

Relative to changes in terms of food products and package size and so on. Look, any time changes get made to what is being produced, it's generally a nice pickup for us, right? So the secular drivers around the proliferation of brands, the proliferation of SKUs, changes in package size, even regulatory influences, right?

相對於食品種類、包裝尺寸等方面的變化而言。你看，任何時候產品生產方式改變，對我們來說通常都是個不錯的提昇機會，對吧？所以，推動品牌擴散、SKU擴散、包裝尺寸變化，甚至是監管影響的長期因素，對吧？

Those are all positive drivers for our business there. So we absolutely feel good about changes to packaged foods to support changes in dietary requirements and so on -- so I think on the coding and marking side, that's a volume game for us.

這些都是推動我們當地業務發展的正面因素。因此，我們非常樂意對包裝食品進行改變，以適應飲食需求的變化等等——所以我認為，在編碼和標記方面，這對我們來說是一個數量上的問題。

So the more packages, the more coding and marking equipment and consumables that gets sold into that space. So as far as protein intensive consumer packaged goods goes, I think we're well positioned to capitalize on that.

因此，包裝越多，銷往該領域的編碼和標記設備及耗材就越多。所以就高蛋白消費包裝而言，我認為我們處於有利地位，可以從中獲利。

Got it. I appreciate that. And then just one specifically on geographic performance in 4Q. If we're doing the math right, it looks like Western Europe may have actually been down year-on-year in terms of core growth. Do you have any color or commentary on the drivers there?

知道了。我很感激。然後還有一篇專門針對第四季地域表現的文章。如果我們的計算沒錯，西歐的核心成長可能實際上比去年同期有所下降。你對那裡的車手有什麼看法或評論嗎？

Yes. If you kind of look at Western Europe, really -- well that's driven by the impact of the three days if you start looking on a year-over-year basis. If you recall, we saw pretty solid growth in the Q1 across the regions, especially in the Western Europe as well because we had three excess shipping days.

是的。如果你仔細觀察西歐，你會發現──如果你從同比角度來看，這主要是這三天的影響所造成的。如果你還記得的話，我們在第一季在各個地區都看到了相當穩健的成長，尤其是在西歐，因為我們有三天額外的出貨時間。

That's really kind of driving the year-over-year comp as you can look at Western Europe. There's nothing otherwise on that. So on a full year basis, we feel pretty good if you kind of look at the growth in the Western Europe, really great execution by the team on the water quality and the PQI side.

從西歐的情況來看，這確實在很大程度上推動了同比數據的比較。除此之外，沒有其他資訊了。因此，從全年來看，我們感覺相當不錯，如果你看看西歐的成長情況，團隊在水質和 PQI 方面都執行得非常出色。

Yeah, our recurring revenue business is really what drives that, right? So 60% of the business being recurring revenue is going to have a pretty big impact when you've got days fluctuation. You (inaudible) see that in the first quarter or the fourth quarter last year.

是的，我們的經常性收入業務才是真正推動這一成長的動力，對吧？因此，當業務中 60% 的收入來自經常性收入時，如果出現數天的波動，將會產生相當大的影響。你（聽不清楚）在去年第一季或第四季看到了這一點。

Got it. Appreciate it. Thank you very much.

知道了。謝謝。非常感謝。

John McNulty, BMO Capital Markets.

John McNulty，BMO資本市場。

Yeah. Maybe just digging into the guide a little bit. You're looking for mid- to high single-digit EPS growth. And yet your growth overall on the top line is kind of in line with what you've seen over the last couple of years when you put up double-digit EPS growth.

是的。或許應該稍微研究一下指南。你期望每股收益實現中高個位數成長。然而，你們整體營收成長與過去幾年你們實現兩位數每股收益成長的情況基本一致。

So I guess, is there anything that gives you some pause either in the end markets or on the cost side that has you forecasting EPS growth that's a little bit more modest than what you've seen over the last couple of years?

所以我想問的是，在終端市場或成本方面，是否有任何因素讓您有所顧慮，從而導致您預測的每股收益增長比過去幾年看到的要溫和一些？

Yes, John, thanks for that question. Look, as we kind of look at the guide overall, maybe just, John, start from the top for the P&L, for the core growth perspective we expect to be in the low to mid-single digit as we kind of came out of the year, I think it just makes sense for us to be prudent at -- there's still some moving parts on the macro perspective.

是的，約翰，謝謝你的提問。你看，當我們整體審視這份指南時，約翰，或許我們可以從損益表的頂部開始，就核心增長前景而言，我們預計會達到個位數低到中段的增長率，就像我們今年結束的時候一樣，我認為謹慎行事是合理的——宏觀層面上仍然存在一些不確定因素。

But underlying demands are pretty good and pretty, pretty solid. So we feel pretty confident on the demand side. But as you kind of move further down, we'll have the margin expansion of roughly 25 basis points, including the impact of the In-Situ acquisition that really boils down to EPS growth in the mid- to high single digits.

但潛在需求相當不錯，而且非常穩健。因此，我們對需求方面相當有信心。但隨著你進一步往下看，我們將看到利潤率擴張約 25 個基點，其中包括 In-Situ 收購的影響，這實際上意味著每股盈餘將實現中高個位數的成長。

There's nothing material, John, anything on the cost side. So we'll have the top line growth and margin expansion that's ultimately coming down.

約翰，這在物質方面沒有任何問題，在成本方面也沒有任何問題。所以，我們會看到營收成長和利潤率擴張，但最終這些成長和擴張都會下降。

It's really -- the only other impact I would say on the EPS side is from the In-Situ perspective, it is going to be accretive to the earnings -- operating earnings around $0.02 per share. But there is a $0.04 dilution from the lack of interest income because of the cash being used. So that's kind of baked into the EPS as well. So that's as you do your math.

實際上，就每股收益而言，我唯一要說的其他影響是從原位運營的角度來看，它將增加收益——每股營運收益約為 0.02 美元。但由於使用了現金，導致利息收入減少，造成每股盈餘稀釋 0.04 美元。所以這一點也已經體現在每股收益中了。所以，這就是你進行計算的過程。

Got it. Fair enough. And then just a question on the data center opportunity and the market. I think recently, it became more clear that there is an opportunity for warmer water cooling as opposed to refrigerated water cooling. Can you help us to think about if that changes the game for Veralto at all in terms of how they target and maybe benefit from the data center growth as we look forward?

知道了。很公平。然後，我想問一個關於資料中心機會和市場的問題。我認為最近人們越來越清楚地認識到，與冷凍水冷卻相比，溫水冷卻存在著發展機會。您能否幫助我們思考一下，這是否會對 Veralto 的未來發展方向產生任何影響，例如他們如何瞄準資料中心市場並從中獲益？

This is a great question, John. Liquid cooling tends to increase the need for Veralto solutions because it's really a smaller volume of water focused on high-purity fluids. And these need to be monitored along with ensuring sort of continuous chemical control and monitoring.

約翰，這是一個很好的問題。液冷往往會增加對 Veralto 解決方案的需求，因為它實際上使用的水量較小，而且注重高純度流體。這些都需要監測，同時也要確保持續的化學控制和監測。

So it doesn't really matter in terms of what the temperature of that water is. And even though in these cases where it's a closed-loop system, liquid cooling using less water, it's more valuable.

所以水溫是多少其實不重要。即使在這些閉環系統中，使用更少水的液冷系統也更有價值。

You can think of it as more valuable water, right? So there's precision dosing to prevent corrosion and (inaudible) That supports our ChemTreat business. You've got continuous monitoring of ultra low range organics such as TOC that benefits our (inaudible) business. And then you've got high purity disinfection needs there, which benefits our Trojan business. So we do get this question from time to time, and it's really not a function of the temperature of the water.

你可以把它看作是更珍貴的水，對吧？因此，精準的劑量控制可以防止腐蝕，並且（聽不清楚）這為我們的 ChemTreat 業務提供了支援。你們持續監測超低濃度有機物（如 TOC），這對我們的（聽不清楚）業務有利。而且那裡對高純度消毒劑的需求也很高，這對我們的特洛伊木馬業務有利。所以我們時不時會收到這個問題，而這其實與水的溫度無關。

It's the fact that water is used at all. And the lower the volume of water you use, the higher the need to have precision control over that water to make sure that, that process is running well and not creating problems, and other kinds of quality risks for the data centers themselves. So that's the way to think about it.

關鍵在於水本身被使用了。用水量越少，就越需要對用水進行精確控制，以確保流程運作良好，不會造成問題，也不會對資料中心本身帶來其他品質風險。所以應該這樣思考。

Got it. Thanks very much for the call.

知道了。非常感謝您的來電。

Jacob Levinson, Melius Research.

Jacob Levinson，Melius Research。

Hi, good morning, everyone. Good morning, Jake you folks have done a couple of interesting bolt-on deals the last two years, and I know you've got a new buyback authorization, and the balance sheet is in a pretty nice spot here. But maybe you can just speak to your confidence in, maybe, getting some more deals across the goal line in '26. And any color around just the activity levels that are happening behind the scenes here?

大家早安。早安，傑克，你們在過去兩年裡完成了一些有趣的附加交易，我知道你們獲得了新的回購授權，而且資產負債表目前狀況相當不錯。但或許你可以談談你對在 2026 年達成更多交易的信心。那麼，對於幕後正在進行的活動水平，有什麼看法嗎？

Yeah, thanks for the question, Jake. We feel good about the level of activity we've got right now in our M&A pursuits. We've got full funnels, both on water quality and PQI, and continue to work on a number of different opportunities, which we do believe are actionable.

謝謝你的提問，傑克。我們對目前併購活動的進展感到滿意。我們在水質和 PQI 方面都有充足的資源，並且正在繼續努力尋找許多我們認為可以實施的不同機會。

That said, we've got -- we're going to hold true to our discipline here in terms of making sure that we like the market, that we've got a top-tier asset, and that we can get it at the right valuation.

也就是說，我們將繼續堅持我們的原則，確保我們看好市場，擁有頂級資產，並且能夠以合適的估值獲得它。

We don't always -- there's a lot about that, that we don't control and timing tends to be a little bit episodic. But we are excited about what we have in the funnel.

我們並不總是——這方面有很多我們無法控制的因素，而且時間安排往往有點隨機性。但我們對目前頻道中的內容感到興奮。

I do believe that we will be continuing on our M&A journey this year. And relative to share buybacks, that just gives us another lever here in terms of the way to return value to shareholders, should we see a period here where we're going to be a little bit lighter in M&A. But I would say even with that program in place, it takes nothing away from our ability to transact on our aspirations here relative to M&A.

我相信今年我們將繼續推動併購進程。相對於股票回購而言，這為我們提供了一種新的槓桿，讓我們能夠在併購活動減少的情況下，透過這種方式為股東創造價值。但我認為，即使有了這項計劃，也絲毫不會影響我們在這裡實現併購目標的能力。

Okay. That makes sense. And just another one quickly on In-Situ. It seems like a pretty interesting asset. I'm just trying to get a sense of what the integration plan might look like.

好的。這很有道理。再快速地在原位上做一個。這看起來是一項相當不錯的資產。我只是想了解整合計畫大概會是什麼樣子。

I'd have to imagine it's maybe a bit subscale and a lot of these private assets tend to need some help operationally, or maybe just need to be larger. So maybe you can speak to where the low-hanging fruit is on the biggest opportunities that you see?

我猜想它的規模可能有點小，而且很多這類私人資產在營運上往往需要一些幫助，或者可能只是需要更大的規模。那麼，您能否談談您認為最大的機會中，哪些是最容易實現的呢？

Yes. Great question. We're really excited about the In-Situ acquisition and certainly have plans to realize synergies on both the top line and the bottom line. I would say right out of the gate, we're most excited about the top line synergies, to be honest. We've got a good opportunity to accelerate growth.

是的。問得好。我們對收購 In-Situ 感到非常興奮，並且肯定會制定計劃，在營收和利潤方面實現協同效應。坦白說，我們最興奮的莫過於營收的綜效。我們有很好的機會加速成長。

And as a reminder, In-Situ has grown 8% over the last three or so years. We believe we can get that to low double digits here with the combination of the portfolio. The thing that's so attractive about this is that they are complementary product portfolios. So In-Situ is strong in water quality. So that would be the analytics measurements and environmental water.

另外提醒一下，In-Situ 在過去三年左右的時間裡成長了 8%。我們相信，透過投資組合的組合，我們可以將收益率提高到兩位數以下。最吸引人的一點是，它們的產品組合是互補的。因此，原位法在水質方面具有優勢。所以，以上內容將涉及分析測量和環境水質。

And -- is strong in water quantity, which would be level and flow. And together, the product portfolio really snaps together like lego pieces. So the combined product portfolio is going to give us strength going for complementary channels, right? In-Situ is predominantly a North American company, and so we've got the opportunity to leverage channels outside the U.S. including Europe, Latin America and Asia.

而且──水量充沛，水位和流量都很大。總的來說，這些產品組合就像樂高積木一樣完美契合。所以，合併後的產品組合將使我們在拓展互補通路方面更具優勢，對嗎？In-Situ 主要是一家北美公司，因此我們有機會利用美國以外的管道，包括歐洲、拉丁美洲和亞洲。

And then certainly, to your point, Jake, they're going to benefit from the VES tools, whether that's those being deployed on the factory floor for improved operating efficiency, or those deployed for our commercial efforts and helping them really grow faster.

當然，正如你所說，傑克，他們將從 VES 工具中受益，無論是部署在工廠車間以提高營運效率的工具，還是部署在我們商業活動中並幫助他們真正更快地發展的工具。

We're going to also look to the cost synergy side of things. We will move in parallel with our top line synergy activity here, and these would fall into things that you typically expect.

我們還要考慮成本綜效方面的問題。我們將與我們目前的協同效應活動同步進行，這些活動將屬於您通常所預期的範疇。

So VES on the factory floor, improving operating efficiency, we're going to have opportunities to leverage global supply chain and our procurement teams through purchase price variance and in-sourcing activities, and then just globalizing or optimizing the global resources.

因此，透過工廠車間的 VES（可變效率系統），提高營運效率，我們將有機會透過採購價格差異和內部採購活動來利用全球供應鏈和我們的採購團隊，然後實現全球資源的全球化或最佳化。

So a number of things there the teams will be busy and running at breakneck pace, but I think we're really excited about the possibilities here.

所以，團隊會非常忙碌，以驚人的速度推進很多事情，但我認為我們對這裡的可能性感到非常興奮。

It's a great color, Jennifer. Thank you. I'll pass it on.

珍妮弗，這個顏色真好看。謝謝。我會轉達的。

Ryan Connors, Northcoast Research.

Ryan Connors，北海岸研究公司。

Morning. Thanks for taking my question.

早晨。謝謝您回答我的問題。

I wanted to talk a little bit about the water segment. It seems like the growth has been there generally. Obviously, you've got some great secular themes behind that, but it does seem like the growth has been more price driven and that the volume growth has been a little more tepid. So can you just unpack for us what's it going to take in your mind to kind of unlock the volume growth in water, given that you do have such compelling big picture themes behind it?

我想稍微談談水資源部分。總體而言，成長似乎一直都在。顯然，這背後有一些很棒的長期趨勢，但看起來成長更多是價格驅動的，而銷量成長則相對溫和一些。那麼，鑑於您背後有如此引人注目的宏觀主題，您能否為我們闡述一下，在您看來，要釋放水資源增長的潛力需要哪些條件？

Ryan, this is Sameer. Yes, as you kind of look at the water side, you're absolutely right. We feel -- really excited about the opportunity that's in front of us. The steady demand drivers, both in the muni and the industrial side continue. Overall, if you're going to unpack between industrial and the muni side, the muni side, actually, we have been doing really well.

瑞恩，這是薩米爾。是的，當你從水邊往下看時，你的說法完全正確。我們感到非常興奮，因為擺在我們面前的機會真的太棒了。市政和工業領域的需求驅動因素持續穩定。總的來說，如果要區分工業和公共交通方面，實際上，公共交通方面我們做得非常好。

You noted some of those things on the pricing side, but the underlying volumes have been pretty good as well. Industrial side, I would say it's -- when you start looking at things like the data center ecosystem, as Jennifer said earlier, I mean, those kind of industries, be it semiconductor on the power, all the ancillary systems around the data centers.

您提到了價格方面的一些問題，但實際銷售量也相當不錯。就工業方面而言，我想說的是——當你開始關注數據中心生態系統之類的東西時，就像詹妮弗之前說的那樣，我的意思是，這類行業，無論是半導體還是電力，以及數據中心周圍的所有輔助系統。

They are kind of helping us drive the volume as well. As you kind of look at our filings, you'll see a little bit of commentary around the chemical treatment side, which is the ChemTreat and the UV side. Those businesses are growing sort of solidly in the mid-single to mid-single-digit-plus kind of a range.

他們也在某種程度上幫助我們提升了銷售量。當你查看我們的文件時，你會看到一些關於化學處理的評論，包括 ChemTreat 和 UV 處理。這些企業的成長率相當穩定，介於個位數中段到個位數中段以上之間。

And the muni business is a little slower grower, but it's a steady rock solid, as you know, given the stickiness of that business in the market. So overall, as you're going to start look long term, Ryan -- in a really, really solid place. Now 2025, just with a three day dynamic that move between Q1 and Q4 has made the numbers look a little. But otherwise, if you look on a full year basis, be doing really well. Full year basis, volume -- Water Quality was up more than 3%.

市政債券業務成長速度稍慢，但正如你所知，由於該業務在市場上的黏性，它非常穩定可靠。所以總的來說，Ryan，當你開始著眼長遠時——你現在的位置非常非常穩固。現在，2025 年，僅僅因為第一季和第四季之間三天的變動，數字看起來就有點…但從全年來看，表現確實非常出色。全年來看，水量－水質成長超過 3%。

Yeah, okay. And then switching gears over to PQI. Also some great big picture themes there, especially with the combination now of Esko and TraceGains. But can you talk about how exactly you monetize that demand?

好的。然後轉而討論 PQI。此外，還有一些很棒的大局主題，特別是現在 Esko 和 TraceGains 的合併。但您能否具體談談您是如何將這種需求轉化為收益的？

Is it more subscriber licenses and existing accounts? Is it adding new accounts? Is it higher pricing for existing users? Just curious if you can give us some more color on better understanding how you actually convert that demand into revenue and earnings?

是更多使用者授權還是現有帳戶？它是否在添加新帳戶？現有用戶的價格會更高嗎？我很好奇您能否更詳細地介紹一下您是如何將需求轉化為收入和利潤的？

Yes. So our Esko and TraceGains businesses together are growing really well in the software space. As you mentioned, on the back of some secular growth drivers relative to digitized workflows across food and beverage and things to that effect. These are SaaS-based businesses, right? So we've got recurring revenue in terms of the mechanics behind how revenue is recognized there.

是的。因此，我們的 Esko 和 TraceGains 兩家公司在軟體領域發展得非常順利。正如您所提到的，這得益於食品飲料行業數位化工作流程等一些長期成長驅動因素。這些都是基於SaaS的企業，對嗎？所以，從收入確認機制的角度來看，我們已經有了經常性收入。

I would say one of the things that was so attractive about TraceGains is that they had a leading position in mid-market brands. Esko largely has the enterprise brands. And so the cross-pollination of the two allows the TraceGains channel to bring Esko into mid-market, and the Esko channel to bring TraceGains into enterprise accounts. So there is a fair number of new accounts, new business that we see there, and it's the fastest-growing sector is mid-market. But we also see product expansion happening.

我認為 TraceGains 最吸引人的地方之一在於，他們在中端市場品牌中佔據領先地位。Esko 主要擁有企業級品牌。因此，兩者的交叉融合使得 TraceGains 通路能夠將 Esko 帶入中端市場，而 Esko 通路能夠將 TraceGains 帶入企業客戶。因此，我們看到有相當多的新客戶和新業務，而成長最快的領域是中端市場。但我們也看到產品擴張的趨勢。

So web center go is kind of the backbone of Esko. We've now integrated the TraceGains AI offering into that backbone through a product called Comply AI that allows for automated AI verification of copied print packaged goods. And as we mentioned in the prepared remarks, helps reduce errors, transcription errors, costly product recalls and so on. So it's both menu expansion and its new customers.

所以 Web Center Go 可以說是 Esko 的支柱。我們現在已將 TraceGains AI 產品整合到該核心系統中，並透過名為 Comply AI 的產品實現了複製印刷包裝商品的自動 AI 驗證。正如我們在準備好的演講稿中提到的那樣，這有助於減少錯誤、轉錄錯誤、代價高昂的產品召回等等。所以，這既是菜單的擴展，也是新客戶的加入。

Got it. Thanks for your time.

知道了。感謝您抽出時間。

Nathan Jones, Stifel.

Nathan Jones，Stifel。

Good morning everyone. I guess I'll start with a fairly basic question out of the guidance. The low to mid-single digits a pretty wide range. Can you talk about what would get you to the low end of that range, what would get you to the high end of that range? And then the 50 basis points core margin expansion, would that change if you were at the low end, or at the high end, but can you do 50 basis points on low single-digit growth, and maybe you get a little bit better than that if you get to mid-single-digit growth? Just any color you could give us on the width of that range?

大家早安。我想先問一個比較基礎的問題，這個問題是出自指導原則。低個位數到中個位數，範圍相當廣泛。你能說說什麼情況下你會達到這個範圍的下限，什麼情況下你會達到這個範圍的上限嗎？那麼，核心利潤率擴張 50 個基點，如果成長率處於低端或高端，情況會有所不同嗎？如果成長率只有個位數，你能做到 50 個基點的擴張嗎？如果成長率達到個位數中段，情況可能會更好一些。您能提供該範圍內任一種顏色嗎？

Yeah. Nathan, thanks for that question. As you kind of look at the top line from a core growth perspective, low single-digit to mid-single-digit range, really -- as we kind of come out of the year, the demand underlying patents are pretty good, frankly, Q1 out of the gate, the order patents are looking pretty good as well. So we feel pretty good about the business. But there's still things on the macro side, you always have to keep an eye on and it's just the beginning of the year.

是的。內森，謝謝你的提問。從核心成長的角度來看，營收成長率在個位數低段到個位數中段之間——坦白說，隨著年末的臨近，專利需求相當不錯，第一季開局良好，專利訂單情況也相當不錯。所以我們對公司業務感覺相當不錯。但宏觀層面上仍然有一些事情需要關注，而且現在才剛開始。

So we just wanted to have a guide that's a little prudent and a little judicious at this time. Overall, we feel pretty good about the business. As it kind of pertains to its impact on the margin side, you're absolutely right.

所以，我們只是想在這個時候找一個稍微謹慎一點、稍微明智的指南。整體而言，我們對公司業務感覺相當不錯。就其對利潤率的影響而言，你的說法完全正確。

Given the fall-through and the leverage you would expect on the system as we kind of move up, that should help us. But we do have flexibility to modulate on the cost side as well, right, depending on whether we are trending on the low side or the high side.

考慮到失敗以及我們向上發展時對系統所預期的槓桿作用，這應該對我們有所幫助。但我們也有調整成本的彈性，對吧，這取決於成本趨勢是低還是偏高。

So I think it's good at this point to model in 20 basis points on the core side, but more to come as we kind of give the Q1 guide.

所以我認為目前在核心業務方面加入 20 個基點是合適的，但隨著我們發布第一季業績指引，後續還會有更多調整。

Then I guess my follow-up question on supply chain moves and some of the regionalization of footprint, Jennifer, that you talked about in your opening comments. Maybe a little bit more color around what's been done there?

那麼，珍妮弗，我想就您在開場白中提到的供應鏈變動和業務區域化問題提出一個後續問題。或許可以為那裡已經完成的工作增添一些色彩？

I know some of that was kind of a tariff avoidance kind of things, so might be okay regardless of tariffs. Is there incremental profitability that drops through from that, that contributes to the margin expansion and that maybe offset some price that maybe you don't take? Or just how you're thinking about your ability to keep that improvement in cost?

我知道其中一些行為是為了規避關稅，所以即使沒有關稅，可能也沒關係。是否有由此產生的增量利潤，有助於擴大利潤率，並可能抵消一些您可能不願接受的價格？或者，您是如何考慮在成本方面保持這種改進的？

Yeah. I mean, principally, we initiated regionalization of our manufacturing lines and sort of regionalize our supply chain to certainly deal with the tariff environment that we are facing last year. As a reminder, these are all no regret moves because we're effectively a light assembly house, right? There's no big capital monuments to replicate or move. And so fairly straightforward to up these lines and move them within a six to nine month kind of time frame.

是的。我的意思是，主要來說，我們去年啟動了生產線的區域化和供應鏈的區域化，以應對我們面臨的關稅環境。提醒一下，這些都是不會後悔的舉動，因為我們實際上是一家輕型組裝廠，對吧？這裡沒有需要複製或搬遷的大型地標。因此，升級這些生產線並在六到九個月的時間範圍內完成搬遷是相當簡單的。

And so far as what kinds of moves happened, our Videojet business had a fairly large China manufacturing footprint. We've diversified that footprint into the U.K. into Europe. We derisked our Trojan business in Canada by adding footprint into an existing -- or expanding footprint in an existing location here in the U.S. We've had some (inaudible) product lines that have been diversified as well.

至於發生了哪些類型的變動，我們的Videojet業務在中國擁有相當大的生產規模。我們已將業務拓展至英國和歐洲。我們透過在美國現有地點增加業務或擴大業務規模，降低了我們在加拿大的 Trojan 業務風險。我們也進行了一些（聽不清楚）產品線的多元化發展。

So all told, they were close to a dozen line moves there to really get a setup for any kind of trade environment that we would be facing going forward that would be more restrictive given sort of the geopolitical dynamics.

綜上所述，他們進行了近十幾次線路調整，以便為我們未來可能面臨的任何更嚴格的貿易環境做好準備，考慮到地緣政治動態，這種貿易環境可能會更加受限。

The things that we're working through now here are to make sure that we're not encountering any absorption issues, right? We got to make sure that those new line moves are up and running to full capacity and that we're operating efficiently there.

我們現在正在努力解決的問題是為了確保不會遇到任何吸收方面的問題，對吧？我們必須確保這些新生產線投入滿載運轉，並且有效運作。

So there's a little bit more work to do there. But again, these are no regret moves. And to the extent that trade relationships continue to change, we just had one yesterday between the U.S.

所以這方面還有一些工作要做。但再次強調，這些都是不後悔的舉動。而且，隨著貿易關係的不斷變化，昨天美國就經歷了一次貿易關係的變化。

and India with -- that became favorable for us, right? So we're going to continue to be flexible and nimble and agile in how we approach the geopolitical tariff trade environment. And I think VES does a great job of serving us well here.

還有印度——這對我們來說就有利了，對吧？因此，我們將繼續保持靈活、敏捷和靈活的方式來應對地緣政治關稅貿易環境。我認為VES在這裡為我們提供了非常優質的服務。

Thanks for taking the.

謝謝你抽出時間。

Brad Hewitt, Wolfe Research.

Brad Hewitt，Wolfe Research。

Just curious in terms of what you're assuming for the price contribution to growth in 2026, both consolidated and by segment? And how much of that is carryover versus incremental pricing?

我很好奇，您預計2026年價格對成長的貢獻是多少，包括整體成長和各細分市場的成長？其中有多少是原有價格變動，又有多少是增量價格變動？

Yes. Thanks, Brad, for that. Yes, if you're going to look at the pricing that we have modeled into the guidance in 2026, historical range is 100 basis points to 200 basis points. You should expect us to be towards the high end of the range this year.

是的。謝謝你，布拉德。是的，如果你看一下我們在 2026 年指導方針中建模的定價，歷史範圍是 100 個基點到 200 個基點。今年我們的價格應該會處於較高水準。

Part of it is carryover, as you said, from the pricing actions that we initiated, but we are implementing price increases on top of that as well, just as part of regular cadence. So that will put us closer to 200 basis points range.

正如你所說，部分原因是我們之前採取的價格措施的延續，但除此之外，我們還會按照常規節奏進一步提高價格。這樣一來，我們的目標價位就更接近200個基點了。

Okay. Great. And then as we think about organic growth phasing throughout the year, is it fair to assume organic growth accelerates each quarter through the year and then Q4 given the easy comp you're kind of comfortably in the mid-single digit --?

好的。偉大的。然後，當我們考慮全年有機成長的階段性變化時，是否可以合理地假設有機成長在每個季度都會加速，並且考慮到第四季度基數較低，第四季度預計將達到個位數中段的成長率？——？

Thank you. Absolutely, Brad. As you're going to think about this thing. Interesting thing is that you're going to look at the sequential sort of buildup of the revenue throughout the quarter, it's pretty much in line with the historical averages, right? 24% of the total revenue in Q1 that -- if you look at overall just because of the three day impact, the comps will be a little bit of a headwind in the first half of the year, but they become favorable in the second half from that three day math. But otherwise, underlying demand patterns, there's no changes.

謝謝。當然，布拉德。在你思考這件事的時候。有趣的是，如果你觀察整個季度收入的連續增長情況，你會發現它與歷史平均水平基本一致，對吧？第一季總收入的 24%——如果僅從整體來看，由於三天的影響，上半年的同店銷售額將略微不利，但從這三天的計算來看，下半年的情況會變得有利。但除此之外，潛在的需求模式並沒有改變。

Thanks Brad, this is Ryan Taylor. We appreciate everybody joining the call today. We appreciate you sticking with us a little bit past the bottom of the hour here. As usual, I'll be around for follow-up questions over the next days and weeks. Should you have any just reach out to me. And thanks again for joining our fourth quarter call.

謝謝布拉德，我是瑞恩泰勒。感謝今天所有參加電話會議的人。感謝您在整點之後仍然陪伴我們。像往常一樣，接下來的幾天和幾周里，我會隨時解答後續問題。如有任何問題，請隨時與我聯繫。再次感謝您參加我們的第四季電話會議。

Thank you. This brings us to the end of Veralto's Corporation's Fourth Quarter 2025 Conference Call. We appreciate your time and participation. You may now disconnect.

謝謝。至此，Veralto 公司 2025 年第四季電話會議結束。感謝您抽空參與。您現在可以斷開連線了。