美國西屋制動公司 (WAB) 2025 Q4 法說會逐字稿

Good morning, everyone and welcome to the Wabtec fourth quarter 2025 earnings conference call. (Operator Instructions) Please also note today's event is being recorded.

各位早安，歡迎參加 Wabtec 2025 年第四季財報電話會議。(接線員指示) 也請注意，今天的活動將被錄音。

At this time, I'd like to turn the floor over to Kyra Yates, Vice President of Investor Relations. Please go ahead.

此刻，我想把會議交給投資人關係副總裁 Kyra Yates。請開始。

Thank you, operator. Good morning, everyone, and welcome to Wabtech's fourth quarter 2025 earnings call. With us today are President and CEO, Rafael Santana; CFO, John Olin; and Senior Vice President of Finance, John Mastalerz. Today's slide presentation, along with our earnings release and financial disclosures were posted to our website earlier today and can be accessed on the Investor Relations tab.

謝謝，接線員。各位早安，歡迎參加 Wabtec 2025 年第四季財報電話會議。今天與會者包括總裁暨執行長 Rafael Santana、財務長 John Olin，以及財務資深副總裁 John Mastalerz。今天的簡報投影片、以及我們的財報新聞稿與財務揭露已於今日稍早發布於公司網站，並可在「投資人關係」分頁中取得。

Some statements we are making are forward-looking and based on our best view of the world and our business today. For more detailed risks, uncertainties, and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and presentation. We will also discuss non-GAAP financial metrics and encourage you to read our disclosures and reconciliation tables carefully as you consider these metrics.

我們所做的部分陳述屬於前瞻性陳述，係基於我們對當前世界情勢與公司業務的最佳判斷。關於與前瞻性陳述相關的更詳細風險、不確定性與假設，請參閱我們財報新聞稿與簡報中的揭露內容。我們也將討論非 GAAP 財務衡量指標，並建議您在考量這些指標時，仔細閱讀我們的揭露與調節表。

I will now turn the call over to Rafael.

接下來我把電話交給 Rafael。

Thanks, Kyra, and good morning, everyone. Before John and I get into the details of the fourth quarter, I'd like to take a moment to reflect on our performance over the past year and share my thoughts on the year ahead. 2025 was another outstanding year reflecting the strength and resilience of our business model and our ability to execute in dynamic markets.

謝謝你，Kyra，各位早安。在 John 和我進入第四季細節之前，我想先花一點時間回顧我們過去一年的表現，並分享我對未來一年的看法。2025 年是又一個傑出的一年，反映出我們商業模式的強健與韌性，以及我們在動態市場中執行的能力。

We delivered top line growth of 7.5% and grew adjusted EPS by nearly 19%. We accomplished all of that while converting a record orders pipeline into a very strong multiyear backlog. As we move into 2026, our orders, backlog and pipeline momentum remained very strong, supported by growing demand. We also advanced our strategic priorities through acquisitions and integration initiatives, unlocking synergies and driving operational efficiencies.

我們實現營收成長 7.5%，調整後 EPS 成長近 19%。同時，我們也將創紀錄的訂單管線轉化為非常強勁的多年期積壓訂單。進入 2026 年，我們的訂單、積壓訂單與管線動能仍然非常強勁，並受到需求成長的支撐。我們也透過併購與整合計畫推進策略優先事項，釋放綜效並提升營運效率。

To these ends, we are very pleased with the businesses that we acquired in 2025, the teams that came with these businesses and the strong financial results that we have seen from day 1 of our ownership. Additionally, our efforts on integration, cost management and simplification continue to exceed our expectations. As we exit 2025, the underlying momentum of our business gives us the confidence in delivering another strong cycle.

就此而言，我們對 2025 年所收購的業務、隨之加入的團隊，以及自我們接手第一天起所看到的強勁財務成果感到非常滿意。此外，我們在整合、成本管理與簡化方面的努力持續超出預期。在 2025 年結束之際，業務的內在動能讓我們有信心再度交出強勁的景氣循環表現。

We expect 2026 to mark our sixth consecutive year of mid- to high-teen adjusted EPS growth, positioning us to drive very significant long-term value creation. Finally, our financial position remains strong. We continue to execute against our capital allocation framework to maximize shareholder value by investing for future growth and returning value to our shareholders.

我們預期 2026 年將是我們連續第六年實現中到高十位數的調整後 EPS 成長，使我們得以創造非常可觀的長期價值。最後，我們的財務狀況依然穩健。我們持續依循資本配置框架執行，透過投資未來成長並回饋股東，以最大化股東價值。

And as a result of our performance in 2025 and our confidence in the future, our Board of Directors has increased our dividend by 24% and has increased our share buyback authorization to $1.2 billion. This is the strongest position our company has been in, and we're both confident and determined about the years ahead.

基於我們 2025 年的表現以及對未來的信心，董事會已將股利提高 24%，並將庫藏股回購授權提高至 12 億美元。公司正處於史上最強的定位，我們對未來幾年既有信心也充滿決心。

Let's move to slide 5 to discuss our fourth quarter results. I'll start with an update on our business, my perspectives on the quarter and progress against our long-term value creation framework, and then John will cover the financials.

請翻到第 5 頁投影片，討論我們第四季的業績。我將先更新業務狀況、分享我對本季的觀點以及我們在長期價值創造框架下的進展，接著 John 會說明財務表現。

We delivered another strong quarter. Sales were $3 billion, which was up 15% and adjusted EPS was up 25% from the year ago quarter. Total cash flow from operations for the quarter was $992 million, representing a very strong cash conversion.

我們再度交出強勁的一季。營收為 30 億美元，年增 15%；調整後 EPS 較去年同期成長 25%。本季營運活動現金流合計為 9.92 億美元，代表非常強勁的現金轉換。

The 12-month backlog closed the year at $8.2 billion, up 7% from the prior year, while the multiyear backlog surpassed $27 billion, up 23%. This backlog results will drive our continued revenue and earnings momentum and provides us strong visibility and revenue coverage in 2026.

12 個月積壓訂單在年底達到 82 億美元，較前一年成長 7%；多年期積壓訂單則突破 270 億美元，成長 23%。這些積壓訂單成果將推動我們持續的營收與獲利動能，並為 2026 年提供高度能見度與營收覆蓋。

Shifting our focus to slide 6. Let's talk about 2025 end market expectations in more details. While key metrics across our freight markets remain mixed, we are very encouraged by the overall strength of our business, the momentum we are seeing in international markets and the continuing pipeline of opportunities across geographies.

接著把焦點轉到第 6 頁投影片。我們更詳細談談 2025 年終端市場的展望。雖然我們貨運市場的關鍵指標仍呈現分歧，但我們對整體業務的強勁表現、國際市場的動能，以及跨地區持續湧現的機會管線感到非常振奮。

In North America, carload traffic was flat in the quarter, which resulted in fewer active locomotives. However, the locomotives that were in service operated at a higher intensity compared to last year demonstrating the critical role our technology and solutions play in driving efficiency for our customers.

在北美，本季車皮裝載量（carload traffic）持平，導致投入運行的機車數量較少。然而，實際在役的機車相較去年以更高強度運行，顯示我們的技術與解決方案在協助客戶提升效率方面扮演關鍵角色。

Internationally, carloads continue to grow at a robust pace across core markets such as Latin America, Africa, India and Asia, significant investments to expand and upgrade infrastructure are supporting our international orders pipeline.

在國際市場方面，拉丁美洲、非洲、印度與亞洲等核心市場的車皮裝載量持續以強勁速度成長；用於擴建與升級基礎建設的重大投資，正支撐我們的國際訂單管線。

Looking at the North America rail car build. As discussed last quarter, demand for new rail cars was down compared to the prior year and landed at approximately 31,000 cars for 2025. The industry outlook for '26 is expected to be 24,000 cars, down another 22% versus 2025.

再看北美鐵路貨車的新造量。如同上季所述，新貨車需求較前一年下滑，2025 年約為 31,000 輛。產業對 2026 年的展望預計為 24,000 輛，較 2025 年再下降 22%。

Finally, moving to the transit sector. We continue to see underlying indicators for growth. Ridership levels are rising in key markets such as Europe and India, and we are seeing high backlogs at car builders alongside increased public investment for fleet expansion and renewals. Next, let's turn to slide 7 to discuss a few business highlights.

最後，轉到大眾運輸（transit）領域。我們持續看到成長的基本指標。歐洲與印度等主要市場的載客量正在上升；同時，車輛製造商的積壓訂單維持高檔，且公共部門對車隊擴充與汰舊換新的投資增加。接下來請看第 7 頁投影片，討論幾項業務亮點。

This quarter, we converted more than $2 billion of pipeline into new locomotive and modernization orders for North American customers, an important milestone that reflects our customers' long-term commitment to invest in their fleets and further strengthen what is now in our largest multiyear backlog for North America.

本季，我們將超過 20 億美元的管線轉化為北美客戶的新機車與現代化改造訂單；這是一個重要里程碑，反映客戶長期承諾投資其車隊，並進一步強化目前已成為我們北美最大多年期積壓訂單的規模。

We are seeing some customers capitalize on strong fleet investment returns. This is not just about upgrading assets. It is about improving service levels for their customers, lowering total cost of ownership, reducing obsolescence and positioning fleets for the next generation of technology-enabled operations focused on safety, reliability and availability. We expect orders to follow this trend, reinforcing the long-term demand for Wabtec's innovative solutions.

我們看到部分客戶正把握車隊投資的強勁報酬。這不僅是資產升級。更是為其客戶提升服務水準、降低總持有成本、減少汰舊風險，並讓車隊為下一代以科技賦能、聚焦安全、可靠性與可用性的營運做好準備。我們預期訂單將延續此趨勢，進一步鞏固市場對 Wabtec 創新解決方案的長期需求。

Moving to digital. We secured $75 million in orders for PTC and kinetics in key international markets, such as Brazil and Kazakhstan. Also in the quarter, we delivered the first battery electric heavy haul locomotives to BHP, an important milestone for Wabtec in the industry.

再看數位業務。我們在巴西、哈薩克等關鍵國際市場，取得 PTC 與 kinetics 相關訂單 7,500 萬美元。此外，本季我們向 BHP 交付首批電池電動重載機車，這是 Wabtec 與產業的重要里程碑。

These locomotives are engineered to perform in one of the world's most demanding environments, leveraging advanced energy management technology, including regenerative braking to maximize efficiency and significantly reduce emissions. Together with BHP, we are demonstrating how cutting-edge solutions can help meet operational needs, while advancing sustainability efforts.

這些機車的設計可在全球最嚴苛的環境之一運行，並運用先進的能源管理技術（包括再生煞車）以最大化效率並大幅降低排放。我們與 BHP 攜手示範，最先進的解決方案如何在滿足營運需求的同時，推進永續發展工作。

And finally, I'm excited to bring Frauscher Sensor Technologies into Wabtec, following the closing of that acquisition at the beginning of December. This business is a market leader in train detection, wayside object control solutions and axle accounting systems.

最後，我很高興在 12 月初完成收購後，將 Frauscher Sensor Technologies 納入 Wabtec。該業務是列車偵測、路旁物件控制解決方案與軸計數系統的市場領導者。

In addition, we are pleased to share that we closed on the acquisition of Dellner Couplers yesterday. This acquisition will further strengthen our position in critical rail technologies. With that, I'd like to welcome both the future Frauscher and Dellner employees to Wabtec.

此外，我們也很高興分享，我們已於昨日完成對 Dellner Couplers 的收購。此項收購將進一步強化我們在關鍵鐵路技術領域的地位。在此，我也要歡迎未來的 Frauscher 與 Dellner 同仁加入 Wabtec。

All of this demonstrates the underlying strength across our businesses and a strong pipeline of opportunities, which we continue to execute on. Moving to slide 8. I want to briefly discuss how we are positioned to deliver strong and sustainable results.

以上種種都展現我們各項業務的內在實力，以及強勁的機會管線，而我們也持續落實執行。接著請看第 8 頁投影片。我想簡要說明我們如何具備交付強勁且可持續成果的有利定位。

Over the past five years, Wabtec has built a track record of navigating challenging markets, geopolitical uncertainty, hyperinflation, tariffs and other significant disruptions and 2025 with no exception. Our success is driven by a highly committed management team and industry-leading technologies, allowing us to remain resilient and relevant to our customers and our stakeholders.

在過去五年中，Wabtec 已建立起在充滿挑戰的市場、地緣政治不確定性、惡性通膨、關稅及其他重大干擾下仍能應對自如的良好紀錄，而 2025 年也不例外。我們的成功來自一支高度投入的管理團隊與業界領先的技術，使我們能保持韌性，並持續對客戶與利害關係人具備重要性。

Our 12-month backlog of $8.2 billion provides visibility and support for growth. This backlog has consistently grown over the past five years even amid a relatively flat North American rail market and a volatile macro economy. Thanks to the innovation and the high level of recurring revenues that are our products generate.

我們 12 個月的訂單積壓達 82 億美元，為成長提供能見度與支撐。即使北美鐵路市場相對持平且總體經濟波動，這一訂單積壓在過去五年仍持續成長。這要歸功於創新，以及我們產品所帶來的高比例經常性收入。

Our ability to expand operating margins across the business reflects disciplined execution. And finally, we have also demonstrated our ability to consistently generate strong cash flows with cash conversion averaging 99% over the last six years.

我們在全公司範圍內擴大營業利潤率的能力，反映出嚴謹且有紀律的執行。最後，我們也展現了持續產生強勁現金流的能力，過去六年的現金轉換率平均達 99%。

Looking ahead, we are confident that our execution, combined with the strength of our business, and leading technologies will result in Wabtec being resilient through the economic cycles, delivering profitable growth and driving superior shareholder returns.

展望未來，我們有信心，憑藉我們的執行力、業務實力與領先技術的結合，Wabtec 將能在經濟循環中保持韌性，實現獲利性成長，並推動優異的股東報酬。

Turning to slide 9. Before turning it over to John, I want to highlight the significant fleet renewal opportunity that remains in North America. Fleet renewal is not discretionary. It is a critical lever our customers have to improve operating ratios, enhance service for their customers and strengthen their overall competitiveness.

接著看第 9 張投影片。在交棒給 John 之前，我想強調北美仍存在顯著的車隊汰舊換新機會。車隊更新並非可有可無。這是客戶用以改善營運比率、提升其客戶的服務水準並強化整體競爭力的一項關鍵槓桿。

As I mentioned last quarter, North America railroads are still operating an aged fleet. Today, more than 25% of active locomotives are over 20 years old and 25% still run on DC technology. This aging fleet creates a compelling case for continued modernization as locomotives age, failure rates and maintenance cost rise, making modernizations a highly attractive return on our customers' investment.

如我在上季所提，北美鐵路公司仍在運行一支老舊車隊。目前，超過 25% 的在役機車車齡超過 20 年，且仍有 25% 使用直流（DC）技術。隨著機車老化，故障率與維修成本上升，這支老化車隊使持續現代化的理由更具說服力，也讓現代化改造對客戶投資報酬而言極具吸引力。

We have also noted the operational advantages of AC technology. For every 3 DC locomotives, customers can replace them with approximately QAC units, enabling Class 1s to reduce fleet sizes while reimproving productivity and reliability. This helps address obsolescence, reduces maintenance costs and enhance its service levels, all while providing our customers with impactful returns on their investments for modernizing their fleets.

我們也指出交流（AC）技術的營運優勢。每 3 台 DC 機車，客戶約可用 QAC 單位取代，讓一級鐵路公司（Class 1）在提升生產力與可靠性的同時縮減車隊規模。這有助於解決設備過時問題、降低維修成本並提升服務水準，同時也為客戶的車隊現代化投資帶來顯著回報。

To help our customers capture these benefits on additional fleets, we are excited to launch our first-ever EVO modernization program in 2026. The Evolution Series Locomotives first introduced in 2005, are now reaching an age where modernization becomes increasingly compelling.

為協助客戶在更多車隊上取得這些效益，我們很高興宣布將於 2026 年推出公司史上首個 EVO 現代化改造計畫。Evolution 系列機車於 2005 年首次推出，如今已達到使現代化改造愈發具吸引力的車齡階段。

Our new EVO modernization builds upon our proven EVO engine platform and is designed to deliver meaningful operational impacts to optimize performance, reduce costs and advance their long-term strategic objectives. Key new technologies, such as an upgraded control system and EVO Advantage will be available as part of this EVO Mod.

我們全新的 EVO 現代化改造以經驗證的 EVO 引擎平台為基礎，旨在帶來具實質意義的營運影響，以最佳化效能、降低成本並推進其長期策略目標。關鍵新技術（例如升級的控制系統與 EVO Advantage）將作為此 EVO 改造方案的一部分提供。

This product is expected to deliver greater than 20% improvement and the ability and attractive effort by replacing DC traction motors and replacing aged electronics and control systems. In addition, the new mods with EVO Advantage are expected to drive up to 7% improvement in fuel savings. Overall, we're excited about the significant value modernizations we will unlock for our customers and for our business, and we remain confident in the long-term opportunities ahead.

預期此產品可帶來超過 20% 的改善，並透過更換 DC 牽引馬達以及汰換老舊電子與控制系統，提供具吸引力的效益。此外，搭載 EVO Advantage 的新改造方案預期可帶來最高達 7% 的燃油節省改善。整體而言，我們對於將為客戶與公司解鎖的重大現代化改造價值感到振奮，並對未來長期機會保持信心。

With that, I'll turn the call over to John to review the quarter, segment results and our overall financial performance. John?

接下來，我把電話交給 John，請他回顧本季、各事業部門表現以及我們整體財務績效。John？

Thanks, Rafael, and hello, everyone. Turning to slide 10. I'll review our fourth quarter results in more detail. Overall, the quarter came in slightly ahead of our expectations for both revenue and EPS. Cash from operations significantly exceeded expectations, while operating margins were lower than planned.

謝謝你，Rafael，大家好。請看第 10 張投影片。我將更詳細地回顧我們第四季的業績。整體而言，本季營收與每股盈餘（EPS）均略優於我們的預期。營運活動現金流大幅超出預期，而營業利潤率則低於原先規劃。

Operating margins were adversely impacted by higher compensation expense driven by our outstanding operating cash flow and cash conversion performance during the quarter. Sales for the quarter were $2.97 billion, which reflects a 14.8% increase versus the prior year, with strong contributions from both the freight and transit segments.

營業利潤率受到較高薪酬費用的不利影響，該費用主要由本季卓越的營運現金流與現金轉換表現所帶動。本季銷售額為 29.7 億美元，較去年同期成長 14.8%，貨運與軌道交通兩大事業部門均有強勁貢獻。

As expected, Q4 sales benefited from very strong organic growth behind strong orders and sales momentum, along with catch-up on locomotive deliveries that shifted from the second quarter due to a supplied part issue.

如預期，第四季銷售受惠於在強勁訂單與銷售動能帶動下的非常強勁有機成長，並包含因供應零件問題而自第二季遞延的機車交付進度追趕。

We also delivered strong inorganic growth led by Inspection Technologies, which outperformed our acquisition plan. Excluding the impact of currency, Q4 sales were up 13.2%. For the quarter, GAAP operating income was $356 million. The increase was driven by higher sales and improved gross margin as we continue to focus on productivity and simplification.

我們也實現了強勁的非有機成長，主要由檢測技術（Inspection Technologies）帶動，其表現優於我們的併購計畫。若排除匯率影響，第四季銷售成長 13.2%。本季 GAAP 營業利益為 3.56 億美元。成長主要由更高的銷售額與毛利率改善所驅動，因我們持續聚焦於提升生產力與簡化作業。

GAAP operating margin fell in the quarter due to higher restructuring and transaction costs. Adjusted operating margin for the quarter was 17.7%, up 0.8 percentage points versus prior year. This increase was driven by improved gross margins of 2.1 percentage points, which was partially offset by operating expenses, which grew at a higher rate than revenue. GAAP earnings per diluted share was [$18], which was down 4.1% versus the year ago quarter.

本季 GAAP 營業利潤率因較高的重整與交易成本而下滑。本季調整後營業利潤率為 17.7%，較去年同期上升 0.8 個百分點。此增幅主要由毛利率提升 2.1 個百分點所帶動，但部分被營業費用抵銷，因營業費用增速高於營收增速。GAAP 稀釋後每股盈餘為 [$18]，較去年同期下降 4.1%。

During the quarter, we had net pretax charges of $55 million for restructuring, which were primarily non-cash and related to our integration and portfolio optimization initiatives to further integrate and streamline Wabtec's operations as well as transaction costs related to most recent acquisitions. In the quarter, adjusted earnings per diluted share was $2.10, up 25% versus the prior year.

本季我們認列重整相關的稅前淨費用 5,500 萬美元，主要為非現金項目，並與我們的整合與投資組合優化計畫相關，以進一步整合並精簡 Wabtec 的營運；同時也包含與近期併購相關的交易成本。本季調整後稀釋後每股盈餘為 2.10 美元，較去年同期成長 25%。

Overall, Wabtec delivered a very strong quarter, demonstrating the underlying strength and momentum of the business. Now turning to slide 11, let's review our product lines in more detail. Fourth quarter consolidated sales were up 14.8%.

整體而言，Wabtec 交出非常強勁的一季，展現出業務的內在實力與動能。接著看第 11 張投影片，我們將更詳細檢視各產品線。第四季合併銷售額成長 14.8%。

Equipment sales were up 33.5% from last year's fourth quarter. For the year, equipment sales were up a strong 12.2%. Our services sales were down 5% as expected and as we discussed in our third quarter call. This was driven by the timing of modernization deliveries.

設備銷售較去年第四季成長 33.5%。全年設備銷售強勁成長 12.2%。如預期且如我們在第三季電話會議中所討論，服務銷售下滑 5%。主要原因是現代化改造交付時點的影響。

For the full year, services had revenue growth of 1.2% despite mod deliveries being significantly down year-over-year, which demonstrates the strength of the core services business. Component sales were up 11.1% versus last year due to growth seen in industrial products offsetting the impact from the significantly lower North America rail car build.

就全年而言，儘管改造交付量較去年同期顯著下降，服務營收仍成長 1.2%，顯示核心服務業務的韌性。零組件銷售較去年成長 11.1%，因工業產品的成長抵銷了北美鐵路貨車新造量大幅下降的影響。

For the year, component sales were up 2.0% despite North American rail car build being down 27%. Digital Intelligence sales were up 74.4% from last year. This was driven by the inspection technologies and Frauscher Sensor Technology acquisitions.

全年零組件銷售成長 2.0%，儘管北美鐵路貨車新造量下降 27%。數位智慧（Digital Intelligence）銷售較去年成長 74.4%。主要由檢測技術（Inspection Technologies）與 Frauscher 感測器技術（Frauscher Sensor Technology）併購案所帶動。

When excluding acquisitions, digital was down 1.0%. For the year, digital sales were up 31.0%, driven by acquisitions. In our Transit segment, sales were up 6.7%, driven by our products and services businesses. For the year, Transit was up 7.3%. Foreign currency exchange had a favorable impact on sales of 4.7 percentage points and 2.2 percentage points for the quarter and total year.

若排除併購影響，數位業務下滑 1.0%。全年數位銷售成長 31.0%，由併購所驅動。在我們的軌道交通（Transit）事業部門，銷售成長 6.7%，由產品與服務業務帶動。全年 Transit 成長 7.3%。外匯對銷售的影響為正向，對本季與全年分別貢獻 4.7 個百分點與 2.2 個百分點。

Moving to slide 12. GAAP gross margin was 32.6%, which was up 1.7 percentage points from fourth quarter last year. Adjusted gross margin was up 2.1 percentage points during the quarter. Our team continued to execute well by driving operational productivity and lean initiatives in an effort to offset higher material costs, primarily as a result of incremental tariffs.

接著看第 12 張投影片。GAAP 毛利率為 32.6%，較去年第四季上升 1.7 個百分點。本季調整後毛利率上升 2.1 個百分點。我們的團隊持續良好執行，透過提升營運生產力與推動精實（lean）計畫，力求抵銷較高的材料成本，該成本主要源自新增關稅。

GAAP operating margin was 12.0%, which was down 0.9 percentage points versus last year. Adjusted operating margin improved 0.8 percentage points to 17.7%. Operating margin was positively impacted by cost recovery from escalation, increased productivity, integration savings, partially offset by unfavorable mix and higher tariff costs.

GAAP 營業利潤率為 12.0%，較去年下降 0.9 個百分點。調整後營業利潤率提升 0.8 個百分點至 17.7%。營業利潤率受到升級條款帶來的成本回收、生產力提升與整合節省的正面影響，但部分被不利的產品組合與較高的關稅成本所抵銷。

Adjusted SG&A expenses were higher year-over-year due largely to the SG&A expense associated with our acquisitions and higher compensation expense for our employees tied to our very favorable cash performance in the quarter and for the year.

調整後 SG&A 費用年增，主要是因為與我們的收購相關的 SG&A 費用增加，以及員工薪酬費用提高（與本季及全年非常亮眼的現金表現掛鉤）。

GAAP SG&A was up an additional amount over adjusted SG&A due to restructuring expense associated with our Integration 2.0 and 3.0 and portfolio optimization costs associated with divestitures. Engineering expense was $68 million, $17 million higher than Q4 last year, primarily due to acquisitions.

GAAP 口徑的 SG&A 較調整後 SG&A 額外增加，原因在於與我們的 Integration 2.0 與 3.0 相關的重組費用，以及與資產剝離相關的投資組合優化成本。工程費用為 6,800 萬美元，較去年第四季增加 1,700 萬美元，主要由收購所致。

Now let's take a look at the segment results on slide 13, starting with Freight segment. As I already discussed, Freight segment sales were up a very strong 18.3%. GAAP segment operating income was $318 million, driving an operating margin of 15.0%, down 0.2 percentage points versus last year.

現在讓我們看第 13 頁投影片的部門結果，先從 Freight 部門開始。如我先前所述，Freight 部門銷售額大幅成長 18.3%。GAAP 部門營業利益為 3.18 億美元，帶動營業利潤率為 15.0%，較去年下降 0.2 個百分點。

GAAP operating income included $50 million of restructuring costs and portfolio optimization charges and was adversely impacted by purchase accounting charges resulting from our acquisitions. Adjusted operating income for the Freight segment was $470 million, up 35.1% versus the prior year.

GAAP 營業利益包含 5,000 萬美元的重組成本與投資組合優化費用，並受到收購所產生的購買會計（purchase accounting）費用的不利影響。Freight 部門調整後營業利益為 4.70 億美元，較前一年成長 35.1%。

Adjusted operating margin in the Freight segment was 22.1%, up 2.7 percentage points from prior year. The increase was driven by improved gross margin, even despite mix headwinds and tariff impacts. The increase in gross margin was partially offset by an increase in our operating expenses expressed as a percentage of revenue.

Freight 部門調整後營業利潤率為 22.1%，較前一年提升 2.7 個百分點。此增幅主要由毛利率改善所帶動，即使面臨產品組合逆風與關稅影響亦然。毛利率提升部分被營業費用占營收比重上升所抵銷。

Finally, segment 12-month backlog was $6.02 billion. Our 12-month backlog was up 8.0% while the multiyear backlog of $22.49 billion was up 25.1%. Turning to slide 14. Transit segment sales were up 6.7% at $842 million. When adjusting for foreign currency, Transit sales were up 2%. GAAP operating income was $108 million. Restructuring costs related to Integration 2.0 and 3.0 and portfolio optimization were $4 million in Q4.

最後，部門 12 個月在手訂單（backlog）為 60.2 億美元。我們的 12 個月在手訂單成長 8.0%，而 224.9 億美元的多年期在手訂單成長 25.1%。接著看第 14 頁投影片。Transit 部門銷售額成長 6.7%，達 8.42 億美元。若調整外幣因素，Transit 銷售額成長 2%。GAAP 營業利益為 1.08 億美元。與 Integration 2.0 與 3.0 及投資組合優化相關的重組成本在第四季為 400 萬美元。

Adjusted segment operating income was $118 million. Adjusted operating income as a percent of revenue was 14.0% down 2.4 percentage points from prior year, driven by higher operating expenses as a percent of revenue.

調整後部門營業利益為 1.18 億美元。調整後營業利益占營收比重為 14.0%，較前一年下降 2.4 個百分點，主要因營業費用占營收比重提高所致。

Finally, Transit segment 12-month backlog for the quarter was $2.21 billion, our 12-month backlog was up 5.1%, while the multiyear backlog was up 14.7%. Now let's turn to our financial position on slide 15. Fourth quarter cash flow generation was very strong at $992 million, resulting in total year cash from operations of $1.76 billion and cash conversion of 104%.

最後，Transit 部門本季 12 個月在手訂單為 22.1 億美元；我們的 12 個月在手訂單成長 5.1%，而多年期在手訂單成長 14.7%。現在讓我們看第 15 頁投影片的財務狀況。第四季現金流量創造非常強勁，達 9.92 億美元，使全年營運活動現金流量合計 17.6 億美元，現金轉換率為 104%。

During the year, cash flow benefited from significantly higher net income and higher year-over-year down payments, partially offset by tariff headwinds. Our balance sheet and financial position continue to be very strong as evidenced by, first, our liquidity position, which ended the quarter at $3.21 billion and our net debt leverage ratio, which ended the fourth quarter at 1.9 times after funding the purchase of brochure sensor technology for approximately $765 million.

全年現金流受惠於淨利大幅提高以及年增的預收款（down payments）增加，但部分被關稅逆風所抵銷。我們的資產負債表與財務狀況仍然非常強健，首先體現在流動性部位：本季末為 32.1 億美元；以及淨負債槓桿比率：在為約 7.65 億美元收購 brochure 感測器技術提供資金後，第四季末為 1.9 倍。

Our leverage ratio remained in our stated range of 2 times to 2.5 times after closing on the acquisition of Dellner. During the year, we repurchased nearly $223 million of our shares and paid $173 million in dividends. As a result of our performance in 2025 and our confidence in the future, our Board of Directors approved a 24% increase in the quarterly dividend.

在完成 Dellner 收購後，我們的槓桿比率仍維持在先前所述的 2 倍至 2.5 倍區間內。全年我們回購了近 2.23 億美元的股份，並支付 1.73 億美元的股利。基於我們在 2025 年的表現以及對未來的信心，董事會核准將季度股利提高 24%。

Our board also increased our existing share repurchase authorization to $1.2 billion. We continue to allocate capital in a very disciplined way to maximize returns for our shareholders. Moving to slide 16. I'd like to provide an update on the progress that we've made on our integration and portfolio optimization initiatives.

董事會也將既有的股份回購授權提高至 12 億美元。我們持續以非常嚴謹的方式進行資本配置，以最大化股東報酬。接著看第 16 頁投影片。我想更新我們在整合與投資組合優化計畫方面所取得的進展。

Starting with Integration 2.0, when we originally announced, we indicated that the Initiative would deliver an incremental $75 million to $90 million of run rate cost savings by the end of 2025. With program to date restructuring expenses of $149 million, we exited 2025 having achieved $103 million of run rate savings, with the program largely complete and ahead of original expectations.

先從 Integration 2.0 開始：在最初宣布時，我們表示該計畫將在 2025 年底前帶來額外 7,500 萬至 9,000 萬美元的年度化（run rate）成本節省。截至目前計畫重組費用為 1.49 億美元，我們在 2025 年結束時已達成 1.03 億美元的年度化節省，且計畫大致完成並優於原先預期。

Integration 2.0 was a clear success. And importantly, we have carried that momentum forward as we execute our Integration 3.0 initiative, which we announced in early 2025. When we introduced Integration 3.0, we outlined an incremental $100 million to $125 million of run rate cost savings by the end of 2028. I'm pleased to report that our team has delivered strong early performance.

Integration 2.0 是一項明確的成功。更重要的是，在我們執行於 2025 年初宣布的 Integration 3.0 計畫時，也延續了這股動能。在推出 Integration 3.0 時，我們提出到 2028 年底前可新增 1 億至 1.25 億美元的年度化成本節省。我很高興報告，我們的團隊在早期就交出強勁表現。

In the first year alone, we generated $49 million of run rate savings at a cost of approximately $50 million. Given this performance, we are raising our guidance. We now anticipate $115 million to $140 million of run rate savings by the end of 2028 with anticipated expenses of $125 million to $155 million.

僅第一年，我們就以約 5,000 萬美元的成本，產生 4,900 萬美元的年度化節省。基於此表現，我們上調指引。我們目前預期到 2028 年底可達成 1.15 億至 1.40 億美元的年度化節省，預計費用為 1.25 億至 1.55 億美元。

Turning to our portfolio optimization initiative. We have continued to execute against all planned dispositions of non-strategic product lines, actions designed to strengthen our focus, improve profitability and reduce manufacturing complexity.

接著談投資組合優化計畫。我們持續推進所有已規劃的非策略性產品線處分，這些行動旨在強化聚焦、提升獲利能力並降低製造複雜度。

During 2025, we exited $72 million of low-margin non-strategic revenue and expect to exit an additional $60 million in 2026. Overall, we remain very encouraged by the team's execution and the value of these initiatives continue to unlock across the company. Now moving to slide 17. Let me quickly recap the year. Overall, the team delivered a great year for all our stakeholders.

在 2025 年，我們已退出 7,200 萬美元的低毛利非策略性營收，並預期在 2026 年再退出額外 6,000 萬美元。整體而言，我們對團隊的執行力仍深受鼓舞，且這些計畫持續在公司各處釋放價值。現在移至第 17 頁投影片。我快速回顧一下全年表現。整體而言，團隊為所有利害關係人交出非常出色的一年。

We generated 7.5% revenue growth, expanded adjusted operating margins by 1.4 percentage points and increased adjusted EPS by 18.7%, while delivering very strong cash flow. The resiliency of the business, combined with disciplined execution, positions us for a solid foundation for continued profitable growth as we enter 2026.

我們實現 7.5% 的營收成長，調整後營業利潤率擴張 1.4 個百分點，調整後 EPS 成長 18.7%，同時帶來非常強勁的現金流。業務的韌性結合嚴謹的執行力，讓我們在邁入 2026 年之際，具備持續獲利成長的穩固基礎。

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

接下來，我想把電話交回給 Rafael。

Thanks, John. Now let's turn to slide 18 to discuss our 2026 outlook and guidance. We continue to see underlying demand for our products and solutions across the business. Our pipeline is very strong in both our 12-month, and multiyear backlogs provide clear visibility to profitable growth ahead.

謝謝，John。現在讓我們看第 18 頁投影片，討論 2026 年展望與指引。我們持續看到全公司對我們產品與解決方案的基本需求。我們的商機管道非常強勁，12 個月與多年期在手訂單也為未來的獲利成長提供清晰能見度。

Our team is fully committed to driving top line growth and margin expansion in 2026. With these factors in mind, we expect 2026 sales of between $12.2 billion to $12.5 billion, up 10.5% at the midpoint. And adjusted EPS to be between $10.05 and $10.45, which represents 14% growth at the midpoint.

我們的團隊全力投入在 2026 年推動營收成長與利潤率擴張。綜合考量這些因素，我們預期 2026 年銷售額介於 122 億至 125 億美元，中位數成長 10.5%。調整後 EPS 預期介於 10.05 至 10.45 美元，中位數成長 14%。

It is important to note that this guidance incorporates the expected impact from the Dellner acquisition. As we discussed earlier, our cash conversion performance has been very strong, and we expect that to continue. Over the past two years, we have delivered an average of over 110% cash conversion, which is a testament to the strength of our operating discipline.

需要注意的是，本指引已納入對 Dellner 收購案之預期影響。如同我們先前討論的，我們的現金轉換表現一直非常強勁，且我們預期這樣的趨勢將會延續。在過去兩年中，我們的平均現金轉換率超過 110%，這證明了我們營運紀律的強度。

Best-in-class cash conversion has been and is expected to remain a hallmark of investing in our company. While we will continue to provide long-term cash guidance, beginning 2026, we'll no longer be providing annual cash conversion guidance. I remain confident that Wabtec is well positioned to drive profitable growth and maximize shareholder returns in 2026 and beyond.

同級最佳的現金轉換一直是、且預期仍將是投資本公司的重要特徵。雖然我們將持續提供長期現金指引，但自 2026 年起，我們將不再提供年度現金轉換指引。我仍然有信心，Wabtec 已具備良好定位，可在 2026 年及其後推動獲利成長並使股東報酬最大化。

Now let's wrap up on slide 19. As you heard today, our team continues to execute against our value creation framework and our five-year outlook driven by the strength of our resilient installed base, world-class team, innovative technologies and our customer-focused approach with solid underlying demand for our products and technologies and rigorous focus on continuous improvement and cost management.

現在讓我們在第 19 頁做個總結。如各位今天所聽到的，我們的團隊持續依循價值創造架構與五年展望執行，動能來自我們具韌性的龐大裝機基礎、世界級團隊、創新技術，以及以客戶為中心的方法；同時，我們的產品與技術具備穩健的基本需求，並嚴格聚焦於持續改善與成本管理。

We feel strong about the company's future and our ability to maximize shareholder returns. With that, I would like to thank our team for their great work this year and their continued commitment to drive top quartile performance.

我們對公司的未來以及最大化股東報酬的能力充滿信心。在此，我要感謝我們的團隊今年的出色工作，以及持續致力於推動名列前茅的績效表現。

I'll now turn the call over to Kyra to begin the Q&A portion of our discussion. Kyra?

接下來我將把電話會議交給 Kyra，開始我們討論的問答環節。Kyra？

Thank you, Rafael. We will now move on to questions. (Event Instructions) Operator, we are now ready for our first question.

謝謝你，Rafael。我們現在進入提問時間。（活動說明）接線員，我們已準備好進行第一個問題。

(Operator Instructions) Angel Castillo, Morgan Stanley.

（接線員指示）Angel Castillo，Morgan Stanley。

Hi, it's Oliver on for Angel. We just wanted to talk about the recent flurry of orders that you guys had announced. With those signed, does your pipeline of opportunities potentially narrow a little bit? And if not, could you talk about how that's grown across different regions and different end markets? Any color there would be super helpful.

嗨，我是 Oliver，代 Angel 發問。我們想談談你們近期宣布的一連串訂單。在這些訂單簽署後，你們的機會管線是否可能會稍微縮小？如果不會，能否談談該管線在不同地區與不同終端市場的成長情況？任何補充說明都會非常有幫助。

Perfect. So no, we continue to have a very strong pipeline of opportunities. And internationally, it's very, very strong. Our teams are continuing to work very hard to convert that pipeline into orders and it speaks through really some markets where we have a strong presence, places like Australia, Brazil, East Asia, we continue to have opportunities in Africa and parts of the CIS region. Of course, we are encouraged by the momentum we saw here in North America.

很好。所以不會，我們仍然擁有非常強勁的機會管線。而在國際市場方面，管線非常、非常強。我們的團隊持續非常努力地將該管線轉化為訂單，這也反映在一些我們具備強勢布局的市場，例如澳洲、巴西、東亞；我們在非洲以及獨立國協（CIS）地區的部分市場也持續有機會。當然，我們也對北美近期看到的動能感到鼓舞。

I think this reflects ultimately strong customer commitment to win and grow the business through improved reliability, lower operating cost, better fuel efficiency and reduced fleet [op] assets. So as we look at aging fleets out there, I think that's much more pronounced in North America, and that continues to be probably the single biggest powerful tailwind we have in the company.

我認為這最終反映出客戶為了贏得並擴大業務而展現的強烈承諾，透過提升可靠性、降低營運成本、更佳燃油效率，以及降低車隊 [op] 資產。因此，當我們看到外部老化的車隊時，我認為這在北美更為明顯，而這也持續是我們公司最強、可能也是單一最大的順風因素。

Got it. Thanks for it. That's super helpful. And then just on your components business, I know your rail car deliveries are expected to be down 20%, 25% again this year. Can you talk about potential offsets there, whether it's in the industrial business or the heat transfer piece? Potentially, do you see that growing to offset some of that decline? Thank you.

了解。謝謝。這非常有幫助。另外關於你們的零組件業務，我知道你們預期今年鐵路貨車交付量將再下降 20% 到 25%。你能談談可能的抵消因素嗎？例如工業業務或熱傳（heat transfer）相關部分。你是否看到那些業務成長，足以抵消部分下滑？謝謝。

So as we look into 2016, every single one of our businesses, we see them driving profitable growth. With regards to the components business, I think we're very pleased with the progress there despite of the softer freight car builds.

因此，當我們展望 2016 年時，我們看到旗下每一項業務都在推動獲利成長。就零組件業務而言，儘管貨運車輛新造量較疲弱，我們對其進展感到非常滿意。

I think those teams have continued to take decisive action to adjust the cost structure to new volume levels. And what I like about what I'm seeing there, it's across the company is really the portfolio is working, right? I mean, we've made investments, what if you think about the organic place or inorganic place.

我認為這些團隊持續採取果斷行動，將成本結構調整至新的產量水準。而我喜歡看到的一點是——其實在全公司都是如此——我們的產品組合正在發揮作用，對吧？我的意思是，我們已經進行了投資，不論你從有機成長或併購（inorganic）的角度來看。

In the case of freight components, some of the investments we've made in the heat exchanger business in Industrials is really paying off, and that's where you see some of those offsets taking place allowing those businesses to continue to perform.

以貨運零組件為例，我們在工業領域的熱交換器業務所做的一些投資確實正在產生回報，而你也在那裡看到部分抵消效應，讓這些業務得以持續維持表現。

Scott Group, Wolf Research.

Scott Group，Wolf Research。

Thanks Rafael, can you just go through that bit about the cash conversion and the guidance change and just the rationale there?

謝謝 Rafael，你能否再說明一下你提到的現金轉換與指引變更那一段，以及背後的理由？

Yeah, Scott, number one, very strong cash conversion for the business as we expected. We're continuing to operate and reward our stakeholders in the business based on cash performance. So that continues to be paramount for the company. We continue to have very strong variation.

好的，Scott。第一，公司的現金轉換非常強勁，符合我們的預期。我們持續以現金表現為基礎來營運並回饋我們的利害關係人。因此，這對公司而言仍然至關重要。我們仍然看到非常強的波動性。

As you see it, not just quarter-to-quarter, year-to-year. It's certainly more pronounced as you go into some of the international deals and you collect cash earlier, but we expect to continue to improve cash performance in the company.

如你所見，不僅是季度對季度、也包括年度對年度。當你進入某些國際交易、並更早收取現金時，這種情況會更為明顯，但我們預期公司將持續改善現金表現。

Yeah, Scott. With regards to the overall guidance, we continue to shoot for above 90% in our long-term guidance. As we look at what we've done over the last six years, we've averaged 99% on a business that is growing its working capital quite substantially as our revenues and profits have grown very much since then.

是的，Scott。就整體指引而言，我們長期指引仍以 90% 以上為目標。回顧過去六年，我們平均達到 99%，而在這段期間，隨著營收與獲利大幅成長，我們的營運資金也相當明顯地增加。

And actually, Scott, if you look at the last two years, we've been up 110% average cash conversion. So with that, we'll continue to stay focused. Our comp plans are all very much tied into cash, both short-term and long term. And it has become a hallmark of an investment in Wabtec. But with that, we'll continue to shoot for the 90%. But in terms of an annual guide, we're pulling the 90% this year.

而且，Scott，如果你看過去兩年，我們的平均現金轉換率達到 110% 以上。因此，我們會持續保持聚焦。我們的薪酬方案在短期與長期都與現金高度連結。這也已成為投資 Wabtec 的一項重要特徵。但即便如此，我們仍會以 90% 為目標。至於年度指引方面，我們今年將撤回 90% 的年度指引。

Okay. I think I understand. This transition, we're starting to see with fewer mods and more new. I guess, how should we think about the net impact here? Maybe just a couple of things just do you think are sales with the Class 1 rails growing this year and then sort of the shift to more new, how do we think about the net impact to margins for that business and, I guess, bottom line with this shift?

好的。我想我理解了。這個轉變，我們開始看到改造（mods）變少、新造（new）變多。我想，應該如何看待這裡的淨影響？也許問兩點：你是否認為今年與一級鐵路（Class 1 rails）的銷售會成長？以及在轉向更多新造的情況下，我們該如何看待該業務的毛利率淨影響，以及我想對損益底線的影響？

Let me start here, Scott. First, with regards to new units in mods. So we continue to see the combination of that at a global level growing. Well, while I say that's true the globe, it's not true for North America and especially driven this year again by months. Last year, the modernizations, we had a pronounced decline.

Scott，我先從這裡開始。首先，關於新造與改造。我們仍然看到在全球層面，兩者的組合持續成長。不過，雖然這在全球成立，但在北美並不成立，且今年再次主要受到改造的驅動。去年，現代化改造出現了明顯下滑。

It was double digits. It's more pronounced this year. And yes, we have seen a shift towards some of the Tier 4 units. With that being said, I think we continue to see a modernization of the fleet in North America. It's one of the most powerful tailwinds we have as we continue to really invest on solutions.

是雙位數下滑。今年更為明顯。而且是的，我們確實看到部分需求轉向 Tier 4 機組。話雖如此，我認為我們仍持續看到北美車隊的現代化。這是我們最強的順風因素之一，因為我們持續投入解決方案。

We just announced the EVO Advantage, and that opens up a fleet that's growing to really 10,000 units here. It's a global fleet with, call it, very compelling elements of payback tied to fuel efficiency, tied again to reliability. So I think we're continuing to invest on that, and that's going to be a very compelling piece of it. But new locomotives are certainly making more and more headlines there in terms of investment.

我們剛剛宣布了 EVO Advantage，這讓我們得以切入一個正在成長、規模實際上達到 10,000 台的車隊。這是一個全球性的車隊，具備可觀的投資回收要素，與燃油效率掛鉤，也再次與可靠性掛鉤。因此我認為我們會持續在這方面投資，而這將是其中非常具吸引力的一環。不過就投資而言，新機車確實越來越常成為焦點、登上更多頭條。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Great, good morning. So just given the orders, what was in the backlog and what is new when you think about those recent announcements? And then thanks for the update on the backlog. But in your outlook for EPS, can you talk about what the upside downside to the target is?

很好，早安。就這些訂單而言，當你回顧近期的公告時，哪些是在積壓訂單（backlog）裡、哪些是新增的？也謝謝你們更新積壓訂單的狀況。另外在你們對 EPS 的展望中，能否談談相對於目標的上行與下行因素？

With regards to what's in the backlog, Ken, is -- everything that was done in the fourth quarter is certainly in the backlog. So when we talk about the $2.2 billion on our key wins sheet. That's all-in log right. And when we talk about things in the pipeline, which Rafael did, they're not in the backlog yet, but as they convert, they will certainly be put in the backlog.

Ken，關於哪些在積壓訂單裡——第四季完成的所有事項都已經在積壓訂單中。所以當我們談到我們「關鍵勝出（key wins）」清單上的 22 億美元時，那全部都已記入訂單（all-in log），對吧。而當我們談到 Rafael 提到的管線（pipeline）事項時，那些尚未進入積壓訂單，但隨著它們轉換落地，當然就會被納入積壓訂單。

When we look at overall guidance, Ken, we feel real good about where we're at and the range that we have there. We've got a fair amount. We've got a lot of good things happening within our business. We have some headwinds. We just talked about mods but also on the rail car build. But with that, we've also got a fair amount of headwinds with regards to tariffs coming at us, right?

Ken，從整體財測指引來看，我們對目前的位置以及我們給出的區間感覺非常好。我們手上有相當多的——我們的業務內部有很多正向進展。同時也有一些逆風。我們剛談到改造（mods），以及貨車（rail car）製造。但除此之外，我們也面臨相當程度、來自關稅的逆風，對吧？

We've seen in the third quarter to fourth quarter, a significant increase in the cost of tariffs as things come out of inventory and then through the P&L, we would expect to see the same type of dynamic in 2026 and in particular, the first half while we are running all our mitigants against that. So we believe we've got a very balanced plan and a good guide as we go into 2026 to manage any eventualities that come at us. Thanks.

我們看到從第三季到第四季，隨著貨品從庫存轉出並進入損益表（P&L），關稅成本顯著上升；我們預期在 2026 年也會出現同樣的動態，尤其是在上半年，因為我們正在全面推進各項緩解措施。因此我們相信，我們在邁入 2026 年時有一個非常均衡的計畫與良好的指引，足以管理任何可能出現的情況。謝謝。

Thanks John. I guess my question was of all the Class 1 rails that have just put out orders, where half of those already in the backlog as of last quarter? Is it all new? And then a follow-on would be just thoughts on the first new build order from Progress Rail in a long time. Is there -- is that likely to see something you're seeing increasing competitive step back in? Thanks.

謝謝 John。我想我的問題是：所有剛剛下單的 Class 1 鐵路公司之中，有一半是否在上季就已經反映在積壓訂單裡？還是全部都是新增？另外追問一下：Progress Rail 很久以來第一次的新造（new build）訂單，你們怎麼看？這是否可能意味著你們看到競爭對手的投入正在加大、重新回到競爭？謝謝。

For clarity, Ken, everything that we announced on the Class 1s, some of those have been announced this quarter. They are in last quarter's backlog. We signed those agreements in 2025, and so there's nothing that we've done that is not in the backlog at this point.

Ken，為了釐清：我們對 Class 1 的所有公告，其中有些是在本季才對外宣布。但它們已經在上季的積壓訂單裡。我們在 2025 年就簽署了這些協議，因此截至目前為止，我們所做的沒有任何一項不在積壓訂單中。

With regards to your second part of your question, I'm not going to comment on the specifics of a competitor order. What I'll tell you is we're very confident about the portfolio of solutions we have. In the case of Tier 4 is in specific, this is about really proven reliability, availability of over 1,000 units that we got running out there. Those are units that we've continued to really invest and to continue to further create advantages versus competitive products that are out there.

至於你問題的第二部分，我不會評論競爭對手訂單的細節。我能說的是，我們對自身的解決方案組合非常有信心。以 Tier 4 為例，這關乎的是經過驗證的可靠性與可用性——我們已有超過 1,000 台在外運行。我們持續在這些機組上投資，並持續打造相較於市面競品的優勢。

So we're very confident about that portfolio when it comes to Tier 4 and when it comes to modernization as well. So you'll see us keep being -- advancing that and coupling that with really a lot of the elements of software and the digital electronics, digital intelligence business. So we're not sitting on our laurels.

因此，無論是 Tier 4，或是現代化（modernization），我們都對這個產品組合非常有信心。你們會看到我們持續推進，並把它與軟體、數位電子、數位智慧等業務要素結合。所以我們並沒有躺在功勞簿上。

We've got the best products that are out there, and we're certainly investing to make them better.

我們擁有市場上最好的產品，而且我們也確實在投資讓它們變得更好。

Jerry Revich, Wells Fargo.

Jerry Revich，富國銀行。

Yes, hi, good morning, everyone. Hi, Rafael, so really nice to hear the EVO class locomotives are entering the commercial phase of the rebuild cycle. Can you talk about based on customer interest and the pipeline. When do you expect to see those locomotives enter the rebuild pipeline? And separately, what are lead times like today for North America? I know you combine mods plus new. Can you just talk about the overall lead times in the facilities, if you don't mind, as well?

是的，嗨，各位早安。嗨，Rafael，很高興聽到 EVO 級機車正在進入重建（rebuild）週期的商業化階段。能否談談基於客戶興趣與管線，你們預期何時會看到這些機車進入重建管線？另外，北美目前的交期大概如何？我知道你們把改造（mods）與新造（new）合併來看。如果方便的話，也請談談各廠區整體的交期狀況？

They are answering that space. So some of the first EVOs were delivered back in 2005. So that makes it, again, a compelling case here on that. And I think that's a positive for the overall business. In terms of lead times, it will depend very specifically the fleets that you're looking at it.

他們正在回應那個領域。所以最早的一批 EVO 是在 2005 年交付的。因此這再次使其成為一個很有吸引力的案例。我認為這對整體業務是正面的。至於交期，會非常取決於你所看的具體車隊。

But I'd say at this point, when we look especially at 2026, then we've got the coverage we need with regards to both mods and new units. So discussions with regards to new programs would really, for most of it sit towards '27 and beyond, which is -- by the way, where most of really the orders that have been announced, it really suits on '27 and beyond from that perspective, Jerry.

但我想就目前而言，特別是看 2026 年，我們在改造與新機組兩方面都有我們所需的產能覆蓋。因此，關於新專案的討論，多數會落在 2027 年及以後——順帶一提，從這個角度看，已公告的大多數訂單其實也主要落在 2027 年及以後，Jerry。

Super. And then obviously, very active M&A environment for you folks over the past couple of years, and I know it's early on Dellner in particular, but I'm wondering if we could just talk about how your expectations for the performance of the businesses have evolved since you've announced the acquisitions and anything interesting in terms of opportunities that you're seeing as you're integrating the assets?

太好了。另外，過去幾年你們的併購（M&A）環境顯然非常活躍；我知道現在談 Dellner 尤其還算早期，但我想問的是：自你們宣布收購以來，你們對這些業務表現的預期有何演變？

Jerry, a couple of comments. We just had our Board meeting last week. And we actually reviewed the acquisition since '19, and we're ahead of Performa great IRRs on those. With regards to specifically the three announced last year, have a pro forma, really strong performance from that perspective. I think some of my comments, I mean, it's good to see -- let me take just the case of [assets].

Jerry，我有幾點評論。我們上週剛開完董事會。我們實際上回顧了自 2019 年以來的收購案，而我們在那些案子的 IRR（內部報酬率）表現上優於 Performa（預估/備考）。至於去年宣布的三筆收購，從備考（pro forma）角度看，表現非常強勁。我想就我一些評論而言，很高興看到——讓我就以[assets] 的案例來說。

We've got three new product introductions happening on that business on each one of their product lines. And that, coupled with, I'll call it, just the global reach we have, we're seeing strong interest on that. We've got one of the products. It's on the RVI on the remote visual inspection. The other ones on the MDT side with ultrasonic and the auto one on the AI piece of that, strong demand.

在那項業務上，我們在他們每一條產品線都在推進三項新產品導入。再加上我們的全球觸達能力，我們看到市場對此有強烈興趣。其中一項產品是在 RVI（遠端視覺檢測）。另外一些是在 MDT 端，包括超音波；還有在 AI 端的自動化那一塊，需求強勁。

We're having to really make sure we continue to invest in the supply chain to support that. So positive dynamics. It's great to see the teams we've brought on board and good progress. Our early days, first six months here for that Frauscher we just announced, but good momentum.

我們必須確保持續投資供應鏈以支援這些需求。所以整體動態是正向的。很高興看到我們新加入的團隊以及良好的進展。至於我們剛宣布的 Frauscher，目前仍在早期階段、前六個月，但動能不錯。

Steve Barger, KeyBanc.

Steve Barger，KeyBanc。

Good morning. This is Christian Zyla for Steve Barger. With orders and backlog so strong, can you just talk about how that impacts your near-term and long-term visibility? Your 12-month backlog is nearing annual levels and our total backlog is about two years worth of sales now. So do you guys just have better than usual visibility into 2027? And are customers giving you longer road maps or more information about the modernization efforts long term? Thanks.

早安。我是代替 Steve Barger 的 Christian Zyla。在訂單與在手訂單（backlog）如此強勁的情況下，能否談談這對你們短期與長期能見度的影響？你們的 12 個月在手訂單已接近全年水準，而我們的總在手訂單現在大約相當於兩年的銷售額。所以你們是否對 2027 年有比以往更好的能見度？客戶是否提供更長期的路線圖，或更多關於長期現代化（modernization）工作的資訊？謝謝。

So near term, I'd say, if you look at the coverage we have for '26, it's really consistent with the coverage we had a year ago. And of course, that's not including the acquisitions that we did because those have shorter lead times. So the coverage there is last but very consistent from that perspective. When you look at '27 and beyond, it's stronger debt coverage.

就短期而言，我會說，如果你看我們對 2026 年的覆蓋度（coverage），其實與一年前的覆蓋度非常一致。當然，這不包含我們所做的併購，因為那些案子的交期較短。所以那部分的覆蓋度是較少，但從這個角度來看非常一致。當你看 2027 年及以後，覆蓋度更強。

And with that, I mean we have also a very strong pipeline. So that gives us really a good opportunity here to convert more orders and really add into that coverage for '27 and beyond.

此外，我們也有非常強勁的案源（pipeline）。因此這確實給了我們很好的機會去轉換更多訂單，並真正把 2027 年及以後的覆蓋度再往上加。

Got it. And then there just seems to be a pickup in new builds for locomotives and mod activity along with maybe an inflection in over-the-road freight. Like do you see those as indicators to overall freight improvement? Just what are your thoughts on kind of how that inflection is playing out? Thank you.

了解。另外，看起來機車新造（new builds）與改造（mod）活動都有所回升，同時公路貨運（over-the-road freight）可能也出現拐點。你是否把這些視為整體貨運改善的指標？想請教你對這個拐點如何發展的看法。謝謝。

I think you've got to separate a little bit here, North America from international in some of that regard. We're continuing to see strong demand internationally. I think we've been quite specific about fleets growing out of base of 5%. So that continues to be very robust. Megawatt hours, which is really fleets are running harder as well.

我認為在這裡需要稍微區分北美與國際市場。我們持續看到國際市場需求強勁。我們也相當明確地提到，車隊規模在既有基礎上成長約 5%。所以這仍然非常強勁。兆瓦時（megawatt hours）也在增加，這其實代表車隊運行得更吃重。

So that's quite a positive. When you look at North America, the dynamic short term, '26, we're actually going down when you look at the elements of both modernizations and new units. So I think it's very important to keep that in mind.

所以這是相當正面的。但看北美的話，短期、也就是 2026 年，若看現代化與新車兩個要素，我們其實是在下滑。所以我認為把這點記在心上非常重要。

And by the way, when you think about our search business, overall, while the core of service is really strong, the numbers are coming down and it's a function of really modernizations driving that. The core service business continues to be very strong.

另外，談到我們的服務業務（service business），整體而言，雖然服務的核心部分非常強勁，但數字在下降，主要是因為現代化（modernizations）所帶動的結構所致。核心服務業務仍然非常強勁。

It's one that is expected to continue to outperform the growth average of the company over time. The fleets are running harder in North America. So megawatt hours are tracking the right direction. But we've got lower dynamics going to the modernization, which is, I'll call, pulling some of those numbers down. But I think it's very important to emphasize that the underlying trajectory of the core growth of service remains solid, strong and above mid-single digits as we look into '26 and beyond.

而且預期隨時間推移，它將持續優於公司平均成長率。北美的車隊運行得更吃重。因此兆瓦時正朝正確方向走。但現代化相關的動能較弱，我會說，這拉低了部分數字。不過我認為非常重要的是要強調：核心服務的基本成長軌跡依然穩健、強勁，且在我們展望 2026 年及以後仍高於中個位數成長。

Brady Lierz, Stephens.

Brady Lierz，Stephens。

Yeah, great, thanks. Good morning everyone. Rafael, I just wanted to follow up on some of the EVO mod commentary from earlier. Is there any way you can help us think about the size of the EVO opportunity compared to the over 2,500 mods you've already completed? And just do any of your recently announced mod orders with the Class 1s include this new EVO modernization product? Or are they all still FDL?

好的，謝謝。各位早安。Rafael，我想跟進你先前提到的一些 EVO 改造（EVO mod）評論。你能否協助我們理解 EVO 機會的規模，相較於你們已完成的超過 2,500 台改造？另外，你們最近宣布、與一級鐵路（Class 1s）的改造訂單中，是否有包含這個新的 EVO 現代化產品？還是目前都仍是 FDL？

So we would expect first programs on EVO to start this year, meaning, to progress with customers there. I think that opens a significant opportunity. I mean that fleet is growing to be close to 10,000 units globally. So that's an important installed base that we have with really a very strong track record on that product.

我們預期 EVO 的首批專案會在今年啟動，也就是說，會開始與客戶推進。我認為這會開啟一個相當可觀的機會。我的意思是，那個車隊在全球正成長到接近 10,000 台。因此，這是我們一個重要的裝機基礎（installed base），而且我們在該產品上有非常強的實績。

I think the biggest opportunity really immediately continues to be this aging fleet. We talk about -- when you think about the active fleet, over 25% of the units are still DC traction, just an enormous opportunity here for significant payback for customers.

我認為眼前最大的機會，仍然是這批老舊車隊。我們談到——當你看現役車隊（active fleet）時，仍有超過 25% 的機車是直流牽引（DC traction），這裡對客戶而言有巨大的機會，能帶來顯著的投資回收。

And as I mentioned before, we see that as one of the most powerful tailwinds for the company in that regard. And those units are also over 25% over 20 years of age. So at down point in cycle. So we continue to see opportunities for that to continue to happen, and it's more pronounced in North America.

如我先前提到的，我們認為這是公司在這方面最強勁的順風因素之一。而且這些機車中也有超過 25% 的車齡已超過 20 年。所以在景氣循環的低點。因此我們持續看到這類機會會繼續發生，而且在北美更為明顯。

Okay. Great. thanks. That's helpful color. Maybe just as a quick follow-up. John, SG&A was up a pretty meaningful amount sequentially and year-over-year. Could you just help us understand what drove the increase? I know in your remarks, you mentioned higher incentive comp. Was that really the majority of the driver? Just any color there would be helpful.

好的。很好，謝謝。這些補充說明很有幫助。再快速追問一下。John，SG&A（銷售、一般及行政費用）不論季比或年比都上升了相當明顯的幅度。你能否協助我們理解是什麼推動了這個增加？我知道你在談話中提到較高的獎酬性薪酬（incentive comp）。那是否就是主要驅動因素？任何補充說明都會很有幫助。

Yeah, So there's two things, Brady, that drove it, is one is just the acquisitions, right? Now we've got the SG&A for evident in Frauscher in those numbers. But in addition to that, is the comp accrual that we had in the fourth quarter was much higher than what we had anticipated. So as we talked about cash a little bit earlier, right, cash is a hallmark of our investment in our company, and we take it very seriously.

是的，Brady，主要有兩件事推動了它：第一是併購，對吧？現在這些數字裡已包含 Evident 與 Frauscher 的 SG&A。除此之外，第四季我們的薪酬提列（comp accrual）遠高於原先預期。所以如同我們稍早談到現金（cash）時所說，現金是我們投資公司的一個標誌性重點，我們非常重視。

And we do have it in our comp programs, both our bonus and our long term. As we got to the -- through third quarter, we are about 57% cash conversion. We were expecting more in the a 90% range on the year. But the team knows how important it is, and they did a fantastic job of bringing in working capital, and we finished the year with an incredible cash conversion in the fourth quarter, almost 300% and $992 million of absolute cash. So with that, it comes with a compensation accrual.

而且我們也把它納入我們的薪酬方案中，包含獎金與長期激勵。到第三季為止，我們的現金轉換率（cash conversion）大約是 57%。我們原本預期全年會在 90% 左右。但團隊知道這有多重要，他們在回收營運資金（working capital）方面做得非常出色，讓我們在第四季達成驚人的現金轉換率，接近 300%，絕對現金達 9.92 億美元。因此，這也會帶來相應的薪酬提列。

And it doesn't come with additional earnings on that, right? So that pushed our SG&A up as a percent of revenue. And -- but we feel really good about the overall dynamics of our margin in the fourth quarter. When you look at the driver of margin, our gross margin was really strong up 2.1 percentage points, and that includes a fair amount of headwinds with regards to mix.

而這並不會帶來額外的盈餘，對吧？所以這使得我們的 SG&A 佔營收比重上升。不過我們對第四季整體的利潤率動態感到非常滿意。若看利潤率的驅動因素，我們的毛利率非常強勁，上升了 2.1 個百分點，而其中還包含了相當程度的產品組合（mix）逆風。

Remember, you saw that evident -- I'm sorry, equipment at a lower margin is growing at 33.5% versus services, a higher margin being down that [5], and that's a flip flop between new and mods we've been talking about.

記得你看到——Evident——抱歉，是設備（equipment）這個較低毛利的業務成長了 33.5%，相較之下服務（services）這個較高毛利的業務下滑了 [5]，而這正是我們一直在談的新造與改造之間的此消彼長。

And then in addition, tariffs grew quite a bit from third quarter to fourth quarter. Remember, we've talked about it takes two to four quarters to get through our inventory, and we're at that spot. We're about a year-end to tariffs, and we're starting to really see it come out of inventory onto our P&L. And we'll see that as we move into 2026 as well, Brady.

此外，關稅（tariffs）從第三季到第四季也增加了不少。記得我們談過，庫存要消化需要兩到四季，而我們現在正處於那個階段。我們大約在年底時點面對關稅影響，並開始真正看到它從庫存反映到損益表（P&L）。而當我們進入 2026 年時也會持續看到這點，Brady。

[Harrison Bauer], Susquehanna.

[Harrison Bauer]，Susquehanna。

Hey, thanks for taking my question. You guys mentioned the largest multi-year North American backlog, which is great. Do you see the need to make any investments in your North American capacity to ramp total, new locomotive and mod productions as you look further out or maybe just at production lines?

嗨，謝謝讓我提問。你們提到北美最大的多年期積壓訂單，這很棒。往更長期看，或甚至只是就產線而言，為了提升總產量、新機車以及改造（mod）產量，你們是否認為有必要對北美產能進行任何投資？

And then do you expect relatively stable mod and, new locomotive and mods over time from North America or really just an extended, visibility? So just curious on, ramps and investment in your capacity you might have to make in North America. Thank you.

另外，你們是否預期北美的改造（mod）以及新機車與改造在時間上會相對穩定，還是主要只是延長、提高可見度？所以想請教一下，你們在北美可能需要進行的產能爬坡與投資。謝謝。

We have the capacity in North America, and we continue to invest on the quality of that capacity. So we continue to improve productivity and so forth. So we feel very positive from that perspective. I think with regards to the dynamics of North America, I mean CapEx is actually down if you think about Class 1s into 2026, which reflects a bit to some of the dynamics I just described on the combination of mods and new units being down for this year versus last year.

我們在北美有足夠的產能，而且我們持續投資於該產能的品質。因此我們持續提升生產力等等。所以從這個角度來看，我們感到非常正面。我想就北美的動態而言，如果你看一級鐵路（Class 1）到2026年的資本支出（CapEx），其實是在下降，這也部分反映了我剛才描述的一些動態：今年相較去年，改造與新機車的組合都在下降。

With that being said, we're sitting on a very significant opportunity here that really provides very significant payback for our customers so they can win with their customers, they can grow volumes and on very proven programs that will ultimately reduce the total cost of ownership.

話雖如此，我們眼前有一個非常重大的機會，能為客戶帶來非常可觀的回報，讓他們能在面對其客戶時取得成功、提升運量，並且是基於已被驗證的方案，最終將降低總持有成本。

It will improve fuel efficiency. It will drive reliability and service levels. So I think that continues to be a significant opportunity that customers are going to be evaluating in North America.

它將提升燃油效率。它將推動可靠性與服務水準。所以我認為，這仍然是北美客戶會持續評估的一個重大機會。

Thanks, and maybe just as a follow-up on tariffs. I understood that the guidance assumes tariffs and effect of the latest. But could you maybe provide what you saw as maybe the realized tariff impact in 2025? And then maybe bridge to what your guidance implies for 2026 and what that incremental year-over-year tariff impact might be. Thank you.

謝謝，另外想追問一下關稅。我理解你們的指引已假設關稅以及最新措施的影響。但你們能否提供一下，2025年你們實際看到的關稅影響大概是什麼？然後再銜接到你們對2026年的指引所隱含的影響，以及年度同比新增的關稅影響可能是多少。謝謝。

Yeah, If you're referring to an absolute number, we're not providing an absolute number. We want our stakeholders to focus on the actions that we're taking to mitigate and certainly on the growth trajectory of our overall business.

是的，如果你指的是一個絕對數字，我們不會提供絕對數字。我們希望利害關係人把重點放在我們正在採取的緩解行動上，當然也包括我們整體業務的成長軌跡。

What I can say is that just as we had expected, right now, it's a significant number, but also, we've been at this for a year in terms of our mitigants and how we're going to minimize those tariffs. And we've talked about in the past, a 4-pronged approach, which we continue to employ which is one, getting all the exemptions that we're entitled to.

我能說的是，正如我們所預期的，目前這是一個相當可觀的數字；但同時，我們在緩解措施以及如何把關稅影響降到最低這件事上，已經投入了一年的時間。我們過去談過一個四管齊下的方法，我們也持續採用：第一，取得我們有權取得的所有豁免。

The second is on the supply chain, right, are we sourcing these parts and products from the right places today given the new landscape. Now that takes more time. Those things some kind of -- can take up to a couple of years to requalify suppliers and those types of things, but that is in the mix. And the third one certainly is sharing the cost with our customers. And when we take those three, those are not enough to mitigate all the tariffs that we have coming at us in particular in 2026.

第二是供應鏈面向，也就是在新的環境下，我們今天是否從正確的地方採購這些零件與產品。這需要更多時間。有些事情——例如重新認證供應商等——可能需要長達一兩年，但這也已納入規劃。第三當然是與客戶分攤成本。而當我們採取這三項措施時，仍不足以完全緩解我們面臨的所有關稅，特別是在2026年。

And that kind of leaves us with that fourth lever, right, which is an overall proactive approach to how we're managing our company's cost. But in aggregate, we feel that we'll mitigate those costs. And quarter-to-quarter, we're going to feel more headwinds in the first half of '26 then in the back half with regards to tariffs, and that's where we expect them to peak.

這就讓我們必須動用第四個槓桿，也就是以更全面、主動的方式來管理公司的成本。但整體而言，我們認為我們將能緩解這些成本。就季度節奏而言，關於關稅，我們在26年上半年感受到的逆風會比下半年更大，而我們預期關稅影響會在那段時間達到高峰。

Ben Mohr, Citigroup.

Ben Mohr，花旗集團（Citigroup）。

Hi, morning. Thanks for taking my question. Hey, Rafael, John and Kyra. The -- I'm just trying to understand the lower sales on -- for your service on significantly lower North American mods. And maybe if I can ask it this way, last year, you gave your cadence of services versus equipment revenue on the lumpiness first half versus second half. Can you give a similar kind of view on cadence of that for 2026 and then also kind of driving impact on freight operating margins first half versus second half?

嗨，早安。謝謝讓我提問。嗨，Rafael、John 和 Kyra。我想了解你們服務業務的銷售下滑——與北美改造（mod）大幅下降相關。或許我可以這樣問：去年你們提供過服務收入相對於設備收入的節奏，上半年與下半年的波動性。你們能否對2026年提供類似的節奏觀點，並且也談談這對貨運業務營業利潤率在上半年與下半年的影響？

Yes, absolutely. What we're seeing in the fourth quarter with equipment up 33.5% and services down [5%]. It's what we had been talking about most of last year. In the first half of last year, we saw services growing at a faster rate and actually equipment was down we knew that was going to flip in the back half. And it's just a matter of timing of our runs between mods and new locos, but it played out exactly the quarter.

是的，當然可以。我們在第四季看到設備成長33.5%，而服務下滑[5%]。這正是我們去年大部分時間一直在談的情況。去年上半年，我們看到服務以更快的速度成長，而設備其實是下滑的；我們知道下半年會反轉。這只是我們在改造與新機車之間排程時點的問題，但實際結果完全符合該季度的表現。

And with that, we had a mix headwind. But let's turn our attention to next year. And broaden the question out a little bit from just services, but let's talk about overall cadence of our earnings. When we look at the midpoint of our guidance that we just came out with, we're at 10.5% year-over-year growth on volumes.

因此我們面臨了組合（mix）上的逆風。但讓我們把注意力轉向明年。並且把問題從僅僅是服務稍微擴大，來談談我們整體獲利的節奏。當我們看剛發布的指引中位數時，我們的運量同比成長為10.5%。

I think the way to think about that is that about half of that is driven by inorganic growth, right? That's the three acquisitions that are coming at us and partially offset by portfolio optimization, which continues to serve the company very well.

我認為可以這樣理解：其中大約一半是由非有機成長所驅動，對吧？也就是我們的三項收購帶來的貢獻，並部分被投資組合優化所抵銷；而投資組合優化持續對公司非常有利。

And then to think about the other part of it, about mid-single-digit organic growth. So on an absolute basis, we're looking at more revenue in the second half than the first half, not a lot, but certainly, it will be bigger in the second half. And when we turn and look at growth of our revenues first half to second half, we would expect our growth in the first half to be significantly higher than the second half, and that's going to be driven by two things.

至於另一部分，約為中個位數的有機成長。因此以絕對金額來看，我們下半年的營收會高於上半年，差距不大，但下半年確實會更高。而當我們看上半年到下半年的營收成長率時，我們預期上半年的成長會顯著高於下半年，這將由兩個因素驅動。

The first thing is, number one, is the acquisitions, right? In the first half of 2026, we will have revenue from our three acquisitions, Inspection Technologies, Frauscher and Dellner across most -- all of the first half and has got nothing to compare against in the year-ago half.

第一個因素是收購，對吧？在2026年上半年，我們三項收購——Inspection Technologies、Frauscher 和 Dellner——的營收將涵蓋上半年的大部分——幾乎全部——而去年同期並沒有可比基期。

As we get into the back half, we are going to have a comparable and that will be with evident. The second thing that's going to affect the timing of our growth between half is we would expect to do more combined mods and locos in the first half than the second half, okay?

進入下半年後，我們就會有可比基期，而那將會反映得很明顯。第二個會影響上下半年成長時點的因素是：我們預期上半年完成的改造與機車合計數量會多於下半年，好嗎？

As we move on and we look at the second part of our guidance, which is EPS is up 14.25%. While we do not give operating margin as a guidance, we do expect it to be up in 2026, and that's what you'll find when you do the math.

接著我們看指引的第二部分，也就是每股盈餘（EPS）成長14.25%。雖然我們不提供營業利潤率作為指引，但我們確實預期2026年的營業利潤率會上升，你們自行計算就會看到。

As we talk about that operating margin and we look at the first half, we would expect the first half to have modest growth in overall operating margin. And we would expect the second half to have more significant growth in operating margin. And there's three reasons for this. Number one, as we look at the first half being just modestly higher, it's going to be affected by the year-over-year [comps]. In 2025, our first half was up 1.8 percentage points of operating margin, and the back half was up 1%.

談到營業利潤率並看上半年時，我們預期上半年的整體營業利潤率會溫和成長。而我們預期下半年的營業利潤率成長會更為顯著。原因有三點。第一，當我們看上半年僅小幅提高時，會受到同比[比較基期]的影響。在2025年，我們上半年的營業利潤率提高了1.8個百分點，而下半年提高了1%。

So that dynamic is going to play out as we move through 2026. The second area is, again, going back to what we talked about on tariffs, right? Tariffs are going to peak in 2025 in the -- I'm sorry, in 2026 in the first half and it will virtually have nothing to compare to on a year-ago basis. While tariffs were there, it was mainly going into inventory. And so we're going to have some headwinds on the first half.

因此，隨著我們邁向 2026 年，這種態勢將會逐步顯現。第二個面向是，再次回到我們談到的關稅，對吧？關稅將在 2025 年達到高峰——抱歉，是在 2026 年上半年達到高峰，而且在同比基礎上幾乎沒有可比性。在關稅存在的期間，主要是流入庫存。因此，我們在上半年將面臨一些逆風。

Our mitigants have come in more equally over the year. in that respect. And then the third thing is our incredible focus on managing our costs through Integration 2.0, regular product -- 3.0 regular productivity and portfolio optimization. Those will build over the year, and we'll deliver more benefit in the second half than the first half.

我們的緩解措施在全年分布得更為均衡。就這點而言。第三點是，我們透過 Integration 2.0、常規產品——3.0 的常規生產力提升，以及投資組合優化，對成本管理保持極高的專注。這些效益會在全年逐步累積，我們在下半年帶來的效益將多於上半年。

Amazing. Thank you so much, John. Maybe for Rafael, switching to sort of more of a longer-term outlook. Your freight backlog has been averaged at about $18 billion for several years now, and it's been great to see the jump to $21 billion from the Kazakh order last quarter and then the $23 billion today, which is fantastic.

太棒了。非常感謝你，John。也許問 Rafael，切換到較長期的展望。你們的貨運在手訂單過去幾年平均約為 180 億美元，而很高興看到上季因哈薩克訂單跳升至 210 億美元，今天又到 230 億美元，這非常出色。

How is your view for the outlook given all the puts and takes from international and US opportunities in the pipeline? Should we see that step back down to $18 billion for the longer term going back to the last several years average? Or can we see incremental step-up and staying above the $21 billion or even the $23 billion going beyond?

在管線中同時存在國際與美國機會、各種利多利空拉扯之下，你對前景的看法如何？長期來看，我們是否會看到它回落到 180 億美元、也就是過去幾年的平均水準？或者我們能看到進一步的階梯式上升，並維持在 210 億美元以上，甚至在更往後仍能高於 230 億美元？

We are very pleased with the progress, especially in regard to the pipeline. I mean, despite of the record order intake, that pipeline continues to be very strong and it's international. It's really a very significant part of it that's driven by international. But there's some other parts of the business you're doing very well.

我們對進展感到非常滿意，尤其是在管線方面。我的意思是，儘管訂單承接創下紀錄，管線仍然非常強勁，而且是國際性的。其中相當重要的一部分確實是由國際市場所驅動。不過，你們在業務的其他部分也做得非常好。

If you think about mining in specific, we're continuing to see a strong demand for ultra-class trucks, which we happen to be very well positioned to work on that as well. And I think we're very happy to see how the portfolio is working.

如果具體看採礦領域，我們持續看到對超大型卡車的強勁需求，而我們也恰好在這方面具備非常好的布局與能力。我想我們很高興看到這個投資組合的運作成效。

I made some earlier comments on areas that we're seeing softer demand. But the investments we've made, and I mentioned on both fronts on organic some of the investments we made on PTC 2.0, that's allowing a lot of the international orders for our digital intelligence business. So that's a very important part of it. But also, in areas like inorganic.

我先前也提到一些我們看到需求較疲弱的領域。但我們所做的投資——我提到兩個面向，包括有機成長方面我們在 PTC 2.0 上的一些投資——正讓我們的數位智慧業務獲得大量國際訂單。因此那是非常重要的一部分。同時也包括一些無機成長的領域。

We talked about the drop in the freight car manufacturing side of it, and we're seeing the opportunity for parts of the business like in the heat exchanger in the industrials to really offset some of those pressures. So I think we're going moving forward towards with that portfolio. With that, some parts of that portfolio might not have now sell the same dynamics if you think about the elements of especially backlog. But it's a stronger portfolio. So the progress with the acquisitions, it's clear.

我們談到貨車製造端的下滑，而我們也看到像是工業領域中的熱交換器等業務機會，確實能抵消部分壓力。所以我認為，往前看，我們將以這個投資組合持續推進。在這之中，如果你特別看在手訂單等要素，投資組合的某些部分可能不再具有相同的動態。但這是一個更強的投資組合。因此，併購帶來的進展是很明確的。

We're moving in the right direction here ahead of pro forma. And I think most important here is the quality of the backlog. The margins, as you look at individual products and individual elements of that, we have higher margins.

我們正朝著正確方向前進，且表現已優於備考（pro forma）。而我認為最重要的是在手訂單的品質。就毛利而言，當你看各個單一產品與各個構成要素時，我們的毛利更高。

And the other piece, which we can't underscore enough is the amount of really activity, the teams got going on right now in terms of simplifying, taking cost out. It's really an element of record cost out those teams are going to be driving.

另外一點，我們再怎麼強調都不為過，就是團隊目前在簡化流程、降低成本方面的活動量之大。這確實是團隊將推動創紀錄降本的一個要素。

And it's encouraging to see that momentum across the portfolio. With that, I think we're very confident and committed to deliver on what, I guess, we've highlighted here as another cycle of meaningful profitable growth.

看到這股動能在整個投資組合中擴散，令人鼓舞。基於此，我們非常有信心，也承諾交付——我想——我們在此所強調的另一個週期：具意義的獲利性成長。

Tami Zakaria, JPMorgan.

Tami Zakaria，摩根大通。

Hi, good morning. Thank you so much, and thanks for all the color on the margin cadence. We would think the Transit segment probably doesn't have a lot of tariff impact. So if you could provide some color on how to think about seasonality for that segment as it relates to last year.

嗨，早安。非常感謝，也謝謝你們對毛利節奏提供的所有補充說明。我們認為 Transit（軌道交通）事業部可能不太受關稅影響。因此，能否請你們補充一些說明，讓我們理解該事業部相較去年在季節性方面應如何看待？

Let me just start here. We remain very much on track to expand full year margins again, and that's supported by a lot of the elements of integration 3.0, the portfolio optimization we continue to do and the fact that team continues to be very selective on the order intake.

我先從這裡開始。我們仍然非常按計畫推進，預期全年毛利率將再次擴張；這得益於 Integration 3.0 的多項要素、我們持續進行的投資組合優化，以及團隊在接單方面仍然非常審慎挑選。

And over our strategic plan, we expect transit margins to move into the high teens. That's very much the direction. We're very pleased with the overall progress we're continuing to make. But John?

在我們的策略計畫期間，我們預期 Transit 的毛利率將提升至接近 20%（high teens）。方向非常明確。我們對持續取得的整體進展感到非常滿意。不過，John？

And specific seasonality, Tami. We talked a little bit earlier this year in second quarter and third quarter that the team in transit was trying to better level load some of their production. And what they did was they brought forward some of the volumes. So we saw a greater organic growth in the second and the third quarter than the fourth. And we garnered some of those manufacturing efficiencies in Q2 and Q3, a little bit to the detriment of the fourth quarter.

至於具體的季節性，Tami。我們今年稍早在第二季與第三季談到過，Transit 團隊正嘗試更好地平準其產能負荷。他們所做的是把部分產量提前。因此我們在第二季與第三季看到的有機成長高於第四季。而我們在 Q2 與 Q3 取得了一些製造效率，但某種程度上是以第四季表現為代價。

And having said that, as we look into 2026, we would expect a pretty balanced view of volume growth and margin growth over that year. Now there's always variations quarter-to-quarter, we saw a variation certainly in our fourth quarter for both transit and the full company here in '25 with regards to the extraordinary cash performance that we had. So we'll always see those things. But I think we'll see a more balanced delivery out of transit in 2026.

話雖如此，展望 2026 年，我們預期該年度的量增與毛利成長會呈現相當均衡的走勢。當然，各季之間總會有波動；我們在 2025 年第四季，無論是 Transit 或整體公司，都確實因為我們非同尋常的現金表現而出現波動。所以這些情況總是會發生。但我認為 2026 年 Transit 的交付會更為均衡。

That's very helpful. And quickly on the incremental $50 million savings that you talked about -- is it mostly accruing to the Transit segment or Freight or pretty much split between the two?

這非常有幫助。另外快速問一下你們提到的新增 5,000 萬美元節省——主要是歸屬於 Transit 事業部，還是 Freight（貨運），或是兩者大致各半？

Yeah, when we look at the integration as we did 2.0, Transit is a little bit over shared. So yes, I think, Tami, we're closer to the kind of the 50-50 between the two segments, even though the Transit segment is a smaller part of overall revenue.

是的，當我們回顧像 2.0 那樣的整合時，Transit 的分攤比例會稍微高一些。所以是的，Tami，我認為更接近兩個事業部各半（50-50），即使 Transit 在整體營收中占比更小。

And ladies and gentlemen, that will conclude today's question-and-answer session. At this time, I'd like to turn the conference call back over to Kyra for any closing remarks.

各位女士、先生，今天的問答環節到此結束。此刻，我想把電話會議交回 Kyra，請她做結語。

Thank you, [Jamie], and thank you everyone for your participation today. We look forward to speaking with you again next quarter.

謝謝你，[Jamie]，也謝謝各位今天的參與。我們期待在下個季度再次與各位交流。

And with that, ladies and gentlemen, we'll conclude today's conference call and presentation. We thank you for joining. You may now disconnect your lines.

那麼，各位女士、先生，今天的電話會議與簡報到此結束。感謝各位加入。您現在可以掛斷電話線。