Financial Data and Key Metrics Changes - Total sales for 2025 grew 6% year-over-year to $5.5 billion, marking an all-time high [8] - Adjusted earnings per share (EPS) was $3.90, up 10% year-over-year, indicating the second consecutive year of double-digit EPS growth [8] - Free cash flow exceeded $1 billion, strengthening the company's financial position [9] - In Q4, total sales grew 3.8% year-over-year to nearly $1.4 billion, with core sales growing 1.6% [22] Business Line Data and Key Metrics Changes - Water Quality segment delivered $846 million in total sales, up 4.3% year-over-year, with core sales growth of 1.4% [24] - PQI segment total sales grew 3% year-over-year to $550 million, with core sales growth of 1.8% [25] - Both segments experienced steady underlying demand, with price increases contributing to sales growth [22][24] Market Data and Key Metrics Changes - Core sales in North America grew 5.3%, while Western Europe saw a 3.8% increase [9] - High-growth markets experienced a 5.1% increase in core sales year-over-year, led by Latin America, India, and the Middle East [12] - Core sales growth in China was modest, primarily driven by PQI [12] Company Strategy and Development Direction - The company aims for continued core sales growth and margin expansion, targeting mid- to high-single-digit adjusted EPS growth for 2026 [17][30] - Strategic acquisitions, such as In-Situ, are expected to enhance the company's water analytics portfolio and address freshwater challenges [18][20] - The focus remains on disciplined capital allocation and creating long-term shareholder value through M&A opportunities [29][80] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in steady demand for products and services due to the essential need for clean water and safe food [7][33] - The company anticipates another year of core sales growth in 2026, supported by a durable business model and strong secular growth drivers [33] - Management noted that underlying demand remains steady across both municipal and industrial markets, with government funding continuing to flow [41] Other Important Information - The company established a $750 million share repurchase program and announced an 18% increase in its dividend [7][29] - The acquisition of In-Situ was completed early in 2026, funded with cash on hand [28] Q&A Session Summary Question: Expectations on municipal CapEx and demand trends - Management sees steady demand across municipal and industrial markets, with strong growth in industrial sectors like data centers and government funding supporting municipal demand [40][41] Question: Impact of DRAM supply and pricing - The company's exposure to DRAM is minimal, and no material impact is expected [42] Question: Margin expansion guidance and cost considerations - Management expects 50 basis points of margin expansion, driven by pricing and the rolling off of tariff-related headwinds [50][52] Question: Data center growth potential - Data center sales are still a small part of the business but are growing double digits; however, they are not expected to be a meaningful contributor to core growth in 2026 [54] Question: PQI performance related to high protein boom - Demand in CPG markets remains stable, with opportunities arising from changes in packaged foods and dietary requirements [61] Question: Geographic performance in Western Europe - The year-over-year performance was impacted by three fewer shipping days, but overall execution was strong [62] Question: EPS growth guidance and market conditions - Management is being prudent with EPS growth guidance due to macro uncertainties, but underlying demand remains solid [70] Question: Integration plans for In-Situ acquisition - The company is excited about top-line synergies and plans to leverage complementary product portfolios to accelerate growth [82]

Financial Data and Key Metrics Changes - Total sales grew 6% year-over-year to $5.5 billion, marking an all-time high [8] - Adjusted earnings per share (EPS) was $3.90, up 10% year-over-year, indicating the second consecutive year of double-digit EPS growth [8] - Generated over $1 billion of free cash flow, strengthening the financial position [9] - In Q4, total sales grew 3.8% year-over-year to nearly $1.4 billion, with core sales growing 1.6% [22] Business Line Data and Key Metrics Changes - Water Quality segment delivered $846 million in total sales, up 4.3% year-over-year, with core sales growth of 1.4% [24] - PQI segment total sales grew 3% year-over-year to $550 million, with core sales growth of 1.8% [25] - Both segments experienced steady underlying demand, with pricing increases contributing to sales growth [22][24][25] Market Data and Key Metrics Changes - Core sales in North America grew 5.3%, while Western Europe saw a growth of 3.8% [9] - High-growth markets experienced a core sales increase of 5.1% year-over-year, led by Latin America, India, and the Middle East [12] - Core sales growth in China was modest, primarily driven by PQI [12] Company Strategy and Development Direction - The company aims for mid- to high-single-digit adjusted EPS growth in 2026, with a focus on strategic growth and disciplined capital allocation [17][30] - Recent acquisitions, including In-Situ, are expected to enhance the water analytics portfolio and drive growth in environmental markets [18][19] - The company is committed to leveraging its Veralto Enterprise System to drive continuous improvement and support customer needs [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in steady demand for products and services due to the ongoing need for clean water and safe food [7][17] - The company anticipates another year of core sales growth and continued margin expansion, despite potential macroeconomic challenges [30] - Management highlighted the importance of recurring revenue, which comprises 60% of total sales, providing stability against fluctuations in capital expenditure [40] Other Important Information - The company established a $750 million share repurchase program and announced an 18% increase in its dividend [7][29] - Free cash flow conversion was reported at 115% of GAAP net income for Q4 [22] Q&A Session Summary Question: Expectations on municipal CapEx and demand trends - Management sees steady demand across municipal and industrial markets, with government funding continuing to flow [40] Question: Impact of DRAM supply on business - Management indicated minimal exposure to DRAM, expecting no material impact [42] Question: Margin expansion guidance and cost considerations - Management expects 50 basis points of margin expansion, driven by pricing and the rolling off of tariff-related headwinds [50] Question: Data center growth potential - Management noted that while data center sales are growing, they remain a small part of the overall business and not expected to be a significant contributor in 2026 [54] Question: Performance in PQI related to high protein boom - Management reported stable demand in CPG markets, with opportunities arising from changes in dietary requirements and packaging [60] Question: Geographic performance in Western Europe - Management explained that fluctuations in Western Europe were primarily due to fewer shipping days impacting year-over-year comparisons [62] Question: EPS growth guidance and market conditions - Management indicated that while top-line growth is expected, EPS growth is forecasted to be more modest due to various factors, including the In-Situ acquisition [70] Question: Integration plans for In-Situ acquisition - Management expressed excitement about the In-Situ acquisition, highlighting opportunities for top-line and cost synergies [82]

本文研究全球市场、主要地区和主要国家食品追溯软件的收入、销售收入等，同时也重点分析全球范围内主要厂商（品牌）竞 争态势，食品追溯软件收入、价格、收入和市场份额等。 针对过去五年（2018-2022）年的历史情况，分析历史几年全球食品追溯软件总体规模，主要地区规模，主要企业规模和份额， 主要产品分类规模，下游主要应用规模等。规模分析包括收入、价格、收入和市场份额等。针对未来几年食品追溯软件的发展 前景预测，本文预测到2029年，主要包括全球和主要地区收入、收入的预测，分类收入和收入的预测，以及主要应用食品追溯 软件的收入和收入预测等。 据简乐尚博(168Report)调研，按收入计，2022年全球食品追溯软件收入大约232.6百万美元，预计2029年达到430.4百万美元， 2023至2029期间，年复合增长率CAGR为 9.2%。同时2022年全球食品追溯软件收入大约 ，预计2029年将达到 。2022年中国市场 规模大约为 百万美元，在全球市场占比约为 %，同期北美和欧洲市场分别占比为 %和 %。未来几年，中国CAGR为 %，同期美 国和欧洲CAGR分别为 %和 %，亚太地区将扮演更重要角色，除中美欧之外， ...