Knowles Corp 2025年度报告

To Our Stockholders 2025 marked the first full year of Knowles operating as a focused industrial technology company followingthe completion of our portfolio transformation in late 2024. We are focused on delivering high-performance,customized solutions that enable some of the world’s most demanding applications across MedTech,Defense, Industrial, and Energy markets. Today, Knowles is a company built around deep engineering expertise, differentiated solutions, and the abilityto customize at scale. Our Precision Devices and MedTech & Specialty Audio segments serve customers whovalue performance, reliability, and long product lifecycles. These characteristics support durable relationships,attractive margins, and strong cash generation — providing the foundation for consistent value creation. Our vision of Knowles as a premierindustrial technology company has arrived. A Stronger, More Focused Knowles In 2025, we continued our strategy of leveraging our unique technologies across our businesses to designcustom engineered solutions and then deliver them at scale for blue chip customers. With our productportfolio and a significantly improved balance sheet, our teams concentrate resources on the marketsand technologies where we see the greatest opportunity. We delivered organic growth of 7% in 2025with revenues accelerating in the second half of the year. Positioned in Secular Growth Markets The markets we serve are supported by powerful long-term trends: aging populations and the numberof medical devices being used to extend life expectancy and ensure sustained quality of life is on the rise.Global defense budgets are increasing and shifting to spending on electronic warfare. Industrial automationcontinues and the digital transformation has led to rapidly growing energy consumption. Our products areembedded in applications within markets where performance matters — and where Knowles’ engineeringcapabilities provide a meaningful competitive advantage. Looking Ahead As we move forward, our priorities are clear: designing custom engineered products and delivering themat scale for customers and markets that value our solutions. Our strategy coupled with a strong balancesheet positions us well for growth in the future. We have entered a period of accelerating organic growthand expanding margins. We will continue to deploy our strong cash flow and balance sheet in a disciplinedmanner making investments in innovation, pursuing strategic acquisitions that strengthen our market position,and returning capital to shareholders. I am proud of what the Knowles team has accomplished and excited about what lies ahead. Our transformationis complete, our strategy is working, and we believe Knowles is well positioned to deliver long-term valuefor our stockholders. Thank you for your continued confidence and investment in Knowles. Sincerely, Jeffrey NiewPresident and Chief Executive Officer 2025 Financial Performance $1.11Non-GAAP Diluted EPS* $593MRevenue $114MCash fromOperating Activities MedTech & Specialty Audio Precision Devices Core components for demanding applicationswith extreme technical requirements. Compact, yet powerful components forhearing health and audio applications. $264MRevenue $329MRevenue 22%Adj. EBITDA Margin* 42%Adj. EBITDA Margin* Electrification / Energy FORWARD LOOKING STATEMENTS Reconciliation of GAAP Financial Measuresto Non-GAAP Financial Measures (Continuing operations, in millions,except per share amounts)Year EndedDecember 31, 2025 Notes: 2These expenses are related to the acquisition of Cornell Dubilier by the Precision Devices segment. These expenses include ongoing costs to facilitateintegration, the amortization of fair value adjustments to inventory, and costs incurred by the Company to carry out this transaction. Transition services represent amounts charged to Syntiant in connection with post-closing transition and separation costs. 5Other expenses include non-recurring professional service fees related to the execution of various reorganization projects and foreign currencyexchange rate impacts on restructuring balances. 6The non-GAAP reconciling adjustments include stock-based compensation expense, intangibles amortization expense, impairment charges, restructuringcharges, production transfer costs, acquisition-related costs, and other expenses, partially offset by dividend income and a credit to transition services. 8The number of shares used in the diluted average shares outstanding calculations on a non-GAAP basis excludes the impact of stock-based compensation expenseexpected to be incurred in future periods and not yet recognized in the financial statements, which would otherwise be assumed to be used to repurchase sharesunder the GAAP treasury stock method. Non-GAAP diluted average shares outstanding also excludes the impact of certain equity awards that are not yet earned. KnowlesCorporationForm 10-K UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWa