美国力特保险丝 2025年度报告

As we conclude 2025 and look toward the future of Littelfuse, I am energized by the significant progress we have made onour strategic priorities. We spent the past year sharpening our strategic focus on our growth opportunities, evolving ourgo-to-market strategy, and driving enhanced operational excellence. Our 98-year history as a leader in the safe & efficienttransfer of electrical energy and our performance over the past year have further solidified my confidence in our uniquemarket positioning. Throughout 2025, our global team remained focused and dedicated to partnering with our customers to drive the nextgeneration of technology advancements. We delivered strong full year results, with revenue growing 9% while we drovesignificant profitability and cash flow expansion. As we move into 2026, our execution is guided by our three strategicpriorities designed to scale our business, amplify our long-term performance and deliver top-tier shareholder value. Enhance Focus to Capitalize on Future Growth OpportunitiesWe are sharpening our focus on secular growth trends across our broad end markets, specifically the global transition toward higher voltage and higher energy density applications. This evolution is leading to complex safety and efficiencychallenges for our customers, and our products are increasingly important to solving these challenges at the architecturelevel. As we are innovating more closely with our broad customer base, we are seeing signs of strengthening momentuminto 2026. This is best exemplified by our 2025 design wins, which were up double-digits versus the prior year. Another example of our sharpened focus, we successfully closed the acquisition of Basler Electric in December. Thisstrategic addition strengthens our high power capabilities in the areas of high-voltage excitation and high-energyprotection. Basler is a technology leader in the growing grid & utility and data center infrastructure markets and has along history of selling complete solutions to a deeply embedded customer base. They complement our Industrialsegment portfolio and their addition will broaden our exposure to leading industrial customers. Provide More Complete Solutions for a Broader Set of CustomersIn 2025, we successfully realigned our sales structure from a siloed, product-centric approach to a market-facing, customer- centric model. This evolution empowers our teams to engage more deeply with market leaders, leveraging our full technologyportfolio to solve their most complex challenges. As we collaborate more meaningfully with our customers on their futuretechnology road maps, this go-to-market evolution is better informing and ultimately shaping our R&D efforts. By solving complex challenges around safe and efficient power transfer with our full technology portfolio, we areincreasing our content and growth opportunity across our high-growth markets. This is best exemplified by the datacenter market, where we were early to adopt our new go-to-market model. In 2025, our data center design wins morethan doubled versus the prior year, and we expect continued robust data center growth momentum in 2026. Drive Operational Excellence to Amplify Long-Term PerformanceWe are committed to enhancing long-term profitability through our operational excellence priority, and our teams are focused on driving improved safety, quality, delivery, cost, and inventory across our global footprint. The early impact of this initiativeis already evident in our Transportation Segment, where disciplined execution led to significant margin expansion in 2025.This success serves as a blueprint for 2026, and we are confident in our ability to deliver further profitability enhancementsacross the segment in the year ahead. Another key component of our operational excellence initiative is the planned optimization of our Semiconductor Productsbusiness. This business is core to our technology differentiation as our market leading protection and complementary powersemiconductor products are critical to our mission of enabling the safe and efficient transfer of electrical energy. We are in theearly process of rationalizing our power semiconductor portfolio to reduce exposure to lower-value products. We aresharpening our focus on high-value and high growth applications in areas such as battery energy storage, data center and grid& utility infrastructure, where we have significant right-to-win, differentiated technologies and strong customer relationships.We are also reviewing our manufacturing footprint to ensure it is optimized and resilient for future growth. We believe theseactions will significantly improve the strategic focus and profitability of our Semiconductor Products business and positionus to deliver next-generation technologies that will drive growth in our target markets. Looking Ahead As we look forward to 2026, Littelfuse is well-positioned to deliver continued growth, enhanced profitability, androbust cash generation. We