林肯电气 2025年度报告

FINANCIAL HIGHLIGHTSYears ended December 31 (dollars in millions, except per share) SUSTAINABILITY HIGHLIGHTS Safety(TRCR)2025 GOAL: 52% Reduction 43% REDUCTION* Energy Intensity2025 Goal: 16% Reduction 4% REDUCTION* Recycling2025 Goal: 80% rate 79%in2025 GHG Emissions2025 Goal: 10% Reduction 19% REDUCTION* Water Use2025 Goal: 14% Reduction 39% REDUCTION* Landfill Avoidance2025 Goal: 97% rate 96%in2025 * (2025vs 2018) Recognized forOur Leadership NEWSWEEK World’s Most Trustworthy Companies 2025America’s Most Responsible Companies 2025America’s Greatest Companies 2025America’s Greatest Workplacesfor Manufacturing 2025America’s Greatest Workplaces for Culture,Belonging & Community 2025America’s Greenest Companies 2025 ETHISPHERE® One of the World’s Most Ethical Companies(7x Honoree) USA TODAY®America’s Climate Leaders 2025 TIMEAmerica’s Best Mid-Size Company 2025FORBES America’s Best Mid-Size Employers 2025America’s Best Employers for CompanyCulture 2025 WE ARETHE ESSENTIALLINCHELPINGCUSTOMERSBUILD BETTER —Steven B. HedlundChairman and Chief Executive Officer TO OUR SHAREHOLDERS, 2025 was a milestone year for Lincoln Electric as we proudly celebrated the 130thanniversary of the Company’s founding and the 30th anniversary ofourNASDAQlisting. These two achievements honored our rich legacy and the enduring strength ofour business, our values, and our incredible team. I am pleased to report that 2025 was another year of record performance. Throughoutthe year, our team remained resilient and agile responding to challenging end marketconditions. We achieved record sales of $4.2 billion, driven by acquisitions and priceto offset rising input costs. We remained focused on disciplined cost management,serving customers, and long-term growth with the acquisition of Alloy SteelInternational in Australia and are excited about our ability to scale their proprietarywear plate technology in the years ahead. We also advanced innovation and increasedour vitality index of equipment sales from new products by 800 basis points to 58%reflecting a strong product pipeline and new solutions from our acquisitions. RecordNet Sales:$4.2 BILLION We continued to reshape the business through operational initiatives which generatedapproximately $31 million in incremental permanent savings. These achievementsenabled us to maintain last year’s record adjusted operating income margin of 17.6%and deliver record adjusted earnings per share of $9.87. Disciplined working capitalmanagement supported strong cash flows from operations, top quartile ROIC, a recordreturn of $507 million of cash to shareholders and 30% total shareholder return. RecordAdjustedEPS:$9.87 COMPLETION OF THE HIGHER STANDARD 2025 STRATEGY Our 2025 results cap off a successful five year strategic cycle under our HigherStandard 2025 Strategy. I am proud that we achieved most of the targets weestablished five years ago despite extraordinary global volatility. These includethe doubling of our automation sales and EBIT margin, the near doubling of ourInternational Welding EBIT margins, and outperformance in acquisition growth andthe Harris Products Group segment’s EBIT margin. These accomplishments highlightour strong “say-do” reputation and the relentless commitment of our global teams todrive long-term value for our stakeholders. The Company has never been stronger asreflected by our 122% total shareholder return during the Higher Standard Strategy,which is more than double our proxy peers’ performance. TopQuartile Adjusted ROIC:21.3% INTRODUCING THE RISE STRATEGY As we look ahead, we are excited to launch our next strategy: RISE. This strategy supports our mission tobe the essential “Linc” to help customers build better and to expand our impact by solving more problemsfor more customers. It leverages our culture which is rooted in the guiding principle of the Golden Rule andthrough our shared commitment to promoting integrity, practicing candor, taking ownership, being agile, andwinning together. The “RISE” acronym stands for four themes that we will be emphasizing from 2026 to 2030to generate superior value for all stakeholders: Accelerating productdevelopment, partnerships,and “techquisitions” to bringdifferentiated, higher valuesolutions to solve moreproblems for more customers. Driving greater standardizationand digitization in our corebusiness processes to makeour operations safer, moreefficient and more effective. Using market segmentationand customer intimacy tobetter understand and exceedcustomers’ expectations todrive customer satisfactionand growth. Investing in enhanceddevelopment, training, andcareer-path programs to ensurethat we continue to attract, retainand engage world class talent. OUR 2030 FINANCIAL TARGETS LOOKING AHEAD Our optimism for the future is grounded in thestrength of our people, the trust of our customers,and the opportunities ahead in automation, andsecular trends such as reshoring, electrification,infrastr