본티어(VNT) 2026년 3분기 실적 발표: 핵심 성장률 6%, 마진 전망치 상향

핵심 요약

• 본티어는 환경·주유 솔루션 부문의 13% 성장에 힘입어 2026년 3분기 매출 7억 3,700만 달러, 핵심 매출 성장률 약 6%를 기록했다고 발표했다.
• 판매량 레버리지 효과, 제품군 단순화 및 구조적 비용 절감 조치로 수익성이 개선되면서 조정 영업이익률은 전년 동기 대비 300bp 확대된 24%를 웃돌았다.
• 조정 잉여현금흐름은 1억 3,300만 달러로, 조정 순이익의 107%, 매출의 18%에 달했다.
• 연간 구조적 비용 절감 프로그램은 기존 목표치인 1,500만 달러를 넘어 약 2,000만 달러 절감을 향해 순항하고 있다. 경영진은 2027년에 약 1,000만 달러의 추가 이월 효과가 나타날 것으로 예상하고 있다.
• 본티어는 연간 실적 전망치를 매출 약 30억 3,000만 달러, 조정 주당순이익(EPS) 3.60~3.64달러, 조정 영업이익률 23% 소폭 상회 수준으로 상향 조정했다.
• 회사는 3분기 중 8,000만 달러를 투입해 약 300만 주의 자사주를 매입했다. 연초 이후 누적 자사주 매입액은 2억 8,000만 달러로, 발행 주식 수의 약 6%에 해당하는 약 900만 주에 달했다.

주요 재무 데이터

사업 및 영업 실적

환경·주유 솔루션 부문이 핵심 성장 동력 역할을 했다. 신규 사업장 구축, 교체 수요 및 플렉스페이 6(FlexPay 6) 도입에 힘입어 주유기 전체 매출이 10%대 초반 증가하면서 핵심 매출은 13% 늘었다. 환경 솔루션 역시 10%대 초반의 성장률을 기록했으며, 애프터마켓 부품 및 서비스도 견조한 성장을 나타냈다.

경영진은 고객들이 개별 결제 키트 업그레이드보다 주유기 전체를 교체하는 방식을 선택하는 비중이 늘고 있다고 밝혔다. 이는 본티어의 수익 구조를 개선하지만, 보고 기준 매출 성장이 모빌리티 테크놀로지스에서 환경·주유 솔루션 부문으로 이동하는 효과를 낸다. 북미 공장에서 출하된 주유기의 약 30%에는 신형 플렉스페이 6 버전이 탑재됐다.

모빌리티 테크놀로지스 부문은 2%의 핵심 성장률과 26%의 부문 영업이익률을 기록했다. 제품군 단순화를 가속화하면서 3분기에 약 400만 달러의 추가 비용 절감을 달성했으며, 경영진은 이러한 효과가 향후에도 이어질 것으로 예상하고 있다. 텔레트랙(Teletrac) 매각은 해당 부문의 영업이익률 확대 폭 740bp 중 250bp를 차지했다.

본티어는 통합 결제, 자산 관리 및 사업장 자동화에 대한 수요 증가를 강조했다. 테스코(Tesco)는 700곳이 넘는 매장에 본티어의 통합 코어 솔루션을 도입할 계획이다. 퀵트립(QuikTrip)은 본티어의 자산 관리 플랫폼을 도입해 월간 서비스 발생 건수를 약 600건에서 100건 미만으로 줄였으며, 매장당 서비스 비용을 약 8% 절감했다.

리페어 솔루션 부문은 정비사들의 지출 축소와 한층 엄격해진 금융 조달 기준으로 인해 지속적인 압박을 받았다. 동일점포매출은 한 자릿수 초반 증가했으나 이자 수익 감소로 총매출이 줄었다. 경영진은 영업 실행 및 공급망 관리 측면에서 초기 진전이 있었다고 언급했다.

경영진 가이던스

4분기와 관련해 경영진은 환경·주유 솔루션 핵심 매출 성장률이 최소 한 자릿수 중간 수준을 기록하고, 모빌리티 테크놀로지스 매출은 정체 수준을 보이며, 리페어 솔루션은 한 자릿수 초반 감소세를 보일 것으로 전망했다.

회사는 2027년 공식 가이던스를 제시하지 않았다. 개괄적으로 경영진은 전체 포트폴리오의 약 80%를 차지하는 편의 소매업 및 플릿 최종 시장이 4~5% 성장할 것으로 내다봤다. 리페어 솔루션은 보합 내지 한 자릿수 초반 감소세를 유지해 회사 전체 성장률은 약 3~4% 범위가 될 것으로 예상했다. 또한 모빌리티 테크놀로지스 부문도 다시 성장세로 돌아설 것으로 기대했다.

리스크 및 주목 요인

• 경영진은 지속적인 생산성 개선 이니셔티브에 대한 새로운 위험 요인으로 공급망 제약이 대두되고 있음을 지목했다.
• 약 400만 달러 규모의 우호적인 지역 및 제품 믹스가 3분기 마진에 기여했으나, 향후 분기에는 반복되지 않을 것으로 예상된다.
• 대형 고객사 납품과 기술 도입은 프로젝트 기반으로 진행되는 경우가 많아 플릿 부문의 수요 변동성이 나타날 수 있다.
• 경유 가격 상승으로 연료 모니터링, 손실 방지 및 운영 효율성에 대한 수요는 늘고 있으나, 일부 플릿 운영업체들은 수용 능력 확장에 여전히 신중한 태도를 유지하고 있다.
• 정비사와 가맹점주들이 비용 증가에 직면한 가운데, 고객 지출은 확실하고 신속한 투자 회수가 가능한 제품에 집중되고 있다.
• 대출 심사 기준 강화로 인해 리페어 솔루션 부문 내 본티어의 금융 포트폴리오와 관련 이자 수익이 축소됐다.

애널리스트 Q&A 주요 내용

경영진은 구조적 비용 절감 프로그램의 이월 효과가 더해지면서 2027년 핵심 성장에 따른 정상화된 증분 이익률이 30%를 웃돌 것이라고 밝혔다. 다만 2027년 세부 가이던스를 제시하는 것은 아직 이르다고 강조했다.

환경·주유 솔루션과 관련해 경영진은 고객의 설비투자 계획 기간이 18개월에서 길게는 3년 가까이 연장되고 있다고 설명했다. 신규 사업장 개발, 기업 인수 및 결제 기술 업그레이드가 수요를 뒷받침하고 있으며, 주유기 완제품 구매가 늘면서 매장당 본티어 제품의 공급 비중도 커지고 있다.

3분기 지하 매설 제품 매출은 10% 이상 증가했으며, 경영진은 해당 사업 파이프라인이 견조하다고 평가했다. 아울러 커넥티드 자동 유류 탱크 게이지(ATG)와 원격 모니터링 플랫폼 '더 허브(The Hub)'에 대한 수요도 언급했다.

모빌리티 테크놀로지스의 경우 경영진은 4분기 마진이 약 600bp 개선된 약 24~25%에 달할 것으로 예상했다. 중장기적으로는 사업 단순화, 80/20 전략 및 반복 발생하는 소프트웨어와 커넥티드 서비스 매출 비중 확대가 추가적인 수익성 개선을 뒷받침할 것으로 전망했다.

실적 발표 콘퍼런스콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good morning, ladies and gentlemen, and welcome to the Vontier Third Quarter 2026 Earnings Call. [Operator Instructions] This call is being recorded on Thursday, November 5, 2026, and a replay will be made available shortly after.

I would now like to turn the conference over to Ryan Edelman, Vontier's Vice President of Investor Relations. Please go ahead.

Ryan Edelman

Good morning, everyone, and thank you for joining us on the call this morning to discuss our third quarter results. With me on the call today are Mark Morelli, our President and Chief Executive Officer; Anshooman Aga, our Executive Vice President and Chief Financial Officer. You can find both our press release as well as our slide presentation that we'll refer to during today's call on the Investor Relations section of our website at investors.vontier.com.

Please note that during today's call, we will present certain non-GAAP financial measures. We will also make forward-looking statements within the meaning of the federal securities laws, including statements regarding events or developments that we expect or anticipate will or may occur in the future. These forward-looking statements are subject to risks and uncertainties. Actual results might differ materially from any forward-looking statements that we make today, and we do not assume any obligation to update them. Information regarding these factors that may cause actual results to differ materially from these forward-looking statements is available on our website and in our SEC filings.

With that, please turn to Slide 3, and I'll turn the call over to Mark.

Mark Morelli

Thanks, Ryan, and good morning, everyone. Thank you for joining us. Q3 was a strong quarter and one that reflects the progress we've been making as an organization. Sales, operating margin and EPS all exceeded our guidance ranges. We delivered nearly 6% core growth in the quarter with underlying momentum in our core markets. Combined with the meaningful margin expansion and continued progress on our strategic priorities, our results reinforce our confidence as we close out the year.

Let me give you a bit more color on what drove the quarter. Top line performance in the quarter was driven by strength across our convenience retail-facing businesses. Environmental & Fueling Solutions delivered 13% core growth, reflecting broad-based growth across the portfolio, led by higher dispenser demand, including ongoing upgrade activity tied to the increased adoption of our FlexPay 6 payment platform. Margin performance was a clear highlight in the quarter. Adjusted operating margin expanded 300 basis points versus the prior year, well ahead of our guidance of approximately 110 basis points. Our results were driven by structural cost actions we've been executing through our simplification and 80/20 initiatives. Our product line simplification programs delivered incremental savings ahead of our schedule in Q3, which contributed materially to Mobility Tech segment results. Additionally, our structural cost program is tracking closer to $20 million in savings for the year, up from $15 million originally.

I want to spend a moment on the broader demand environment because it helps frame why we're encouraged by the trajectory of the business. Within convenience retail specifically, underlying demand is constructive. The larger national and regional chains, where we are competitively advantaged, are committed to their multiyear capital investment plans. Industry profitability is strong and operators are leveraging technology to improve efficiency and attract consumers to their sites. They're expanding their networks, both organically and through acquisition, and that expansion is driving increasing complexity across our infrastructure. This is exactly where we win, and this creates an attractive end market where we have focused to establish a leadership position.

We have 4 competencies that are deeply embedded in our customers' operations, energy handling and dispensing, sensing and measurement, unified payment and commerce and site automation. And we have a large installed base with a strong global channel presence. Increasingly, we are bringing our capabilities together as integrated offerings, connecting critical assets, transactions and workflows to make our customers' footprint simpler, smarter and more productive. A good example is our expanding relationship with Tesco, one of Europe's largest retailers. Building on our existing fueling and payment presence across their network, Tesco will deploy our unified core offering across their entire footprint of more than 700 sites, connecting our fueling hardware with their indoor point-of-sale system to create a fully integrated payment and fuel management ecosystem. The end result is more automated site operations with improved visibility to real-time data and more seamless secure transactions. This is connected mobility in action, deeper integration more value per site and a stronger, more durable customer relationship.

In our fleet end market, demand continues to be driven by the need for better visibility and control across infrastructure. While some fleet operators have been more cautious about adding new capacity in the current environment, elevated diesel prices have meaningfully increased urgency around fuel monitoring, loss prevention and operation efficiency. That backdrop plays to our strengths. And the recent acquisition of EKOS enhances our ability to address those needs with a more complete hardware and software solution.

Let me spend a couple of minutes on our most recent NACS event because it captures something important about where Vontier is headed. The National Association of Convenience Stores show brought together more than 25,000 convenience retail operators and industry leaders last month. Following the go-to-market changes we announced at last year's event, we activated as one Vontier organization, bringing the breadth of our portfolio together across a single customer-facing presence. The customer response was encouraging. Operators who engaged with us noted that they could see more clearly than ever how our solutions work together to improve productivity, reduce complexity and drive revenue growth. That kind of feedback reinforces our confidence that our connected mobility strategy is resonating with customers.

What we showed at NACS is really a live version of what I want to walk you through on Slide 4, how we're connecting assets to create a differentiated growth platform for Vontier. Our mission in convenience retail is to enable operators to safely and reliably energy, commerce and services across the inside -- the store, at the car wash, and at charge points. Today, we have more than 700,000 connected assets across our installed base. That scale gives us a unique foundation not simply to connect individual products but increasingly to connect the entire site. And that is where the real value is created. We see value developing across 3 areas.

The first is unified payments and commerce. We are deploying a common architecture across multiple payment touch points, giving customers a more consistent consumer experience and a more productive site overall. The second is integrated asset management. By connecting assets across the forecourt, we give customers greater visibility and the ability to automate more service activity, ultimately delivering higher uptime. QuikTrip, a leading convenience retail operator and adopter of our technology, is a strong example of what this looks like in practice. They've been deploying our asset management platform across their network and have already reduced the monthly service events from roughly 600 to fewer than 100, driving service costs down by about 8% on a per site basis.

For operators managing larger, more complex networks with constrained labor resources, outcomes like these are becoming increasingly compelling. The third is data and AI. As more assets and transactions come on to a digital foundation, we're building a richer data layer that supports better insights, faster decisions and new value-added applications over time. We're still in the early stages here, but the opportunity is meaningful, and we are investing deliberately. Taken together, these 3 areas represent how we intend to convert the scale of our installed base into a higher value, more recurring revenue growth profile. By adding software, payments and intelligence on top of the foundation our customers already trust, we create more value per site and build a more durable business over time. This is the growth model we are building at Vontier. It gives us confidence in our near-term outlook, supports a more durable and higher quality earnings profile over time and ultimately strengthens the long-term value we are creating for shareholders.

With that, I'll turn the call over to Anshooman to walk you through the quarter and our outlook in more detail.

Anshooman Aga

Thanks, Mark, and good morning, everyone. Turning to our consolidated results for the quarter on Slide 5. Total sales were $737 million, with core sales growth of approximately 6%, above our guide of 5% for the quarter, led by strong performance in Environmental & Fueling Solutions. Adjusted operating profit margin was just over 24%, an increase of 300 basis points over the prior year. The improvement was driven by strong execution in Mobility Technologies and Environmental & Fueling Solutions, along with continued progress on our VBS-led simplification efforts.

80/20 is translating into better execution, improved productivity and a more efficient cost structure. Adjusted free cash flow was $133 million, representing a 107% conversion to adjusted net income and 18% of sales. Turning to our segment results, beginning on Slide 6. Environmental & Fueling Solutions delivered core growth of 13%, with total dispenser sales increasing low teens in the quarter, supported by an innovative product portfolio and robust new build and replacement activity. Environmental Solutions grew low double digits, fueled by healthy equipment upgrade activity, and we saw solid growth for aftermarket parts and service. Segment margin expanded 240 basis points, resulting from strong volume leverage and favorable mix, along with the continued benefits from our product line simplification efforts.

Turning to Mobility Technologies on Slide 7. Core sales were up 2% year-over-year, supported by healthy demand across the convenience retail portfolio and improving performance in commercial and industrial fleet. Segment margin expanded 740 basis points year-over-year to 26%, reflecting accelerated product line simplification savings in Q3. Additionally, we accelerated our structural actions, which are now tracking closer to $20 million, which disproportionately benefit Mobility Tech. Beyond the strong margin progression, we are seeing our capabilities increasingly extend across our portfolio as we bring together hardware, software and services to deliver a more connected mobility solution for our customers.

Finally, turning to Repair Solutions on Slide 8. Same-store sales were up low single digits in the quarter, reflecting a relatively stable demand environment. Technician spending remains constrained with continued prioritization of products that offer a clear and relatively quick payback. The decline in revenue was primarily driven by lower interest income as a result of a more stringent underwriting standards. Segment margin decreased 180 basis points year-over-year to just over 19%. Margins came in slightly ahead of our expectations as we are beginning to see traction on the actions already underway. The team has made meaningful progress on our broader transformation initiatives over the last 90 days and I'm encouraged by the early results, particularly around commercial execution and improved supply chain management.

Turning to the balance sheet on Slide 9. We ended the quarter with approximately $260 million of cash on the balance sheet and net leverage at 2.3x. During the quarter, we repurchased nearly 3 million shares for $80 million, bringing the year-to-date total to approximately 9 million shares and $280 million, representing about 6% of our shares outstanding. As we have consistently said, we remain disciplined and balanced in our approach to capital allocation. At current valuation levels, share repurchase remains one of our most attractive uses of capital.

Please turn to Slide 10 for a discussion of our updated guidance. Starting with the fourth quarter, we expect sales in the range of $780 million to $790 million with core sales growth of about 3% at the midpoint. We expect operating margin to expand approximately 280 basis points at the midpoint. Adjusted EPS is expected to be in the range of $0.99 to $1.03, representing earnings growth in the mid- to high teens. Turning to the full year. We are increasing the midpoint of our revenue guidance with sales of approximately $3.03 billion, with core growth at approximately 3%. Based on the progress we've made on self-help, we're raising our outlook for the full year operating margin. We now expect adjusted operating margin to expand approximately 180 basis points at the midpoint to just over 23%.

Carrying through the outperformance in Q3 and increased outlook of Q4, we now expect adjusted EPS in the range of $3.60 to $3.64, representing low double-digit growth versus the prior year and above the high end of our previous guide. As always, we've included some other modeling assumptions on the right-hand side of the slide.

With that, I will pass the call back to Mark for his closing comments.

Mark Morelli

Thanks, Anshooman. As we look ahead, we enter the fourth quarter with confidence and an encouraging setup for 2027. The demand environment across our core end markets remains healthy. Our commercial pipeline is solid, bookings are strong and the operational improvements we've been driving are showing up clearly in the numbers. The combination of volume growth and greater traction with self-help has created a margin expansion profile that we believe is sustainable and supported by structural actions.

Our margin improvement is not simply a function of volume. Our simplification and 80/20 initiatives are driving a higher quality revenue mix with greater operating leverage and a more durable earnings profile. We have a clear path to delivering on our full year commitments, including double-digit EPS growth and the underlying momentum in the business gives us confidence in how we are positioned heading into next year. I'd like to thank the Vontier team for their focus on VBS and embracing the culture of continuous improvement. The results we reported today are a direct reflection of their dedication, and I'm proud of what this team continues to deliver for our customers and our shareholders.

With that, operator, please open the line for questions.

Operator

[Operator Instructions] Our first question is from Andy Kaplowitz from Citigroup.

질의응답

Andrew Kaplowitz

Mark, can you give more color into your simplification initiatives and how they could evolve into '27? Because as you've kind of said, they look like they're accelerating over the last few quarters and into Q4 '26 with your predicted 280 basis points of margin improvement. I'm sure it isn't reasonable to estimate 280 or more for '27, but it seems like incremental margin in '27 could be significantly outsized versus your normal algorithm, which is, I think, 30% to 35%. So can you do that and more than absorb any memory chip cost inflation you're seeing?

Mark Morelli

Yes. Thanks for the question, Andy. Look, I think as you picked up here, our self-help has really gained traction. We put in place a lot of initiatives based on VBS and 80/20. Of course, there's new headwinds that are creeping in based on supply chain constraints. But I think what's really encouraging to us, we really like the setup. We've got a really strong runway of opportunities ahead. And I think as you can see from the results, that we're really picking them up and they're dropping to the bottom line.

Anshooman Aga

And Andy, I'll just add a little more color. I think you see our guide for strong margin expansion in Q4 and raising the full year to 180 basis points. Really a little early to give guidance for next year. But when you really start thinking about margins for next year on our core growth, I would expect incremental margins of 30% plus our standard drop-through to flow through. And then we should obviously get some benefit from the carryforward benefit of our cost improvement program, which we started off at $15 million for the year, and it's now a run rate of $20 million for the year. So about a $10 million incremental benefit next year.

Andrew Kaplowitz

Mark, I just wanted to double-click on that EFS growth. It's also been sort of accelerating over the last few quarters. I know you mentioned the strength of your national convenience store customers. But obviously, gas prices have been high. Is it higher fuel margin that's helping the growth? We know you've had new product contribution. So maybe just, again, durability of EFS growth as you go into '27.

Mark Morelli

Yes. So first of all, the backdrop from the market is really good, constructive. And when you talk to our key customers, they're planning their footprint build-outs. 18 months, 2 years, sometimes almost 3 years ahead. And so these folks are continuing their new site build-outs. They're still looking at M&A in the space and consolidation is a continued theme. So this theme that is under foot today, we certainly see how it plays to it.

When you look at EFS growth itself, one of the things that is a little bit more difficult just to pick out from the numbers, is this innovation-led growth and our payment kit technology, which is real innovation to the industry and Unified Payment, the things that we're talking about. Sometimes it will pull a full dispenser, which shows up in EFS growth because instead of just buying a payment kit, they will change out the whole dispenser, we call that a crate. And so you're seeing more growth there. So a little bit between EFS and Mobility Tech, it's a little bit harder for us to call exactly how that mix will play out. But I think what you see in the numbers here is that underlying growth reading through, and we think it has legs to it and we really like the setup for 2027.

Operator

Our next question is from Nigel Coe from Wolfe Research.

Nigel Coe

Really nice quarter. Congratulations. Obviously, the margins -- the organic growth is good, but the margins are the real highlight. I assume you talked about the $20 million. Any temporary cost measures that were taken that might kind of reverse going forward? I got to ask the question, any tariff refunds doesn't sound like there, but just wanted to check that box off. And then just I know there's a part of this question. Mobility Tech, are we now in a mid-20% zone going forward for this business? I realize the mix can be an influence there.

Anshooman Aga

Thanks, Nigel. So there are a few things in overall margins to call out. One, I talked about the $15 million cost-out program, which is trending or is at $20 million. So that's about $2 million pickup per quarter versus what we previously guided. Additionally, we talked about our product line simplification program, and we actually managed to accelerate that given exceptional execution by our teams following the Vontier Business System. And that gave us about $4 million of incremental savings in the quarter, which will carry forward in the future.

We also had good volume leverage, which the beat on revenue gave us about $3 million to $4 million of volume leverage. And then finally, the piece that won't repeat itself is the mix. We had favorable mix, both from a geographic and product perspective, which was roughly $4 million. So that won't carry forward into the next quarter and the year. But overall, strong execution from the teams and really proud of the way the teams executed. In terms of Mobility Technology margins, we're really proud of what the team has been able to do out there and expand margins, 250 basis points of the 740 basis points was the sale of Teletrac, which is accretive to margins. So obviously, that continues.

Also majority of the savings are heavily weighted towards Mobility Tech from the $20 million. And then also the product line simplification, which also leads into our new product rollout that we've seen. For example, 30% of all dispensers that shipped out of our factory in North America had the new version of FlexPay 6 on it. So really the innovations leading throughout there also. Having said that, from a Q4 perspective, margins will be up about 600 basis points of 24% to 25% range. I think that's probably reasonable for the near term. Medium to long term, the margin trajectory remains higher, and we'll have more of this product line simplification and 80/20 benefit that over time will read through and we'll continue to have a shift towards higher-margin recurring revenue as we provide more connected solutions and services to our customers.

Nigel Coe

That was comprehensive. I'm sure someone is going to dig into the 4Q kind of what wasn't embedded by segment. But just curious on the Matco in light of what Snap-on kind of talked about with diesel prices impacting some of the franchisees. Can you maybe just talk about how you see that playing out going forward?

Mark Morelli

Yes, I'm happy to take that one. Look, the underlying fundamentals for repair are pretty decent. Vehicle miles traveled are up, the car park is up. There's a lot of used cars changing hands. Repair volume is certainly hanging in there. There is no question though that the service technicians and also the franchisees are hit with higher prices. So that is an issue. I will say though, we are pretty encouraged that our same-store sales are up low single digits in Q3 and that the new management team is really invigorating our manager base with new tools and capabilities. And we think there's more opportunities we can leverage there.

Also, the inventory in the trucks is at a really healthy level. So we don't have that to work through. What you do see is a decline in Q3, but that was really mostly entirely due to lower interest income, which is really a result of our more stringent underwriting standards. So I think there's more work to do on that. I wish the overall market for repair technicians was stronger than it is and particularly as we head into next year. But I think net-net, we just have more opportunity to run this business better.

Operator

Our next question is from Andrew Obin from Bank of America.

David Ridley-Lane

It's David Ridley-Lane on for Andrew Obin. You have a competitor that's publicly announced capacity additions for their underground product line, and that's a vote of confidence and really the visibility of the underground tank replacement cycle. What were the underground sales for you in the quarter? And have you been building up a backlog or a pipeline of activity?

Anshooman Aga

Yes. Underground sales were up low double digits or north of 10% in the quarter. The pipeline remains very robust. And we're seeing a lot of interest, obviously, around our offerings, which is leading brand in the market. From the automatic tank gauge perspective, we launched a couple of years back the new version of that product, which provides connected services. And there's a lot of traction around that. And also, we -- at the last year's National Association of Convenience Store, we showcased The Hub, which is around remote monitoring and providing visibility to our customers around their overall sites, all their sites, and that's really paying off also. So overall, we feel pretty good about the environmental market.

Operator

Our next question is from Rob Mason from Baird.

Robert Mason

Mark, just on the fleet business, you mentioned it sounded like just kind of some mixed dynamics there in the market with connectivity doing better in infrastructure, maybe a little bit pressure. Just how is that netting out? And how do you think that plays out into next year? And also understanding in that business, there's some chunkier parts or we've seen some chunkier pieces of business flow through there. If you could just speak to how that's playing blending all together.

Mark Morelli

Rob, you're spot on. We have definitely recognized some chunkiness as you say, based on that. I think the thing that I'm encouraged about is that we have real innovation that is coming to market, and we've been able to sell that at scale. The real opportunity for us is our growing backlog of U.S.-based lead customers that are now looking at that, piloting this technology and we're looking for rollouts. I think the challenge we've had is how do we get this growth but also even that growth out so that it's not lumpy. But that's something that we're fully aware of. We're very encouraged by what we see. And we think there's lots of opportunities for fleet operators to run a better fleet operation and get better drop-through and our EKOS acquisition is definitely accretive to this. So I am encouraged. We've got hard work going on here, but I like the setup for '27.

Robert Mason

Very good. And just as a follow-up, maybe I'll ask the question. Just how are you thinking about the 3% core growth in Q4 kind of spread across the different segments?

Anshooman Aga

Yes. So from a Q4 perspective, we should have strong growth in EFS. It should be mid-single digits plus from a core growth perspective. Mobility Tech should be flattish. As Mark mentioned during the Q&A earlier, we're seeing a lot of traction around our payment technology, but what we're also seeing is customers buying full new dispensers versus just upgrading the payment kit. And when they buy the dispenser, obviously, better economics from a Vontier perspective, but the growth shows up in EFS with Mobility Tech just getting a smaller intercompany sale.

And then for Repair Solutions, we should be down low single digits in the quarter. As Mark also mentioned, we've consciously shrunk the size of our financing portfolio with higher or more stringent underwriting standards, and that leads to lower interest income year-on-year. Hopefully, that helps.

Operator

Our next question is from Katie Fleischer from KeyBanc Capital Markets.

Katie Fleischer

Okay. Great. I'm interested if this increased spend that you're seeing from customers or from the large C-store chains. Is this more of a share gain story? Or is it just existing customers that are investing more in their sites as they expand either organically or inorganically?

Mark Morelli

Yes. I think it's a function of the larger regional national players that have real challenges with how do you manage their asset base and that asset base is growing. And this is the fundamental for our connected mobility strategy and this innovation-led growth is identifying how can we do better on by unified payment site automation and they get real drop-through benefits from that, and they also can attract more consumers to their site.

So you say the share gain, I think it's really just picking up on a real secular driver here where the industry, I think, has been underserved with capabilities that have been provided for these folks. And I think it's just providing them listening to the high-value problems and providing them better solutions to be able to do that and integrate our assets. I would also say that the very significant organizational changes we made as we stepped into this year around focusing on our customers and deploying around that is a real step forward for us. We used to operate the company in siloed opcos and now we're an integrated operating company with real focus on our customers by vertical. And I think that, that really gives us enhanced benefits to bring our solutions together. So it's a trend we've been seeing, we've been investing in. And I think we're really just happy that we're getting the traction that we are and we see more opportunities to do much better.

Anshooman Aga

I'll also add that as we're providing more integrated connected solutions, we're seeing the share of the wallet or the content per site also increase, which benefits us. And that's really around our core competencies that we talked about in the prepared remarks that we're seeing the benefits of that.

Katie Fleischer

Okay. That's helpful. And then just going back to the last question on the kind of shift between -- from Mobility Tech into stronger EFS sales. Do you have any insight into why customers are increasingly going the full dispenser route? And how you're thinking about Mobility Tech growth going forward, just flattish for 4Q is a little lighter than what I would have expected.

Anshooman Aga

Yes. So as the customers are investing in their sites and to make them more modern to really attract customers, we're seeing them not only spend money upgrading inside, adding fresh food, but also just from an outside perspective. What I'd say is the average age of the dispenser has probably gone down a little bit for us, which is favoring us. A little early to give guidance for 2027.

But if you think at a very high level, our convenience, retail and fleet end markets should be growing in the 4% to 5% range, so mid-single digits and that 80% of our portfolio. Now the split between EFS and Mobility Tech, we have to work through. We're still working our plans, working with customers, but I would expect Mobility Tech to return back to growth next year. So -- but the percentage, I think, should be probably in line with the overall market for convenience stores growing 4% to 5%. Repair next year, we aren't expecting any change to the market or the macro conditions. I expect that will be flat to down low single digits, so blended 3% to 4% range.

Operator

This concludes our Q&A session. I will now turn the call back to Mark Morelli for closing remarks.

Mark Morelli

Thanks again for joining us on the call today. We really appreciate your continued interest in Vontier, and we look forward to engaging with many of you over the next several weeks. Have a great day.