Argan Inc (AGX) 2026 Q2 法說會逐字稿

Good evening, ladies and gentlemen, and welcome to the Argan Inc. earnings release conference call for the second quarter of fiscal 2026 ended July 31, 2025. This call is being recorded. (Operator Instructions) There is a slide presentation that accompanies today's remarks, which can be accessed via the webcast.

女士們、先生們，晚上好，歡迎參加 Argan Inc. 截至 2025 年 7 月 31 日的 2026 財年第二季度收益發布電話會議。此通話正在錄音。（操作員指示）今天的演講附有幻燈片演示，可透過網路廣播存取。

At this time, it is my pleasure to turn the floor over to your host for today, Jennifer Belodeau of IMS Investor Relations. Please go ahead, ma'am.

現在，我很高興將發言權交給今天的主持人，IMS 投資者關係部的 Jennifer Belodeau。請繼續，女士。

Thank you. Good evening, and welcome to our conference call to discuss Argan's results for the second quarter ended July 31, 2025. On the call today, we have David Watson, Chief Executive Officer; and Josh Baugher, Chief Financial Officer.

謝謝。晚上好，歡迎參加我們的電話會議，討論 Argan 截至 2025 年 7 月 31 日的第二季業績。參加今天電話會議的有執行長 David Watson 和財務長 Josh Baugher。

I'll take a moment to read the safe harbor statement. Statements made during this conference call and presented in the presentation that are not based on historical facts are forward-looking statements. Such statements include, but are not limited to, projections or statements of future goals and targets regarding the company's revenues and profits. These statements are subject to known and unknown factors and risks. The company's actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, and some of the factors and risks that could cause or contribute to such material differences have been described in this afternoon's press release and in Argan's filings with the US Securities and Exchange Commission.

我將花一點時間來閱讀安全港聲明。本次電話會議期間所作的陳述以及簡報中提出的非基於歷史事實的陳述均為前瞻性陳述。此類聲明包括但不限於有關公司收入和利潤的未來目標和指標的預測或聲明。這些聲明受已知和未知因素和風險的影響。本公司的實際結果、業績或成就可能與這些前瞻性陳述所表達或暗示的結果、業績或成就存在重大差異，而一些可能導致或促成此類重大差異的因素和風險已在今天下午的新聞稿和 Argan 向美國證券交易委員會提交的文件中進行了描述。

These statements are based on information and understandings that are believed to be accurate as of today, and we do not undertake any duty to update such forward-looking statements. Earlier this afternoon, the company issued a press release announcing its second quarter fiscal 2026 financial results and filed its corresponding Form 10-Q report with the Securities and Exchange Commission.

這些聲明是基於截至今天被認為準確的資訊和理解，我們不承擔更新此類前瞻性聲明的任何義務。今天下午早些時候，該公司發布了一份新聞稿，宣布了其2026財年第二季的財務業績，並向美國證券交易委員會提交了相應的10-Q表報告。

Okay. With that out of the way, I'll turn the call over to David Watson, CEO of Argan. Please go ahead, David.

好的。解決了這個問題之後，我將把電話轉給 Argan 執行長 David Watson。請繼續，大衛。

Thanks, Jennifer, and thank you, everyone, for joining today. I'll start by reviewing some of the highlights of our operations and activities, and Josh Baugher, our CFO, will go over our financial results for the second quarter and six months ended July 31, 2025. Then we'll open up the call for a brief Q&A.

謝謝詹妮弗，也謝謝大家今天的參加。我將首先回顧我們營運和活動的一些亮點，我們的財務長 Josh Baugher 將介紹我們截至 2025 年 7 月 31 日的第二季和六個月的財務表現。然後我們將開始電話會議，進行簡短的問答。

We achieved significantly strong results in the second quarter of fiscal 2026, reflecting excellent execution in the quarter as we delivered solid revenue growth, enhanced gross margins and record net income.

我們在 2026 財年第二季取得了顯著的強勁業績，體現了本季出色的執行力，實現了穩健的營收成長、毛利率提高和創紀錄的淨收入。

Josh will go into the details of the quarter and first half in a moment, but highlights of our second quarter results included consolidated revenue of $238 million, reflecting growth of 5% compared to last year's second quarter and a sequential increase of 23% compared to the first quarter of fiscal 2026.

Josh 稍後會詳細介紹本季和上半年的情況，但我們第二季業績的亮點包括 2.38 億美元的綜合收入，與去年第二季相比成長 5%，與 2026 財年第一季相比季增 23%。

Improved gross margins of 18.6% compared to 13.7% in the second quarter of fiscal 2025, enhanced profitability with record net income of $35.3 million or $2.50 per diluted share.

毛利率由 2025 財年第二季的 13.7% 提高至 18.6%，獲利能力增強，淨收入達到創紀錄的 3,530 萬美元或每股 2.50 美元。

EBITDA of $36.3 million (sic - see press release, "$36.2 million"), or an EBITDA margin of 15.2% and record backlog of $2 billion, which includes the addition of the Platin Power Station, a 170-megawatt thermal facility in Ireland, as well as a significant new industrial services contract for a recycling and water treatment plant in Alabama.

EBITDA 為 3,630 萬美元（原文如此 - 請參閱新聞稿「3,620 萬美元」），EBITDA 利潤率為 15.2%，積壓訂單達創紀錄的 20 億美元，其中包括新增的 Platin 發電廠、愛爾蘭的一座 170 兆瓦的熱電廠，以及阿拉巴馬州一家回收和水處理廠的重要新工業服務合約。

As I've mentioned on previous calls, we have been seeing increasing demand for our capabilities as the power industry mobilizes to bring new facilities online as a large portion of natural gas-fired plants reached the end of operational life in the midst of unprecedented growth in power consumption. The electrification of everything, coupled with the anticipated expanded development of facilities to power AI data centers is creating a strong market for our expertise and capabilities, and we're energized about the opportunities we're seeing not only in the near term, but looking out for the next several years and beyond.

正如我在之前的電話會議中提到的那樣，隨著電力行業動員起來將新設施投入使用，我們看到對我們能力的需求不斷增加，因為在電力消耗空前增長的情況下，大部分天然氣發電廠已達到使用壽命。萬物電氣化，加上預期擴大人工智慧資料中心設施的開發，為我們的專業知識和能力創造了強大的市場，我們對不僅在短期內看到的機遇，而且在未來幾年及以後看到的機會都充滿信心。

Our balance sheet remains strong as we continue to generate significant cash flow. We have $572 million of cash and investments, net liquidity of $344 million, and no debt at July 31, 2025. Finally, we remain committed to returning capital to shareholders and paid a quarterly dividend of $0.375 in the quarter.

由於我們持續產生大量現金流，我們的資產負債表依然強勁。截至 2025 年 7 月 31 日，我們擁有 5.72 億美元的現金和投資、3.44 億美元的淨流動資金，並且沒有債務。最後，我們仍然致力於向股東返還資本，並在本季度支付了 0.375 美元的季度股息。

Now on to the operational review. Slides 4 and 5 present our three reportable business segments. In our Power Industry Services segment, we have the capability to build multiple types of power facilities, including efficient gas-fired power plants, solar energy fields, biomass facilities, and battery energy storage systems in the US, the UK, and in Ireland.

現在開始進行營運審查。投影片 4 和 5 展示了我們的三個可報告業務部門。在我們的電力產業服務部門，我們有能力在美國、英國和愛爾蘭建造多種類型的電力設施，包括高效的燃氣發電廠、太陽能場、生物質設施和電池儲能係統。

Power Industry Services revenues increased 13% to $197 million in the second quarter as compared to $174 million for the second quarter of fiscal 2025. The segment represented 83% of second quarter revenues and reported pretax book income of approximately $35 million.

電力產業服務收入在第二季成長 13%，達到 1.97 億美元，而 2025 財年第二季為 1.74 億美元。該部門佔第二季總收入的 83%，報告的稅前帳面收入約為 3,500 萬美元。

As we expected, due to the timing of certain projects and contract awards, revenue decreased in our Industrial Construction Services segment to $36 million in the second quarter compared to $50 million in the second quarter of fiscal 2025. The segment achieved sequential revenue growth of $7 million or 23% compared to revenue of $29 million during the first quarter of fiscal 2026.

正如我們預期的那樣，由於某些項目和合約授予的時間安排，我們工業建築服務部門的收入在第二季度下降至 3,600 萬美元，而 2025 財年第二季為 5,000 萬美元。該部門營收季增 700 萬美元，增幅為 23%，而 2026 財年第一季的營收為 2,900 萬美元。

Industrial construction services contributed 15% of consolidated revenue with pretax book income of approximately $3 million in the second quarter of 2026. This segment primarily provides solutions for industrial construction projects with a concentration in agriculture, petrochemical, pulp and paper, water and power and is seeing solid demand for its capabilities, closing the quarter with record backlog of $189 million.

2026 年第二季度，工業建築服務貢獻了合併收入的 15%，稅前帳面收入約為 300 萬美元。該部門主要為工業建設項目提供解決方案，重點關注農業、石化、紙漿和造紙、水和電力領域，其能力需求強勁，本季末積壓訂單量達到創紀錄的 1.89 億美元。

New projects in this segment include several scopes of work for a recycling plant in Alabama as well as increased orders for vessel fabrication for a number of data centers. We're excited about the record backlog, opportunities and engagement we're seeing for our industrial segment and expect to see significantly increased revenues in the second half of this year.

該領域的新項目包括阿拉巴馬州一家回收工廠的幾項工作範圍以及為多個數據中心增加的船舶製造訂單。我們對工業部門創紀錄的積壓訂單、機會和參與度感到非常興奮，並預計今年下半年收入將大幅成長。

Finally, we have our Telecommunications Infrastructure Services group, our smallest segment, which contributed 2% of second quarter revenues. The Telecommunications segment provides outside construction services for the utility and telecommunications sectors as well as inside the premises, wiring services primarily for federal government locations and military installations requiring high-level security clearance.

最後，我們的電信基礎設施服務集團是我們最小的部門，貢獻了第二季營收的 2%。電信部門為公用事業和電信業提供外部建設服務，並為需要高級別安全審查的聯邦政府機構和軍事設施提供室內佈線服務。

The business achieved record backlog in the quarter, and we expect to drive continued growth as we move through the balance of the year. The increase in energy demand driven by the widespread electrification of virtually every sector of the economy has been well documented. For the first time in decades, not only are we encountering rising power demand, but at the same time, a substantial portion of the nation's natural gas infrastructure is aging out.

該業務在本季度實現了創紀錄的積壓訂單，我們預計在今年剩餘時間內將繼續保持成長。幾乎所有經濟部門的廣泛電氣化都推動了能源需求的成長，這已得到充分證實。幾十年來，我們首次不僅面臨著不斷增長的電力需求，同時，全國相當一部分天然氣基礎設施正在老化。

Reliable, high-quality 24/7 energy is a non-negotiable requirement in the support of AI data centers, complex manufacturing operations and EV charging and that energy is supplied by both the traditional gas-fired and renewable infrastructure that we and a handful of others are capable of building. With our energy-agnostic capabilities, long-standing customers and vendor relationships and proven track record of success, we believe Argan is very well positioned to benefit in the current demand environment for large and complex power facilities.

可靠、高品質的全天候能源是支援人工智慧資料中心、複雜製造營運和電動車充電的不可協商的要求，並且這種能源由我們和少數其他人能夠建造的傳統燃氣和可再生基礎設施提供。憑藉我們與能源無關的能力、長期的客戶和供應商關係以及成功的業績記錄，我們相信 Argan 完全有能力在當前對大型複雜電力設施的需求環境中獲益。

Slide 7 illustrates the strength and balance of our project backlog, which is comprised of approximately 61% natural gas projects and 29% renewable. The energy industry is turning to a combination of natural gas and renewable energy resources to ensure grid reliability. Given the aging natural gas infrastructure, we expect to see heightened demand for gas-fired and other thermal power plants for several years to come as the industry seeks to increase the number of reliable and high-quality power sources.

幻燈片 7 展示了我們項目積壓的強度和平衡性，其中約 61% 為天然氣項目，29% 為再生能源項目。能源產業正在轉向天然氣和再生能源的結合，以確保電網的可靠性。鑑於天然氣基礎設施老化，我們預計未來幾年對燃氣發電廠和其他火力發電廠的需求將會增加，因為該行業正在尋求增加可靠和高品質的電源數量。

Our backlog of approximately $2 billion at July 31 includes several power plant projects, and we expect to add more through the balance of this year. During fiscal 2025, we proactively invested in our workforce and enhanced our teams to prepare for this increased project load and to position Argan to continue to deliver excellent on-time execution for our customers as we support the electric economy.

截至 7 月 31 日，我們的積壓訂單約為 20 億美元，其中包括幾個發電廠項目，我們預計今年餘下時間還將增加更多訂單。在 2025 財年，我們積極投資於我們的員工隊伍並加強我們的團隊，為增加的專案負荷做好準備，並使 Argan 能夠在支持電力經濟的同時繼續為我們的客戶提供出色的按時執行服務。

We're excited about the market interest we're receiving for our services, especially for our capabilities around the construction of complex combined cycle natural gas power plants. As I mentioned a moment ago, Argan is one of only a few companies who have the capabilities to successfully execute those complex projects, and we have established a reputation for operational excellence and a proven track record of success. We're energized by the opportunities in the pipeline and remain focused on our disciplined approach to pursuing and winning the right projects with the right partners in the right geographies.

我們很高興看到市場對我們服務的關注，特別是對我們在建造複雜聯合循環天然氣發電廠方面的能力的關注。正如我剛才提到的，Argan 是少數有能力成功執行這些複雜專案的公司之一，我們已經建立了卓越營運的聲譽和成功的業績記錄。我們對即將出現的機會感到振奮，並將繼續專注於採用嚴謹的方法，與合適的合作夥伴在合適的地區尋求並贏得合適的專案。

Turning to slide 8. Our consolidated project backlog was approximately $2 billion at July 31, 2025, representing backlog growth of 5% from April 30, 2025. And as I mentioned, we expect to add a couple of more projects before the end of the fiscal year. Our current backlog includes fully committed projects in both the Power Industry Services and Industrial Construction Services segments as well as in our Telecom segment.

翻到幻燈片 8。截至 2025 年 7 月 31 日，我們的合併項目積壓訂單約為 20 億美元，較 2025 年 4 月 30 日的積壓訂單增加 5%。正如我所提到的，我們預計在本財政年度結束前增加幾個項目。我們目前的積壓項目包括電力產業服務、工業建築服務領域以及電信領域的全部承諾項目。

In fact, each of our business segments has achieved record backlog as we generate significant organic growth across the entire Argan platform. Of note, we have a growing portion of traditional gas-fired plants in the current backlog, and we believe the representation of natural gas-fired facilities in our backlog will continue to increase in the near to midterm. We will maintain our presence in the renewable business, but anticipate that our natural gas projects will be our growth driver for the foreseeable future.

事實上，隨著我們在整個 Argan 平台上實現了顯著的有機成長，我們的每個業務部門都實現了創紀錄的積壓訂單。值得注意的是，我們目前的積壓訂單中傳統燃氣電廠的比例正在增加，我們相信，在近期至中期內，天然氣發電廠在我們積壓訂單中所佔的比例將繼續增加。我們將繼續在再生能源業務中佔有一席之地，但預計在可預見的未來，我們的天然氣專案將成為我們的成長動力。

Slide 9 highlights selected major projects currently underway or expected to begin shortly. Our Trumbull project, a 950-megawatt natural gas-fired plant in Ohio, achieved first fire at one unit during the second quarter and achieved first fire at its second unit in August. We're really pleased with that development as we move through the later stages of the Trumbull project.

第 9 張投影片重點介紹了目前正在進行或預計很快開始的部分主要項目。我們的 Trumbull 專案是位於俄亥俄州的一座 950 兆瓦天然氣發電廠，該專案在第二季度首次發生一台機組起火，並在 8 月第二台機組首次發生起火。隨著 Trumbull 專案進入後期階段，我們對這項進展感到非常高興。

We've started construction on our 1.2 gigawatt ultra-efficient combined cycle natural gas-fired plant for SLEC in Texas, but we are in early days on that one. Our Target Next-generation power station, a 300-megawatt biofuel plant in Ireland for SSE thermal is underway, and you'll also see highlighted here the previously mentioned and recently awarded 170-megawatt thermal facility in Ireland that will provide power generation during periods of high demand and supply shortfall.

我們已經開始為德克薩斯州的 SLEC 建造 1.2 千兆瓦超高效聯合循環天然氣發電廠，但該項目仍處於早期階段。我們的目標下一代發電站，即位於愛爾蘭的 SSE 熱能 300 兆瓦生物燃料工廠正在建設中，您還會看到這裡重點介紹的前面提到的、最近授予愛爾蘭 170 兆瓦熱能設施，該設施將在需求旺盛和供應短缺期間提供發電。

During the second quarter, we continue to make progress on an approximately 700-megawatt combined cycle natural gas-fired power plant located in the US, as well as meaningfully advancing several renewable projects as we took advantage of cooperative summer weather to drive significant progress.

在第二季度，我們繼續在美國約 700 兆瓦的聯合循環天然氣發電廠取得進展，同時利用夏季的合作天氣推動了幾個再生能源項目的重大進展，取得了有意義的進展。

Finally, you'll see two separate water treatment plant projects being performed by our Industrial Construction Services segment as well as a new recycling and water treatment plant that we are building in Alabama. So we are busy. There's a lot of attention given to the industry's demand for natural gas projects, but we believe our diverse backlog demonstrates our broad range of capabilities and the wide scope of our project mix.

最後，您將看到我們的工業建築服務部門正在執行的兩個獨立的水處理廠項目，以及我們正在阿拉巴馬州建造的一個新的回收和水處理廠。所以我們很忙。業界對天然氣專案的需求受到廣泛關注，但我們相信，我們多樣化的積壓訂單證明了我們廣泛的能力和專案組合的廣泛範圍。

With that, I'll turn the call over to Josh Baugher to take us through the second quarter financials. Go ahead, Josh.

說完這些，我將把電話轉給 Josh Baugher，讓他向我們介紹第二季的財務狀況。繼續吧，喬希。

Thanks, David, and good evening, everyone. On slide 10, we present our consolidated statements of earnings for the second quarter and six months ended July 31, 2025.

謝謝，大衛，大家晚上好。在第 10 張投影片中，我們展示了截至 2025 年 7 月 31 日的第二季和六個月的合併損益表。

Second quarter revenues increased 5% to $237.7 million, primarily reflecting strong revenue growth in our Power Industry Services segment as compared to the second quarter of fiscal 2025. For the quarter ended July 31, 2025, Argan reported consolidated gross profit of approximately $44.3 million or a gross margin of 18.6%. Consolidated gross profit for the comparative quarter last fiscal year was $31.1 million, representing a gross margin of 13.7%.

第二季營收成長 5% 至 2.377 億美元，主要反映了與 2025 財年第二季相比，我們的電力產業服務部門營收強勁成長。截至 2025 年 7 月 31 日的季度，Argan 報告綜合毛利約為 4,430 萬美元，毛利率為 18.6%。上財年同期綜合毛利為 3,110 萬美元，毛利率為 13.7%。

The increased gross profit and improved gross margin for the recently ended quarter is primarily due to the improved gross profit margins for the Power Industry Services segment.

最近結束的季度的毛利增加和毛利率提高主要是由於電力行業服務部門的毛利率提高。

Gross margins for our Power Industry Services segment, our Industrial Construction Services segment and our Telecommunications Infrastructure Services segment were 19.6%, 12.5% and 24.7%, respectively, for the second quarter of fiscal 2026 as compared to 13.5%, 13% and 31.4%, respectively, in the second quarter of fiscal 2025.

2026 財年第二季度，我們電力業服務部門、工業建築服務部門和電信基礎設施服務部門的毛利率分別為 19.6%、12.5% 和 24.7%，而 2025 財年第二季分別為 13.5%、13% 和 31.4%。

Selling, general and administrative expenses of $14.2 million for the second quarter of fiscal 2026 increased as compared to SG&A of $12.4 million for the comparable prior year period.

2026 財年第二季的銷售、一般及行政費用為 1,420 萬美元，與去年同期的 1,240 萬美元相比有所增加。

Other income ,net, for the three months ended July 31, 2025, was $5.6 million, which primarily reflected investment income earned during the period.

截至 2025 年 7 月 31 日的三個月，其他淨收入為 560 萬美元，主要反映該期間所獲得的投資收益。

During the quarter ended July 31, 2025, the company recorded income tax expense of $0.4 million on pretax book income of $35.6 million, which reflects a meaningful benefit from the favorable deductions resulting from stock option exercises during the period.

在截至 2025 年 7 月 31 日的季度中，該公司在 3,560 萬美元的稅前帳面收入中記錄了 40 萬美元的所得稅費用，這反映了該期間股票選擇權行使帶來的優惠扣除的重大收益。

For the comparable period last year, Argan recorded income tax expense of $6.1 million on pretax book income of $24.3 million.

去年同期，Argan 的稅前帳面收入為 2,430 萬美元，但所得稅支出為 610 萬美元。

Net income for the second quarter of fiscal 2026 was $35.3 million or $2.50 per diluted share, which represents record quarterly EPS compared to $18.2 million or $1.31 per diluted share for last year's comparable quarter.

2026 財年第二季淨收入為 3,530 萬美元，即每股攤薄收益 2.50 美元，與去年同期的 1,820 萬美元或每股攤薄收益 1.31 美元相比，創下季度每股收益新高。

EBITDA, earnings before interest, taxes, depreciation and amortization for the quarter ended July 31, 2025, increased to $36.2 million compared to $24.8 million for the same period of last year. EBITDA as a percent of revenue increased to 15.2% for the second quarter of this fiscal year compared to 10.9% for the second quarter of last fiscal year.

截至 2025 年 7 月 31 日的季度，EBITDA（息稅折舊攤提前利潤）增至 3,620 萬美元，去年同期為 2,480 萬美元。本財年第二季度，EBITDA 佔營收的百分比增至 15.2%，而上一財年第二季為 10.9%。

Looking at our year-to-date performance, revenues for the first 6 months of fiscal 2026 increased by 12.1% to $431.4 million as compared to revenues of $384.7 million for the prior year period.

縱觀我們今年迄今的表現，2026 財年前 6 個月的營收成長了 12.1%，達到 4.314 億美元，而去年同期的營收為 3.847 億美元。

Our consolidated gross margin of 18.8% for the first six months of fiscal 2026 increased as compared to gross margin of 12.8% for the first six months of fiscal 2025, primarily due to the same reasons described for the quarter.

我們 2026 財年上半年的綜合毛利率為 18.8%，與 2025 財年上半年的毛利率 12.8% 相比有所增加，這主要是由於本季度描述的相同原因。

SG&A expense increased to $26.7 million for the first 6 months of fiscal 2026 as compared to $23.9 million for the first six months of fiscal 2025, but remain consistent as a percentage of revenues.

2026 財年前 6 個月的銷售、一般及行政費用 (SG&A) 增至 2,670 萬美元，而 2025 財年前 6 個月的銷售、一般及行政費用 (SG&A) 增至 2,390 萬美元，但佔收入的百分比保持不變。

Net income for the first six months of this fiscal year was $57.8 million or $4.09 per diluted share compared to $26.1 million or $1.90 per diluted share for the first six months of last fiscal year. EBITDA was $66.5 million for the first half of fiscal 2026 compared with EBITDA of $36.7 million for the first half of fiscal 2025. With that, I'll turn the call back to David.

本財年前六個月的淨收入為 5,780 萬美元，即每股攤薄收益 4.09 美元，而上一財年前六個月的淨收入為 2,610 萬美元，即每股攤薄收益 1.90 美元。2026 財年上半年的 EBITDA 為 6,650 萬美元，而 2025 財年上半年的 EBITDA 為 3,670 萬美元。說完這些，我就把電話轉回給大衛。

Thanks, Josh. With strong cash flow, we further strengthened our balance sheet during the second quarter. At July 31, 2025, we had approximately $572 million in cash, cash equivalents and investments, generating meaningful investment yields. Our net liquidity was $344 million, and we had no debt. Stockholders' equity was $393 million at July 31, 2025.

謝謝，喬希。憑藉強勁的現金流，我們在第二季進一步加強了資產負債表。截至 2025 年 7 月 31 日，我們擁有約 5.72 億美元的現金、現金等價物和投資，產生了可觀的投資收益。我們的淨流動資金為 3.44 億美元，而且沒有債務。截至 2025 年 7 月 31 日，股東權益為 3.93 億美元。

This liquidity bridge demonstrates that our business model ordinarily requires a low level of capital expenditures. Our net liquidity of $344 million at July 31, 2025, has increased $43 million compared with net liquidity at January 31, 2025.

這種流動性橋樑表明我們的商業模式通常需要較低的資本支出。截至 2025 年 7 月 31 日，我們的淨流動性為 3.44 億美元，與 2025 年 1 月 31 日的淨流動性相比增加了 4,300 萬美元。

During the first six months of fiscal 2026, we returned $25 million of capital to our shareholders. We have a disciplined capital allocation strategy, which focuses on our core commitments.

在 2026 財年的前六個月，我們向股東返還了 2,500 萬美元的資本。我們擁有嚴謹的資本配置策略，專注於我們的核心承諾。

First, we invest in our people to ensure we are appropriately prepared to staff and execute our projects.

首先，我們對員工進行投資，以確保我們為人員配備和執行專案做好適當的準備。

Second, the company pays a quarterly dividend, which we increased 25% to $0.375 per common share in September 2024, creating an annual dividend run rate of $1.50 per share. Of note, that increase came just a year after we raised our dividend to $0.30 per share in September of 2023. Together, these two increases represent an aggregate 50% increase in our annual dividend run rate in less than two years, reflecting the strength of our business.

其次，公司支付季度股息，我們在 2024 年 9 月將股息提高 25% 至每股 0.375 美元，年度股息運行率為每股 1.50 美元。值得注意的是，這一增長發生在我們於 2023 年 9 月將股息提高至每股 0.30 美元一年後。加起來，這兩次增加意味著在不到兩年的時間內，我們的年度股息運行率總共增加了 50%，反映了我們業務的強勁實力。

Third, since November 2021, when we began our share buyback program, we have returned a total of approximately $109.6 million to shareholders. Additionally, in April, our Board increased the authorization of the share repurchase program to $150 million.

第三，自 2021 年 11 月開始股票回購計畫以來，我們已向股東返還了總計約 1.096 億美元。此外，4 月份，我們的董事會將股票回購計畫的授權金額增加至 1.5 億美元。

And finally, we will continue to evaluate and consider M&A opportunities that could be additive or complementary to our current capabilities or enhance our geographic footprint.

最後，我們將繼續評估和考慮可以增強或補充我們現有能力或擴大我們的地理覆蓋範圍的併購機會。

Our company is dedicated to driving long-term value creation for shareholders. Our pipeline is stronger than it has ever been. And since 2008, we have increased our tangible book value and cumulative dividends per share to record levels. There is no doubt that the electrification of everything that is driving unprecedented power consumption is contributing to the heightened demand for Argan's diverse construction capabilities and expertise.

我們公司致力於為股東創造長期價值。我們的管道比以前更強大。自 2008 年以來，我們的有形帳面價值和每股累計股利已增至創紀錄水準。毫無疑問，一切電氣化都推動著前所未有的電力消耗，這也加劇了對 Argan 多樣化建築能力和專業知識的需求。

As one of only a few companies who have a proven success rate building both complex combined cycle natural gas facilities, as well as renewable energy resources, we are optimistic that our market position in an environment where the ongoing reliability of the power grid is dependent on the continued build-out of this infrastructure. We believe we are well positioned with the capabilities, financial flexibility, industry relationships and long-standing customer base to strengthen our leadership role as a partner of choice for the build-out of energy infrastructure.

作為少數幾家在建設複雜的聯合循環天然氣設施以及可再生能源資源方面均有成功率的公司之​​一，我們對我們的市場地位充滿信心，因為電網的持續可靠性取決於此類基礎設施的持續建設。我們相信，憑藉我們的能力、財務靈活性、行業關係和長期客戶群，我們有能力加強我們作為能源基礎設施建設首選合作夥伴的領導地位。

To close, we remain focused on our long-term growth strategy, leverage our core competencies to capitalize on existing and emerging market opportunities, maintain disciplined risk management with the goal of improving our project management effectiveness and minimizing costly project overruns, strengthen our position as a partner of choice in the construction of power generation facilities that power the electric economy and maintain grid reliability. And last but not least, drive organic growth while also being alert for acquisition opportunities that make sense for our business through thoughtful capital allocation.

最後，我們將繼續專注於我們的長期成長策略，利用我們的核心競爭力來利用現有和新興的市場機會，保持嚴格的風險管理，以提高我們的專案管理效率並最大限度地減少昂貴的專案超支，加強我們作為發電設施建設的首選合作夥伴的地位，為電力經濟提供動力並保持電網可靠性。最後但同樣重要的一點是，推動有機成長，同時透過深思熟慮的資本配置留意對我們的業務有意義的收購機會。

As we move beyond the midway point of fiscal 2026, we are excited about the new projects we have announced so far this year and energized by the opportunities we are seeing to further increase our backlog. Our project pipeline is robust and with the three- to four-year duration of our combined cycle projects, our visibility today gives us confidence that our teams will be busy for several years to come.

隨著我們邁過 2026 財年的中點，我們對今年迄今為止宣布的新項目感到興奮，並對我們看到的進一步增加積壓訂單的機會感到振奮。我們的專案儲備非常充足，而且我們的聯合循環專案持續時間為三至四年，我們今天的知名度讓我們有信心，我們的團隊在未來幾年將會非常忙碌。

That said, we have always taken a disciplined approach when pursuing any project, and that approach remains in place today. We are focused on winning the right projects with the right partners in the right geographies. The most important metric in our business is our ability to complete power facilities on time and on budget so that our partners can deliver power to the grid within the time line they guaranteed. Our success in that capability is unmatched.

話雖如此，我們在進行任何專案時始終採取嚴謹的方法，這種方法至今仍然適用。我們專注於與合適的合作夥伴在合適的地區贏得合適的專案。我們業務中最重要的指標是我們按時、按預算完成電力設施的能力，以便我們的合作夥伴能夠在他們保證的時間內向電網輸送電力。我們在這項能力上所取得的成功是無與倫比的。

This is an exciting time for our company, and we are optimistic about our near- and long-term growth opportunities as our project backlog continues to strengthen in response to the significant market demand for diverse energy infrastructure to provide the reliable, high-quality supply needed to meet the unprecedented and growing demand for energy. We couldn't do this without our employees, and I'd like to thank our entire team for their hard work and dedication to operational excellence. Likewise, I thank our shareholders for their continued support.

對於我們公司來說，這是一個令人興奮的時刻，我們對近期和長期的成長機會充滿樂觀，因為我們的專案積壓不斷加強，以滿足市場對多樣化能源基礎設施的巨大需求，提供可靠、高品質的供應，滿足前所未有且不斷增長的能源需求。如果沒有我們的員工，我們就不可能做到這一點，我要感謝我們整個團隊的辛勤工作和對卓越營運的奉獻。同樣，我感謝股東們的持續支持。

With that, operator, let's open it up for questions.

接線員，好了，讓我們開始提問。

(Operator Instructions) Chris Moore, CJS Securities.

（操作員指示）Chris Moore，CJS 證券。

Congrats on another nice quarter. Maybe we will just start with. What is left there? And what's a reasonable time line?

恭喜您又度過了一個美好的季度。也許我們只是剛開始。那裡還剩下什麼？那麼合理的時間表是怎麼樣的呢？

Chris, could you repeat that question again?

克里斯，你能再重複一次這個問題嗎？

Yeah. So just trying to understand, you had first fire at Trumbull in Q2 and second in August. Just trying to understand what is left at Trumbull to complete? And what's a reasonable time line when you'll be totally finished?

是的。所以只是想了解一下，你在第二季第一次向 Trumbull 開火，在八月第二次。只是想了解特朗布爾還剩下什麼需要完成？那麼，當您完全完成時，合理的時間表是怎樣的？

Yeah, absolutely. We were thrilled with achieving first fire at the end of the quarter and then on the second unit right afterwards, which, as you know, is a meaningful accomplishment in the project life cycle of the gas-fired power plant and also a moment when some of the risk starts to come off the table. We're still tracking towards completing that project on time and on budget for the customer, and that should happen up in the first half of next year.

是的，絕對是如此。我們非常高興在本季度末實現了第一次點火，隨後第二個機組也成功點火，正如你所知，這是燃氣發電廠專案生命週期中一項有意義的成就，也是部分風險開始消失的時刻。我們仍在努力按時、按預算為客戶完成該項目，預計明年上半年完成。

Got it. Appreciate that. Gross margin was a strong 18.6%. Is it -- I always try to figure out, are there some meaningful onetime gains in there? I don't know whether that be Trumbull or somebody else.

知道了。非常感謝。毛利率高達18.6%。是嗎——我總是試圖弄清楚，其中是否存在一些有意義的一次性收益？我不知道那是特朗布爾還是其他人。

I assume the 18.6% is not necessarily -- even though it's a little below Q1, it's not necessarily sustainable. Just any thoughts on gross margin?

我認為 18.6% 不一定——儘管它略低於第一季度，但也不一定可持續。對毛利率有什麼看法？

Yeah. It's really hard to provide any kind of particular guidance on our gross margins. I mean, this quarter, there's -- and frankly, the last three quarters, there's just been significant execution excellence, especially in the power sector, right, between the reaching first fire on the units at Kilroot to finishing out the LNG job early this past quarter, to favorable weather, allowing us to achieve a lot of progress on some of our renewable projects.

是的。很難對我們的毛利率提供任何具體的指導。我的意思是，本季度——坦率地說，過去三個季度，執行情況都非常出色，特別是在電力領域，從 Kilroot 機組首次點火到上個季度初完成液化天然氣工作，再到有利的天氣，這些都讓我們在一些可再生能源項目上取得了很大進展。

So as you know, on our last earnings call, I indicated that we expect to exceed last year's fiscal year's gross profit margin as a percent of revenues. And with continued strong execution across the businesses, that continues to be our expectation.

因此，如您所知，在我們上次的收益電話會議上，我表示我們預計毛利率將超過去年財年的營收百分比。隨著各項業務繼續強勁執行，這仍然是我們的期望。

As you know, we are unapologetically conservative in all things that we do here given the lumpy nature of this business, especially this construction business, which is one of the reasons why we don't provide revenue and EPS guidance. So we're pleased with the margins, the halfway point this year and expect to continue to achieve our main goal, which is to bring each of our customers another successful project.

如您所知，鑑於這項業務的波動性，尤其是建築業務，我們在所做的所有事情上都採取了毫不掩飾的保守態度，這也是我們不提供收入和每股收益指引的原因之一。因此，我們對利潤率、今年的中期業績感到滿意，並期望繼續實現我們的主要目標，即為每位客戶帶來另一個成功的專案。

Terrific. Maybe just the last one for me is it sounds like there are a bunch of potential projects out there that some you could add in fiscal '26. The range of the scale could be anywhere from $100 million to a big traditional gas plant in the $600 million range. Just any thoughts in terms of the types of things you're looking at?

了不起。對我來說也許最後一個是，聽起來有很多潛在的項目，其中一些可以在 26 財年添加。規模範圍可以從 1 億美元到 6 億美元的大型傳統天然氣工廠。對於您所關注的事物類型，您有什麼想法嗎？

Yes. No, we're obviously really pleased to have record backlog, frankly, at all of our business segments as of July 31, and we remain very bullish on being able to continue to add to the backlog. As it relates to the Power segment, as you know, Chris, right, it takes several years for developers to get to the point where they're ready to sign an EPC contract. So while our visibility for opportunities is good, the specific timing of the contract is difficult to pinpoint.

是的。不，坦白說，我們非常高興看到截至 7 月 31 日我們所有業務部門的積壓訂單都創下了紀錄，而且我們仍然非常看好能夠繼續增加積壓訂單。至於電力領域，如你所知，克里斯，開發商需要幾年時間才能準備好簽署 EPC 合約。因此，儘管我們對機會的了解很好，但合約的具體時間卻很難確定。

I mean, though, over the last three quarters, we've had a 1.2 gigawatt power plant, a 700-megawatt job in the US and a 300-megawatt and 170-megawatt job in Ireland. So that's a huge testament to the hard work of the power teams that they're putting in to get the right contracts. And to your point, they're not finished. We expect over the rest of the current fiscal year to add a few more power jobs, which should put us significantly over $2 billion in backlog.

我的意思是，在過去三個季度中，我們在美國擁有一座 1.2 千兆瓦的發電廠和一項 700 兆瓦的工作，在愛爾蘭擁有一項 300 兆瓦和 170 兆瓦的工作。所以這充分證明了他們為獲得正確合約而付出的強大團隊的辛勤工作。正如您所說，他們還沒有完成。我們預計在本財政年度剩餘時間內將增加一些電力工作崗位，這將使我們的積壓訂單金額大大超過 20 億美元。

The size of those, I just mentioned, right, we've done jobs from 170 earlier this year to 1.2 gigawatts. So it's not unfair to assume that we'll have a variety of sizes and because there really is no upward bound for us, given, as you know, the Guernsey job was the largest single-phase power plant built in the United States, and that's what we did. So I don't know if that answers your question, but we have the range to do it all.

我剛才提到了這些項目的規模，對吧，我們今年早些時候完成的項目數量從 170 個增加到了 1.2 千兆瓦。因此，假設我們將擁有各種規模並不為過，而且由於我們確實沒有向上的限制，正如你所知，根西島工程是美國建造的最大的單相發電廠，而這正是我們所做的。所以我不知道這是否回答了你的問題，但我們有能力做到這一切。

All right. I'll leave it there. Thanks, guys.

好的。我就把它留在那裡。謝謝大家。

Rob Brown, Lake Street Capital Markets.

羅布布朗 (Rob Brown)，Lake Street Capital Markets。

Hi, David. Just following up on kind of the pipeline discussion. Have you noticed sort of any -- sort of what changes in the pipeline have you sort of noticed? Is it accelerating now that the demand environment is good? And are you starting to see acceleration there? Or what's sort of the dynamic on the pipeline in the last few months?

你好，大衛。只是跟進管道討論。您是否注意到了—管道中發生了哪些變化？現在需求環境好，這個速度是不是在加快？您是否開始看到那裡的加速？或者過去幾個月管道的動態是什麼樣的？

I think a lot of the -- Rob, a lot of the factors that have been in play for the last six months remain. I don't know if I would call it an acceleration. It was already a meaningful acceleration to that point. And obviously, the huge data points there are the OEMs who build the gas turbines have been -- are sold out for many years, which clearly confirms that there's an abundance of opportunities. The fundamentals, electricity consumption is expected to increase 4% annually through 2027 for the IEA.

我認為，羅布，過去六個月中出現的許多因素仍然存在。我不知道我是否會稱之為加速。到那時，這已經是一個有意義的加速了。顯然，大量的數據表明，製造燃氣渦輪機的原始設備製造商多年來一直處於銷售狀態，這清楚地證實了存在大量的機會。基本面來看，國際能源總署預計到 2027 年，電力消耗量將每年增加 4%。

And then the recent capacity auction results in the PJM, which is the largest grid operator in the US hit record levels of $329 per megawatt per day for the '26, '27 delivery year. So again, that's confirming that there's the need for new power and that there's the willingness to pay for it. So all of these data points and what we're seeing as we evaluate opportunities suggest an elevated level of opportunities.

美國最大的電網營運商 PJM 最近的容量拍賣結果顯示，26、27 交付年度的發電成本達到了創紀錄的每天每兆瓦 329 美元。所以，這再次證實了我們需要新的電力，我們有意願為此付費。因此，所有這些數據點以及我們在評估機會時所看到的情況都表明機會水平有所提高。

Okay. On the industrial business side, I think you talked about a couple of big project wins there. How is the pipeline there? And I think that business is recovering off a bottom, but what's the opportunity that, that segment can get to? And what's the trend line there in terms of backlog growth we should expect?

好的。在工業業務方面，我想您談到了幾個大項目的勝利。那裡的管道怎麼樣？我認為業務正在從底部復甦，但是該部分可以獲得什麼機會？就積壓訂單成長而言，我們應該預期趨勢是怎麼樣的？

Yes. It was just a couple of calls ago where the backlog was meaningfully down, and I was indicating to the market that we were going to be in for a couple of lower revenue quarters, and that's exactly what happened. Though we're super pleased that we've climbed to record backlog of $189 million at the end of the quarter, and we expect to see improved performance in the second half of the year as we convert that backlog to revenues.

是的。就在幾次電話會議之前，我曾表示積壓訂單量大幅下降，並向市場表示，我們將會經歷幾季的收入下降，而事實也確實如此。不過，我們非常高興，本季末我們的積壓訂單已攀升至創紀錄的 1.89 億美元，並且隨著我們將積壓訂單轉化為收入，我們預計下半年的業績將會有所改善。

So it's -- the TRC's markets continue to expand, including a fair amount of work in the water treatment space and the data center spaces. So it's a lot of positive momentum there. And again, as is our focus here at Argan, it comes down to execution.

因此，TRC 的市場不斷擴大，包括在水處理領域和資料中心領域的大量工作。因此那裡有很多積極的勢頭。再次強調，正如我們在 Argan 的重點一樣，最終還是要歸結為執行。

(Operator Instructions) Drew Chamberlain, JPMorgan.

（操作員指示）摩根大通的德魯·張伯倫。

First one, I just want to follow up on the backlog discussion. I think I heard you say, David, that the backlog you expect to be significantly over $2 billion at the end of the year, which is, I guess, the same as what you said last quarter, and that's probably the formal guidance. But can you talk a little bit about maybe what's changed in the last three months since the last call? I mean, do you think the projects are coming in faster than expected, slower than expected? I mean, just really any difference?

首先，我只是想跟進積壓討論。大衛，我想我聽到您說過，您預計到年底積壓訂單將大大超過 20 億美元，我想這與您上個季度所說的相同，這可能是正式的指導。但是您能否稍微談談自上次通話以來過去三個月發生了什麼變化？我的意思是，您認為專案的進度比預期的快還是慢？我的意思是，真的有什麼差別嗎？

Drew, great question. And at the end of the day, they continue to progress. And after another three months, we see -- continue to see milestones getting achieved and gives us greater clarity and certainty that we expect those jobs to kick off later this year. So we haven't seen any pullback or any hesitation from the partners and potential customers that we're speaking to or working with and given us a lot of confidence that we're going to get there.

德魯，這個問題問得好。最終，他們還是不斷進步。又過了三個月，我們看到——繼續看到里程碑的實現，並讓我們更加清晰和確定地預計這些工作將在今年稍後啟動。因此，我們沒有看到與我們正在交談或合作的合作夥伴和潛在客戶有任何退縮或猶豫，這讓我們對實現目標充滿信心。

Okay. And then moving to the margin discussion. I mean, obviously, appreciate the difficulties of guiding to gross margin here and obviously, why you really choose to shy away from it. But can you talk a little bit about what you're seeing from a pricing dynamic in the market, and especially on the incremental contracts? Like, where do you think those are shaking out versus historic levels?

好的。然後轉到邊際討論。我的意思是，顯然，要理解引導毛利率的困難，而且顯然，你為什麼真的選擇迴避它。但是，您能否稍微談談您從市場定價動態中看到的情況，尤其是增量合約的情況？例如，您認為這些水準與歷史水準相比有何變化？

Drew, another great question. I mean, we've been disciplined in our approach to every project with our focus being successful completion of the project, ensuring the facility comes online on time and on budget. Our approach to kind of winning and dynamically pricing projects has been consistent for the past 20 years, and we really don't pay attention to what others may be doing.

德魯，又一個好問題。我的意思是，我們對每個項目都採取嚴謹的態度，重點是成功完成項目，確保設施按時、按預算投入使用。過去 20 年來，我們對獲勝和動態定價項目的方法始終如一，我們真的不會關注其他人在做什麼。

We also really are focused on long-standing customer relationships that we value greatly, and we want those relationships to continue through this busy time and beyond. So clearly, there is a meaningful demand in the market for EPCs that can build these power plants and the supply of us is probably less than the demand, and so that does create some opportunities.

我們也非常重視與我們建立的長期客戶關係，我們希望這些關係能夠在這個繁忙的時期及以後繼續下去。因此顯然，市場對能夠建造這些發電廠的 EPC 有相當大的需求，而我們的供應可能低於需求，所以這確實創造了一些機會。

Okay. Makes sense. And then just last one real quick for me. Thoughts on capacity? I mean, I think you've been pretty clear that you have double-digit capacity today. That's going to be a mix of project types.

好的。有道理。然後對我來說只是最後一個。對容量有什麼想法嗎？我的意思是，我認為你已經非常清楚，你今天的容量已經達到兩位數。這將是多種項目類型的混合。

But you're also talking about obviously, great longer-term demand here, fundamentals are there, and really improving visibility with that. I mean, can you talk about how you think about your need to add capacity over this cycle? And maybe is it more appealing to do it organically or through M&A? Thank you.

但您顯然也在談論，這裡存在著巨大的長期需求，基本面已經存在，而且確實提高了可見度。我的意思是，您能談談您如何看待在此週期內增加產能的需要嗎？也許透過有機方式或併購來實現這一目標更具吸引力？謝謝。

Excellent. Thank you. We've intentionally added headcount over the last 18 months to position ourselves for this currently very strong demand environment. In the past, I've said 10-plus jobs, a mix of renewables and gas. And again, that all depends on size and cadence of our projects.

出色的。謝謝。在過去的 18 個月中，我們有意增加了員工人數，以適應當前非常強勁的需求環境。過去，我曾說過有 10 多個工作崗位，包括再生能源和天然氣。再說一次，這一切都取決於我們專案的規模和節奏。

And I would say we believe we have the capacity to handle 10 to 12 jobs in our power business. So we continue to nurture and grow our teams. Obviously, Argan historically focused on organic growth, and that continues today.

我想說，我們相信我們有能力在電力業務中處理 10 到 12 個工作崗位。因此，我們將繼續培養和發展我們的團隊。顯然，Argan 歷來注重有機成長，而這趨勢一直延續到今天。

Thank you very much, guys.

非常感謝你們，夥伴們。

Okay. We have no further questions in queue. I'd like to turn the floor back to David Watson for closing remarks.

好的。我們沒有其他問題。我想請戴維·沃森作最後發言。

Great. Thanks, John. Thank you all for participating in today's call, and I look forward to speaking with you again when we report our third quarter fiscal 2026 results later this year. Have a great evening.

偉大的。謝謝，約翰。感謝大家參加今天的電話會議，我期待在今年稍後報告 2026 財年第三季業績時再次與大家交談。祝您有個愉快的夜晚。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以斷開連線了。感謝您的參與。