Alamo Group Inc. (ALG) 2026 Q2 法說會逐字稿

Good day and welcome to the Alamo Group second quarter 2026 conference call. (Operator Instructions)

大家好，歡迎參加 Alamo Group 2026 年第二季電話會議。(接線員指示)

Please note this event is being recorded. I would now like to turn the conference over to Kevin Carter. Vice President, Strategy, Finance and Investor Relations, please go ahead.

請注意，本活動將被錄音。現在我想把會議交給 Kevin Carter。策略、財務與投資人關係副總裁，請開始。

Thank you. By now, you should have received a copy of the press release. However, if anyone is missing a copy and would like to receive one, please contact us at 212-827-3746 and we will send you a copy of the release and make sure you're on the company's distribution list.

謝謝。到目前為止，您應該已收到新聞稿副本。不過，如果有人尚未收到且希望取得，請致電 212-827-3746 與我們聯繫，我們將寄送新聞稿副本，並確保您已列入公司發送名單。

There will be a replay of the call which will begin one hour after the call and run for one week. The replay can be accessed by dialing 1-855-669-9658 with the passcode 750-9167. Additionally, the call is being webcast on the company's website at www.alamo-group.com and a replay will be available for 60 days.

本次電話會議將提供重播，將於會議結束一小時後開始，並持續一週。可撥打 1-855-669-9658 並輸入密碼 750-9167 收聽重播。此外，本次會議亦於公司網站 www.alamo-group.com 進行網路直播，並將提供 60 天的重播。

On the line with me today are Robert Hureau, President and Chief Executive Officer; and Agnes Kamps, Executive Vice President and Chief Financial Officer.

今天與我同線的有：總裁兼執行長 Robert Hureau，以及執行副總裁兼財務長 Agnes Kamps。

Management will make some opening remarks and then we will open up the line for your questions. During the call today, management may reference certain non-GAAP numbers in their remarks. Reconciliations of these non-GAAP results to applicable GAAP numbers are included in the attachments to our earnings release.

管理團隊將先做一些開場說明，之後我們將開放線路供各位提問。在今天的電話會議中，管理團隊的發言可能會提及某些非 GAAP 數字。這些非 GAAP 結果與適用 GAAP 數字之間的調節表，已包含在我們財報新聞稿的附件中。

Before turning the call over to Robert, I would like to make a few comments about forward-looking statements. We will be making forward-looking statements today that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

在把電話交給 Robert 之前，我想先就前瞻性陳述做幾點說明。我們今天將發表前瞻性陳述，係依據 1995 年《私人證券訴訟改革法案》的安全港條款作出。

Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in future periods to differ materially from forecasted results.

前瞻性陳述涉及已知與未知的風險與不確定性，可能導致公司未來期間的實際結果與預測結果出現重大差異。

Among those factors which could cause actual results to differ materially are the following: adverse economic conditions which could lead to a reduction in overall market demand, supply chain disruptions, labor constraints, increasing costs due to inflation, disease outbreaks, geopolitical risks including tariffs, trade wars and the effects of the war in Ukraine and the Middle East, competition, weather, seasonality. Currency-related issues and other risk factors listed from time to time in the company's SEC reports.

可能導致實際結果與預期出現重大差異的因素包括但不限於：不利的經濟狀況可能導致整體市場需求下降、供應鏈中斷、勞動力限制、通膨造成成本上升、疾病爆發、地緣政治風險（包括關稅、貿易戰，以及烏克蘭與中東戰爭的影響）、競爭、天氣與季節性。以及與匯率相關的問題與公司不時於 SEC 報告中列示的其他風險因素。

The company does not undertake any obligation to update the information contained herein, which speaks only as of this date. I would like now to introduce Robert Hureau. Robert, please go ahead.

公司不承擔更新本文所含資訊的任何義務；本文僅反映截至本日之情況。現在我想介紹 Robert Hureau。Robert，請開始。

Thank you, Kevin. I'd like to thank everyone for joining our second quarter earnings conference call. We appreciate your continued interest in Alamo Group. Overall, we're pleased with the second quarter results. We made good progress across our key initiatives, highlighted by strong sales, improved adjusted earnings, and solid adjusted EBITDA performance.

謝謝你，Kevin。感謝各位參加我們第二季財報電話會議。我們感謝各位持續關注 Alamo Group。整體而言，我們對第二季的結果感到滿意。我們在各項關鍵計畫上取得良好進展，亮點包括強勁的銷售、調整後獲利改善，以及穩健的調整後 EBITDA 表現。

We're encouraged by the volume, the pace, and the quality of customer activity we continue to see across our business. And our teams remain focused on operational improvement. And disciplined execution of our strategic priorities.

我們對在整體業務中持續看到的客戶活動量、節奏與品質感到鼓舞。我們的團隊也持續專注於營運改善。並以紀律性方式執行我們的策略優先事項。

I'll turn the call over to Agnes to review our financial results in detail. When she's finished, I'll come back and discuss the performance of each of our divisions and make some remarks regarding our long-term strategic priorities. Agnes.

接下來我把電話交給 Agnes，請她詳細說明我們的財務結果。她結束後，我會再回來討論各事業部的表現，並就我們的長期策略優先事項發表一些看法。Agnes。

Thank you, Robert. Good morning, everyone. Net sales for the second quarter of 2026. Were $415.7 million, an increase of 7.6% compared to the second quarter of 2025.

謝謝你，Robert。各位早安。2026 年第二季的淨銷售額。為 4.157 億美元，較 2025 年第二季增加 7.6%。

Organic net sales increased 1.3% compared to the second quarter of 2025.

有機淨銷售額較 2025 年第二季增加 1.3%。

Gross profit for the second quarter of 2026 was $110.9 million compared to $108.3 million for the second quarter of 2025.

2026 年第二季毛利為 1.109 億美元，較 2025 年第二季的 1.083 億美元增加。

Gross margin for the second quarter of 2026 was 24.6%, down 120 basis points compared to the second quarter of 2025.

2026 年第二季毛利率為 24.6%，較 2025 年第二季下降 120 個基點。

The year-over-year decline in gross margin reflected the impact of net sales mix and investments we are making to support long-term growth, partially offset by favorable pricing, procurement savings and continued operating disciplines.

毛利率年對年下滑反映了淨銷售組合的影響，以及我們為支持長期成長所進行的投資；部分被有利的定價、採購節省以及持續的營運紀律所抵銷。

Selling, general and administrative expense or SG&A expense for the second quarter was $60.1 million, up 5.1% from the second quarter of 2025. SG&A expense in the second quarter of 2026 included acquisition and immigration expenses, restructuring expenses and the addition of Peterson and Ringomatic businesses.

第二季銷售、一般及行政費用（SG&A）為 6,010 萬美元，較 2025 年第二季增加 5.1%。2026 年第二季的 SG&A 費用包含併購與移民相關費用、重整費用，以及新增 Peterson 與 Ringomatic 業務的影響。

SG&A expense as percentage of net sales in the second quarter of 2026 was 13.3% compared to 13.6% in the second quarter of 2025. Excluding acquisition, integration and restructuring expenses in both periods, SG&A expense as percentage of net sales was approximately 12.5% in the second quarter of 2026.

2026 年第二季 SG&A 費用占淨銷售額比重為 13.3%，相較 2025 年第二季的 13.6%。若排除兩期的併購、整合與重整費用，2026 年第二季 SG&A 費用占淨銷售額比重約為 12.5%。

And compared favorably to approximately 13.5% in the second quarter of 2025. We remain focused on the productivity of our teams, including early efforts to apply artificial intelligence across the organization.

並且相較 2025 年第二季約 13.5% 更為有利。我們仍專注於提升團隊生產力，包括早期將人工智慧應用於整個組織的努力。

We expect these efforts to help us manage SG&A as percentage of net sales over time. Net interest expense for the second quarter of 2026 was $3.6 million compared to $2.5 million in the second quarter of 2025, higher year-over-year, primarily as a result of Peterson acquisition and related financing activity.

我們預期這些努力將有助於我們隨時間管理 SG&A 費用占淨銷售額的比重。2026 年第二季淨利息費用為 360 萬美元，較 2025 年第二季的 250 萬美元增加；年對年上升主要是 Peterson 併購及相關融資活動所致。

The effective income tax rate was 25.6% in line with our current and long-term expectations. During the second quarter of 2026, we recognized $4.3 million of acquisition integration and restructuring expenses. These costs included $0.3 million of acquisition integration expense and $4 million of restructuring expenses, which were inclusive of investments to transform our manufacturing activities and supply chain function, leadership changes.

有效所得稅率為 25.6%，符合我們目前及長期的預期。2026 年第二季，我們認列 430 萬美元的併購整合與重整費用。這些成本包括 30 萬美元的併購整合費用與 400 萬美元的重整費用，其中包含用於轉型我們製造活動與供應鏈職能的投資、領導層變動。

And cost to consolidate and streamline certain manufacturing facilities of the $4.3 million, $3.5 million was recorded in SG&A. All of these amounts are treated as adjustments to certain non-GAAP measures, as shown in the press release.

以及整併與精簡部分製造設施的成本。在 430 萬美元中，有 350 萬美元計入 SG&A。如新聞稿所示，以上金額皆作為若干非 GAAP 指標的調整項目處理。

Adjusted EBITDA for the second quarter of 2026 was $63.9 million or 14.2% of net sales compared to $58.8 million or 14% of net sales in the second quarter of 2025. Adjusted earnings per share on a fully diluted basis for the second quarter of 2026 were $2.82.

2026 年第二季調整後 EBITDA 為 6,390 萬美元，或占淨銷售額 14.2%；相較之下，2025 年第二季為 5,880 萬美元，或占淨銷售額 14%。2026 年第二季完全稀釋後的調整後每股盈餘為 2.82 美元。

Up 7.2% compared to $2.63 in the second quarter of 2025. Now I'll share some comments regarding the results of each of the divisions. Net sales in the Industrial Equipment division for the second quarter of 2026 were $271.6 million. An increase of 12.8% compared to net sales of $240.7 million in the second quarter of 2025.

較2025年第二季的2.63美元成長7.2%。接下來我將分享各事業部門業績的一些評論。2026年第二季工業設備事業部的淨銷售額為2.716億美元。較2025年第二季的淨銷售額2.407億美元成長12.8%。

The year-over-year increase reflected organic demand and the contribution from Peterson, which was acquired earlier in 2026, as well as the contribution from Ringomatic, which was acquired during 2025. Organic net sales in the Industrial Equipment division increased 2.6% compared to the second quarter of 2025.

年增反映了有機需求，以及2026年稍早收購的Peterson所帶來的貢獻，並包含於2025年收購的Ringomatic之貢獻。工業設備事業部的有機淨銷售額較2025年第二季成長2.6%。

Adjusted EBITDA in the Industrial Equipment division for the second quarter of 2026 was $45.3 million or 16.7% of net sales compared to $40.3 million or 16.8% of net sales for the second quarter in 2025. We are pleased with the continued strong performance in this division and particularly with the successful integration of our recent acquisitions.

2026年第二季工業設備事業部的調整後EBITDA為4,530萬美元，或占淨銷售額的16.7%；相較之下，2025年第二季為4,030萬美元，或占淨銷售額的16.8%。我們對該事業部持續強勁的表現感到滿意，尤其對近期收購案的成功整合感到欣慰。

Net sales in the Vegetation Management division for the second quarter of 2026 were $179.1 million, an increase of 0.4% compared to net sales of $178.4 million in the second quarter of 2025. Sales were relatively stable compared to the prior year despite continued pressure in certain end markets. This marks the second consecutive quarter of year-over-year growth in this division after eight quarters of declines.

2026年第二季植被管理事業部的淨銷售額為1.791億美元，較2025年第二季的淨銷售額1.784億美元成長0.4%。儘管部分終端市場仍持續承壓，銷售與去年同期相比相對穩定。在經歷八個季度下滑後，這是該事業部連續第二個季度實現年增。

Adjusted EBITDA in the Vegetation Management division in the second quarter of 2026 was $18.6 million or 10.4% of net sales compared to $18.5 million or 10.4% of net sales for the second quarter of 2025. We remain focusing on improving margins through operational execution, cost discipline and targeted actions across the portfolio.

2026年第二季植被管理事業部的調整後EBITDA為1,860萬美元，或占淨銷售額的10.4%；相較之下，2025年第二季為1,850萬美元，或占淨銷售額的10.4%。我們仍專注於透過營運執行、成本紀律，以及在整體產品組合中採取具針對性的行動來提升利潤率。

Moving on to the balance sheet and cash flow. For the six months ended June 30, 2026, cash provided by operations was $22.7 million. Investing cash outflow was $171.6 million, primarily reflecting the Peterson acquisition and capital expenditures. Financing cash inflow was $37.3 million.

接下來談資產負債表與現金流。截至2026年6月30日止六個月，營運活動提供的現金為2,270萬美元。投資活動現金流出為1.716億美元，主要反映Peterson收購案與資本支出。籌資活動現金流入為3,730萬美元。

Looking at the last 12 months ended June 30, 2026, free cash flow, which we define as cash flow from operations less capital expenditures, was $135.3 million or 134% of net income, which continues to compare favorably to our long-term target of 100%.

以截至2026年6月30日止過去12個月來看，自由現金流（我們定義為營運現金流減資本支出）為1.353億美元，或為淨利的134%，持續優於我們長期目標的100%。

In May 2026, we renewed our credit facility on improved terms across the facility, extending maturity to 2031 and further strengthened our liquidity profile and financial flexibility. The renewed facility provides $602.5 million of committed capacity. Including $400 million revolving credit facility and $202.5 million term loan facility, supporting ongoing capital deployment priorities, working capital needs and long-term growth initiatives.

2026年5月，我們以更佳條件續約信用融資額度，將到期日延長至2031年，並進一步強化我們的流動性概況與財務彈性。續約後的融資額度提供6.025億美元的承諾額度。其中包含4億美元循環信用額度與2.025億美元定期貸款額度，用以支持持續的資本配置優先事項、營運資金需求與長期成長計畫。

At June 30, 2026, we had $195 million of cash and total debt was $262.7 million. We ended the quarter with strong liquidity position supported by substantial cash balances and available borrowing capacity on the recently renewed credit facility.

截至2026年6月30日，我們持有現金1.95億美元，總負債為2.627億美元。本季末我們以充足的現金餘額與近期續約信用融資額度下可用的借款能力支撐，維持強勁的流動性部位。

The net leverage at quarter end was less than 1 times, leaving us significant capacity to fund our capital deployment priorities. Regarding our capital allocation activities during the quarter. We paid $4.1 million in dividends and our board once again approved a quarterly dividend of $0.34 per share. We repurchased $9.4 million of shares under 2024 $50 million board-approved share repurchase program for approximately 19% of total authorization.

季末淨槓桿低於1倍，使我們具備相當大的能力來資助資本配置的優先事項。關於本季的資本配置活動。我們支付了410萬美元股利，董事會也再次核准每股0.34美元的季度股利。我們依據董事會於2024年核准的5,000萬美元庫藏股回購計畫回購了940萬美元的股份，約占總核准額度的19%。

We repaid $25.9 million on the revolver, which was drawn to finance the Peterson acquisition. All of these activities demonstrate the strength of our cash generation and a disciplined, balanced approach to deploying it.

我們償還了循環信用額度（revolver）2,590萬美元，該額度先前用於為Peterson收購案提供資金。所有這些活動展現了我們強勁的現金創造能力，以及在運用資金上的紀律與平衡作法。

As we move forward, we remain well positioned to drive growth, further strengthen operations and return value to shareholders through disciplined capital allocation. Thank you. I'll turn it back over to Robert.

展望未來，我們仍具備良好條件以推動成長、進一步強化營運，並透過有紀律的資本配置為股東創造回報。謝謝。我把時間交回給Robert。

Thank you, Agnes. Let me start by providing more color on the operating performance for each of our divisions. First, the Industrial Equipment division. As Agnes mentioned, net sales in the Industrial Equipment division increased by 13% during the quarter.

謝謝你，Agnes。我先就各事業部的營運表現補充更多細節。首先是工業設備事業部。如Agnes所提到，本季工業設備事業部的淨銷售額成長了13%。

The increase was led by our excavators and vacuum truck businesses, where sales grew despite an end market that was relatively flat. This performance reflects the strength of our brands, our close partnerships with our dealers and customers and the share gains our teams continue to drive.

成長主要由我們的挖掘機與真空卡車業務帶動，即使終端市場相對持平，銷售仍然成長。這樣的表現反映了我們品牌的實力、與經銷商及客戶的緊密合作關係，以及我們團隊持續推動的市占提升。

Our rental business also contributed meaningfully and is on pace for a record year in both sales and adjusted EBITDA. Separately, Ring-O-Matic, which we acquired just over a year ago, is also delivering record results as the group continues to benefit from new commercial opportunities.

我們的租賃業務也做出顯著貢獻，並有望在銷售與調整後EBITDA兩方面都創下年度新高。另外，我們在一年多前收購的Ring-O-Matic也持續交出創紀錄的成果，因該團隊持續受惠於新的商業機會。

Sweepers and safety sales also increased, primarily reflecting the addition of Peterson. Excluding Peterson, sales in this group were relatively flat, though water activity strengthened during the quarter. Snow sales were lower year-over-year, reflecting the deliberate actions we've taken to focus on the most attractive commercial opportunities, which has meaningfully improved the profitability of this business.

清掃車與安全相關產品的銷售也有所增加，主要反映新增了Peterson的貢獻。若排除Peterson，該組別的銷售大致持平，不過本季與水務相關的活動有所增強。除雪產品銷售年減，反映我們刻意採取行動聚焦於最具吸引力的商業機會，這已顯著提升該業務的獲利能力。

Snow and roadway maintenance remains an attractive space for us and it's an area we will continue to invest. Adjusted EBITDA margins in the Industrial Equipment division were 16.7% in the quarter, roughly unchanged from the same quarter last year. The division benefited from higher volume, ramping procurement savings and cost efficiency initiatives and the contribution from Peterson.

除雪與道路維護對我們而言仍是具吸引力的領域，也是我們將持續投資的方向。本季工業設備事業部的調整後EBITDA利潤率為16.7%，與去年同期大致持平。該事業部受惠於更高的銷量、逐步實現的採購節省與成本效率計畫，以及Peterson的貢獻。

These gains were partially offset by higher input costs, namely freight and steel, and cost to streamline certain manufacturing activities. Regarding the Peterson business, we're very pleased with its financial performance through the first half of 2026 and the direction of the leadership team.

上述改善部分被較高的投入成本所抵銷，主要包括運費與鋼材成本，以及精簡部分製造活動所產生的成本。就Peterson業務而言，我們對其在2026年上半年的財務表現以及領導團隊的方向感到非常滿意。

Integration efforts and the advancement of commercial and operational synergies are progressing well. Peterson's EBITDA margins are performing in line with our expectations. And are benefiting from the early synergies we're capturing.

整合工作以及商業與營運綜效的推進進展順利。Peterson的EBITDA利潤率表現符合我們的預期。並正受惠於我們正在取得的早期綜效。

We'll keep you updated as the business continues to perform. The book-to-bill in the Industrial Equipment division for the second quarter of 2026 was 0.85 times as net orders were down 2% compared to the same quarter in the prior year. Orders varied across the division.

隨著該業務持續表現，我們會持續向各位更新。2026年第二季工業設備事業部的接單出貨比（book-to-bill）為0.85倍，因淨訂單較去年同期下降2%。各產品線的訂單表現不一。

Orders were strongest in our snow business, which saw continued year-over-year growth. Reflecting the strength of our team, our products and our brands. Sweepers and safety orders also grew, both on an inorganic and organic basis, meaning excluding Peterson, as we began to see the positive activity we had been anticipating with many states and municipalities entering the new budget year. We also continue to grow this business in the contractor market, where activity and opportunity. Tied to data centers and other large-scale development remains attractive.

訂單在我們的除雪業務中最為強勁，該業務持續實現年對年成長。這反映了我們團隊、我們的產品以及我們的品牌實力。清掃車與安全相關訂單亦有所成長，無論以併購帶動或有機成長（亦即排除 Peterson）皆然，因為我們開始看到先前預期的正向活動，許多州與地方政府進入新的預算年度。我們也持續在承包商市場擴大此業務，在該市場中活動與機會與資料中心及其他大型開發案相關者仍具吸引力。

Excavators and vacuum truck orders were lower, reflecting the lumpiness and timing of orders in this business and some pockets of softness in the construction markets. Regarding the lumpiness, it's important to note that the second quarter of 2025 was a record quarter for net orders for the excavator and vacuum group. It was the highest quarter in this group's history.

挖掘機與真空卡車的訂單較低，反映出此業務訂單的波動性與下單時點，以及建築市場部分領域的疲弱。就波動性而言，重要的是要注意，2025 年第二季是挖掘機與真空車組別淨訂單的創紀錄季度。這是該組別歷史上最高的季度。

Lead times in all the business within the Industrial Equipment division are in good competitive position. Today, our Industrial Equipment division represents 59% of our total sales. As a reminder, the products in the Industrial Equipment division serve end markets, including public works, construction, utilities, and infrastructure.

工業設備事業部旗下各業務的交期在競爭上處於良好位置。目前，我們的工業設備事業部占總銷售額的 59%。提醒一下，工業設備事業部的產品服務的終端市場包括公共工程、建築、公用事業與基礎建設。

These are very attractive, long-cycle markets. Consistent with broader construction industry commentary, we're seeing a market that is stable but selective, with the near-term rate of growth moderating after several years of double-digit growth supported by infrastructure investment.

這些都是非常具吸引力的長週期市場。與更廣泛的建築產業評論一致，我們看到市場穩定但更為挑選；在基礎建設投資支撐、連續數年雙位數成長之後，短期成長率正在趨緩。

In that context, we expect certain industrial end markets to be flattish in the shorter term, but we remain very positive. On the long-term outlook, given the continued need for infrastructure maintenance, public works investments, utility modernization and specialized vocational equipment.

在此背景下，我們預期某些工業終端市場短期內可能持平，但我們仍然非常正向。就長期展望而言，鑑於基礎建設維護、公共工程投資、公用事業現代化與專用職業設備的持續需求。

Now the Vegetation Management Division. Net sales in the Vegetation Management Division were slightly higher compared to the second quarter of 2025. The overall result reflected growth in North American agriculture, tree care and recycling.

接著是植被管理事業部。植被管理事業部的淨銷售額較 2025 年第二季略為提高。整體結果反映北美農業、樹木養護與回收業務的成長。

In our European businesses, offset by lower sales in municipal mowing in South America. In North America agriculture, sales improved, particularly in U.S. Agriculture, which benefited from stronger manufacturing execution. Tree care and recycling sales also increased, similarly supported by improved manufacturing throughput.

我們的歐洲業務亦有成長，但被南美市政割草業務較低的銷售所抵銷。在北美農業方面，銷售有所改善，尤其是美國農業，受惠於更強的製造執行力。樹木養護與回收的銷售也增加，同樣受益於製造產出提升。

Our European businesses also grew with particular strength in the Netherlands and France. Adjusted EBITDA margins in the Vegetation Management division in the second quarter of 2026 were 10%. This was up significantly from the second-half of 2025, reflecting the progress our teams have made in improving the efficiency of our manufacturing facilities and flat compared to the second quarter of 2025.

我們的歐洲業務也成長，其中荷蘭與法國表現尤為強勁。2026 年第二季植被管理事業部的調整後 EBITDA 利潤率為 10%。相較 2025 年下半年顯著提升，反映團隊在提升製造設施效率方面的進展；與 2025 年第二季相比則持平。

The adjusted EBITDA margin of 10% compared to the second quarter of 2025 reflects favorable pricing and improved operational execution, offset by inflation, tariffs and unfavorable sales mix. The book-to-bill in the Vegetation Management Division for the second quarter of 2026 was 0.9 times, where net orders were 1% lower compared to the same quarter in the prior year, with mixed performance across businesses.

相較 2025 年第二季，10% 的調整後 EBITDA 利潤率反映有利的定價與營運執行改善，但被通膨、關稅與不利的銷售組合所抵銷。2026 年第二季植被管理事業部的接單出貨比（book-to-bill）為 0.9 倍，淨訂單較去年同期下降 1%，各業務表現不一。

Municipal mowing orders showed strong momentum in the quarter, an encouraging sign of the improving activity among municipal customers, similar to what we're seeing in our sweepers business. Tree care and recycling orders also grew, reflecting the work our teams have done to strengthen our dealer network, including the new dealers were added in parts of the country where we had gaps.

市政割草訂單在本季展現強勁動能，這是市政客戶活動改善的令人鼓舞訊號，與我們在清掃車業務所見相似。樹木養護與回收訂單亦成長，反映團隊強化經銷商網絡的努力，包括在我們過去覆蓋不足的地區新增經銷商。

North American agriculture orders were roughly flat year-over-year but continued to build on a strong year-to-date order pattern and a healthy backlog. Today, our Vegetation Management Division represents 41% of our total net sales. As a reminder, the products in the Vegetation Management Division serve end markets including tree care and recycling, agriculture, public works, and landscape maintenance.

北美農業訂單年對年大致持平，但在年初至今強勁的接單走勢與健康的在手訂單（backlog）基礎上持續累積。目前，我們的植被管理事業部占總淨銷售額的 41%。提醒一下，植被管理事業部的產品服務的終端市場包括樹木養護與回收、農業、公共工程與景觀維護。

These end markets have declined from the elevated levels experienced during the '21 and '23 period, but in the aggregate they appear to be stabilizing in 2026. External market commentary has similarly described farm equipment demand as cautious, with pressure from lower farm income, elevated borrowing costs and tariff-related cost uncertainties.

這些終端市場已自 2021 年至 2023 年期間的高檔水準回落，但整體而言在 2026 年似乎正在趨於穩定。外部市場評論亦同樣指出農機需求偏謹慎，受到農場收入下降、借貸成本偏高以及關稅相關成本不確定性的壓力。

We're encouraged by the signs of stabilization and remain confident in the long-term relevance of our brands, dealer relationships and product categories that we don't expect a rapid recovery across the entire vegetation management portfolio.

我們對穩定化的跡象感到鼓舞，並對我們品牌、經銷商關係與產品類別的長期重要性保持信心；但我們不預期整個植被管理產品組合會快速復甦。

I'd now like to share some comments regarding the broad framework of our long-term strategy. As mentioned before, there are four pillars of the strategy on which we'll focus and devote resources. People and culture two, commercial excellence three, operational excellence and four, capital deployment.

接下來我想就我們長期策略的整體框架分享一些看法。如先前所述，我們將聚焦並投入資源於策略的四大支柱。一是人才與文化，二是商業卓越，三是營運卓越，四是資本配置。

Within each of these strategic pillars, there exists a series of prioritized initiatives on which our teams are working. We made good progress on all initiatives again during the quarter. During the past year, we said we would review our portfolio and take action on businesses or product lines that are not aligned with our long-term strategic direction.

在每一項策略支柱之下，都有一系列優先推動的倡議由團隊執行。本季我們在所有倡議上再次取得良好進展。過去一年，我們表示將檢視投資組合，並對不符合長期策略方向的事業或產品線採取行動。

As part of that review, we recently announced our decision to exit a small business in the Netherlands that serves the waterway vegetation management market. We expect to complete that exit either through a sale or closure of the business before the end of 2026.

作為該檢視的一部分，我們近期宣布決定退出荷蘭一項服務於水道植被管理市場的小型業務。我們預期在 2026 年底前，透過出售或關閉該業務完成退出。

In addition, we're continuing our portfolio review and expect to make certain further decisions during the second-half of 2026. These are not large businesses or product lines in the context of Alamo Group. But these decisions are important.

此外，我們將持續進行投資組合檢視，並預期在 2026 年下半年做出若干進一步決策。就 Alamo Group 的整體而言，這些並非大型事業或產品線。但這些決策很重要。

They reflect our disciplined approach to capital deployment and operating performance, and they're consistent with our long-term strategy of owning and operating businesses that are leaders in their markets. And strategically relevant.

它們反映我們在資本配置與營運績效上的紀律作法，並與我們長期策略一致：持有並經營在其市場中具領導地位的事業。且在策略上具相關性。

Regarding capital allocation, our philosophy is disciplined and balanced. I'd like to summarize a few key important components of that strategy. First, we'll continue to invest in our people, our products, our facilities, and technologies to support profitable growth and productivity.

就資本配置而言，我們的理念是紀律且均衡。我想總結該策略的幾個關鍵重要組成。第一，我們將持續投資於人才、產品、設施與技術，以支持獲利成長與生產力提升。

With capital expenditures running at approximately 2% of net sales on average. Second, we'll maintain a strong balance sheet, targeting net leverage of up to 2.5 times, which preserves the flexibility to act opportunistically.

資本支出平均約為淨銷售額的 2%。第二，我們將維持強健的資產負債表，目標淨槓桿最高至 2.5 倍，以保留把握機會的彈性。

Third, acquisitions remain a top near-term priority. As we've mentioned before, our focus is largely on tuck-ins close to our core. Meaning product categories, sales channels and geographies close to where we operate today that hold leadership positions in their markets, carry attractive EBITDA margins and can be acquired at attractive multiples.

第三，併購仍是短期內的首要優先事項。如先前所述，我們的重點主要放在貼近核心的補強型併購（tuck-ins）。也就是在產品類別、銷售通路與地理區域上，接近我們目前營運所在、在其市場具領導地位、擁有具吸引力的 EBITDA 利潤率，且能以具吸引力的倍數收購的標的。

Our goal is one to two of these transactions in a typical year. Peterson is a great example of what that looks like in practice. And finally, we'll continue to return capital to shareholders in a balanced manner. Through opportunistic repurchases under our $50 million share buyback authorization and a quarterly dividend, currently $0.34 per share per quarter, that reflects our target payout ratio of approximately 15% of net income.

我們的目標是在一般年度完成一到兩筆此類交易。Peterson 是實務上這類交易的絕佳例子。最後，我們將以均衡方式持續回饋股東。透過在我們 5,000 萬美元庫藏股回購授權下的機會性回購，以及季度股利；目前每股每季 0.34 美元，反映我們約為淨利 15% 的目標配息率。

In summary, I'd like to express our thanks and appreciation to all our employees who work tirelessly to produce, sell and develop the very best brands of vocational trucks. And mowing and tree care products in the industry. I'd also like to thank our customers and our investors for their trust and support.

總結來說，我想向所有不懈努力、致力於生產、銷售並開發業界最優質專業卡車品牌的員工，表達我們的感謝與肯定。以及業界的割草與樹木養護產品。我也要感謝我們的客戶與投資人對我們的信任與支持。

This concludes our prepared remarks. Operator, please open the lines for questions.

以上為我們預先準備的發言。接線員，請開放線路進行提問。

Thank you.(Operator Instructions) Chris Moore, CJS Securities

謝謝。（接線員指示）Chris Moore，CJS Securities

Hey, good morning, guys. Thanks for taking a couple. So maybe we will start with backlog. Now that the order patterns lead time has been normalized, just trying to understand a little bit better how we should think about backlog moving forward.

各位早安。謝謝讓我問幾個問題。那我們也許先從在手訂單（backlog）開始。現在訂單模式與交期已經正常化，我想更了解一下，未來我們應該如何看待在手訂單的走勢。

Just for example, what percentage of Alamo revenue is backlog dependent and how quickly will the vast majority of industrial backlog turn versus the vegetation backlog?

例如，Alamo 的營收有多少比例取決於在手訂單？以及工業端的大部分在手訂單相較於植被端的在手訂單，周轉（轉化為營收）的速度會有多快？

Yeah, Chris, great question. Let me talk a little bit about this and I'm going to mention three things. So when we look at orders and backlog, we're looking not only at those metrics, but as you pointed. Out, we're looking at lead times and we're looking at market share. And so let me talk a little bit about each of these three and then we can drill down further.

是的，Chris，問得很好。我先談一下這點，我會提到三件事。當我們看訂單與在手訂單時，我們不只看這些指標，正如你所指出的，我們也會看交期，並且會看市占率。所以我先分別談談這三點，之後我們再深入討論。

So first, just a recap of some of the comments we tried to emphasize in the prepared remarks as it relates to orders. We'll start with the vegetation division. I think the most important thing in the vegetation or the most notable thing in the vegetation business is the return to growth within our municipal mowing solutions group.

首先，先回顧一下我們在預先準備的發言中，針對訂單所強調的一些重點。我們先從植被事業部開始。我認為植被業務最重要、或最值得注意的一點，是我們市政割草解決方案（municipal mowing solutions）團隊恢復成長。

So this is the group that manufactures mowering attachments. We sell to dealers who in turn sell the state DOTs and local municipalities. That business was softer in the first six months of the year, but it's returned to growth. We saw orders up double-digits in the second quarter as we had expected as many of these municipalities shifted from one budget year to the next. So that was a really positive sign.

這個團隊主要製造割草用的附加設備（attachments）。我們銷售給經銷商，再由經銷商銷售給各州交通部（DOT）與地方政府。這項業務在上半年較疲弱，但已恢復成長。如我們預期，第二季訂單呈現雙位數成長，因為許多地方政府從一個預算年度轉換到下一個預算年度。所以這是一個非常正面的訊號。

The US ag business, as I mentioned, positive order trends, we've got a healthy backlog. TreeCare, positive orders, particularly in the large industrial segment and European softish. But overall, in the aggregate, as we said, order pattern was roughly flattish on a year-over-year basis, which is consistent with where we pegged the end markets. On the industrial side, orders down 2%, as we mentioned. Here again, the most notable thing is on the sweeper side.

美國農業（ag）業務，如我提到的，訂單趨勢正向，我們也有健康的在手訂單。TreeCare 訂單表現正向，特別是在大型工業區隔；歐洲則稍微偏弱。但整體而言，如我們所說，合計的訂單模式大致與去年同期持平，這與我們對終端市場的判斷一致。工業端方面，如我們提到的，訂單下滑 2%。同樣地，最值得注意的是清掃車（sweeper）業務。

So on an organic basis in our sweepers group, we saw a return to border growth, again on a double-digit basis, but the same reason as I just commented on the municipal mowing business. Many of those products serve the local state DOTs and municipalities. Sales were softish during the first part of the year as those municipalities shifted from one budget year to the next. That water pattern, that quoting activity has improved up year-over-year, double-digits. That's another very positive sign. And snow continues to perform quite well. That's been a huge success story for the last three, four quarters, if you will.

因此，以有機成長（organic）來看，我們的清掃車事業群訂單恢復成長，同樣是雙位數成長；原因與我剛才對市政割草業務的評論相同。這些產品有許多是服務地方與州交通部以及地方政府。由於這些地方政府從一個預算年度轉換到下一個預算年度，上半年銷售稍微偏弱。而那個（訂單/需求）模式、報價活動已較去年同期改善，達到雙位數成長。這也是另一個非常正面的訊號。此外，除雪（snow）業務持續表現相當好。如果你願意這麼說的話，這在過去三到四個季度一直是非常成功的故事。

Importantly, I want to emphasize in the excavation business. In the excavation business, orders were down, but again, those orders when they come in are large and they're lumpy and the comparison in the second quarter this year to the second quarter last year, it's a tough comparison. That Q2 '25 was a record quarter for orders for that business.

重要的是，我想特別強調挖掘（excavation）業務。在挖掘業務方面，訂單是下滑的，但這類訂單通常金額大、且具有不規則性（lumpy）；因此今年第二季相較去年第二季的比較，是一個較艱難的比較基期。因為 2025 年第二季是該業務訂單的創紀錄季度。

I just wanted to highlight those and emphasize certain groups within each of those divisions that really the tone has shifted in a much more positive manner.

我只是想把這些重點點出來，並強調在各事業部中的某些團隊，整體氛圍確實已轉向更為正面。

The second part, which gets to some of your questioning is around the backlog. One of the ways we think about it is in terms of lead times, today in the aggregate. Those lead times, if you look at our backlog and our quarterly revenue, we've got four to five months of revenue sitting in backlog in the aggregate and similarly within the Industrial division.

第二部分，回到你的一些提問，是關於在手訂單。我們思考的一個方式，是從交期的角度來看；以目前整體而言，如果你把我們的在手訂單與季度營收對照，整體合計的在手訂單大約相當於四到五個月的營收；工業事業部內部也大致相同。

If you skip for a minute the boom years of '23 and '24 where things were really strong, up 20% year-over-year, etc., that four to five months of. Revenue and backlog is pretty consistent with where we were historically, so that's a good sign. When we talk about when when we talk with our customers, they're pleased with the lead times right now, we're pleased with them, we feel like we're in a really good competitive position.

如果先暫時不看 2023 與 2024 這兩個景氣特別強勁的年度（年增 20% 等等），那四到五個月的營收與在手訂單水位，與我們歷史水準相當一致，所以這是個好現象。當我們與客戶溝通時，他們對目前的交期感到滿意；我們也滿意，並且覺得我們處在非常好的競爭位置。

The last thing, the third point I think is really important because we look at all of these metrics in the aggregate is when we look at market share. And we can see where the data is available that many of our brands are continuing to gain from a market share perspective in both the industrial and the vegetation division.

最後一點、第三點，我認為非常重要，因為我們是綜合看待所有這些指標：也就是市占率。在可取得數據的範圍內，我們可以看到，許多品牌在工業與植被兩大事業部的市占率角度，仍在持續提升。

So all three of those are important when we assess where we are with backlog, how we expect it to roll out, et cetera, and the current order pattern. And in the aggregate, we feel good. We feel very excited about where things are going heading into 2027. I hope we get to some of your questions.

因此，當我們評估在手訂單現況、預期它將如何逐步消化（roll out）等等，以及目前的訂單模式時，這三點都很重要。整體而言，我們感覺良好。對於邁向 2027 年的發展方向，我們感到非常振奮。希望我們有回答到你的一些問題。

Absolutely, very helpful. Vegetation, I think you're pretty clear that longer-term certainly looks good. At the end of Q1, you had kind of talked about.

當然，非常有幫助。植被方面，我認為你已經很清楚地說明，長期來看確實不錯。在第一季末，你曾經提到過

A little bit reduction in the way you're looking at it. So basically, it was flat Q2. I mean, I'm looking at the second-half of the year and wondering if that's perhaps a reasonable expectation for Q3 and the Q4 comp is pretty light off of '25. Is that a reasonable way to look at it maybe in that flattish area in Q3 and perhaps we could. Do a little bit better than that in Q4.

你在看法上有一點下修。所以基本上，第二季是持平。我在看下半年時在想，第三季維持這樣的預期是否合理；而第四季相較於 2025 年的比較基期相當輕。這樣看是否合理：第三季可能仍在大致持平的區間，而第四季我們或許可以表現得比這更好一些。

Yeah, good question. Let me come at this from two different angles and I'll focus predominantly on vegetation, but we can cover the industrial markets as well. So you're right, at the end of the year, we were looking at the vegetation end markets to be flattish to maybe slightly down or thereabouts. We viewed 2026 as somewhat of a.

是的，問得好。我從兩個不同角度來回答；我會主要聚焦在植被，但我們也可以涵蓋工業市場。你說得對，在年初時，我們對植被終端市場的看法是大致持平、或可能小幅下滑之類。我們當時認為 2026 年在某種程度上是一個

An improving year versus the down double-digits that we had experienced, but we were calling the end markets flattish to down slightly. As we moved from the end of the year to the end of the first quarter, we got a little bit more cautious with some of the trends in the third-party data. I would say that as we sit today, the trends in that third-party data continue.

相較於我們先前經歷的兩位數下滑，今年有所改善，但我們當時對終端市場的判斷是持平到小幅下滑。從年底走到第一季底，我們根據部分第三方數據的趨勢變得稍微更為審慎。我會說，以我們目前所見，該第三方數據中的趨勢仍在延續。

We continue to remain cautious over the balance of the year, the third and the fourth quarter. You certainly can see crop prices, farm income, housing and tractor sales in that key 40 to 100 horsepower category is still being down.

在今年剩餘期間、也就是第三季與第四季，我們仍會保持審慎。你確實可以看到作物價格、農場收入、住宅市場，以及關鍵的 40 到 100 馬力級距的拖拉機銷售仍在下滑。

Despite that, we see really good order pattern in many of our groups within that division. But in the aggregate, I would call that end market to be flattish to down mid-single-digits, somewhere in that ZIP code. Nonetheless, a remarkable swing in trajectory versus the prior two to three years. That's the first piece I would look at.

儘管如此，我們在該事業部旗下許多產品群仍看到非常不錯的訂單型態。但整體而言，我會把該終端市場形容為持平到中個位數下滑，大概落在那個區間。即便如此，相較於前兩到三年，這仍是軌跡上相當顯著的反轉。這是我會先看的第一點。

When you step back and look at the business as a whole and including the vegetation division. When you think about our financial results sequentially and you look at historical averages and historical seasonality, excluding any big acquisitions, the second quarter tends to be the peak quarter financially in terms of sales and earnings.

當你退一步看整體業務、並把植被事業部也納入。若你按序看我們的財務表現，並參考歷史平均與歷史季節性（不含任何大型併購），第二季在財務上通常是銷售與獲利的高峰季度。

From there, as you move from the second to the third and the third to fourth. The top-line and the bottom line tend to move down slightly from Q2 to Q3 to Q4, that's historical seasonality if you will. So I think if you take the latest perspective we have on end markets and some of that historical financial patterns around seasonality and you mirror them. You get a good sense as to where the company is likely to move in the absence of an acquisition or anything major over the next two quarters.

從那之後，當你從第二季走到第三季、再從第三季走到第四季。營收與獲利通常會從 Q2 到 Q3 再到 Q4 略為下滑，這就是所謂的歷史季節性。所以我認為，如果你把我們對終端市場的最新觀點，以及一些圍繞季節性的歷史財務型態放在一起對照。在未來兩個季度、若沒有併購或其他重大事件，你就能對公司可能的走向有相當好的掌握。

Now, on a year-over-year basis, it will get progressively better, of course, as the fourth quarter was quite a low point in the vegetation division.

另外，以年對年來看，當然會逐季改善，因為植被事業部的第四季曾是相當低的谷底。

Does that help?

這樣有幫助嗎？

That is very helpful. I will leave it there.

非常有幫助。我就先到這裡。

Mig Dobri, Baird

Mig Dobri，Baird

Hey, good morning, guys. This is Peter Kalemkerian, Mig this morning.

各位早安。我是 Peter Kalemkerian，今天早上代 Mig 發言。

Thank you for taking my question. Robert, I have a bit of a two-part question here. When we think about that 18% consolidated margin target. At 18%, where would we see where do you see margin for each division shaking out? And then vegetation specifically, is there any way to frame the margin runway from where we're at today, call it 10%, 11%. To where you see this segment longer-term. I guess my question is how much can margins improve from current levels without any sort of volume improvement and how much of the margin progression from here would necessitate recovery across your end markets?

謝謝讓我提問。Robert，我這裡有一個兩部分的問題。當我們思考 18% 的合併毛利率目標時。在 18% 的情境下，你認為各事業部的利潤率會落在什麼水準？另外就植被事業部而言，有沒有辦法描述一下利潤率從目前大約 10%、11% 往你所看到的長期水準的提升空間？也就是說，你認為這個事業部長期會到哪裡。我想問的是：在沒有任何出貨量改善的情況下，利潤率從目前水準最多能改善多少？而從這裡開始的利潤率提升，有多少會需要終端市場復甦才能達成？

Yes, good question.

是的，好問題。

First thing I would say is I would continue to confirm, if you will, confidently our long-term through the cycle. Operating and adjusted EBITDA margins. So we have come out, we've said that before, the target is 15% adjusted operating income margins and 18% adjusted EBITDA margins. We're roughly about 400 basis points away from that today.

我首先想說的是，我們仍會持續、且有信心地再次確認我們長期、跨景氣循環的目標。也就是營業利益率與調整後 EBITDA 利潤率。我們之前已經對外說過，目標是 15% 的調整後營業利益率，以及 18% 的調整後 EBITDA 利潤率。以我們目前的水準來看，大約還差 400 個基點。

Again, first thing, these are long-term through the cycle targets, if you will. Now, to get there. We still believe that there's 300 basis points or thereabouts directly within our control, and it's some combination of procurement savings that we're getting after as we're centralizing some of those procurement negotiating efforts, parts and service, which we feel is a huge opportunity for us. We're a little bit underserved relative to history and benchmark and continued manufacturing.

再次強調，這些是長期、跨景氣循環的目標。那要怎麼達到呢？我們仍相信大約有 300 個基點左右是完全在我們可控範圍內，主要來自幾個組合：我們在集中化採購談判後所取得的採購節省；零件與服務（我們認為這對我們是很大的機會）；相較於歷史與同業基準，我們目前在這方面略顯不足；以及持續的製造端改善。

Operations efficiency. So those are the things we can control. And of course, as we continue to review the portfolio, particularly in the vegetation business, and either close or sell certain very small product lines, that will contribute as well. Those things are within our control. I see that 300 basis point opportunity to exist within both of the industrial and the vegetation business. So if you're looking at a 10%, 10.5% adjusted EBITDA margin in the vegetation business, those should be able to go to 13% or 14% similar with the industrial business.

營運效率。這些都是我們可以控制的事情。當然，隨著我們持續檢視產品組合，特別是在植被業務中，關閉或出售某些非常小的產品線，也會有所貢獻。這些同樣在我們可控範圍內。我認為這 300 個基點的機會同時存在於工業與植被兩個業務。所以如果你看植被業務目前約 10%、10.5% 的調整後 EBITDA 利潤率，理應可以提升到 13% 或 14%；工業業務也類似。

Now, if we get a little bit of volume tailwind, right, this year, the sales in the vegetation business have been flattish, we get a little bit of. Volume tailwinds, some support from the end markets, which we certainly expect over the next three to four years, you're going to not only get leverage on some of that fixed cost, but the momentum builds around procurement savings and manufacturing efficiencies.

另外，如果我們得到一些出貨量的順風（對吧），今年植被業務的銷售大致持平；如果我們獲得一些。出貨量順風、以及終端市場的支撐（我們確實預期未來三到四年會出現），你不僅會在部分固定成本上取得槓桿效益，採購節省與製造效率的動能也會持續累積。

So some gains to become as the volumes and end markets recover, the majority of it within our control. And then, of course, the cherry on the top is accretive M&A.

因此，隨著出貨量與終端市場復甦，會有一些額外的改善；但大部分仍在我們可控範圍內。然後，當然，錦上添花的是具增益性的併購。

The extent we continue to add businesses like Peterson, which run at 23%, 24% adjusted EBITDA. So I feel really good about where we're going over the next three to four years.

如果我們持續加入像 Peterson 這樣的業務，其調整後 EBITDA 利潤率可達 23%、24%。所以我對未來三到四年的走向感到非常樂觀。

2026 is a bit of a transition here. Does that help, Peter?

2026 年會是一個過渡期。Peter，這樣有幫助嗎？

That was great, Robert. Thank you for the color. You kind of anticipated where I was going with my last question here on M&A. Your balance sheet is obviously in a strong spot, net leverage extremely low.

非常棒，Robert。謝謝你提供的補充說明。你其實也預先回答了我最後一個關於併購的問題方向。你們的資產負債表顯然很強健，淨槓桿非常低。

What's the current pipeline looking like, where in the portfolio might you be looking to add or what would be the appetite, I guess, for a larger, more transformational deal as opposed to continued bolt-ons, I'm just curious what you're seeing out there in the current deal environment and any color update that you could provide on the acquisition strategy?

目前的案源管線看起來如何？在投資組合中你們可能會想在哪些領域加碼？或者我想問的是，對於較大型、較具轉型性的交易，相較於持續做小型補強式併購，你們的胃納如何？我只是好奇在目前的交易環境下你們看到了什麼，以及你能否就併購策略提供一些最新的補充說明？

Absolutely. I think it starts with the capital allocation framework and strategy. We spent a lot of time thinking about it. We tried to pull together everything concisely and share that with you on this call. And as you can tell from that with the framework.

當然可以。我認為要從資本配置的框架與策略談起。我們花了很多時間思考這件事。我們試著把所有內容精煉整理，並在這通電話中與各位分享。而且你也可以從這個框架看得出來。

Where we feel very confident and comfortable going up to 2.5 times net leverage, we've got a lot of dry powder. We can add a lot of earnings to this business and accelerate the growth of our earnings trajectory over the next several years.

我們對把淨槓桿提高到 2.5 倍感到非常有信心也很自在，因此我們有很多可用的「乾火藥」。我們可以為這項業務增加不少獲利，並在未來幾年加速我們獲利成長軌跡的提升。

So it starts there. And again, as I said in the prepared remarks, M&A is the top priority, but we'll be opportunistic with that buyback program as we were in the second quarter.

所以就從那裡開始。再一次，如同我在事先準備的發言中所說，併購（M&A）是最優先事項，但我們也會像第二季那樣，伺機運用那項庫藏股回購計畫。

From there, I would say the M&A pipeline is strong. If you don't know, Ed Rizzuti has taken on a full-time role in corporate development, spearheading that, not only because of his talents and leadership, but that area is just rich with opportunity for us, and he's building a team to go after some of those targets.

接著我會說，併購案源（pipeline）很強勁。如果你還不知道，Ed Rizzuti 已全職投入企業發展（corporate development），主導這項工作；不僅因為他的才能與領導力，也因為那個領域對我們而言充滿機會，而他正在組建團隊去追逐其中一些標的。

Third thing I would say is from a where are we targeting perspective. We're still focusing predominantly in the industrial space.

第三點我會說，從我們鎖定的方向來看。我們仍然主要聚焦在工業領域。

It's not necessarily because there aren't opportunities in vegetation, but we want to give that vegetation team and those businesses a little bit more time to continue to fine tune manufacturing operations before we add any more complexity, of course, building on the momentum over the last couple of quarters there.

這不一定是因為植被（vegetation）領域沒有機會，但我們希望讓植被團隊與那些業務有更多時間，先持續微調製造營運，再增加任何額外的複雜度；當然也會延續過去幾季累積的動能。

Within the industrial space. In the M&A pipeline there are a lot of things that are active today. We're talking with a number of people and excited about it. I think for now, the primary focus will remain tuck-ins, things in that $15 million, $20 million, $30 million EBITDA range probably are the sweet spot. Might we go to something that's $40 million or $50 million, we could, and it would just really need to be a strong strategic fit with good synergies.

在工業領域內。在併購案源中，目前有很多項目正在推進。我們正與多方洽談，對此感到興奮。我認為就目前而言，主要焦點仍會是補強型收購（tuck-ins）；EBITDA 約 1,500 萬、2,000 萬到 3,000 萬美元區間的案子，可能是最甜蜜點。我們會不會做 EBITDA 4,000 萬或 5,000 萬美元的案子？有可能，但必須在策略契合度很高、且具備良好綜效的前提下。

I think anything larger than that at this time is probably unlikely. So hopefully that color is helpful to you, Peter.

我想現階段比那更大的案子，可能性不高。希望這些補充說明對你有幫助，Peter。

That was great.

這很棒。

Thank you, Robert. I will jump back in queue.

謝謝你，Robert。我會回到隊列中。

Mike Shlisky, DA Davidson.

Mike Shlisky，DA Davidson。

Yes, hi, good morning. Thanks for taking my questions here. First, a quick housekeeping question. I think I missed this, but how much was currency factor in the year-over-year revenue change?

是的，嗨，早安。謝謝讓我在這裡提問。首先，一個簡單的例行問題。我想我漏聽了：匯率因素對年對年營收變動的影響有多少？

It wasn't that impactful, I think, gosh, I don't remember the exact number.

影響不算大，我想，呃，我不記得確切數字。

It's in the back of the press release, Mike, I think it was 0.4%.

在新聞稿後面有寫，Mike，我想是 0.4%。

Got it, okay, yes. Thanks for that. I also wanted to ask about the habilitation. You said it might not be up tremendously in the very near term. Are you doing anything within the segment to maybe get more aggressive or help speed things up? Anything you can do to talk with your.

了解，好，對。謝謝。我也想問一下關於復健（habilitation）。你說短期內可能不會大幅上升。你們在這個事業部門內有沒有做些什麼，讓策略更積極或加快進度？有沒有任何你能做的，去跟你們的……

To a dealer network or some internal folks to do a little bit more outreach then as opposed to reacting to the broader market here? Are there any share opportunities or new iron you can put out there to help gain some share? Just anything that you're doing beyond just kind of riding the day-to-day waves of the vegetation end market here?

經銷商網絡或內部同仁多做一些外展（outreach），而不是只對整體市場被動反應？是否有任何市占提升的機會，或是你們能推出新的設備（new iron）來爭取一些市占？總之，除了只是跟著植被終端市場日常波動走之外，你們還有做哪些事？

Yes, I really appreciate that question, Mike. That's spot on. I would say in the last. Several quarters, we've had a lot of those discussions internally and with the board. We are hyper-focused on what we're referred to as alternate sources of growth. We want to maintain and continue to grow our share in the existing channels with existing dealers and partners and contractors.

是的，我非常感謝這個問題，Mike。你問得非常到位。我會說在過去……幾個季度，我們在內部以及與董事會之間做了很多這類討論。我們高度聚焦在我們所稱的「替代成長來源」（alternate sources of growth）。我們希望在既有通路、既有經銷商、合作夥伴與承包商中維持並持續提升我們的市占。

Yeah, that's really important, we want to love those customers and continue to win with them, many of them that we're aligned with are really strong and healthy and will grow with them, but at the same time, we need to and are looking at those alternate sources of growth, are there different, slightly different channels, are there product categories that we can move into?

是的，這非常重要；我們希望好好服務這些客戶並持續與他們勝出。我們所合作的許多客戶都非常強健、狀況良好，我們也會與他們一起成長；但同時，我們也必須、而且正在檢視那些替代成長來源：是否有不同或略有不同的通路？是否有我們可以切入的產品類別？

And there's things occurring in both the vegetation and the industrial division that are pretty exciting, probably a little bit too early for us to talk about publicly. But you're spot on and the team is doing a great job thinking a little bit differently about how to go to market and win and accelerate growth beyond the movements in the end markets.

而且在植被事業與工業事業兩邊，都有一些正在發生、相當令人振奮的事情，可能現在對我們來說還稍早，尚不便對外公開談。但你說得很對，團隊在思考如何以不同方式進入市場、取勝，並在終端市場波動之外加速成長，做得非常好。

I'll ask that one on a future call perhaps. And then some of your comments around Renee, Robert, you can ask me to send you wanted to do one deal or two a year, excuse me.

我可能會在未來的電話會議再問這題。另外，關於你提到 Renee 的一些評論，Robert，你可以請我寄給你——你說你們想一年做一筆或兩筆交易，抱歉。

I know you have Pearson wasn't that long ago, but technically it was not during 2026. Curious as to what the pipeline looks like today and do you feel confident that you'll actually get at least one deal done during 2026?

我知道你們不久前才做了 Pearson，但嚴格來說那不是在 2026 年期間。我想了解目前的案源狀況，以及你是否有信心在 2026 年至少完成一筆交易？

Yeah, the pipeline is really full. There's a lot of activity going on. Of course, we like the ones where we're building the relationship one-on-one.

是的，案源非常充實。目前有很多活動在進行。當然，我們偏好那種能一對一建立關係的案子。

We will get involved with auctions, but prefer to stay away from those, generally speaking. But there's a lot of activity. There's a lot of good relationships that our teams, our business leaders, division Presidents, Ed and his team, Agnes.

我們也會參與競標（auctions），但一般而言我們更希望能避開那種流程。不過確實有很多活動。我們的團隊、事業領導人、事業部總裁、Ed 和他的團隊、Agnes……都在培養許多良好關係。

Are fostering. We've met with many of them over the course of the last six months in person. I'm feeling pretty good about the direction over the balance of the year can, of course, say that we will get one done for sure. There's a lot of variables that come into play, but we're pretty positive on the momentum of the M&A. And for some reason, something doesn't happen. You might see three in 2027 or four. But.

我們在過去六個月中，已與其中許多對象面對面會談。我對今年剩餘期間的走向感覺相當不錯；當然我不能保證一定會完成一筆。有很多變數會影響結果，但我們對併購動能相當正面。如果因為某些原因今年沒有發生，你可能會在 2027 年看到三筆或四筆。但是……

We're pretty bullish on this, and we're going to use that dry powder that we have on the balance sheet.

我們對此相當看多，而且我們會運用資產負債表上的充裕資金（dry powder）。

Great. Thanks so much for the color, Ralph.

很好。非常感謝這些補充說明，Ralph。

(Operator Instructions) Greg Burns, Sidoti and Company

（接線員指示）Greg Burns，Sidoti and Company。

Good morning. Could you just give us an update on the status of the.

早安。你能否就……的狀態給我們更新一下？

The facility consolidations on the vegetation management business, where do they stand, is throughput where you think you could get it or are there more efficiency gains to be had there and how should we think about that impacting the second-half from a revenue and margin perspective?

植被管理業務的廠房整併（facility consolidations）進度如何？目前處於什麼階段？產能吞吐量（throughput）是否已達到你認為可以達到的水準，或是還有更多效率提升空間？以及從營收與毛利率角度，我們應該如何看待這對下半年的影響？

Yeah, good question, Greg. I appreciate the opportunity to talk a little bit about it. So I feel really good about the progress that's been made in the last two quarters.

是的，好問題，Greg。謝謝你讓我有機會多談一點。我對過去兩個季度取得的進展感到非常滿意。

Recall that we have in the tree care business, the Moravark and Raco brands consolidated. And then in US agriculture, we had the Bush Hog and the Rhino brands consolidate. And there was, as you can see in the back half of 2025, a fair amount of disruption that occurred. Teams done a wonderful job getting their hands around that, getting those production lines up and efficient.

回顧一下，我們在樹木養護業務中，已將 Moravark 與 Raco 品牌整併。接著在美國農業業務中，我們也將 Bush Hog 與 Rhino 品牌整併。而且如你在 2025 年下半年所見，期間發生了相當程度的擾動。團隊在掌握並處理這些狀況方面做得非常出色，讓那些產線恢復運作並提升效率。

The best data and evidence to point to that things have recovered nicely is the growth in those two groups within the second quarter. They were up nicely in terms of sales. End market strong recovery, that was manufacturing throughput. You can take a look at the vegetation adjusted EBITDA margins in the second quarter. They're about flat to where we were at the same time last year before a lot of that disruption took place. So I feel really good about it. We're monitoring closely. We put in some new leadership.

最能證明情況已良好復原的數據與證據，就是第二季這兩個事業群的成長。就銷售而言，它們都有相當不錯的增長。終端市場強勁復甦，帶動了製造端的產出吞吐量。你也可以看看第二季的植被調整後 EBITDA 利潤率。它們大致與去年同期、在許多擾動發生之前的水準持平。所以我對此感覺非常好。我們也在密切監控。我們引進了一些新的領導層。

We've supported many of the team members that have been there for a while. So I feel really good. There's still more opportunity to continue to improve and drive efficiencies and continue to take costs out, but we're in a pretty good spot from where we came in the back half of 2025.

我們也支持了許多已在那裡工作一段時間的團隊成員。所以我感覺非常好。仍然還有更多機會持續改善、推動效率提升並持續降本，但相較於 2025 年下半年的狀況，我們目前處在相當不錯的位置。

Does that help?

這樣有幫助嗎？

Yes, it did. And then on the industrial side, it seems like there's good order trends or some momentum in certain. Certain areas there, how should we think about the remainder of the year from an organic perspective? Are you still thinking like flat up a little bit or has your view changed on the near-term trajectory of that business from an organic perspective?

有，確實有幫助。另外在工業端，看起來某些領域的訂單趨勢不錯、或有一些動能。從有機成長的角度來看，我們該如何看待今年剩餘時間？你們仍然認為大致持平、略微成長，還是你們對該業務短期有機成長軌跡的看法已改變？

From an organic perspective, I would say flattish, consistent with the end markets.

從有機成長的角度來看，我會說大致持平，與終端市場一致。

If you use construction as a proxy for the end market, while construction spending in the US is still at a very elevated level, the year-over-year growth has flattened. It actually went a little bit negative, as I think you can see in some of the data. We're waiting for more news around further federal stimulus funds in the infrastructure space.

如果以建築業作為終端市場的代理指標，雖然美國建築支出仍處於非常高的水準，但年增率已趨於平坦。實際上如你在部分數據中所見，它還略微轉為負成長。我們正在等待更多關於基礎建設領域進一步聯邦刺激資金的消息。

I think some things have passed the Senate are waiting in the House or vice versa, those are encouraging signs. But all in all, I would look at the industrial end markets as flattish over the back half of 2026. And then, of course, as we move beyond that, obviously, just a wonderful space, wonderful end market to be in with much mandated demand-driven. Activity. So bullish long-term, positive short-term, but flattish end markets.

我認為有些事項已在參議院通過、正等待眾議院審議，或反之，這些都是令人鼓舞的跡象。但總體而言，我會將 2026 年下半年工業終端市場視為大致持平。當然，隨著我們再往後看，這顯然是一個很棒的領域、很棒的終端市場，因為其中有大量由法規要求所驅動的需求。活動。因此長期看多、短期正向，但終端市場大致持平。

All right. Thank you.

好的。謝謝。

Ross Sparenblech, William Blair

Ross Sparenblech，William Blair

Hi. Good morning. This is Sam Parlavant from Ross. Thanks for taking my questions.

嗨。早安。我是 Ross 的 Sam Parlavant。謝謝讓我提問。

I guess starting off, I know procurement savings have been a big focus for the team recently. Could you give an update on your progress here and maybe frame the timeline for these benefits to start flowing through?

我想先從這裡開始。我知道近期團隊非常聚焦在採購節省上。你能否更新一下目前的進展，並大致說明這些效益開始反映出來的時間點？

Hi, Sam. The procurement program we started earlier this year is going really well. We're very happy with it. We're organized ourselves around the commodities and other spend and we're progressing really nicely.

嗨，Sam。我們今年稍早啟動的採購計畫進展非常順利。我們對此非常滿意。我們已依商品類別與其他支出進行組織化運作，進展相當不錯。

The savings that we're expecting will start coming in towards the end of this year, but largely next year.

我們預期的節省將在今年年底開始出現，但主要會在明年反映。

And this is due to just the timing of the project as well as turnover of inventory. But the project is going really well. We're happy with it. We're progressing nicely.

這主要是因為專案時程以及庫存周轉的時間因素。但專案進展非常順利。我們很滿意。我們正穩健推進。

Got it. That's good to hear. And then a similar question here. Just curious how the aftermarket business performed in the quarter and then how you've seen some of your initiatives around the aftermarket business progress here?

了解。很高興聽到。接著一個類似的問題。我想了解售後市場業務在本季表現如何，以及你們在售後市場業務方面的一些措施目前推進得怎麼樣？

Yes, during the quarter, aftermarket parts and service was good. We were up a smidge on a year-over-year basis. That was taking a little bit longer to get going, but a lot of activity to drive that around pricing and parts availability and things of that nature. That that's going to be a strong contributor over the next couple of years in terms of improved profitability and margin profile.

是的，本季售後零件與服務表現不錯。以年對年來看，我們小幅成長。這一塊啟動得稍微久一些，但我們在定價、零件供應可得性等方面做了很多推動相關的工作。未來幾年，這將在提升獲利能力與利潤率結構方面成為強勁的貢獻來源。

Got it. That's helpful. I will leave it there. Thanks, guys.

了解。很有幫助。我就先到這裡。謝謝各位。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to management for closing remarks.

問答環節到此結束。我想把電話會議交回管理層作結語。

Thank you. In parting, I'd like to say that Alamo Group remains a compelling long-term investment for several reasons. We serve large attractive end markets with customer trusted brands and leadership positions, and our scale supports meaningful commercial and operational synergies.

謝謝。在結語中，我想說 Alamo Group 之所以仍是一項具吸引力的長期投資，有幾個原因。我們服務於規模大且具吸引力的終端市場，擁有客戶信賴的品牌與領先的市場地位，而我們的規模也支持具意義的商業與營運綜效。

We generate strong free cash flow through the cycle and deploy it through a disciplined capital allocation framework, supported by a robust pipeline of attractive M&A opportunities.

我們在景氣循環中持續產生強勁的自由現金流，並透過嚴謹的資本配置框架加以運用，同時也有一條強健的、具吸引力的併購（M&A）機會管線作為支撐。

And we have an experienced management team and nearly 4,000 employees who share a common set of values and entrepreneurial spirit and a commitment to winning together. Again, we appreciate your support and interest in the Alamo Group and look forward to speaking with you on our next call.

此外，我們擁有經驗豐富的管理團隊，以及近 4,000 名員工，大家共享一套共同的價值觀與創業精神，並致力於攜手共贏。再次感謝各位對 Alamo Group 的支持與關注，期待在下一次電話會議中再與各位交流。

The conference is now concluded.

本次電話會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的簡報。您現在可以掛線。