安朗杰 (ALLE) 2025 Q3 法說會逐字稿

Good day, and welcome to the Allegion third-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Allegion 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Vice President of Investor Relations, Josh Pokrzywinski. Please go ahead.

現在我將把會議交給投資者關係副總裁喬許波克日溫斯基。請繼續。

Thank you, Betsy. Good morning, everyone. Thank you for joining us for Allegion's third-quarter 2025 earnings call. With me today are John Stone, President and Chief Executive Officer; and Mike Wagnes, Senior Vice President and Chief Financial Officer of Allegion.

謝謝你，貝齊。各位早安。感謝您參加 Allegion 2025 年第三季財報電話會議。今天陪同我出席的有 Allegion 的總裁兼執行長 John Stone，以及資深副總裁兼財務長 Mike Wagnes。

Our earnings release, which was issued earlier this morning; and the presentation, which we will refer to in today's call, are available on our website at investor.allegion.com. This call will be recorded and archived on our website.

我們今天早些時候發布的盈利報告以及我們將在今天電話會議中提到的演示文稿，都可以在我們的網站 investor.allegion.com 上找到。本次電話會議將被錄音並存檔在我們的網站上。

Please go to slide 2. Statements made in today's call that are not historical facts are considered forward-looking statements and are made pursuant to the Safe Harbor provisions of federal securities law. Please see our most recent SEC filings for a description of some of the factors that may cause actual results to differ materially from our projections. The company assumes no obligation to update these forward-looking statements.

請翻到第二張幻燈片。今天電話會議中所提出的非歷史事實的陳述均被視為前瞻性陳述，並符合聯邦證券法的安全港條款。請參閱我們最新的美國證券交易委員會文件，以了解可能導致實際結果與我們的預測有重大差異的一些因素。本公司不承擔更新這些前瞻性聲明的義務。

Today's presentation and commentary include non-GAAP financial measures. Please refer to the reconciliation and the financial tables of our press release for further details.

今天的演講和評論包含非GAAP財務指標。更多詳情請參閱我們新聞稿中的對帳表和財務報表。

Please go to slide 3, and I'll turn the call over to John.

請看第三張投影片，然後我把電話交給約翰。

Thanks, Josh. Good morning, everyone. Thanks for joining. Q3 was another strong quarter as we execute our long-term strategy and steadily deliver on our commitments to shareholders. I'm proud of our team's performance as we've remained agile in a dynamic operating environment.

謝謝你，喬希。各位早安。謝謝參與。第三季業績依然強勁，我們有效執行了長期策略，並穩步履行了對股東的承諾。我為我們團隊的表現感到自豪，因為我們在瞬息萬變的營運環境中始終保持靈活。

The double-digit revenue growth for the enterprise and continued segment margin expansion speaks to the resiliency of our model, our broad end-market exposures, and the depth of our relationships with channel partners and end users. We continue to take advantage of our business' strong cash generation, returning cash to shareholders and growing our business through accretive acquisitions.

企業收入實現兩位數成長，且業務利潤率持續擴張，這反映了我們商業模式的韌性、廣泛的終端市場覆蓋率以及與通路合作夥伴和終端用戶之間深厚的合作關係。我們持續利用公司強勁的現金流，向股東返還現金，並透過增值收購實現業務成長。

Year to date, we have allocated approximately $600 million to acquiring businesses consistent with the priorities we outlined at our Investor Day. As we approach year-end, the key market trends supporting our outlook are largely unchanged.

今年迄今為止，我們已撥出約 6 億美元用於收購符合我們在投資者日上提出的優先事項的企業。隨著年底臨近，支撐我們展望的關鍵市場趨勢基本上保持不變。

Our team continues to execute well, and we are allocating capital for the long-term benefit of our shareholders. As such, we are raising our 2025 full-year outlook for adjusted earnings per share to $8.10 to $8.20. I'll be back later to discuss the outlook and share some early views on markets for 2026. Please go to slide 4.

我們的團隊繼續保持良好的執行力，我們正在為股東的長期利益配置資金。因此，我們將2025年全年調整後每股盈餘預期上調至8.10美元至8.20美元。稍後我將再次討論這個預期，並分享一些對2026年市場的初步看法。請翻到第4張投影片。

Let's take a look at capital allocation for the third quarter, starting with our investments for organic growth. In September, the Allegion team launched a new mid-tier commercial product line for Schlage, our Performance Series locks.

讓我們來看看第三季的資本配置狀況，首先是我們的內生成長投資。9 月，Allegion 團隊為 Schlage 推出了新的中階商用產品線——Performance 系列鎖具。

These locks bring Schlage quality to more price points in Non-Residential applications, giving us more ways to win in the aftermarket and building on the success of the mid-price-point Von Duprin 70 Series exit devices released last year.

這些鎖具將 S​​chlage 的品質帶到了非住宅應用的更多價格點，為我們提供了更多在售後市場取得成功的方法，並鞏固了去年推出的中等價位 Von Duprin 70 系列出口裝置的成功。

Turning to M&A. Since we spoke at Q2 earnings, Allegion has announced two more acquisitions, UAP and Brisant. These UK-based businesses strengthen our product portfolio, including electronic locks, in addition to enhancing our cost position. As discussed previously, the acquisitions of ELATEC, Gatewise, and Waitwhile closed earlier in the third quarter.

接下來談談併購。自從我們在第二季財報發布會上交談以來，Allegion 又宣布了兩項收購，分別是 UAP 和 Brisant。這些總部位於英國的企業增強了我們的產品組合，包括電子鎖，同時提高了我們的成本優勢。如前所述，ELATEC、Gatewise 和 Waitwhile 的收購已於第三季初完成。

Allegion continues to be a dividend-paying stock. And in the third quarter, this amounted to $0.51 per share or approximately $44 million. We did not repurchase shares in the quarter. And you can continue to expect Allegion to be balanced, consistent, and disciplined with capital deployment over time, with a clear priority of investing for profitable growth.

Allegion 仍然是一檔派發股息的股票。第三季度，每股收益為 0.51 美元，總計約 4,400 萬美元。本季我們沒有回購股票。您可以繼續期待 Allegion 在資本部署方面保持平衡、一致和自律，並始終將獲利成長視為投資的明確優先事項。

Mike will now walk you through the third-quarter financial results.

接下來，Mike 將為大家介紹第三季的財務表現。

Thanks, John, and good morning, everyone. Thank you for joining today's call. Please go to slide number 5. As John shared, our Q3 results reflect continued strong execution from the Allegion team, delivering double-digit revenue growth for the enterprise.

謝謝你，約翰，大家早安。感謝您參加今天的電話會議。請翻到第5張投影片。正如約翰所說，我們第三季的業績反映了Allegion團隊持續強勁的執行力，為企業帶來了兩位數的營收成長。

Revenue for the third quarter was over $1 billion, an increase of 10.7% compared to 2024. Organic revenue increased 5.9% in the quarter as a result of favorable price and volume led by our Americas Non-Residential business, where demand remains healthy.

第三季營收超過 10 億美元，比 2024 年成長 10.7%。由於美洲非住宅業務的需求依然旺盛，價格和銷售量都表現良好，本季有機收入成長了 5.9%。

Q3 adjusted operating margin was 24.1%, down 10 basis points compared to last year. Both our segments had margin expansion, which was offset by higher corporate expenses relative to the prior-year comparable. Volume leverage and mix were accretive to margins. Additionally, price and productivity, net of inflation and investment, was a tailwind of $2.2 million.

第三季調整後營業利益率為 24.1%，比去年同期下降 10 個基點。我們兩個業務部門的利潤率均有所提高，但與去年同期相比，公司支出有所增加，抵銷了利潤成長。銷售槓桿和產品組合提升了利潤率。此外，在扣除通貨膨脹和投資後，價格和生產力帶來了 220 萬美元的利多。

Adjusted earnings per share of $2.30 increased $0.14 or 6.5% versus the prior year. Operational performance and accretive acquisitions contributed 10.6 points of EPS growth. This was partially offset by higher tax and interest and other. We still anticipate the full-year tax rate to be in the range of 17% to 18%.

調整後的每股收益為 2.30 美元，比上年增長 0.14 美元，增幅為 6.5%。營運績效和增值收購為每股收益成長貢獻了 10.6 個百分點。稅收、利息和其他方面的增加部分抵消了這一影響。我們仍然預計全年稅率將在 17% 至 18% 之間。

Finally, year-to-date available cash flow was $485.2 million, which was up 25.1% as we continue to generate strong cash flow. I'll provide more details on the balance sheet and cash flow a little later in the presentation. Please go to slide number 6.

最後，今年迄今的可用現金流為 4.852 億美元，成長了 25.1%，因為我們繼續產生強勁的現金流。稍後我將在報告中提供更多關於資產負債表和現金流量的詳細資訊。請翻到第6張投影片。

Our Americas segment delivered strong operating results in Q3. Revenue of $844 million was up 7.9% on a reported basis and up 6.4% on an organic basis, led by our Non-Residential business. Organic growth included both favorable price and volume in the quarter. Reported revenue includes 1.5 points of growth from acquisitions.

我們的美洲業務部門在第三季取得了強勁的經營業績。營收達 8.44 億美元，按報告基準計算成長 7.9%，以有機成長計算成長 6.4%，主要得益於非住宅業務的成長。本季有機成長包括價格和銷售的雙雙利好。報告顯示的收入包括收購帶來的 1.5 個百分點的成長。

Pricing in our Americas segment was 4.6% in the quarter. This includes a combination of core pricing and surcharges as we cover inflation including tariffs. Our Non-Residential business increased mid-single digits organically. And demand for our products remains healthy, supported by our broad end-market exposure.

本季我們在美洲地區的定價成長率為 4.6%。這包括核心定價和附加費的組合，因為我們要涵蓋通貨膨脹，包括關稅。我們的非住宅業務實現了中等個位數的自然成長。由於我們廣泛的終端市場覆蓋，市場對我們產品的需求依然強勁。

Our Residential business grew mid-single digits, primarily driven by volume associated with new electronic products that we launched in the quarter and price. However, we still consider overall Residential market demand to be soft, consistent with year-to-date growth rates.

我們的住宅業務實現了中等個位數的成長，主要得益於本季推出的新電子產品的銷售和價格上漲。然而，我們仍然認為整體住宅市場需求疲軟，與今年迄今的成長率一致。

Electronics revenue was up mid-teens and continues to be a long-term growth driver for Allegion. Americas adjusted operating income of $252 million increased 9% versus the prior year. Adjusted operating margin was up 40 basis points, as volume leverage and favorable mix were accretive to margins. Price and productivity, net of inflation and investments, was a tailwind of $10.2 million. Please go to slide number 7.

電子產品收入成長了兩位數以上，並將繼續成為 Allegion 的長期成長動力。美洲地區調整後營業收入為 2.52 億美元，比上年增長 9%。調整後的營業利潤率上升了 40 個基點，銷售成長和有利的產品組合提升了利潤率。扣除通貨膨脹和投資後，價格和生產力帶來了 1,020 萬美元的利多。請翻到第7張投影片。

Our International segment delivered revenue of $226 million, which was up 22.5% on a reported basis and up 3.6% organically, led by our electronics businesses. Acquisitions contributed 13.6% to segment revenue, consisting of the acquisitions John mentioned earlier, net of the previously announced divestiture of API.

我們的國際業務部門實現了 2.26 億美元的收入，按報告數據計算增長了 22.5%，按有機增長計算增長了 3.6%，這主要得益於我們的電子業務。收購貢獻了該部門收入的 13.6%，其中包括 John 之前提到的收購，扣除先前宣布的 API 剝離。

Currency was also a tailwind, positively impacting reported revenue by 5.3%. International adjusted operating income of $32.3 million increased 28.2% versus the prior-year period. Adjusted operating margin for the quarter increased 70 basis points, driven by volume, leverage, and mix. Acquisitions were accretive to segment margin rates, although slightly dilutive to the enterprise rates.

匯率也是一個利好因素，對報告收入產生了 5.3% 的正面影響。國際調整後營業收入為 3,230 萬美元，較上年同期成長 28.2%。受銷量、槓桿率和產品組合的推動，本季調整後的營業利潤率提高了 70 個基點。收購提高了各業務部門的利潤率，但略微稀釋了企業整體的利潤率。

We continue to drive portfolio quality in the International segment through self-help and adding high-performing businesses where we have a right to win. Please go to slide 8, and I will provide an overview on our cash flow and balance sheet.

我們透過自助和收購我們有能力取得成功的高績效企業，不斷提升國際業務的投資組合品質。請翻到第 8 頁投影片，我將概述我們的現金流量表和資產負債表。

Year-to-date available cash flow was $485.2 million, up nearly $100 million versus the prior year. This increase is driven by higher earnings, lower capital expenditures, and improvements in working capital. I am pleased with the strong cash generation in 2025.

今年迄今可用的現金流為 4.852 億美元，比去年同期增加了近 1 億美元。這一成長是由更高的收益、更低的資本支出和營運資本的改善所推動的。我對2025年強勁的現金流表現感到滿意。

And based on year-to-date performance, we see upside to our previous cash flow outlook. We now expect conversion of 85% to 95% of adjusted net income. Working capital as a percent of revenue increased due to acquired working capital, which does not impact cash flow. Organic working capital improved compared to prior year.

根據年初至今的業績，我們認為先前的現金流量預期有上調空間。我們現在預期調整後淨收入的轉換率為 85% 至 95%。由於收購了營運資本，營運資本佔收入的百分比增加，但這不會影響現金流。有機營運資本較前一年改善。

Finally, our balance sheet remains strong, and our net debt to adjusted EBITDA is at a healthy ratio of 1.8 times. We continue to generate strong cash flow, and our balance sheet supports continued capital deployment.

最後，我們的資產負債表依然穩健，淨負債與調整後 EBITDA 的比率處於健康的 1.8 倍。我們持續產生強勁的現金流，資產負債表也支持持續的資本投入。

I will now hand the call back over to John.

現在我將把電話轉回給約翰。

Thanks, Mike. Please go to slide 9, and I'll share our updated outlook. With one quarter remaining in the year, our markets remain largely consistent with our prior outlook. And the Americas' Non-Residential markets remain resilient. And Allegion is performing well in the aftermarket.

謝謝你，麥克。請翻到第 9 張投影片，我將分享我們更新後的展望。今年還剩一個季度，我們的市場狀況與我們之前的預期基本一致。美洲的非住宅市場依然保持韌性。Allegion在售後市場表現良好。

Our spec activity has grown over 2024 and year-to-date 2025, driven by our broad end-market exposure. And this supports our outlook. Residential markets, however, remain soft. And as Mike mentioned, solid performance in Q3 was primarily driven by new electronic product launches.

受我們廣泛的終端市場敞口的推動，我們的投機活動在 2024 年和 2025 年至今都實現了成長。這印證了我們的觀點。然而，住宅市場依然疲軟。正如麥克所提到的那樣，第三季的良好業績主要得益於新電子產品的推出。

International markets have largely been unchanged year to date, and we continue to expect roughly flat organic performance. We expect approximately $40 million of surcharge revenue in the Americas related to tariff recovery, which does include the August 18 scope expansion for Section 232.

今年以來，國際市場基本上保持不變，我們繼續預期有機成長也將大致持平。我們預計美洲地區與關稅回收相關的附加費收入約為 4,000 萬美元，其中包括 8 月 18 日第 232 條款範圍的擴大。

Based on strong execution and the recent acquisitions of UAP and Brisant, we're increasing our 2025 adjusted EPS outlook to $8.10 to $8.20. You can find additional details as well as below-the-line model items in the appendix. As you know, we'll provide Allegion's formal 2026 financial outlook during our February earnings call. So please go to slide 10.

基於強勁的執行力以及近期對 UAP 和 Brisant 的收購，我們將 2025 年調整後每股收益預期上調至 8.10 美元至 8.20 美元。更多詳情以及線下模型項目請參考附錄。如您所知，我們將在二月的財報電話會議上提供 Allegion 2026 年的正式財務展望。請翻到第10張投影片。

Today, we'd like to provide a preliminary view on our markets for next year. And I'd say overall, we expect rather similar market conditions to 2025. In the Americas, our broad end-market coverage and spec activity continue to support organic growth in our Non-Residential business.

今天，我們想對明年的市場狀況做一個初步展望。總的來說，我們預計 2025 年的市場狀況將與現在相當。在美洲，我們廣泛的終端市場覆蓋範圍和投機活動繼續支持我們非住宅業務的有機成長。

Residential markets continue to be soft. The input cost environment remains dynamic with tariffs, and you can expect us to continue to drive price to offset inflation. Internationally, markets have been sluggish. However, we do expect to benefit from 2025 acquisition activity. For the enterprise, we expect carryover revenue contribution of approximately 2 points from acquisitions closed in 2025. Please go to slide 11.

住宅市場持續疲軟。投入成本環境因關稅而不斷變化，預計我們將繼續推高價格以抵消通貨膨脹。國際市場表現低迷。不過，我們預計將從 2025 年的收購活動中受益。對企業而言，我們預計 2025 年完成的收購將帶來約 2 個百分點的結轉收入貢獻。請翻到第11頁。

In summary, Allegion is executing at a high level while staying agile and steadily delivering on the long-term commitments we shared with you at our Investor Day. Our performance is led by an enduring business model in Non-Residential Americas, double-digit electronics growth, and accretive capital deployment as we acquire good businesses in markets where we have a right to win.

總而言之，Allegion 在保持敏捷性的同時，高效地執行著各項工作，並穩步履行著我們在投資者日上與大家分享的長期承諾。我們在非住宅美洲地區擁有持久的商業模式，電子產品業務實現了兩位數的成長，並透過在我們有理由獲勝的市場中收購優秀企業，實現了增值性資本部署，從而推動了我們的業績成長。

I'm proud of the performance by the Allegion team in this very dynamic environment, which gives us the confidence to increase our EPS outlook for the year.

我為Allegion團隊在這種瞬息萬變的環境中所取得的成績感到自豪，這讓我們有信心提高今年的每股盈餘預期。

With that, we'll take the questions.

接下來，我們將回答問題。

(Operator Instructions) Joe Ritchie, Goldman Sachs.

（操作說明）喬·里奇，高盛。

Hey, good morning, guys.

嘿，各位早安。

Good morning, Joe.

早安，喬。

So I appreciate all the color and the initial look into 2026. John, maybe just pulling on that thread on spec writing continuing to be up in Non-Res, specifically. I think you mentioned last quarter that you were starting to see some positive momentum on spec writing specifically as it relates to office.

所以我很欣賞所有這些色彩，以及對 2026 年的初步展望。John，也許只是在繼續討論非住宅區（Non-Res）的規範寫作問題。我想你上個季度提到過，你開始看到劇本寫作，特別是與辦公室相關的劇本寫作，出現了一些積極的勢頭。

Can you maybe just give us an update on the key verticals and whether there's -- there were any kind of like discernible differences between how you feel today versus how you felt a quarter ago?

您能否簡要介紹關鍵垂直領域的最新情況，以及您現在的感受與一個季度前相比是否有任何明顯的不同？

Yeah, it's a good question, Joe. And I think the comments would be very consistent that our spec activity accelerated over the course of 2024 and has grown year-to-date 2025.

是的，喬，問得好。我認為大家的評價會非常一致，那就是我們的投機活動在2024年加速成長，並且在2025年至今也保持成長。

Rather than picking and choosing this vertical or that vertical, I would just say Allegion's spec writers are very versatile in their expertise and one day, could be writing a specification for an elementary school. The next day, they could be doing multifamily. And the next day after that, they could be doing a data center.

與其說是挑選這個垂直領域或那個垂直領域，我只想說 Allegion 的規範撰寫人員在專業知識方面非常全面，他們甚至有一天可能會為一所小學撰寫規範。第二天，他們可能就開始做多戶住宅計畫了。再過一天，他們可能就開始建造資料中心了。

So they have that capability, and that engine never turns off. I think the main thing we'd have you take away is that spec activity has continued to grow in 2025, broadly speaking. And spec activity supports our outlook as we talked about in the prepared remarks and gives us the confidence that we still see organic growth in Non-Res Americas.

所以他們具備這種能力，而且引擎永不停歇。我認為我們想讓大家記住的最重要的一點是，總體而言，投機活動在 2025 年繼續增長。正如我們在準備好的演講稿中所談到的，投機活動支持了我們的展望，並讓我們有信心，我們仍然可以看到美洲非住宅市場的有機成長。

Okay. Great. Helpful. And then I want to also kind of just talk a little bit more about your M&A pipeline. It's been such a great part of the story, really, over the last, like, 12 to 18 months. And recognize that you've kind of given us the 2 points as a placeholder for next year.

好的。偉大的。很有幫助。然後，我還想再多談談你們的併購計畫。在過去的 12 到 18 個月裡，這確實是故事中非常重要的一部分。請理解，你們給的這 2 分只是明年的一個佔位符。

Just talk about the pipeline as you see it today. And as you're kind of thinking about like the potential accretion from an earnings standpoint into next year based on what you already know, just any color around that would be helpful.

就談談你目前看到的管道狀況吧。當你根據你已知的信息，從盈利角度考慮明年的潛在增長時，任何相關的細節信息都會有所幫助。

Yeah, it's a great question, Joe, and it's something we're really excited about. I think the pipeline is still strong and strong in both of our reporting segments; so strong in International, strong in the Americas.

是的，喬，這是一個很好的問題，我們也對此感到非常興奮。我認為我們的業務管道依然強勁，而且在我們兩個報告板塊都表現強勁；國際市場強勁，美洲市場也強勁。

And if you recall our Investor Day material, where we talked product categories that we're looking for, whether that's portfolio expansion in our mechanical business, whether that's electronics, whether that's complementary software, we've got activity in all of those categories right now. So very excited about the pipeline.

如果您還記得我們在投資者日活動上討論的產品類別，無論是機械業務的產品組合擴張，還是電子產品，亦或是配套軟體，我們目前在所有這些類別中都有業務活動。我對這條輸油管感到非常興奮。

And I'd say you can expect us to continue to be disciplined around the strategy and around the types of businesses we acquire, and around the shareholder returns that we generate from these acquisitions. So I feel real good about it. And I think it continues to be an important part of Allegion's overall growth story.

我認為，大家可以期待我們繼續在策略、收購業務類型以及從這些收購中獲得的股東回報方面保持嚴謹的態度。所以我感覺非常好。我認為這仍然是Allegion整體發展歷程中的重要部分。

Hey, Joe. With respect to the question on the EPS, in the appendix, we provide what the full-year benefit this year is, which allows you to calculate what the EPS benefit on acquisitions is in the fourth quarter.

嘿，喬。關於每股盈餘的問題，我們在附錄中提供了今年的全年收益，這可以幫助你計算第四季收購帶來的每股盈餘。

And think about that as a carryover rate for the first two quarters of the year. The acquisitions were largely done early July. So that should provide you enough information for you to get a framework for the relative size of the benefit that we have.

可以把這看成是今年前兩季的結轉率。這些收購大多在7月初完成。這樣應該能為您提供足夠的信息，讓您對我們所獲得的收益的相對大小有一個大致的了解。

Okay, perfect. Thanks, guys.

好的，完美。謝謝各位。

Thanks, Joe.

謝謝你，喬。

Joe O'Dea, Wells Fargo.

喬‧奧迪亞，富國銀行。

Hi, good morning. Thanks for taking my questions. Can you just talk about conversations with building owners, architects, overall end users, on the current kind of uncertainty impact in the macro, what they're looking for?

您好，早安。謝謝您回答我的問題。您能否談談與業主、建築師、最終用戶就當前宏觀經濟不確定性帶來的影響進行的對話，以及他們的需求？

Really just trying to get a sense for what your perception is of activity that's sidelined and just waiting for a little bit better visibility, and what some of those key ingredients are to bringing that activity off the sidelines?

我只是想了解您對那些被邊緣化、等待更好關注的活動的看法，以及讓這些活動擺脫邊緣化狀態的關鍵因素有哪些？

Yeah, Joe, it's a good question. And I would say there's a couple of things going on. And as we are out with customers and end users quite frequently, our own channel checks would indicate comments very consistent with what we shared with you in the prepared remarks, that Non-Res project activity is humming along pretty well.

是的，喬，問得好。我認為有兩件事正在發生。由於我們經常與客戶和最終用戶接觸，我們自己的管道調查顯示，他們的回饋與我們在準備好的發言稿中與您分享的內容非常一致，即非住宅專案活動進展順利。

And I think some private finance came off the sidelines this year. A more favorable interest rate environment would certainly continue to be a swing factor that we would see to bring more of that private finance off the sidelines. But I would say, overall, positive environment and channel checks.

我認為今年一些私人投資者也開始參與。更有利的利率環境無疑將繼續成為關鍵因素，促使更多私人資本參與其中。但總的來說，環境和渠道檢查都是正面的。

Our customers' backlogs are pretty healthy and has given them pretty good confidence about organic growth as well. And that's what we've tried to convey to you today. I think Non-Res, overall, is humming along pretty well.

我們客戶的訂單積壓情況相當不錯，這讓他們對自然成長也充滿信心。這就是我們今天試圖傳達給你們的訊息。我認為整體而言，非住宅業務進展得相當順利。

Appreciate that. And then on the International side, I think this was the first quarter of volume growth after four of declines; actually better volume growth in International than Americas even this quarter. So just kind of unpacking a little bit more, what you saw in the quarter, how you think about any momentum behind a little bit of volume growth there.

謝謝。至於國際市場方面，我認為這是連續四個季度下滑後的第一個銷售成長季度；實際上，即使是本季度，國際市場的銷售成長也比美洲市場要好。所以，我們再深入分析一下，你在本季看到了什麼，你如何看待銷量小幅成長背後的動力。

Yeah, I appreciate you noticing that, Joe. I mean, we were certainly really happy to see that and proud of the International team to put those numbers up on the Board this quarter. I would say our view on the end markets is still largely unchanged, that it's around flattish kind of organic growth.

是的，謝謝你注意到這一點，喬。我的意思是，我們當然很高興看到這一點，也為國際團隊本季取得這樣的成績感到自豪。我認為我們對終端市場的看法仍然基本上沒有改變，那就是市場將保持較為穩定的有機成長。

But I would also say you've had some of the market segments there really at historical trough. And we don't anticipate that they trend negative in perpetuity. So I think the International team has executed well in a lot of pretty challenging environments.

但我也想說，你們那裡的一些細分市場確實已經處於歷史低潮。我們預計它們不會永遠呈下降趨勢。所以我認為國際隊在許多極具挑戰性的環境下都表現出色。

And like Mike mentioned in the prepared remarks, our electronics businesses are still performing very well. And you add to that, we're still really excited about the ELATEC acquisition, which is a pretty sizable deal for us, that will continue to add momentum there in the electronics space.

正如麥克在準備好的演講稿中提到的那樣，我們的電子業務仍然表現得非常好。此外，我們仍然對收購 ELATEC 感到非常興奮，這對我們來說是一筆相當大的交易，它將繼續為我們在電子領域的發展注入動力。

Thank you.

謝謝。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Hi, good morning. Just wanted to start with maybe the adjusted operating margins. So those were flattish in the third quarter year on year. Just wanted to check -- but it looks like perhaps you're assuming they pick up again with some margin expansion of a few tens of basis points in the fourth quarter.

您好，早安。我想先從調整後的營業利益率說起。所以，第三季這些指標與去年同期相比基本持平。我只是想確認一下——但看起來你可能認為他們在第四季會再次回暖，利潤率會提高幾十個基點。

Just wanted to check if that was the right assumption, and how we should think about the corporate cost movement into Q4 and next year in that context?

我只是想確認這個假設是否正確，以及在這種背景下，我們應該如何看待企業成本在第四季和明年的變化？

Yeah. Thanks for the question, Julian. If you look at the third quarter, pleased with the segment margin expansion, did a really good job. We were negative in corporate. Part of that is just the year-on-year comp. Last year in the third quarter, corporate was low. This year, our third quarter is really consistent, slightly less than even what you saw in the second quarter.

是的。謝謝你的提問，朱利安。如果看一下第三季度，我對該業務板塊的利潤率擴張感到滿意，做得非常好。我們在公司內部表現不佳。一部分原因是與去年同期相比的變化。去年第三季度，企業收入較低。今年第三季業績非常穩定，甚至略低於第二季的水準。

As you think about margin expansion for the year, you could back into it. We expect to have margin expansion for the year and in the fourth quarter. And then from a run rate perspective of corporate, the question you asked, you saw what we put up in the third quarter. Think of that as relatively what we've ran in the last couple. So you can kind of use that as a fine estimate.

在考慮今年的利潤率擴張時，你可以反向推算。我們預計全年及第四季利潤率將有所提升。從公司營運效率的角度來看，你問的問題，你已經看到了我們在第三季所取得的成績。可以把它看作是我們最近幾次運行情況的相對情況。所以你可以把它當作一個不錯的估算值。

That's very helpful. Thank you. And just within the Americas segment for a second, you had a decent tailwind from that PPII bucket in the third quarter. And I think that was a good pickup from what you've seen, that being flattish in the second.

那很有幫助。謝謝。僅僅在美洲賽區，第三節的 PPII 進球確實帶來了一股不錯的順風。我認為從你所看到的來看，這是一個不錯的選擇，因為第二節比賽比較平淡。

When we're looking out the next few quarters, should we assume that that sort of gross price of about 4 or 5 points is a good placeholder and PPII stays as a decent tailwind? Just trying to understand -- operating leverage, you have that mid-30s placeholder from the Investor Day. Are we sort of on that path now leaving aside the corporate costs moving around?

展望未來幾個季度，我們是否應該假設4到5個百分點的毛利率是一個合理的參考值，而PPII將繼續保持良好的成長動能？我只是想了解一下──經營槓桿，投資人日上提到的30多的佔位符。撇開企業成本變動不談，我們現在是不是正朝著這個方向發展？

Yeah. If you think about the Americas, I talked about this earlier in the year. Inflation, especially associated with the tariffs, right, was a little quicker than some of the pricing benefits. We said that would improve as the year progressed. You see that in the third quarter.

是的。說到美洲，我今年早些時候也談到這個問題。通貨膨脹，尤其是與關稅相關的通貨膨脹，比一些價格優惠帶來的成長速度快一些。我們說過，隨著時間的推移，情況會有所改善。第三季就能看出這一點。

The big item for us on the pricing side is what is inflation, and tariffs are a component of that inflation. Just look for us to drive pricing and productivity, and you've heard me mention this many times before. Pricing and productivity covers the inflation and the investment. And that helps drive the margin expansion.

對我們來說，定價方面最重要的問題是通貨膨脹，而關稅是通貨膨脹的一個組成部分。我們致力於提升價格和生產力，這一點我以前也多次提到。定價和生產力涵蓋了通貨膨脹和投資。這有助於推動利潤率的擴張。

Overall, I feel good about the progress we're making in the Americas. Because I think we're doing a great job in combating a very dynamic environment of change when you think about tariffs, and expect us to continue to drive that margin expansion that we talked about.

總的來說，我對我們在美洲的進展感到滿意。因為我認為，考慮到關稅問題，我們在應對瞬息萬變的動態環境方面做得非常出色，並期待我們繼續推動我們之前談到的利潤率擴張。

Got it. And that sort of mid-30s type rate based on inflation and mix and price, that should be achievable the ex kind of quarters. Nothing looks too out of line versus that.

知道了。而根據通貨膨脹、產品組合和價格，那種 30% 左右的利率，在接下來的幾季裡應該是可以實現的。相比之下，一切似乎都沒什麼不妥的。

Yeah. Certainly, Q4 you could calculate. We'll be back in February to give you a '26 margin outlook. Think of that as a long term, right, to the long-term investors out there.

是的。當然，你可以計算一下第四季的情況。我們將在二月回來，為大家帶來 2026 年的利潤率展望。對於那些著眼於長期投資的投資人來說，這應該算是一項長期投資。

Long term, we should be able to drive incrementals of 35%. Let us get to February of next year when we give our outlook and complete the annual operating plan. But certainly, for the fourth quarter, you could calculate the implied margin expansion.

從長遠來看，我們應該能夠實現 35% 的增量成長。讓我們等到明年二月，屆時我們將展望未來並完成年度營運計劃。但可以肯定的是，對於第四季度，你可以計算出隱含的利潤率擴張。

Absolutely. Thanks very much.

絕對地。非常感謝。

Thank you.

謝謝。

Jeff Sprague, Vertical Research.

Jeff Sprague，Vertical Research。

Thank you. Good morning, everyone. Hey, John. I want to come back to the deals really kind of maybe a two-part question.

謝謝。各位早安。嘿，約翰。我想回到交易的話題，這或許可以算是包含兩個部分的問題。

First, just thinking about of everything that you've done here, it all looks like it makes sense and fits in, and is nicely moving the needle as we've seen your results. But just thinking about kind of the margin entitlement of what you've acquired, where you might be on integrating these assets, are they all truly being integrated, or any of them sort of standalone? Just trying to kind of get my head around kind of the journey you're on here.

首先，仔細想想你在這裡所做的一切，這一切看起來都很有道理，也很協調，而且正如我們所看到的成果，它確實取得了不錯的進展。但仔細想想你所收購資產的利潤空間，以及你在整合這些資產方面可能取得的進展，它們是否都真正被整合了，還是其中有些是獨立存在的？我只是想弄清楚你正在經歷的這段旅程。

Yeah, I appreciate the question, Jeff. And I think if you recall our Investor Day commentary, we talked about being disciplined. And I would say some of those guardrails around being disciplined would be consistent with our strategy, consistent with our geographic exposure, and consistent with markets where we've got a right to win; meaning, we've got brand strength, we've got human capital and talent, we've got distribution strength.

是的，傑夫，感謝你的提問。我想，如果你還記得我們投資者日的評論，我們當時談到了要保持自律。我認為，圍繞著紀律制定的一些指導原則與我們的策略、我們的地域佈局以及我們有理由贏得的市場是一致的；也就是說，我們擁有強大的品牌實力、人力資本和人才，以及強大的分銷能力。

And so, yeah, to specifically answer your question, all of these acquisitions are being integrated and being integrated rapidly. I think there are synergies across the board in revenue synergies, cost synergies. There are exposure to faster-growing segments that we've acquired.

是的，具體回答你的問題，所有這些收購都在進行整合，而且整合速度很快。我認為在所得綜效和成本綜效等方面都存在綜效。我們已涉足一些成長速度更快的細分市場。

So I feel real good about the strategic alignment of every deal we've done and continue to feel the same way about the outlook on our pipeline there. So really good. But, yeah, I mean, we're not looking to acquire our way into adjacent spaces.

因此，我對我們完成的每一筆交易的策略一致性都感到非常滿意，並且對我們在該領域的專案前景也繼續保持同樣的信心。真的很好。但是，是的，我的意思是，我們並不打算透過收購來進入相鄰領域。

We're not looking to expand geographic scope. We're staying in markets we know, where we've got a right to win. And we're acquiring enhancements to our product portfolio in electronics and mechanical and complementary software, and feel real good about it. So I think you can -- again, you can look for us to continue to be acquisitive but continue to be disciplined like we've shown.

我們目前沒有擴大地域範圍的計劃。我們將繼續留在我們熟悉的市場，在這些市場我們有理由取得成功。我們正在不斷改進我們在電子、機械和配套軟體方面的產品組合，對此我們感到非常滿意。所以我認為你們可以期待我們繼續保持擴張的勢頭，但同時也會像我們一直以來所展現的那樣保持自律。

And then I guess, discipline also includes the element of price paid. And I kind of appreciate like each individual deal. It's hard for me to press Josh or Mike for like specifics on multiples and all that.

我想，紀律也包含了付出代價的因素。我非常珍惜每一筆交易。我很難向 Josh 或 Mike 追問關於倍數之類的具體細節。

But is there a way to just step back and sort of collectively say, you gave us the dollars deployed, right, on a year-to-date basis, kind of what the average multiple has been; and when you think about the synergies, kind of what the forward multiple would be looking out kind of 12, 24 months as you integrate these things.

但是，有沒有辦法退後一步，集體地說，你們已經投入了這麼多資金，對吧？就今年迄今而言，平均倍數是多少？考慮到綜效，在整合這些因素後，展望未來 12 到 24 個月，預期倍數會是多少？

Yeah, Jeff, it's a good question. Very fair question. I think we've had some commentary around this in past quarters. So on the mechanical side, if we're expanding our mechanical portfolio, you would see something in the high single-digit EBITDA multiple would be a fair approximation.

是的，傑夫，問得好。問得好。我認為過去幾季我們已經就此進行了一些討論。因此，在機械方面，如果我們擴大機械產品組合，那麼 EBITDA 倍數達到個位數以上應該是合理的近似值。

On the higher growth, electronics and software, you're going to see a bit of a higher multiple there because we're expecting higher growth and higher longer-term returns.

對於成長速度較高的電子產品和軟體產業，你會看到更高的估值倍數，因為我們預期這些產業會有更高的成長和更高的長期回報。

Jeff, maybe also to help you out, the biggest acquisition is ELATEC. Clearly, that is the lion's share. So we gave that information when we released -- when we made the acquisition and we issued the press release.

Jeff，或許還能幫到你，最大的收購是ELATEC。顯然，這佔了絕大部分。所以我們在發佈公告時就提供了這些資訊——也就是在我們完成收購並發布新聞稿的時候。

You could see that, and you get at least a pretty good idea of all the acquisitions. What's the biggest piece there from a multiple paid?

你可以看到這一點，並且至少可以對所有收購案有相當清晰的了解。從多個付費項目中，最大的部分是什麼？

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Tomo Sano, JPMorgan.

Tomo Sano，摩根大通。

Hello, everyone.

大家好。

Hi, Tomo.

嗨，托莫。

Hi. I would like to ask you about the Residential outlook for Q4 in America. So the Residential revenue improved to up mid-single digit in Q3. And you mentioned no clear signs of the recovery of the market for 2026. But how do you see the Residential segment performing in Q4? Could you share your current market outlook and also the new product contributions, especially for electronics, in Q4, please?

你好。我想請教一下美國第四季的住宅市場前景。因此，第三季住宅收入改善，實現了中等個位數的成長。而且您也沒有提到2026年市場復甦的任何明確跡象。但您認為住宅板塊在第四季的表現如何？能否分享一下您目前的市場前景以及第四季新產品（特別是電子產品）的貢獻？

Yeah. Great question, Tomo. As we talked about in the prepared remarks, Residential was mid-single and much stronger than market. Market for Resi is soft (technical difficulty) --

是的。問得好，Tomo。正如我們在準備好的演講稿中所談到的，住宅市場處於中等偏上水平，遠強於市場整體水平。住宅市場疲軟（技術難題）——

We have lost connection with our main speaker line. Please wait while we reconnect.

我們與主揚聲器線路失去了連接。請稍候，我們正在重新連線。

Yeah, hi. This is Mike. The team is back on. Tomo, to answer your question on the Residential -- I apologize. We had some phone difficulties there. Overall --

嗨，你好。這是麥克。團隊重新集結。Tomo，關於你提出的住宅問題——我深表歉意。我們那邊電話出了點問題。全面的--

No problem, Mike. Yes, please -- yes, could you repeat again your answers, please? Thank you.

沒問題，麥克。是的，請您再重複一次您的回答好嗎？謝謝。

Yeah, happy to. I apologize about that. So overall, market demand for Residential is soft. It's been that way for a while. In the third quarter, we did have that benefit associated with the new product introductions, the e-locks. That was the Arrive lock that we talked about in the first-quarter earnings call. We launched it in the third quarter, and we had the benefit.

是的，我很樂意。對此我深表歉意。整體而言，住宅市場需求疲軟。這種情況已經持續了一段時間。第三季度，我們確實受益於新產品的推出，即電子鎖。這就是我們在第一季財報電話會議上提到的 Arrive 鎖定機制。我們在第三季推出了這項服務，並且從中受益。

As I said on the prepared remarks, overall, think of market demand consistent with year-to-date growth rates for Residential, which is down slightly. So as you think about the fourth quarter, we would not expect a mid-single-digit positive growth. We would expect it more in line with market demand, which is that softer Non-Residential market that we're in -- I'm sorry, Residential. Thank you.

正如我在準備好的演講稿中所說，總體而言，市場需求與今年迄今的住宅成長率基本一致，略有下降。因此，展望第四季度，我們預計不會出現個位數的正成長。我們預期它會更符合市場需求，也就是我們所處的較為疲軟的非住宅市場——抱歉，是住宅市場。謝謝。

Thank you. And my follow-up question is on tariffs and pricing. So you have demonstrated strong pricing power in agility and managing a tariff-related cost pressures. Are you seeing any signs of pricing fatigue or customer weakness? And how would you see the other market players reacting for pricing in the market, please?

謝謝。我的後續問題是關於關稅和定價的。因此，你們在靈活應對關稅相關成本壓力方面展現了強大的定價能力。您是否發現任何價格疲勞或客戶需求疲軟的跡象？那麼，您認為其他市場參與者會對市場定價有何反應？

Hi, Tomo. This is John. I would say -- I appreciate the comment. And yeah, I think our teams and our customers have collectively responded well to the inflationary nature of the tariffs. I think our industry as a whole has moved up with price realization.

嗨，托莫。這是約翰。我想說——我很感謝你的評論。是的，我認為我們的團隊和客戶都對關稅帶來的通膨效應做出了良好的反應。我認為我們整個產業的價格認知度都提高了。

And I'd say, just as Mike said in the prepared comments, as inflationary pressures continue, we stand ready to cover that with price. I would say the demand environment in Non-Res, as we mentioned, is good. It's healthy. Non-Res is humming along pretty well. So I haven't yet seen something that we would call fatigue.

正如麥克在事先準備好的評論中所說，隨著通膨壓力持續，我們已準備好透過價格來應對。正如我們之前提到的，我認為非住宅市場的需求環境良好。它很健康。非住宅業務進展順利。所以，我還沒有看到任何我們通常所說的疲勞症狀。

Thank you, John and Mike. That's all from me.

謝謝約翰和麥克。我的內容就這些了。

Thank you.

謝謝。

Thanks.

謝謝。

Tim Wojs, Baird.

提姆·沃伊斯，貝爾德。

Hey, everybody. Good morning. Maybe just the first one, I'm kind of thinking bigger picture about kind of spec and spec writing and just kind of content within the spec.

大家好。早安.或許只是第一個問題，我更想從更宏觀的角度來思考規範、規範寫作以及規範中的內容。

John, how would you kind of compare the content in the spec that you're kind of writing today versus maybe what you were doing three years ago? And I'm just trying to kind of get at how that spec is evolving, particularly as you kind of have done some of the, I'd say, ancillary product kind of M&A over the last couple of years/

約翰，你覺得你現在正在寫的規範內容和你三年前寫的內容相比，有什麼不同？我只是想了解這個規範是如何演變的，特別是考慮到你們在過去幾年裡進行了一些輔助產品方面的併購活動。

Yeah, Tim, that's a great question. I appreciate you asking. I would say a couple of things come to mind in terms of spec content. We're seeing electronics adoption accelerate. And that's evident in our specs and, I think, evident in the electronics growth numbers that we've been showing lately. So very pleased with that.

是的，提姆，這是一個很好的問題。感謝你的提問。就規格內容而言，我想到兩點。我們看到電子產品的普及速度正在加快。這一點在我們的規格參數中顯而易見，而且我認為，從我們最近展示的電子產品成長數據中也顯而易見。對此我非常滿意。

And I think the new product launches that we've been doing in Non-Res, in particular, are paying dividends there. I would also say we're starting to see -- it would be very small -- but starting to see even opportunities to spec in some of the complementary software that we've developed organically into like a multifamily application. So that's very exciting for us to see as well.

我認為，我們最近在非住宅領域推出的新產品，尤其已經取得了成效。我還想說，我們開始看到——雖然規模很小——但甚至開始看到一些機會，可以將我們自主開發的一些配套軟體整合到多戶住宅應用程式中。所以，這對我們來說也非常令人興奮。

In terms of the new acquisitions, several of them, if you talk Non-Res Americas like Krieger Specialty Products, hand-in-glove fit with our spec engine. And we're excited to see the growth there. Because if you recall, that acquisition brought products that we didn't have in our hollow metal portfolio, high-margin, fast-growing niche products that we're finding great opportunities to spec into new customers. So really good fit.

就新收購而言，其中一些，如果你談到像 Krieger Specialty Products 這樣的非住宅美洲公司，與我們的規格引擎完美契合。我們很高興看到那裡的發展。因為如果你還記得的話，那次收購為我們帶來了空心金屬產品組合中沒有的產品，這些高利潤、快速成長的利基產品，讓我們有機會向新客戶推銷。非常合適。

Another good example from this year would be Tremco, makes high-end specialty hardware for commercial applications. If you had polled channel customers of ours for the last couple of years, they would highlight something like a Tremco as one of the best acquisition targets for Allegion to go after. So really excited to have that team on board with us. And it's -- again, it fits right into the spec engine. So we're happy to see that momentum.

今年另一個很好的例子是 Tremco，該公司生產用於商業應用的高端專用硬體。如果你在過去幾年對我們的通路客戶進行調查，他們會把像 Tremco 這樣的公司列為 Allegion 應該追求的最佳收購目標之一。非常高興能有這支團隊加入我們。而且——再說一遍，它完全符合規格引擎的要求。所以我們很高興看到這種勢頭。

Okay. That's great to hear. And then maybe just on the modeling side. Just in International, kind of the opposite of Julian's question on PPII, that flipped negative this quarter. Is that just a timing consideration, or is there anything kind of to read in there around price productivity and inflation?

好的。聽到這個消息真是太好了。然後或許只是在建模方面。就國際業務而言，情況與 Julian 關於 PPII 的問題正好相反，本季該業務轉為負成長。這只是時間上的考慮，還是其中蘊含著關於價格、生產力和通貨膨脹的某種資訊？

Yeah. If you think about margins in International, good performance this quarter. It was slightly negative on the PPII. On a year-to-date basis, though, Tim, you don't think of it as it's negative like $1 million if you add up to three quarters.

是的。如果從國際業務的利潤率來看，本季表現良好。PPII 檢測結果略為陰性。不過，提姆，從年初至今的角度來看，如果你把三個月加起來，你不會覺得這是負100萬美元。

So it's essentially covered, and look for us in International to cover that inflationary pressure. So I wouldn't look too much into the third quarter at all. Look at the year-to-date rate, and you get an idea. We're doing a pretty good job there.

所以基本上已經解決了這個問題，期待我們在國際業務中應對通膨壓力。所以我覺得完全沒必要太關注第三季。看看年初至今的成長率，就能大概了解狀況了。我們在那方面做得相當不錯。

Okay. Sounds good. Good luck on the rest of the year, guys.

好的。聽起來不錯。祝福各位今年剩下的日子一切順利。

Thanks, Tim.

謝謝你，提姆。

This concludes our question-and-answer session. I would like to turn the conference back over to CEO, John Stone, for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給執行長約翰·斯通，請他作總結發言。

Thanks very much, and thanks, everyone, for the very engaging Q&A. We look forward to connecting with you on our Q4 earnings call in February. Be safe. Be healthy.

非常感謝，也感謝大家的精彩問答。我們期待在二月的第四季財報電話會議上與您交流。注意安全。保持健康。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。