阿美特克 (AME) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q2 2026 AMETEK Earnings Conference Call. (Operator Instructions) Please be advised that today's conference call is being recorded.

各位早安，感謝您撥冗等候。歡迎參加 AMETEK 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的電話會議將被錄音。

I would now like to hand the conference over to your first speaker today, Kevin Coleman, Vice President, Investor Relations and Treasurer. Please go ahead.

現在我想把會議交給今天的第一位講者，Kevin Coleman，投資人關係副總裁兼財務主管。請開始。

Thank you, Stephanie. Good morning, and welcome to AMETEK's Second Quarter 2026 Earnings Conference Call. Joining me today are Dave Zapico, Chairman and Chief Executive Officer; and Dalip Puri, Executive Vice President and Chief Financial Officer.

謝謝你，Stephanie。各位早安，歡迎參加 AMETEK 2026 年第二季財報電話會議。今天與我一同出席的有董事長兼執行長 Dave Zapico，以及執行副總裁兼財務長 Dalip Puri。

During the course of today's call, we will be making forward-looking statements, which are subject to change based on various risk factors and uncertainties that may cause actual results to differ significantly from expectations.

在今天的電話會議過程中，我們將發表前瞻性陳述；此類陳述可能因各種風險因素與不確定性而有所變動，並可能導致實際結果與預期出現重大差異。

A detailed discussion of the risks and uncertainties that may affect our future results is contained in AMETEK's filings with the SEC. AMETEK disclaims any intention or obligation to update or revise any forward-looking statements.

關於可能影響我們未來業績之風險與不確定性的詳細討論，載於 AMETEK 向美國證券交易委員會（SEC）提交的文件中。AMETEK 不承擔亦不表示有任何意圖或義務更新或修訂任何前瞻性陳述。

Any references made on this call to historical results will be on an adjusted basis, excluding after-tax acquisition-related intangible amortization and excluding acquisition-related costs.

本次電話會議中任何對歷史結果的提及，均以調整後基礎呈現，排除稅後併購相關無形資產攤銷，並排除併購相關成本。

Reconciliations between GAAP and adjusted measures can be found in our press release and on the Investors section of our website. We'll begin today's call with prepared remarks, and then we'll open it up for questions.

GAAP 與調整後衡量指標之間的調節表，可在我們的新聞稿以及公司網站「投資人」專區中查閱。我們將先進行事先準備的發言，之後開放提問。

I'll now turn the meeting over to Dave.

現在我把會議交給 Dave。

Thank you, Kevin, and good morning, everyone. AMETEK delivered fantastic results in the second quarter with double-digit organic sales growth, excellent orders growth, strong core margin expansion, outstanding cash flow generation and record earnings ahead of our expectations.

謝謝你，Kevin，各位早安。AMETEK 在第二季交出極為亮眼的成績：有機銷售額雙位數成長、訂單成長表現優異、核心利潤率強勁擴張、現金流創造能力出色，且盈餘創新高並優於我們的預期。

We also raised our full year sales and earnings guidance to reflect our outstanding first half results and our positive outlook for the balance of the year. Second quarter sales were a record $2.04 billion, up 15% from the same period in 2025. Organic sales were up 10%.

我們也上調全年銷售與盈餘指引，以反映上半年卓越的成果以及我們對今年剩餘期間的正向展望。第二季銷售額創新高，達 20.4 億美元，較 2025 年同期成長 15%。有機銷售額成長 10%。

Acquisitions added 5 points with foreign currency flat. Orders were again exceptional in the quarter with continued broad-based growth across all AMETEK divisions.

併購貢獻 5 個百分點，外匯影響持平。本季訂單再度表現出色，AMETEK 各事業部門持續呈現廣泛的成長。

Overall orders were a record $2.3 billion, up 28% versus the prior year, with organic orders up sharply at 25%, leading to a record backlog of $4.11 billion. This outstanding second quarter orders growth follows the first quarter's 22% organic growth, reflecting the strength across our attractive end markets.

整體訂單創新高，達 23 億美元，較去年成長 28%；其中有機訂單大幅成長 25%，帶動在手訂單（backlog）創新高至 41.1 億美元。如此亮眼的第二季訂單成長，延續第一季有機成長 22% 的動能，反映我們具吸引力的終端市場全面走強。

Operating income for the quarter was a record $544 million, an 18% increase over the second quarter of 2025. Operating margins were excellent in the quarter at 26.6%, up 60 basis points from the prior year. Core margins were 27.1%, up a very strong 110 basis points versus last year's second quarter.

本季營業利益創新高，達 5.44 億美元，較 2025 年第二季成長 18%。本季營業利益率表現優異，為 26.6%，較去年提升 60 個基點。核心利潤率為 27.1%，較去年第二季大幅提升 110 個基點。

EBITDA was a record $644 million, up 14% versus the second quarter of 2025 with EBITDA margins an impressive 31.5%. We also generated strong cash flow in the quarter with free cash flow up 37% to $452 million and free cash flow to net income conversion of very strong 111%, reflecting our outstanding operating performance and working capital management. Diluted earnings per share were a record $2.09, up 17% versus the second quarter of 2025 and above our guidance range of $1.96 to $2 per share.

EBITDA 創新高，達 6.44 億美元，較 2025 年第二季成長 14%，EBITDA 利潤率達到令人印象深刻的 31.5%。本季我們也創造強勁現金流，自由現金流成長 37% 至 4.52 億美元；自由現金流對淨利的轉換率高達 111%，反映我們卓越的營運表現與營運資金管理。稀釋後每股盈餘創新高，達 2.09 美元，較 2025 年第二季成長 17%，並高於我們每股 1.96 至 2.00 美元的指引區間。

Now I'll share some additional details at the operating group level. Starting with the Electronic Instruments Group.

接下來我將分享營運事業群層級的更多細節。先從電子儀器事業群（Electronic Instruments Group）開始。

EIG generated outstanding second quarter results with excellent sales growth, strong operating performance and robust orders growth. EIG sales in the quarter were $1.32 billion, up 14% from last year's second quarter. Organic sales were up 7% and acquisitions added 7 points with foreign currency flat.

EIG 在第二季交出非常出色的成果，銷售成長亮眼、營運表現強勁，且訂單成長穩健。EIG 本季銷售額為 13.2 億美元，較去年第二季成長 14%。有機銷售額成長 7%，併購貢獻 7 個百分點，外匯影響持平。

Orders for EIG were again outstanding with overall orders up 23% and organic orders up 20% in the quarter. Growth in both sales and orders was broad-based across all EIG divisions with our process instrumentation, Aerospace and Power businesses all benefiting from their strong positions in attractive markets.

EIG 訂單再度表現亮眼，本季整體訂單成長 23%，有機訂單成長 20%。銷售與訂單成長在 EIG 各事業部門均呈現廣泛分布；我們的製程儀表、航太與電力業務皆受惠於其在具吸引力市場中的強勢地位。

EIG's second quarter operating income was $385 million, up 12% versus the second quarter of 2025. Core operating margins were 30.1%, up 40 basis points from the prior year.

EIG 第二季營業利益為 3.85 億美元，較 2025 年第二季成長 12%。核心營業利益率為 30.1%，較去年提升 40 個基點。

The Electromechanical Group delivered exceptional results in the second quarter with excellent sales growth, sizable orders growth, strong operating performance and impressive core margin expansion. EMG's second quarter sales were a record $723 million, up 17% versus the prior year.

機電事業群（Electromechanical Group）在第二季交出卓越成果：銷售成長優異、訂單顯著成長、營運表現強勁，且核心利潤率擴張令人印象深刻。EMG 第二季銷售額創新高，達 7.23 億美元，較去年成長 17%。

Organic sales were again up double digits at 15%, with acquisitions contributing approximately 2 points to growth. EMG sales growth in the quarter was balanced across our Aerospace, Defense, MedTech and Automation businesses.

有機銷售額再度以雙位數成長，達 15%，併購約貢獻 2 個百分點的成長。本季 EMG 的銷售成長在航太、國防、醫療科技（MedTech）與自動化業務之間分布均衡。

EMG organic orders were once again exceptional, up 35% versus the prior year. EMG operating income for the second quarter was a record $191 million, up 32% compared to the prior year. EMG's core operating margins were 26.2%, a 290 basis point increase versus the second quarter of 2025.

EMG 有機訂單再次表現出色，較去年成長 35%。EMG 第二季營業利益創新高，達 1.91 億美元，較去年成長 32%。EMG 核心營業利益率為 26.2%，較 2025 年第二季提升 290 個基點。

Overall, I'm very pleased with our performance this quarter and in the first half of the year. Our colleagues continue to deliver exceptional high-quality results and position AMETEK for continued growth.

整體而言，我對本季以及上半年表現感到非常滿意。我們的同仁持續交出卓越且高品質的成果，並使 AMETEK 具備持續成長的有利定位。

Together, we have delivered an exceptional long-term track record and have created meaningful shareholder value.

我們攜手打造了卓越的長期績效紀錄，並創造了具意義的股東價值。

I'm equally pleased with the work we have done to strategically position and align our portfolio with many powerful secular growth drivers. AI is driving sizable demand for advanced semiconductors that require ultra-precise optics, 3D metrology systems and expanded power infrastructure.

我同樣對我們在策略上所做的工作感到滿意：我們已將投資組合定位並對齊多項強勁的長期結構性成長驅動因素。AI 正推動對先進半導體的龐大需求，而這些半導體需要超高精度光學、3D 量測系統以及擴充的電力基礎設施。

At the same time, recent geopolitical uncertainties and volatile energy prices are increasing the focus on defense modernization and energy security, creating broad-based demand for our businesses. In addition, innovation-led momentum in MedTech, sustained strength in commercial aerospace and improving demand across precision automation are complementing these secular tailwinds.

同時，近期地緣政治不確定性與能源價格波動，正提升各界對國防現代化與能源安全的關注，為我們的業務帶來廣泛需求。此外，醫療科技（MedTech）由創新帶動的動能、商用航太的持續強勁，以及精密自動化需求的改善，也正在與這些長期順風相互加乘。

Looking ahead, we believe these broader investment themes will continue to drive meaningful growth. With that said, I would like to spend a few minutes highlighting how AMETEK's businesses are aligned with key areas of strong demand.

展望未來，我們相信這些更廣泛的投資主題將持續帶動具意義的成長。在此之下，我想花幾分鐘重點說明 AMETEK 的業務如何與幾個需求強勁的關鍵領域對齊。

RTDS Technologies, a leader in real-time digital simulation of power system infrastructure and hardware-in-the-loop testing, recently received a key order from a data center hyperscaler to help derisk the power profile of a broader data center build-out. RTDS' real-time simulators enable detailed power system analysis, helping engineers anticipate system and device behaviors that can impact electrical system stability, resilience and performance.

RTDS Technologies 是電力系統基礎設施即時數位模擬與硬體迴路（hardware-in-the-loop）測試的領導者，近期自一家資料中心超大規模業者（hyperscaler）取得一筆關鍵訂單，以協助降低更大規模資料中心建置案之電力配置（power profile）風險。RTDS 的即時模擬器可進行細緻的電力系統分析，協助工程師預先掌握可能影響電力系統穩定性、韌性與效能的系統與設備行為。

As data center power ecosystems grow increasingly complex, operators must ensure their power architectures can meet evolving requirements across operating conditions, load cycles and infrastructure changes. RTDS is well positioned to support this critical need.

隨著資料中心電力生態系日益複雜，營運商必須確保其電力架構能在不同運轉條件、負載循環與基礎設施變更下，滿足不斷演進的需求。RTDS 已具備良好定位，可支援這項關鍵需求。

Additionally, our Zygo business, a provider of advanced metrology systems and optical components, is supporting accelerated investment in AI infrastructure with its precision metrology and optical solutions. These solutions are designed into leading semiconductor platforms used to manufacture advanced chips that power AI and next-generation computing.

此外，我們的 Zygo 業務作為先進量測系統與光學元件的供應商，正以其精密量測與光學解決方案，支援 AI 基礎設施加速投資。這些解決方案已被導入領先的半導體平台，用於製造驅動 AI 與下一代運算的先進晶片。

As semiconductor complexity increases, precision becomes more critical. Our customers rely on Zygo's technology to meet tighter tolerances and improve manufacturing yields.

隨著半導體複雜度提高，精密度變得更加關鍵。我們的客戶仰賴 Zygo 的技術以達成更嚴格的公差要求並提升製造良率。

Alongside this, demand across the broader semiconductor ecosystem, including memory, logic, advanced packaging and photonics remains strong. Zygo is positioned to benefit from ongoing investment in these infrastructure-enabling technologies. I also want to note the exceptional growth we are seeing within our Paragon Medical business.

此外，整體半導體生態系的需求依然強勁，包括記憶體、邏輯、先進封裝與光子技術。Zygo 已具備優勢，可受惠於這些基礎設施賦能技術的持續投資。我也想提到，我們在 Paragon Medical 業務中看到的卓越成長。

Continued superb orders growth is being driven by attractive new design wins tied to orthopedics, drug delivery systems and highly engineered medical components.

持續亮眼的訂單成長，主要由具吸引力的新設計案（design wins）所帶動，這些案子與骨科、藥物遞送系統以及高度工程化的醫療零組件相關。

More broadly, Paragon is performing extremely well and delivering outstanding growth and profitability. Excellent job by our RTDS, Zygo and Paragon teams.

更廣泛而言，Paragon 表現極為出色，並帶來卓越的成長與獲利能力。RTDS、Zygo 與 Paragon 團隊表現非常優秀。

Now turning to acquisitions and capital deployment. As I have regularly noted, our top capital deployment priority is strategic acquisitions. Our strong balance sheet and consistent robust cash flow provide us the ability to deploy a meaningful amount of capital for acquisitions.

接著談併購與資本配置。如我一再提到的，我們資本配置的首要優先事項是策略性併購。我們強健的資產負債表與一貫強勁的現金流，讓我們有能力為併購投入相當可觀的資本。

We continue to maintain a robust pipeline of acquisition opportunities across deal sizes and expect to remain active in executing on this pipeline. We remain excited for the acquisition of Indicor Instrumentation.

我們持續維持強健的併購機會管線，涵蓋不同交易規模，並預期將持續積極執行此管線。我們仍對收購 Indicor Instrumentation 感到振奮。

Our teams are working through the integration planning, and we continue to expect the acquisition to close in the second half of the year.

我們的團隊正在進行整合規劃，且我們仍預期該收購將於今年下半年完成交割。

In addition to our acquisition and capital deployment strategy, we are committed to invest in our businesses to ensure they are well positioned for long-term sustainable growth.

除了併購與資本配置策略之外，我們也致力於投資各項業務，以確保其在長期可持續成長方面具備良好定位。

In the second quarter, our new product vitality was a strong 25%. These investments in new products help continue to drive our organic growth.

第二季，我們的新產品活力（new product vitality）達到強勁的 25%。這些對新產品的投資有助於持續推動我們的有機成長。

Our Hughes-Treitler business, a leading provider of advanced heat exchangers and thermal management solutions for mission-critical Aerospace & Defense applications recently introduced MicroFoil, a next-generation lightweight heat exchanger technology.

我們的 Hughes-Treitler 業務是先進熱交換器與熱管理解決方案的領先供應商，服務於任務關鍵的航太與國防應用；近期推出 MicroFoil，這是一項新一代輕量化熱交換器技術。

This new product delivers a compelling combination of exceptional heat transfer performance and an ultra-low weight design, providing customers with a unique solution to address their most demanding applications.

這項新產品結合卓越的熱傳性能與超低重量設計，為客戶提供獨特解決方案，以因應其最嚴苛的應用需求。

MicroFoil's innovative architecture can be easily adapted to curved and conformal spaces, providing exceptional thermal performance for use in aerospace, defense and industrial cooling applications.

MicroFoil 的創新架構可輕鬆適配於曲面與貼合空間（conformal spaces），在航太、國防與工業冷卻應用中提供卓越的熱性能。

Congratulations to the Hughes-Treitler team on this outstanding achievement. I would also like to congratulate our Alphasense business for receiving AMETEK's Annual Innovation Award.

恭喜 Hughes-Treitler 團隊達成這項傑出成就。我也要恭喜我們的 Alphasense 業務榮獲 AMETEK 年度創新獎。

The AMETEK Innovation Award recognizes our business' efforts to develop and advance next-generation technology, products and solutions for the markets we serve and celebrates the most innovative product development from across the company.

AMETEK 創新獎表彰我們業務在開發與推進下一代技術、產品與解決方案方面的努力，涵蓋我們所服務的市場，並嘉許公司內最具創新性的產品開發成果。

Alphasense, which is part of our Process & Analytical Instruments division, is a leading provider of advanced sensors used in environmental, health and safety applications. The latest product, the A2GLF oxygen sensor, was named the recipient of our Innovation Award.

Alphasense 隸屬於我們的製程與分析儀器（Process & Analytical Instruments）事業部，是用於環境、健康與安全應用之先進感測器的領先供應商。其最新產品 A2GLF 氧氣感測器獲選為本次創新獎得主。

This sensor, the world's first galvanic lead-free oxygen sensor, is designed for accurate oxygen gas measurement in demanding environments targeted to OEMs of portable and fixed gas detectors seeking regulatory compliance and environmental controls without sacrificing performance.

該感測器為全球首款無鉛（lead-free）的原電池式（galvanic）氧氣感測器，專為嚴苛環境下的精準氧氣量測而設計，目標客群為可攜式與固定式氣體偵測器的 OEM 廠商；在不犧牲性能的前提下，協助其達成法規遵循與環境控制需求。

The sensor is designed to retrofit a large installed base along with next-generation instrument development. Well done to the Alphasense team for this outstanding achievement.

該感測器亦可用於替換（retrofit）龐大的既有裝機基礎，並支援下一代儀器開發。Alphasense 團隊表現出色，恭喜達成這項傑出成就。

Now shifting to our outlook for the balance of the year. Our increased sales and earnings guidance for the year incorporates our strong second quarter results and positive outlook for the balance of the year. For 2026, we now expect overall sales to be up approximately 10% on a percentage basis with organic sales now expected to be up mid- to high single digits versus the prior year.

接著談我們對今年剩餘期間的展望。我們上調的全年銷售與獲利指引，已納入第二季的強勁表現以及對今年剩餘期間的正向展望。針對 2026 年，我們目前預期整體銷售額約成長 10%；有機銷售額預期較前一年成長中到高個位數百分比。

Our diluted earnings per share for the year are now expected to be in the range of $8.20 to $8.30, up 10% to 12% compared to last year's results. This is an increase from our prior full year guide of $7.94 to $8.14 per diluted share.

我們預期 2026 年全年稀釋每股盈餘將落在 8.20 至 8.30 美元區間，較去年結果成長 10% 至 12%。相較於先前的全年指引（每股稀釋盈餘 7.94 至 8.14 美元），此次為上調。

For the third quarter, we anticipate overall sales to be up high single digits on a percentage basis with adjusted earnings of $2.08 to $2.10 per share, up 10% to 11% versus the prior year.

針對第三季，我們預期整體銷售額將以高個位數百分比成長；調整後每股盈餘為 2.08 至 2.10 美元，較前一年成長 10% 至 11%。

To summarize, AMETEK delivered an outstanding second quarter. Our exceptional results reflect our well-positioned portfolio and the disciplined approach of the AMETEK growth model to capitalize on a broadening infrastructure investment environment.

總結而言，AMETEK 交出卓越的第二季成績。我們的優異成果反映出我們具備良好定位的產品組合，以及 AMETEK 成長模式以紀律性方法把握日益擴大的基礎設施投資環境。

AMETEK's mission-critical niche solution position us as a prime beneficiary of the changing macroeconomic environment and will enable us to continue to deliver superior growth for our shareholders.

AMETEK 在任務關鍵的利基解決方案上的定位，使我們成為宏觀經濟環境變化下的主要受益者，並將使我們能持續為股東帶來優異成長。

I will now turn it over to Dalip Puri, who will cover some of the financial details of the quarter. Then we'll be glad to take your questions. Dalip?

接下來我將交給 Dalip Puri，他會說明本季的一些財務細節。之後我們很樂意回答各位的問題。Dalip？

Thank you, Dave, and good morning, everyone. As Dave noted, AMETEK delivered another excellent quarter with strong orders, sales and earnings growth, robust core margin expansion and outstanding free cash flow generation.

謝謝你，Dave，各位早安。如 Dave 所提到，AMETEK 再次交出一個非常出色的季度，訂單、銷售與獲利成長強勁，核心利潤率擴張穩健，自由現金流創造也非常亮眼。

Now let me provide some additional financial highlights for the second quarter. Second quarter general and administrative expenses were 1.5% of sales, in line with last year's second quarter. Second quarter interest expense was $20 million.

接著我補充第二季的一些財務重點。第二季一般及行政費用占銷售額 1.5%，與去年第二季持平。第二季利息費用為 2,000 萬美元。

Second quarter other operating expenses were $6 million compared to $3 million in the second quarter of 2025 due to higher acquisition diligence spend in the quarter.

第二季其他營業費用為 600 萬美元，較 2025 年第二季的 300 萬美元增加，主要因本季併購盡職調查支出較高。

The effective tax rate for the quarter was 17.5%, down from 19% in the second quarter of 2025. For 2026, we now anticipate our effective tax rate to be between 18.5% and 19%.

本季有效稅率為 17.5%，低於 2025 年第二季的 19%。針對 2026 年，我們目前預期有效稅率介於 18.5% 至 19%。

As we have stated in the past, actual quarterly tax rates can vary above or below our full year expected rate due to the timing of discrete tax items. Capital expenditures in the second quarter were $32 million. For the full year, we expect capital expenditures of approximately $160 million or about 2% of sales.

如同我們過去所述，實際季度稅率可能高於或低於我們預期的全年稅率，原因在於一次性稅務項目（discrete tax items）認列時點的差異。第二季資本支出為 3,200 萬美元。全年方面，我們預期資本支出約 1.6 億美元，約占銷售額 2%。

Depreciation and amortization expense in the quarter was $106 million. For the full year, we expect depreciation and amortization to be approximately $430 million, including after-tax acquisition-related intangible amortization of approximately $210 million or $0.91 per diluted share.

本季折舊與攤銷費用為 1.06 億美元。全年方面，我們預期折舊與攤銷約 4.3 億美元，其中包含稅後與併購相關的無形資產攤銷約 2.1 億美元，約合稀釋每股 0.91 美元。

Operating working capital in the second quarter was 16.4% of sales, an impressive 220 basis point improvement versus 18.6% in last year's second quarter.

第二季營運周轉資金占銷售額 16.4%，相較去年第二季的 18.6% 改善 220 個基點，表現令人印象深刻。

The improvement reflects excellent operational execution across all working capital components, led by strong inventory discipline and improvement in inventory turns, an outstanding company-wide operational achievement.

此改善反映出在所有周轉資金構成項目上的卓越營運執行力，其中以強勁的庫存紀律與庫存周轉率提升為主導，這是公司整體營運上的一項傑出成就。

Operating cash flow was exceptionally strong in the second quarter at $484 million, up 35% versus the second quarter of 2025. Free cash flow was also strong, up 37% to $452 million with outstanding free cash flow conversion of 111% for the quarter.

第二季營運現金流表現異常強勁，達 4.84 億美元，較 2025 年第二季成長 35%。自由現金流同樣強勁，成長 37% 至 4.52 億美元，本季自由現金流轉換率（conversion）高達 111%，表現出色。

For 2026, we continue to expect strong free cash flow conversion of 110% to 115% of net income. Total debt at June 30 was $2 billion, down from $2.3 billion at the end of 2025. Offsetting this debt was cash and cash equivalents of $495 million.

針對 2026 年，我們仍預期自由現金流轉換率將維持強勁，約為淨利的 110% 至 115%。截至 6 月 30 日，總負債為 20 億美元，低於 2025 年底的 23 億美元。與此負債相抵的是 4.95 億美元的現金及約當現金。

At the end of the second quarter, our gross debt-to-EBITDA ratio was 0.8x, and our net debt-to-EBITDA ratio was 0.6x. During the quarter, we also completed the renewal of our committed revolving credit facility.

在第二季末，我們的總負債對 EBITDA 比率為 0.8 倍，淨負債對 EBITDA 比率為 0.6 倍。本季期間，我們也完成了已承諾循環信用額度（revolving credit facility）的續約。

As part of the renewal, the size of AMETEK's revolver facility increased to $3.5 billion, and the maturity was extended until June 2031. This renewal strengthens our liquidity profile, lowers financing costs and positions us well to support future growth initiatives.

作為續約的一部分，AMETEK 的循環信貸額度規模提高至 35 億美元，並將到期日延長至 2031 年 6 月。此次續約強化了我們的流動性概況、降低融資成本，並使我們能更好地支持未來的成長計畫。

As Dave noted, we expect to deploy $5 billion on the acquisition of Indicor in the second half of the year. Following the closing of the acquisition, we will continue to have substantial financial capacity, including approximately $2.5 billion of cash and available credit facilities to support our growth initiatives and strategic acquisitions.

如 Dave 所提到的，我們預期將在今年下半年投入 50 億美元用於收購 Indicor。在收購完成後，我們仍將保有充足的財務彈性，包括約 25 億美元的現金與可動用的信貸額度，以支持我們的成長計畫與策略性併購。

In summary, AMETEK delivered another outstanding quarter with excellent orders, revenue and earnings growth, robust margin expansion and strong free cash flow conversion. Our leading positions across attractive market segments, combined with our global operating capabilities and strong track record of execution leaves us very well positioned to drive further growth and value creation in '26. Kevin?

總結來說，AMETEK 再次交出一個表現出色的季度，訂單、營收與獲利均有優異成長，毛利率擴張強勁，自由現金流轉換率也很亮眼。我們在具吸引力的市場區隔中擁有領先地位，結合全球營運能力與強勁的執行紀錄，使我們在 2026 年能非常有利地推動進一步成長與價值創造。Kevin？

Thank you, Dalip. Stephanie, can we please open the lines?

謝謝你，Dalip。Stephanie，請幫我們開放電話線？

(Operator Instructions) Deane Dray, RBC Capital Markets.

（接線員指示）Deane Dray，RBC Capital Markets。

Dave, I was hoping you could take us through your typical end market and regional data points and color. And as you do that, we're seeing a number of the industrial companies reporting this quarter some significant positive inflection in the non-data center part of the industrial economy.

Dave，我希望你能帶我們走一遍你們典型的終端市場與區域數據重點與補充說明。另外，我們看到本季有不少工業公司在工業經濟中「非資料中心」的部分出現顯著的正向拐點。

We're really in this 2-speed economy. But I would love to hear whether you're seeing some data points, color like that. We saw it with the ISM. So as you take us through the end markets and regions, anything that you could add there would be great.

我們確實處在一個「雙速」經濟中。但我很想聽聽你是否也看到類似的數據點與趨勢描述。我們在 ISM 指數上也看到了。所以當你帶我們看終端市場與區域時，如果能補充這方面的觀察就太好了。

Sure, Deane. But before I answer your question, I wanted to take a moment to congratulate you on your retirement. It's been a complete pleasure working with you.

當然，Deane。不過在回答你的問題之前，我想先花點時間恭喜你退休。能與你合作一直是莫大的榮幸。

You are a true pro at what you do, and the entire AMETEK team appreciates all of the support you provided us through all the years, really all the best, Deane, to you and your family.

你在專業領域是真正的一流高手，整個 AMETEK 團隊都很感謝你多年來給予我們的支持；真心祝福你和家人一切順利，Deane。

I really appreciate that, Dave, and wishing you and the team all the best as I watch from the sidelines after this quarter, but great thank you very much, and let's dig into your quarter here, if we could.

我非常感謝你，Dave，也祝福你和團隊一切順利。我在本季之後會在場邊關注，但真的非常感謝；那我們就來深入談談你們這一季的表現吧，如果可以的話。

I get your question. So I'll start with -- I'll walk around the end markets, and I'll start with our Process business. Overall sales for our Process businesses were up high teens, driven by contributions from recent acquisitions and excellent high single-digit organic sales growth.

我明白你的問題。我先從終端市場逐一說明，先從我們的流程（Process）業務開始。我們流程業務的整體銷售額年增達高十幾個百分點，主要由近期併購貢獻以及優異的高個位數有機銷售成長所帶動。

Process orders were again outstanding as project activity remains strong. While growth was broad-based, we are seeing the strongest growth across semiconductor and energy-related instrumentation businesses. And for the full year 2026, we now expect sales for our Process segment to be up mid-single digits.

流程業務的訂單表現再次非常亮眼，因為專案活動仍然強勁。雖然成長相當廣泛，但我們看到最強勁的成長來自半導體與能源相關的儀器儀表業務。而就 2026 全年而言，我們目前預期流程事業部的銷售額將年增中個位數。

Next, I'll go to Aerospace & Defense, where demand across our A&D businesses remains robust with mid-teens organic sales growth in the quarter. Growth was again broad-based.

接著談航太與國防（Aerospace & Defense），我們 A&D 業務的需求仍然強勁，本季有機銷售成長達中十幾個百分點。成長同樣是全面性的。

All segments of the A&D market see continued strong demand, notable strength in our commercial OE and commercial aftermarket segment. Our businesses are very well positioned to benefit from increased defense spending and the continued strong commercial aerospace super cycle.

A&D 市場各個領域持續呈現強勁需求，其中我們的商用原廠（OE）與商用售後市場（aftermarket）板塊表現尤為突出。我們的業務布局非常有利，可受惠於國防支出增加以及商用航太持續強勁的超級循環。

We now expect our Aerospace & Defense businesses to be up low double digits versus last year, balanced growth across Commercial and Defense businesses.

我們目前預期航太與國防業務相較去年將成長低雙位數，商用與國防業務將呈現均衡成長。

And our Power businesses delivered mid-single-digit organic sales growth in the quarter, along with strong orders momentum. The orders momentum and growing pipeline are in support of the broader build-out of the power grid. And for 2026, we continue to expect organic sales for our Power businesses to be up mid-single digits.

而我們的電力（Power）業務本季有機銷售成長為中個位數，同時訂單動能強勁。訂單動能與持續擴大的案源管線，支持更廣泛的電網建設擴張。對於 2026 年，我們仍預期電力業務的有機銷售成長為中個位數。

And finally, our Automation & Engineered Solutions growth was again outstanding, mid-teens organic growth in the quarter. We are seeing continued excellent and broad-based growth.

最後，我們的自動化與工程解決方案（Automation & Engineered Solutions）成長再次非常亮眼，本季有機成長達中十幾個百分點。我們持續看到優異且廣泛的成長。

The businesses are well aligned with attractive growth applications in MedTech, semiconductor and automation. And for 2026, we now expect organic sales for Automation & Engineered Solutions to be up high single digits organically.

這些業務與具吸引力的成長應用高度契合，包括醫療科技（MedTech）、半導體與自動化。對於 2026 年，我們目前預期自動化與工程解決方案的有機銷售成長將達高個位數。

Okay. That's the walk around the company. The next thing I'll do is I'll answer your question about the -- looking at the geographies. And really, we were strong in all major regions of the world.

好的。以上是公司各業務的概覽。接下來我會回答你關於——從地理區域來看——的問題。整體而言，我們在全球所有主要地區都表現強勁。

The US and Asia were the strongest. In the US, we were up low double digits. The strongest growth was in Process and also good growth in our A&D business. Europe was up mid-single digits, driven by strength in Power. And Asia was up low double digits with Automation and Process doing well.

美國與亞洲最為強勁。在美國，我們成長低雙位數。最強的成長來自流程業務，A&D 業務也有不錯的成長。歐洲成長中個位數，主要由電力業務的強勁表現帶動。亞洲成長低雙位數，自動化與流程業務表現良好。

So it was a really good quarter and really strength across all major regions. And in terms of the question that you had about the -- where is the growth coming from? Is it broadening? Yes, that's a great question.

所以這是一個非常好的季度，且在所有主要地區都展現出強勁表現。至於你問到的——成長是從哪裡來？是否正在擴散？是的，這是一個很好的問題。

When I think about it, we have AI infrastructure. You have the needs for semiconductor manufacturing to build the chips. And in the first quarter and the second quarter, we received substantial orders for our highly differentiated unique products in semiconductor optics and metrology and advanced computing technology. That's one area of growth. In terms of Power as a second area, we're well positioned for the power grid build-out.

我這樣看：我們有 AI 基礎設施。你也有半導體製造的需求來生產晶片。在第一季與第二季，我們在半導體光學、量測（metrology）以及先進運算技術方面的高度差異化獨特產品，取得了大量訂單。這是一個成長領域。第二個領域是電力，我們在電網建設擴張方面具備良好布局。

We're providing critical fail safes. We talked about our ruggedized UPS systems for microgrids. We manufacture natural gas turbine sensors that are enabling the electric power build-out. We have successfully monitored their power grid with our Power Instrumentation business.

我們提供關鍵的失效保護（fail safes）。我們談過用於微電網的強固型 UPS 系統。我們製造天然氣渦輪機感測器，正協助推動電力建設擴張。我們也透過電力儀器儀表（Power Instrumentation）業務，成功協助監測其電網。

And we have the RTDS business that I talked about, helping hyperscalers build out local power grids when they can't wait for the utilities to do it. So just another example of a growing area that's positioned to help the critical -- build out the critical physical layer for the AI build-out.

此外，我們還有我提到過的 RTDS 業務，當超大規模業者（hyperscalers）無法等待公用事業單位完成時，協助他們建置在地電網。這只是另一個成長領域的例子，顯示我們有能力協助——為 AI 擴張建置關鍵的實體層（physical layer）。

But in addition to that, we have our Aerospace & Defense, which remains a structural growth driver. We have -- in the commercial market, we have the continuing aerospace super cycle, an almost decade-long backlog. And with the ongoing conflicts in the geopolitical situation, we have really a nondiscretionary demand for global defense modernization.

但除此之外，我們的航太與國防仍是結構性成長動能。在商用市場方面，我們有持續的航太超級循環，且有近十年的訂單積壓（backlog）。同時，隨著地緣政治局勢中的持續衝突，全球國防現代化呈現高度剛性、非可自由裁量的需求。

We talked about the last quarter, the UAV programs and missile launcher programs in our last call, where we supply ruggedized thermal management systems and power systems and advanced sensing technology.

我們在上一季的電話會議中談到無人機（UAV）計畫與飛彈發射器計畫，我們為其提供強固型熱管理系統與電力系統，以及先進感測技術。

The combination of this very active defense modernization, combined with the commercial and aerospace super cycle provides another secular growth driver for us.

這種非常活躍的國防現代化，加上商用航太超級循環，為我們提供了另一個長期（secular）的成長驅動力。

So when I look at this thing, we're really -- there's durability because the underlying capital spend by our customers is driving a multiyear infrastructure build-out, and we are supplying mission-critical essential products for new semiconductor fabs, new power plants, the A&D market, defense modernization.

因此當我看整體情況時，我們的成長具有韌性，因為客戶的資本支出正在推動一個跨多年的基礎設施建設擴張，而我們正在供應任務關鍵、不可或缺的產品，用於新的半導體晶圓廠（fabs）、新的發電廠、A&D 市場以及國防現代化。

So I believe we're in the beginning stages of a multiyear infrastructure build-out, and we're incredibly well positioned. And to your point, it's great that we're diversified across multiple thematic growth drivers and not dependent on any one single driver.

因此，我相信我們正處於一個為期多年的基礎設施建置初期階段，而我們的布局非常到位。而且如你所說，很好的一點是我們在多個主題式成長驅動因素上都有分散布局，不依賴任何單一驅動因素。

Dave, that was a great comprehensive answer. And since I did ask what turned out to be a lengthy topic, I'll leave it there, and thank you again for the sendoff. Really appreciate it.

Dave，這是一個非常全面的精彩回答。既然我問的問題最後變成了一個較長的主題，我就先到這裡，再次感謝你的送別。真的非常感謝。

Matt Summerville, D.A. Davidson.

Matt Summerville，D.A. Davidson。

Can you maybe talk about the build you're seeing in your backlog and how the duration in your backlog, i.e., visibility compares now to maybe the longer-term AMETEK historical average? And then I have a follow-up.

你能否談談你們目前在手訂單（backlog）的累積情況，以及在手訂單的期間（也就是可視性）相較於AMETEK長期歷史平均水準現在如何？然後我還有一個追問。

Sure. Our backlog was now $4.11 billion, up about 21% from the end of the year. And we had a positive book-to-bill of 1.12 in the quarter, both groups positive. And we also are executing very well. We saw an acceleration of organic growth from Q1 to Q2.

當然。我們目前在手訂單為41.1億美元，較去年年底增加約21%。本季接單出貨比（book-to-bill）為1.12，兩個事業群都為正值。而且我們的執行也非常到位。我們看到有機成長從第一季到第二季加速。

And what you really have is our customers are, related to the infrastructure build-out, are placing orders with us. And our products are customized unique products. So there's some engineering design that goes into this. These are not commodity products. So what we really have is probably 80% of that backlog will ship within the next 12 months.

實際上，你看到的是我們的客戶因應基礎設施建置而向我們下單。而我們的產品是客製化、獨特的產品。因此其中包含一些工程設計工作。這些不是大宗商品型產品。所以實際上，我們大概有80%的在手訂單會在未來12個月內出貨。

We have the second half of the year filling in very nicely, and we're starting to fill in to '27. So it's very positive, and we're executing very well. Our businesses are performing well, strong execution, disciplined operations, excellent momentum across the portfolio.

今年下半年訂單填補得非常好，我們也開始把訂單延伸填到2027年。所以這非常正面，而且我們的執行表現非常好。我們的各項業務表現良好、執行力強、營運紀律嚴謹，整體投資組合動能非常出色。

So what you really have is through our recent acquisitions, we probably have a little mid- and long-cycle performance portfolio than prior, but it's filling nicely, and we have specialized products and our customers are getting the orders in place so that we can deliver the products for them.

因此，透過近期的併購，我們的投資組合相較以往可能增加了一些中週期與長週期的業務表現特性，但目前填補情況良好；我們提供專業化產品，而客戶也正在把訂單落實到位，讓我們能為他們交付產品。

And then just as a follow-up, how much of your business would you say today is tied to thematics involving data center infrastructure build/AI?

那再追問一下，你們今天大概有多少業務與資料中心基礎設施建置/AI相關的主題連結在一起？

And when you think about AMETEK's broader business and the level of inbound demand you're seeing, does that inform a greater ability to capture price?

另外，當你看AMETEK更廣泛的業務，以及你們看到的進線需求水準，這是否意味著你們有更強的能力去取得（提高）價格？

Yes, I think the -- Yes. In terms of pricing, we have a highly differentiated, highly engineered IP-driven product portfolio. And we put in healthy levels of RD&E investment, and it results in high vitality in our products. It was 25% in the quarter, as I said in my prepared remarks. So we're niche leaders, mission-critical products.

是的，我認為——是的。就定價而言，我們擁有高度差異化、工程含量高、以智慧財產（IP）驅動的產品組合。我們投入健康水準的研發與工程（RD&E）投資，帶來產品高度的活力。如我在事先準備的講稿中提到，本季為25%。因此我們是利基市場領導者，產品屬於任務關鍵型。

We solve some of our customers' most difficult problems. And when you put all that together, in addition, they're in environments that there are high switching costs and regulatory-driven markets. So the price of failure is high. So all these factors give us the ability to offset inflation and tariffs with price.

我們協助客戶解決一些最困難的問題。此外，他們所處的環境具有高轉換成本，且多為法規驅動的市場。因此失敗的代價很高。綜合這些因素，使我們有能力透過價格來抵銷通膨與關稅。

And in the quarter, we offset inflation and tariffs a little more than price, and we continue to expect to do that.

本季我們透過定價抵銷通膨與關稅的幅度略高於其影響，我們也持續預期能做到這點。

And it's really given the unique portfolio construction of focusing on these products and this heavy level of R&D investment that go together and provide that we have a special place in our customers' value chain. That's how I would explain it.

而這主要來自我們獨特的投資組合建構：聚焦於這些產品，並搭配高強度的研發投入，兩者相輔相成，使我們在客戶的價值鏈中占有特殊位置。我會這樣解釋。

And then the question on how much of your business today would you roughly estimate is tied either directly or indirectly to data center infrastructure build-out/AI?

那關於你們今天大概有多少業務，無論直接或間接，與資料中心基礎設施建置/AI相關，你們會如何粗略估計？

Yes. I think that the data center/AI part of it, along with the military modernization, along with the commercial aerospace, along with the power infrastructure, I put that whole bucket together, and it's about half of our business.

是的。我認為資料中心/AI這一塊，加上軍事現代化、商用航太、電力基礎設施，我把這整個籃子合在一起，大約占我們業務的一半。

In terms of data center, in the data center, it's actually smaller, but in all the related parts of it in terms of semiconductor, in terms of the power grid, in terms of the items that I talked about, it's actually quite broad and broadening to Deane's question and his point.

就資料中心本身而言，實際占比更小；但若把相關部分納入，例如半導體、電網，以及我提到的那些項目，其實涵蓋面相當廣，而且也在擴大，呼應Deane的問題與他的觀點。

But in the data center, it's not big enough to report on a specific segment. But what's happening now is the growth is expanding from that, and we're very well positioned.

但在資料中心這一塊，規模還不足以單獨作為一個特定部門來揭露。不過目前正在發生的是，成長正從那裡向外擴散，而我們的布局非常到位。

Nicole DeBlase, Deutsche Bank.

Nicole DeBlase，德意志銀行。

Maybe we could just start with double-clicking a little bit on orders, really strong results there. Anything notable with respect to like large or lumpy orders? Just trying to think about the sustainability of the strength that you guys have seen in order growth into the second half.

也許我們先更深入看一下訂單，你們那邊的結果非常強勁。在大型或較為跳躍式（lumpy）的訂單方面，有沒有什麼值得注意的？我主要是想評估你們在訂單成長上看到的強勢，進入下半年是否具有可持續性。

And maybe, Dave, if you're willing to share anything about what you've seen in the month of July, that would be helpful, too.

另外，Dave，如果你願意分享一下你們在7月看到的情況，也會很有幫助。

Yes. As I mentioned, the orders were excellent in the quarter, 28%, organic 25%. Book-to-bill was solid at 1.12, and both groups were positive. In terms of cadence, June was the strongest month for orders in the quarter in all time. So we had a record for the month of June.

是的。如我提到的，本季訂單表現非常出色，成長28%，其中有機成長25%。接單出貨比為1.12，表現穩健，兩個事業群都為正值。就節奏而言，6月是本季訂單最強的月份，也是歷來最強。因此我們在6月創下單月紀錄。

And we just finished July, and the orders were very good. So it's continuing. So I would say that there's a bit of a lumpy nature to the order. But as I mentioned prior to Deane's question, I mean, we really have what I believe is organic growth durability because the underlying capital spend by our customers is driven by this multiyear investment infrastructure build-out.

我們剛結束7月，訂單也非常好。所以這股趨勢仍在延續。因此我會說訂單確實帶有一些跳躍性（lumpy）的特徵。但如我在回答Deane的問題前所提到的，我認為我們的有機成長具有韌性，因為客戶的資本支出是由這項為期多年的基礎設施投資建置所驅動。

And we're kind of locked into these opportunities with our pedigree and regulatory mandates and security priorities. So it's very encouraging.

而且憑藉我們的資歷（pedigree）、法規要求與安全優先事項，我們在這些機會上某種程度上是被「鎖定」的。所以這非常令人鼓舞。

And again, it's not just the AI build-out. It's not just the Power build-out. It's not just the Defense modernization.

再者，這不只是AI建置。不只是電力建置。不只是國防現代化。

It's not just energy security with our energy businesses going very well. It's not just the commercial A&D business super cycle. It's kind of all of them. We're in the right places. We're in the right places.

不只是能源安全——我們的能源相關業務表現非常好。也不只是商用航太與國防（A&D）業務的超級循環。而是這些因素幾乎同時發生。我們在正確的領域。我們在正確的領域。

We have unique capability, and we think we're in the early innings of a mission-critical infrastructure build-out, and it feels pretty good.

我們具備獨特能力，我們認為自己正處於任務關鍵型基礎設施建置的早期階段，而整體感覺相當不錯。

Excellent. And then as a follow-up, I guess, just considering the strong order growth that you guys have seen for the past 2 quarters, you are modeling a bit of a decel in organic revenue growth to high single digits in the third quarter.

很好。那再追問一下，考量你們過去兩季看到的強勁訂單成長，你們對第三季的有機營收成長卻建模為略為放緩至高個位數。

Is there maybe just some conservatism baked in there? I know that the prior year comps are a little bit tougher. If you could maybe double-click on that a bit. And then any big differences in EMG versus EIG within that 3Q expectation?

這裡面是否加入了一些保守假設？我知道去年同期比較基期稍微更具挑戰。如果你能再深入說明一下會很有幫助。另外，在第三季展望中，EMG與EIG之間是否有任何重大差異？

Yes. I think that what you're seeing there is in the second -- in the -- we flowed through the Q2 sales and earnings beat, and we also increased our sales and earnings in the second half. So the revised H2 organic sales guide is between 1.5 to 2 points stronger with the EPS flowing through.

是的。我認為你在那裡看到的是在第二——在——我們反映了第二季銷售與獲利優於預期的表現，同時也上調了下半年銷售與獲利。因此，修訂後的下半年有機銷售指引提高了約1.5到2個百分點，並且EPS也隨之反映。

So we increased the second half of the year from our prior guide. I think for sure, we're very confident in the guide, and it has a bit of AMETEK prudence or conservatism built into it. So we're confident we can deliver the second half.

所以我們把下半年相較於先前指引上調了。我想可以肯定的是，我們對這份指引非常有信心，而且其中也納入了一些AMETEK一貫的審慎或保守假設。因此我們有信心能夠達成下半年的表現。

Daniel DiCicco, BMO Capital Markets.

Daniel DiCicco，BMO資本市場。

Just in terms of the end markets, I mean, just in the quarter, where did you see the most acceleration? And then did any of the markets maybe come in below expectations? I know it sounded like everything was pretty strong.

就終端市場而言，我是說，就本季來看，你們在哪些領域看到加速最明顯？另外，有沒有任何市場可能低於預期？我知道聽起來好像各方面都相當強勁。

No, I think it was -- everything was pretty strong. If I had to point to a couple of markets, I'd point to the semiconductor market, especially in EIG.

沒有，我認為——各方面都相當強勁。如果一定要我指出幾個市場，我會指出半導體市場，特別是在EIG。

And I actually point to the MedTech market in EMG, where Paragon had just an outstanding quarter. So those will be the 2 standouts. So with the Aerospace was obviously very strong and the Power orders were good.

我也會指出EMG的醫療科技（MedTech）市場，Paragon本季表現非常出色。所以這兩個會是最突出的亮點。另外，航太顯然非常強勁，電力相關訂單也不錯。

But in EIG, it was the semiconductor orders that stood out. And to me, and then in EMG, it was the MedTech orders from Paragon that stood out. And Paragon is an interesting great example of the AMETEK growth model in action.

但在EIG，最突出的就是半導體訂單。而對我來說，接著在EMG，最突出的就是Paragon帶來的醫療科技訂單。Paragon是一個很有意思、也很好的例子，展現AMETEK成長模型如何在實務中發揮作用。

Many of you know that soon after we acquired Paragon, we ran into a pandemic-driven inventory destock, and it was a little more significant than we modeled.

很多人都知道，我們收購Paragon不久後，就遇到疫情驅動的庫存去化（destock），而且幅度比我們模型預估的更大一些。

But we utilized that downturn when the sales volume was lower to accelerate our integration activities. And this allowed us to absorb the integration friction when the volume was low. And now the volume is back. So we're getting excellent leverage on our growth.

但我們利用那段銷售量較低的下行期，加速推進整合活動。這讓我們能在量低時吸收整合摩擦成本。而現在量回來了。因此我們在成長上取得了非常好的槓桿效益。

And very importantly, we continue to invest in all the new product development opportunities in Paragon, and this allowed for phasing in of new product wins and allowed us to capture outsized margin expansion in EMG. That was a key driver of the margin.

而且非常重要的是，我們持續投資Paragon所有新產品開發機會，這使得新產品得標能夠分階段導入，也讓我們在EMG取得超額的毛利率擴張。這是推動毛利率的一個關鍵因素。

So I just think that the whole Paragon and how well they're doing now and the tremendous order growth they have because they won new products. That's not really a market trend. It's a great business that won new products.

所以我認為，整個Paragon以及他們目前的優異表現、以及因為拿下新產品而帶來的強勁訂單成長。那其實不完全是市場趨勢。而是一家很棒的事業拿下了新產品。

It just shows you that the AMETEK growth model is relentless, the relentless implementation of the AMETEK growth model really delivers over time, and our teams are continuing to do an outstanding job.

這也顯示AMETEK成長模型是持續不懈的，對AMETEK成長模型的持續、堅定落實，會隨時間推移帶來成果，而我們的團隊也持續做得非常出色。

Great. Great. And then just a quick follow-up. I know you've been working on a number of AI pilot programs internally across the businesses in various functions. I was just hoping for an update there and potentially some opportunities, whether that's internal or maybe on the commercial front.

很好。很好。接著快速追問一下。我知道你們一直在公司內部、跨各事業與不同職能推動多個AI試點計畫。我想請你更新一下進展，以及可能的機會，不論是內部或是商業端。

Great question, Daniel. We're using AI to improve efficiency and accelerate growth across the entire company. And it impacts all functions. It helps us speed up due diligence. We have agents that are automating document processing, agents to improve customer service.

很好的問題，Daniel。我們正在運用AI提升效率並加速全公司的成長。而且它影響所有職能。它幫助我們加快盡職調查。我們有代理（agents）在自動化文件處理，也有代理用來改善客戶服務。

They're helping us to predict and mitigate supply delays. They're improving our products, the predictive maintenance nature of our products, really having a substantial effect in improving the custom engineering design processes. So really all functions of our business.

它們也在協助我們預測並降低供應延遲。它們正在改善我們的產品——我們產品的預測性維護特性——並且在改善客製化工程設計流程方面確實產生了顯著效果。所以基本上涵蓋我們業務的所有職能。

And we're looking at really automating the AMETEK growth model. So all elements of the growth model are being impacted by this. So we're going to get stronger at this in the future.

我們也在思考如何真正把AMETEK成長模型自動化。因此成長模型的所有要素都受到這些影響。所以未來我們在這方面會變得更強。

In terms of the deployment, it kind of matches the decentralized nature of the company where our businesses are empowered to deliver AI solutions that are tailored specifically to their needs.

就部署方式而言，它某種程度上符合公司去中心化的特性：我們授權各事業單位提供量身打造、符合其特定需求的AI解決方案。

But enterprise-wide, the company provides overall governance, technology platforms and policy frameworks. We've had some things that have worked. We have some things that haven't. So we've learned to -- when something has not worked, just move on to the next thing.

但在全企業層面，公司會提供整體治理、技術平台與政策框架。有些事情運作得很好。也有些事情沒有成功。所以我們學會了——當某件事行不通時，就直接轉向下一件事。

And we had a wave of 50 projects that I talked about before, some great results. And now we're on to wave 2. And we recently started wave 2. There's another list of projects across the company. We have strong momentum.

我之前提過我們有一波50個專案，取得了一些很好的成果。現在我們進入第二波。而且我們最近才剛啟動第二波。公司各處還有另一份專案清單。我們動能很強。

It's a very exciting time. I think that as we learn about the technology and we get good at deploying it, then we look for a specific instance of something and then deploy it company-wide.

這是一個非常令人振奮的時期。我認為當我們更了解這項技術、也更擅長部署之後，我們就會針對某個具體應用情境，然後在全公司推廣部署。

So we're in the beginning stages of seeing the benefits. But we have a whole growth model here that is ripe for Automation, and we're looking at applying it to it. At the same time, we're deploying it in our products.

所以我們正處於開始看到效益的初期階段。但我們有一整套成長模型非常適合自動化，我們正在思考如何把它應用上去。同時，我們也在把它部署到我們的產品中。

We mentioned a call or 2 ago that we have used in our Virtek business that detects critical defects in materials and using AI algorithms to do that. And we mentioned before one of our EIG businesses uses it to improve the predictive maintenance of the businesses.

我們在一兩次電話會議前提到，我們在Virtek事業中已經使用AI演算法來偵測材料中的關鍵缺陷。我們也曾提到，我們某個EIG事業使用它來提升業務的預測性維護能力。

So it's showing up with enhanced products. It's showing up in really the AMETEK growth model, it allows us to build an AI-enabled company. And when you think about our products, they're inherently low obsolescence risk.

所以它正以強化產品的形式呈現。它也體現在AMETEK成長模型上，讓我們能打造一家AI賦能（AI-enabled）的公司。而當你想到我們的產品時，它們本質上具有較低的汰舊風險。

Our niche portfolio of mission-critical differentiated technology solutions with market-leading specifications combined with these requirements in all these markets on these long-cycle platforms, we have low obsolescence risk.

我們在利基領域的產品組合，提供任務關鍵、具差異化的技術解決方案，具備市場領先的規格，再加上這些市場在長週期平台上的需求，使我們的汰舊風險很低。

So I think we're in a good position where we're active on getting the tools to make our business -- improve our business where we don't have an obsolescence risk right now. And at the same time, we're enhancing our new products. So it's really important, and we're spending a lot of time on it as many companies are, but I'm pleased with the results that we're seeing.

所以我認為我們處於一個很好的位置：我們積極取得工具來讓我們的業務——改善我們的業務，而目前我們並沒有汰舊風險。同時，我們也在強化我們的新產品。因此這非常重要；我們也像許多公司一樣投入大量時間在這上面，但我對目前看到的成果感到滿意。

Scott Graham, Seaport Research Partners.

Scott Graham，Seaport Research Partners。

Great quarter. Thank you for the rundown so far. I wanted to get at maybe 2 things internally. The core margin expansion of 110 basis points was pretty impressive. Certainly, the organic was part of that. But what were the other features there? Was it mix? And if so, which businesses or otherwise?

本季表現很棒。謝謝你到目前為止的說明。我想問兩個內部面的問題。核心毛利率擴張110個基點相當令人印象深刻。當然，有機成長是其中一部分。但其他因素是什麼？是產品組合（mix）嗎？如果是的話，是哪些事業，或是其他因素？

Yes. It was -- we had an excellent operating quarter, great margin quarter. We had -- on the face of it, margins up 60 basis points. But when you look at the core, it was up 110 basis points.

是的。我們本季營運表現非常出色，毛利率也很亮眼。表面上看，毛利率提升了60個基點。但如果看核心口徑，則提升了110個基點。

And when you look at the 2 groups, EIG margins were up 40 basis points and -- core margins were up 40 basis points and EMG core margins were up 290 basis points.

而當你看這兩個事業群時，EIG 的利潤率提升了 40 個基點，而——核心利潤率提升了 40 個基點；EMG 的核心利潤率則提升了 290 個基點。

And EMG is benefiting from what I had talked about earlier in terms of Paragon with new products phasing in with leaned out cost structure. So -- and that drove the bulk of that.

而 EMG 正如我先前提到的，受惠於 Paragon 新產品逐步導入，同時成本結構也更精簡。所以——這推動了其中大部分的改善。

But when you look across it all, we had strong incrementals, about 40%. Both groups were near 40%. We had, as you mentioned, the sales growth, good incrementals.

但整體來看，我們的增量利潤率很強，大約 40%。兩個事業群都接近 40%。如你所提到的，我們有銷售成長，也有不錯的增量表現。

But really, we had excellent productivity, too. So we increased our productivity, enterprise-wide productivity target to $160 million this year. I think it was $155 million last quarter. So we had $5 million more in productivity that we got confident in forecasting because of performance during the quarter.

但更重要的是，我們的生產力也非常出色。因此我們把今年全公司生產力目標提高到 1.6 億美元。我記得上季是 1.55 億美元。所以我們新增了 500 萬美元的生產力目標，因為本季的表現讓我們更有信心做出這樣的預測。

And again, as the question that Matt asked earlier, we had positive price where we more than offset inflation and tariffs. So with the solid incrementals, with the excellent productivity and the positive price inflation, it all drove the core margin expansion.

再者，呼應 Matt 先前問的問題，我們的定價為正，足以不僅抵消通膨與關稅。因此，憑藉穩健的增量表現、優異的生產力，以及正向的價格/通膨因素，共同推動了核心利潤率擴張。

I was also hoping you could maybe update us on Indicor. You've had the company sort of in tow here waiting for the closure of the deal. And has -- have you identified maybe some new synergies? Is there excitement a little bit higher across those 10 business units?

我也希望你能更新一下 Indicor 的情況。你們一直把這家公司先放在一旁，等待交易完成交割。那麼——你們是否已經辨識出一些新的綜效？在那 10 個事業單位之間，興奮程度是否更高了一些？

Yes. I think the excitement is high with Indicor. I mean we're progressing well through the integration and the regulatory approval process, and we continue to expect it, as I said in my opening remarks in the second half of the year. But to your point, we're very excited about the acquisition.

是的。我認為大家對 Indicor 的興奮度很高。我們在整合與監管核准流程上進展順利，並且仍然預期如我在開場致詞所說，會在今年下半年完成。但如你所說，我們對這項收購非常興奮。

We're acquiring an outstanding group of high-quality businesses with leading market positions in attractive niche markets, very differentiated technologies, strong IP positions, deep domain expertise, similar characteristics to AMETEK with high switching costs, but they have a higher profitable recurring revenue stream of 50% of revenue.

我們正在收購一組傑出的高品質企業，在具吸引力的利基市場中擁有領先的市場地位、非常差異化的技術、強大的智慧財產權布局、深厚的領域專業；其特性與 AMETEK 類似，具有高轉換成本，但他們的高獲利經常性收入更高，約占營收的 50%。

So attractive growth profile, excellent profitability. It's just a great strategic fit. In terms of, are we finding more things to get excited about as we work with the team? Teams are working very well, and we have to follow the requirements. We don't own the company now.

因此成長輪廓具吸引力、獲利能力優異。這是一個非常好的策略契合。至於在與團隊合作的過程中，是否發現更多令人振奮的事情？團隊合作得非常好，但我們必須遵循相關要求。我們目前還不擁有這家公司。

So we're working on integration planning and working on the closing of the business. The typical cost structures that we have, we're getting very confident that we bought some premier assets. At the same time, they're run very independently without an overriding business system.

所以我們正在進行整合規劃，並推動交易交割。就我們一貫的成本結構來看，我們越來越有信心，這次買到的是一些頂級資產。同時，他們的營運相當獨立，並沒有一套統一的業務系統來主導。

And we're highly confident that the proven AMETEK growth model is going to add value to this acquisition. And global sourcing, typically one of the largest growth drivers.

我們非常有信心，經驗證的 AMETEK 成長模式將為這項收購帶來價值。而全球採購通常是最大的成長驅動因素之一。

We confirmed the opportunity. The international sales and service facilities, and we run them as one AMETEK facility in a region that everyone operates out of. Essentially, we provide the hotel that everyone operates out of.

我們已確認這個機會。在國際銷售與服務據點方面，我們會把它們作為某個區域的一個 AMETEK 據點來運作，讓所有人都在那裡運作。本質上，我們提供一個「旅館」，讓大家都在裡面運作。

And so there's opportunities there for facility rationalization while still letting the business units have their independence. We have a global shared service infrastructure in places like India, Malaysia, Mexico, Serbia, Poland, and that is not available.

因此，在仍讓各事業單位保持獨立性的同時，也存在據點整併的機會。我們在印度、馬來西亞、墨西哥、塞爾維亞、波蘭等地有全球共享服務基礎設施，而他們目前並沒有。

So there's cost reduction opportunities there. We have a growth philosophy that you operate in a local market to grow locally, a little bit different. And then we have the talented people to help implement it all.

所以那裡也有降本機會。我們的成長理念是：在地市場就要在地經營、在地成長，這點略有不同。此外，我們也有人才可以協助把這一切落地。

So we are getting more confident with the 10% to 12% cost synergy. And we think this is going to be a great acquisition for our shareholders. We're going to deliver exceptional value to them.

因此，我們對 10% 到 12% 的成本綜效更有信心。我們認為這將會是對股東非常好的收購。我們將為他們帶來卓越價值。

Okay. So at this time, we still do have a few additional questions to be available. (Operator Instructions) Joseph Giordano, TD Cowen.

好的。那麼此時我們仍有幾個額外問題可以提問。(接線員指示) TD Cowen 的 Joseph Giordano。

This is Chris Grenga on for Joe. You had highlighted the UAV opportunity, and I was just curious if you could provide a little bit more color on how activity in that market has trended and how you're seeing the scope of opportunities continue to expand.

我是代替 Joe 的 Chris Grenga。你提到了無人機（UAV）的機會，我想請你多補充一些這個市場的活動趨勢，以及你們如何看待機會範圍持續擴大。

Are there any particular size class of UAV that AMETEK is best positioned for? And do you see any opportunities in other domains beyond unmanned aerial?

是否有任何特定尺寸級別的無人機，是 AMETEK 最具優勢的？另外，除了無人航空之外，你們是否也看到其他領域的機會？

Yes, there's a tremendous opportunity. And I highlighted -- I think it was last quarter, we had won 3 new UAV programs. One was a US-based program, 2 were with NATO allies. We often provide sensing for fuel sensing. We provide power distribution, lightweight power distribution.

是的，機會非常大。我提到——我想是上個季度——我們贏得了 3 個新的無人機專案。其中 1 個是美國的專案，另外 2 個是與北約盟國合作。我們經常提供感測，例如燃油感測。我們提供配電，以及輕量化配電。

We provide cooling for the electronics in the system. So it's been an area of strength for us historically. And as this -- as the UAVs grow, we're well positioned to do well.

我們也為系統中的電子設備提供散熱。所以這一直是我們歷史上的強項領域。而隨著——隨著無人機持續成長，我們很有條件取得良好表現。

The other areas that we talked about were in the advanced computing, some of the things that we do with our Abaco business where data analysis is becoming more important.

我們談到的其他領域包括先進運算，例如我們 Abaco 事業的一些業務，因為資料分析正變得更重要。

The cooling systems related to electronics implementation. We're very successful in -- with our Rotron and PDT businesses.

以及與電子設備導入相關的散熱系統。我們在——我們的 Rotron 與 PDT 事業表現非常成功。

So we're well positioned in niches where we're the market leader and the opportunities are growing, and we have an established pedigree in these markets, and we specialize in areas, and the customers -- our customers recognize that. So it's a positive area for us and defense modernization is an area that I think is nondiscretionary, and we're well positioned to execute on it.

因此，我們在一些利基市場中具備良好定位：我們是市場領導者、機會正在成長；我們在這些市場有既有的口碑與資歷，並且專精於特定領域，而客戶——我們的客戶也認可這一點。所以這對我們是正向的領域；而國防現代化我認為是非可選擇性的支出，我們也具備良好條件去執行。

And we've talked -- you talked about the strength in MedTech. And I'm just curious if you could provide any more color as we've heard increasingly constructive commentary across broader life sciences recently, just in terms of what you're seeing in terms of customer spending patterns and any improvement within life sciences in particular?

另外你也談到了 MedTech 的強勁表現。我想請你再多補充一些：近期我們聽到整體生命科學領域的評論越來越正面，就你們所見，客戶支出模式如何？特別是在生命科學方面是否有任何改善？

Yes. The point that I talked about at Paragon is more in the MedTech directly. In life sciences, we were out visiting our -- one of our Automation businesses, and they build automation systems for life sciences equipment and their businesses are doing extremely well.

是的。我在 Paragon 提到的重點更偏向直接的 MedTech。在生命科學方面，我們去拜訪了——我們的一個自動化事業，他們為生命科學設備打造自動化系統，而他們的業務表現非常好。

So the life sciences is definitely picking up. And this MedTech increase that we have for Paragon is a market improvement, but we also won significantly -- a significant amount of new programs. So that's why that's a little bit outsized.

所以生命科學確實正在回升。而我們 Paragon 的 MedTech 成長，一方面是市場改善，但我們也贏得了相當——相當多的新專案。因此那部分看起來會稍微更突出一些。

Andrew Obin, Bank of America.

美國銀行的 Andrew Obin。

Just maybe a question on this ramp. Where does capacity utilization stand today? I think CapEx guidance is up 22% year-over-year from '25. How much of the $160 million is growth CapEx?

想請教一下這個爬坡（ramp）的問題。目前產能利用率處於什麼水準？我想資本支出（CapEx）指引較 2025 年年增 22%。在 1.6 億美元中，有多少是成長型資本支出？

Yes. I think the growth CapEx is probably about 2/3 of it. And remember that we're largely -- IP drives our business. So it's not like we have a lot of fixed assets. We were at 2% of sales as CapEx.

是的。我認為成長型資本支出大概占其中的 2/3。而且請記得，我們的業務主要由——智慧財產權驅動。所以我們不像有很多固定資產那樣。我們的資本支出約占銷售額的 2%。

And over the past couple of years, we've built infrastructure. We added capacity in multiple US plants, in Serbia and Mexico, and we're doing some more work in Poland.

而在過去幾年裡，我們已建置了基礎設施。我們在美國多座工廠、塞爾維亞與墨西哥增加了產能，並且也正在波蘭進行更多工作。

So capacity-wise, we're not at the limit of capacity because the traditional CapEx is really not what our business is based on. We have a return on tangible capital of about 100%.

因此就產能而言，我們並未接近產能上限，因為傳統的資本支出（CapEx）其實並不是我們業務的基礎。我們的有形資本報酬率約為100%。

So that's kind of unique in the industrial world, and it's easy for us to ramp up and ramp down. You've seen that before when we scale up, and you've also seen us to be very flexible when we scale down.

所以這在工業領域算是相當獨特，而我們也很容易擴產或縮產。你們以前看過我們擴張時的表現，也看過我們在縮減規模時非常有彈性。

So we saw an acceleration in sales, organic sales in both groups this quarter. And we're also -- we increased our guide for the second half of the year. And next year, it's filling in nicely.

因此本季我們看到兩個事業群的有機銷售都加速成長。而且我們也——上調了下半年指引。至於明年，進展也相當順利。

So I think the -- and one of the things I talked about earlier is in our AI prototypes, we took a product line that took us about 1 year to design a custom new product, and we do it now in a month. And that's an example of using AI to shorten the design cycle.

所以我認為——我先前提到的一點是，在我們的AI原型中，我們把原本需要大約1年才能設計出客製化新產品的一條產品線，現在一個月就能完成。這就是運用AI縮短設計週期的例子。

So I think the capacity is well in hand, and you can see that by how efficiently we're operating. We reduced working capital. We generated over 35% more cash flow.

所以我認為產能掌握得很好，從我們營運效率就看得出來。我們降低了營運資金。我們產生了超過35%更多的現金流。

So we're operating very, very well, and we have a low CapEx business. And I think in an environment like this, we're going to shine.

所以我們營運得非常、非常好，而且我們是一個低資本支出（CapEx）的業務。我認為在這樣的環境下，我們會表現出色。

And maybe a follow-up, people ask me on M&A. But maybe can you give us an update on what's happening at FARO?

另外追問一下，大家也常問我關於併購（M&A）。不過你能否更新一下FARO目前的情況？

Yes, sure. FARO, as a reminder, designs and develops advanced 3D metrology and digital reality solutions. And we have now leadership position and measurement arms, laser scanners, laser trackers, and it was an excellent strategic fit with our Creaform business as the FARO's product suite really complements the existing AMETEK Creaform metrology capabilities. And the teams are doing great.

好的，當然可以。提醒一下，FARO設計並開發先進的3D量測與數位實境解決方案。我們現在在量測臂、雷射掃描器、雷射追蹤器等方面具備領導地位；而且這與我們的Creaform業務在策略上非常契合，因為FARO的產品組合確實能補強AMETEK Creaform既有的量測能力。團隊表現也很出色。

We were just up there as part of our North American regional operating review, and the teams are working well. The integration is on plan. I think you'll see the businesses with some substantial margin upside over the next 6 to 12 months.

我們剛剛也上去參加北美區域營運檢討的一部分，團隊合作得很好。整合進度符合計畫。我想你們會在未來6到12個月看到這些業務的利潤率有相當可觀的上行空間。

So everything is going very well, and all of our plans are intact, and it is going to be an acquisition that pays off for the long term for AMETEK as we put together a couple of market leaders, and we feel really good about it.

所以一切進展非常順利，我們所有計畫都維持不變；而且隨著我們把幾個市場領導者結合在一起，這將會是一筆能在長期為AMETEK帶來回報的收購案，我們對此感覺非常好。

Christopher Glynn, Oppenheimer & Company.

Christopher Glynn，Oppenheimer & Company。

So the 35% organic orders number for EMG, just wanted to revisit that first to make sure I heard it right. And second, I think you drilled down on maybe MedTech and Defense being particular accelerators, but the 35% maybe means more than a couple of accelerators. Curious if Automation took more of a...

關於EMG有機訂單成長35%這個數字，我想先回頭確認一下我是否聽對了。第二，我知道你可能深入提到MedTech與國防是特別的加速器，但35%可能意味著不只一兩個加速器。想請教自動化是否也帶來更多的……

Yes, Automation was, Chris. And it's what I mentioned, the life sciences part of our Automation business really accelerated. So that was another big growth driver. It was a bit lower than the MedTech and the Defense, but it was right up there.

是的，Chris，自動化也是。正如我提到的，我們自動化業務中的生命科學部分確實加速成長。所以那也是另一個重要的成長動能。它比MedTech和國防略低一些，但也非常接近。

Okay. Great. And then on the Defense side, are you seeing comparable input from US and allies each?

了解。很好。那在國防方面，你們是否同時看到來自美國與盟友的相近投入？

We're seeing more input from the US given the size of the Defense infrastructure, but there's a notable increase with NATO allies off a smaller base.

由於國防體系規模的關係，我們看到來自美國的投入更多，但北約盟友也在較小的基期上出現明顯增加。

Okay. Great. And just a clarification. Were there any tariff refunds impacting the margins in the quarter?

了解。很好。再請教一個釐清問題：本季的利潤率是否受到任何關稅退稅的影響？

No.

沒有。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，花旗集團。

Dave, you talked about your Power business. From our vantage point, there continues to be a large pipeline of opportunity there, particularly as you know, in the US.

Dave，你談到你們的電力業務。從我們的角度來看，那裡仍然有很大的機會管線，尤其如你所知，在美國。

So maybe talk about why mid-single-digit organic sales growth in '26 is the right number? And could you grow faster than that in the future?

所以也許談談為什麼你認為2026年有機銷售中個位數成長是合理的數字？未來你們是否可能成長得更快？

We could grow faster. We could grow faster. It's more tied to the grid expansion, and we talked about -- the orders were very strong. So that's an area where you're going to see increased sales growth going forward because the orders growth precedes the sales growth.

我們可以成長得更快。我們可以成長得更快。這更多與電網擴建相關，而我們也談到——訂單非常強勁。所以這是一個你們將在未來看到銷售成長加速的領域，因為訂單成長會領先於銷售成長。

But it is -- the orders momentum and the growing pipeline are really in support of the growing build-out of the power grid.

但確實——訂單動能與不斷擴大的機會管線，都是在支撐電網建設擴張的成長。

Got it. And I just wanted to double-click on EIG margin for a second. You just talked about FARO and how it's tracking. So that would get -- I mean, your core margins were obviously good up 40 basis points. But if FARO continues to improve, that's going to help with overall margins, right? That's how we should think about the overall margin trajectory moving forward in that segment.

了解。我想再深入問一下EIG的利潤率。你剛談到FARO以及它的進展。所以那會——我的意思是，你們核心利潤率顯然不錯，上升了40個基點。但如果FARO持續改善，將有助於整體利潤率，對吧？這就是我們應該如何看待該事業群未來整體利潤率走勢。

Yes. We almost have lapped the 1-year FARO ownership. So I'm not sure if it's next quarter or the quarter after. I think it's next quarter.

是的。我們幾乎已經滿FARO收購後持有滿一年的時間。所以我不確定是在下季還是再下一季。我想是下季。

This quarter.

本季。

Okay. It's in July. So FARO will show up in our core margins going forward, and there's a lot of opportunity there. So after 1 year, the acquisitions become core, Andy.

好的。是在7月。所以FARO接下來會納入我們的核心利潤率，而那裡有很多機會。Andy，收購案滿一年後就會成為核心（core）。

This concludes the question-and-answer session. I would now like to turn it back to Kevin Coleman for closing remarks.

問答環節到此結束。現在我想把電話交回給Kevin Coleman作結語。

Thanks, Stephanie, and thank you for joining our call today. As a reminder, a replay of today's webcast may be accessed in the Investors section of ametek.com. Have a great day.

謝謝你，Stephanie，也感謝各位今天參與我們的電話會議。提醒一下，今天網路直播的重播可在ametek.com的投資人（Investors）專區收看。祝各位有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝各位參與今天的會議。本次活動至此結束。各位現在可以掛線。