Avantor, Inc. (AVTR) 2026 Q2 法說會逐字稿

Good morning. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to Avantor's second-quarter 2026 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Chris Fidyk, Vice President of Investor Relations. Chris, you may begin.

早安。我叫 Krista，今天將擔任各位的電話會議接線員。此刻，我謹代表公司歡迎各位參加 Avantor 2026 年第二季財報電話會議。(接線員指示) 現在我想將會議交給投資人關係副總裁 Chris Fidyk。Chris，請開始。

Thank you, operator. Good morning, everyone, and thank you for joining us. Our speakers today are Emmanuel Ligner, President and Chief Executive Officer; and Steve Eck, the Senior Vice President, Interim Chief Financial Officer and Chief Accounting Officer.

謝謝，接線員。各位早安，感謝各位加入我們。今天的講者是總裁暨執行長 Emmanuel Ligner，以及資深副總裁、代理財務長兼會計長 Steve Eck。

The press release and our presentation accompanying this call are available on our Investor Relations website at ir.avantorsciences.com. Following our prepared remarks, we will open the call for questions. A replay of the call will be made available on our website later today.

本次電話會議的新聞稿與簡報已發布於我們的投資人關係網站 ir.avantorsciences.com。於我們的預備發言結束後，將開放提問。本次電話會議的重播將於今日稍晚在我們網站上提供。

During this call, we will make forward-looking statements within the meaning of the US federal securities laws, including statements regarding events or developments that we believe or anticipate may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings. Actual results may differ materially from any forward-looking statements that we make today. These forward-looking statements speak only as of the date they are made.

在本次電話會議中，我們將依據美國聯邦證券法之定義發表前瞻性陳述，包括我們相信或預期未來可能發生之事件或發展的相關陳述。這些前瞻性陳述受到多項風險與不確定性影響，包括我們向 SEC 提交之文件中所列示者。實際結果可能與我們今日所作的任何前瞻性陳述有重大差異。這些前瞻性陳述僅截至其作成之日有效。

We do not assume any obligation to update these forward-looking statements as a result of new information, future events or other developments. This call will include a discussion of non-GAAP measures. A reconciliation of these non-GAAP measures can be found in the press release and in the supplemental disclosure package on our Investor Relations website. I will now turn the call over to Emmanuel.

因新資訊、未來事件或其他發展所致，我們不承擔更新這些前瞻性陳述之任何義務。本次電話會議將包含對非 GAAP 指標的討論。這些非 GAAP 指標的調節表可於新聞稿以及我們投資人關係網站上的補充揭露資料包中查閱。現在我將把電話會議交給 Emmanuel。

Thank you, Chris, and good morning, everyone. Thank you for joining our call today. I will begin with a high-level update on our second quarter performance. I will then reflect on the actions we've taken since I came into this role nearly 12 months ago and discuss the progress we are making in executing Revival, our comprehensive program to sharpen strategic focus and improve execution.

謝謝你，Chris，各位早安。感謝各位今天參加我們的電話會議。我將先就我們第二季表現做一個高層次的更新。接著，我會回顧自我在近 12 個月前接任此職以來所採取的行動，並說明我們在推動 Revival（我們用以聚焦策略並提升執行力的全面性計畫）方面所取得的進展。

Turning to slide 4. Let me highlight a few key messages. First, we remain highly focused on executing Revival, and I am very happy with the progress we made to date. Revival delivered measurable results and put us on a path to sustainable growth. Second, I'm pleased that our second quarter results exceeded expectations across several key financial metrics.

請看第 4 頁投影片。我先強調幾個重點訊息。第一，我們仍高度聚焦於執行 Revival，我對目前為止取得的進展非常滿意。Revival 已帶來可衡量的成果，並使我們走上可持續成長的道路。第二，我很高興我們第二季的結果在多項關鍵財務指標上超出預期。

Those results were driven by improved performance in our VWR distribution and service segments which returned to positive organic revenue growth during the quarter. Our Bioscience & Medtech Products segments performed near the high end of our expectation and is positioned to return to growth in the second half.

這些成果主要來自我們 VWR 配送與服務業務表現改善，該業務在本季恢復為正的有機營收成長。我們的生物科學與醫療科技產品（Bioscience & Medtech Products）業務表現接近我們預期的高端，並已具備在下半年恢復成長的條件。

Third, we delivered excellent free cash flow, enabling us to invest in the business while also paying down debt. We remain committed to reduce our adjusted net leverage ratio below 3x. Finally, we raised our 2026 organic revenue growth and adjusted EPS guidance. Our updated outlook reflects both our second quarter performance as well as higher expectation for the second half of the year.

第三，我們創造了優異的自由現金流，使我們得以投資業務，同時也償還債務。我們仍致力於將調整後淨槓桿比率降至 3 倍以下。最後，我們上調了 2026 年有機營收成長與調整後 EPS 的指引。我們更新後的展望同時反映第二季表現，以及對下半年更高的預期。

Please turn to slide 5, where I will review our Q2 performance highlights. In Q2, we generated $1.69 billion of revenue, which declined 0.4% on organic basis and was up 0.5% on a reported basis. Revenue was stronger than we had anticipated, driven primarily by VWR, which grew 1.7% organically in the quarter.

請看第 5 頁投影片，我將回顧第二季的表現重點。第二季我們創造 16.9 億美元營收，有機基礎下下降 0.4%，以報表口徑則成長 0.5%。營收表現優於我們原先預期，主要由 VWR 帶動，該業務本季有機成長 1.7%。

VWR returned to growth earlier than we anticipated, reflecting the deliberate action taken by segment President, Corey Walker and his team to strengthen the business. The segment entered the second half of 2026 with broad-based momentum, and we continue to expect growth to accelerate through the remainder of the year. I will talk more about the driver of VWR return to growth later in my remarks.

VWR 比我們預期更早恢復成長，反映出該事業群總裁 Corey Walker 與其團隊為強化業務所採取的審慎行動。該事業群在 2026 年下半年開始時已具備廣泛的動能，我們仍預期成長將在今年剩餘期間持續加速。我稍後會在發言中進一步說明 VWR 恢復成長的驅動因素。

Turning to BMP. Revenue was near the high end of our expectation, driven by solid execution across the segments. On a year-over-year basis, revenue declined 5.6% organically, reflecting the impact of the discrete factors we had discussed previously. Importantly, BMP delivered sequential revenue growth from Q1 to Q2 and as anticipated, demonstrated a stable trend. In BMP, we saw strong order intake and improving operations in the second quarter.

接著談 BMP。營收接近我們預期的高端，主要來自各業務單元穩健的執行。以年對年來看，營收有機下降 5.6%，反映我們先前討論過的特定因素所造成的影響。重要的是，BMP 的營收自第一季到第二季呈現季增，且如預期般展現穩定趨勢。在 BMP 方面，我們於第二季看到強勁的接單表現與營運改善。

Those leading indicators provide evidence that our Revival initiatives are gaining traction and when combined with reduced comparison headwinds from discrete factors give us confidence that BMP will return to organic growth during the second half of 2026. I will discuss Revival impact on BMP shortly.

這些領先指標顯示我們的 Revival 計畫正逐步發揮成效；再加上特定因素所帶來的比較基期逆風減弱，使我們有信心 BMP 將在 2026 年下半年恢復有機成長。我稍後將說明 Revival 對 BMP 的影響。

Moving down the P&L, adjusted EBITDA grew more than 15% sequentially from Q1, driven by increased volumes in both segments. Adjusted earnings per share was $0.21, above our expectations for the quarter. Finally, one of Avantor's key strengths is our ability to consistently generate strong free cash flow. In second quarter, excluding cash restructuring costs, we generated $152 million of free cash flow.

再往下看損益表，調整後 EBITDA 較第一季季增超過 15%，主要由兩大事業群的出貨量提升所帶動。調整後每股盈餘為 0.21 美元，高於我們對本季的預期。最後，Avantor 的一項關鍵優勢是我們能夠持續產生強勁的自由現金流。第二季在排除現金重整成本後，我們創造了 1.52 億美元的自由現金流。

This reflected strong conversion of adjusted net income and keep us on track to achieve our full year free cash flow guidance. We used this strong cash generation to repay $112 million of debt during the quarter, further strengthening our balance sheet and underscoring our commitment to reduce our adjusted net leverage ratio to below 3x.

這反映調整後淨利的強勁轉換率，並使我們維持達成全年自由現金流指引的進度。我們運用這股強勁的現金創造能力於本季償還 1.12 億美元債務，進一步強化資產負債表，並凸顯我們將調整後淨槓桿比率降至 3 倍以下的承諾。

Please turn to Slide 6. Last year, we launched Avantor Revival, our comprehensive program to sharpen strategic focus and improve execution across the enterprise. Revival is built on 5 pillars: commercial excellence, operation performance, portfolio optimization, simplification and talent. Guided by insights from customers, suppliers and associates at Gemba, we have launched initiatives across each pillar that are producing measurable results.

請看第 6 頁投影片。去年，我們啟動 Avantor Revival，這是一項用以聚焦策略並提升全公司執行力的全面性計畫。Revival 建立在五大支柱之上：商業卓越、營運績效、產品組合最佳化、簡化，以及人才。在客戶、供應商與我們於 Gemba 現場的同仁所提供洞見的指引下，我們已在各支柱推出多項計畫，並正產生可衡量的成果。

Some examples are on Slide 7. We have made important go-to-market changes. We have resegmented Avantor into VWR and BMP to sharpen our focus, simplify the organization and better serve customers. We Revived the VWR brand and accelerated our digital road map, including the relaunch of vwr.com which has driven stronger customer engagement and e-commerce performance. Across both segments, we are extremely focused on commercial excellence to drive every product and service in a way that delights customers.

第 7 頁投影片列出一些例子。我們已進行重要的市場進入（go-to-market）調整。我們將 Avantor 重新劃分為 VWR 與 BMP，以提升聚焦、簡化組織並更好地服務客戶。我們重振 VWR 品牌並加速數位藍圖，包括重新上線 vwr.com，帶動更強的客戶互動與電商表現。在兩大事業群中，我們都極度專注於商業卓越，推動每一項產品與服務以讓客戶滿意。

In BMP, our commercial teams are executed with greater consistency and focus, resulting in stronger customer engagement and higher win rates. This translates into double-digit order growth for BMP and a book-to-bill ratio of 1.1x during the second quarter while also expanding our funnel of future growth opportunities. Those go-to-market efforts are reflected not just in BMP's order momentum, but also in VWR's return to growth.

在 BMP 方面，我們的商業團隊以更一致且更聚焦的方式執行，帶來更強的客戶互動與更高的得標率。這使 BMP 在第二季實現雙位數的訂單成長，且接單出貨比（book-to-bill）達 1.1 倍，同時也擴大我們未來成長機會的商機漏斗。這些市場進入的努力不僅反映在 BMP 的接單動能上，也反映在 VWR 恢復成長上。

In the manufacturing pillar, we have invested across our supply chain to improve productivity and strengthen customer service. Those investments, combined with the ongoing implementation of a new sales and operation planning process are driving execution improvements. For example, during the quarter, we increased the throughput of certain key product lines at a large manufacturing site by more than 25% on average versus the first quarter. This progress is the direct result of Revival initiatives, including the use of Lean and Six Sigma tools to enhance equipment uptime, reliability and overall productivity.

在製造支柱方面，我們已在整個供應鏈進行投資，以提升生產力並強化客戶服務。這些投資，加上持續導入新的銷售與營運規劃流程，正推動執行力的改善。例如，本季我們在一座大型製造據點的若干關鍵產品線，平均產出量較第一季提升超過25%。這項進展是Revival各項倡議的直接成果，包括運用精實（Lean）與六標準差（Six Sigma）工具，以提升設備稼動率、可靠性與整體生產力。

The simplifying how we work pillar delivers benefits both inside and outside the organization. One example is the recent redesign of our customers' onboarding process. Drawing on insights from multiple Gemba works and a cross-functional kaizen event, we redesigned the process from end to end, reducing onboarding from 14 steps to just 8 and cutting completion times from up to 4 days to as little as 2 days for complex accounts or to just minutes for simple accounts.

「簡化我們的工作方式」這一支柱，能在組織內外都帶來效益。其中一個例子是我們近期重新設計客戶導入（onboarding）流程。我們汲取多次Gemba現場走訪以及跨職能改善（kaizen）活動的洞見，從端到端重新設計流程，將導入步驟由14步縮減至8步，並將完成時間從最長可達4天，縮短至複雜帳戶最快2天，或簡單帳戶僅需數分鐘。

Finally, as I have said before, Revival begins and ends with people. We move quickly to complement our strong internal talent with experienced external leaders, refreshing approximately 25% of our senior leadership team, and we are driving a culture transformation across Avantor.

最後，正如我先前所說，Revival以人為始，也以人為終。我們迅速以具經驗的外部領導者補強我們強大的內部人才，更新約25%的高階領導團隊，並在Avantor推動文化轉型。

We are communicating more effectively collaborating more closely in the field, holding ourselves more accountable through a disciplined focus and measurable outcomes and putting customers at the center of all what we do. The positive impact of Revival is evident not only in our improved second quarter results, but also in leading indicators such as the strength of our order book and the expansion of our commercial funnel that will ultimately lead to sustainable profitable growth.

我們更有效地溝通、在第一線更緊密地協作，透過紀律性的聚焦與可衡量的成果讓自己更具責任感，並將客戶置於我們一切作為的核心。Revival的正面影響，不僅體現在我們第二季改善的業績結果，也反映在領先指標上，例如訂單簿的強勁程度，以及商業漏斗的擴大，最終將帶來可持續的獲利性成長。

Please turn to Slide 8. VWR returned to growth in Q2 marks an important milestone for the segment. While the growth inflection itself is encouraging, the underlying drivers are broad-based, as I will describe, giving us confidence that we are building sustainable momentum. The leadership team, Corey has built over the past year has implemented meaningful changes to VWR organization structure and operating model, setting the stage for segment's improved performance. With the team structure and operating model in place, we made deliberated decision to strengthen our capabilities, operation, brand and commercial excellence.

請翻到第8頁投影片。VWR在第二季恢復成長，標誌著該事業部的一個重要里程碑。雖然成長拐點本身令人鼓舞，但如我將說明，其背後驅動因素相當廣泛，讓我們有信心正在建立可持續的動能。Corey在過去一年打造的領導團隊，已對VWR的組織架構與營運模式進行了具實質意義的變革，為事業部績效改善奠定基礎。在團隊架構與營運模式到位後，我們做出審慎且有意識的決策，強化我們的能力、營運、品牌與商業卓越。

Together, those actions have laid the foundation for the stronger performance we are seeing today. Customers turn to VWR for our growth scale, the depth and breadth of our product agnostic catalog, strong supplier relationship and excellent service. Combined with the changes, we have taken over the past year, our strengths are translated into stronger financial results, including stronger growth across key customer segments.

綜合而言，這些行動為我們今日所見的更強勁表現奠定了基礎。客戶選擇VWR，原因在於我們的規模優勢、產品中立（不偏特定品牌）的目錄之深度與廣度、強健的供應商關係以及卓越的服務。結合我們過去一年所採取的變革，我們的優勢已轉化為更強的財務成果，包括在關鍵客戶族群中更強勁的成長。

Let me review the key factor driving VWR's return to growth in Q2. The first factor was stronger performance with large global customers. As a reminder, revenue from new business win is realized gradually due to the complexity of customer implementation processes, so we can take time before the benefit of strong commercial performance are reflected in our results.

我來回顧推動VWR在第二季恢復成長的關鍵因素。第一個因素是大型全球客戶的表現更強。提醒一下，由於客戶導入流程的複雜性，新業務得標所帶來的營收會逐步實現，因此強勁商業表現的效益反映在我們結果上可能需要一些時間。

Previously, we discussed several elements impacting our large global customer segments, including recontracting activity and other industry dynamics. While our commercial focus and execution has improved significantly over the past year, those historical pressure phased in over the course of 2025, with the cumulative impact moderating in the first quarter of this year.

先前我們討論過影響大型全球客戶族群的若干因素，包括續約（recontracting）活動及其他產業動態。儘管過去一年我們的商業聚焦與執行已顯著改善，但這些歷史性壓力在2025年期間逐步顯現，其累積影響在今年第一季開始趨於緩和。

While they continue to represent a headwind in 2026, their impact is diminishing as we move forward and offsetting action has been successful in driving stronger-than-anticipated results in this segment. Accordingly, year-over-year comparison will become increasingly favorable as the year progressed, allowing our result to more fully reflect our underlying commercial momentum. Our growth rate in the second quarter benefited modestly from this improving comparison dynamic.

雖然在2026年它們仍構成逆風，但隨著我們持續推進，其影響正在減弱，而我們的對沖措施也成功推動該客群的表現優於預期。因此，隨著年度推進，年對年比較將愈發有利，使我們的結果能更充分反映潛在的商業動能。第二季的成長率也從這種比較基期改善的動態中獲得了小幅助益。

Over the past year, VWR team has taken thoughtful and deliberated steps to expand our relationship with large global customers. The team focused on retaining and expanding large global customer relationship, strategically developing our new customer pipeline and accelerating the onboarding process for new contracts. We have executed well against the growth opportunity that our efforts have generated and this new business is contributing to our results sooner and more meaningful than we anticipated.

過去一年，VWR團隊採取了周全且審慎的步驟，以擴大我們與大型全球客戶的關係。團隊聚焦於維繫並擴大大型全球客戶關係、策略性地開發新客戶管線，並加速新合約的導入流程。我們已有效把握這些努力所創造的成長機會，而這些新業務對我們業績的貢獻，出現得比我們預期更早且更顯著。

Another important driver of VWR performance is improving growth in our small and midsized customer segments, with better e-commerce outcome playing an important role. On our last earnings call, we highlighted early sign of improving trends following multiple upgrade to our platform as well as successful relaunch of vwr.com.

推動VWR表現的另一項重要動能，是小型與中型客戶族群的成長改善，其中更佳的電子商務成果扮演了重要角色。在上次財報電話會議中，我們強調在多次平台升級以及vwr.com成功重新上線後，改善趨勢已出現早期跡象。

We advanced our digital road map in the second quarter, and customers have responded positively to those enhancements, driving direct traffic, higher conversion and improved daily sales, particularly among smaller customers who tend to have higher margin. As a result, e-commerce growth accelerated as the quarter progressed and was accretive to the segment growth for the quarter.

我們在第二季推進了數位路線圖，客戶對這些強化措施反應正面，帶動直接流量、更高的轉換率與每日銷售改善，尤其是在通常具較高毛利的小型客戶之中。因此，電子商務成長在本季進程中加速，並對本季事業部成長帶來增益。

Although our recent progress is encouraging, our digital transformation remains in the early stage. We continue to see substantial opportunity to enhance the customers' experience, deepen engagement and drive sustained growth in the channel particularly in Europe. Finally, while deliberate action drove the majority of VWR improved performance, an increase in pharma and biotech customer activity provided a modest tailwind during the quarter, reinforcing our decision last year to focus significantly commercial resources on those customers' groups.

儘管我們近期的進展令人鼓舞，我們的數位轉型仍處於早期階段。我們仍看到大量機會可提升客戶體驗、深化互動，並推動該通路的持續成長，特別是在歐洲。最後，雖然VWR表現改善主要來自審慎行動的推動，但本季製藥與生技客戶活動增加也提供了小幅順風，進一步印證我們去年決定將大量商業資源聚焦於這些客戶族群的正確性。

It is important to note that activity level in several important end markets such, as education and in certain geographies, particularly Europe, remain stable, but at a lower level than we would love to see. An improvement in those end markets could represent an additional tailwind to our growth. Overall, we are pleased by VWR improved results but remain focused on execution to sustain and build the positive momentum.

需要注意的是，若干重要終端市場（例如教育）以及某些地區（特別是歐洲）的活動水準仍維持穩定，但低於我們希望看到的水準。若這些終端市場改善，可能會為我們的成長帶來額外順風。整體而言，我們對VWR改善的結果感到滿意，但仍將專注於執行，以維持並延續這股正向動能。

I will now turn the call over to Steve to discuss the numbers. Steve?

接下來我將把電話交給Steve，請他說明財務數字。Steve？

Thank you, Emmanuel, and good morning, everyone. Please turn to Slide 10, where I will review our consolidated financial results. In Q2, we generated $1.69 billion of revenue which declined negative 0.4% on an organic basis and was up positive 0.5% on a reported basis. Adjusted EBITDA was $254 million, resulting in a margin of 15%, and adjusted earnings per share of $0.21. Free cash flow for the quarter was $143 million.

謝謝你，Emmanuel，各位早安。請翻到第10頁投影片，我將在此回顧我們的合併財務結果。第二季我們創造了16.9億美元營收，有機基礎下下降0.4%，按報表口徑則成長0.5%。調整後EBITDA為2.54億美元，對應利潤率15%，調整後每股盈餘為0.21美元。本季自由現金流為1.43億美元。

Excluding cash restructuring costs, free cash flow was $152 million. Both figures were ahead of expectations and underscore Avantor's strong cash flow profile. During the quarter, we repaid approximately $112 million of debt and ended the period with an adjusted net leverage ratio of 3.3x adjusted EBITDA. Leverage was flat sequentially.

若排除現金重組成本，自由現金流為1.52億美元。兩項數字均優於預期，凸顯Avantor強勁的現金流特性。本季我們償還約1.12億美元的債務，期末調整後淨槓桿比率為調整後EBITDA的3.3倍。槓桿率較前一季持平。

Please turn to Slide 11. Revenue for VWR Distribution & Services segment was $1.24 billion in the second quarter, up 1.7% organically versus the prior year. The primary driver of sequential and year-over-year organic revenue growth was increased volumes from strong commercial execution. Adjusted operating income for VWR was $126 million in Q2 and representing an adjusted operating margin of 10.2%. The year-over-year decline in margin is due primarily to mix and inflationary pressures.

請翻到第11頁投影片。VWR 配送與服務部門第二季營收為 12.4 億美元，較去年同期有機成長 1.7%。帶動環比與同比有機營收成長的主要因素，是憑藉強勁的商業執行帶來的出貨量增加。VWR 第二季調整後營業利益為 1.26 億美元，調整後營業利益率為 10.2%。利潤率同比下滑主要是由於產品組合與通膨壓力。

Sequentially, margins increased approximately 100 basis points from the first quarter due to increased volumes and improved mix. There are two key takeaways from the VWR quarter. First, VWR returned to growth ahead of our expectations, and the majority of this improved performance reflects steps that we have taken to grow the segment. Second, VWR demonstrated stable sequential trends, with revenue increasing from the first quarter primarily due to strong commercial execution.

就環比而言，由於出貨量增加與組合改善，利潤率較第一季提升約 100 個基點。本季 VWR 有兩項關鍵重點。第一，VWR 重回成長且優於我們的預期，而這項改善表現的大部分反映了我們為推動該部門成長所採取的措施。第二，VWR 展現穩健的環比趨勢，營收較第一季增加主要歸因於強勁的商業執行。

Let me now discuss the performance in the Bioscience & Medtech Products segment, or BMP. I'm on Slide 12. In the second quarter, BMP revenue was $452 million, down 5.6% organically versus the prior year. This was near the high end of our expectations, driven by solid performance across product lines. Process chemicals grew faster than expectations, driven by healthy end market conditions, improving operations and strong order performance.

接下來我將說明生命科學與醫療科技產品部門（Bioscience & Medtech Products，簡稱 BMP）的表現。我現在在第12頁投影片。第二季 BMP 營收為 4.52 億美元，較去年同期有機下滑 5.6%。此結果接近我們預期區間的高端，主要受惠於各產品線的穩健表現。製程化學品成長優於預期，受健康的終端市場狀況、營運改善以及強勁的訂單表現所帶動。

Fluid Handling and NuSil were down mid-teens in the quarter, as anticipated, while Research and Specialty Chemicals declined mid-single digits organically, primarily reflecting the anticipated growth headwinds from Serum and Electronic Materials. Last quarter, we indicated that NuSil and the Serum and Electronic Materials businesses within Research and Specialty Chemicals would be headwinds to our quarterly growth rate due to the normalization of discrete customer ordering patterns and shipments in 2025.

如預期所示，流體處理（Fluid Handling）與 NuSil 本季下滑約十幾個百分點；而研究與特殊化學品（Research and Specialty Chemicals）有機下滑中個位數，主要反映血清（Serum）與電子材料（Electronic Materials）帶來的預期成長逆風。上季我們指出，NuSil 以及研究與特殊化學品中的血清與電子材料業務，將因 2025 年離散客戶下單模式與出貨的常態化，而對我們的季度成長率形成逆風。

We also indicated that we faced a difficult comparison in Fluid Handling. Collectively, these factors were a headwind of roughly 600 basis points to BMP organic revenue growth in the second quarter. Adjusted operating income for BMP was $118 million in the quarter, representing an adjusted operating margin of 26%. The year-over-year decline in margin was primarily driven by lower volumes.

我們也指出，流體處理面臨較為艱難的比較基期。綜合而言，這些因素在第二季對 BMP 有機營收成長造成約 600 個基點的逆風。BMP 本季調整後營業利益為 1.18 億美元，調整後營業利益率為 26%。利潤率同比下滑主要由於出貨量較低。

Margins increased sequentially due to increased volumes and mix. There are two key takeaways from the BMP quarter. First, commercial performance was strong as evidenced by our order trends. During the quarter, BMP delivered double-digit order growth and a book-to-bill ratio of 1.1x. Order trends were healthy across all business units, and we saw particular strength in our process chemicals and Fluid Handling order books. Second, BMP demonstrated stable sequential trends with performance near high end of our expectations.

利潤率環比上升，原因是出貨量增加與產品組合改善。本季 BMP 有兩項關鍵重點。第一，商業表現強勁，從我們的訂單趨勢可見一斑。本季 BMP 訂單成長達雙位數，接單出貨比（book-to-bill）為 1.1 倍。各事業單位的訂單趨勢均維持健康，我們在製程化學品與流體處理的訂單簿上尤其強勁。第二，BMP 展現穩健的環比趨勢，表現接近我們預期區間的高端。

Please turn to Slide 13. Our ability to consistently generate strong free cash flow is a key strength of Avantor. In the second quarter, excluding cash restructuring costs, we generated $152 million of free cash flow reflecting strong conversion of adjusted net income. Our capital allocation priorities support revival and our intention to create sustainable shareholder value over the long term. First, we're focused on purposeful investments in the business to enhance customer service and drive top line organic growth.

請翻到第13頁投影片。能夠持續產生強勁的自由現金流，是 Avantor 的一項核心優勢。第二季在排除現金重組成本後，我們產生 1.52 億美元自由現金流，反映調整後淨利的強勁轉換。我們的資本配置優先順序支持復甦，並體現我們長期創造可持續股東價值的意圖。第一，我們專注於對業務進行有目的的投資，以提升客戶服務並推動營收端的有機成長。

Next, We are focused on strengthening our balance sheet by prioritizing excess free cash flow towards debt repayment. During the quarter, we repaid $112 million of debt and ended the period with net debt of $3.4 billion. And over the trailing 12 months, we've repaid nearly $500 million of debt. Our adjusted net leverage ratio was 3.3x at the end of the quarter.

接著，我們專注於強化資產負債表，優先將超額自由現金流用於償還債務。本季我們償還 1.12 億美元債務，期末淨負債為 34 億美元。在過去 12 個月中，我們已償還近 5 億美元債務。本季末調整後淨槓桿比率為 3.3 倍。

We've made significant progress in strengthening our balance sheet, and that momentum was recognized by Moody's, which revised our ratings outlook to positive. In addition, we recently capitalized on favorable market conditions and demand for our credit to reprice one of our term loans on attractive terms in July.

我們在強化資產負債表方面已取得顯著進展，這股動能也獲得穆迪（Moody's）肯定，其將我們的評等展望調整為正向。此外，我們近期也把握有利的市場環境與市場對我們信用的需求，於 7 月以具吸引力的條件重新定價我們的一筆定期貸款。

We remain committed to reducing our adjusted net leverage ratio to below 3x, driven both by continued debt paydown and a return to positive adjusted EBITDA growth as performance improves. Our objective is to finish the fiscal year at or below this target.

我們仍致力將調整後淨槓桿比率降至 3 倍以下，動能來自持續償債，以及隨著表現改善而回到調整後 EBITDA 的正成長。我們的目標是在本會計年度結束時達到或低於此目標。

Please turn to Slide 14, where I will discuss our increased 2026 guidance. For 2026, we have raised our organic revenue growth outlook to a range of negative 0.5% to positive 0.5%. This increase reflects our Q2 revenue outperformance as well as higher growth expectations for VWR in the second half of the year. Given the recent strength of the US dollar, foreign exchange is expected to be a headwind to the reported revenue in the second half.

請翻到第14頁投影片，我將說明我們上調的 2026 年指引。針對 2026 年，我們將有機營收成長展望上調至負 0.5% 至正 0.5% 的區間。此上調反映我們第二季營收優於預期，以及對 VWR 下半年更高的成長預期。鑑於近期美元走強，預期外匯將在下半年對報告營收形成逆風。

As a result, we now expect FX to contribute about 50 basis points to full year revenue. In terms of segment performance, we continue to expect VWR's growth rate to improve sequentially through the balance of the year. We expect BMP to return to growth during the second half, driven by improved execution and more favorable discrete comparisons. BMP growth is expected to be stronger in Q3 than in Q4 due to more favorable year-over-year comparisons.

因此，我們目前預期外匯對全年營收的影響約為 50 個基點。就各部門表現而言，我們仍預期 VWR 的成長率在今年剩餘期間將逐季改善。我們預期 BMP 將在下半年重回成長，受惠於執行改善以及更有利的離散比較基期。由於同比比較更有利，預期 BMP 在第三季的成長將強於第四季。

Moving to profitability. Our adjusted EBITDA margin guidance remains unchanged as operational outperformance enables us to absorb macro inflationary pressures while also making targeted growth investments. We remain highly focused on cost discipline as reflected in our overall headcount, which has declined by approximately 3% this year. Looking ahead, our objective is to deliver a more leveraged P&L.

接著談獲利能力。我們的調整後 EBITDA 利潤率指引維持不變，因為營運表現優於預期使我們得以吸收宏觀通膨壓力，同時進行具針對性的成長投資。我們仍高度重視成本紀律，反映在整體員工人數上，今年已下降約 3%。展望未來，我們的目標是實現更具槓桿效應的損益表（P&L）。

Moving down the income statement. We now expect that net interest expense will decline modestly versus 2025, and we also assume a weighted average diluted share count for the year of 677 million shares. All other model assumptions are unchanged. Taken together, this translates to an adjusted EPS outlook that has been raised to $0.80 to $0.83 for 2026. Finally, we continue to expect free cash flow between $500 million and $550 million in 2026, reflecting Avantor's strong cash generation profile.

再往下看損益表。我們目前預期淨利息費用將較 2025 年小幅下降，並假設全年加權平均稀釋後流通股數為 6.77 億股。其他所有模型假設均維持不變。綜合以上，我們將 2026 年調整後每股盈餘（EPS）展望上調至 0.80 至 0.83 美元。最後，我們仍預期 2026 年自由現金流介於 5 億至 5.5 億美元，反映 Avantor 強勁的現金創造能力。

In terms of phasing, in Q3, we expect to generate adjusted EPS between $0.20 and $0.21 per share. The midpoint of our Q3 guidance assumes total company organic revenue growth of about 250 basis points in the third quarter, and we expect FX to be a headwind of about 125 basis points to Q3 reported revenue.

就時點分布而言，第三季我們預期調整後每股盈餘介於每股 0.20 至 0.21 美元。我們第三季指引的中位數假設公司整體第三季有機營收成長約 250 個基點，且我們預期外匯將對第三季報告營收造成約 125 個基點的逆風。

We assume that BMP reported revenue in Q3 will be about flat sequentially and year-over-year, with year-over-year organic revenue growth largely offset by FX headwinds. For BMP, the impact of discrete customer ordering patterns and shipments will represent a headwind of about 150 basis points to organic growth in Q3. Finally, we expect the underlying operating margin drivers in both segments to remain relatively stable sequentially with volumes, mix and inflationary pressures expected to be the primary factors influencing any sequential changes in segment margins.

我們假設 BMP 在第三季所報告的營收將與前一季及去年同期大致持平，年對年有機營收成長將在很大程度上被外匯不利因素所抵銷。就 BMP 而言，個別客戶下單模式與出貨的影響，將對第三季有機成長造成約 150 個基點的逆風。最後，我們預期兩個事業部門的基本營業利益率驅動因素，將隨著銷量在季對季維持相對穩定；產品組合與通膨壓力預期將是影響各部門利益率任何季對季變動的主要因素。

I'll turn the call back over to Emmanuel.

我把電話交回給 Emmanuel。

Thank you, Steve. In closing and on Slide 15, I would like to leave you with 3 key takeaways. First, 9 months into Revival, the operational changes we have implemented are delivering measurable results. Those improvements are increasingly evident in our operating and financial performance and reinforce the positive trajectory of the business.

謝謝你，Steve。最後總結，在第 15 張投影片，我想留給各位 3 個重點。第一，Revival 推動至今 9 個月，我們所實施的營運變革已帶來可衡量的成果。這些改善在我們的營運與財務表現上愈來愈明顯，並強化了公司正向發展的軌跡。

Second, our growth outlook has improved. The VWR team is executing extremely well, and the investment and strategic initiatives taken over the past year are translating into growth. We also expect BMP will return to growth in the second half, underpinned by a strong order book, improving operations and more favorable comparisons.

第二，我們的成長展望已改善。VWR 團隊執行得非常出色，過去一年所進行的投資與策略性舉措正轉化為成長。我們也預期 BMP 將在下半年重回成長，主要受惠於強勁的訂單能見度、營運改善以及更有利的比較基期。

Third, we continue to generate strong free cash flow, enabling us to invest in the business while supporting our commitment to reduce debt and strengthen our balance sheet. Let me thank our Avantor associates around the world for their dedication to serving our customers. Thank you for embracing Revival and our new ways of working. I am very pleased with the progress we've made together this year.

第三，我們持續創造強勁的自由現金流，使我們得以在支持降低負債、強化資產負債表承諾的同時，投資於業務。讓我感謝全球 Avantor 同仁致力於服務客戶。謝謝大家擁抱 Revival 以及我們新的工作方式。我對今年我們共同取得的進展感到非常滿意。

And finally, I am excited to share an important announcement. We plan to host our Investor Day on Tuesday, December 8, in New York City. We're looking forward to sharing a comprehensive overview of our business, strategy and financial objectives, while providing an opportunity for investors to engage more broadly with our leadership team.

最後，我很高興分享一項重要公告。我們計畫於 12 月 8 日（週二）在紐約市舉辦投資人日。我們期待分享對公司業務、策略與財務目標的全面概覽，同時也提供投資人更廣泛與我們領導團隊互動交流的機會。

Operator, we are happy to take questions.

接線員，我們很樂意回答問題。

(Operator Instructions)

（接線員指示）

And your first question comes from Eve Burstein.

第一個問題來自 Eve Burstein。

Let's start with VWR. So you said that the growth there was driven primarily by actions that you took to strengthen the franchise. How do you assess whether it really was your actions versus broader market recovery and improvement? And your guidance raise was attributed to improved expectations for VWR in the year. Is that due to expectations for broader market recovery? Or is it due to the actions you've been able to take?

我們先從 VWR 開始。你提到那邊的成長主要是由你們為強化通路/平台所採取的行動所驅動。你們如何評估這真的是你們的行動所致，而不是更廣泛的市場復甦與改善？另外，你們上調指引是歸因於今年對 VWR 的預期改善。這是因為預期整體市場復甦嗎？還是因為你們所能採取的行動？

Eve, thank you for your question. Indeed, we evaluated, okay? And let me start saying by the fact that we are super pleased with VWR performance and the very strong execution by the team. So indeed, more than half of the growth that we deliberated in Q2 comes from deliberated action that we're taking.

Eve，謝謝你的提問。確實，我們做了評估，好嗎？我先說，我們對 VWR 的表現以及團隊非常強的執行力感到非常滿意。因此，第二季我們所帶來的成長中，確實有超過一半來自我們正在採取的有意識行動。

Maybe let me share a few things, splitting the market in large global customers account and midsized and smaller customers, if you don't mind. So for the large global customer accounts, in the past, we talked about some headwinds that we had in contract renewal. Well, we begin to lap those headwinds from the history. So this is point number one. Point number two, we also shared with you that we have, over the past year, really won many large contracts.

如果你不介意，我想分享幾點，將市場分成大型全球客戶帳戶，以及中型與小型客戶來看。就大型全球客戶帳戶而言，過去我們談到在合約續約上遇到一些逆風。現在，我們開始消化並跨過那些歷史逆風的比較基期。這是第一點。第二點，我們也與各位分享過，過去一年我們確實贏得了許多大型合約。

And each time we did that, we negotiated opportunity. And the team has worked really, really hard to grab those opportunities, to turn around those opportunities into growth. And it's a license to hunt, and basically, what the team is actually doing and executing is actually gaining share of wallet inside those large accounts. So it's working well. We are a bit of advanced versus we thought we will be, and this is sustainable.

每一次我們做到這點時，我們都談下了可開發的機會。團隊非常、非常努力去掌握這些機會，把機會轉化為成長。這是一張「狩獵執照」，而團隊實際上正在做、正在執行的，就是在這些大型客戶內提升錢包份額。所以進展良好。我們的進度比原先預期略為超前，而且這是可持續的。

The second thing is on mid and small customers. E-commerce is really the highlight of Q2 for us. It's part of the Revival. It's part of the go-to-market. It is working. We've relaunched vwr.com, and the customers have reacted very, very well from that. So we see some really positive momentum in that segment as well.

第二件事是關於中小型客戶。電子商務是我們第二季真正的亮點。這是 Revival 的一部分。也是我們市場進入策略（go-to-market）的一部分。而且確實有效。我們重新上線了 vwr.com，客戶對此反應非常、非常正面。因此我們也在該客群看到非常正向的動能。

The remainder of the growth, of course, is coming from better pharma, better biotech end markets, primarily in the US. So it's a broad-based momentum that we see. The team is completely focused on customers, focused on execution, finding the opportunity, grabbing those opportunities, turning those opportunities to growth, and this is why we're confident that VWR growth will actually accelerate in H2.

當然，其餘的成長來自製藥與生技終端市場的改善，主要在美國。因此我們看到的是廣泛性的動能。團隊完全聚焦客戶、聚焦執行，尋找機會、掌握機會、把機會轉化為成長；這也是為什麼我們有信心 VWR 的成長將在下半年加速。

Great. That's really helpful. Maybe just to clarify one of your points in follow-up. So obviously, you've talked quite a lot about the recontracting with those large global customers and how you're mostly done with that process, and so we'll start to see more of the underlying strength of the business as we move past that. If you had to quantify how much of a headwind has that been to overall growth?

很好。這非常有幫助。也許追問一下，釐清你剛才的一點。你們顯然談了很多與那些大型全球客戶重新簽約的情況，而且你們大多已完成該流程，因此隨著我們跨過那段期間，將開始看到業務的基本面更強勁。如果要量化的話，這對整體成長造成了多大的逆風？

And so even without an underlying improvement in the market, or in other elements of your execution, how much of a tailwind are you now going to start seeing from moving past those pricing actions and just growing with a lower base?

也就是說，即使市場基本面沒有改善，或你們執行的其他要素沒有改善，僅僅因為跨過那些定價行動、在較低基期上成長，你們現在將開始看到多大的順風？

Yes. I think, Eve, this is a very good question. Look, I think we quantified it as more than half, okay? We don't go into those customers by customers detail just by practice. .

是的。我想，Eve，這是個非常好的問題。你看，我們把它量化為超過一半，好嗎？基於一貫做法，我們不會深入到逐一客戶的細節。.

Kallum Titchmarsh, Morgan Stanley.

Kallum Titchmarsh，摩根士丹利。

Maybe just following up on the previous one. But on the channel specifically, good to see the organic growth coming through, but those growth rates are still below peers. So maybe just help us to better understand the market share dynamics you're seeing there? And any KPIs you could perhaps give us to show that, that's shifting back in your favor?

也許延續上一題。但就通路（channel）而言，很高興看到有機成長開始顯現，不過這些成長率仍低於同業。所以能否協助我們更好地理解你們在那裡看到的市占動態？以及是否有任何 KPI 可以提供，來顯示情況正往對你們有利的方向轉變？

Sure. Look, we have many KPIs that we are looking at, okay? We are looking at the number of new accounts. We're looking at as the -- what happened, for example, in the e-commerce platform around numbers of clicks, number of basket, which is set up numbers of conversion they send. And of course, I will -- we measure a lot of those things on a daily basis.

當然。你看，我們有很多 KPI 在追蹤，好嗎？我們會看新客戶帳戶的數量。我們也會看——例如在電商平台上，點擊數、加入購物籃數，以及轉換率等指標。當然，我會——我們每天都會衡量很多這類指標。

Look, here's what we're doing to regain market share. We've relaunched VWR brand. We've relaunched vwr.com. We made significant upgrade on the platform. We're not done. We have a whole program in place, and we are continuing to invest there. We have really good structure funnel review that really drive the customer focus by region, by segment. We really take care of when we renew a contract, what are the opportunities, what are the size of the opportunities, how the opportunities are actually being converted. We track many things.

各位請看，這就是我們為了重新奪回市占率正在做的事。我們已重新推出 VWR 品牌。我們已重新上線 vwr.com，並對平台進行了重大升級。我們還沒做完。我們已建立一整套計畫，並持續在此投入。我們有非常完善的漏斗結構檢視機制，能依地區、依客群/分眾真正推動以客戶為中心。我們也非常重視在合約續約時：有哪些機會、機會規模多大、以及這些機會實際如何被轉化。我們追蹤很多指標。

And one important thing that we've implemented recently is the pricing tools, all right? We have a much more robust pricing review again on a monthly basis. The entire executive team is part of this. Corey is leading this initiative with his team. I think we shared last call that we have a new pricing leaders.

而我們最近落實的一個重要事項是定價工具，對吧？我們每月都會進行更為健全的定價檢視。整個高階管理團隊都參與其中。Corey 正帶領他的團隊推動這項倡議。我想我們在上次電話會議也分享過，我們有新的定價主管。

And we work also very closely with our suppliers and partners. This is very important. This is a multiple relationship. And this is all part of Revival go-to-market. And we are just really extremely pleased that VWR is back to growth at 1.7%, growth on lift versus previous year. And we are absolutely committed to continue to grow and to accelerate this growth. So I think it's -- this is where we are today. We know that the majority of the growth is coming from the action that we are taking, that the team is implemented and is really focused on delivering, and that will accelerate in H2.

此外，我們也與供應商與合作夥伴非常緊密地合作。這點非常重要。這是一種多重關係。而這些都是 Revival 上市策略（go-to-market）的一部分。我們也非常、非常高興看到 VWR 已恢復成長，成長率為 1.7%，相較去年同期呈現回升。我們也絕對承諾會持續成長並加速這個成長。所以我想——這就是我們目前的狀況。我們知道大部分的成長來自於我們正在採取的行動、團隊正在落實且專注交付的事項，而這些在下半年（H2）會加速。

This is Steve. I'd like to just maybe just add a little bit to what Emmanuel said and highlight a little bit. While the 1.7% growth is not quite yet market, I just want to highlight that we moved from negative 4.8% in 1Q to positive 1.7% in 2Q, and we expect that growth rate to continue to accelerate here as we get into the second half. And part of that is the sustainable improvements we've made, part of it is the comparisons from last year. So really nice development of the growth rate.

我是 Steve。我想在 Emmanuel 所說的基礎上再補充一點並稍作強調。雖然 1.7% 的成長率還沒有完全達到市場水準，但我想強調的是，我們從第一季的負 4.8% 轉為第二季的正 1.7%，而且我們預期當進入下半年時，這個成長率會持續加速。其中一部分來自我們所做的可持續改善，一部分則來自去年同期的比較基期。因此成長率的走勢確實是很好的進展。

Totally. Understood. And then, Emmanuel, nearly a year now since you took over here. So maybe just as we think about the kind of areas for investment you identified in 2026 with Revival, I guess as we've worked our way through the year, how comfortable are you that those commitments are sufficient to address the issues you had, as we think about potential costs remaining elevated into 2027?

完全同意。了解。另外，Emmanuel，你接手到現在也將近一年了。所以，當我們思考你在 2026 年透過 Revival 所識別的投資領域時，我想問的是：隨著我們走過這一年，你對於這些承諾是否足以解決你當初看到的問題，有多大的把握？尤其是考量到成本可能在 2027 年仍維持在較高水準。

That's a good question, Kallum. I think it's very important to understand that Revival is constantly evolving. So when we arrived, we did a through listening to the market, the suppliers, our associates. We identified, I would say, really high priority that we had. Mary in supply chain is here.

這是個好問題，Kallum。我認為很重要的一點是要理解：Revival 是持續演進的。所以我們到任後，透過全面傾聽市場、供應商以及我們的同仁。我們辨識出我會說是非常高優先順序的事項。負責供應鏈的 Mary 也在這裡。

We have invested in supply chain. We've grown talent and we've brought more talent in the organization, like in the e-commerce platform with our new digital leader that came from Medline. All those things are reviewed on a monthly basis.

我們已在供應鏈上投入。我們也培育人才並引進更多人才到組織中，例如在電商平台方面，我們的新任數位主管來自 Medline。所有這些事項都會以每月為頻率進行檢視。

Ludovic Brellier, who joined us as the Head of BMP segments, but also the transformation leaders has a really clear operating plan for the Revival programs. And so we take project by project, I will say. And then we deliver them, we tick the box, and we move on into another one. So there's still a lot to do. We shared many of those.

Ludovic Brellier 加入我們，擔任 BMP 事業群分部主管，同時也是轉型負責人，他對 Revival 各項計畫有非常清晰的營運計畫。因此我們是一個專案一個專案地推進。然後把它交付、打勾完成，再往下一個前進。所以仍然有很多要做。我們也分享過其中許多項目。

I mean the last one that we shared in this call was the onboarding process, which is very important for our customers, simplifying the process, accelerating their capabilities to create an account. This is done. And then we move on to the other one. So I think we'll continue to invest. This is something very important for us. We simplify, we save and then we reinvest for growth. This is the formula that we are applying.

例如我們在這通電話會議中最後分享的一項是客戶導入（onboarding）流程，這對客戶非常重要：簡化流程、加速他們建立帳戶的能力。這已完成。接著我們就轉向下一項。所以我認為我們會持續投資。這對我們非常重要。我們先簡化、節省，然後再把資源重新投入以促進成長。這就是我們正在採用的公式。

Dan Brennan, TD Cowen.

Dan Brennan，TD Cowen。

I thought I would just -- if you don't mind, just go back to VWR distribution and the investments that you made there to kind of stabilize with the price. I know there was a question asked earlier. But could you just remind us, in the back half of the year, is that like fully comped out that investment because it looks like it might have been like a 3-point benefit, like you're saying in Q2? Just wondering kind of what's baked in for the back half of the year on that investment.

我想——如果你不介意的話——回到 VWR 配送以及你們為了在價格方面穩定所做的投資。我知道先前已有人問過這個問題。但你能否提醒我們一下：在今年下半年，這項投資是否已經完全比較基期化（fully comped out）？因為看起來它在第二季可能帶來大約 3 個百分點的助益，就像你所說的那樣。我只是想了解一下，對於下半年，這項投資在你們的假設中已納入多少。

Look, I think in the VWR area, so the majority of the investment is on the e-commerce platform, the relaunch of the vwr.com and we'll continue to do so. So I think all our investments are baked into our guidance today.

你看，我認為在 VWR 這一塊，大部分的投資都在電商平台上，也就是 vwr.com 的重新上線，我們也會持續投入。所以我認為我們所有的投資都已反映在我們目前的財測指引中。

Okay. Maybe zooming out just on the BMP segment then for a moment. Book-to-bill has been above 1x in the last couple of quarters. Obviously, growth has been challenged, but you have the idiosyncratic factors. Just -- can you speak a little bit about like the backlog there, kind of what the -- how much of that business is backlog driven, kind of how we translate that strong book-to-bill into the outlook, whether it be in the back half and then in '27?

好的。那我們把視角拉遠一點，先談 BMP 事業群。過去幾個季度的接單出貨比（book-to-bill）都高於 1 倍。顯然成長仍面臨挑戰，但你們也提到有一些特定因素。能否談談那邊的在手訂單（backlog）狀況：有多少業務是由在手訂單所驅動？以及我們如何把這個強勁的接單出貨比轉化到展望中，不論是下半年或是 2027 年？

And then any specific color just on NuSil, which I know you guys have kind of a market leadership there? Just wondering kind of volume and price on NuSil and kind of what the outlook that's baked in on that front.

另外，能否也特別補充一下 NuSil？我知道你們在那裡具有市場領導地位。我想了解 NuSil 的量與價（volume and price）狀況，以及在這方面你們的展望假設中已納入哪些內容。

Sure. Let me maybe start with the market. So BMP is really across diverse set of end markets, electronic materials. You just talked about NuSil and Medtech, of course, our bioprocessing market with our biochemicals. Look, overall, we are very pleased again with the go-to-market activity that we're doing with the commercial team.

當然。我先從市場談起。BMP 實際上涵蓋多元的終端市場，包括電子材料。你剛提到 NuSil 與醫療科技（Medtech），當然也包括我們以生化產品服務的生物製程市場。整體而言，我們對商務團隊正在推動的上市活動（go-to-market activity）再次感到非常滿意。

So we talked early on, on Q2 on the order intake, double-digit and the book-to-bill being positive, but I can tell you that from the first half, it's the same. It's low double-digit order book for the entire first half, which is, I think, very encouraging. And all the subsegments are in growth as well in the entire BMP. So we're super encouraged by that. The market is solid for all of those subsegments.

我們在第二季早些時候談到接單量為雙位數成長、且接單出貨比為正，但我可以告訴你，上半年也是同樣的情況。整個上半年的訂單簿（order book）是低雙位數成長，我認為這非常令人鼓舞。而且在整個 BMP 之中，各個子分部也都在成長。所以我們對此非常振奮。這些子分部的市場整體都很穩健。

We have those discrete things that you talk about that give us a comparison. But again, the team is really focusing on finding the opportunity, converting the opportunity, bringing the order in, and then the supply chain team is working really hard to make sure that we supply the customers the best we can. And this is working well. We continue to invest. Again, this is something that takes time, but we are happy where we are right now.

我們有你所提到的那些離散事項，能讓我們做出比較。但再說一次，團隊真正聚焦在發掘機會、轉化機會、把訂單帶進來，接著供應鏈團隊也非常努力，確保我們盡可能以最佳方式供應客戶。而這運作得很好。我們持續投資。同樣地，這需要時間，但我們對目前的進展感到滿意。

So just a bit on NuSil. NuSil is doing good. Good order intake on NuSil, price, but nothing crazy, a good price lift, but nothing crazy. Some good volume as well. Some good activity, not only in the implants, but in the new markets that we are pushing, like aerospace. And that's something that we can give you a bit more color when we are together at the Investor Day.

接著簡單談一下 NuSil。NuSil 表現不錯。NuSil 的接單表現良好、價格也不錯，有不錯的提價幅度，但沒有到很誇張。量也有不錯的成長。活動也很活躍，不僅是在植入物領域，也包括我們正在推進的新市場，例如航太。這部分等到投資人日我們見面時，可以再提供你們更多細節。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

This is Mackenzie on for Vijay. First one from us. I was wondering if you could talk a little bit more about the guide cadence in the second half? And specifically, I know you've talked a few times about expecting VWR to accelerate. But could you give us any color on sort of the size of the ramp or some of the levers to the upside or downside? And how we might think about the exit rates in fourth quarter?

我是代替 Vijay 的 Mackenzie。我們這邊第一個問題。想請你多談一點下半年指引的節奏？特別是，我知道你們已經多次提到預期 VWR 會加速。但你們能否提供一些資訊，例如爬坡幅度大概多大，或有哪些可能帶來上行或下行的槓桿？以及我們應該如何看待第四季的退出率（exit rates）？

Sure, Mackenzie. I thought that Vijay has changed voice, so I'm glad. Welcome to the call. I'm going to pass it to Steve.

當然可以，Mackenzie。我還以為 Vijay 變聲了，所以我很高興。歡迎加入電話會議。我把問題交給 Steve。

Yes. Thanks, Emmanuel, and good morning, Mackenzie. Happy to step you through our assumptions around the full year guidance, which we've updated. Starting with top line. As you know, we updated the guide for the consolidated full year organic revenue growth.

是的。謝謝你，Emmanuel，早安，Mackenzie。很樂意帶你逐步了解我們對全年指引（我們已更新）的假設。先從營收端開始。如你所知，我們更新了合併口徑的全年有機營收成長指引。

And that's really driven by the flow-through of VWR's outperformance in 2Q as well as our raised expectations for the business in the second half. The outlook related to BMP is generally unchanged from our initial guidance. The business continues to perform very well and in line with our plan.

這主要是由 VWR 在第二季的優於預期表現所帶來的傳導效應，以及我們對下半年業務的預期上調所驅動。與 BMP 相關的展望大致上與我們最初的指引一致。該業務持續表現非常好，並符合我們的計畫。

We reaffirmed our adjusted EBITDA margin guidance for the full year despite the continued inflationary pressure we're absorbing. For example, we continue to see significant pressure on freight costs for both segments. A couple of other housekeeping items from nonoperational in nature. We expect FX to be a headwind for the second half. We also have slightly lower assumptions for our share count interest expense.

儘管我們仍在吸收持續的通膨壓力，我們仍重申全年調整後 EBITDA 利潤率指引。例如，我們仍看到兩個事業部門的運費成本都有顯著壓力。另外還有幾個偏非營運性質的例行項目。我們預期外匯在下半年將成為逆風。我們對流通股數與利息費用的假設也略為下調。

And if you put all that together, these are the important factors driving the updated guide of $0.80 to $0.83 for adjusted EPS for the full year.

把以上因素綜合起來，這些就是推動我們更新全年調整後 EPS 指引至 0.80 至 0.83 美元的關鍵因素。

Great. That's super helpful. And then a follow-up just on your end markets here. Advanced tech was pretty strong, and education and government also grew off of a slightly tougher comp, whereas biopharma and healthcare declined a little bit. I'm just wondering if you can talk about the puts and takes here? What kind of drove either these end markets and how we should be thinking about them into the second half?

了解。這非常有幫助。接著追問一下你們的終端市場。先進科技表現相當強勁，而教育與政府也在稍微更具挑戰的比較基期下仍有成長；相對地，生物製藥與醫療保健則小幅下滑。我想請你談談這裡面的消長因素？是什麼驅動了這些終端市場的表現，以及我們在下半年應該如何看待它們？

All right. I think, Mackenzie, probably because of BMP here. Generally speaking, in VWR, we see more pharma, more biotech activity, I would say, especially in USA, in America. Other markets, we see it more or less unchanged, right? Education and Europe are probably a stable level or at the level that we were kind of expecting.

好。我想，Mackenzie，這可能主要是因為 BMP 的關係。一般來說，在 VWR，我們看到更多製藥、更多生技活動，我會說特別是在美國、在美洲地區。其他市場方面，我們看到大致上維持不變，對吧？教育與歐洲大概是穩定在一個水準，或是符合我們原先的預期水準。

So a bit low level. We wish it was a bit better. And on BMP, I think all diverse set of markets are healthy, and that is reflecting our order book, process chemicals order book, in particular, double digit for the quarter.

所以整體偏低一些。我們希望能更好一點。至於 BMP，我認為多元的市場組合都很健康，這也反映在我們的訂單簿上，尤其是製程化學品的訂單簿，本季達到雙位數成長。

Matt Larew, William Blair.

Matt Larew，William Blair。

Emmanuel, obviously, over the last year, a number of initiatives you've laid out within Revival, have moved from evaluation phase to execution phase, acknowledging you mentioned it's been an ongoing process. By the time we get through to the December Analyst Day, do you feel like it'll largely be set in terms of the management team changes, the implementation of kind of the big items you identified last year? And I guess as part of that, one thing is the portfolio review. Is that something you expect to sort of be complete by the Investor Day as well?

Emmanuel，顯然在過去一年，你在 Revival 之下提出的多項倡議，已從評估階段進入執行階段，也理解你提到這是一個持續進行的流程。等到我們進入 12 月的分析師日，你覺得在管理團隊變動、以及你去年辨識出的那些重大項目的落地實施方面，是否大致上會定案？另外其中一項是投資組合檢視。你是否也預期在投資人日之前能大致完成？

Thanks, Matt. Yes, I think you're right, we're working hard on all the pillars, okay? And for that, the portfolio, it's ongoing. It's really an important part of our pillar, okay? And we are, of course, looking at every businesses, assessing any product line, any market position, the financial profile, and we are always asking ourselves, are we the best owners.

謝謝你，Matt。是的，我想你說得對，我們正在所有支柱上努力推進，好嗎？至於投資組合，這是持續進行中的。它確實是我們支柱中非常重要的一部分，好嗎？我們當然會檢視每一個業務，評估任何產品線、任何市場地位、財務輪廓，並且我們一直在問自己：我們是否是最適合的擁有者。

So we're working out on that part. And yes, we hope that we can give you some update at the Investors Day. But what I want to say, Matt, as well is Revival is really a program which is constantly evolving. So we're going through a lot right now, but I'm sure because it's a culture as well that we want to bring to the organization of continuous improvement.

所以我們正在推進這一部分。是的，我們希望能在投資人日給你一些更新。但我也想說，Matt，Revival 真的是一個持續演進的計畫。所以我們現在正在經歷很多事情，但我也確信，因為這同時是一種文化，我們希望把持續改善的文化帶進組織。

So it's not because we will have made some very good progress that we will finish the year with momentum that we will still not have things that we want to do and we want to improve and we want to progress. So it's going to evolve, but we'll give you more update on the portfolio.

所以並不是因為我們取得了很好的進展、年底也會帶著動能收官，我們就不會再有想做的事、想改善的地方、想推進的方向。因此它會持續演進，但我們會就投資組合提供更多更新。

Okay. That's great. And then the discrete headwinds in BMP referenced 600 basis points in Q2. I think you said 150 in Q3. Maybe what is that in the fourth quarter? And then I assume that's out of the numbers for the most part of next year and thus setting up potentially a path to return to durable growth on that side of the business.

好的。很棒。另外，BMP 提到第二季有 600 個基點的離散性逆風。我想你說第三季是 150 個基點。那第四季大概是多少？然後我猜這些因素在明年大多會從數字中消失，因此可能為該業務回到更具持續性的成長路徑鋪路。

Yes. Matt, this is Steve. Happy to share there. So as you already pointed out, 2Q was the most challenging quarter. You already referenced the 3Q headwind we expect to see. The only other point to make would be related to fourth quarter, which will also be a pretty difficult comparison of about 400 basis points related to our Electronic Materials business. We do think it's also useful to reflect on the sequential performance of the business, which presents a little more consistent picture of the improvements and the progress we've made, over the course of the year.

是的。Matt，我是 Steve。很樂意分享。如你已指出，第二季是最具挑戰的一季。你也提到了我們預期第三季會看到的逆風。另外要補充的一點是第四季，因為我們電子材料業務的關係，將也會是一個相當困難的比較基期，約 400 個基點。我們也認為，觀察該業務的逐季表現（sequential performance）同樣有幫助，這能呈現出更一致的圖像，反映我們在一年之中所做出的改善與進展。

We expect to see gradual strengthening in the volumes over the course of the year. And this is really the result of two major things, and we talked about them in the prepared remarks. First, the operational improvements that the team has been driving and continue to focus on and the development of that really strong order book. We're really excited for the building and sustainable momentum and I think the profile within 2026 over the course of '26 is really gradual and improving and really strong.

我們預期今年全年出貨量將逐步走強。而這主要是兩個重大因素所致，我們也在事先準備的講稿中提到。第一，是團隊推動並持續聚焦的營運改善，以及建立非常強勁的訂單簿。我們對於動能的建立與可持續性非常振奮；我認為在2026年、也就是整個'26年期間，走勢將是逐步改善且相當強勁。

Maybe I can add because I can sense behind your question is your strong interest about 2027, which, by the way, it's the same for me, you're right. So as you know, we may be a bit too early to give guidance there. But let me share a few thoughts there. I mean both VWR and the BMP team are really executing super well. We are really happy about the fact the team has embraced Revival and a new way of working.

也許我可以補充一下，因為我感覺到你這個問題背後，是你對2027年的高度關注；順帶一提，我也一樣，你說得沒錯。所以如你所知，我們現在可能還稍微太早，無法在那方面提供指引。但我分享幾點想法。我的意思是，VWR和BMP團隊的執行都非常到位。我們也很高興團隊已經擁抱Revival以及新的工作方式。

We will exit '26 with momentum. There's no doubt about this. We will not be completely done for sure, and we'll continue to push more initiative to continuously improve the business. But we will leave the year with momentum. So 2027, every day, every month, the last 90 days, my confidence is increasing, and I'm confident and optimistic that 2027 will be a growth year.

我們將在'26年結束時帶著動能收官。這點毫無疑問。當然我們不會就此完全完成所有工作，我們會持續推動更多舉措，以不斷改善業務。但我們會在年底帶著動能離開。因此對於2027年，過去90天裡，我每天、每個月信心都在提升；我有信心也很樂觀，2027年將會是成長的一年。

Casey Woodring, JPMorgan.

Casey Woodring，摩根大通。

Yes, I just wanted to push on the margin piece, right? You reiterated adjusted EBITDA margins for the year. Maybe just talk a little bit about gross margin expectations for the back half. I know you have some easier comps in VWR given last year's reset, but you talked a little bit about inflationary pressure ramping here.

是的，我想追問一下利潤率的部分，對吧？你重申了今年的調整後EBITDA利潤率。能否談談下半年毛利率的預期？我知道VWR在去年重置之後，今年的比較基期會比較容易一些，但你也提到通膨壓力正在加速上升。

So maybe just if you could quantify that piece and maybe walk through the moving pieces and the levers you can pull, whether that's productivity, pricing or elsewhere on gross margins.

所以如果可以的話，請量化一下那部分，並且說明一下各項變動因素以及你們可以採取的槓桿，例如生產力、定價或其他對毛利率的影響。

Casey, this is Steve. Thanks for your question. Yes, consolidated gross margin, the rate was essentially flat from 1Q to 2Q of this year. We do expect that rate to stay steady through the end of the year. While stability is good, obviously, we were looking for margin expansion.

Casey，我是Steve。謝謝你的提問。是的，合併毛利率的比率從今年第一季到第二季基本上持平。我們預期這個比率會一路維持穩定到年底。穩定當然是好事，但顯然我們原本期待毛利率能擴張。

So what are our priorities in this regard? First, we're looking to drive as much volume as we can. We also want to successfully navigate inflationary pressures with our customers and suppliers constructively. We prefer and want to drive a strong product sales mix.

那麼我們在這方面的優先事項是什麼？第一，我們會盡可能推動更多的出貨量。我們也希望能與客戶與供應商以建設性的方式，成功因應通膨壓力。我們偏好並希望推動強勁的產品銷售組合。

And I want to also highlight our focus on digital investment. And we mentioned it in the prepared remarks. The digital capabilities really help us connect better with our smaller customers, which tend to be better margin sales for us. So we're very focused on that. So excellent job by our teams at this point in the year in driving these things, and those are going to be the key levers as we move forward.

我也想強調我們對數位投資的聚焦。我們在事先準備的講稿中也提到。數位能力確實能幫助我們更好地連結較小型的客戶，而這些客戶的銷售通常對我們而言毛利率更佳。因此我們非常專注於此。截至今年目前為止，我們的團隊在推動這些事項上做得非常出色，而這些將是我們往前走的關鍵槓桿。

Okay. That's helpful. And then I guess, I appreciate the commentary on '27, but just how are you balancing kind of investment into the business that you've kind of talked about here today versus margin expansion for next year? And can you grow EPS next year?

好的。這很有幫助。另外我想，我很感謝你對'27年的評論，但你們如何在你今天談到的對業務投資，與明年利潤率擴張之間取得平衡？以及你們明年能讓EPS成長嗎？

Casey, Emmanuel here. Look, I'll go back to the philosophy that we are pushing, simplifying, saving, reinvesting for growth, all right? I mean, I think last quarter, we shared that our head count is down about minus 2%. That was last quarter. At the end of this quarter, the head count is down minus 3%. And basically, our objective and what we are driving as a culture is to drive for a leveraged P&L.

Casey，我是Emmanuel。你看，我會回到我們正在推動的理念：簡化、節省、再投資以促進成長，好嗎？我的意思是，我想上季我們分享過，我們的人員編制約下降了2%。那是上季的數字。到本季末，人員編制下降了3%。基本上，我們的目標以及我們作為一種文化所推動的方向，是推動損益表的槓桿化。

Michael Ryskin, Bank of America.

Michael Ryskin，美國銀行。

I want to follow up on BMP sort of like pacing through the rest of the year. You kind of talked about improving third quarter up a little bit. Fourth quarter -- then the fourth quarter is just based on time and comps. Is it fair to think that 4Q BMP should be roughly flat organic or maybe just down a little bit?

我想追問一下BMP在今年剩餘期間的節奏。你提到第三季會有所改善、略微上升。第四季——而第四季主要是基於時間因素與比較基期。是否可以合理地認為，第四季BMP的有機成長大致持平，或可能只是小幅下滑？

And then when you're talking about sort of like exit rates and going into next year, you kind of alluded to the headwinds and some of the idiosyncratic things being past us and really just focusing on sequential growth. So maybe I'll ask it that way. If we look at 4Q for both VWR and BMP, from a sequential perspective, is that the right jumping off point for '27 as we model out next year?

另外，當你談到收官水準以及進入明年時，你有提到逆風以及一些特殊因素已經過去，並且真正聚焦於逐季成長。所以我換個方式問：如果我們從逐季的角度來看，VWR與BMP在第四季的表現，是否就是我們在建模明年'27時，作為起跳點的正確基礎？

Michael, this is Steve. Happy to answer that. I'll start with organic growth for BMP. We expect modest organic growth in 3Q. We do expect the organic growth in 4Q to be a little more muted because of the more difficult comp that I already described. Sequentially, on a reported basis, BMP, we expect for Q3 to be about flat sequentially with a modest uptick in the fourth quarter.

Michael，我是Steve。很樂意回答。我先從BMP的有機成長談起。我們預期第三季會有溫和的有機成長。由於我剛才描述過的較具挑戰性的比較基期，我們確實預期第四季的有機成長會更為溫和一些。以申報口徑逐季來看，BMP方面，我們預期第三季大致與第二季持平，第四季則會小幅上升。

Okay. And then going back to, I think, Mackenzie's question earlier on some of the end market trends. If we look through what you kind of gave us today, it looks like the biggest step-up in 2Q relative to 1Q was actually that Advanced Technologies.

好的。再回到我想是Mackenzie先前問到的一些終端市場趨勢。如果我們看你今天提供的資訊，第二季相較第一季最大的躍升，似乎其實是先進技術（Advanced Technologies）。

So would just love to go in a little bit deeper into where in advanced technologies you saw the increase either by customer type or product you sell. Just sort of what led that uptake? Was it more on the equipment side or on the consumables side? Just any sense of lumpiness there or sort of what drove that?

所以很希望能更深入了解，在先進技術領域中，你們是在哪些地方看到增加——不論是按客戶類型或你們銷售的產品來看。究竟是什麼帶動了那個上升？是比較偏設備端，還是耗材端？另外，是否有任何波動性（lumpiness）的跡象，或是主要驅動因素是什麼？

Sure, Michael. Just let's go maybe through -- and I guess your question was more a bit about VWR, isn't it?

當然可以，Michael。我們或許可以先——我想你的問題其實比較是關於VWR，對嗎？

Yes, yes.

是的，是的。

Yes. So on VWR, as we said, so large global customers, especially the large global customers where we had renewed contracts with good opportunity. And there, it's a mix. It's a mix of what the customers really need. And it's a mix also depending on where the customers or large customers and large accounts are investing.

是的。所以在VWR方面，如我們所說，大型全球客戶，特別是那些我們已續約、且有良好機會的大型全球客戶。而在那裡，這是一個組合。這取決於客戶真正需要什麼的組合。也取決於客戶、或大型客戶與大型帳戶正在投資的方向的組合。

But generally speaking, we see a good momentum in spend in large pharma. Also biotech, actually, you're right. The funding is coming back to biotech, and we see them spending money. It's a mix of equipment, a mix of consumables.

但整體而言，我們看到大型製藥客戶的支出動能良好。另外，生技其實也是，您說得對。資金正回流到生技領域，我們也看到他們開始花錢。支出內容是設備與耗材的組合。

And I would say, geographically speaking, it's USA and America is really driving it, okay? For the rest, I mean, I think it's a bit unchanged. And smaller customers that we see through e-commerce platform where we really see, again, the impact of what we've done with vwr.com, it's very, very broad. It's very distinct.

我會說，就地理分布而言，是美國（USA）在帶動，整個美洲確實是主要驅動力，好嗎？至於其他地區，我的意思是，我認為大致上沒有太大變化。而我們透過電商平台所看到的較小型客戶，我們再次看到我們在 vwr.com 上所做工作的影響，覆蓋面非常、非常廣。而且非常明顯。

Those customers are usually not buying equipment through the e-commerce platform, but -- so it's a more mix of consumables, and it's across many different applications.

這些客戶通常不會透過電商平台購買設備，但——因此更多是耗材的組合，並且涵蓋許多不同的應用領域。

Paul Knight, KeyBanc.

Paul Knight，KeyBanc。

Emmanuel, now you've been in charge for a while, what's your view on self-manufacturing? Do you want to increase the level of self-manufacturing? Or do you think expanding vendor relationships is really the way to go in the future, being kind of a noncompetitor. What's your walkaway and views on self-manufacturing at this time?

Emmanuel，您上任掌舵也有一段時間了，您對自製（self-manufacturing）的看法是什麼？您想提高自製的比重嗎？還是您認為，未來擴大與供應商的合作關係才是方向，讓自己保持某種程度上的非競爭者角色？您目前對自製的底線與看法是什麼？

It's a great question, Paul. Thank you. I think we have a lot of opportunities on self-manufacturing. It's a good service that we are providing to many people. In terms of VWR, I really like the fact that we are product agnostic. I really like the fact that we are differentiating ourselves, offering the broadest catalog that we can and offer optionality to the customers, really top products, many very famous brand that actually wants to work with us.

這是個很好的問題，Paul。謝謝。我認為我們在自製方面有很多機會。這是我們為許多人提供的一項很好的服務。就 VWR 而言，我非常喜歡我們對產品保持中立（product agnostic）這一點。我也很喜歡我們透過提供盡可能最廣的產品目錄來做出差異化，並為客戶提供選擇性——真正頂尖的產品，許多非常知名的品牌其實都希望與我們合作。

And I think this is very important, a really good relationship with supplier. And then we have also the VWR brand. So product diagnostics for VWR, I think it's a really good position. It's a very good value proposition. And self-manufacturing, I mean, for us, internally, it's a business that we have.

我認為這點非常重要，也就是與供應商建立非常良好的關係。此外，我們也有 VWR 品牌。因此，對 VWR 來說，產品中立我認為是一個非常好的定位。這是一個非常好的價值主張。而自製方面，我是說，對我們內部而言，這本來就是我們擁有的一門業務。

It's a service that we provide to people because we have really good capabilities and capacities, and we are capable to offer really high-quality product to the many different customers as an OEM, and it's a very good service, and it's growing actually. So I think a bit of both is very important for us.

這是一項我們提供給客戶的服務，因為我們確實具備很好的能力與產能，並且能以 OEM 的方式，向許多不同客戶提供高品質產品；這是一項非常好的服務，而且實際上也正在成長。所以我認為兩者兼具，對我們而言都非常重要。

And then regarding BMP, obviously, a great build-out over the years. What's the next steps in your view for BMP?

另外，關於 BMP，顯然多年來建置得很不錯。就您看來，BMP 的下一步是什麼？

Well, I think the next steps from BMP for us is just making sure that we continue to drive operational excellence, the S&OP process that we put in, which is very important to have a very good visibility of the demand and the supply and really continue to invest in reducing lead times, improving on-time delivery, making sure that we continue to serve the customers the best we can.

嗯，我認為 BMP 對我們而言的下一步，就是確保我們持續推動營運卓越；我們導入的 S&OP 流程非常重要，能讓我們對需求與供給有非常好的可視性；並且持續投資於縮短交期、提升準時交付，確保我們能以最佳方式持續服務客戶。

And in process chemicals, in particular, we really see the impact of what the team has been driving commercially and supply chain. I mean, we talked to you in the preamble about those particular product line where we are invested, where Mary and the team has done a really good job to take the output up by 25%.

尤其是在製程化學品方面，我們確實看到團隊在商務端與供應鏈端所推動工作的成效。我的意思是，我們在開場時跟各位談到那些我們投入資源的特定產品線，Mary 和團隊做得非常好，將產出提高了 25%。

This is really important for us to continue to do so, reduce lead times, increase on-time delivery and not measured on our promise date, but really measure on what the customer deserves and what the customers want. So improving service level is really important. Quality, really good. Jerry that joined us last quarter is doing a really good job as well. And those are the areas that we'll continue to invest and continue to improve the service level is really important.

對我們而言，持續這樣做非常重要：縮短交期、提高準時交付；而且衡量不應只看我們承諾的日期，而是要真正以客戶應得的、以及客戶想要的為衡量標準。因此，提升服務水準非常重要。品質方面也非常好。上季加入我們的 Jerry 也做得非常出色。這些都是我們會持續投資並持續改善的領域，而持續提升服務水準確實非常重要。

And ladies and gentlemen, that does conclude our question-and-answer session. I would now like to turn the conference back over to Emmanuel for closing comments.

各位女士、先生，我們的問答環節到此結束。接下來我想把電話會議交回 Emmanuel，請他做結語。

Thank you, Krista. Let me conclude the call with a reminder of the key takeaway for Q2. First, Revival is working and the team is committed to continue to improve. Second, our growth trajectory is improving. And third, we continue to generate excellent free cash flow. Thank you for joining the call, and have a great day.

謝謝你，Krista。我用對第二季（Q2）關鍵重點的提醒來結束本次電話會議。第一，Revival 計畫正在奏效，團隊也承諾會持續改善。第二，我們的成長軌跡正在改善。第三，我們持續創造優異的自由現金流。感謝各位參與本次電話會議，祝各位有美好的一天。

And ladies and gentlemen, that does conclude today's conference call. Thank you for your participation, and you may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與，現在您可以掛線。